Source: Financial Standard
Author: Andrew McKean
Date: 07 May 2025
Investment manager Zagga has unveiled a new real estate private credit fund that invests directly in quality prime commercial real estate across Australia's east coast.
The Singapore Variable Capital Company (VCC) – the Zagga Real Estate Credit Fund (ZRECF) was established to cater to the growing appetite from ASEAN investors in Australian real estate private credit.
Zagga chief executive Alan Greenstein reported “strong demand” from investors across the ASEAN region, though noted that many are yet to discover the company’s offerings.
To mitigate this, the company is “expanding its footprint to make it easier to invest with us,” Greenstein said. He emphasised the importance having a strong senior team on the ground to achieve this.
Accordingly, Zagga announced the appointment of Roushana Sjahsam as a senior board adviser for ASEAN to drive its regional expansion following the launch of the new fund.
Sjahsam has over three decades of experience across debt and capital markets in Asia, most recently serving as the managing director of Cantor Fitzgerald Capital Markets in Hong Kong.
Previously, she founded Ciranoush Capital, served as a director and portfolio manager at Chenavari Investment Managers, headed Southeast Asia and Australian operations at credit provider ADM Capital, and held an investment director role at Citibank.
Sjahsam is responsible for elevating the company’s profile among institutional investors, family offices, and wealth managers throughout Southeast Asia.
“The opportunity is ripe for ASEAN investors wanting exposure to the Australian property market. Private credit only makes this more compelling due to its defensive characteristics and stable, reliable income amongst heightened global volatility,” she said.
“Asia-based investors are increasingly recognising this, attracted by Australia’s strong economic fundamentals, growth tailwinds in the property sector, and the uncorrelated diversification benefits private credit can offer.
“Our strategy is proven, with our largest institutional investors already based in Singapore and Japan. This next stage of growth will be driven by investor education alongside our proven specialist capabilities and access to quality investment opportunities.”
ASEAN capital currently accounts for about 15% of Zagga’s funds under management, however the company is aiming to double this share within two years.
To support this growth, the company has increased its regional headcount by 50% in the last year.
"Zagga's strong and growing presence in Asia is a key differentiator - we are on the ground in both markets and able to help offshore investors better understand and access Australian private credit opportunities," Sjahsam said.
"Investors in Southeast Asia have traditionally invested in US and European private credit markets, but Australia is quickly capturing attention. The expanding opportunities and maturing market offer an attractive risk return premium that resonates with local investors."
