Australia’s largest pension funds slash value of unlisted assets due to COVID-19

Sydney, Australia. Photo: Unsplash

Australia’s pension funds are slashing the values of their unlisted infrastructure and property investments, as countries around the world move into lockdown to combat the spread of the coronavirus pandemic.

AustralianSuper, the country’s largest pension fund, lowered the value of its unlisted investments by 7% due to the impact of the virus outbreak, its Chief Executive Ian Silk said on Tuesday.

The virus spread and measures to fight it have had a drastic impact on market values and volatility globally, with equity, debt and money markets registering declines not seen since the global financial crisis.

“In the current unique circumstances, AustralianSuper has moved to revalue its unlisted assets so that members can have an up-to-date picture of their superannuation balances,” Silk said in a statement.

“The values of all investment portfolios have been adjusted to reflect the economic and financial market impacts of COVID-19.”

The value of the fund’s unlisted assets, including airports, ports and toll roads around the globe, were reduced by 7.5% on average, Silk added.

The downgrade resulted in a 2.2% reduction in AustralianSuper’s “balanced” investment portfolios – which also include cash, bonds and equities – as of March 23.

UniSuper, an A$85 billion pension fund for the higher education and research sector, said it too had taken a 6% cut to unlisted infrastructure values and a 10% cut to unlisted property values.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.