澳大利亚超级年金的私人市场整合

Private Market Integrationin Australia’s Supers PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Rising allocations bring supers closer to global peers,but domestic impact remains limited Institutional Research Group Analysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Melanie TngResearch Analyst,APAC Private Capitalmelanie.tng@pitchbook.com DataOscar AllawayData Analyst Key takeaways •Australia’s superannuation system has surpassed AUD $4.1 trillion in assetsand is projected to reach AUD $6 trillion by 2030, cementing its role as one ofthe world’s largest retirement savings pools. Supers are steadily expanding intoprivate markets, but their domestic impact remains limited. Supers now allocatearound 18% of assets to unlisted equity, property, and infrastructure—well belowthe 30% to 40% levels of Canadian, US, and Dutch pensions, highlighting bothprogress and untapped capacity. pbinstitutionalresearch@pitchbook.com PublishingDesigned byJosie Doan Published on September 23, 2025 •Commitments skew toward scale and global managers. PitchBook data showsthat supers’ commitments to VC have risen from 31% in 2022 to 41.7% in 2024,but most flow to established global platforms, leaving smaller and first-timemanagers squeezed. Contents Key takeaways1Introduction2Evolution of the superannuation system2Expansion into the private market6Implications for GPs and the market10Outlook13 •Geographic patterns reflect a domestic-offshore barbell. Supers remainanchored in Australian property and infrastructure but increasingly turn to USmanagers for technology, healthcare, and other growth sectors absent from thelocal market. •Domestic VC fundraising underscores the paradox. Despite AUD $4.1 trillion inassets, Australian VC funds raised only AUD $0.79 billion across seven funds in2024, with supers making just four disclosed commitments—far fewer than otherdomestic LPs and offshore investors. •Without structural change, the gap will persist. While peers like Bpifrance andGIC deliberately channel capital into local ecosystems, Australia lacks suchmechanisms, leaving its innovation economy reliant on nondomestic LPs andgovernment programs. Introduction Australia’s superannuation system stands as a global benchmark for retirementsavings schemes. As of the end of September 2024, total AUM in superannuationreached approximately AUD $4.1 trillion, marking a milestone, as the sectorconsistently pushes past the AUD $4 trillion barrier.1These assets span a diverseecosystem, including Australian Prudential Regulation Authority (APRA)-regulatedfunds—around AUD $2.8 trillion—and self-managed superannuation funds (SMSFs)that exceed AUD $1 trillion.2 What sets Australia apart is not just scale, but structure. Unlike many peers fromthe Organisation for Economic Co-operation and Development, where agingdemographics drive pension outflows, supers enjoy structurally positive net inflowsthanks to the mandatory 12% contributions from wages. This positions Australiansupers alongside the world’s heavyweight investors, such as Canada Pension Plan(CPP) Investments, Dutch pension giants, and Singapore’s GIC/Temasek. Supers’ capital flows follow distinctive patterns: Where they invest, which managersthey back, and how governance shapes decisions all carry implications for privatemarkets. The system’s growing clout, however, has produced a paradox. Supersare expanding into private markets and increasingly writing billion-dollar checksto global managers, but their impact on the domestic private market ecosystemremains limited. While other developed nations like Canada and France haveleveraged their pools of patient capital to seed local innovation and build nationalchampions, Australia has yet to establish a mechanism to systematically channel itsretirement savings into its own VC and PE markets. This note explores how that tension is playing out—how supers allocate capital,which managers benefit, and the implications for domestic fund formation andbroader private market development. Evolution of the superannuation system Australia’s superannuation framework is relatively young by global standards, butit has grown into one of the largest and most influential retirement savings systemsin the world. The cornerstone of this system is the Superannuation Guarantee (SG),introduced in 1992 under the Keating government, requiring compulsory employercontributions to private retirement accounts. Initially set at just 3% of wages, theSG rate has steadily increased in stages, reaching its long-planned target of 12% onJuly 1.3This legislated pathway has created one of the most stable and predictableretirement savings pipelines globally, ensuring a consistent stream of capital thatfew other pension systems can match. The scale of the