Late last decade we were writing how industry super funds had changed Australian equity capital markets deals, and takeovers by spearheading ASX-listed company buyouts. It feels like they’ve hoovered up anything not bolted down since.

But the onslaught of FY25 results – chief investment officers’ once-a-year chance to remind investors their retirement is in solid hands – signals a new chapter. Some of this year’s gains were made selling typically sticky and illiquid infrastructure and private equity assets, not just buying and holding on.