Key Takeaways
- • KPMG has delayed audit sign-off on three major Metrics Credit Partners ASX-listed funds managing over $3 billion in private credit lending, with unaudited accounts released late on August 31, just days before the ASX deadline.
- • The three affected funds are Metrics Real Estate Multi-Strategy Fund, Metrics Opportunities Fund, and Metrics Master Income Fund—all subject to continuous disclosure obligations under exchange rules.
- • A Metrics spokesman confirmed the audit would be "completed this month" (September 2026), indicating the delay does not represent a long-term impediment to final account publication, though timing pressures remain.
- • The late release of unaudited accounts highlights operational or audit complexity at one of Australia's largest private credit platforms, raising questions about internal controls and audit resource availability during peak reporting periods.
Summary
KPMG has delayed the completion of audit sign-offs on annual accounts for three major private credit funds managed by Metrics Credit Partners, according to an Australian Financial Review report dated September 1, 2026. The three ASX-listed funds—Metrics Real Estate Multi-Strategy Fund, Metrics Opportunities Fund, and Metrics Master Income Fund—collectively manage over $3 billion in private credit exposures and are among the firm's flagship investment vehicles.
The audit delay forced Metrics to release unaudited accounts on August 31, just days before the ASX's mandatory deadline for publication. This timing suggests the audit process extended beyond the firm's internal planning assumptions, though the delay was managed to meet exchange disclosure requirements. A Metrics spokesman stated the audit would be "completed this month," indicating September 2026 as the target completion window.
The incident underscores operational pressures within Australia's rapidly expanding private credit sector, where audit complexity has increased alongside fund size and portfolio diversification. Metrics' exposure across real estate, opportunistic credit, and master income strategies requires multi-layered audit scrutiny, potentially contributing to the timing pressure. As all three funds remain subject to continuous disclosure obligations under ASX rules, any material audit findings or account restatements would trigger further disclosure requirements.
The delay does not appear to signal underlying asset quality concerns, given management's confidence in same-month completion. However, the late release of unaudited accounts may prompt institutional investors to scrutinize Metrics' back-office infrastructure and audit preparation processes as part of ongoing due diligence on their private credit exposures.
The audit delay forced Metrics to release unaudited accounts on August 31, just days before the ASX's mandatory deadline for publication. This timing suggests the audit process extended beyond the firm's internal planning assumptions, though the delay was managed to meet exchange disclosure requirements. A Metrics spokesman stated the audit would be "completed this month," indicating September 2026 as the target completion window.
The incident underscores operational pressures within Australia's rapidly expanding private credit sector, where audit complexity has increased alongside fund size and portfolio diversification. Metrics' exposure across real estate, opportunistic credit, and master income strategies requires multi-layered audit scrutiny, potentially contributing to the timing pressure. As all three funds remain subject to continuous disclosure obligations under ASX rules, any material audit findings or account restatements would trigger further disclosure requirements.
The delay does not appear to signal underlying asset quality concerns, given management's confidence in same-month completion. However, the late release of unaudited accounts may prompt institutional investors to scrutinize Metrics' back-office infrastructure and audit preparation processes as part of ongoing due diligence on their private credit exposures.
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