MaxCap, a major private credit firm backed by Apollo Global Management, has warned its investors that they may have to wait nine months to get their money back from a real estate fund after several projects went sour.
MaxCap has $7 billion of funds under management but has been squeezed by the collapse of a big Melbourne developer, APH Holding, that it was backing. Other projects have also failed to proceed, as development costs rise, forcing some sites back onto the market.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
