River X Transactions
Our transaction history reflects River X’s experience across a broad range of investment strategies, asset classes, and market conditions.
Past Transactions
River X has successfully delivered a range of transactions across different investment strategies and market conditions.
The transactions below highlight our experience, disciplined approach, and ability to structure and execute opportunities over time.
Stonepeak-Plus INFRA1 Notes (ASX:SPPHA)
Fund Manager: Stonepeak
Transaction Size:
• SP+ INFRA Global NAV: $814.5mm
• SP+ INFRA Lux Fund NAV: $304.1mm
Target yield: 8.35%-9.35%pa
Asset Class: Infrastructure / Private Markets
Status: Completed
Description:
Stonepeak is the largest independent infrastructure and real assets alternative investment manager globally. Stonepeak’s credit team manages US$2.9 bn of assets, using the broader global infrastructure platform to create unique investment opportunities across the infrastructure debt landscape.
Industrial Property Investment Opportunity (VIC)
Transaction Size: $440.5 million
Target Yield: 11.0% p.a.
Target Return (Est.): 15.0% p.a.
Location: Victoria
Asset Class: Industrial Real Estate
Status: Completed
Description:
An institutional-grade industrial asset supported by long-term leasing fundamentals and stable income characteristics.
Retail Property Investment Opportunity (SA)
Transaction Size: $308.0 million
Target Yield: 9.25% p.a.
Target Return (Est.): 15%+ p.a.
Location: South Australia
Asset Class: Retail Real Estate
Status: Completed
Description:
A high-quality retail asset with a well-established profile, offering reliable income and long-term return potential.
Healthcare Property Investment Opportunity (ACT)
Transaction Size: $305.0 million
Target Yield: 10.2% p.a.
Target Return (Est.): 16.5% p.a.
Location: ACT
Asset Class: Healthcare Real Estate
Status: Completed
Description:
A purpose-built healthcare asset supported by a defensive tenant profile and long-term lease structure.
Revolution Private Income Trust (ASX:REV)
Fund Manager: Revolution Asset Management
Transaction Size: Target IPO raise of ~A$400 million
(Minimum $150 million / Maximum $400 million)
Offer Price / NAV: $2.00 per unit at allotment
Target Yield: RBA Cash Rate + 4.00% p.a. (net of fees)
Asset Class: Private Credit
Status: Completed
Description:
A listed private credit income strategy targeting consistent income through diversified exposure to corporate lending opportunities.
Charter Hall Office Trust No.3
Fund Manager: Charter Hall
Transaction Size: ~$148.1 million
Target Yield: 10.0% p.a. (5-year average distribution yield)
Target Return (Est.): 16.5% p.a. (5-year IRR)
Asset Class: Office / Real Assets
Status: Completed
Description:
An institutional office property trust managed by Charter Hall, providing exposure to a diversified portfolio of high-quality office assets with long-term income characteristics.
Dominion Income Notes 1 (ASX: DMNHA)
Issuer: Dominion Investment Group Limited
Transaction Type: Initial Public Offering (IPO)
Transaction Size: Target IPO raise of A$250 million to A$500 million
Offer Price: $100 per Note
Distribution / Target Yield: 1-month mid BBSW + 3.00% p.a. (paid monthly)
Target Return (Est.): 1-month mid BBSW + 3.00% p.a. (floating-rate income; monthly)
Asset Class: Income Notes / Listed Hybrid Security
Status: Completed
Description:
An ASX-listed, floating-rate income note designed to provide monthly income via a diversified credit portfolio, with a first loss buffer supporting noteholder protection.
MA Credit Income Trust (ASX: MA1)
Fund Manager: MA Financial Group
Transaction Type: Listed Trust
Transaction Size: Up to ~A$190.5 million
Offer Price / NAV: A$2.00 per unit
Target Distribution / Yield: RBA Cash Rate + 4.25% p.a. (pre-tax, net of fees)
Target Return (Est.): RBA Cash Rate + 4.25% p.a.
Asset Class: Private Credit
Status: Completed
Description:
An ASX-listed private credit trust providing diversified exposure to direct asset lending, asset backed lending and corporate lending strategies, targeting consistent monthly income through a floating-rate distribution structure.
360 Capital Mortgage REIT (ASX:TCF)
Fund Manager: 360 Capital Group
Transaction Type: Listed Mortgage REIT
Transaction Size: Up to ~A$11.1 million
Offer Price / NAV: A$5.94 per unit
Target Distribution / Yield: 10.1% p.a. (FY25 forecast, paid monthly)
Target Return (Est.): Cash Rate + 4.0% p.a.
