Salter Brothers acquires Causeway Asset Management, expanding its private credit business
Press Release | August 20, 2025
Salter Brothers is pleased to announce its acquisition of Causeway Asset Management Limited (Causeway), a leading Australian private credit fund manager with over A$600 million funds under management and advice. With over two decades of experience, Causeway provides direct lending solutions to small-to-medium enterprises and middle size corporates in Australia.
Founded in 2003 and headquartered in Sydney, Causeway has deep experience managing corporate loan portfolios exceeding A$1.7 billion since inception. Causeway is led by a highly experienced senior management team with expertise in credit, loan structuring, and analysis, as well as extensive background in recovery, restructuring and workouts.
As a leading diversified alternatives investment manager, with over A$4 billion in assets under management, Salter Brothers specialises in property, credit and equities. After successfully completing a number of significant transactions in the past year, this acquisition in corporate credit adds to our deep domain expertise in real estate credit.
Paul Salter, Managing Director at Salter Brothers added, “We are delighted to welcome Mike, Tim and the Causeway team to Salter Brothers. We are impressed with their expertise, experience and reputation in the industry and believe they will complement our credit capabilities and will be instrumental in driving our private credit growth ambitions.”
Mike Davis, Founding Director of Causeway remarked, “The increase in investor engagement within the private debt asset class over the past 5-8 years reminded us of the private equity sector’s journey since the early 2000’s. In order to scale our participation in the Australian lower mid-market corporate sector which now totals in excess of A$500 billion borrowing appetite, we felt it was timely to build on our foundation in private debt markets by teaming up with Salter Brothers who are also keen to grow their private credit business”.
David O’Connor, Managing Director, Debt Capital Markets at Salter Brothers stated, “The integration of Causeway’s extensive track-record and Salter Brothers’ global platform is garnering significant interest. We have already presented our combined capability to a number of our investment partners, who have expressed a desire to participate in this opportunity”.
Tim Martin, Founding Director of Causeway, said, “We have previously partnered with Salter Brothers on transactions, and these experiences have demonstrated to us that we share similar values and culture. Importantly, we have a shared perspective on conservative underwriting practices and a laser focus on capital preservation across our portfolios, which means we are well-placed to provide a compelling, integrated offering to our wholesale and institutional investors in our targeted market sector.”