Australian investment adviser Jana has launched a private credit trust for wholesale investors, with funds under management already exceeding A$270m (£143.2m).

The Jana Private Credit Trust will pool investors’ capital and give them access to global private credit, targeting core middle-market corporate direct lending across the US and Europe.

The firm has selected European private credit manager Arcmont, an investment affiliate of Nuveen, and US-based Jefferies Credit Partners (JCP) through customised mandates for the trust.

The mandates are designed to give Jana greater control over portfolio construction and investment guidelines, rather than relying on the managers’ existing flagship funds.

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“Private credit has evolved into an increasingly important component of diversified portfolios, yet many of the highest-quality opportunities remain difficult for investors to access directly,” said Claire Simpson, head of investments, Jana Investment Trusts.

“Designed for wholesale investors with a long-term investment horizon, the Trust provides access to institutional-quality private credit exposure through a professionally managed structure focused on efficient implementation and long-term investment outcomes.”

The trust has also been designed to provide immediate market exposure while capital is progressively deployed into private market investments, helping to reduce the cash drag typically associated with private credit, Jana said.

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“Private credit has rewarded investors well, but the way investors access the asset class matters,” said Robert Moore, head of debt at Jana. “In building the Jana Private Credit Trust, we considered the practical issues that can affect investor outcomes, including slow deployment, cash drag, fee leakage during ramp-up, cash-style benchmarks and unhedged currency exposure.”

Jana Investment Trusts have been operating since 1994 and manage approximately A$18.8bn across 25 trusts, spanning a range of asset classes for institutional investors, including universities, charities and insurers.

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