Centuria offfshoot hires from Citi

Alternative asset manager Centuria Bass Credit has appointed Lachlan Tracey as head of capital markets and co-head of execution.

The firm is an arm of the ASX-listed real estate fund manager Centuria Capital Group.

In the new role, Tracey will run Centuria Bass' distribution and funding activities.

He will also help run the loan execution and management team, overseeing the execution and portfolio management of transactions.

He joins from Citi where he held a similar role.

Tracey also held senior positions at RBS, Merrill Lynch and The Carlyle Group.

Centuria Bass joint chief executives Giles Borten and Nick Goh said the recruit brings significant experience across debt origination, structuring and underwriting, credit risk, loan portfolio management, capital markets and loan syndications.

"Lachlan's exposure to international markets, where non-bank finance has a considerable market share, will also be of great benefit to our company," they said.

"The Australian market is still in its infancy for private credit, but we have significant potential to grow in the near term given that traditional banking institutions have tightened their lending criteria when developers need to deliver more homes to meet the housing crisis."

The heads noted that expertise in investment management has been lacking in middle-market private lending.

"Over 7 ½ years, we have delivered compelling returns on secured private credit loans averaging over 11 per cent p.a. return with no losses of principal or interest to investors on any of our 120+ investments."

The firm was founded in 2016 and has grown to over $1.5 billion in funds under management spread over 120 investments.