Private Markets Managed Portfolio

Manager overview 
Ares is a global alternative investment manager that has generated cycle-tested performance for investors since inception in 1997. The firm offers clients primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes.

Fund objective and approach 
The Ares Global Credit Income Fund aims to provide stable monthly income with a focus on downside protection across various market cycles. The Fund invests in a diversified portfolio of global tradable credit assets and is designed for investors seeking an alternative to traditional fixed income. The strategy focuses on relative value, capital preservation, attractive income and portfolio diversification.

Example underlying investment: The Fund invests across broadly syndicated loans, corporate bonds and alternative credit. Exposure includes senior secured floating-rate loans, higher-yielding lower-duration corporate bonds, and investment-grade collateralised loan obligations focused on generating income.

Manager overview 
Challenger Investment Management is an alternative investment manager managing A$17 billion* across a global opportunity set in public and private credit markets. Since 2005, Challenger’s alternative credit platform has delivered strong risk-adjusted returns across multiple cycles and markets.

Fund objective and approach 
The Challenger IM Credit Income Fund is a long-only, multi-sector credit fund investing across public and private markets. The Fund targets a weighted average investment-grade credit rating and is designed to exploit pricing inefficiencies across the continuum of credit, liquidity and complexity risks.

Example underlying investment: Melbourne Airport Hybrid Bond:   Melbourne Airport owns and operates the Melbourne airport, Australia's largest 24/7 curfew-free, international and domestic gateway, servicing Australia's fastest growing capital city.  The transaction completed part of the airport’s financing needs for terminal expansion and creation of a third runway.​

^{*Challenger IM Fixed Income FUM as at 31 Dec 2025 and AUD unless otherwise stated.}

Manager overview 
Russell Investments is a global asset manager with over A$1.4 trillion in assets under advice. The firm has deep expertise in multi-manager, multi-asset and real asset strategies, supported by global investment research and portfolio construction capabilities.

Fund objective and approach 
The Fund focuses on delivering resilient income and long-term growth through investment in essential, core infrastructure assets. It provides global diversification across developed and emerging markets and is managed using an active multi-manager approach to balance exposures, enhance alpha potential and manage risk.

Example underlying investment: Transurban Group: Operates urban toll-road networks in Australia, Canada, and the U.S., with key assets in Sydney, Melbourne, and Brisbane.​ Backed by infrastructure projects like WestConnex (Australia’s largest road infrastructure project) and West Gate Tunnel.​

Manager overview
Founded in 1976, KKR is a leading global alternative investment firm with extensive experience in private equity investing. As of December 2025, KKR manages ~US$740 billion in assets under management, including ~US$229 billion across its private equity strategies. The firm employs over 2,900 professionals across 28 offices globally.

Fund objective and approach
The KKR Private Equity (K-PRIME) AUD Fund* provides Australian investors AUD-hedged exposure to KKR’s global institutional private equity platform. The strategy seeks to create a dynamically managed portfolio diversified by sector, industry, geography and vintage.

Example underlying investment: KKR applies its global network and leverages its deep industry relationships to secure high-conviction opportunities, exemplified by its strategic carve-out of FGS Global. FGS Global is a leading strategic communications advisory firm headquartered in New York, which maintains a client portfolio comprised of Fortune 500 and financial services companies, employing over 1,100 consultants across 14 countries.

^{*The KKR Private Equity (K-PRIME) Fund (AUD) ('Fund') invests substantially all of its assets in the KKR Private Markets Equity Fund SICAV SA - I ('Underlying Fund'), being a sub-fund of the KKR Private Markets Equity Fund SICAV SA. Channel Investment Management Limited ACN 163 234 240 AFSL 439007 ('CIML') is the Responsible Entity for the KKR Private Equity (K-PRIME) Fund (AUD) ARSN 666 531 184 (the 'Fund').}

Manager overview 
Founded in 1996, Partners Group is a global private markets investment manager headquartered in Zug, Switzerland, with over 1,800 professionals across 25 offices worldwide. The firm manages approximately US$185 billion across private equity, private credit, private infrastructure, private real estate and royalties.

Fund objective and approach 
The Global Value Fund aims to achieve capital growth over the medium to long term by investing in private equity through the Underlying Fund.

Example underlying investment: Brietling: A leading independent Swiss watchmaker. Breitling has a unique heritage, recognised for its pioneering spirit in the watchmaking industry, having invented the chronograph for airplanes and the modern two-push-piece chronograph wristwatch.

Manager overview 
HarbourVest is a privately owned global private markets specialist with US$146 billion in assets under management as at 30 June 2025. The firm has 43 years of investment experience and over 235 investment professionals located globally, investing across primaries, secondaries, direct co-investments, private credit and infrastructure.

Fund objective and approach 
The Ironbark HarbourVest  – Diversified Private Equity Fund (AUD) Class H aims to generate 13% net returns over a 10-year period, by investing through a blend of secondary investments and direct co-investments.

Example underlying investment: Focus on small to mid-market investing. An investment in the fund is Upshop: a U.S. based grocery and convenience store operations platform focused on reducing food waste, improving demand forecasting and driving operational efficiency, backed through a growth buyout investment alongside Level Equity.

Manager overview
Churchill Asset Management and Nuveen Asset Management serve as sub-advisers to the Nuveen Churchill Private Capital Income Fund. Churchill, a specialist affiliate of Nuveen, focuses on the U.S. middle market and manages A$141 billion (US$94 billion)* of committed capital from institutional and wealth investors globally. Churchill is one of the largest private debt investors globally and has been ranked the most active U.S. buyouts lender and second most active U.S. direct lender.

Fund objective and approach
The Fund seeks to provide investors with risk-adjusted returns primarily through current income, with the potential for long-term capital appreciation. This is achieved through a diversified portfolio of private debt and equity investments in U.S. middle market companies owned by leading private equity firms.

Example underlying investment: Proud Moments ABA: provides applied behaviour analysis (“ABA”) treatment for children with autism spectrum disorder. Proud Moments is one of the few established and scaled players in this specialised space, representing the largest provider on the eastern coast of the U.S.

^{* Reflects total capital committed to Churchill and Arcmont as of 31 Dec 2025. Estimated and unaudited.}