☕️Credit Crunch

Good morning.

While the assertion that ‘the golden age of private credit is over’ may have become a critique du jour in some circles of ~finahnce~ , the assessment is far from unanimous.

Defending not only the asset class, but Sydney-based Metrics Credit Partners, KeyInvest chief executive Craig Brooke tells Capital Brief that he has found himself “shaking his head” at the misunderstood and misrepresented sector.

“Everything that I'm reading and hearing about Metrics Credit Partners I don't agree with…I'm seeing false statements being made and I'm seeing inexperience from commentators that are making some of these statements,” Brooke lamented.

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Market movers

Woolworths and Coles shares surged Friday after the ACCC’s final report stopped short of forcing a break-up, instead recommending reforms to boost supermarket competition.

The quick sync

• Some Australian experts worry AI could lead to disaster, but they struggle to influence safety measures dominated by Silicon Valley. (Capital Brief)

• As Biliana Rajevic writes, Quantum founders aren’t just raising money — they’re selling the future, one complex pitch at a time. (Capital Brief)

• Ransomware is hitting law firms hard — and new rules will finally reveal who’s paying to keep it quiet. (Capital Brief)

• CPA Australia and Xero call for stronger budget support to help small businesses digitise and compete, with Australia lagging regional peers on growth and tech adoption. (Capital Brief)

• ASIC has given multiple private credit funds until 14 April to justify their governance and valuation practices, ramping up pressure on a sector facing rising defaults. (AFR)

Trading floor

M&A

• Canadian firm Northleaf, along with KKR and Roc Partners, is vying to acquire ProTen with bids expected in April. (AFR)

• X aims to repurchase $1.2b in buyout debt, easing banks' burden. (Bloomberg)

• Ravenswood gold mine sale narrows to Regis, Chifeng, and Indonesian bidders. (The Australian)

• Bruce Mathieson supports Bally’s bid for Star Entertainment with a $50m commitment, despite ongoing talks with other investors. (AFR)

• Austal’s buyout may lean toward US ownership, despite Hanwha’s interest, due to defence ties and regulatory concerns. (The Australian)

• Nine may sell its Domain stake to CoStar but must decide whether to reinvest or refocus on media. (The Australian)

• Existing investors in ByteDance are emerging as front-runners to take control of TikTok’s US operations in a bid to avoid a national security-driven ban. (Reuters)

Capital Markets

• Brookfield stays bullish on renewables despite Trump. (AFR)

• Albanese extends energy rebates to ease costs and curb inflation. (Capital Brief)

• Economists expect increased spending in the pre-election budget but anticipate few surprises, with many measures already announced. (Capital Brief)

• PEP considers options for $100m-a-year UP Education, with investment banks submitting proposals. (AFR)

• China urges market openness amid global instability and U.S. tariffs. (Capital Brief)

• Pathology firms eye $500m budget boost, but election politics may limit funding. (The Australian)

• Strang International accuses South32 of misusing confidential information to replicate its metal transportation products. (AFR)

• Labor boosts its Future Made in Australia plan to counter potential Trump-era tariffs, emphasizing local industry and a "Buy Australian" campaign. (Capital Brief)

• Carmakers rush to ship vehicles to the U.S. before Trump’s April tariffs disrupt supply chains and increase costs. (Capital Brief) (FT)

• Good Return launches new fund to back female-led businesses. (AFR)

• Hacker claims to have breached Oracle, prompting major Australian companies and government agencies to urgently assess their cybersecurity. (AFR)

• Geoff Wilson’s new LIC has surpassed $100m in commitments as he pushes toward a $510m target before the April 11 deadline. (AFR)

• New ransomware reporting rules will expose how often law firms pay ransoms, raising ethical and regulatory challenges in the legal industry. (Capital Brief)

• The SEC’s crypto task force held its first public meeting to explore how securities laws apply to digital assets, as Trump pushes for a sweeping regulatory overhaul. (Reuters)

• Vanessa Hudson steadies Qantas after crisis, but delayed jets, union doubts and ultra-long-haul risks still loom. (Bloomberg)

• The US IRS is reportedly close to a deal allowing immigration officials access to taxpayer data under Trump’s deportation agenda. (CNN)(WSJ)

VC

• Young venture capitalists face tough competition and limited career progression, often pushing them to get creative or start their own funds. (AFR)

People moves

• Michael McNamara is leaving Potentia Capital following internal tensions, shortly after the firm’s $1.35b Micromine sale. (AFR)

The watercooler