The Australian Prudential Regulation Authority (“APRA”) today released the results of research into investment in illiquid assets by large APRA-regulated superannuation funds. The research, released in the APRA Working Paper “Risk and return of illiquid investments: A trade-off for superannuation funds offering transferable accounts”, examines investments in illiquid assets and the subsequent impact on portfolio performance. Illiquid assets include directly held property, unlisted property trusts, infrastructure investments, private equity and hedge funds.