Mandala Partners：2025年私人资本：澳大利亚的未开发机会报告（英文版）

The primary driver of superannuation member outcomes is risk-adjusted net returns, making private equity and venture capital (PEVC) a compelling asset class for superannuation investment. Superannuation funds can maximise returns by investing in PEVC, which has an annualised 10- year return that is 10.8 percentage points higher than Australian listed equity. MySuper products which allocate more to PEVC achieve 3x the fee efficiency compared to products with belowaverage allocations, due to fe