Australia's Metrics halts redemptions in some funds as auditor questions accounts

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Summary · why it matters

Australian private credit major Metrics Credit Partners has halted redemptions in some funds and delayed the release of full-year results for three listed funds. Metrics manages about 40 billion Australian dollars, or 28 billion US dollars, and its three funds listed on the Australian Securities Exchange — Metrics Real Estate Multi-Strategy Fund, Metrics Income Opportunities Trust and Metrics Master Income Trust — have been suspended from trading since the 28th following the disclosure of writedowns in asset valuations. On the 30th, Metrics said KPMG, which handles its audit, has raised questions about how it calculates the fair value of equity investments in unlisted commercial real estate, and that it will not be able to complete the audit by the September 30 filing deadline, adding that it has temporarily suspended redemptions from the unlisted funds in which the listed funds invest. In Australia, concerns about private credit have been spreading after the collapse of property developer Bathurst Group, which entered administration in August with about 3.4 billion Australian dollars in debt owed to roughly 40 lenders, most of them private credit firms. The Australian Securities and Investments Commission said it is closely watching trends across the country's private credit industry, and S&P Global placed four Metrics wholesale funds that it rates on credit watch.

Impact on assets 1

Cloud & Digital Infrastructure▼ · 1 stocks
S&P Global Inc
SPGI
▼ NegativeRegulationrelevance

S&P Global placed four Metrics wholesale funds on credit watch amid the private credit turmoil.

Off-coverage companies 3

Metrics Credit PartnersPrivate▼ Negative
Regulationrelevance

Metrics halted redemptions in some funds and delayed results after writedowns and KPMG's audit questions.

KPMG InternationalPrivate± Mixed
Regulationrelevance

KPMG, Metrics' auditor, raised questions about fair-value calculations of unlisted commercial real estate equity, delaying the audit.

Bathla GroupPrivate± Mixed
relevance

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