Banner Asset Management, a Melbourne private credit firm that is the largest lender to the glitzy Chevron One development on the Gold Coast, continued to advertise its products even after souring loans forced it to stop investors withdrawing money from its funds.
The firm, which has raised $5 billion since 2010, quietly restricted redemptions in its Ebisu Income Fund, a lender to the Chevron project, in 2023. It also restricted redemptions at its Real Estate Income Fund.
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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
