Kapstream Private Investment Fund

Fund Overview

The Fund aims to provide a superior stream of income and capital stability over the medium term while aiming to outperform its benchmark through market cycles.

Mantis Funds acts as Operations Manager, responsible for operations and distribution. Visit the website to learn more.

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Fund Characteristics

Fund	Kapstream Private Investment Fund
Trustee	Equity Trustees Limited
Objective	The fund aims to provide a superior stream of income and capital stability over the medium term while aiming to outperform its benchmark through market cycles.
Inception date	31 January 2024
Subscription	Monthly
Withdrawal	5% of NAV Quarterly
Management fee	1.49% p.a.

How to Invest

The investment products and strategies on this page are only available to “wholesale clients” as defined in section 761G of the Corporations Act, or sophisticated investors.

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Portfolio Managers

Dylan Bourke

Managing Director & Portfolio Manager

Dylan Bourke

Managing Director & Portfolio Manager

Areas Credit, Macro, Securitised, Private Credit

Experience 18 years

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

Portfolio Manager

Mark Bayley

Portfolio Manager

Areas Credit, Private Credit, Securitised

Experience 30 years

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.

Latest News & Insights

News & Media

Ausbiz | Private credit’s pressure test as yields rise

Mark Bayley joins ausbiz to discuss the outlook for private credit and how rising yields are reshaping risks and opportunities for investors.

News & Media

Ausbiz | Where to invest in fixed income as rates rise

According to Dylan Bourke higher interest rates and sticky inflation are reshaping the fixed income landscape, with investors facing greater volatility in traditional income strategies.

Quick View

Quick View: Fed chooses to pay now rather than pay more later

Daniel Siluk explains why he believes that, while a rate hike and a hawkish stance were merited given strong U.S. economic performance, other sources of volatility require bond investors to maintain cautious positioning.

Insights

Why Kapstream’s Dan Siluk says the “old normal” is back

In this Livewire interview, Daniel Siluk discusses the outlook for fixed income, the impact of ongoing AI-driven investment spending, and why income opportunities in bond markets remain compelling.

ATTENTION – The investment products and strategies on this page are only available to “wholesale clients” as defined in section 761G of the Corporations Act or sophisticated investors.