Qualitas Group

What Qualitas Group does

Qualitas Group is an ASX-listed (ticker QAL) Australian alternative real estate investment manager founded in 2008 and headquartered in Melbourne, operating across private credit, core, opportunistic equity and build-to-rent residential strategies. As at 31 December 2025 the group managed approximately A$10.9bn in committed capital and has financed more than A$34bn of real estate since inception, serving global institutional investors (over 80% of capital), wholesale and sophisticated investors, retail investors via the listed Qualitas Real Estate Income Fund (QRI), and Australian property developers as borrowers. The product set spans the ASX-listed QRI mREIT, the QDCI institutional credit platform with ADIA, the wholesale Qualitas Private Income Credit Fund, the Qualitas Diversified Real Estate Fund, and the GQ Build-to-Rent joint venture with GURNER, distributed through direct institutional sales, advised distribution, and major wealth platforms (Netwealth, BT Panorama, HUB24, Mason Stevens).

Revenue is generated principally from base management fees calculated on committed, invested or NAV-based FUM across multiple vehicles, supplemented by performance fees and carried interest, and by co-investment returns on balance sheet deployments (annualised ~9.75% on underwriting positions). Pricing on the QRI listed vehicle targets RBA cash rate plus 5.0-6.5% p.a. with monthly distributions, while institutional mandates follow bespoke management and performance fee structures. Underwriting is anchored in a senior-secured, predominantly floating-rate private credit book (~95% senior, ~65% average LTV, 100% floating rate with ~30-day repricing) with stress testing across rate, sales velocity and cost scenarios. Technology and analytics capabilities are described as AI-supported investment management and operational tooling, including a dedicated Chief AI Transformation Officer function, but the company's defensibility rests primarily on institutional distribution, 18-year multi-cycle track record and balance sheet co-investment rather than proprietary AI assets.

Name

Qualitas Group

Legal name

Qualitas Limited ACN 655 057 588

Website

https://qualitas.com.au

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Qualitas Group is an ASX-listed Australian alternative real estate investment manager founded in 2008, managing approximately A$10.9bn in committed capital across private credit, equity and build-to-rent strategies for global institutional, wholesale and retail investors.

Ownership category

akta.pro rank

Product category

Alternative Real Estate Investment Management

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB)

akta.pro secondary industries

SME Commercial Real Estate (CRE) Lending (FSABABAG), Private Credit — Structured Credit (CLOs, ABS, Private Securitizations) (FSAHAJAH)

Keywords

• Real estate private credit
• Alternative investment management
• Commercial real estate lending
• Real estate equity funds
• Build-to-rent development

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Funds Management - Base Management Fees: Management fees calculated on committed FUM, invested FUM, NAV, GAV, acquisition price and other metrics depending on investment platform structure. Fee earning FUM of approximately A$10.9 billion generates recurring base management fee revenue.
2. Performance Fees / Carried Interest: Performance-related earnings from successful fund investments and co-investment returns on balance sheet deployments.
3. Co-investment Returns: Weighted average co-investment of approximately 2.5%, significantly below estimated 5% to 10%, generating investment returns on deployed capital. Annualised weighted average return on underwriting positions of 9.75%.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels9 records

Core offering

Qualitas Group is an ASX-listed alternative real estate investment manager that originates, structures and manages private credit and equity investment products across Australian and global real assets. Its offerings span senior-secured floating-rate real estate loans, commercial real estate equity strategies, opportunistic and distressed investments, and build-to-rent residential development, distributed to institutional, wholesale and retail investors through direct mandates, unlisted funds, an ASX-listed REIT (QRI), wealth platforms and joint ventures.

Product overview

Qualitas Group operates as an alternative real estate investment manager offering a suite of investment products across private credit and equity strategies. The core products include the ASX-listed Qualitas Real Estate Income Fund (QRI), the QDCI institutional credit platform, and the Qualitas Private Income Credit Fund (QPICF) for wholesale investors. The company manages dedicated strategies across Private Credit (flexible financing for property purchase, refinance and development), Core (inflation-hedging commercial real estate), Opportunistic (equity investments and distressed investing), and Build-to-Rent Residential. The GQ Build-to-Rent Platform represents a joint venture for developing multi-family residential assets. All products are distributed through institutional, wholesale, and retail channels including major wealth management platforms.

Differentiator

Problem solved

Functional benefit

Brands

• GQ Build-to-Rent: Build-to-Rent residential platform in partnership with GURNER, targeting over 5,000 apartments across Sydney, Melbourne and Brisbane.
• QDCI (Qualitas Diversified Credit Investments)

