Metrics Credit Partners, an Australian private debt firm managing about A$40 billion, has written down assets in three listed funds by roughly A$169 million ($119 million). The Real Estate Multi‑Strategy Fund was reduced to A$337 million, the Metrics Income Opportunities Trust to A$643 million, and the Metrics Master Income Trust to $2.4 billion, according to disclosures dated Sept. 28. The write‑downs precede a Sept. 30 deadline to finalize accounts.

ASIC has been scrutinizing Metrics over loan valuations and governance, part of a broader industry probe into Australia’s A$200 billion private credit market, which is heavily focused on real‑estate lending. The regulator has not alleged wrongdoing but has warned the sector to improve standards and is conducting multiple enforcement investigations. Recent industry stress includes the insolvency of Sydney developer Bathla Group and heightened oversight of wholesale and retail funds.

While Australia’s A$4.8 trillion pension sector shows interest in private credit, many asset managers avoid property‑linked funds.