Qualitas Group
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.
- Company typePublic
- Founded2008
- HeadquartersMelbourne, Australia
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
Qualitas Group firmographics
Firmographics- 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
Qualitas Group industry classification
Industry- 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
Where Qualitas Group is headquartered
LocationHeadquarters
- HQ city
- Melbourne
- HQ country
- Australia
- HQ region
- Oceania
Offices4 records
Markets served
Qualitas Group business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- 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.
- Performance Fees / Carried Interest: Performance-related earnings from successful fund investments and co-investment returns on balance sheet deployments.
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Qualitas Real Estate Income Fund (ASX:QRI) - Listed mortgage REIT |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels9 records
Qualitas Group product offering
Product offeringCore 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
Companies that use Qualitas Group
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Qualitas Group technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature3 records
Qualitas Group partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered minor, core and flagship.
- Reconciliation AustraliaminorPartner for Innovate Reconciliation Action Plan (RAP), representing commitment to creating meaningful change and advancing reconciliation with Aboriginal and Torres Strait Islander peoples.
- Mason StevenscoreQualitas Private Income Credit Fund available on Mason Stevens platform for wholesale investor access to real estate private credit strategies.
- BT PanoramacoreQualitas Private Income Credit Fund available on BT Panorama platform (part of Westpac group) for wholesale investor access.
- HUB24coreQualitas Private Income Credit Fund available on HUB24 platform for wholesale investor access to real estate private credit strategies.
- NetwealthcoreQualitas Private Income Credit Fund available on Netwealth platform, one of four leading wealth management platforms providing wholesale investor access to private credit strategies.
- GURNERflagshipStrategic 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)coreUN-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)minorCo-founded by Ian Woods, providing policy and subcommittee contributions on climate change investor advocacy.
- The Trust Company (RE Services) LimitedcoreResponsible 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
Qualitas Group competitors and assessment
Company assessmentDirect 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
Qualitas Group social profiles
Digital presenceQualitas Group compliance and trust
Trust signalCompliance2 records
Qualitas Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Qualitas Group leadership team
Management profileNumber of profiles
Profiles24 records
Qualitas Group subsidiaries and ownership
Company hierarchySubsidiaries3 records
Qualitas Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Qualitas Group M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Qualitas Group
What does Qualitas Group do?
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.
Is Qualitas Group a public or private company?
Qualitas Group is a public company. It is classified as public and is currently operating.
When was Qualitas Group founded?
Qualitas Group was founded in 2008. It employs 101 to 250 people.
Where is Qualitas Group based?
Qualitas Group is headquartered in Melbourne, Australia, in the Oceania region.
How does Qualitas Group make money?
Three revenue lines are on record. Funds Management - Base Management Fees are the primary driver. The others are performance Fees / Carried Interest and co-investment Returns.
Who are Qualitas Group's main competitors?
Direct peers on record are MaxCap Group, Wingate, La Trobe Financial and Firstmac. Tamesis Partners is listed as an emerging player. Broad incumbents are ICG (Intermediate Capital Group), Ares Management, Brookfield Credit and M&G Real Estate. Charter Hall is listed as a regional player.
Does Qualitas Group have an API?
No public API is recorded for Qualitas Group.
What industry is Qualitas Group in?
Qualitas Group's product category is Alternative Real Estate Investment Management. Its primary akta.pro industry code is FSAHAIAB, Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO), with a secondary code of FSABABAG, SME Commercial Real Estate (CRE) Lending. Its NAICS code is 522292 and its SIC code is 6162.