Frequently Asked Questions
Your questions answered, clearly and transparently.
Company & Structure
Who is PrivateInvest?
PrivateInvest is an Australian investment fund manager and real estate alternative asset manager. The firm originates, structures and invests in private debt and private equity opportunities across the Australian real estate market on behalf of high-net-worth individuals, ultra-high-net-worth investors and family offices, working nationally through offices in Perth and Sydney.
What legal entities make up “PrivateInvest”?
“PrivateInvest” is the trading name for a small group of related Australian companies, each with a defined role.
- PrivateInvest Pty Limited (ACN 626 703 026 / ABN 46 626 703 026) is the parent entity and a corporate authorised representative (AR No 001284225) of AFSL 491287.
- PrivateInvest Capital Securities Limited (ACN 611 892 249 / ABN 48 611 892 249) holds Australian Financial Services Licence 491287 and acts as trustee of the trusts through which investors participate.
- PrivateInvest Funds Management Pty Limited (ACN 625 468 215) is appointed by the trustee as the Investment and Facility Manager. It sources and assesses lending opportunities, prepares each credit paper, and manages and monitors each loan for its term.
Investments are made through two trust structures, the PrivateInvest Select Mortgage Trusts and the PrivateInvest Capital Trusts. Each structure is a series of separate trusts, with a new trust generally established for each loan so that the risks and returns of that loan stay quarantined from every other loan. The specific trust that applies to any particular investment is identified in the Information Memorandum and Loan Memorandum issued for it. None of these trusts is a registered managed investment scheme, and interests in them are offered only to investors who qualify as wholesale clients under section 761G of the Corporations Act.
When was PrivateInvest founded?
PrivateInvest was founded in December 2010 by Mark and Naomi Roberts. In its early years the business operated through a separate private company and focused on commercial property investment and development.
- December 2010: the PrivateInvest business was established, focused on commercial property investment and development.
- April 2016: PrivateInvest Capital Securities Limited, the entity that holds AFSL 491287, was registered with ASIC.
- 2018: PrivateInvest commenced operating as an investment fund manager, beginning with the PrivateInvest First Mortgage Income Fund.
Did PrivateInvest previously operate under a different company name?
Yes. PrivateInvest Capital Securities Limited, the entity that holds AFSL 491287, was registered with ASIC in April 2016 under the name Axelrod Capital Investment Management Limited. PrivateInvest acquired that company in 2020 and renamed it to align the licensed entity with the PrivateInvest brand, with the change of name taking effect in September 2020.
The company had not carried on any financial services business under the licence before PrivateInvest acquired it, so no existing business, clients or obligations came with it. Because the licence is held by the company itself, acquiring the company and changing its name did not create a new legal entity or a new licence. The ACN, 611 892 249, and AFSL 491287 are the same today as they were in 2016. Responsible managers and control of the company were updated with ASIC at the time of the acquisition.
The PrivateInvest business itself, founded in December 2010, has always traded as PrivateInvest.
Where is PrivateInvest based?
PrivateInvest has offices in Perth (Ground Floor, 561 Stirling Highway, Cottesloe, WA 6011) and Sydney (Level 9, 60 Castlereagh Street, Sydney, NSW 2000), with international capital relationships including Singapore.
Who leads PrivateInvest?
PrivateInvest is led by its founding directors, Mark Roberts (Group Executive Chairman and Founding Managing Director), Naomi Roberts (Chief Executive Officer / Responsible Manager), Sarah de Rozario (Chief Financial Officer) and is supported by a senior team across funds management, credit, loan origination, finance, legal and compliance, and investor relations. Greg Peel is the Executive Chair of the Trustee and Responsible Manager.
The team is deliberately built from people who have operated on both sides of a property finance transaction. Collectively, the directors and senior management of PrivateInvest bring more than 200 years of combined experience across commercial property development and investment, property funds management, banking and credit, property valuation, and accounting. That includes former senior bank credit executives, a Certified Practising Valuer, Chartered Accountants and Certified Practising Accountants, and executives who have built and managed property portfolios and funds for institutional, wholesale and family office investors.
