ASIC reviews Australia's public and private markets
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On 26 February 2025, the Australian Securities and Investments Commission (ASIC) released a discussion paper, Australia's Evolving Capital Markets: A Discussion Paper on the Dynamics Between Public and Private Markets. It examines how public and private markets interact, and it signals closer regulatory attention on private markets as they grow.
What the ASIC's Discussion Paper Covers
ASIC published the paper to invite views from market participants, their advisers and other interested parties on the issues and implications of changes in Australia's capital markets. Its central theme is the shifting balance between the two sectors: public listings are trending down, while private equity and private credit are growing significantly.
Public and Private Markets Defined
- Public markets cover listed entities, traded funds and public debt markets.
- Private markets cover private equity, private credit, unlisted infrastructure and unlisted property.
Growth in Australia's Private Markets
ASIC's figures show Australian private markets assets under management (AUM) nearly tripled over the past decade, from A$57.1 billion in 2014 to A$148.6 billion in March 2024.
Private credit has drawn particular attention. The Reserve Bank of Australia (RBA) estimates the Australian private credit market is now worth approximately A$40 billion.
ASIC's Concerns About Private Markets
Alongside this growth, ASIC has identified several regulatory challenges, with rising concern about retail investor exposure:
- Transparency
- Valuation practices
- Conflicts of interest
- Illiquidity
- Disclosures
- Fair treatment of investors
Taken together, these points show ASIC placing greater regulatory focus on private capital markets. As the sector expands, private market businesses will need robust systems to manage their operations, compliance and obligations accurately. That supports the confidence and transparency ASIC is looking for.
Consultation and Next Steps
The paper poses a series of questions to market participants. Responses were due in late April 2025, and ASIC indicated that further updates would follow once it had reviewed the submissions.
How Titanium Supports Private Market Operators
If you work in private markets, the issues in ASIC's paper (transparency, valuation, disclosure and investor treatment) come down to how well your operations are run day to day.
Titanium Digital provides funds management and lending software for the financial and investment industry. Our platform gives private market operators a more systemised way to manage operations, compliance and security. That means less reliance on manual processes and a stronger foundation as your business scales.
To see how Titanium can help you manage your operations and scale with confidence, Book a free demo. You can also call 1300 885 100 within Australia (+61 2 9213 4777 from overseas).