Moxon Capital Podcast

Episode 1: What is Private Credit?

Step inside Australia’s private credit universe as podcast host David Ellett, founder of Moxon Capital, sits down with special guests Damian Speziali (Aurinko Capital) and Harbour Credit Partners' very own Cyril Pham to answer the question everyone’s been asking: "What the hell is private credit?”.

Cyril Pham

David Ellett

Damian Speziali

Part One | “The Emergence Of New Debt Markets In Australia”

Australia is beginning to see the emergence of new debt classes and investment opportunities that have long existed in the US and Europe, but have historically been absent locally.

With many asset-rich but income-constrained borrowers across both the corporate and personal sector, these evolving market dynamics are creating space for new forms of private credit to take hold locally.

Part Two | “Information asymmetry in private markets”

Private markets operate with a far greater degree of information asymmetry than public markets, where pricing signals are constantly refreshed through active trading.

Hear Cyril Pham discuss how information gaps shape returns in this third excerpt from the first episode of the Moxon Capital Podcast.

Part Three | “Impact of banking regulation on local private credit markets ”

Australia’s banking system is highly concentrated and deeply supported by the four-pillars framework, ensuring that banks remain a central part of the financial ecosystem.

However, regulatory constraints continue to limit the types of lending banks can participate in, particularly when it comes to more bespoke, asset-backed opportunities.

Part Four | “Misconceptions of private credit: varying cost of debt in Australia”

Australia’s fixed income market remains relatively underdeveloped and, with the dominance of the Big 4 banks, many borrowers assume all debt is priced the same. This misconception often stems from comparing bank lending costs to private credit without understanding the structural differences behind each model.

This fundamental distinction is often overlooked, leading to misunderstandings around why the cost of private debt varies.