Kapstream Private Investment Fund

Dylan Bourke is a Managing Director and Portfolio Manager at Kapstream Capital and a member of the firm’s Investment Committee. Dylan is jointly responsible for oversight of investment strategy and portfolio leadership, as well as credit analysis and portfolio management.

Prior to joining Kapstream in 2014, Dylan worked at Moody’s Investors Service for over three years, rating Australian structured finance products including asset‑backed securities, residential mortgage‑backed securities and covered bonds. During this time, he authored numerous research publications and received two global structured finance research awards.

Earlier in his career, Dylan worked as a Credit Analyst at Macquarie Bank and on the Macquarie Special Situations Fund, investing in high‑yield subordinated debt, bridge financing, warrants and unlisted equity investments.

He holds a Bachelor of Commerce and Bachelor of Law from Bond University and is a CFA Charterholder.

Mark Bayley is a Portfolio Manager at Kapstream Capital, responsible for credit analysis and portfolio management. Mark has extensive fixed income and credit market experience across both the buy and sell side in Australia and Europe.

Prior to joining Kapstream in 2020, Mark served as Head of Credit Strategy & Research and subsequently Head of Institutional Fixed Income at FIIG Securities. He began his career in London in 1996 at Dresdner Kleinwort Benson as a Credit Analyst and Trader, before spending seven years at JP Morgan as Vice President, High Yield Research & Sales. After relocating to Sydney in 2007, Mark held senior credit roles at ABN AMRO and Aquasia.

Mark has been widely recognised for his research, achieving first‑place rankings from Institutional Investor, Credit Magazine and CFO Magazine, and has been a regular fixed income markets commentator, including several years as a weekly columnist for the AFR.

He holds a Master of Arts (Honours) in Economics from Downing College, Cambridge University, a Diploma in Management Studies from Judge Business School, Cambridge University, and has been a CFA Charterholder since 2003.