In brief
On 5 November 2025 ASIC released its surveillance report on retail and wholesale private credit funds ("Report 820"). In preparing Report 820 ASIC conducted surveillance on 28 private credit funds over the period of October 2024 to August 2025. ASIC surveilled listed, unlisted, retail and wholesale funds to assess how private credit funds manage key risks that are critical to investor confidence and market operation as well as overall compliance within the sector with the legal and policy framework that applies to retail and wholesale funds.
As part of its review ASIC identified a number of poorer practices which ASIC intends to address by updating its regulatory guidance (including clarifying that the guidance is applicable to both retail and wholesale funds). ASIC will continue its surveillance during 2026 with a particular focus on fees, margin structures and conflict-of-interest management in wholesale private credit funds, including those with a focus on real estate lending, and distribution of private credit funds to retail clients through direct and advised channels.
The full report can be found at: REP 820 Private credit surveillance: retail and wholesale funds
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William Fuggle, Consultant, has contributed to this legal update.