Asset Class: Mortgage REIT
Status: Completed
Description:
An ASX-listed mortgage REIT providing exposure to senior Australian real estate-backed credit investments, targeting regular monthly income with a focus on capital preservation.
Harvest Hotels – Harvest Pub Fund 1
Transaction Size: $10m – $12m capital raise
Target Yield: 5% – 7% p.a.
Target Return (Est.): 14% – 16% IRR
Asset Class: Hospitality / Real Assets
Status: Completed
Description:
A diversified hospitality real asset strategy investing in income-producing pub and hotel assets. The fund targets operational uplift and capital growth through targeted capex programs, with a projected liquidity event within 24–36 months.
PsiQuantum
Transaction Size: $23.0m investment
Entry: Acquired at ~30% discount to Fund I NAV
Target Yield: N/A (growth private equity investment)
Target Return (Est.): 1.5x – 3.5x MOIC (valuation scenario based)
Asset Class: Private Equity
Status: Completed
Description:
A private equity investment providing exposure to advanced quantum computing technology development, positioned within a high-growth innovation sector.
MA Bathurst Retail Fund
Transaction Type: Retail Property Fund
Location: Bathurst, NSW
Transaction Size: $55.0 million equity value
Target Yield: 9.00% p.a.
Target Return (Est.): 14% – 16% IRR
Asset Class: Retail Real Estate
Status: Completed
Description:
A closed-ended retail property fund providing exposure to Armada Bathurst, a dominant sub-regional shopping centre anchored by Woolworths, Kmart and Big W. The fund targets stable quarterly income distributions with potential capital growth over a five-year investment term.
Metrics Real Estate Multi-Strategy Fund – Investor Presentation (ASX: MRE)
Transaction Type: Listed Real Estate Investment Strategy
ASX Code: MRE
Transaction Size: A$100m minimum / A$300m target capital raise
Target Distribution / Yield: Income-focused strategy within 10% – 12% p.a. total return objective
Target Return (Est.): 10% – 12% p.a. (net of fees)
Asset Class: Diversified Real Estate
Status: Completed
Description:
An investment strategy presentation outlining portfolio positioning, asset allocation and return objectives across diversified real estate exposures. The strategy aims to deliver stable income and long-term capital growth through active management and sector diversification.
WAM Active Ltd (ASX: WAA)
Transaction Type: Listed Investment Company – Capital Raising
Transaction Size: ~A$70.7 million total capital raising (~$51.4m Entitlement Offer + ~$19.3m Placement)
Offer Structure: Public Offer / Capital Raising
Target Yield: 6.4% p.a. fully franked (9.1% grossed-up)
Total Return (12m): 41.4%
Asset Class: Listed Equities
Status: Completed
Description:
A capital raising transaction for WAM Active Ltd (ASX: WAA), a listed investment company focused on actively managed Australian equities. The raising supported continued portfolio growth following strong investment performance and fully franked dividend distributions.
WAM Income Maximiser Limited (WMX:ASX)
Transaction Type: Listed Investment Trust – Initial Public Offer
Transaction Size: A$30m minimum / A$510m maximum capital raise @ $1.50 per share
Offer Structure: Public Offer – Prospectus
Target Yield: RBA Cash Rate + 2.5% p.a. (inclusive of franking credits)
Target Return (Est.): Income + capital growth over medium to long term (target income return RBA Cash Rate + 2.5% p.a.)
Asset Class: Listed Equities / Income Strategy
Status: Completed
Description:
An initial public offer of WAM Income Maximiser Limited (WMX:ASX), structured to provide investors with access to an actively managed equity income strategy. The vehicle targets regular income distributions supported by a diversified portfolio of listed equities, with capital management aligned to long-term income objectives.
Operata
Transaction Type: Private Placement – Seed Extension (Unlisted Company)
Transaction Size: A$2.0m (up to A$3.5m maximum)
Pricing / Valuation: A$45m Pre-Money
(Post-money up to A$48.5m)
Target Return (Est.): Not publicly disclosed
Asset Class: Private Equity – B2B SaaS / Technology
Status: Completed
Description:
Powered by Artificial Intelligence (AI), Operata is an all-in-one platform that enables contact centres to efficiently monitor and enhance customer interactions. At its most basic, Operata provides performance monitoring and experience management software (tools) for contact centres. Operata is fuelled by real-time Technical, Operations, and Experience Data and provides AI powered insights and actions for optimum Customer Experience (CX).
