Private credit funds ramp up AI hiring as ASIC keeps watchful eye on sector
Private credit funds are focused on improving their credit systems and governance and are making AI hires to cope with the increased workflow.
Private credit funds have entered the race for AI talent in a bid to beef up their compliance functions and strengthen their internal processes as the corporate regulator threatens to clamp down on the sector.
KPMG APAC head of private credit Ryan Eagle said private credit managers were heavily focused on improving their credit systems and governance, despite lingering concerns about stretched valuations and rising defaults across the market.
He said the Australian Securities and Investments Commission’s (ASIC’s) surveillance was a positive step for the market and at least in the short term had influenced governance practices.
“Their biggest focus is ensuring that their processes are robust. It certainly takes time and effort to run private credit businesses — so getting their governance right and staying up to speed with what they want to do and what ASIC want to do,” Eagle told Capital Brief.
