Australia’s super fund giants say they’re ready for APRAs probe into how they value their private asset holdings.
Australia’s largest superannuation funds say they have acted in the interest of members amid calls for greater transparency and consistency in how unlisted, or private assets are valued.This week, John Lonsdale,
ART is among Australia’s largest investors in private assets with a one-third allocation that it says in line with “global practice.” AustralianSuper revalues its assets on a regular basis while full portfolio holdings are published every six months, the spokesman said.Mr Fok said CBUS had a “detailed and robust valuation policy and approach, which is important to ensure equity for members.” This includes a valuation committee that is operationally independent of those managing the assets with frequent revaluation cycles and periodic rotations of independent valuers.
She said the valuation committee was independent of the investment team and was chaired by the chief investment officer and included a senior partner at a big four accounting firm.The APRA probe comes ahead of a year in which many top investors believe will test the valuations of private assets as rising interest rates constrain cash flows while redemptions will force asset sales.
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