Australia intensifies oversight of private credit with weekly data requests

The Australian Securities & Investments Commission (ASIC) is increasing supervision of the domestic private credit industry, requesting detailed weekly data from fund managers as global scrutiny of the $1.8tn sector intensifies, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that ASIC has asked private credit managers to provide information on metrics including default rates, redemption activity, investor composition, liquidity, and leverage. The regulator has scheduled submissions every Thursday for the next six weeks.

An ASIC spokesperson said the move reflects the regulator’s aim to “support confident and informed participation, investor protection and market integrity” by ramping up surveillance of private markets and enforcing compliance with financial services laws.

The initiative comes amid growing liquidity pressures and technological disruptions affecting private credit globally. Recently, US-based managers Ares Management Corp. and Apollo Global Management imposed restrictions on investor withdrawals from certain funds to prevent forced sales at distressed prices.

Regulators across the Asia-Pacific region are taking similar steps. The Hong Kong Monetary Authority has contacted private banks regarding exposures to distributed private credit funds, while South Korea’s financial authorities are monitoring local brokerages and asset managers for risk.