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A study from fund administrator Gen II Fund Services sheds light on how fund managers expected the pandemic to affect their valuations.
Future Fund recorded a -3.2% return for the quarter to end of March 2020 and has not yet revalued its unlisted assets.
Two of Australia’s largest funds, AustralianSuper and UniSuper, have booked significant devaluations of their unlisted asset portfolios in response to the coronavirus crisis.
‘Very aggressive’ cashflow assumptions and valuations calculated based on desired returns are being used to lure buyers, LPs say.
It’s not just ‘a wall of capital’ chasing too few deals that has driven up infrastructure valuations in the past 15 years, but other systematic factors as well, the research institute says in its latest study.
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