Industry superannuation giant Hostplus has the highest unlisted asset exposure of the $3.4 trillion sector, new analysis reveals, but its investment chief Sam Sicilia says this does not pose liquidity concerns given how young its hospitality worker member base is.

It comes as super funds turn to equities to cushion poor office real estate performance and ramp up their scrutiny of liquidity risk, and as the industry watchdog tightens the screws on how funds price unlisted assets over concerns of inflated valuations.