Credit decisions are not made by the management team alone. Every loan is assessed by the Investment and Facility Manager and then reviewed by an Investment Review Committee whose members are drawn from outside day to day management, and which is chaired by a former bank executive with more than 35 years in corporate finance, credit and risk management. That separation between the people who originate a loan and the people who approve it is a core part of how PrivateInvest protects investor capital.
Full profiles for each member of the board, management team and Investment Review Committee, including qualifications and career background, are on the PrivateInvest team page at privateinvest.com.au/our-team.
Regulation & Compliance
Is PrivateInvest regulated? Does it hold an Australian Financial Services Licence?
Yes. PrivateInvest Capital Securities Limited holds Australian Financial Services Licence (AFSL) No. 491287 and provides financial services to wholesale clients only.
Who can invest with PrivateInvest?
Investment opportunities are available exclusively to wholesale clients, as defined under section 761G of the Corporations Act 2001 (Cth), not retail investors.
Is PrivateInvest a member of the Australian Financial Complaints Authority (AFCA)?
Yes. PrivateInvest Capital Securities Limited is a registered AFCA member (Member No. 123948), joined 10 July 2026. AFCA membership is voluntary for PrivateInvest Capital Securities Limited, because AFSL 491287 authorises financial services to wholesale clients only and membership is not required under section 912A(2)(b) of the Corporations Act 2001 (Cth). Investors should note that AFCA has a discretion under its Rule C.2.2(j) to decline to consider an investment related complaint where the complainant is a wholesale client and is not a small business.
How do I make a complaint about PrivateInvest?
Complaints can be lodged by email ([email protected]), phone (1300 2 468 378) or post (PO Box 477, Cottesloe WA 6911). PrivateInvest will acknowledge a complaint within 3 business days and aims to provide an Internal Dispute Resolution response within 30 calendar days. If unresolved, complainants can escalate to AFCA.
Investing & Fund/Trusts
What investment products does PrivateInvest offer?
PrivateInvest gives wholesale investors access to Australian real estate credit and property backed investment opportunities through three structures, plus a separate fee for service offering for third parties.
PrivateInvest First Mortgage Income Fund
A pooled fund backed by a diversified national portfolio of loans secured by registered first mortgages. Because it is pooled, investors gain exposure across multiple loans, borrowers, locations and asset classes rather than a single transaction, with staggered loan maturities across the portfolio. This is the flagship PrivateInvest offering and suits investors seeking diversified first mortgage exposure without selecting individual loans.
PrivateInvest Select Mortgage Trusts
A series of special purpose trusts, each established for an individual first mortgage loan. Investors review each opportunity and choose which loans to participate in and at what level. Because each loan sits in its own trust, the risks and returns of that loan stay separate from every other loan. PrivateInvest co-invests alongside investors in these trusts.
PrivateInvest Capital Trusts
A series of special purpose trusts providing property backed investment exposure beyond senior first mortgage debt, including subordinated and preferred equity style positions. These trusts are typically secured against assets with development approvals in place and a defined exit, and have to date focused on industrial and Quick Service Retail sites, land subdivision, and residential development. As with the Select Mortgage Trusts, each investment sits in its own trust and investors choose which opportunities to participate in.
Credit Book Management
This is a service rather than an investment. PrivateInvest manages existing commercial loan books for third parties on a fee for service basis, applying the same credit, monitoring and reporting processes it uses across its own portfolio.
Each trust and fund is separately constituted and documented. Individual trusts are not listed on this page. The specific trust that applies to any investment is identified in the Information Memorandum or Loan Information Memorandum issued for it.
All of these opportunities are available only to investors who qualify as wholesale clients under section 761G of the Corporations Act. None is a registered managed investment scheme, and no product disclosure statement is issued. Product level information, including structure, fees, minimum investment, term and distribution details, is provided on request to investors who have first satisfied PrivateInvest that they qualify as wholesale clients.
What is the difference between investing in the Fund and investing in an individual trust?
The difference comes down to who selects the loans and how diversified the exposure is.
- In the PrivateInvest First Mortgage Income Fund, investors participate in a pooled portfolio. PrivateInvest selects the loans, and exposure is spread across multiple borrowers, locations, asset types and maturity dates. Investors do not choose individual loans.
