If there’s something fashionable in finance, you can bet Matthew Grounds and his Barrenjoey burrito boys will be somewhere cooking. Its private markets team recently launched the “Barrenjoey First AG Credit Fund”, seeking $80 million to get in on the frothiness around private credit.

Get access to “sophisticated commodity-backed lending” that was originated by “merchant banks in the early 18th century” for “medium to large scale” agribusinesses. Basically, they’ll do financing to cattle farmers, secured against their assets, and they’ll pool these non-trading loans. Target yield is 11 per cent per annum with a minimum buy-in of $100,000.