MaxCap Investment Trust High Yield

Against a backdrop of macroeconomic uncertainty and heightened volatility across markets globally, Australian CRE debt provides an attractive return-for-risk proposition to investors seeking to stabilise portfolio returns and optimise investment performance. The Fund provides an opportunity for investors to access the asset class and obtain the numerous benefits it offers, with flexibility to determine risk, return and investment horizon parameters based on individual appetite and investment goals. To facilitate this, the Fund will focus on maintaining and growing a diversified CRE debt portfolio which leverages the Manager's knowledge and core expertise, as is reflected by its exemplary track record and performance to date.

The Fund will provide investors with various investment options by issuing separate Classes of Units, each class being referable to pre-set allocations to different types of CRE loans that the Fund will invest in directly or through one or more Loan Asset Pools. Each investment option will have a differentiated return target based on its specific risk profile. 

The Trustee may establish new Classes of Units, terminate any existing Class of Units or close Classes of Units from additional investments from time to time. This information memorandum outlines the key features of the Fund, including the key risks of investing in the Fund, as well as the features of each investment option. Prospective investors should review the Terms of Issue relating to the relevant Class of Units for further information regarding the rights and obligations of Unit Holders in that Class of Units. In the event of any inconsistency between this information memorandum and the Terms of Issue, the Terms of Issue will prevail.

• First Mortgage CRE Loans >= 51%.
• Junior CRE Loans <= 49%.

• No single loan to exceed a ratio of 80%.

• Residential/Living and Core Commercial (Office/Retail/Industrial): Up to 100%
• Other Commercial (Hospitality, Medical, Social Infrastructure): Maximum 50%, with no more than 25% in any individual other commercial sector.

• New South Wales and/or Victoria: Up to 100%
• All other geographies in Australia and New Zealand: Maximum 50%, with no more than 30% in any other individual region

• Target Exposure Limit to any Single Borrower: 10%
• Maximum Exposure Limit to any Single Borrower: 15%

• Exposure to Construction Debt not to exceed 75%.

In meeting its Investment Objective, the Fund will execute a comprehensive investment strategy that encompasses every stage of the investment lifecycle. 

This includes, but is not limited to:

• Deploying capital in line with prevailing macroeconomic conditions, benefitting from current and future tailwinds.
• Adherence to strict investment underwriting standards at a specific investment level.
• Effective risk control and mitigation, such that all investments have the requisite downside protection.
• Ensuring that the portfolio is of high-quality and sufficiently diversified such that exposure to any particular risk factor is limited to acceptable bounds.
• Target investment opportunities that provide an outsized return relative to the risk borne.

CRE debt has certain characteristics which distinguish it from other asset classes. These make CRE debt a powerful tool for both enhancing investment portfolio returns, and providing investors with downside protection during periods of market turbulence. Based on its research and direct experience, MaxCap is of the view that these characteristics are particularly pronounced within the Australasian market due to a range of macroeconomic fundamentals, banking sector structures, and regulatory interventions that have all combined to create conditions in which CRE debt investors can achieve significantly outsized returns relative to the risk borne. Key characteristics of interest include:

• CRE debt – An alternative asset class: Increasingly, investors are seeking alternative investment opportunities that provide a more attractive return-for-risk profile than what is currently provided by traditional asset classes. CRE debt offers investors the opportunity to capture the illiquidity premium available in private credit markets, which when properly managed, can translate into excess returns for risk.
• CRE debt – A portfolio enhancer: CRE debt has a low correlation with direct real estate and equities markets, with CRE debt returns typically outperforming during economic downturns. Quantitative analysis undertaken by MaxCap demonstrates that the key risk/return features of CRE debt are lowly or negatively correlated with other major asset classes, thereby providing a stabilising force which reduces volatility in portfolio returns.
• CRE debt – A portfolio diversifier: The low correlations between CRE debt and the real estate and equities markets reveal that the returns of CRE debt are countercyclical. Given equities and commercial real estate tend to perform poorly during deteriorating economic conditions, research conducted by MaxCap indicates that CRE debt acts as a portfolio diversifier as it tends to perform relatively well during such periods of strain in the economy and financial markets. CRE debt has proven resilient throughout historical economic downturns including during and post the COVID-19 pandemic and offers investors downside protection given its inbuilt loss-absorption (i.e. equity) buffer.
• Inflation and interest rates: CRE debt is usually structured on a floating rate basis, which provides an excellent natural hedge against rising inflation, as loan returns are tied to the floating cash rate.

Click here to view our latest Performance.

As Chief Executive Officer, Kylie Robb is responsible for executing MaxCap’s strategic growth agenda and scaling its investment platform to deliver sustainable value for investors. She sets strategic direction and oversees performance across its origination, capital and operating platforms.

Appointed to CEO on 1 July 2026, Kylie previously served as Deputy CEO and Chief Financial Officer, where she delivered significant operational and structural enhancements, with a particular focus on strengthening the firm’s financial performance, governance and risk management.

She brings more than 25 years of experience across global financial institutions. She was Executive General Manager and Chief Financial Officer for the Business and Private Bank at National Australia Bank (NAB) and previously led Funding and Liquidity within Group Treasury at Commonwealth Bank of Australia (CBA). She began her career at Goldman Sachs, where she spent 15 years in New York and Sydney across banking, sales and trading roles. She is recognised for her disciplined leadership and strong commercial judgement, with a proven ability to navigate complex market environments.

Kylie holds a Bachelor of Metallurgical Engineering from the University of New South Wales. She is a member of the Australian Institute of Company Directors (GAICD) and Chief Executive Women (CEW).

Wayne Lasky is the Executive Chairman & Founder of MaxCap Group, bringing over 20 years of experience in real estate and finance. Based in Melbourne and part of the Executive team, he specialises in business strategy, execution, key stakeholder relations, and capital raising and plays a vital role in guiding the firm's overall vision and growth.

Before founding MaxCap Group, Wayne had operated in various capacities, including as an originator, lender, asset manager, real estate investor and developer, project manager, and property manager.

Wayne holds a double degree, Bachelor of Business Management & Marketing (Hons), graduating Dux from Monash University, Melbourne. He is a member of YPO Australia, a Fellow of the Australian Institute of Management, and a Senior Associate of the Financial Services Institute of Australia (FINSIA).

Brae is responsible for driving new business activity across both debt and equity transactions, corporate strategy, and supports capital raising activities.

He has extensive industry experience having operated in property and finance markets for over a decade and is a recognised industry expert in real estate debt. Brae has previously worked in senior executive roles within the FMCG industry where he honed his relationship and strategic management capabilities.

Brae holds a Bachelor of Law and Business Management (Hons).

Bill leads the National Investment team for MaxCap in Australia and is responsible for developing investment strategy, relationship management framework and oversight of deal origination, structuring, and negotiation.

He has over 20 years of industry experience, including having spent many years developing business and leading high performing teams at senior levels within National Australia Bank's (NAB) Institutional and Business Bank. Bill also brings years of direct credit experience as a Credit Executive at NAB and prior to this, as a Compliance Manager at Deutsche Bank in London.

Bill is a Graduate of the Australian Institute of Company Directors, holds a Diploma in Finance and Mortgage Broking Management, Certificate IV in Finance and Certificate III in Banking, and is a Senior Associate of the Financial Services Institute of Australia (FINSIA).