Henry Holm

speaker

287 appearances 1 recordings 1 series first heard Apr 2026 last heard 30 Apr

Henry Holm’s voice in public audio — every appearance, attributed to the second.

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Equity Mates Investing Podcast · The How’s and Why’s of Private Credit with Henry Holm · 30 Apr 2026 podcast

in terms of changes we've seen in the market.

And maybe just a little bit about our background is helpful.

Balmain started life not as a fund manager, but as a commercial mortgage broker.

So we were arranging capital, mainly broking into the mortgage trust sector.

And the mission was pretty simple.

It was to help borrowers find a

sources of capital, that flexible capital we were talking about from alternative sources that the banks or mainstream funders weren't offering.

And that really hasn't changed over 47 years.

What has changed is the solution.

So we're now a fund manager in our own right.

We raise money from both retail, wholesale investors, and we deploy that into loan instruments to our borrowers.

In terms of the changes that we've seen over that journey, there's three things I point to.

The structural growth of the asset class, the sort of loans that private credit will invest in, and the awareness in the borrower cohorts of what that offering is.

So in terms of those structural changes, the big one was out the back of the GFC.

There were a bunch of regulatory changes, the Basel III Accords.

So it's a framework for bank capital and liquidity requirements.

And that really requires banks now to hold a lot more tier one equity on their balance sheet for loans that are backed by commercial real estate assets.

It makes those loans substantially more expensive for banks to hold.

And it's made them less willing participants in the market.

And where they are, they're doing so on substantially more conservative terms than they were 20, 30 years ago.

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