Aware Super is on track to become the first Australian superannuation fund to square A$250bn in assets under management (AUM), following talks to merge with Prime Super. Prime Super currently manages roughly A$8bn of AUM, which would be added to Aware’s larger pool.

The merger would deepen Aware’s exposure to infrastructure, a sector that has attracted significant capital flows amid persistent underallocation in the first half of the year. With the combined AUM, the fund would be better positioned to pursue larger, longer‑term projects and achieve greater economies of scale.

Regulatory approval is expected within the next few months, subject to the Australian Securities & Investments Commission’s assessment. Both funds have highlighted the strategic fit, citing complementary investment mandates and a shared focus on sustainable infrastructure assets.

Investors have responded positively, noting that the consolidation could enhance risk‑adjusted returns and provide a stronger platform for future growth. The merger is seen as a milestone in the Australian superannuation landscape, potentially setting a precedent for future consolidations.