Superannuation funds now have close to $240 billion in unlisted assets, but retail funds have a smaller proportion of their assets allocated to them than five years ago.
The lion's share of the unlisted assets (such as infrastructure, private equity and private debt) is held by not-for-profit superannuation funds, according to Rainmaker analysis of APRA data.
Retail funds hold just $23 billion or less than 10% of Australian superannuation funds' total money invested in such investments.
Over the five years, the proportion of retail fund FUM held in unlisted assets fell from 4.5% in 2014 to 3.7% this year.
By contrast, not-for-profit superannuation FUM share held in unlisted infrastructure increased from 3.7% to 6.1%.
This is largely attributable to the growth in their scale and not an increase in fund-level allocation to such assets which held steady at about 20%.
Private equity's share of the pie has fallen over the last five years, for both retail and NFP sector.
In NFP funds, private equity's share of total FUM nearly halved from 9.7% to 5.2% over the five years. Unlisted property was stable over this period, rising only marginally to 7.6%.
In retail funds, private equity fell from 2.7% to 1.7% of the FUM. Meanwhile unlisted infrastructure was stable but only 0.5% of the FUM. Unlisted property increased from 1.3% to 1.5%.