HedgeCo.Net — Metrics Credit Partners, one of Australia’s largest private credit managers with about A$40 billion under management, on September 30, 2026 temporarily suspended redemptions from unlisted wholesale funds that feed its three ASX-listed trusts, after auditor KPMG said it would not sign off on their full-year accounts by the September 30 deadline, Reuters reported. Business News Australia said the 90-day freeze covers the roughly A$6 billion Metrics Wholesale Investment Trust and the A$5.4 billion MCP Real Estate Debt Fund.
The listed vehicles, Metrics Master Income Trust (MXT), Metrics Income Opportunities Trust (MOT), and Metrics Real Estate Multi-Strategy Fund (MRE), have been suspended from trading since Monday, when Metrics disclosed write-downs. Metrics said KPMG disagreed with assumptions in preliminary reports, including fair value for unlisted commercial real estate equity investments. Business News Australia reported net tangible asset backing cuts of more than 10% at MOT, about 12% at MRE, and 1.9% at MXT.
Perpetual, responsible entity for MXT and MOT, suspended distribution reinvestment plans, and S&P Global placed four rated wholesale Metrics funds on credit watch. The Australian Securities and Investments Commission said it is closely monitoring the sector and that redemption decisions must be in investors’ best interests. Reuters noted Metrics said it had no exposure to Bathla Group, the property developer whose August administration left about A$3 billion owed to some 40 lenders.
For global private credit allocators, the episode is a reminder that valuation governance, not just credit losses, can trigger liquidity events in semi-liquid structures. It landed the same day the SEC proposed more flexible interval fund repurchase mechanics in the U.S., and will likely sharpen LP and regulator questions about how unlisted real estate marks are set inside vehicles that promise periodic liquidity.