Deep dive: How super funds value what the market can't see
Unlisted infrastructure and property now anchor the biggest balanced options. We unpack the valuation machinery — and where APRA is pushing.
Priya Nair
Banking & Credit Correspondent · Saturday 30 May 2026 · 11 min read
Australia's $3.9 trillion superannuation system has quietly become one of the world's largest owners of unlisted infrastructure and real estate. That shift raises a deceptively simple question: what are those assets actually worth on any given day?
Unlike listed equities, unlisted holdings are not marked by a live exchange price. Funds rely on periodic independent valuations, internal models and a revaluation framework that governs how often, and how sharply, carrying values move.
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