Perpetual Buys 70% of $55B Loan Servicer to Expand Corporate Trust Division
Perpetual Limited has entered into an agreement to acquire 70% of Interfi Systems Pty Ltd, a Victorian-based loan servicing technology provider with approximately $55 billion in assets under administration. The acquisition is expected to complete before the end of June 2026, funded from internally generated cashflows.
Perpetual expands Corporate Trust capabilities with 70% Interfi stake
The transaction forms part of Perpetual’s strategy to grow its Corporate Trust division, specifically expanding capabilities within Digital and Markets. Interfi operates as an established loan servicing technology provider to the non-bank lending sector, administering approximately $55 billion in assets as at 30 April 2026 (sourced from unaudited management accounts).
Corporate Trust division growth has been the most consistent earnings driver across Perpetual’s portfolio, with the segment reporting $1.31 trillion in Funds Under Administration in 1H26 and structural tailwinds from Australian securitisation markets underpinning the investment case for further capability expansion.
Under the share sale agreement, Perpetual will acquire an initial 70% stake in Interfi, with an option to acquire the remaining 30% by FY31. The acquisition will be funded from internally generated cashflows. Completion is expected before the end of June 2026, subject to satisfaction of certain conditions precedent.
The bolt-on acquisition targets growth in Corporate Trust’s Digital and Markets division, deploying organic cashflow into capability expansion whilst maintaining balance sheet discipline. The transaction demonstrates management’s commitment to investing in new capabilities to support long-term growth whilst retaining Corporate Trust’s market leadership position.
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What does Interfi bring to Perpetual’s platform?
Interfi operates a purpose-built loan servicing platform supporting the full life of loan, from settlement to discharge. The platform services a broad range of lending products across the non-bank lending sector, providing core servicing capabilities including:
- Loan administration
- Arrears management
- Recovery and collections
- Special servicing
The strategic rationale centres on combining Interfi’s platform with Perpetual’s existing Perpetual Intelligence platform to create an integrated digital ecosystem. The integration aims to deliver an automated end-to-end solution spanning from lending through to securitisation.
The non-bank lending sector continues to expand as an alternative to traditional bank financing. Loan servicing technology represents infrastructure that generates recurring revenue tied to assets under administration, providing Perpetual with exposure to this growing market segment. The platform complements Perpetual’s core Debt Market Services business and existing product suite.
Management commentary on strategic fit
Bernard Reilly, Chief Executive Officer and Managing Director
“This transaction is in line with our strategy to invest in new capabilities in Corporate Trust to support long-term growth and retain its strong market leadership. The acquisition is expected to contribute to growth in Corporate Trust’s Digital and Markets division in FY27 and beyond.”
Richard McCarthy, Chief Executive Officer of Perpetual Corporate Trust, described the agreement as an exciting opportunity for the business. He highlighted the aim to create a broader, integrated digital ecosystem by combining Interfi’s technology platform with Perpetual Intelligence, accelerating the ability to offer clients an automated end-to-end solution.
McCarthy noted the acquisition will complement the core Debt Market Services business and build on previous strategic bolt-on transactions Corporate Trust has undertaken over the last four years to accelerate growth in the Digital and Markets division.
Management has explicitly linked the acquisition to revenue contribution from FY27 onwards, providing investors with a timeline for measuring execution success against stated strategic objectives.
Perpetual improves gross debt position
Perpetual expects its gross debt to decrease by approximately 15% for the period to 30 June 2026, taking into account both the Interfi acquisition and debt facility repayments made late in the period. The company’s gross debt position stood at $742 million as at 31 December 2025 (inclusive of capitalised facility costs).
| Metric | 31 December 2025 | Expected 30 June 2026 |
|---|---|---|
| Gross Debt | $742 million | ~15% reduction |
This information remains subject to finalisation of Perpetual’s financial results and audit for the period. A 15% reduction in gross debt within six months demonstrates tangible progress on balance sheet repair.
The deleveraging trajectory, achieved whilst deploying capital into strategic acquisitions, indicates strengthening operational cash flows across the business. This positions Perpetual to pursue growth opportunities without requiring external funding or diluting existing shareholders.
The Wealth Management sale to Bain Capital for $500 million upfront is expected to reduce Perpetual’s pro-forma net debt to EBITDA to approximately 0.2x upon completion, creating the balance sheet headroom that makes internally funded bolt-on acquisitions like Interfi structurally viable.
Transaction structure and next steps
The acquisition follows a staged structure designed to reduce upfront capital outlay:
- Initial 70% stake acquired upon completion
- Option to acquire remaining 30% by FY31
- Funded entirely from internally generated cashflows
- Completion expected before end of June 2026, subject to conditions precedent
- Founder Michael Dilworth will continue with the business
Perpetual will acquire an initial 70% stake with an option to acquire the remaining 30% by FY31.
Founder retention provides operational continuity and preserves institutional knowledge critical to maintaining service quality during the transition period. Dilworth’s continued involvement supports client relationships and ensures platform development remains aligned with market requirements.
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What this means for Perpetual’s growth strategy
The Interfi transaction represents execution on Perpetual’s stated strategy to expand Corporate Trust through organic investment, partnerships, and bolt-on acquisitions. The acquisition specifically targets growth within the Digital and Markets division, building on a track record of strategic bolt-on transactions undertaken over the past four years.
Management expects the acquisition to contribute to Corporate Trust division growth from FY27 onwards, providing investors with a defined timeline for assessing integration success and revenue impact. The transaction adds recurring revenue exposure to the expanding non-bank lending sector without requiring external capital, maintaining Perpetual’s balance sheet discipline whilst pursuing strategic growth.
The combination of Interfi’s loan servicing platform with Perpetual Intelligence positions Corporate Trust to offer an integrated digital solution spanning the full lending lifecycle. This expanded capability set targets the growing demand for technology-enabled solutions in the non-bank lending and securitisation markets.
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