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ARTICLE · 09 AUGUST 2024

Is ASIC Coming For Private Market Funds?

K&L Gates
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At a recent industry event, the chair of the Australian Securities and Investment Commission (ASIC), indicated that ASIC would be increasing its scrutiny of private market funds.

AustraliaFinance and Banking
Kane Barnett
Kane Barnett

What the ASIC chair said

At a recent industry event, the chair of the Australian Securities and Investment Commission (ASIC), indicated that ASIC would be increasing its scrutiny of private market funds.

In particular, Joe Longo said that there is a lack of transparency in private markets by virtue of their very nature and ASIC was concerned that investors in private funds (often referred to as wholesale funds in Australia) might not be adequately protected. He also said that ASIC had, in the case of private credit, established a dedicated team to investigate conflicts of interest and determine how firms value the assets they have lent against.

What other regulators have done

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