Australian investors are not discovering a fatal flaw in private credit after the collapse of Bathla Group; rather, they are confronting a test that comes with scale.
The question investors used to ask their private credit managers was: how quickly can you put my money to work? Now they are asking a less comfortable question: how much will I get back ?
Much of the scrutiny of private markets has focused on developments offshore, particularly concerns about transparency, valuations and liquidity rather than widespread credit losses. Australia appeared comparatively insulated, until recently.
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