Futureplus, the firm providing financial services to $13 billion in super funds and master trusts, is conducting a major review of its private equity portfolio.

According to the chair of one of the underlying funds, Peter Woods of the $5.3 billion Local Government Super Scheme, FuturePlus’ members are seeking diversification and areas like emerging market private equity and opportunistic property are being canvassed. Woods said that with the scale of FuturePlus, there was a “strong possibility” of direct investments or co-investments with private equity managers, eschewing the typical fund-of-funds route. FuturePlus chief investment officer, Terry Newson, was unavailable for comment. Meanwhile Woods said a search to replace Brett Westbrook, the FuturePlus chief executive who will depart on September 29, was underway. “The process is in place for invitations to be sought from all interested parties…this is not one of those charades where you advertise externally but intend to hire internally all along,” he said.