ASIC's private credit reforms get industry blessing as Longo flags enforcement action
Three industry associations have cautiously backed ASIC's plan for more transparency in private markets, as the regulator flagged potential action against funds engaging in poor practices.
Australia's top financial industry associations have cautiously endorsed the corporate regulator’s plan for greater scrutiny of private markets, as Australian Securities and Investments Commission (ASIC) chair Joe Longo flagged potential enforcement action against funds engaging in poor practices and risking losses for their clients.
ASIC on Wednesday released its 12 to 18 month roadmap for the sectors along with its surveillance on 28 private credit funds operated by some of the industry's biggest names including Metrics, Woodbridge, Balmain, Challenger, Ares, MA Financial, La Trobe, Alceon, RAM, Pengana, Hamilton Lane, RELI Capital, Corval Avenue, Truepillars, Aura, KKR, Ark, CVS, Gemi, MaxCap, Pallas Capital, Qualitas, Remara, and Revolution.
Australian Investment Council chief executive Navleen Prasad told Capital Brief that the association was looking forward to the watchdog’s data pilot given the opaque nature of the asset class.
“We note ASIC’s proposed areas of further focus, including transparency in private markets, and we look forward to contributing to the design and implementation of the planned data pilot in 2026–27,” she said.
