In our latest webinar, Zagga’s Economist-in-Residence, Stephen Koukoulas, examines the unpacks inflation, interest rates, housing divergence and the policy path ahead that are shaping Australia’s economic trajectory in 2026.
AUSBIZ
The growth of Australia’s real estate private credit market is gaining significant attention, with the segment forecast to near $90 billion by the decade’s end. In this Ausbiz interview, Zagga CEO & Co-Founder Alan Greenstein shares his thoughts on the tailwinds driving the demand for, and growth of, real estate private credit – from domestic and offshore participants.
FORESIGHT ANALYTICS
The Zagga CRED Fund has recently been assigned a VERY STRONG investment rating for the second consecutive year, indicating a strong level of confidence that the fund can deliver a risk-adjusted return in line with its investment objectives. The Fund was additionally assigned as a COMPLEX product, primarily reflecting that the underlying assets require specialist investment skills to acquire, and monitor.
STOCKHEAD & THE AUSTRALIAN
Despite increased attention, real estate private credit currently accounts for less than 20 percent of Australia’s commercial real estate lending market*, compared to more established markets like the US, where it represents 50 per cent of funding.
Yet this story is changing, with Australia now attracting the attention of sophisticated global and domestic capital. Zagga has been a beneficiary of this conviction.
As momentum continues to build, it’s imperative that there is a focus on quality – of managers, projects, and counterparties – to protect investors capital and ensure the sustainability of Australia’s real estate private credit sector.
As the asset class continues to scale, discipline, transparency and consistency are increasingly central to long-term success. Drawing on insights shared by our CEO & Co-Founder, Alan Greenstein in a recent Ausbiz interview, this article explores how Australia’s real estate private credit market is evolving, and what this shift means for borrowers, investors and funders alike.
AUSBIZ
In this Ausbiz interview, Zagga CEO & Co-Founder Alan Greenstein reflects on the sector’s transition into the mainstream, the rising expectations around discipline and transparency, and the significance of Zagga’s renewed $65 million corporate note with FIIG Securities.
FINANCEASIA
Despite criticism, Roushana Sjahsam, Asean senior board adviser at investment firm Zagga, argues private credit is an emerging asset class for defensive, yield-seeking investors, who want diversification, stable income, and portfolio resilience.
As we look ahead, Zagga remains focussed on maintaining disciplined credit standards, protecting investor outcomes, and identifying opportunities that continue to deliver reliable income returns with capital preservation at it’s core. We thank our investors for their continued confidence and support.
The story is not just about growth—it’s about what private credit represents, both for investors and for the communities who ultimately rely on the projects it funds.
The rise of private credit in Australia didn’t happen by accident. Regulatory changes curtailed the lending appetite of traditional banks, leaving developers and businesses searching for alternative sources of finance. Into that space stepped specialist managers like Zagga, focused on commercial real estate credit.
The RBA appears content to leave policy on hold for the foreseeable future. With inflation under control and the economy showing cautious improvement, aggressive rate cuts are unlikely in the remainder of 2025. Any shift in policy is more likely to be down than up — but timing will depend on how consumer demand and the labour market evolve.
We would like to acknowledge the Traditional Custodians of the lands, seas, and communities in which we provide our services. We would also like to pay our respects to the Elders past, present and emerging, and the continuing cultural influence they have on Australia.
Zagga Market Pty Limited (Australian Credit Licence 490904) ACN 611 662 401 acts as the Servicer of loans acting on behalf of the credit provider, Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786, trustee of the Zagga Investments Lending Trust
All portfolio numbers quoted correct as at 31 December 2025.
*Average investor return across the active portfolio as at 31 December 2025.
**Target return is after expenses and any applicable management fees for the year ended 30 June 2026. OCR = Australian Reserve Bank Official Cash Rate.
Past performance is not a reliable indicator of future performance, and should not be taken as an indication or guarantee of future results. Investments involve risk, fees and costs, and returns are not guaranteed. No representation or warranty is made regarding future performance, and economic conditions may change.
Prospective investors wishing to invest in a Zagga direct investment or a Zagga Fund should fully consider the Information Memorandum, ZFF Fact Sheet and/or ZWF Brochure, available from Zagga, before applying to invest. Investments are subject to risks.
Articles (including white papers and audio or video content) and FAQs on this website have been prepared by Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786 (Zagga) for general information only. They do not take into account your objectives, financial situation or needs, and are not a substitute for accounting, tax or other professional advice. Nothing in these articles or FAQs is an offer or solicitation to buy or sell a financial product, nor a recommendation to enter into or refrain from any transaction.
Any analysis provided in the articles (including white papers and audio or video content) or FAQs on this website is based on information believed to be reliable, however Zagga does not represent or warrant that it is accurate, complete or up to date. Zagga is not obliged to update the information or opinions contained in any article it. Opinions are those of the author and may change without notice. Readers should exercise their own judgment when relying on information contained in the articles or FAQs. To the maximum extent permitted by law, no member of Zagga accepts liability for any loss arising from the use of such information.
Media coverage featured reflects the independent opinions of the authors and does not necessarily represent the official views of Zagga.
