Regal-backed Merricks delays redemptions from $1.2b flagship fund

Primrose Riordan and Jonathan Shapiro

Jul 18, 2025 – 9.00am

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The $1.2 billion flagship fund run by Regal Partners’ private credit subsidiary Merricks Capital has told investors it will have to delay redemptions because there is no “unallocated cash” to distribute to them.

Instead, the Merricks Capital Partners Fund has offered investors who want their money returned a new class of unit that means they can continue to receive dividends but aren’t forced to back any new loans.

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

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.