根据澳大利亚知名私人债务管理公司 Metrics Credit Partners 的报告，该公司下调了旗下三只上市基金的资产价值，总计减少了约 1.69 亿澳元（1.19 亿美元），并暂停了这些基金的交易。
By Richard Henderson and Amy Bainbridge Metrics Credit Partners, a major Australian private debt firm, reduced the value of assets across three listed funds by about A$169 million ($119 million) and halted trading of the vehicles.
根据 9 月 28 日发布的一系列公告，为在 9 月 30 日之前完成财务报告的编制工作，Metrics 将其“房地产多策略基金”（Real Estate Multi-Strategy Fund）的资产价值下调了约 4,700 万澳元，至 3.37 亿澳元；将“收入机会信托基金”（Income Opportunities Trust）的资产价值下调了约 7,300 万澳元，至 6.43 亿澳元；将“主要收入信托基金”（Master Income Trust）的资产价值下调了约 4,900 万澳元，至 24 亿澳元。
Ahead of a Sept. 30 deadline to finalize its accounts, Metrics cut the value of its Real Estate Multi-Strategy Fund by around A$47 million to A$337 million, the Metrics Income Opportunities Trust by around A$73 million to A$643 million and the Metrics Master Income Trust by approximately A$49 million to $2.4 billion, according to a series of disclosures dated Sept. 28.
这些资产价值的下调是基于彭博社（Bloomberg）的计算结果。Metrics 的一位发言人表示，除了已公开的信息外，该公司没有其他需要补充的内容。
The reductions are based on Bloomberg calculations. A spokesperson for Metrics said the company didn’t have anything to add beyond the disclosures.
Metrics 管理着约 400 亿澳元的资产，其业务发展与澳大利亚私人信贷市场的快速增长密切相关。据知情人士透露，由于对贷款估值和公司治理结构的担忧，澳大利亚证券和投资委员会（ASIC）一直在密切关注 Metrics 的运营情况。不过，该监管机构尚未指出 Metrics 存在任何违法行为。
Metrics, which manages around A$40 billion, has become closely linked to the sharp growth of Australia’s private credit market. The Australian Securities and Investments Commission was scrutinizing Metrics because of concerns over loan valuations and governance practices that emerged as part of a broader industry probe, people with knowledge of the matter said in July 2025. The regulator has not suggested there was any wrongdoing at Metrics.
近年来，澳大利亚的私人信贷市场（规模达 2000 亿澳元）受到了广泛关注，其中大部分贷款都投向了房地产领域。ASIC 多次表示希望加强对该行业的监管。最近，悉尼房地产开发商 Bathla Group 的破产事件进一步凸显了该行业所面临的挑战。
There has been a heightened focus on Australia’s A$200 billion private credit market in recent years, where the bulk of lending has gone to real estate. ASIC has repeatedly said it wants better oversight of the sector. More recently, the insolvency of Sydney property developer Bathla Group highlighted challenges facing the industry.
上周，ASIC 警告私人信贷行业必须全面提高自身的运营标准，并表示正在开展多项执法调查，同时也在对各类私募基金（包括批发和零售基金）的运营情况进行监督。
Last week, ASIC warned the private credit industry it needed to improve its standards across the board. The regulator said multiple enforcement investigations were underway, while it was also overseeing surveillance across wholesale and retail funds.
今年早些时候，ASIC 要求这些基金提供为期六周的详细财务数据，并表示正在对多只私募基金进行调查，以确保其资产估值的真实性。
Earlier this year, ASIC requested detailed data from funds on a weekly basis for a six-week period, and later said it was investigating a number of private credit funds to ensure valuations were realistic.
澳大利亚价值4.8万亿美元的养老金行业对私人信贷表现出浓厚的兴趣，不过在投资大型企业时更倾向于选择海外债券。部分澳大利亚资产管理机构则刻意回避与房地产行业相关的私人信贷基金。
Australia’s A$4.8 trillion pension industry has shown strong appetite for private credit, though it has favored overseas debt in large companies. Some Australian asset managers havesteered clear of private credit funds tied to the property sector.