Ares fund offering hit by Australia private credit crackdown

The Australian Securities and Investments Commission issued a 21-day stop order against Class A units of the Ares Global Credit Income Fund, citing deficiencies in how the product’s target investors were identified. — Bloomberg

SYDNEY: Australia’s securities regulator has temporarily barred asset manager Fidante Partners Ltd from offering units in a fund it runs with Ares Management Corp, as authorities expand a clampdown on private credit over risks to retail investors.

The Australian Securities and Investments Commission (Asic) issued a 21-day stop order against Class A units of the Ares Global Credit Income Fund, citing deficiencies in how the product’s target investors were identified.