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New private credit fund launched to counter banks’ ‘scorecard’ approach

March 20, 2024
in Business
New private credit fund launched to counter banks’ ‘scorecard’ approach
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A stack of NZ $100 bills.

It’s hoped the initial fund size will be $60 million with a final close of $150m.
Photo: 123rf

A new private credit fund has been launched to target businesses which are finding it “increasingly difficult” to access bank loans.

The Peninsula Credit Fund was launched by former ANZ bankers Andrew Pryde and Mark Hiddleston.

Backers of the fund included former Sistema owner Brendan Lindsay and the financial arm of Ngāti Porou.

Pryde, who was a director at Peninsula Credit, said access to bank credit had become harder for businesses, as local banks moved away from a relationship banking model – where banks got to know the business – to a “scorecard” approach.

“Where credit is sought by business owners, and those credit requests fall outside conservative scorecard measures, then credit is denied which has major repercussions for businesses,” Pryde said.

Peninsula targeted an initial fund size of $60 million and was aiming for a final close of $150m.

It said investors currently received a risk-adjusted annual return of 9.2 percent on their investment, with a margin of 3.5 percent over the New Zealand bank bill rate, which was closely linked to the official cash rate.

“It’s a win for both investors and borrowers. For borrowers, having access to capital that supports their growth strategies enabling them to take their business to the next level,” Hiddleston said.

Lindsay said he invested in Peninsula because it was “what’s best for New Zealand”.

“Investing in Peninsula Credit Fund allows us to continue our support of growing New Zealand businesses through the experience of Andrew, Mark, and the team,” he said.

Nati Growth, the economic and wealth generation arm of Ngāti Porou, also backed the fund.

“The target quarterly cash-paying return is an attractive aspect for us as an investor in Peninsula Credit Fund, providing diversification against our inter-generational investments,” chief executive Henare Walker said.

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Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/512194/new-private-credit-fund-launched-to-counter-banks-scorecard-approach

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