Metrics Credit Partners, one of Australia’s largest private credit firms, temporarily suspended redemptions from unlisted funds feeding three listed vehicles and delayed their audited financial reports. The firm, which manages around A$40 billion ($28 billion), said auditor KPMG would not approve full-year accounts by the Sept. 30 lodgement deadline after challenging assumptions including fair-value calculations for unlisted commercial real estate equity investments. The three funds have been suspended from stock-exchange trading since Monday following asset write-downs and will remain halted until audited reports are filed. The move comes after Australia’s corporate regulator warned of unrealistic valuations and weak governance in private credit. That warning followed the August administration of property developer Bathla Group, which owed A$3 billion to about 40 lenders. Australia’s rapidly expanding private-credit market is heavily exposed to a property sector weakened by higher interest rates and housing-tax changes.