The $1.2 billion flagship fund run by Regal Partners’ private credit subsidiary Merricks Capital has recorded its first monthly negative return in almost five years, after being weighed down by troubled loans including one financing a huge office development in Sydney’s CBD.
Merricks, which manages $2.9 billion across its funds, arranged a $465 million syndicated loan for the proposed 55-storey building known as Halo, on the corner of Pitt and Hunter streets. The project, being developed by Milligan Group, was valued at $1.8 billion if built and fully leased.
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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
