INTHEBLACK: Private credit - Risks and rewards explained

INTHEBLACK: Private credit - Risks and rewards explained

Author: CPA Australia December 30, 2025 Duration: 19:54

Private credit is booming. But do investors fully understand the risks? 

In this episode, learn the mechanics of private credit, its place within the private capital universe and why it's suddenly everywhere - from retail portfolios to billion-dollar super funds. 

Key takeaways include: 

  • Why private credit is not the "bond-like risk" some claim it is 

  • How super funds allocate private credit under regulatory pressure 

  • Why borrower type, loan structure and economic cycles matter 

  • What needs to change in how private credit is marketed 

  • The potential regulatory interventions on the horizon 

Whether you're an institutional investor or private wealth adviser, this episode is a must-listen. 

Host: Tahn Sharpe, Editor INTHEBLACK, CPA Australia 

Guest: Michael Block, CIO, Bellmont Securities 

You can learn about Bellmont Securities at their website  and find them on LinkedIn. 

Additionally, discover more with this overview of private credit from the RBA. 

And you can read Michael's contributions on Investor Strategy News: 

You can find a CPA at our custom portal on the CPA Australia website. 

Would you like to listen to more INTHEBLACK episodes? Head to CPA Australia's YouTube channel. 

CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance, and accounting:

Search for them in your podcast platform. 

Email the podcast team at podcasts@cpaaustralia.com.au


Tune in to With Interest for a clear-eyed look at the forces shaping the world of business and finance. Presented by CPA Australia, this weekly discussion moves beyond the headlines to explore the practical implications of change for accounting professionals, business leaders, and anyone with a stake in the economic landscape. You’ll hear from practitioners and experts who break down complex topics in auditing, taxation, and corporate strategy into actionable insights. The conversations in this podcast are grounded in real-world application, whether the subject is a shift in regulatory frameworks, emerging leadership challenges, or broader economic trends. It’s a resource designed to inform your decisions and deepen your understanding of the professional landscape. For those looking to stay current and think critically about their work, With Interest provides a reliable and engaging audio companion. Each episode serves as a timely update and a catalyst for deeper professional reflection, all delivered with the authority and depth you would expect from CPA Australia.
Author: Language: English Episodes: 90

With Interest
Podcast Episodes
Payday Super explained ahead of 2026 rollout [not-audio_url] [/not-audio_url]

Duration: 17:21
Did you know that one of Australia's biggest superannuation reforms in decades is starting in July 2026? Are you prepared for the change? In short, with legislation moving through Parliament, Australia will move from qua…
Digital reporting: Why it's time for Australia [not-audio_url] [/not-audio_url]

Duration: 23:08
Australia remains one of the few advanced economies still using PDFs for financial reporting – a format most global markets have already left behind. In this episode, you'll gain expert-led insights on why adopting digit…
Fireside chat with Australia's Auditor General [not-audio_url] [/not-audio_url]

Duration: 14:38
In this special episode of With Interest, CPA Australia CEO Chris Freeland sits down with Australia's Auditor General, Dr Caralee McLiesh, for an exclusive fireside chat on public sector challenges. The conversation buil…
Assessing public sector performance management [not-audio_url] [/not-audio_url]

Duration: 21:38
In this special With Interest episode, you can listen in full to a keynote speech by Australia's Auditor-General, Dr Caralee McLiesh. The speech focuses on performance management in the Commonwealth public sector, drawin…
How the ATO and big business work together [not-audio_url] [/not-audio_url]

Duration: 31:53
How does the Australian Taxation Office (ATO) ensure tax fairness when dealing with large corporations. In this episode, the Deputy Commissioner, Public Groups, at the ATO explains how the tax office works to promote tra…
Tax Forum 2025: Geopolitics and global reform [not-audio_url] [/not-audio_url]

Duration: 27:40
In part two of this With Interest conversation, experts David Bradbury, Paul Tilley, Dale Pinto and Jenny Wong discuss the global tax reform debate, unpacking the challenges and opportunities facing Australia. Key takeaw…
Tax Forum 2025: Australian tax reform and fiscal sustainability [not-audio_url] [/not-audio_url]

Duration: 30:49
Australia's tax system is under pressure. In part one of this With Interest conversation, Jenny Wong is joined by two of the country's leading voices in tax policy — David Bradbury and Paul Tilley. Together, they explore…
Attracting accountants: How to future-proof the profession [not-audio_url] [/not-audio_url]

Duration: 26:52
How can we attract more accountants and future-proof the profession? In this episode we take a deep dive with IFAC into this pressing question. You'll learn about accounting's talent pipeline – its challenges and possibl…
Export growth strategies for Australian finance leaders [not-audio_url] [/not-audio_url]

Duration: 17:52
Want strategic insights to help navigate the tricky landscape of international trade? Designed for Australian accountants and business leaders seeking an edge in global trade, this podcast will give you expert-led insigh…
Australia's economic reform roundtable: Key takeaways [not-audio_url] [/not-audio_url]

Duration: 21:49
Unpack and understand Australia's economic reform roundtable, which met in Canberra recently to explore ways of making the economy more productive and resilient. This includes what the issues discussed mean for the econo…