MaxCap appoints chief executive

MaxCap has named deputy chief executive and chief financial officer Kylie Robb as chief executive, effective July 1.

A MaxCap spokesperson told Financial Standard Robb was brought into the business in the deputy chief executive role two years ago with this succession plan in mind. MaxCap founder Wayne Lasky has transitioned out of the managing director role but will remain as executive chair.

Robb joined the firm from NAB where she was the executive general manager and chief financial officer for the business and private bank segments. She has also worked with the Commonwealth Bank of Australia, having led funding and liquidity in Group Treasury.

"Kylie joined MaxCap in 2024 with a clear path to succeed as chief executive to deliver firm's long-term strategy," the spokesperson said.

"With the investment platform now scaling at pace, formalising the chief executive role provides dedicated leadership to oversee execution and position the business for its next phase of growth. Wayne will continue in his role as executive chair with increased focus on deepening engagement with our long-term capital partners."

In her new role, Robb is responsible for executing the firm's strategic growth agenda and scaling its investment platform to deliver sustainable value for investors, MaxCap said.

She began her career with a 15-year tenure at Goldman Sachs in New York and Sydney across banking, sales and trading roles.

The real estate private credit specialist said Robb has been instrumental in delivering significant operational and structural enhancements, with a particular focus on MaxCap's financial performance, governance and risk management.

Australia's private credit sector has been in the radar of the corporate regulator since last year and it has been pushing the industry to increase transparency across the sector on investment strategy, exposures, valuations, risks and fees.

ASIC's deep dive into the sector, which came out last year, delved into 28 private credit products including retail and wholesale funds that are either listed or unlisted. MaxCap was one of the firms reviewed.

While ASIC noted some players are doing the right things by investors, many are not doing so on a "material" basis.

In a May interview with Financial Standard, Robb described a large base of MaxCap's investors as those with 'patient capital' who understand investing through the cycle and don't get easily spooked by short-term noise.

She had noted the industry is still too opaque and ASIC's probe has been trying to increase transparency and clarify what doing well actually looks like to get more consistency across participants.

Thomas Spencer will take over as the chief financial officer to replace Robb.

ASIC has also put Australia's private credit sector on notice ahead of the financial year, calling on funds to ensure their June 30 asset valuations are current, accurate and grounded in realistic assumptions.