Australia’s securities regulator temporarily barred Fidante Partners Ltd. from offering units in a credit fund, extending a clampdown on private credit investments amid concerns over risks to investors.

The Australian Securities and Investments Commission issued a 21-day interim stop order against Class A units of the Ares Global Credit Income Fund, citing deficiencies in how the product’s target investors were identified. The regulator questioned whether the fund was suitable for investors seeking to preserve capital, as well as provisions allowing investors to allocate as much as 50% of their investable assets to the product.

The move comes just days after ASIC imposed interim stop orders on three mortgage investment funds operated by Australian Secure Capital Fund, which collectively manage about A$250 million ($174 million). Those orders followed concerns over inadequate disclosures about loan portfolios and the costs investors could face when exiting the funds, underscoring growing regulatory scrutiny of an industry facing questions over transparency and liquidity risks.

“Where ASIC identifies concerns that products may be reaching retail investors they were not designed for, we will use our regulatory tools to act swiftly to intervene early, disrupt poor practices and protect investors from potential harm,” the regulator said in a statement on Tuesday.

Ares Global Credit Income Fund, which had A$799.9 million under management as of June 30, invests in global bonds, syndicated loans, asset-backed securities and collateralized loan obligations, according to ASIC.

ASIC said its latest intervention was part of broader surveillance of private credit funds, focusing on how products are distributed to retail investors, as well as fees, profit margins and potential conflicts of interest.