Private equity and venture capital bosses have argued superannuation funds cannot afford to sidestep them after a stoush over the fees they charge overshadowed the industry's annual conference last week.

Australian Private Equity & Venture Capital Association (AVCAL) chairman Gareth Banks defended the fees charged by the industry as good value. But he conceded the "opaque" nature of the sector's complex remuneration structures had left it susceptible to recent criticisms.