ASIC ‘probe’ positive for private credit

A number of private credit managers in Australia have taken part in a survey supplied by the corporate watchdog as it continues to probe the sector.

- Eliza Bavin

ASIC has been eyeing Australia's private credit markets for some time with public discourse building after media reports suggested Metrics Credit Partners was facing increased scrutiny from the regulator.

Metrics denied any knowledge of the ASIC investigation related to specific practices or transactions within its business.

"In line with our peers and industry bodies, Metrics has actively participated in industry responses related to ASIC's review of private and public markets, and like our peers has responded to requests from ASIC for information to assist its review of private and public markets," Metrics said in a statement.

"We are fully supportive of the role of regulators in ensuring the integrity and proper functioning of Australian financial markets and welcome strong, fit-for-purpose reforms."

Financial Standard understands ASIC sent out a survey to a number of private credit managers in Australia seeking clarification around reporting standards to ensure greater transparency in the sector.

Tanarra Credit Partners took part in ASIC's survey. Tanarra's managing partner Peter Szekely told Financial Standard that ASIC's probe into the sector is a welcome one.