Regulatory shifts: Australia's private credit boom and ASIC's growing oversight

Private credit in Australia has grown to approximately AUD200 billion in capital and shows no sign of slowing. But growth at that scale attracts regulatory attention, and the Australian Securities and Investments Commission (ASIC) is now training its focus squarely on the private credit market. For managers and investors operating in this space, understanding where ASIC's concerns are concentrated is the first step to staying ahead of what is coming.  In this episode, partners in our Sydney office - Jason Denisenko, Simone Lowes and Vivien Liu examine ASIC's key areas of concern for private credit managers and investors, covering asset-level issues, disclosure standards, and the management of conflicts of interest.   What specific conduct and documentation practices is ASIC focused on? What does best practice for disclosure look like in an environment where regulatory expectations are tightening? And what strategies is ASIC likely to deploy to address the issues it has identified — whether through guidance, enforcement, or new regulatory requirements — and how should managers be positioning themselves now?  Regulatory shifts examines the regulatory forces reshaping Australia's private capital market, drawing on the expertise of A&O Shearman's Australian regulatory and transactions specialists. Each episode tackles a specific area of regulatory change affecting private equity, private credit, and foreign investment in Australia, with practical insight for dealmakers, investors, and advisers navigating an increasingly complex approval environment.