Jul 8, 2026 – 5.17pmThe private credit funds backing Ross Garnaut’s Zen Energy began writing down their positions as early as January, foreseeing the renewable energy player’s demise at least six months in advance even as the company worked through a sale process.Ross Garnaut pictured in 2018. Louie DouvisSarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Private credit funds chase millions as Ross Garnaut’s Zen Energy collapses
Longreach’s portfolio managers made two provisions to their valuation of Zen’s debt, specifically warning investors a voluntary administration was a likely scenario.
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