Australia-based Construction and Building Industries Superannuation Fund (Cbus) has revealed that it will not commit to unlisted private real estate vehicles in 2012, preferring to concentrate instead on direct investments. Currently, 50% if its portfolio is made up of direct assets, while the remaining 50% is allocated to private property funds. Being overweight to the asset class, it aims to reduce its overall allocation from 14% to 13.5%. Despite this strategic shift, it is possible that the superannuation scheme may resume private fund investments in 2013.
The AUD 17.5bn superannuation scheme has previously committed to a number of vehicles managed by ISPT, AMP Capital Investors, MGPA, Franklin Templeton Investments, and Fortius Funds Management. Most of its unlisted commitments are in core funds; however its portfolio also includes value-added and funds of funds.