Hesta, one of Australia's largest superannuation funds, has lost its head of unlisted assets. Will MacAulay, the long-serving general manager of unlisted assets, has departed the fund.

Hesta ranks as the 11th-largest superfund in Australia as of 31 March 2026, managing A$99.4bn in assets under management according to Australian Prudential Regulation Authority data. The fund is a major institutional investor in private equity, with approximately A$4.9bn allocated to the asset class as of last year.

MacAulay's departure marks a significant leadership change for the fund's unlisted assets division, which has been a key driver of Hesta's investment strategy. The search for a replacement is expected to begin immediately given the scale of the private equity portfolio.