Oceania.

This is an origination region and the size of its client portfolio reflects that. Three positions sit in Australia, each of them mature. What Brisbane contributes to positions booked elsewhere matters more. Its sector specialists, several of whom spent their careers in veterinary biologics and aquaculture before 2019, sit on every investment case in the biological industries wherever the position is booked.

Sydney carries capital markets and private wealth. Four of the 61 family relationships are covered from Bridge Street Chambers and two more from Brisbane, and all six principals still control an operating business. The Auckland desk covers New Zealand aquaculture, marine and pastoral counterparties. Research on the biological industries is written in Brisbane and published for the Insights series under the names of the specialists who wrote it.

The region has no phase of its own beyond the Sydney work in the 2027 build. It is a source of proceeds rather than a claimant on them, and the four underwriting tests were written here before the group holding company existed. Capital originated in Oceania has since been deployed in every other region of the network, most heavily in information infrastructure and structured credit.