Australia’s Pensions Body Defends Private Valuations Amid Probe

The industry body for Australia’s A$3.6 trillion ($2.3 trillion) pensions sector says funds are adequately valuing their growing pools of private assets, as regulators ramp up scrutiny of the often opaque investments.

Australia’s pension funds have piled into private assets locally and offshore, and they now comprise almost a fifth of their investments. The Australian Prudential Regulation Authority said last month it was conducting a deep-dive review of funds with material exposure to such assets, which are valued less frequently than listed investments and can be harder to sell.