Why discipline matters

Investor Knowledge

Merx Private Credit Fund Returns

As at 30 September, 2026

11.91

%

Annual Rolling Return – distributions compounded monthly, after deductions for all fees and charges, before tax over the last 12 months. Returns are re-invested in this scenario (time-weighted return).

28 Oct

Every investment involves risk. The objective isn’t to eliminate it. That isn’t possible. The objective is to understand it, manage it carefully, and make thoughtful decisions about where capital is deployed. In private credit, those decisions sit at the heart of every investment outcome.

Author

Andrew
Dunning

Every investment return begins with a lending decision

Before any funds are advanced, each loan application is assessed on its own merits. We consider the borrower, the purpose of the funding, the proposed security (the property or business assets the loan is secured against), and the path to repayment.

Only then is capital committed.

That process is fundamental to how we seek to protect investor capital while allowing it to generate returns.

Speed doesn’t replace discipline

Private credit is often valued because it can move more quickly than traditional lending.

Borrowers appreciate the ability to receive decisions and funding without the delays that can sometimes accompany larger institutions.

But responsiveness should never come at the expense of discipline.

At Merx, speed sits alongside careful assessment, not instead of it.

Every loan application is evaluated through the same lending framework, regardless of how quickly a borrower requires funding.

For investors, that’s an important distinction.

The objective isn’t simply to lend. It’s to lend well.

Looking beyond the loan

Every loan forms part of a broader investment portfolio. That means each lending decision is considered not only on its own merits, but also in the context of the Merx Private Credit Fund’s overall exposure.

Good investment outcomes are rarely the result of one exceptional decision. More often, they come from consistently applying the same disciplined approach over many years.

No investment process can remove risk.

But a consistent one helps ensure every lending decision is approached with the same level of care and consideration.

That discipline matters to us personally too. Our own capital is invested in the Merx Private Credit Fund on the same terms and at the same risk as every other investor.

Investors should carefully review the Information Memorandum and seek professional advice where appropriate before making any investment decision. Investments in private credit involve risk, including the potential loss of capital, and returns are not guaranteed. Investors must qualify as “wholesale investors” as defined in Schedule 1 of the Financial Markets Conduct Act 2013. The Fund is not suitable for retail investors.