Q&A: State Super's alternatives makeup shifts towards private debt

State Super, one of Australia’s oldest superannuation funds founded in 1919, is shifting the makeup of its alternatives investments from infrastructure and property to alternative risk premia, private debt and Asian high yield. A majority of the A$44 billion ($33 billion) the fund manages belongs to the defined benefit portion of the fund, which has largely been phased out in the industry. The remaining A$8 billion comes from the defined contribution section, which is most compara…