--- title: "AustralianSuper and ART: similar private debt, different portfolio weights | Altss Blog" description: "APRA's June 2026 figures put ART and AustralianSuper near A$6.5bn each in Private Debt, but at portfolio weights of 1.71% and 1.44%, respectively." canonical: "https://altss.com/blog/australian-super-art-private-debt-exposure-portfolio-weights" --- [Altss Research](https://www.linkedin.com/company/altss) 3 min read Updated Oct 22, 2026 Share # AustralianSuper and ART: similar private debt, different portfolio weights APRA's June 2026 figures put ART and AustralianSuper near A$6.5bn each in Private Debt, but at portfolio weights of 1.71% and 1.44%, respectively. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=AustralianSuper%20and%20ART%3A%20similar%20private%20debt%2C%20different%20portfolio%20weights) Copy link Private debt represented 1.71% of Australian Retirement Trust's total fund investments at 30 June 2026, compared with 1.44% at AustralianSuper. Yet both reported about A$6.5 billion in [APRA's Private Debt category](https://www.apra.gov.au/system/files/2026-09/Quarterly%20Superannuation%20Fund%20Statistics%20June%202026.xlsx). Similar dollar exposures carried different portfolio weights. That distinction changes how an institutional research team reads a list of Australia's largest super funds. AustralianSuper had the larger investment portfolio, while ART had the higher weight and slightly greater amount in this category. Total fund size alone would miss the relative importance of the existing exposure within each fund. ## Similar amounts, different portfolio weights ART's A$6,487.9 million represented 1.71% of its A$380,175.1 million in total fund investments. AustralianSuper's A$6,465.6 million represented 1.44% of its larger A$449,628.9 million total. These percentages are calculated from APRA's reported values. They describe the selected category's share of total fund investments, rather than an individual member's allocation or a strategic target. The distinction is useful when comparing allocator books. ART's smaller investment portfolio carried the higher private-debt weight in this snapshot. AustralianSuper's larger balance did not translate into a larger reported amount in the same category. Neither result explains which managers received capital, whether investments were made directly or through particular funds, or which new mandates might be available. ## A broader population in the industry total The populations differ before any industry-share calculation is made. APRA's named-fund publication covers APRA-regulated funds with more than six members. Its [June 2026 industry asset-allocation table](https://www.apra.gov.au/system/files/2026-09/Quarterly%20Superannuation%20Industry%20Publication%20-%20June%202026.xlsx) covers superannuation entities with more than six members, including exempt public-sector schemes. Against that broader published total, the two named amounts sum to A$12,953.5 million, or 28.0% of the A$46,241 million in Private Debt. This is the selected funds' share of that APRA total. It does not reconcile every individual fund record or measure their share of the entire Australian private-credit market. ## The reporting category matters APRA places Private Debt within Fixed Income. Its [glossary definition](https://www.apra.gov.au/quarterly-superannuation-industry-publication-glossary) covers loans or debt that are not publicly issued or traded in a secondary market and are not evidenced by debt securities. Other fixed-income characteristics are reported separately. A market description such as private credit can cover a different perimeter from this particular column. The within-fund weights here use Private Debt divided by the named-fund table's reported Total Fund Investments; the industry table's Private Debt row is used only for the separate aggregate comparison. The figures use an effective-exposure basis, combining physical assets on APRA's prescribed look-through basis with equivalent derivative positions. [APRA's December 2024 reporting instructions](https://www.apra.gov.au/system/files/2024-12/Reporting%20Standard%20SRS%20550.0%20Asset%20Allocation_clean.pdf) explain that basis. The reported amounts are neither a list of manager commitments nor a measure of cash paid during the quarter. APRA also distinguishes total investments from member assets, which reflect liabilities and other adjustments. This is an exposure comparison, answering a different question from [CalPERS's commitment and liquidity disclosures](https://altss.com/blog/calpers-private-market-commitments-liquidity-total-portfolio-approach). For these Australian funds, it establishes the scale and relative weight of an existing reported category. A manager-specific opportunity still requires evidence of the fund's strategy, implementation arrangements and current mandate. The June-quarter editions were released on 9 September 2026; the figures do not describe a new October allocation or an invitation to raise capital. 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