National Australia Bank

NAB Asset Management benefits from the bank's balance sheet for origination and warehousing, particularly in private credit and real estate. Unlike independent managers that must raise third-party capital before deploying, NAB can underwrite loans or acquire assets directly and later allocate them into managed funds. This creates a differentiated pipeline in infrastructure debt and agricultural finance, where NAB is a primary lender.

JBWere, NAB's private wealth and advice subsidiary, serves as the distribution and sourcing channel for high-net-worth individuals and family offices. JBWere provides curated access to private equity, venture capital, and hedge funds — often structuring club deals and co-investments alongside external GPs. The unit has offices across five Australian cities and operates with a degree of autonomy from the institutional asset management arm.

NAB runs a hybrid model. The managed funds platform offers both direct property and fixed-income strategies alongside multi-manager funds that allocate to external GPs. In private markets, NAB invests directly through its lending relationships and real estate ownership, while also participating as a limited partner in third-party infrastructure and private equity funds — particularly those aligned with Australian superannuation mandates.