Australia’s private credit market continues its transformation into a core part of the nation’s real-economy financing infrastructure. As banks retreat further from SME and mid-market business lending, and economic conditions demand greater credit discipline, investors are increasingly seeking reliable income and capital stability from managers who pair specialist expertise with deep governance. At Aura Private Credit, that focus has driven our growth from inception — delivering strong investor outcomes while helping productive businesses access the capital they need to grow.
I am pleased to provide a progress update on our two flagship strategies, the Aura Private Credit Income Fund (APCIF) and the Aura Core Income Fund (ACIF), as well as commentary on key regulatory developments impacting our sector.
APCIF is now eight years into its journey, and the results speak clearly to the consistency and quality of our investment process. We have delivered 98 consecutive monthly distributions without interruption through changing monetary policy regimes, economic slowdown, and periods of market dislocation that have been present since the Fund’s inception in 2017. The Fund has generated cumulative net returns of 110.13% and annualised net returns of 9.52% since inception1 — demonstrating the durability of well-secured business loans, curated with discipline.
This year, we have made further progress by onboarding and funding two new specialist lenders, expanding our reach into high-quality loan segments and boosting diversification across our portfolios. That increased access to deal flow enables us to be even more selective in the opportunities we pursue.
Strong investor support has enabled the Fund to surpass $500 million in funds under management, representing a significant scale advantage: more diversified portfolios, enhanced risk oversight, and a deeper foundation for future growth.
External validation continues to reinforce our positioning. APCIF holds:
These ratings reflect our core aims: transparency, accountability and capital preservation, as part of our broader investment philosophy.
ACIF plays a distinct and vital role in our platform, delivering defensive, short-duration private credit exposure designed to preserve capital first while providing attractive income.
Now past the three-year milestone with 36 consecutive distributions, ACIF has produced1:
It is proving to be a highly effective solution for investors searching for income with materially lower volatility than listed credit markets.
The Fund has achieved strong institutional-style recognition, with:
These outcomes validate our approach: conservative structuring, strong lender relationships and close engagement with borrowers throughout the loan lifecycle.
The number of private credit strategies undergoing institutional research coverage is still relatively limited. Only 16 strategies in the Australian market have been rated by Lonsec, which highlights just how selective the review process remains.
For Aura Private Credit to have two strategies classified as Investment Grade is a mark of real distinction — and a strong foundation for adviser confidence as the asset class gains broader adoption.
This industry validation reinforces our belief that private credit is best delivered under a governance framework that respects the true nature of the underlying assets — illiquid, securitised, and requiring active management, real credit expertise, and lender alignment.
The evolution of private credit in Australia reached a new point of maturity in September with ASIC’s release of Report 814 – Private Credit: An Industry Review and further reports released on the 5th November: Report 823 – Advancing Australia’s evolving capital markets: Discussion paper response and Report 820 – Private credit surveillance: retail and wholesale funds. The Reports' findings should not be viewed as a threat, but as a clear reminder: with growth comes responsibility.
The Reports highlighted seven areas of concern that require improved industry practice:
These issues are not theoretical. They matter because transparency is the bedrock upon which durable capital flows are built.
The Report’s recommendations focus firmly on raising standards as the sector scales:
The message is unambiguous: private credit is now big enough — and important enough — to demand the same level of governance sophistication long required in traditional credit markets.
Aura Private Credit welcomes this regulatory focus. Many of the standards ASIC is encouraging are already embedded in our DNA:
We built our business to meet institutional expectations — well before those expectations were codified. Investors deserve nothing less.
Today, we hold a leadership position in Australian private credit, not because we are the largest, but because we remain unwavering in our purpose: to protect and grow investor capital while strengthening the businesses that are the lifeblood of Australia’s economic future.
APCIF and ACIF both continue to deliver attractive, risk-adjusted returns. Our commitment to transparency, governance, and data-driven lending remains firm. And our outlook is positive as the market continues to shift toward specialist lenders who deeply understand borrower needs and credit risk dynamics.
Thank you for your continued support and confidence in Aura Private Credit. We look forward to continuing to deliver defensive income outcomes — the right way — with discipline, purpose and integrity.
1. Returns calculated to 30 September 2025, net of fees and expenses and assume reinvestment of all distributions. Past performance is not a reliable indicator of future performance.
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Any financial product advice given is of a general nature only. The information has been provided without taking into account the investment objectives, financial situation or needs of any particular investor. Therefore, before acting on the information contained in this report you should seek professional advice and consider whether the information is appropriate in light of your objectives, financial situation and needs.
The Aura Core Income Fund (ARSN 658 462 652) is issued by One Managed Investment Funds Limited (ACN 117 400 987 | AFSL 297042) (OMIFL) as responsible entity for the Fund. Aura Credit Holdings Pty Ltd (ACN 656 261 200) (ACH) is the investment manager of the Fund and operates as a Corporate Authorised Representative (CAR 1297296) of Aura Capital Pty Ltd (ACN 143 700 887 | AFSL 366230).
You should obtain and carefully consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the Fund before making any decision about whether to acquire, or continue to hold, an interest in the Fund. Applications for units in the Fund can only be made through a valid online application form accompanying the PDS. The PDS, TMD, continuous disclosure notices and relevant application form may be obtained from the responsible entity; www.oneinvestment.com.au/auracoreincomefund.
The Aura Private Credit Income Fund is an unregistered managed investment scheme for wholesale clients only and is issued under an Information Memorandum by Aura Funds Management Pty Ltd (ABN 96 607 158 814, Authorised Representative No. 1233893 of Aura Capital Pty Ltd AFSL No. 366 230, ABN 48 143 700 887).
The Aura entities and OMIFL do not guarantee the performance of the Funds, the repayment of any capital or any rate of return. Investing in any financial product is subject to investment risk including possible loss. Past performance is not a reliable indicator of future performance. Information in this report may be based on information provided by third parties that may not have been verified.