- In a Select Mortgage Trust or a Capital Trust, the investor reviews a specific opportunity and decides whether to participate in that single loan. The investor chooses the exposure, and the outcome depends on that one transaction rather than a portfolio.
Both approaches are used by the same investors for different purposes. Pooled exposure is generally the starting point. Individual trusts suit investors who want to assess each transaction themselves. Full details of each, including risks, are in the relevant Information Memorandum.
How and when do investors receive income from an investment?
It depends on which PrivateInvest structure your investment sits in. There are two, and the difference is significant.
PrivateInvest First Mortgage Income Fund (pooled Fund)
Monthly cash distributions, paid within 10 business days of month-end. Income comes from interest and line fees across the whole diversified loan portfolio, less fees, so returns reflect the blended book rather than one loan. Investors choose cash payment or reinvestment via the Distribution Reinvestment Plan.
PrivateInvest Select Mortgage Trusts
Timing depends on the individual loan selected, each Loan Memorandum sets its own frequency. Ranges from monthly distributions to capitalised interest paid as a lump sum at maturity with capital. Withdrawals cannot occur until that specific loan matures and is repaid.
Further information is provided in the Information Memorandum for each option of investment.
What happens if a borrower defaults?
Loans can and do go into default, and the PrivateInvest structures are built on the assumption that some will.
Every loan is secured, so if a borrower fails to repay, the Trustee can enforce that security and recover from the asset. Depending on the loan, security may also include additional property, guarantees from the borrower’s principals, and other collateral. Where enforcement is required, recovery takes time and there is no assurance that all capital and income will be recovered.
Where an individual trust is affected, the loss is contained to that trust and its investors. It does not pass to investors in other trusts or in the Fund, because each trust is separately constituted and holds its own security.
How does PrivateInvest decide which loans to fund?
Every loan we originate follows the same rigorous due diligence process, from initial assessment through to credit approval and legal execution. Critically, the team that brings a loan in is never the team that approves it: credit decisions sit entirely independent of origination. This separation is core to how we manage risk and protect our investors.
- The Investment and Facility Manager assesses each opportunity against the PrivateInvest credit guidelines and prepares a credit paper. That assessment covers the sponsor and their track record, the asset and its approvals, the location, the security position, the borrower’s capacity to service the loan, and how the loan will be repaid.
- Independent inputs are obtained, including a valuation from a panel valuer and, for construction lending, a quantity surveyor’s report.
- The credit paper is then reviewed by the PrivateInvest Investment Review Committee, whose members sit outside day to day management and are drawn from senior banking, credit and risk backgrounds. The Committee can approve, decline, or approve subject to conditions.
- Approved loans are documented by external lawyers, and drawdowns are released against conditions rather than in a single advance.
Loans are monitored for their full term, including construction progress where relevant, and reported to the Trustee.
Who can invest with PrivateInvest, and what does wholesale client mean?
PrivateInvest investments are available only to investors who qualify as wholesale clients under section 761G of the Corporations Act. PrivateInvest does not offer investments to retail clients.
In broad terms, an investor can qualify as a wholesale client where they invest at least the amount prescribed by the Corporations Act in a single product, or where a qualified accountant certifies that they meet the net assets or gross income tests set out in the Act. Certain professional investors and large entities also qualify.
Because these are wholesale offers, no product disclosure statement is issued and none of the PrivateInvest trusts is a registered managed investment scheme. That means the disclosure and protection framework that applies to retail products does not apply. Wholesale investors are expected to have the resources and experience to assess these investments, and to obtain their own financial, tax and legal advice.
PrivateInvest confirms wholesale status before providing product information, not afterwards. Nothing in this FAQ is an offer, and nothing on this website is financial product advice or takes account of any person’s objectives, financial situation or needs.
Is it possible to invest through a company, trust or self managed super fund?
Yes. Investors commonly invest through companies, family trusts and self managed superannuation funds, as well as in their personal names.
The wholesale client test is applied to the investing entity, and identification requirements under anti money laundering law apply to the entity and to the individuals who control it, so a company or trust application requires more documentation than a personal one.
