Episode Transcript

November 2025

Transcript

Chapter 1

Introduction

Welcome to Unlocking Liquidity, the podcast from PrimaryMarkets, where we explore how private investment is shaping Australia’s future. I’m your PrimaryMarkets Automation, and today, we’re taking a deep dive into Australia’s Private Market Advantage – what sets it apart and why global investors are paying close attention.

To help us unpack it all, I’m joined by Jamie Green. Welcome to the show.

Thanks for having me. It’s a great topic – Australia’s private markets really have developed into something special over the last decade.

Chapter 2

Setting the Scene

Let’s start from the top. When we talk about private markets in Australia, what do we really mean – and what makes them so compelling right now?

Australia’s private markets have evolved through a mix of structural, economic, and cultural forces. We’ve got one of the world’s largest superannuation systems, a deep natural resource base, and a rapidly growing tech sector. Those three elements create a really distinctive landscape – one that attracts not just local investors, but major global capital looking for scale, stability, and innovation.

So it’s not just startups and venture capital – it’s a whole ecosystem?

Exactly. While private markets everywhere offer access to unlisted or early-stage opportunities, the Australian model stands out because of its structure and depth – especially the role of superannuation.

Chapter 3

The Superannuation Engine

Let’s talk about that – superannuation. It’s often called the backbone of Australia’s investment system. How does it influence private markets?

It’s massive. With compulsory contributions and steady accumulation over decades, our super funds now hold more than three and a half trillion dollars in assets. That’s one of the largest retirement pools in the world. Because of that size – and because their investment horizon is measured in decades – these funds can take a long-term approach. They’re increasingly moving beyond public markets into private equity, venture capital, and infrastructure.

So they can afford to take on more illiquid assets?

Exactly. They can tolerate short-term volatility because their obligations stretch far into the future. That gives them the patience to invest in projects that take years to mature but can deliver strong long-term returns. You see it in funds like Australian Super, which has committed heavily to private equity both here and overseas. They’re helping build a vibrant and liquid private market ecosystem.

Chapter 4

Resources and the Energy Transition

Australia’s natural resources have always been a cornerstone of our economy. How do they fit into today’s private market picture?

They’re fundamental – but also evolving. Traditionally, we’ve led in commodities like iron ore, coal, and gold. Now the focus is shifting to critical minerals like lithium, nickel, and rare earths – essential for clean energy and battery storage. This has created a new pipeline of private investment opportunities. Many of the most exciting projects – exploration firms, processing plants, and tech start ups supporting the mining sector – begin life as privately funded ventures.

So private investors are getting in before the big public listings?

That’s right. Take Pilbara Minerals or Liontown Resources – early investors backed them during their development stages. As demand for electric vehicles grew, those early bets paid off. And now, we’re also seeing private investment flow into adjacent opportunities – like environmental rehabilitation, resource recycling, and waste-to-value technologies. It’s about extending the resource story into sustainability.

Chapter 5

Tech and Innovation

Speaking of sustainability and innovation – the technology sector has been another major growth story for Australia.

Absolutely. Ten years ago, no one expected Australian tech companies to compete globally. But then you had Atlassian, Canva, and Safety Culture proving it could be done from here. That success sparked a wave of entrepreneurial energy. Cities like Brisbane, Perth, and Adelaide are now home to thriving start-up communities. And because companies are staying private longer – delaying IPOs – private investors have a longer window to participate in their growth.

And who are some of the key players backing these ventures?

Firms like Blackbird Ventures, Square Peg Capital, and AirTree Ventures have become household names in the start-up scene. They’re investing in everything from software and fintech to deep tech and healthcare. It’s also important to note – super funds and family offices are backing these venture firms. That means Australian entrepreneurs don’t have to relocate overseas to find growth capital. The ecosystem is maturing right here at home.

Chapter 6

A Bridge Between East and West

Another interesting angle is Australia’s geographic position – we sit between Asia and the West. How does that benefit private markets?

It’s actually one of our quiet superpowers. Australia acts as a bridge – culturally aligned with Western markets but deeply connected to the Asia-Pacific growth economies. That makes us an appealing partner for global investors. They see our stable political system, transparent regulation, and reliable governance as major strengths.

Infrastructure seems to be a good example of that.

Yes, take the Port of Melbourne lease, for instance. It was backed by a consortium of global pension funds. Deals like that show how Australia’s private market connects local assets with international capital seeking stable, long-term returns. And beyond infrastructure, agriculture is another great story – from large-scale farming to agritech startups.

Right, agriculture feels like one of those sectors that blends tradition with innovation.

Exactly. Companies like ARC Ento Tech, which uses insects to turn waste into protein, or Extracta, which transforms crop by-products into valuable ingredients, show how private investment is driving sustainability in agri-business.

Chapter 7

Renewable Energy and Clean Tech

Let’s stay on sustainability for a moment. Renewable energy is another area where private markets are having a real impact.

Definitely. Australia has some of the best solar and wind resources in the world. Private investors are financing everything from utility-scale renewable projects to early-stage green hydrogen ventures. A good example is Clean Hydrogen Technologies, developing scalable solutions for hydrogen production. Projects like that align with both global decarbonisation goals and Australia’s push for energy independence. Private capital is essential here – it provides the flexibility and risk appetite needed to fund these projects before they reach commercial maturity.

Chapter 8

Policy and Confidence

Policy and regulation must play a big part in all this.

They do. Superannuation rules, innovation incentives like the R&D tax credit, and open foreign investment policies all make Australia an attractive place for capital. But what really stands out is balance – strong governance and legal protections for investors combined with a pro-growth policy environment. That balance has helped Australia’s private markets mature rapidly.

Chapter 9

A Global Comparison

When you look internationally – how do we compare with, say, Canada or the UK?

We’re younger, but developing quickly. What makes Australia special is the diversity of opportunities – from early-stage startups and renewables to infrastructure and resources. It gives investors a blend of growth and stability that’s hard to find elsewhere. I often say Australia is like a microcosm of global investment themes – technology, sustainability, infrastructure, and resources – all within one stable economy.

Chapter 10

Bringing It All Together

So if you had to sum up Australia’s private market advantage – what’s the core takeaway?

It comes down to three structural strengths: First, superannuation – deep pools of patient capital. Second, resources – a reliable pipeline of tangible opportunities. And third, innovation – a fast-growing ecosystem of tech and sustainability ventures. All of this sits within a stable democracy, in the heart of the Asia-Pacific. That’s a powerful combination – and it’s why Australia’s private markets are now on the radar of investors worldwide.

And as the world looks for diversification and resilience, Australia is emerging as a serious contender.

Exactly. There will always be challenges – from climate risk to global uncertainty – but the underlying strengths of the Australian model give it staying power.

Chapter 11

Closing and PrimaryMarkets

Before we wrap up – let’s touch on PrimaryMarkets itself. For investors and companies exploring these kinds of opportunities, what role does the platform play?

PrimaryMarkets is a vital bridge between companies, managed funds, and sophisticated investors. It allows trading of unlisted securities – shares in private companies, fund units, and more – in a secure, transparent environment. It’s also helping companies raise capital directly from a global investor base. It’s flexible, responsive, and evolving – just like the markets it serves.

A great way to unlock liquidity in private markets.

Exactly. It’s about access, innovation, and transparency – all key themes in the future of investing.

And that’s where we’ll leave it for today. My thanks to Jamie Green for joining us – and to you for listening. You can find more insights, opportunities, and past episodes at primarymarkets.com.

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