Australia’s corporate watchdog has warned the nation’s pension funds to strengthen disclosure around private assets and their valuations as the A$4.3 trillion ($2.8 trillion) industry ramps up its exposure to unlisted investments.
The Australian Securities and Investments Commission on Tuesday released a review of the latest financial reports from 60 funds and a sample of audits. It found inconsistent investment disclosures and urged funds to ensure that valuations provided by external fund managers are reliable.