☕️Credit Check

Good morning.

Multiple market participants told Capital Brief that ASIC has intensified its scrutiny of the private credit sector in recent weeks. ASIC officials have been rifling through documents and accessing boxes of information at some firms, the sources said, while also demanding further information about investors in private credit products, fee structures and potential conflicts of interest.

The regulator has also been asking for detailed information from some firms, including the identities of investors.

Last year’s initial round of surveillance looked at 28 wholesale and retail funds, including Metrics Credit Partners, Challenger, Ares, MA Financial, Pengana, KKR, Ark, CVS, MaxCap, Pallas Capital, Qualitas, Remara and Revolution among others. It is unclear which of those funds are among those now subject to the more intensive scrutiny.

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Market movers

Shares in Catalyst Metals plunged on Monday, leading a broad selloff in gold miners as the precious metal posted its biggest weekly drop since 1983, driven by surging oil prices that have raised inflation fears and dampened expectations for interest rate cuts.

The quick sync

• Labor's AI data centre guidelines ignore the least efficient servers, industry warns. (Capital Brief)

• AustralianSuper trims equities and raises resources holdings amid Iran war and AI uncertainty. (Capital Brief)

• Australia's big four banks valuations look stretched as analysts flag margin and bad debt risks. (Capital Brief)

• Australia braces for fuel shortages as Trump threatens Iran and governments weigh emergency measures. (Capital Brief)

Trading floor

M&A

• Perseus Mining buys 9.9% stake in Aurum Resources. (Capital Brief)

• Fitness & Lifestyle Group targets $1b+ sale. (The Australian)

• Bingo Industries draws takeover interest despite “not for sale” claim. (The Australian)

• Ex-Billabong execs pitch Rip Curl buy from KMD Brands. (AFR)

• Device Technologies is being prepared for a mid-year sale by Navis Capital. (The Australian)

• Danone buys Huel in EUR1b deal. (Capital Brief)

• ExxonMobil may exit New Zealand, Goldman Sachs advises on potential sale. (The Australian)

• Perth Radiological eyed for $1b sale in April. (The Australian)

• Berkshire Hathaway to take USD1.8b stake in Tokio Marine. (FT)

Capital Markets

• Synlait Milk posts HY loss amid challenges, sets recovery plan. (Capital Brief)

• Halter targets $2.9b valuation in new funding round. (Capital Brief)

• Solaris IM secures cornerstones as L1 Gold slips. (AFR)

• Bank shares may have peaked after strong gains. (Capital Brief)

• Diversa Trustees hit with client complaints over fees and fund issues. (AFR)

• WiseTech shares drop amid new concerns over Richard White. (Capital Brief)

• HaemaLogiX preps ASX debut with Ord Minnett, Canaccord. (AFR)

• Gold price slump drags ASX down. (Capital Brief)

• UBS sees oil and gas prices staying higher longer. (Capital Brief)

• Ex-Macquarie banker’s Recludo eyes mortgage broker IPO. (AFR)

• MA Financial shares rise as Jarden rates “overweight.” (Capital Brief)

• Qantas says fuel secure until mid-April amid global shortages. (AFR)

• Australia hits by fuel shortage, work-from-home urged. (Capital Brief)

• AustralianSuper trims equities amid Iran and AI risks. (Capital Brief)

• Google halts $20b Australia data centre plan over tax fears. (Startup Daily)

• US senators push bill to ban sports betting on prediction markets. (Capital Brief)

• Declan Sherman faces backlash from investors over escrow issues at Infragreen following its IPO. (AFR)

• Silicon Quantum Computing gets $20m NRF investment. (Capital Brief)

• ASIC has intensified enforcement in the private credit sector through office inspections and document searches. (Capital Brief)

• Kushner’s Mideast-backed fund assets jump to USD6.2b. (Bloomberg)

• Fink says AI threatens to leave masses behind unless they invest. (Bloomberg)

• US to pay Total USD1b to switch from wind to oil and gas development. (FT)

VC 

• Bret Taylor leads OpenAI and $10b startup Sierra amid AI boom. (AFR)

People moves

• Judo Bank names David Stephen as director. (Capital Brief)

• EY appointed administrator of Sanjeev Gupta’s Tasmanian smelter. (AFR)

• Kyle Sandilands sues ARN Media over contract termination. (Capital Brief)

• Aware Super names Alex Satchcroft head of private equity. (Capital Brief)

• ABC staff to strike for first time since 2006. (AFR)

• Boral CEO Vik Bansal exits; Matt McKenzie to succeed. (AFR)

• OnlyFans owner Leonid Radvinsky dies of cancer at 43 amid talks to sell the platform. (Bloomberg)

• EY staffer fined for using mobile phone during two accounting exams. (AFR)

The watercooler