Whether an investment of this type is appropriate for a superannuation fund depends on that fund’s investment strategy, its liquidity requirements and its trustee’s obligations. That is a decision for the fund’s trustee and its adviser, not for PrivateInvest. PrivateInvest recommends that advice be obtained before investing through a superannuation structure.
What reporting will an investor receive?
Reporting is delivered through a secure online investor portal, and includes regular updates on the investor’s holding and distributions, together with annual reporting and an annual tax statement prepared in line with Australian Taxation Office guidance for managed investment trusts.
Where an investor holds an interest in an individual trust, that investor also receives updates on the specific loan and its progress. Where a loan is in default or a material issue arises, affected investors in that trust are contacted directly by the Trustee rather than through general communications.
The full reporting schedule for each investment is set out in its Information Memorandum.
Does the PrivateInvest First Mortgage Income Fund have any exposure to the Burswood Road matter currently in the media?
No. The PrivateInvest First Mortgage Income Fund has no exposure to the Burswood Road facility. No Fund money was lent to it, and no Fund investor holds an interest in it.
The Burswood Road facility was funded through a separate special purpose trust, PrivateInvest Capital Trust No. 1 (ABN 28 335 894 612), which was established in 2021 for that single transaction. This is how the PrivateInvest trust structures are designed to work. Each Select Mortgage Trust and Capital Trust is separately constituted for one loan, holds its own security, and has its own investors. A matter affecting one trust does not affect the assets, security or investors of another trust or of the Fund.
Investors in PrivateInvest Capital Trust No. 1 are being communicated with directly by the Trustee. PrivateInvest has published a separate statement about the proceedings, “PrivateInvest statement: Burswood Road proceedings”, which should be read in full and is the authoritative source on that matter. This answer addresses only the question of Fund exposure.
Current as at 9 September 2026. This answer will be updated if the position changes.
Financing
Does PrivateInvest provide finance to property developers, and does it work with brokers?
Yes. PrivateInvest is a non-bank lender to experienced property developers and property investors across Australia, and works with commercial finance brokers who introduce transactions to it.
PrivateInvest provides secured loans for business and investment purposes, including:
- site acquisition and land banking
- residential, commercial and industrial construction
- land subdivision
- residual stock and completed development finance
- structured term debt against income producing property
- bridging finance and refinance of existing facilities
PrivateInvest lends against commercial, industrial, residential, hospitality and specialised assets, including Quick Service Retail sites, in capital cities, major regional centres and established growth corridors.
PrivateInvest lends to mid market borrowers and focuses on transactions that suit its credit and risk appetite. Facilities are generally secured by a registered first mortgage over the property being funded, supported by general security and, in most cases, guarantees. Terms typically run from six to 24 months, with facility sizes generally between $3 million and $25 million. Transactions outside those parameters are considered on a case by case basis. Pricing, gearing and structure are set for each transaction on its own merits, taking account of the asset, the sponsor, the exit strategy and market conditions at the time.
PrivateInvest lends to corporate borrowers, being Australian companies, trusts and partnerships, with demonstrated experience and capacity in the type of project being funded. PrivateInvest does not provide owner occupier or consumer lending of any kind.
Every enquiry is assessed by the Investment and Facility Manager against the PrivateInvest credit guidelines. Transactions that pass initial assessment receive an Indicative Term Sheet, after which due diligence is completed, including independent valuation and, where required, quantity surveyor review. Credit approval is then considered by the PrivateInvest Investment Review Committee, which sits outside day to day origination. Brokers deal with the PrivateInvest origination team directly and receive a clear indication of appetite early, rather than after weeks of process.
All PrivateInvest lending is provided for business or investment purposes only. PrivateInvest does not provide credit that is regulated by the National Consumer Credit Protection Act 2009 (Cth), and does not hold an Australian Credit Licence.
What types of finance does PrivateInvest provide, and where does it lend?
PrivateInvest provides site acquisition and land banking finance, construction finance across residential, commercial and industrial projects, land subdivision finance, residual stock and completed development finance, structured term debt against income producing property, and bridging and refinance facilities.
PrivateInvest lends against commercial, industrial, residential, hospitality and specialised assets, including Quick Service Retail sites. There is no fixed geographic restriction within Australia. In practice, lending is concentrated in capital cities, major regional centres and established growth corridors, and location is assessed as part of every transaction, including the depth of the local market and the size of the asset relative to it.
