Current Distribution Rate
0.0%
Per annum, paid monthly, net of fees.
Monthly income
Senior secured
First-loss protected
Senior secured, asset-backed credit, supporting Australian non-bank lenders.
Monthly income, first-loss protection and a capital preservation focus, for wholesale investors only.
Investment Approach
A different type
of private credit
Eldium provides access to senior secured, asset-backed credit — a segment typically accessed by institutional investors.
Not highly geared US private credit. Not property. No construction.
Asset Class
Private credit,
a smart income generator
Well-structured private credit can provide higher regular income with a capital preservation focus. Over the last decade, the senior secured direct-lending segment (as represented by the Cliffwater Direct Lending Index) has produced higher annualised returns with less volatility than listed equities, and meaningfully more income than government bonds.1
Asset Class
Annualised Return
Period
Private CreditCliffwater Direct Lending Index
0.0%
20-year average1
Australian SharesS&P/ASX All Ordinaries Total Return
0.0%
20yr p.a. to Jun 20252
Australian BondsBloomberg AusBond Composite 0+ Yr
0.0%
20yr p.a. to Jun 20252
1Cliffwater Direct Lending Index (CDLI), 20-year average annualised return. The CDLI tracks unlevered, gross-of-fees performance of US middle-market direct loans, calculated quarterly from BDC SEC filings; the index has data from 2004 and only one negative calendar year (2008). Source: cliffwaterdirectlendingindex.com.
2Vanguard 2025 Index Chart, 20-year per annum total returns to 30 June 2025. Australian Shares = S&P/ASX All Ordinaries Total Return Index; Australian Bonds = Bloomberg AusBond Composite 0+ Yr Index. Sources cited by Vanguard: Australian Bureau of Statistics, Bloomberg Finance L.P., S&P Dow Jones Indices LLC. Available at vanguard.com.au.
The Eldium Income Fund is not the Cliffwater Direct Lending Index. CDLI is shown as an industry benchmark for senior-secured direct lending and reports in USD; AUD-hedged returns will differ. Past performance is not a reliable indicator of future returns. Different asset classes carry different risk profiles, including liquidity, structural and credit risk. Returns shown gross of fees, pre-tax. For illustrative comparison only.
Why Eldium
Five reasons
investors choose us
The Eldium Income Fund is built for wholesale investors who value capital preservation, regular income and structural alignment with the manager.
01
Regular Monthly Income
Income paid monthly.
Sourced from interest on a diversified portfolio of underlying facilities.
Monthly redemption feature (processed at the end of the following month).
02
Focus on capital preservation
Minimum 10% subordinated first-loss capital, providing protection to investors.
Senior secured lending focus, conservative underwriting, and structural protections embedded at every level of the portfolio.
03
Diversified, asset-backed portfolio
Exposure to thousands of underlying assets across multiple sectors, reducing correlation risk and enhancing portfolio resilience.
It's a disciplined, credit-first approach that underpins the Fund's focus on stability.
04
Data & technology edge
Proprietary technology delivers deep oversight through automated collateral verification.
Active data monitoring triggers structural protections the moment covenants are tested. High-frequency reporting ensures portfolio transparency and auditability.
05
Founder-led operator edge
Built by the founders of Zip and Stake. Proprietary deal sourcing through deep industry and operator networks.
Value beyond capital: strategic guidance, product and capital management advice, and expertise in technology, data, AI and go-to-market.
The people who built
Zip and Stake are now
supporting you
Larry Diamond co-founded Zip Co, scaling it from his own savings to an ASX 200 company with 12 million customers and $10 billion in annual loan volume. He now leads Eldium full-time, bringing a decade of firsthand experience on both sides of Australia's largest warehouse facilities.
Matt Leibowitz, founder of Stake (Australia's third-largest online broker) and Zip's very first institutional debt provider, co-founded Eldium and remains a strategic shareholder and adviser.
Between them, the founders have collectively overseen more than $20 billion in equity and debt capital across Zip, Stake and institutional debt markets. Eldium was built because they know what great lending looks like from the inside, and because the right structure could make it accessible to wholesale investors.
“For thirty years, institutions have quietly earned 8–10% on senior secured lending while everyone else settled for term deposits. We built Eldium to give wholesale investors the same access, with the same discipline.”
Larry Diamond
Co-Founder
First-Loss Capital Explained
The single most important structural feature in any private credit fund is who absorbs losses and is the Investment Manager co-investing in the Fund.
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Private Credit vs Term Deposits
A side-by-side comparison for Australian wholesale investors. Income, capital guarantee, liquidity, transparency, and what the rate premium really pays for.
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What is Asset-Backed Private Credit?
Private credit means different things to different funds. Asset-backed is the conservative end, secured against real, identifiable loan portfolios. Here is what makes it different.
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