Scrutiny in private credit is rising. We think that’s a good thing.

Australia’s private credit market grew 9% in 2025 to around $225 billion. In 2026, it has already grown a further 8%.

Growth on that scale brings closer attention from regulators, investors and the wider market. Poor private credit practices are one of ASIC’s stated enforcement priorities for 2026. Questions about transparency, valuation, underwriting standards and risk management are now front of mind, and rightly so.

When you lend directly to businesses, you influence how capital is deployed and what outcomes it supports. That comes with a responsibility to understand the risks you take on, including the environmental, social and governance factors that shape a borrower’s resilience and long-term performance. Furthermore, and importantly, it comes with the responsibility of transparency to investors who want to understand exactly where their money is going.

That’s why one of the things we try to avoid is a policy that’s vague, overly complex or hard to understand. Our Responsible Investment Policy is detailed and transparent, and it tells investors exactly how we manage ESG risks, and what we do when things go wrong.

Transparency is only the starting point. A policy is only worth the paper it’s written on if you’re prepared to be measured against it. We hold ourselves to account for our commitments, and we welcome the questions that come with that.

As the asset class matures, the managers who stand out will be those who can show their work, not just describe their intentions.