The Australian Securities and Investments Commission (ASIC) has raised concerns about the increasing flow of investment dollars into private markets, highlighting a decline in the number of companies listed on stock exchanges. ASIC warned that this trend could lead to more failures in private credit investments, resulting in financial losses for Australian investors. The regulator is particularly apprehensive about the potential risks associated with less transparent private markets. This scrutiny comes amid similar actions by financial regulators in the UK, where the finance watchdog is set to review conflicts of interest in private markets.