Industry super funds, with their increasing funds and better knowledge, are the new apex capitalists. They are in the process of sketching out the next phase of private equity and venture capital.
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.
Jemima WhyteSenior reporterJemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
