Investment by super funds in high-quality private assets, such as infrastructure and private equity, creates large benefits for their members, along with some problems. Unfortunately, commentary by Richard Holden (Opinion, November 10 & 23) and others has overstated those problems and largely ignored the very substantial benefits of super fund investment in private assets.

There is an inherent problem for super funds in how to maintain fairness across the member base as some members are contributing and others are withdrawing super through time. What ownership stake should be given to the investors bringing new capital? And, how much capital should the leaving investors take with them?