MA Financial has reported underlying revenue of $163 million for the first half of 2025 and record levels of fund inflows.
Assets under management (AUM) rose 31 per cent or $3.0 billion over the 12 months to 30 June 2025. This includes $1.9 billion of AUM from the acquisition of specialist real estate investment manager IP Generation, which is expected to settle on 1 September 2025.
Total gross fund inflows of $1.5 billion were up 36 per cent on 1H25, driven by strong demand for MA Private Credit funds and growing momentum in flows into MA Redcape Hotel Fund.
The group saw strong business and earnings growth across a growing number of its operations, including its private credit funds, alternative real estate strategies and its residential mortgage marketplace.
The global alternative asset manager now holds $12.7 billion in assets under management across private credit, real estate, private equity and venture capital and equities. MA Financial has set a target of reaching $15 billion in assets under management by the of end of next year.
Strong investor demand for private credit funds has seen assets under management for MA Private Credit more than double over the last two and a half years.
MA Financial successfully listed the MA Credit Income Trust on the ASX in March, broadening its distribution capability and extending its reputation as a specialist private credit fund asset manager.
The listing of the listed vehicle achieved an initial raise of $330 million and a further placement of $50 million on 1 July and a further placement of $50 million on 1 July.
The asset manager also continued to grow its US business following the formation of a new joint venture with Monroe Capital and Sumitomo Mitsui Banking Corporation which will invest up to US$1.7 billion into senior secured loans to US middle market borrowers.
MA Financial Group joint chief executive Julian Biggins said while investment in its US private credit business is only at an early stage, it believes the US private credit market represents an enormous opportunity for MA Financial.
Biggins said the future potential of this business justified the increase in expenses associated with the group's expansion into the market.
The cost of investing in the US private credit platform and the Singapore distribution channel contributed to a slight decrease in earnings, with underlying EBIDTA down 2 per cent.
However, the asset manager anticipates that the investment in these channels will significantly benefit future earnings.
Asset management revenue was up 10 per cent, driven by ongoing growth in demand for private credit funds. Biggins said that loan book growth in MA Money also contributed to revenue growth.
Biggins said the group was pleased with the strong momentum witnessed right across their business in the first half of 2025.
“Assets under management and loan books continue to grow rapidly. Declining interest rates provide a strong tailwind for most areas of our business,” he said.
Biggins expects that underlying EPS in the second half of 2025 to be materially higher than in the first half and said the group was in great shape to deliver strong earnings growth into the future.
“Pleasingly our strategy of innovating new business lines, growing them cautiously until proven and then confidently scaling is seeing an increasing number of our operating businesses and strategies moving from the investment phase to one of operational scale and associated profitability,” he said.
