Welcome back to The Rate of Change with York Wealth Management. As advisors to some of the wealthiest families in the country, The Rate of Change is a podcast designed to help you in the pursuit of building long-term wealth through insights from some of the brightest minds in asset management. I’m your host, Murdoch Gatti, and in today’s ROCast, we sit down with Nick Thomson, Executive at Aquasia to exploring the world of private credit and structured finance. If you’re interested in how private credit funds are structured, how lending is approached outside of traditional banks, or simply want to better understand the alternatives sector, then I think you’ll really enjoy today's conversation with Nick. Nick brings over 25 years of experience across investment banking, property funds management, and broader funds management, having worked at institutions such as UBS, JP Morgan, and AMP before joining Aquasia almost a decade ago. His perspective offers a unique look into how capital flows, deal structuring, and investment access have evolved over the last two decades. In this conversation, we take a close look at the Aquasia Private Investment Fund — a wholesale fund that lends across sectors like real estate development, social infrastructure projects such as disability accommodation and childcare, hospitality, industrial and logistics facilities, as well as selective office and retail projects.Rather than looking at equity-style risk, the fund focuses on senior secured loans, mezzanine finance, and convertible notes, offering investors exposure to private market debt with a strong emphasis on capital protection. As of the time of recording — about two months ago — the fund was delivering robust returns. Based on the most recent data available as of March 2025, the Aquasia Private Investment Fund has produced a 1-year return of 10.38%, and a since-inception annualised return of 10.05%, net of fees.Throughout the discussion, Nick shares valuable insights into the dynamics driving private credit markets, the increased internationalisation of capital, and how private lending has evolved to become a mainstream allocation for many sophisticated investors.If you’ve been curious about how alternative debt structures work behind the scenes — and how funds like these manage borrower quality, deal flow, and credit risk — Nick’s commentary will give you a strong foundation. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. It’s important to remember that past performance is not a reliable indicator of future returns, and today’s conversation is designed to help you learn more about the nature of private credit investing rather than provide investment advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at [email protected]. With that being said, I hope you enjoy this conversation as much as I did.Sit back, relax, and enjoy!

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