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Australian private credit firm suspends fund redemptions
Metrics Credit Partners, via Perpetual Ltd, blocked some investor access after redemptions were requested but underlying funds were temporarily suspended.
LiveMint Markets reports that the global private credit industry faced another setback as money managers were blocked from cashing out investments, renewing concerns about “gating” that had disrupted markets earlier in the year.
According to Perpetual Ltd statements cited by LiveMint Markets, one of Australia’s largest private credit firms, Metrics Credit Partners, halted investor access to some funds after redemptions led to the temporary suspension of units in underlying funds.
The report notes that private credit funds often limit redemptions to 5% of net asset value to protect liquidity during periods of market stress, but some investors were previously able to withdraw more when requests rose.
LiveMint Markets also points to earlier examples, including Blackstone Private Credit Fund capping redemptions in early September after receiving repurchase requests worth about 10% of its net asset value.