ASIC Halts Sales of Two Angas Securities Funds
The corporate regulator has issued interim stop orders against the Angas Prime Income Fund and the Angas Direct Mortgage Fund.
Updated on Nov. 9, 2026 in Investing
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The Australian Securities and Investments Commission issued interim stop orders preventing Angas Securities from offering, issuing, selling or transferring interests in the Angas Prime Income Fund and the Angas Direct Mortgage Fund. The regulator is concerned the product disclosure statements do not adequately disclose the firm's financial position.
Why it matters
ASIC is concerned investors may not have been adequately informed about the firm's financial position and related risks. The move follows the collapse of the Bathla Group, which highlighted the risks that emerge in private credit when disclosure is inadequate.
ASIC is tracing $3.2 billion in funds loaned to the Bathla Group, and the interim stop orders cover two Angas Securities funds. Whether final stop orders will follow has not been determined, pending Angas Securities being heard.
The players
Australian Securities and Investments Commission (ASIC)
ASIC is Australia's national corporate, markets and financial services regulator, responsible for overseeing investment products and enforcing disclosure rules.
Angas Securities
Angas Securities is the firm that issues and manages the Angas Prime Income Fund and the Angas Direct Mortgage Fund, now subject to ASIC's interim stop orders.
Bathla Group
Bathla Group is a company that entered voluntary administration in August 2026, and to which ASIC is tracing $3.2 billion in loaned funds.
The details
ASIC issued the interim orders against the Angas Prime Income Fund and the Angas Direct Mortgage Fund, citing concerns about disclosures in the product disclosure statements and the Angas Prime Income Fund's exposure to the Bathla Group. ASIC is engaging closely with voluntary administrators and making inquiries focused on further action.
Timeline
August 2026: Bathla Group entered voluntary administration.
Late September 2026: ASIC urged private credit fund managers to assess themselves against its 10 best practice principles.
9 November 2026: ASIC issued interim stop orders against the Angas Securities funds.
Market Dynamics
ASIC has previously issued stop orders against funds run by Murdoch Clarke Mortgage Management and Fidante Partners, and the Angas orders extend that same approach. In late September, the regulator urged private credit fund managers to assess themselves against its 10 best practice principles.
Investors holding interests in the Angas Prime Income Fund or the Angas Direct Mortgage Fund cannot be sold further interests while the orders remain in place. Those considering private credit products should review disclosure statements closely for exposure to troubled counterparties.
The takeaway
Investors in private credit funds should check how fully a product disclosure statement covers the manager's own financial position and its exposure to related companies. Gaps in those disclosures are the kind of risk ASIC is now pursuing.
What happens next
ASIC will consider whether final stop orders should be made after giving Angas Securities an opportunity to be heard.
Further reading
For more on how private credit products are assessed, see the Investing section.
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