How much can a borrower access, and for how long?
Facility sizes generally range from $3 million to $25 million, and PrivateInvest will consider facilities outside that range. Terms are typically between six and 24 months, with longer terms considered where the project warrants it. Amounts and terms outside these parameters are considered case by case rather than declined automatically.
Gearing is set for each transaction against the asset, the sponsor, the security position and the exit strategy. PrivateInvest does not publish indicative gearing limits or interest rates, because they vary by asset class, structure and market conditions. Indicative gearing, pricing and fees are set out in full in the Indicative Term Sheet issued to the borrower, before any commitment is required.
What security does PrivateInvest take?
For first mortgage lending, security generally includes:
- a registered first mortgage over the security property
- a first ranking general security agreement over all present and after acquired property of the borrower, including for developments the developer interest in plans, specifications and statutory approvals
- a first ranking general security agreement over related service entities linked by guarantee, where applicable
- personal guarantees from the directors of the borrowing entity
- a tripartite deed between lender, developer and builder or civil contractor where appropriate
- assignment of pre-sale contracts where appropriate
Non-recourse lending, without director guarantees, is considered only as an exception, typically for strong and well regarded sponsors with lower gearing or a particularly sound exit strategy.
What information does PrivateInvest need in order to give a meaningful indication?
For an initial view, PrivateInvest needs enough information to assess risk properly:
- a summary of the transaction, the amount sought and the purpose of the funds
- the borrower and sponsor structure, with track record and experience in this type of project
- the asset, its location, and the status of planning and development approvals
- any valuation held, and any development budget and construction contract
- a quantity surveyor report where one is held or required
- the proposed exit strategy and its supporting evidence
- financial information for the borrower, sponsor and guarantors
The more complete this information is at the outset, the faster and more reliable the indication will be.
Who values the property, and can a borrower's existing valuation be used?
Valuations must be prepared by a registered valuer approved by the Trustee, on a market value basis and for first mortgage lending purposes. Valuations are generally instructed by the Investment and Facility Manager and addressed to the lender.
Where a borrower already holds a valuation for the asset, PrivateInvest will usually issue an instruction letter asking the valuer to append and assign it for first mortgage lending purposes, addressed to the lender. Where that is not achievable, PrivateInvest instructs its own valuation.
Valuations have a limited life. Initial drawdown under a facility must generally occur within 90 days of the valuation date, and a new or amended valuation may be required beyond that where market conditions or construction cost estimates have moved. Where a quantity surveyor review is required, the quantity surveyor report is included in the initial valuation.
How do brokers work with PrivateInvest?
Brokers introduce transactions to PrivateInvest and deal directly with the origination team, with a named contact from first enquiry through to settlement. PrivateInvest gives an early and honest indication of appetite, including an early decline where that is the answer, so a transaction that does not fit can be placed elsewhere without losing time.
The broker introduces the transaction. The borrower is the client of PrivateInvest, and PrivateInvest contracts with the borrower rather than with the broker. PrivateInvest does not provide the borrower with advice on whether a facility is suitable, and expects the borrower to obtain its own legal, tax and financial advice.
Only a written Indicative Term Sheet constitutes an indication of terms, and only a Credit Approval issued following Investment Review Committee meeting constitutes approval. Preliminary discussions are not a commitment to lend.
Is PrivateInvest lending regulated by the National Consumer Credit Protection Act?
All PrivateInvest lending is provided for business or investment purposes only. PrivateInvest does not provide credit that is regulated by the National Consumer Credit Protection Act 2009 (Cth), and does not hold an Australian Credit Licence. The purpose of the funds is assessed as part of the credit assessment for every facility, and borrowers are required to confirm the purpose of the facility.
PrivateInvest Capital Securities Limited (ACN 611 892 249) holds Australian Financial Services Licence No. 491287 and provides financial services to wholesale clients only, as defined in section 761G of the Corporations Act 2001 (Cth). The information on this page is general information about the PrivateInvest group and its business. It is not financial product advice, it is not an offer or invitation to invest, and it does not take into account any person’s objectives, financial situation or needs.