Daniel Kemp

ASIC says it needs ‘greater visibility’ to support market integrity and help maintain confidence, and will carry out ‘targeted surveillance’ in the next 18 months.

Australia’s largest superfund enjoys the diversity and risk-return opportunities provided by private credit – and still works with managers in the asset class despite building out direct investing teams in infrastructure and property.

The Australian Securities and Investments Commission had greater concern around funds that target retail or high-net-worth investors, with institutional-grade products considered more sound.

The A$35bn Australian superfund’s head of credit, Jason Huang, says private credit is ‘definitely not defensive’ but has an important role in its portfolio.

Spencer Ivey has relocated to Sydney to spearhead Ares’ push into APAC infra debt, a market the firm feels may grow substantially over the next 10 years.

A high-level investments team restructure has seen the fund create several new senior portfolio manager roles within its mid-risk investments function.

Nuveen Real Estate has held a second close for the fund on around A$650m following the investment, with a final close due this year.

Australian superfund Aware Super is one of the largest domestic players in the asset class Down Under – and continues to deploy capital through GPs overseas.

APRA said that superfund trustees ‘have work to do’ to improve their processes, with enforcement action possible for underperformers.

APRA will soon publish a review into how superfunds value unlisted assets, with ASIC supporting the work as it considers systemic risk to the wider financial system.