SWI9392AU

The Fund aims to provide investors with a return of the RBA cash rate plus 5%–7% per annum net of fees and expenses but before taxes over the medium to long term.

The Fund provides investors with direct and indirect exposure to 1st mortgage (senior secured) Australian and New Zealand real estate loans.

Please note that the investment objective is not intended to be a forecast. It is merely an indication of what the Fund aims to achieve over the medium to long term on the assumption that property markets remain relatively stable throughout the investment term. The Fund may not be successful in meeting this objective. Returns are not guaranteed.

RBA Cash Rate + 5% to 7% p.a. net of fees and expenses.

Market dynamics and regulatory changes have seen Australian and New Zealand banks materially reduce their exposure to real estate financing, creating an opportunity in the lending market.

This opportunity stems from a lack of competition, resulting in increased returns for the provision of 1st mortgage (senior secured) loans while risk remains manageable due to the strong structural demand for property and moderate loan leverage.

In America and Europe, this trend has largely played out with the banks’ share of the lending market reduced to 40–50%. It is the Investment Manager's view that this trend will continue to play out in Australia and New Zealand, expanding the market for existing and new participants.

This has left a void in the market – a dislocation – and represents a unique opportunity for investors to participate in private credit.

The Fund’s investment strategy is to take advantage of this dislocation and provide investors with direct and indirect exposure to 1st mortgage (senior secured) Australian and New Zealand real estate loans – with an ESG integrated investment process and philosophy.

The Fund does not invest in high-risk loans such as preferred equity loans, mezzanine finance, 2nd mortgage loans or corporate loans.

The Fund will typically hold a portfolio of 10–50 loans across multiple asset types and locations within the guidelines outlined in the Information Memorandum.

The Fund's portfolio of investments will be diversified by asset class, location and borrowers and will Include loans across office, industrial, land, retail, hotel, apartments, town house, land subdivision and mixed use. Asset concentration limits apply.

The Fund does not invest in high-risk loans such as preferred equity loans, mezzanine finance, 2nd mortgage loans or corporate loans.

$25,000 Minimum Initial Investment

$25,000 Minimum Additional Investment

$25,000 Minimum Investment Balance

$25,000 Minimum Withdrawal Amount

Applications - before or at 2pm (Sydney time) on the last Business Day of a given calendar month and if your application for units is accepted, you will receive the Application Price calculated for that calendar month end.

Withdrawals - before 2pm (Sydney time) on the last Business Day of a given calendar month and your withdrawal request is accepted, you will receive the Withdrawal Price calculated for the next calendar month.

Generally monthly.

You may elect to have your distributions paid directly to your nominated Australian bank account, or to have your distributions reinvested as additional units where you have nominated to do so in the Application Form.

Monthly best endeavors, but generally accepted on a quarterly basis, subject to liquidity.

0.50% Management Fee

NIL Performance Fee

NIL Entry / Exit Fee

NIL Buy-Sell Spread

EQT Responsible Entity Services Limited ("Trustee") ABN 94 101 103 011 AFSL No. 223271, a subsidiary of EQT Holdings Limited ABN 22 607 797 615, which is a public company listed on the Australian Securities Exchange (ASX: EQT), is the Fund’s trustee and issuer of this IM. Established as a trustee and executorial service provider by a special Act of the Victorian Parliament in 1888, today the Trustee is a dynamic financial services institution which continues to grow the breadth and quality of products and services on offer.

The Trustee’s responsibilities and obligations as the Fund’s trustee are governed by the Constitution of the Fund, the Corporations Act and general trust law.

The Trustee has appointed Woodbridge as the investment manager of the Fund. The Trustee has appointed a custodian to hold the assets of the Fund. The custodian has no supervisory role in relation to the operation of the Fund and is not responsible for protecting your interests.

The Trustee has conducted due diligence on Woodbridge as well as all key service providers to the Fund. All service providers are appointed on arm’s length, commercial terms.

The Trustee ensures compliance of its service providers with their obligations under the relevant service agreements and applicable laws by monitoring performance, and by conducting on-site visits where practicable. Service providers to the Fund may change without prior notice to investors.

The Trustee has appointed EQT Australia Pty Ltd ABN 88 111 042 132 to act as Custodian for the Fund. In this capacity, the Custodian holds the assets and performs all general custody tasks for the Fund.

The Trustee has appointed Apex Fund Services Pty Ltd ABN 81 118 902 891 to act as administrator for the Fund. In this capacity, the Administrator performs all general administrative tasks for the Fund, including keeping financial books and records and calculating the Net Asset Value of the Fund.

Only Wholesale Clients can apply for Units in the Fund pursuant to the Information Memorandum. In Australia a Wholesale Client means a person or entity defined as such under section 761G and section 761GA of the Corporations Act 2001.

Potential benefits of investing in the Fund include:

Attractive Risk-adjusted Returns from Diversified Portfolio

Stable Monthly Income

Low Volatility

Potential Hedge Against Inflation

Experienced Investment Team

First mortgage loans only

Low Management Fee

Seeking capital preservation is a core focus and the team identifies and actively monitors risks inherent in each investment and ensures the portfolio is not overexposed to any sub-class, sector, risk factor, strategy, style or counterparty.

Active management is crucial: the opaque nature of private markets means that an in-depth understanding of the investment universe, deal structure, counterparty risk and local regulations is essential to delivering sustainable performance.

• Access private market premium: private market investments provide superior risk-adjusted returns by taking advantage of the illiquidity and complexity.