Orkestra – Placement
Transaction Type: Private Placement – SAFE Note (Seed Extension, Unlisted Company)
Transaction Size: A$1.5m (SAFE Notes)
Target Return (Est.): Equity growth return (as per investment memorandum)
Pricing / Entry Valuation: Lower of A$20m pre-money, A$25m pre-money (if ARENA grant), or 20% discount to Series A valuation
Asset Class: Private Equity – Energy Tech / B2B SaaS
Status: Completed
Description:
A SAFE note placement to support Orkestra’s international expansion and product evolution across its Plan and Track platforms. The capital strengthens balance sheet capacity, funds continued software development and strategic go-to-market initiatives, and positions the company for a future Series A financing, backed by strong ARR growth and expanding global traction.
WeMoney – Investor Update (GHOST VC)
Transaction Type: Venture Capital – Strategic Growth & Secondary (Unlisted Company)
Transaction Size: As outlined in investor presentation documentation
Target Return (Est.): Equity growth return (as outlined in investor presentation)
Asset Class: Private Equity – FinTech / Consumer Data / SaaS
Status: Completed
Description:
An investor update outlining WeMoney’s strategic progress, BrightMatch platform performance, and the acquisition of Project Maple to accelerate revenue growth and market expansion. The update details financial performance, regulatory positioning, board strengthening, and the roadmap toward a 2028 ASX listing targeting $100m revenue and 5 million members.
19 - 27 Bay Street, Double Bay - First mortgage construction loan
Transaction Type: Private Real Estate – Information Memorandum Offer
Transaction Size: ~$10 million (Preference Equity Raise)
Target Yield: 17.0% p.a. (Top-Up Coupon Rate)
Target Return (Est.): 17.0% p.a. total return during Investment Term
Asset Class: Real Estate – Retail / Commercial (Construction Development)
Status: Completed
Description:
A private real estate investment opportunity in 19–27 Bay Street, a commercial retail asset positioned within a high-activity urban precinct. The offer provided investors with exposure to income-producing retail tenancies supported by established lease structures and long-term asset management strategy focused on capital preservation and stable income generation.
12 Cross Street, Double Bay – First Mortgage Construction Loan
Transaction Type: Private Real Estate – First Mortgage Construction Loan (Wholesale)
Transaction Size: A$42,263,381 First Mortgage Construction Loan
(Class A: A$32,510,293 | Class B: A$9,753,088)
Target Distribution / Yield:
• Class A Units: 1M BBSW + 5.75% p.a.
• Class B Units: 1M BBSW + 6.50% p.a.
Offer Structure: First Mortgage – Class A (50% LVR) & Class B (65% LVR)
Asset Class: Real Estate – Residential / Mixed-Use Development
Status: Completed
Description:
A first mortgage construction loan secured over 12 Cross Street, Double Bay, NSW, funding the acquisition and development of a six-storey luxury shop-top residential project comprising five whole-floor apartments and ground-floor retail. The loan was structured at up to 65% LVR (as if complete) and supported by first-ranking security, personal guarantees and a defined 23-month term, targeting capital preservation with structured interest returns.
1–5 Bourke Street, Mascot NSW – First Mortgage Construction Facility
Transaction Type: Private Real Estate – First Mortgage Construction Loan (Wholesale)
Transaction Size: Up to approximately A$91 million Facility Limit
• Class A: $25m (Up to 18% LVR)
• Class B: $25m–$50m (Up to 36% LVR)
• Class C: $50m–$91m (Up to 65% LVR)
Target Distribution / Yield:
• Class A: 5.00% p.a. + 1 month BBSW
• Class B: 5.75% p.a. + 1 month BBSW
• Class C: 6.50% p.a. + 1 month BBSW
Offer Structure: First Mortgage – Class A, B & C Units (Up to 65% LVR)
Asset Class: Real Estate – Residential / Mixed-Use Development
Status: Completed
Description:
A first mortgage construction facility secured over 127 strata lots at 1–5 Bourke Street, Mascot NSW. The loan funded the internal restoration and refurbishment of a mixed-use residential development, including façade upgrades, full apartment refurbishments and amenity enhancements. Structured with up to 65% LVR and a defined May 2026 maturity, the facility targets capital preservation with income returns linked to BBSW plus a fixed margin.
Richmond – Lesney Street Trust Investment Offer
Transaction Type: Private Real Estate – Information Memorandum Offer
Transaction Size: As outlined in Information Memorandum
Offer Structure: Private Placement – Unlisted Property Trust
Asset Class: Real Estate – Residential / Mixed-Use
Target Distribution / Yield: 10.0% p.a. (Target Income Distribution)
Target Return (Est.): 16.5% p.a. (Target IRR)
Status: Completed
Description:
A private real estate investment opportunity in the Lesney Street Trust, secured over a residential development site in Richmond. The investment provided exposure to a structured property trust targeting capital preservation and defined income returns, supported by asset security and an active development strategy within a high-demand metropolitan precinct.
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