Merricks Capital

What Merricks Capital does

Merricks Capital is an Australian non-bank private credit investment manager specialising in senior secured, asset-backed lending against hard assets across commercial real estate, agriculture, and specialised industrial/infrastructure sectors. Founded in 2007 in Melbourne by Adrian Redlich (former Citadel and Merrill Lynch), the firm operates a proprietary multi-strategy platform that originated over AUD 10 billion of real-asset financings over the past decade and now manages AUD 6-8 billion across its two flagship vehicles, the Merricks Capital Partners Fund (9.7% p.a. since inception) and the Merricks Capital Agriculture Credit Fund (10.0% net p.a.), alongside discretionary mandates and co-investment arrangements for global institutional LPs. The firm is AFSL-licensed (319477) and SEC/CFTC-registered, with offices in Melbourne and Sydney, a wholly-owned renewable subsidiary (MC Power), and strategic operating partnerships spanning horticultural property management, renewable energy infrastructure, and project advisory services.\n\nThe business generates revenue primarily through recurring management fees on funds under management, supplemented by performance fees, discretionary mandate fees for institutional clients, and transaction-related co-investment arrangement fees. Distribution runs through two parallel channels: direct institutional sales (global mandates, co-investment) and intermediary wealth management platforms, private banks, and broker channels across Australia and New Zealand for wholesale and high-net-worth investors. In January 2026, Merricks Capital was acquired by ASX-listed Regal Partners for approximately AUD 235 million (AUD 40M cash plus 63.9M Regal shares at AUD 3.05), becoming a wholly-owned subsidiary that lifted combined group FUM by 24% to AUD 15.1 billion, with founder Adrian Redlich continuing as Executive Chairman and CIO.

Name

Merricks Capital

Legal name

Merricks Capital Pty Ltd

Website

https://merrickscapital.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Merricks Capital is an Australian non-bank private credit manager providing senior secured, hard-asset-backed loans across commercial real estate, agriculture, and infrastructure for institutional and wholesale investors via two flagship funds and discretionary mandates.

Ownership category

akta.pro rank

Product category

Private Credit Investment Management

NAICS

Other Financial Vehicles (52599), Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Mortgage Bankers & Loan Correspondents (6162), Short-Term Business Credit Institutions (6153), Asset-Backed Securities (6189)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Real Estate Private Credit (CRE Debt) (FSANADAG), Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Supply Chain Finance (Trade Credit, PO/Inventory Financing) (FSAKAGAE)

Keywords

• Private credit lending
• Hard asset investment
• Asset-backed lending
• Commercial real estate finance
• Agricultural credit

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Merricks Capital generates revenue through management fees charged on funds under management across the Merricks Capital Partners Fund and Agriculture Credit Fund. The firm also earns performance/incentive fees aligned with investor returns.
2. Discretionary Mandate Fees: The firm acts as a trusted fiduciary manager for domestic and global institutions offering discretionary investment mandates, providing priority allocation in debt facilities that meet mandate criteria.
3. Co-Investment Arrangement Fees: Merricks Capital offers co-investment opportunities to institutional capital partners and wholesale/high net worth investors, lending alongside the Merricks Capital Partners Fund within individual facilities.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Merricks Capital is a specialist private credit investment manager delivering senior secured, asset-backed loans against hard assets across commercial real estate, agriculture, and specialised industrial and infrastructure sectors in Australia and New Zealand. The firm provides two flagship pooled investment funds (Merricks Capital Partners Fund and Merricks Capital Agriculture Credit Fund) and offers direct lending solutions to borrowers alongside discretionary mandates and co-investment opportunities for institutional and wholesale investors.

Product overview

Merricks Capital is a leading Australian non-bank private credit investment firm offering a multi-strategy platform centred on two flagship funds: the Merricks Capital Partners Fund (diversified private credit across commercial real estate, agriculture, and specialised infrastructure) and the Merricks Capital Agriculture Credit Fund (specialised agricultural credit). The firm provides direct lending solutions to borrowers across agriculture, commercial real estate, and specialised industrial/infrastructure sectors, while offering institutional investors discretionary mandates and co-investment opportunities. All investment strategies focus on senior secured, asset-backed lending against hard assets, with the platform adapted to exploit market dislocations and deliver consistent risk-adjusted returns.

