Insurance Funding Term Note Trust
A specialist fund. A transparent structure.
An established route into insurance premium finance. Since December 2020, the Fund has given eligible wholesale investors whole or fractional interests in Term Notes, supported by Clearmatch’s portfolio allocation, administration and reporting.
General fund terms below are drawn from the core IM dated 15 March 2024. Prospective investors and members should read it together with any supplementary terms applicable to their investment.
Historical record · as at 31 July 2026
A documented historical record.
January 2021–July 2026. Manager-reported composite returns, net of management fees with income reinvested. Past performance is not a reliable indicator of future performance. Capital is at risk.
- Annualised net composite
- 5.11% p.a. over the full 67-month observation period.
- Cumulative net composite
- 32.05% over the same period. This is a total compounded return, not an annual rate.
- Monthly observations
- 67 of 67 months recorded a positive net composite return. This does not mean every underlying loan performed or that no credit losses occurred.
Source: Clearmatch, Composite Performance – Monthly Jul 2026. Multi-period returns are calculated by compounding the monthly observations; the annualised figure uses the full 67-month period. The source data and calculations have not been independently audited for this presentation.
The composite aggregates accounts with substantially similar objectives and guidelines. Account returns use Modified Dietz and are weighted by start-of-month net asset value. It illustrates the combined record and does not represent an individual investor account.
Actual investor outcomes vary with allocation, cash balances, investment timing, cash flows, restrictions, fees and tax. Neither capital nor future returns are guaranteed. Term Notes are illiquid; a consistent reported return history does not remove credit, recovery or liquidity risk.
Fund overview
The details that matter.
A concise guide to the general terms. The IM and any applicable supplementary agreement contain the full terms.
- Investment vehicle
- Clearmatch Insurance Funding Term Note Trust (ABN 66 245 466 992), an unregistered managed investment scheme.
- Investment objective
- Term Notes target an annualised return of the RBA Overnight Cash Rate plus 2–3%, after fees and losses. This is an objective, not a forecast or guarantee. Individual portfolio returns vary, including with cash holdings and deployment.
- Eligible investors
- Wholesale and institutional clients in Australia. Eligibility must be verified; an A$100,000 subscription does not itself establish wholesale status.
- Underlying loans
- Business insurance-premium loans are typically repaid over 2–12 months. Longer terms may be approved to reflect the associated policy.
- Portfolio allocation
- Members have whole or fractional beneficial economic interests in Term Notes. Allocations and outcomes can differ between members.
- Reporting
- Portfolio information is available through the online Member Portal or a monthly reporting pack.
How the fund works
From investor capital to premium finance.
- 01
Subscribe to the Fund
Following acceptance, the investment initially forms part of the member’s cash balance while suitable Term Notes are identified.
- 02
Allocate to Term Notes
The Fund subscribes for qualifying Term Notes. Whole or fractional interests are allocated under the investment guidelines.
- 03
Finance business premiums
The issuing finance company uses subscription proceeds to fund the underlying borrower’s insurance premium.
- 04
Receive repayments
Principal and interest received on Term Notes are applied according to the member’s selected reinvestment option, after applicable fees.
The operating experience behind the record
Repeatable work, across the investment life cycle.
Our Term Note history reflects years of managing the connection between premium-funding assets and investor portfolios.
Assess the underlying loan
Credit assessment considers the borrower, insurance policies, insurer, broker and repayment structure. A Term Note funding route follows the same Clearmatch credit policies and processes as our other routes.
Allocate within the mandate
Eligible Term Notes are matched to portfolio guidelines. Whole or fractional interests support allocations across loans, with concentrations monitored. Diversification cannot eliminate loss.
Service, collect and report
Scheduled repayments, arrears monitoring and recovery work support the administration of the assets. Members can follow portfolio information through the online portal or monthly reporting pack.
Management & custody
Distinct roles. Clear responsibilities.
The core IM sets out how each service provider participates in the Fund.
CBCA Pty Ltd
Trustee of the Fund and holder of AFSL 525450. Responsible for the Fund under its constitution and for appointing and monitoring its service providers.
Clearmatch Australia Pty Ltd
Investment manager and administrator. Responsible for allocation, administration, reporting and oversight of finance-company obligations under the subscription framework.
Certane CT Pty Ltd
The independent custodian named in the core IM, holding Fund assets under the custody agreement. Custody does not guarantee capital or returns.
Costs of investing
Fees, clearly explained.
General rates in the core IM dated 15 March 2024. Different fees may apply under an agreed supplement. Investor Relations can confirm the documents applicable to a prospective investor or member.
- Management fee
- 0.455% p.a. excluding GST; approximately 0.467% p.a. including GST and net of estimated reduced input tax credits (RITC). Accrues daily on outstanding Term Note principal and is deducted when full instalments are received. It does not apply to cash balances.
- Cash administration fee
- 0.090% p.a. excluding GST; approximately 0.093% p.a. including GST and net of estimated RITC. Accrues daily on cash balances and is deducted monthly in arrears. It does not apply to Term Notes.
- Other costs and changes
- Enforcement costs may be borne by affected members. Fees can change within the constitution’s limits, with at least 30 days’ written notice. Read Section 4 of the IM for the complete fee terms.
Liquidity & reinvestment
When invested capital becomes available.
Short underlying loan terms do not make this an on-demand investment.
The core IM recommends a minimum investment period of 2–5 years. Term Notes are illiquid and there is no secondary market. Capital invested in them becomes available as underlying instalments are repaid into the member’s cash balance.
Members can choose to reinvest principal and interest, reinvest principal while interest accumulates in cash, or stop reinvestment so both principal and interest accumulate in cash. Available cash can be withdrawn under the Fund’s procedures.
The timing and amount available depend on repayments, portfolio allocations, the member’s reinvestment option and any terms agreed for that investment. A withdrawal request does not create an immediate right to sell the Term Notes.
Key investment risks
Risk management with realistic expectations.
Investors may lose some or all of their investment. The points below are a summary; prospective investors and members should read the full risk section of the IM.
Borrowers and counterparties
A borrower, finance company or insurer may fail to meet its obligations. Diversification seeks to reduce concentration, but cannot prevent losses.
Recovery is conditional
Cancellation of eligible policies may return unearned premiums. Some policies are non-cancellable; recoveries can be delayed or insufficient. Trade credit insurance, where applicable, is subject to policy terms, limits and exclusions.
Liquidity and cash deployment
Term Notes cannot be readily sold. Uninvested cash and delays in allocating suitable assets can affect returns, as can slower or missed repayments.
Other material risks
Interest-rate changes, currency exposure where applicable, operational failures, cyber incidents and service-provider default may affect the investment. There is no bank-deposit guarantee.
Investor relations
A conversation before a commitment.
Investor Relations can provide prospective Australian wholesale investors with the Information Memorandum and explain eligibility, the investment process and the applicable terms.