Products and services

• Qualitas Real Estate Income Fund (QRI) ASX-listed Real Estate Investment Trust (mREIT) providing investors regular monthly income and capital preservation through investments in senior commercial real estate loans secured by property mortgages. Targets RBA cash rate + 5.0% to 6.5% p.a. returns, with weekly unit pricing, monthly cash distributions and an active DRP. 95% of investments are senior loans with ~65% average LTV and no impairments or workouts since launch in 2018. For retail and wholesale investors trading on the ASX.
• Qualitas Diversified Credit Investments (QDCI) Institutional credit platform managing approximately A$1.67 billion in committed capital focused on Australian commercial real estate private credit, including construction loans, predevelopment land loans and investment loans. ADIA is the major investor with options to acquire 8.96% of Qualitas equity on a fully diluted basis. For global institutional investors.
• Qualitas Private Income Credit Fund (QPICF) Wholesale fund providing access to stable monthly income and capital preservation through investing in senior loans in Australia's real estate private credit market. Available on major wealth management platforms including Netwealth, BT Panorama, HUB24 and Mason Stevens. For wholesale and sophisticated investors advised by financial professionals.
• Qualitas Diversified Real Estate Fund Equity fund owning real estate tenanted by businesses providing essential services to the Australian economy, offering long-term defensive and inflation-resilient cash flows through core commercial real estate assets. For institutional and wholesale investors seeking core real estate exposure.
• GQ Build-to-Rent Platform Build-to-rent residential platform in partnership with GURNER, targeting 5,000+ apartments with A$5 billion in assets under management, focusing on Sydney, Melbourne and Brisbane markets. First seed site is the A$450 million, 385-residence development at 12 Hassall Street, Parramatta. For institutional investors and JV partners seeking residential exposure to Australia's housing shortage.

Quantifiable outcome

• 30% increase in normalized net profit before tax in 1H26 to AUD 30 million
• +7 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor, core and flagship.

• Reconciliation AustraliaminorOthers · 7 July 2025Partner for Innovate Reconciliation Action Plan (RAP), representing commitment to creating meaningful change and advancing reconciliation with Aboriginal and Torres Strait Islander peoples.
• Mason StevenscoreChannel Partner/ Reseller/ Distributor · 14 November 2024Qualitas Private Income Credit Fund available on Mason Stevens platform for wholesale investor access to real estate private credit strategies.
• BT PanoramacoreChannel Partner/ Reseller/ Distributor · 14 November 2024Qualitas Private Income Credit Fund available on BT Panorama platform (part of Westpac group) for wholesale investor access.
• HUB24coreChannel Partner/ Reseller/ Distributor · 14 November 2024Qualitas Private Income Credit Fund available on HUB24 platform for wholesale investor access to real estate private credit strategies.
• NetwealthcoreChannel Partner/ Reseller/ Distributor · 16 May 2024Qualitas Private Income Credit Fund available on Netwealth platform, one of four leading wealth management platforms providing wholesale investor access to private credit strategies.
• GURNERflagshipStrategic or Co-development Partner · 25 November 2021Strategic partnership for GQ Build-to-Rent platform. Successfully closed A$1.2 billion capital raise (oversubscribed) for development of 1,700+ apartments. First seed site at 12 Hassall Street Parramatta worth A$450 million. Target of A$5 billion and 5,000+ units under management.
• Principles for Responsible Investment (PRI)coreOthers · 1 January 2019UN-supported network of investors representing USD 121 trillion in assets. Signatory since 2019, committed to implementing six principles of responsible investment aligned with Qualitas ESG beliefs.
• Investor Group on Climate Change (IGCC)minorOthers · 1 January 2019Co-founded by Ian Woods, providing policy and subcommittee contributions on climate change investor advocacy.
• The Trust Company (RE Services) LimitedcoreOthers · 27 November 2018Responsible Entity for Qualitas Real Estate Income Fund (ASX:QRI), providing regulatory oversight and governance for the listed investment vehicle. ABN 45 003 278 831, AFSL 235150.

Scale indicators17 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• MaxCap Group: Australian commercial real estate private credit and direct lending manager. Highly comparable to Qualitas' core CRE private credit business with institutional and wholesale investor base focused on senior-secured property loans.
• Wingate: Australian alternative investment manager specializing in real estate private credit and equity. Directly competes with Qualitas for senior-secured CRE loans and developer relationships across Australia.
• La Trobe Financial: Large Australian non-bank lender and fund manager with a significant real estate credit book. Comparable to Qualitas in originating and managing CRE loans for retail, wholesale, and institutional investors.
• Firstmac: Australian non-bank lender with material exposure to residential and CRE mortgage assets. Comparable to Qualitas' QPI/credit funds in providing senior-secured real estate loans through pooled investment vehicles.

Emerging players

• Tamesis Partners: Boutique real estate investment manager with private credit and equity strategies. Emerging player with overlapping origination networks and LP base to Qualitas in Australian CRE.

Broad incumbents

• ICG (Intermediate Capital Group): Global alternative asset manager with large private credit franchise including real estate debt. Broad incumbent increasingly active in Australia, providing a global benchmark for Qualitas' private credit strategy.
• Ares Management: Global alternative manager with a major real estate debt and direct lending franchise. Broad incumbent competing for institutional capital in private credit and a key peer for cross-border fundraising comparables.
• Brookfield Credit: Global credit arm of Brookfield, including real estate debt. Operates at far greater scale than Qualitas and is increasingly focused on APAC, providing a long-term competitive benchmark.
• M&G Real Estate: Global real estate investment manager with significant debt and equity strategies. Comparable as a global incumbent expanding private credit reach in Australia and competing for institutional mandates.

Regional players

• Charter Hall: Leading ASX-listed Australian real estate investment manager with debt, equity, and listed funds. Regional peer providing a direct ASX-listed comp for Qualitas' strategy mix, scale, and capital-markets positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/qualitas_group
• Facebookfacebook.com/QualitasInvestmentManagement
• LinkedInlinkedin.com/company/qualitas-group

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qualitas Group