05
Mar
Private credit: Under the microscope
Private credit is becoming a preferred source of financing for many transactions and businesses, but size invites scrutiny. Following an extended period of strong market conditions, the market is seeing some deterioration in credit quality. Regulators, consumer interest groups, and the media are all weighing in – not least in Australia where it is feared that certain products have been oversold to inexperienced investors.
- What can be done to enhance education, regulation, and transparency?
- What are the growth prospects for private credit?
- Does Asia Pacific PE need a more accessible high-yield bond market?
- How are private credit managers collaborating with banks?
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SpeakersRyan Eagle Partner KPMG
Sid Kumar Head of Acquisition Finance Challenger Investment Management
Nicole Kidd Chief Executive Officer and Chief Investment Officer Corval Avenue
Antoine Lourtau Partner Park Square Capital
Kelly Morton Founder Skye Capital Advisory
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As Asia Pacific private credit leader, I am focused on connecting clients to KPMG’s breadth of services to assist with fund structuring, deal sourcing, fund performance and the growth of our clients.
I regularly advise on a range of assignments across private credit, including direct lending, distressed and special situations, asset-backed lending, restructurings (including debt-to-equity transactions) and various business turnaround & value creation assignments.
Our deal team are uniquely placed to provide transaction services, debt advisory, tax structuring, turnaround and restructuring services, deal strategy, value creation, M&A, reporting and monitoring, options analysis and compliance services.
Sid Kumar is Head of Acquisition Finance at Challenger Investment Management, where he leads the origination, execution and portfolio management of high-yield corporate credit investments across Australia and New Zealand. Prior to joining Challenger in 2017, Sid spent seven years in Barclays Capital’s Leveraged Finance team across Australia and India, specialising in the structuring, underwriting and distribution of high-yield financings.
Nicole has been leading the Corval Avenue business, a leading real estate fund manager, since August 2023, including the period from August 2023 until September 2025, under the brand Schroders RF.
Over a three decade career in finance, Nicole has specialised in private debt markets, and her prior roles include Head of Private Debt APAC at Schroders Capital, Managing Director and Head of Corporate Banking Australia at RBC Capital Markets, portfolio management roles at AMP in Australia and London and a variety of roles in wholesale and institutional banking at National Australia Bank.
Real estate private credit has become a key pillar of the Australian private assets landscape and Nicole is focused on achieving attractive risk-adjusted returns for investors and ensuring rigorous credit analysis and risk management underpins every investment decision.
Antoine is a Partner at Park Square Capital, and Head of France based in Paris.
Prior to joining Park Square in 2006, Antoine worked on private equity investments at PAI partners in Paris, and in M&A at Lehman Brothers in London. Antoine graduated from Ecole des Hautes Etudes Commerciales in Paris and holds a Bachelor’s Degree in Computer Engineering from McGill University in Montreal.
Kelly is the Founder of Skye Capital Advisory, she is one of the most progressive and respected senior debt advisory professionals in the Australasian market, having raised ~$100bn of debt capital in Australian and international markets.
Kelly is considered a market leader in developing funding solutions and providing financial advice to corporates and private equity firms, including specialist advice on business transformation strategies to effect change, drive profit and stimulate growth. Recent market leading transactions include Allegro funds acquisition of Toll, acquisition financing of Gull NZ, first social loan in Australia for APM employment services and the recent acquisition of retail zoo (boost/Betty’s burgers).