Rich families outstrip super funds in the hunt for tech start-up riches

Lucas Baird and Amelia McGuire

May 10, 2025 – 5.00am

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Australia’s richest families have overtaken superannuation funds for the first time as the biggest investor cohort behind the nation’s $65 billion private capital sector, new Australian Investment Council data has shown.

AIC chief executive Navleen Prasad said mounting pressure on the super industry to lower fees had driven funds away from more expensive venture capital and private equity vehicles despite the potential for far higher returns than on public markets.

Lucas Baird is a journalist based in The Australian Financial Review's Sydney office.

Amelia McGuire covers technology from the AFR's Sydney newsroom. She was previously the aviation, tourism and gambling reporter for The Sydney Morning Herald and The Age.