Unlisted Assets
Invests in a diversified portfolio of mostly unlisted assets like private equity, infrastructure, and property.
Option: Unlisted Assets
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Summary
7-year returns as at 30 September 2025
7.93% p.a.
Returns over the last 7 years1
7+ years
Suggested timeframe
Who it suits
Suitable if you're an investor who:
- wants a diversified portfolio of mostly unlisted assets (like private equity, infrastructure and property), with a strategic allocation of 5% to listed property for liquidity management
- is willing to take higher risk for higher long-term returns
- is prepared to accept that unlisted assets can have negative returns over the short to medium term
- is prepared to accept the option may not be suitable if you have a low risk tolerance, are seeking to preserve your super, or are likely to need access to your super in the next few years.
Risk3
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Expected number of years of negative annual returns over any 20-year period: 3 to less than 4. The risk is based on the standard risk measure (SRM)^.
Investment objective
Accumulation and TTR Income accounts:
CPI + 4.5% p.a.
Retirement Income accounts:
CPI + 5.0% p.a.
Option size
Super assets:
$620.6 million
Pension assets:
$287.2 million
^For more definitions
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Unlisted Assets performance
As at 30 September 20251
The portfolio invests in private equity, infrastructure, private credit, cash, and (from 1 July 2024) property. All asset classes delivered positive returns over the quarter and the year to September 2025. Over the quarter, private equity was the strongest performer, while infrastructure was the best performer over the year to September.
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Past performance isn't a reliable indicator of future performance. Returns shown are after investment fees and costs, transaction costs and investment taxes (where relevant) but before all other fees and costs.
Returns shown here for our Accumulation account are also the returns that apply for Transition to Retirement income accounts. Tax generally doesn't apply to investment earnings in Retirement Income accounts.
We changed this option's investment strategy on 1 July 2024, so when you look at its performance, bear this in mind.
Unlisted Assets asset allocation
Please refer to page 50 of the relevant Investment Guide (for Super Savings and QSuper Accumulation accounts) or page 87 of the relevant Product Disclosure Statement for Income Account and Lifetime Pension (for Super Savings and QSuper Income accounts).
Outlook and strategy
As at 30 September 2025
Private equity market activity in Q3 2025 remained resilient despite ongoing economic uncertainty. Deal flow showed modest improvement compared to earlier quarters. During the quarter, our private equity team completed a co-investment in Techem, a German submetering and energy service company serving 440,000 customers across 13 million dwellings. Submetering incentivises tenants to reduce heat consumption by providing heat cost allocation, driving household cost savings and a reduction in CO2 footprint. The team also completed an investment in KabaFusion, a North American provider of home infusion therapies, treating chronic illness patients across 44 US states.
Additionally, we extended our private equity mandate with the Queensland Investment Corporation (QIC) by US$600 million. The mandate will focus on venture capital, growth equity and lower mid-market fund, and co-investment commitments that are smaller in scale than ART typically targets directly.
Our real estate team continues to seek investments that are accretive from a risk-adjusted returns perspective and contribute positively to portfolio diversification. During the quarter, our real estate team committed ~US$200m to a market-leading land aggregation platform focused on acquiring real property interests beneath mission critical infrastructure assets in the US. The platform will target digital, renewable energy, and transportation sectors to build a high-quality and diversified portfolio that generates stable, long-term returns.
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