Differentiator

Problem solved

Functional benefit

Products and services

• Merricks Capital Partners Fund A diversified private credit fund offering wholesale and institutional investors access to senior secured loans against hard assets in commercial real estate, agriculture, and specialised industrial and infrastructure sectors. The fund has generated 9.7% pa since inception (as at 31 December 2025) with low volatility and modest risk profile.
• Merricks Capital Agriculture Credit Fund A specialised private credit fund offering wholesale, private, and institutional investors access to senior secured loans backed by hard assets across the agricultural supply chain in Australia and New Zealand. The fund has generated 10.0% net annual return (as at 31 December 2025) with low volatility and modest risk profile.
• Agriculture Finance Agricultural finance and capital solutions for farmers and supply chain participants across Australia and New Zealand, offering flexible funding for growth capital, acquisition finance, infrastructure development, refinancing, and balance sheet re-capitalisation across dairy, horticulture, protein, cropping, forestry, food processing, and fibre sectors.
• Commercial Real Estate Finance Capital solutions for commercial real estate opportunities across Australia and New Zealand, providing construction funding, equity release, residual stock funding, acquisition funding, and stretched senior debt across residential, office, hotel, land, industrial, retail, and specialised asset sectors.
• Specialised Industrial and Infrastructure Finance Capital solutions for specialised infrastructure projects across mining and resources, energy transition, gas, and waste and water sectors, offering development funding, mezzanine debt, and equity investments in Australia and New Zealand.
• Discretionary Investment Mandates Fiduciary management services offering domestic and global institutions access to specific sub-sets of core assets Merricks Capital originates, structures, and manages, with defined risk and return parameters and priority allocation in debt facilities meeting mandate criteria.
• Co-Investment Opportunities Long-term capital partnerships with institutional and wholesale/high net worth investors via co-investment in individual debt facilities, lending alongside the Merricks Capital Partners Fund and Agriculture Credit Fund after fund and mandate allocations are exhausted.

Quantifiable outcome

• 9.7% pa returns for Partners Fund since inception (Dec 2025)
• +3 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and important.

• Southern Cross FarmscoreStrategic or Co-development PartnerMerricks Capital and Southern Cross Farms, a horticultural property management service, jointly manage over $250 million of horticultural properties across Australia. This partnership leverages Southern Cross Farms' operational expertise in horticultural property management combined with Merricks Capital's financing capabilities.
• BE PowercoreStrategic or Co-development PartnerMerricks Capital and BE Power bring a consortium of project developers, financiers and utilities infrastructure firms together to deliver over $500 million of renewable energy infrastructure projects. The partnership supports MC Power portfolio investments including the Batchelor Solar Farm.
• DebuiltimportantImplementation/ SI/ Consulting PartnerMerricks Capital and Debuilt, a property consultancy, have a partnership for Debuilt to provide services to Merricks Capital and the wider market in project due diligence, monitoring, development management, risk assessment and project recovery.
• Milligan GroupcoreStrategic or Co-development PartnerMerricks Capital partnered with Milligan Group in the acquisition of a strategic site on the corner of Pitt and Hunter Streets in central Sydney, facilitating a $465 million funding agreement.
• Harmony Agriculture and Food CompanycoreStrategic or Co-development PartnerMerricks Capital partnered with Harmony Agriculture and Food Company to provide a $30 million finance package over 24 months, supporting growth and restructuring of the wagyu beef producer's business.
• ICAM Duxton Port Infrastructure Trust (IDPIT)coreStrategic or Co-development PartnerMerricks Capital completed a senior credit facility with IDPIT for the Lucky Bay T-Ports transhipment port on the Eyre Peninsula in South Australia, providing an alternative grain supply channel for grain growers.
• Ninety Four FeetcoreStrategic or Co-development PartnerMerricks Capital provided capital to finance the second phase of construction for 51 Albert Street in Auckland's CBD, developed by Ninety Four Feet, soon to be one of Auckland's tallest buildings.
• Heritage MineralsimportantStrategic or Co-development PartnerMerricks Capital provided a $132 million loan for the recommissioning of Queensland's historic Mount Morgan gold mine in partnership with Heritage Minerals and NAIF, supporting environmental remediation of the 100-year-old mine site.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• MaxCap Group: One of Australia's largest commercial real estate private credit managers, offering senior debt and stretch senior facilities across CRE developments. Directly comparable to Merricks' Partners Fund strategy and is referenced in Merricks' own management team alumni pedigree.
• Qualitas Securities: Australian alternative real estate asset manager focused on private credit and real estate equity strategies. Directly comparable in product offering (CRE private credit funds) and target institutional/wholesale investor base.
• Resimac Group: Australian non-bank lender operating across residential and commercial asset-backed finance. Comparable as a non-bank Australian credit provider exploiting the same bank retrenchment opportunity.
• Anchorage Capital Partners: Australian private credit and special situations fund manager. Comparable in providing bespoke financing solutions to mid-market borrowers and competing for similar institutional mandate opportunities.
• La Trobe Financial: Large Australian non-bank asset manager with a major private credit fund. Competes directly for wholesale and institutional investor capital in Australian private credit markets.
• Wingate Group: Australian non-bank lender providing senior secured and stretch senior debt against commercial real estate and business assets. Directly comparable business model and target borrowers as Merricks Capital.
• Libertas Financial: Australian non-bank lender focused on real estate development finance, providing senior and mezzanine debt to property developers. Closely comparable to Merricks' CRE lending focus and target borrower profile.

Broad incumbents

• Cromwell Property Group: Listed Australian real estate investment and fund manager. Overlapping exposure to Australian CRE but operating more broadly across equity and debt strategies rather than specialising in private credit.
• Challenger Limited: Large ASX-listed Australian asset manager with significant fixed income and credit capabilities. Overlaps with Merricks in providing institutional credit investment solutions, though at much greater scale and breadth.
• Centuria Capital Group: ASX-listed Australian investment manager with material real estate debt and credit fund offerings. Comparable in CRE private credit fund products but operates as a larger diversified platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/merrickscapital
• Instagraminstagram.com/merrickscapital
• LinkedInlinkedin.com/company/merricks-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments3 records

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

Frequently asked questions about Merricks Capital