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Exploring portfolios with illiquid assets

The management of illiquid assets in a portfolio is an ongoing challenge for super funds. The Your Future, Your Super reforms provide fresh challenges with respect to liquidity management.

Researchers from The Conexus Institute and CFA Societies Australia have collaborated to explore the topic, producing a range of case studies and models.

The purpose of this research is to stimulate dialogue, discussion, and further research. Our aim is that this open-source work assists funds to better understand the various challenges faced when managing portfolios with illiquid assets.

This work has application for investment managers, risk and governance officers, fund trustees and regulators.

A range of materials (models, papers, presentations and videos) have been made available via the link below.


Click here to access a range of materials (models, papers, presentations and videos).

Collaborative Partner


David Bell

The Conexus Institute

Stefano Cavaglia*

CFA Institute, Virtual Asset Management

Reece Zachariah

CFA Institute

*Currently employed at State of Wisconsin Investment Board.