‘People are not very forthcoming’: Market players back ASIC’s private credit raids
ASIC has been visiting offices and rifling through documents for further information at some private credit funds. Market participants say its a necessary step.
Private credit market participants have cautiously endorsed moves by the Australian Securities and Investments Commission’s (ASIC’s) to intensify up scrutiny of the sector, as concerns over fee structures, loss rates and conflicts of interest in the asset class linger.
On Monday, Capital Brief revealed the corporate cop has been sifting through documents and accessing information at some private credit firm offices in recent weeks. It has also demanded further information about investors in private credit funds.
Reach Alternative Investments head of investments Jonathan Ng said ASIC inspecting documents at offices was a natural evolution following its initial surveillance in November 2025.
“People can respond to a survey and whether they’re telling the truth — that’s a different matter. It’s no different to when I do investment due diligence — all the pretty marketing says one thing but when you look at the data you have to make sure what they’re telling you lines up,” he told Capital Brief.
