Fund Company Update

AustralianSuper taking private equity investments to $50 million within five years

AustralianSuper’s head of private equity, Terry Charalambous, has announced the industry fund will be increasing its private equity investments by $13 billion across the coming two years. Investments of $9.5 billion will be made in the United States in a range of sectors including healthcare, technology, industrials, consumer and financials. The fund intends to increase its allocation to private equity from 5 per cent to 7 per cent by 2024. Overall private equity investments will increase to $26 billion across two years, with the private equity portfolio expected to be sitting at $50 billion within five years.

North launches app

North has a new client app to keep up engagement between advisers, clients and investments. Clients can look at their superannuation, pension and investment accounts while monitoring performance and checking statements and beneficiaries. Features to be added include digital consent and updating address and bank details.

AvSuper and Commonwealth Superannuation Corporation sign merger MoU

A non-binding memorandum of understanding (MoU) has been signed by AvSuper and Commonwealth Superannuation Corporation as merger discussions continue. Due diligence is now being undertaken. AvSuper announced in late 2021 that it was considering the benefits of a merger.