Opinion: The private credit paradox

Source: FinanceAsia
Author: Roushana Sjahsam
Date: 18 November 2025

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.

Roushana Sjahsam, a senior board adviser, Asean, at investment firm Zagga, has shared an opinion piece with FinanceAsia. Zagga is a real estate private credit manager investing in Australian commercial property opportunities.

Sjahsam (pictured) wrote: The convergence of global trade tensions, escalating military conflicts, and geopolitical uncertainty has created an increasingly turbulent investment environment. Investors across the Asean region are adopting defensive strategies and turning to safe haven asset classes, like private credit, which can offer stability amidst volatility.

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.

Stay Connected

Australia’s Economic Outlook 2026: A “Goldilocks” Moment?

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.

The private lenders filling the property gap

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

The focus is on inflation as the RBA strives to get inflation back to target

The sudden and unexpected about-face in economic conditions saw the RBA move from cutting interest rates with a bias for more cuts in August 2025, to hiking them with a

Invest

Funds

Borrow

Resources

About

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

Additional Information

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.

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.

Privacy Public Complaints Terms of Use