Daniel Kemp

ASIC’s Simone Constant said ‘all participants’ should consider adhering to the regulator’s 10 ‘principles of private credit done well’ or face enforcement action.

Speaking at the PDI Network APAC Forum in Singapore, Samyoung Chung said his organisations were being more selective and examining different strategies in the asset class.

ASIC said that updating valuations for 30 June should be an ‘immediate point of action’ for GPs and funds.

Mike Jones, managing director and head of Australia private credit at PGIM, says that growth has slowed somewhat as the country’s big banks remain active, with patience vital.

Speaking at a PEI Investor Council event in Sydney, the superfunds said their debt portfolios were performing well and that recent high-profile fund redemptions did not change market fundamentals.

NPS, through a partnership with Townsend, will take its stake in the Australian private debt GP to 9.9 percent, with Pinnacle increasing its share to 35 percent.

ASIC says it needs ‘greater visibility’ to support market integrity and help maintain confidence, and will carry out ‘targeted surveillance’ in the next 18 months.

Australia’s largest superfund enjoys the diversity and risk-return opportunities provided by private credit – and still works with managers in the asset class despite building out direct investing teams in infrastructure and property.

The Australian Securities and Investments Commission had greater concern around funds that target retail or high-net-worth investors, with institutional-grade products considered more sound.

The A$35bn Australian superfund’s head of credit, Jason Huang, says private credit is ‘definitely not defensive’ but has an important role in its portfolio.