The Regulatory Perimeter: ASIC's Focus on Private Credit
A A$234.5b market growing at 21% a year was never going to stay outside the regulatory spotlight. Here is what ASIC has done, and what is likely next.
How the spotlight arrived
Three forces put private credit on ASIC's agenda. Scale: the market reached A$234.5b in 2025 and is forecast to approach A$300b by 2029 (EY-Parthenon). Velocity: there are roughly three times as many funds as in 2017. And access: products once confined to institutions are now marketed to a much wider wholesale audience.
Report 814 and what it found
ASIC's Report 814 (September 2025) is the centrepiece. It examined fees, conflicts of interest, valuation practices and marketing language across the sector, and set expectations rather than new law: independent valuations, transparent fee treatment, genuine management of related-party conflicts, and an end to borrowed bond-market labels on unrated private loans.
Enforcement posture has followed. ASIC has intervened in individual funds where disclosure or governance fell short, signalling that REP 814 is an operating standard, not a discussion paper.
Data collection and industry standards
Beyond individual reports, ASIC has been building its data picture of the sector through collection pilots, and working with industry bodies on shared standards for the asset class. The direction of travel is consistent: private credit will be measured, compared and supervised more like the public markets it increasingly rivals in size.
What tighter oversight means for the market
For managers, the compliance bar is rising — documentation, valuation independence and marketing review all carry real regulatory risk. For investors and advisers, better disclosure makes funds easier to compare. And for the market's infrastructure — directories, data and neutral education like this site — regulatory scrutiny increases the value of accurate, general, well-sourced information. This site does not provide personal advice; readers should obtain professional advice before acting on anything here.
General Advice Warning: This explainer is factual and general in nature only. It does not constitute financial, investment, or legal advice, and has been prepared without taking into account the objectives, financial situation, or needs of any person. Obtain independent professional advice before making any financial decision.
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