Private Credit – Public Interest?

In February this year, ASIC released a discussion paper seeking industry engagement on actionable ideas to enhance the operation of both public and private markets.

On 22 September 2025, ASIC released Report 814 which, among other things, identified better and poorer practices and areas for industry and regulator attention. The report highlighted four key areas of concern, being: 1) conflicts of interest, 2) fees and remuneration, 3) portfolio transparency and valuations, and 4) terminology. To address these areas of concern, the report identified a number of best practices:

• Fees – full disclosure of all fees and remuneration received by the manager in connection with the fund including quantification of amounts (e.g. percentage commission of the assets invested and bonus);