Private credit operator Keyview Financial Group – the fund that stormed Elanor Investor Group refi in September – is eyeing a larger role in special situation financing transactions after bedding down a $100 million facility from Goldman Sachs.
Keyview Financial Group managing director Justin Lal is a Goldman Sachs alumni.
The Sydney-based firm, which oversees more than $800 million across its funds, has borrowed the new loan against the assets of its $500 million flagship fund, raised in 2022, better known as a net asset value (NAV) funding facility. These types of loans help funds smooth a fund’s cash profile and pounce on opportunities as they arise, particularly as funds approach the size capacity of their mandate, and need to rely on the recycling of capital to close new loans.
Keyview lends to mid-market corporates and commercial real estate deals, focused on complex special situations and distressed assets. It recently popped up in ASX-listed Elanor Investors Group headstock $75 million refinance, Queensland gas play Denison Gas’ $65 million debt funding round and debt collector Pioneer Credit alongside Challenger, Nomura and Sydney’s Revolution Asset Management.
Hong Kong-based Goldman Sachs head of mortgages and structured products Nicola Dondi led the investment – the same banker who closed a deal to refinance Double Bay-headquartered Pallas Capital’s $500 million Pallas Funding Trust No.2 in October.
Street Talk understands investment banks across the street, from Macquarie to UBS, Morgan Stanley and Deutsche Bank, want a piece of the non-bank lending pie as Australia’s private credit sector charges beyond $100 billion in assets under management.
Keyview’s latest report shows the fund is exposed to a range of sectors including residential real estate, hotels/restaurants, diversified financials, industrials and natural resources, spread across 29 assets. It’s returned 10.80 per cent over the past year.
Sarah Thompson, Kanika Sood and Emma Rapaport
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