ASIC Report 820: What it means for investors and the future of private credit

On 7 November 2025, ASIC released Report 820: Private Credit Surveillance Report: Retail and Wholesale Funds which presents the findings of its deep-dive into the practices of private credit funds across Australia.  This report is a blueprint for a sector that’s growing fast and reshaping how businesses access capital outside the traditional banking system. The Corval Avenue Select Credit Fund was one of the 28 funds included in the surveillance project.

Report 820 does not assess or grade individual funds. Instead, it sets out what good looks like – highlighting best practices and pinpointing areas for improvement.  The goal? To give the private credit sector clearer benchmarks and make private credit funds easier to understand, compare and trust for investors.

ASIC’s message is clear: disclosure must be meaningful and consistent. Investors often struggle to compare funds because information varies wildly. Report 820 calls for transparency that truly empowers decision-making.

The report places particular emphasis on areas that influence investor protection, including:

• Portfolio transparency, including loan types, security positions, borrower concentrations and the level of non performing loans.
• Clear explanation of how returns are generated, including how interest, fees and other income streams are derived.
• Visibility over liquidity arrangements so investors understand how withdrawal requests are managed in both normal and stressed conditions.
• Reliable and well supported valuation practices that provide a clear understanding of how underlying assets are assessed, how fair value is determined and how this flows through to overall fund performance and pricing.
• Fee structures that are easy to understand and that allow investors to see the total remuneration paid to the investment manager and any related parties.
• Stronger oversight from responsible entities and clearer management of potential conflicts of interest.

Why This Matters

For investors, Report 820 is a game-changer. It sets a framework for governance and transparency that, if adopted widely, will make evaluating funds simpler and safer. This means better risk understanding and smarter capital allocation.

Our Participation in the Surveillance Project

For the Corval Avenue Select Credit Fund, participation in ASIC’s surveillance project has been a constructive process. While the report does not comment on the performance of individual managers, it highlights a range of good practices observed across the industry. In reviewing these, we have identified many areas where our existing approach is consistent with the practices ASIC considers to be ’better practice’.

The key take-away for us is that, when executed to a high standard, contributory mortgage schemes such as the Corval Avenue Select Credit Fund can provide high granular disclosure due to the loan-by-loan nature of the product offered to investors. As the structure does not allow fees, conflicts of interest or poorly performing loans to be absorbed into larger pool, strong disclosure practices are essential – and we take pride in delivering them.

Looking Ahead

The private credit sector is maturing, and higher standards will accelerate that progress.   We believe a clearer, more consistent regulatory environment benefits everyone—investors, managers, and the market as a whole.  We’re committed to staying ahead of the curve—continuing to focus on disciplined credit selection, robust risk management, and transparent communication.

Report 820 isn’t just a report—it’s a roadmap for a stronger, more trusted private credit market.