The $3 billion Catholic Super & Retirement Fund has avoided a firesale of assets in its portfolio despite being forced to meet well over $100 million worth of commitment calls so far this financial year, according to chief executive Greg Cantor.
Cantor said good cash flow and liquidity management had meant the fund was able to meet all of the capital calls it has received to date, without having to redeem any assets.
“We are in a fortunate position,” he said.
“We have sufficient liquidity to make all of our payments; we haven’t had to redeem assets to make any of the commitment calls we’ve had over the last 12 months or so.”
Cantor said some of the commitment calls related to investments made up to two years ago.
CSRF’s exposure to unlisted assets, including private equity, infrastructure and direct property, represents about 20 per cent of the fund’s assets.
“We have cash flow every week from our employers, and because we haven’t had as high a weighting to illiquid assets as our peers, we haven’t had the fears our peers have,” he said.
“[The weighting] has grown because the other liquid assets have dropped in value as a percentage of the fund.”