Kylie Willment

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203 appearances 2 recordings 1 series first heard Feb 2025 last heard Feb 2025

Kylie Willment’s voice in public audio — every appearance, attributed to the second.

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NAB Morning Call · Weekend Edition: 2025: Less growth, but still lots of opportunity · 7 Feb 2025 podcast

them, a lot of closing into vehicles, a lot of illiquidity.

You need the skill to be able to identify the assets.

But it's an area that's pretty ripe for product innovation, actually, because the case for private markets, that investment thesis, it's as sound for retail investors as it is for your large institutional asset owners, super funds, sovereign funds.

but there's been an access issue.

The demand and the investment, you know, rationale is there that haven't been able to access them.

So we are seeing actually quite a lot of clever product design come together where...

The retail investors are starting to be able to access what I describe as institutional quality private market portfolios, but within vehicles or structures that have liquidity wrappers or sleeves around them and that are able to meet all of the requirements of a platform or sometimes it's a listed investment trust.

So I think actually that's a really positive market.

development as well as really getting the

opportunities out to any investor.

Yeah, I mean, there's still protections around it and there's still, these things are not as, you know, perfectly liquid as being able to go and trade a share on the ASX.

So there are considerations, for example, in a listed investment trust, there'll be, you know,

abilities to put in your redemption notices.

But in effect, one of the liquidity mechanisms is through being able to sell to another investor who's after your holdings.

And so that, to some extent, if it's done a little bit in a secondary way, it can buffer the private market assets because you're not actually trading them.

You're trading things that sit around it.

So either you're trading your holdings

your shares with another investor or you've got a liquidity sleeve that sits within the product and then it's up to the product manager effectively to then manage the liquidity around it.

So, you know, it takes a little bit of product design, of course, to get it there to avoid the very thing that you're referring to.

But, yeah, I think we're seeing some really interesting things in that space.

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