Private credit and venture debt investment firm Partners for Growth (PFG) announced securing a first close of more than A$250 million ($165 million) for a new, later-stage technology private credit strategy focused on Australia.
The new vehicle, PFG Income Fund, has started deploying capital. It deploys growth debt, asset-backed financing, and structured credit to later-stage technology-enabled businesses, fintechs, and alternative lenders in Australia and globally.
PFG said the first close was led by a significant commitment from an unnamed large Australian cornerstone investor, reflecting institutional demand for private credit as an alternative source of growth capital for technology companies.
The launch highlights a broader shift in private markets, where later-stage companies are increasingly pairing equity with private credit to preserve ownership and maintain strategic flexibility amid a more selective funding backdrop.
Jason Georgatos, president of Partners for Growth, said founders are now becoming more deliberate in how they approach financing as their businesses scale.
“Rather than relying solely on equity, many are incorporating structured private credit to support growth while preserving ownership and long-term strategic flexibility,” Georgatos said in the statement.
He added that the fund was designed to provide non-dilutive capital at key growth stages, including helping fintechs and alternative lenders scale their loan books and asset portfolios.
PFG, which has invested in Australia since 2007, said the new strategy builds on its 22-year global track record in structured growth debt.
Since its inception, the firm said it has supported at least 250 companies across more than 15 countries. In Australia, it has backed over 85 companies, including Employment Hero, Koala, Bridgit, Design.com, and Sucasa1.
The new fund expands its ability to provide customised financing to later-stage companies facing a growing gap in access to flexible, founder-aligned capital.
Unlike many private credit providers that focus on a narrow geography or development stage, PFG said it supports companies across multiple growth phases and regions, including Australia, the United States, Europe, the Middle East, Latin America, and Asia-Pacific.
The development comes as investors ploughed a record $22.3 billion of private credit into emerging markets last year, according to data from the Global Private Capital Association, amid banks tightening their lending and wobbles in traditionally safe markets. The total is nearly 40% higher than the previous record in 2016.
