Aware Super is one of Australia's largest superannuation funds, serving public-sector, education, health, and community-services members, with assets under management reported at over AUD 200 billion following its absorption of TelstraSuper, completed end of April 2026 (Investor Daily); reported AUM figures vary by source and merger-inclusion date, and the fund's own most recent disclosure should be checked for a precise current figure. Aware Super formed through the earlier mergers of First State Super and VicSuper, and its history as a serial consolidator (Telstra Super, CareSuper-adjacent mergers in the wider sector) is itself a data point on how fast the Australian superannuation industry has concentrated: APRA-regulated funds with more than six members fell from 190 to 111 in the five years to June 2024.
What it is
Aware Super is a not-for-profit industry superannuation fund and one of the nine Australian "megafunds" holding more than AUD 100 billion in assets. Its investment arm has historically favoured direct investment over fund commitments in areas such as infrastructure, though public reporting in 2025 noted the fund reconsidering a partial return to infrastructure fund vehicles for parts of its portfolio.
Relevance to tokenisation
Aware Super has no public tokenised-asset allocation as of this writing. Its relevance to this desk is structural rather than product-specific: as one of the funds absorbing smaller peers in the current consolidation wave, its post-merger scale and investment-team consolidation are the kind of institutional build-out that would need to precede any tokenised-asset allocation, on the same custody, product-wrapper, and prudential-treatment questions that apply across the superannuation sector. See Australia for that framing.
Related
- Australia for the superannuation-sector allocator context.
- AustralianSuper for a comparable megafund profile.
- APRA for the prudential regime that would govern any tokenised-asset allocation.