Our flagship debt vehicle, the MaxCap Investment Trust (MIT), is an evergreen fund offering wholesale investors immediate exposure to a diversified pool of commercial real estate credit investments spanning multiple sectors and regions. It provides investors monthly liquidity¹ and a choice of return targets. The First Mortgage fund received an Investment Grade rating from Lonsec Research2 in 2025.
Fund features
Fund facts
| MIT First Mortgage | MIT High Yield |
| CRE credit allocations | 100% senior, 0% junior | 50-100% senior, 0-49% junior |
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| Target return | RBA cash rate +5% p.a (net of fees and expenses) | RBA cash rate +8% p.a (net of fees and expenses) |
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| Loan-to-Value Ratio (LRV) weighted average | 65-70% | 70-75% |
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| Distribution | Cash (monthly), with distribution reinvestment available | Cash (monthly), with distribution reinvestment available |
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| Applications and redemptions | Monthly windows | Monthly windows |
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| Unit pricing | Monthly | Monthly |
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| Fees | Management fee 1.1% p.a. Performance fee 20% of return over target p.a. | Management fee 1.3% p.a. Performance fee 20% of return over target p.a. |
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| Borrower/Transaction fees | Borrower/Transaction Fees, including establishment and extension fees, are shared equally between the managed and the fund | Borrower/Transaction Fees, including establishment and extension fees, are shared equally between the managed and the fund |
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Key resources
MaxCap Investment Trust’s First Mortgage Fund received an Investment Grade rating from Lonsec Research2, one of Australia’s most respected investment research houses.
For financial advisors only
Data as of 31 March 2026
Data as of 31 March 2026
FAQs
Investors in the MaxCap Investment Trust (MIT) may earn income through interest payments made by borrowers on their loans. As the trust receives this interest, it is distributed to investors, typically on a monthly basis. This structure can provide a regular income stream than investments that rely mainly on capital growth. Many CRE credit products are designed so that borrower interest payments flow through to investors as regular income.
Private credit is fundamentally an illiquid asset class, our flagship debt vehicle, the MaxCap Investment Trust (MIT) included. In exchange for this illiquidity, investors receive an illiquidity premium that compensates both credit and liquidity risk. The MIT is structured with a strong focus on prudent liquidity management. This includes maintain a low duration loan profile, maintaining liquidity buffers and applying portfolio concentration limits to help ensure liquidity is managed in a disciplined and measured way.
An investment in the MIT involves risks, including the risk of capital loss, capital stack risk, risks prevalent in constructions loans and default risk. Prospective investors should carefully consider the risks set out in the Information Memorandum and obtain independent financial advice prior to investing.
The MIT is available to wholesale investors seeking access to institutional quality private commercial real estate investments.
Investing is straightforward. Eligible investors can apply by completing the prescribed application form. To participate in each monthly investment cycle, a completed application and investment money must be received in the fund’s application account by the third last business day of the preceding month.
For wholesale investors that would like further information, our team would be pleased to assist.
Eligible investors can choose between two investment options – First Mortgage or High Yield, based on their risk appetite and return objectives.
The First Mortgage option invests exclusively in first mortgage loans and targets a net return of the RBA cash rate plus 5.00%. Loans are written at lower leverage, with typical loan to value ratio (LVR) in the range of 65 to 70 percent.
The High Yield option invests primarily in first mortgage loans, alongside allocations to mezzanine level loans.
This broader loan mix targets a higher net return, the RBA cash rate plus 8.00%, with typical LVR in the range of 70 to 75 percent, reflecting the increased risk exposure.
Platforms
1 Monthly liquidity includes applications, distributions and redemptions. Redemptions may be delayed by the Trustee in accordance with the Trust Deed and the Interests of Investors.
2 The rating issued by Lonsec is general advice only and do not take account the objectives, financial situation or needs of investors. Investment ratings are only one factor to be taken into account when deciding whether to invest. Consider your personal circumstances and read the Information Memorandum if the product is right for you. All investments contain risk and may lose value. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager.
3 Net returns are calculated using a time-weighted average methodology and assume reinvestment of distributions. Past performance is not a reliable indicator of future performance.
4 Net return (after management fees and performance fees) is calculated based on the private management fee and performance fee rates. Past performance is not a reliable indicator of future performance.
5 Monthly distributions commenced from October 2024.
The information on this website relating to the MaxCap Investment Trust (Fund) is prepared by MaxCap Investment Management Pty Ltd (ACN 169 902 005, AFSL 462086) (Manager) as the investment manager and issued by Perpetual Trust Services Limited ACN 000 142 049, AFSL 236648 (Trustee) as trustee of the Fund.
The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Fund, you should consider the current information memorandum.
Neither the Trustee nor the Manager guarantee repayment of capital or any particular rate of return from the Fund, gives any representation or warranty as to the reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of the Manager as at the date of this website and are subject to change without notice. Past performance is not a reliable indicator of future performance.