REP 820 Private credit surveillance report: Retail and wholesale surveillance

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Released 5 November 2025.

This report summarises observations from our review of private credit funds offered to retail and wholesale investors. It highlights areas of better and poorer practices.

This report will interest responsible entities and trustees of managed funds, investment management firms, portfolio managers, investment advisers and consultants, financial advisers, industry bodies, service providers and other regulators. It will also interest those considering investing in private credit markets, including retail, wholesale and institutional investors

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