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Industry super fund Asset Super now has about 5 per cent of its $1.5 billion in funds under management invested in alternative growth assets, according to chief executive John Paul.
Paul revealed the allocation towards alternative assets at the same time as confirming that at the end of January Asset Super had made an initial investment of $12 million in Irish-based LGT Crown Global Secondaries II Fund.
He said this was part of the fund’s decision late last year to appoint LGT and commit $50 million to the Crown Global Secondaries II Fund.
He said that as of the end of December 2009, Crown Global Secondaries II had committed US$135 million to 11 secondary transactions and had direct investments in 25 equity partnerships — along with a large number of indirect investments via portfolio holdings.
