The key difference between listed and unlisted real asset funds is how they are traded, valued, and accessed by investors.

Listed real asset funds

Listed real asset funds are traded on a public exchange, such as the ASX.

Key characteristics:

• Units are bought and sold on the stock exchange
• Prices fluctuate daily based on market supply and demand
• Generally high liquidity
• Easy access for retail investors
• Examples include listed REITs and listed infrastructure funds

Unlisted real asset funds

Unlisted real asset funds are not traded on an exchange and are accessed directly through the fund manager.

Key characteristics:

• Investments are made during offer periods
• Valuations are periodic, based on asset appraisals rather than market trading
• Limited liquidity, with restricted withdrawals
• Typically long‑term investment horizons
• Often targeted at wholesale or institutional investors
• Common for direct property and infrastructure funds

Key differences at a glance

Trading:

• Listed = on exchange
• Unlisted = off market

Liquidity:

• Listed = high
• Unlisted = low

Pricing:

• Listed = market driven
• Unlisted = valuation based