Our team are experts at analysing credit investment opportunities, including the selection of borrowers and the design of each and every transaction.
We offer two strategies in Australian & New Zealand private debt that provide different profiles for risk and total return:
Direct Lending Strategy
The amicaa Direct Lending Fund is designed as an open-ended fund for wholesale and institutional investors. The strategy aims to return greater than 4% p.a.¹ over the Australian bank bill swap rate over the medium term. It will typically invest in privately negotiated loans, including bilateral, club and syndicated opportunities from $20 to $50 million extended to corporate borrowers in Australia and New Zealand.
Capital Solutions Strategy
amicaa’s Capital Solutions strategy lends to quality Australian & New Zealand companies acting on a catalyst – such as an acquisition or expansion project – where specialist financing is required. These events enable the strategy to target returns of more than 8% p.a.¹ over the Australian bank bill swap rate over a five-year period. It will typically invest in loans of $100 million or more, extended to corporate borrowers in Australia and New Zealand.
Our expertise in originating and managing high quality private credit investment portfolios can deliver superior performance through market cycles.
By lending to high calibre borrowers, our investment strategies support quality Australian & New Zealand companies that are under-served by banks, and are carefully selected against critical credit and sustainability criteria.
With risk and return characteristics that are different to other asset classes, our strategies complement traditional equity and fixed income investments. This provides our clients with a defensive allocation that delivers stable, income-oriented returns from a diversified portfolio.
How we invest
Our credit investment team is experienced in analysing risk and return, sourcing investment opportunities and matching these to the goals of an investment portfolio.
We achieve results by following a disciplined investment process that guides:
- Efficient screening of the investment universe;
- The origination and risk assessment of suitable investment opportunities;
- Detailed research and due diligence into the borrower, industry, business conditions, sustainability characteristics and the design of a suitable lending package;
- Ongoing asset and portfolio management requirements;
- Investor reporting and communications.
Market-leading local investment capability, powered by Carlyle’s global expertise.
Corporate Credit Platform
Carlyle’s Global Credit Platform Partnership²
- Multi-billion commitment from Carlyle
- Leverage Carlyle’s global insights and expertise
Pure-play corporate lending
No real estate or ABS
Australia & New Zealand only
No co-mingling in a broader Asia or global strategy.
Origination & Sourcing
Strength of networks and relationships
Strong networks with advisors, sponsors and founder-led businesses-enhanced by Carlyle’s global connectivity.
Founder-led, bilateral preference
Strong bias for bllateral and club-style deals to non-sponsor-backed transactions. Will selectively consider syndicated and sponsor-backed deals
Invest at-scale with speed of execution
Ability to invest at-scale and with speed, given Carlyle’s Global Credit platform’s multi-billion commitment
Structuring & Work-out Capability
Through-the-cycle investing experience
Team’s experience extends over multiple market cycles (pre-GFC), providing valuable investing experience
Strong workout/insolvency capabilities
Team has deep experience in workout and insolvency.
Co-investment
Co-investment in transactions
amicaa and Carlyle’s Global Credit platform provide strong co-investment in transactions to align with investors
Proven credit investors
- An experienced investment committee, supported by a team of investment professionals, has a strong track record of performance through credit cycles.
Our Investments management team
Our team are experts at analysing credit investment opportunities, including the selection of borrowers and the design of each and every transaction.
David Wood
Chief Executive Officer David brings over 28 year’s experience in financing corporates, originating and participating in Australian Credit transactions as well as undertaking risk analysis, lending, underwriting (debt and equity) and managing loan portfolios across Australia and New Zealand. Prior to amicaa, David was Head of Investment Banking and co-head of the ANZ Corporate Loan Portfolio. Whilst at Bank of America David completed several major financings, M&A transactions, capital raising and has continued to provide strategic advice to some of the largest companies in Australia. Read more
David Hoskins
Senior Managing Director & Head Of Private Credit David brings over 25 years industry experience in both Australian and European credit markets. Prior to joining amicaa, David was Head of Acquisition Finance for CIP Asset Management (CIPAM), a division of the Challenger Group. As part of this role, David was also Co-Portfolio Manager for the CIPAM Multi-Sector Private Lending Fund and the CIPAM Private Lending Opportunities Fund. Prior to CIPAM, David spent nine years at National Australia Bank. Read more
Antoine Pfirsh
Managing Director, Private Credit Antoine brings to amicaa over 14 years' credit and special situations investing across capital structures in the Asia Pacific. Prior to joining amicaa, Antoine was Managing Director at Realside Capital, a private credit manager focused on special situations and opportunistic financings in Australasia. This followed more than 9 years with Anchorage Capital Group, where Antoine was responsible for managing special situations credit and equity investments in the Asia Pacific region. Read more
Marino Reginold
Head of Distribution Marino brings over 12 years industry experience across investment banking, investing and capital raising. Prior to joining amicaa, Marino was Head of Capital Markets at Fidante. He established the Capital Markets distribution business that was responsible for capital raising for Fidante's closed-end fund raising across the real estate, infrastructure, private equity and venture capital asset classes. Marino has overseen and raised over $1bn of private capital from private wealth and institutional investor channels. Marino previously held roles in real estate investment banking at J.P. Morgan and Macquarie where he was involved in over $30bn of M&A and capital markets transactions. Read more
Liz Bennett
Head of Business Services, Private Credit Liz brings more than 30 years’ experience in professional accounting and business partnership roles for listed companies both in Australia and Europe. Liz was Senior Manager and Business Partner at Colonial First State, responsible for supporting strategic initiatives and provided finance support to the business. Read more
David Cerveny
Senior Manager, Risk and Compliance David is a risk management professional and brings over 12 years' experience in the financial services industry. Prior to joining amicaa, David was Risk & Compliance Business Partner with responsibility for providing support and advise to the Perpetual Asset Management business on how to develop implement and optimise risk and compliance frameworks. David also acted on the investment forum committee in his capacity as a member. Prior to this, David was a Derivatives Trader at Epoch Capital. David started his career at the department of statistics at APRA. Read more
Berkely Liu
Director, Private Credit Berkeley has seven years experience in corporate finance and asset finance. Prior to starting with amicaa Berkeley was Portfolio Manager, High Yield & Acquisition at Challenger Investment Management where he structured and deployed high yield credit investments. He has also held roles at Moody’s Investors Service and at Macquarie Group Limited. Read more
Amandes Luther
Associate Director, Private Credit Amandes brings five years' experience as a credit analyst, working within corporate, asset and leveraged finance teams. Prior to joining amicaa, Amandes was Associate Manager, Corporate and Leveraged Finance at Macquarie Bank, following three years working as an Analyst in the Credit Risk team at Challenger. Read more
Clare O'Donnell
Analyst, Private Credit Clare has three years of experience in corporate lending. Prior to joining amicaa, Clare was an Analyst in the Client Acquisition team at the Commonwealth Bank of Australia, where she specialised in mid-market lending origination across a diverse range of industries. Read more
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Sydney, Australia, August 23, 2025 – Global investment firm Carlyle (NASDAQ: CG) and amicaa, an Australian...
Sydney, Australia, May 22, 2024 – Global investment firm Carlyle (NASDAQ: CG) and amicaa, an Australian...
Sydney, Australia, December 4, 2023 – Global investment firm Carlyle (NASDAQ: CG) and amicaa today announced...
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DISCLAIMERS
¹Target return is calculated pre-tax and net of management fees and costs. Target returns are not guaranteed and may not be achieved.
²amicaa has established a joint venture with funds managed by The Carlyle Group’s Global Credit Platform to invest in the Australian and New Zealand corporate credit market (See our news page for more details).