AUSBIZ
In this interview with ausbiz, Alan Greenstein, CEO & Co-Founder of Zagga, discussed the difference between a market cycle and a crisis, arguing that the current economic environment, particularly in property, was a cycle of adjustment, not a crisis.
STOCKHEAD & THE AUSTRALIAN
Markets have a nasty habit of making every wobble feel like the beginning of the end. Rates go up, property prices soften and suddenly every investor starts wondering whether the whole thing is about to fall through the floor.
But according to Alan Greenstein, CEO and co-founder of Australian real estate private credit company Zagga, that is not the right way to read the current market.
“A crisis is marked by financial system stress, widespread distress, and a lack of liquidity. We don’t see that today,” Greenstein told Stockhead.
THE INSIDE ADVISER
Australia’s private credit market has hit $235 billion in AUM, but investor understanding has not kept pace. Zagga’s Alan Greenstein argues the industry must do more to close the gap.
FY26 was a strong year of growth achieved through the same disciplined approach that has guided Zagga since inception. Zagga CEO, Alan Greenstein reflects on the past year and shares his outlook for FY27.
VIDEO – JULY 2026
Housing declines are gaining momentum, inflation remains elevated, and the RBA appears firmly on hold.
In this July update, Stephen Koukoulas, Zagga’s Economist in Residence, examines falling house prices, shifting demand dynamics, and a softening economic backdrop. He also explores the outlook for inflation, business investment and what it may mean for interest rates in the months ahead.
AUSBIZ
In this interview, Tom Cranfield, Executive Director at Zagga, discusses the rapid expansion of Australia’s private credit market and the projection it could surpass the Australian bond market by 2029. Cranfield states that capital is reallocating from traditional fixed income and hybrids into private credit, yet investor education lags this growth.
The rapid growth of Australia’s private credit sector has outpaced investor understanding of the asset class, creating a gap between rising participation and a deeper appreciation of the risks, opportunities, and structural differences that distinguish high-quality strategies from the rest of the market, according to real estate private credit investment manager, Zagga.
Celebrating its nine-year anniversary this month, Zagga has grown from its initial 30 investors, to $40 million AUM and $60 million deployed in its first year, and is now on track to close the financial year with ~$1 billion in new originations, with ~$3 billion invested across more than 350 transactions in the Australian real estate sector. Its investor base now exceeds 1,000 entities, globally.
To mark the milestone occasion, and address the education gap, Zagga has launched an educational whitepaper series spotlighting real estate private credit and homing in on the topics that are keeping investors up at night.
As we mark our ninth year, we reflect on a simple proposition that has guided us since inception: invest conservatively, back real assets, protect capital, and deliver consistent returns – and do it with trust, transparency, integrity, and a focus on execution at the core of everything we do.
While Zagga is nine years young, the experience within the business spans multiple cycles and decades of market activity dating back to the 1960s. Since inception, we have navigated COVID, rate reductions and increases, regulatory changes, labour pressures, and now tax changes and geopolitical uncertainty. Through all this, we have unwaveringly honoured our commitments to investors and borrowers alike.
AUSTRALIAN FINANCIAL REVIEW
Early platform data reveals a distinct shift toward income-producing assets as investors pivot to protect their portfolios from the coming 30 per cent rule.
For the past two decades, generous tax concessions encouraged continued investment. The approach was straightforward: borrow, hold, negatively gear, benefit from the CGT discount on the eventual sale. However, the recent Budget announcement has disrupted each element of this tried-and-tested equation.
And, while properties held before Budget night on 12 May 2026 are exempt, this tax overhaul has many Australian investors reconsidering their investment strategies and rethinking their exposure to property.
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We would like to acknowledge the Traditional Custodians of the lands, seas, and communities in which we provide our services. We would also like to pay our respects to the Elders past, present and emerging, and the continuing cultural influence they have on Australia.
Zagga Market Pty Limited (Australian Credit Licence 490904) ACN 611 662 401 acts as the Servicer of loans acting on behalf of the credit provider, Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786, trustee of the Zagga Investments Lending Trust
All portfolio numbers quoted correct as at 30 June 2026.
*Average investor return across the active portfolio as at 30 June 2026.
**Target return is after expenses and any applicable management fees for the year ended 30 June 2027. OCR = Australian Reserve Bank Official Cash Rate.
Past performance is not a reliable indicator of future performance, and should not be taken as an indication or guarantee of future results. Investments involve risk, fees and costs, and returns are not guaranteed. No representation or warranty is made regarding future performance, and economic conditions may change.
Prospective investors wishing to invest in a Zagga direct investment or a Zagga Fund should fully consider the Information Memorandum, ZFF Fact Sheet and/or ZWF Brochure, available from Zagga, before applying to invest. Investments are subject to risks.
Articles (including white papers and audio or video content) and FAQs on this website have been prepared by Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786 (Zagga) for general information only. They do not take into account your objectives, financial situation or needs, and are not a substitute for accounting, tax or other professional advice. Nothing in these articles or FAQs is an offer or solicitation to buy or sell a financial product, nor a recommendation to enter into or refrain from any transaction.
Any analysis provided in the articles (including white papers and audio or video content) or FAQs on this website is based on information believed to be reliable, however Zagga does not represent or warrant that it is accurate, complete or up to date. Zagga is not obliged to update the information or opinions contained in any article it. Opinions are those of the author and may change without notice. Readers should exercise their own judgment when relying on information contained in the articles or FAQs. To the maximum extent permitted by law, no member of Zagga accepts liability for any loss arising from the use of such information.
Media coverage featured reflects the independent opinions of the authors and does not necessarily represent the official views of Zagga.
