Almost 15 years ago, private equity funds were the barbarians at the gate, the apex capitalists, respected and feared for their strategy of cutting costs, leveraging up and flipping assets to extract eye-watering returns.

Local industry super funds were an afterthought, a folksy not-for-profit sector, controlled by unions and employer groups, being shown the ropes, and handing over increasingly sizeable cheques to funds managers in listed equities and private equity at just the wrong time.