Andy Darroch

Amis Super, an industry fund, has quite a significant exposure to private credit.

Some other retail funds, MLC, for instance, has a comparatively smaller exposure, but quite a decent exposure to private credit as well.

So this is very much across all of the big super funds, I'd say.

Can I ask you, which would you prefer?

Every single time, I would rather be a big super fund.

When you hear institutional investors talk about private credit, the first and most focused thing they talk about is risk.

And when you hear wealth managers or the individual end of town talk about private credit, the first thing they talk about is return.

So individual investors bring a much higher level of rigour to the field.

They're much better competitors.

Yes, yeah, yeah.

Pardon me, institutional investors, so big super funds and sovereign wealth funds.

They're pros, right?

They've got teams of people who borrow through these documents, yeah.

Often they employ diversification better as well.

Like generally speaking, you'd rarely see big,

hefty allocations to single strategies, single managers type things so that they tend to spread eggs in more baskets kind of thing.

And then fundamentally, if I'm going and buying, this was when we spoke about private equity.

If I think about private credit like a pizza,

My kind of take on it would be if you're an individual investor, you're probably getting the crust that a lot of the best stuff has been gobbled up because once you have to make this kind of investing appropriate for individual investors, it comes with more layers.

And with increased layers, invariably comes increased fees and invariably becomes more opaque.