Aware Super’s Mike Cowell on opportunities, risks and manager selection in private credit
INTERVIEWSERIES
Mike Cowell, Portfolio Manager, Credit Income, Aware Super
May 2026
In this exclusive interview, Mike discusses the role of private credit in modern portfolio construction, and how he is positioning his private credit portfolio for emerging opportunities and risks. He explains the key considerations he takes into account when allocating to an external manager and shares what makes a successful long term LP-GP partnership.
Watch the full interview which covers:
00:12 - What is the role of private credit in modern portfolio construction and why has it become a mainstay rather than an opportunistic allocation?
01:16 - How have you seen the private credit asset class evolve over the last few years and where do you see it heading?
03:33 - When considering allocating to an external manager what are the key considerations and what makes a successful long-term LP-GP relationship?
05:38 - How are you positioning your private credit portfolio in the current environment and where are you seeing greatest opportunities and risks?
06:53 - Private credit is often in the headline. How do you, as a long-term investor, maintain focus on your objectives amid the noise?
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Mike Cowell, Portfolio Manager, Credit Income, Aware Super
Mike Cowell is the lead Portfolio Manager of the Credit Income team at Aware Super, where he oversees the Fund’s global higher-yielding credit investments across both liquid and private markets. The strategy spans corporate, infrastructure, real estate, asset-backed and multi-sector credit, with a focus on delivering resilient income and capital preservation.
As a core allocation in the Credit Income sector, Mike leads Aware Super’s internally managed direct lending portfolio targeting Australian and New Zealand borrowers, which has committed over A$5 billion in loans since its inception in 2018.
Mike joined Aware Super in July 2018 and leads a team of nine investment professionals. He brings nearly 20 years’ experience across global credit markets, having previously worked at a leading impact investing intermediary in London, and earlier at Westpac Institutional Bank in corporate lending and debt capital markets roles. Mike holds a Bachelor of Business from the University of Technology Sydney and a Master of Political Economy from the University of Sydney.
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