News

Property Funds Association of Australia (PFA) has provided a submission to Treasury’s Consultation Paper entitled Enhancing oversight and governance of managed investment schemes (Consultation Paper), arguing against the potential for adverse ‘structural changes’ which might apply across a diverse funds management industry including property funds.

In its submission, PFA acknowledged Treasury’s focus on strengthening investor protections in the managed investment scheme (MIS) sector given recent failures of retail funds, Shield Master Fund (Shield) and the First Guardian Master Fund (First Guardian), which caused serious harm to investors.

Gregory Preston AM, PFA President

Property Funds Association of Australia (PFA) is passionate about our role as the voice of the unlisted property funds industry.

We have proudly advocated for the unlisted property funds and commercial property industry across our regular meetings with the corporate regulator, in responding to special issues, and by meeting with government.

Treasury recently released a consultation paper on enhancing oversight and governance of Managed Investment Schemes (MIS) by the Australian Securities and Investments Commission (ASIC). The proposals in the paper will impact all registered managed investments schemes, both listed and unlisted, and arguably set best practice which will filter through to regulatory environment for unregistered schemes.

PFA welcomes any contribution from PFA members regarding this upcoming submission by 23 February 2026.

The Property Funds Association of Australia (PFA) has recently had two meetings with the financial regulator, ASIC, covering several issues, from ASIC’s current priorities, its view on the wholesale investor test, and ASIC’s growing interest in private credit as part of its private markets focus.

There were positive signs across each of the major asset classes in the Australian commercial real estate market across 2025, yet recovery has been ‘asset specific’, according to Benjamin Martin-Henry, Head of Private Assets Research, Pacific at MSCI.

Australian commercial real estate experienced a surge of inbound capital during 2025, and there are several good reasons why offshore investors continue to show confidence in Australian property, according to Benjamin Martin-Henry, Head of Private Assets Research, Pacific at MSCI.

Greg Preston and Benjamin Martin-Henry talk the latest in Australian commercial property, cast an eye back at what has unfolded during 2025 and look ahead to 2026.

With over a decade of experience in tax advisory and financial services, Lisa Cusano brings strategic insight, technical precision, and a people-focussed approach to her role as Managing Director at Alvarez & Marsal. Since joining the firm 14 months ago, she has been at the forefront of its expansion in Australia, helping to shape and grow the Financial Service Practice, and strengthen its position in the local Australian market.

ASIC has just released its roadmap on public and private markets, Advancing Australia’s evolving capital markets: Discussion paper response, which draws on its recent surveillance into Australia’s private credit sector.

ASIC to release public and private markets roadmap

Following the release of ASIC report 814 on Private Credit in Australia, ASIC has just released its roadmap for the regulation of public and private markets.

PFA’s Issues & Regulatory Committee will review the report and provide an update in due course.


Industry is waiting expectantly for some clarity going forward.

Property Funds Association of Australia (PFA) welcomes the Federal Treasury’s decision not to tax unrealised gains on investments as part of its amended superannuation tax changes, which will introduce higher taxes on balances above $3 million.

ASIC has shelved plans to publish firm-level Reportable Situations (RS) data after carefully considering feedback from the managed funds industry, but the regulator will push ahead with plans to make firm-level Internal Dispute Resolution (IDR) data public.