The unlisted assets sector, encompassing private equity, venture capital, infrastructure, private credit, and family-owned enterprises, is experiencing unprecedented growth. However, its communication infrastructure remains fragmented and insecure. pixa solves this by providing a secure, compliant, and tailored messaging platform for stakeholders in this space.

Key Trends

• Growth in private market participation across institutional and retail investors
• Growing regulatory scrutiny and need for audit-ready communications
• Demand for real-time, encrypted exchanges across legal, financial, and custodial domains
• Rising cybersecurity threats to legacy communication channels, like email

Problems We Solve

• Data Fragmentation – pixa centralises deal, legal, and reporting communications
• Lack of Transparency – pixa provides integrated read receipts, audit trails, and time stamping improve compliance and traceability
• Insecure Communication – pixa messaging is end-to-end encrypted, eliminating the risks of phishing and spoofing
• Inefficient Workflows – pixa includes permissions-based sharing and smart tags to automate workflows

pixa is not just a communication tool, it’s infrastructure built for the future of private markets. As unlisted assets become a larger share of global portfolios, pixa will be essential for enabling secure, compliant, and collaborative ecosystems.

Unlisted asset transactions involve highly sensitive information, often shared across asset managers, custodians, legal teams, and company executives. However, communication in private market remains fragmented and insecure, exposing stakeholders to avoidable risk. Below are 5 messaging risks and the solutions to avoid them.

1. Data Leakage via Unsecure Channels

Email, SMS and consumer-grade messaging apps offer limited encryption and no enterprise-grade controls. A breach can result in serious reputational and financial consequences.

Solution: Use a secure, enterprise-messaging platform with end-to-end encryption and strict access control.

2. Compliance Violations

Many jurisdictions now require communication related to financial transactions to be archived and retrievable. Using non-compliant tools may lead to reputational risk, fines and regulatory penalties.

Solution: Ensure your communication tools are audit-ready and comply with jurisdictional regulations.

3. Fragmented Audit Trails

Tracking who said what, when, and to whom is often impossible with disconnected tools. This lack of traceability complicates due diligence and dispute resolution.

Solution: Centralize messaging and file sharing with built-in audit tags.

4. Loss of Deal Momentum

Delayed messages, missed threads, and unclear instructions can slow down time-sensitive deals.

Solution: Use real-time messaging with tagging, search and task assignment features to maintain velocity.

5. Miscommunications Across Stakeholders

With multiple legal, financial, and executive parties involved, miscommunication is costly and common.

Solution: Use a platform that enables group threads, secure channels, and context-rich communication.

In 2025, the unlisted asset landscape in Australia is under greater regulatory scrutiny than ever before. Institutional investors, including superannuation funds, continue to increase their allocations to private equity, infrastructure, property, and private credit, creating both opportunity and challenges.

Below are the key regulatory trends shaping unlisted assets in 2025, and what market participants need to be aware of.

1. Transparency and Valuation Oversight

Regulators, particularly ASIC and APRA, are tightening expectations around how unlisted assets are valued and reported. For example:

• Independent valuation processes are being reviewed more closely
• Frequency and methodology disclosure are under the spotlight
• Trustees of superannuation funds are expected to demonstrate greater due diligence over the pricing of private market investments

What this means for you: Communication between various stakeholders, fund managers, and custodians must be transparent, timestamped, and auditable. Platforms like pixa help ensure that critical decisions and documents are exchanged in a compliant, secure, and structured environment.

2. Operational Resilience & Cybersecurity (APRA CPS 230)

From 1 July 2025, APRA’s CPS 230 standard on Operational Risk Management takes effect. This builds on previous requirements like CPS 234 (Information Security), but with stronger expectations around service provider management, incident response, and operational continuity. This means:

• Entities must map critical operations, including outsourcing arrangements for fund administration, custody, and valuations
• Third-party risk is a primary focus
• Messaging platforms and data exchange channels will be considered part of the operational risk ecosystem

pixa's role: As a secure messaging platform, we help reduce operational risk by eliminating reliance on unstructured communication like email, improving traceability, and ensuring encrypted, access-controlled information exchange.

3. Greater Scrutiny on Related Party Transactions

The Treasury and ASIC are turning attention to the governance of related-party dealings within unlisted assets, particularly where trustees, asset managers, or platforms may be exposed to conflicts of interest.

In 2025, we’re seeing:

• Heightened enforcement on disclosure requirements
• Demand for evidence of arms-length decision-making and communication
• New audit expectations on how key investment decisions are documented

pixa's role: Keeping a complete audit trail of all messaging and attachments is critical. pixa provides this out-of-the-box, eliminating the need to dig through scattered email chains during a compliance review.

4. Data Sovereignty and Cross-Border Information Flows

Australia continues to align with global data protection standards, but regulators are paying closer attention to where data is stored, who can access it, and under what jurisdiction.

As unlisted investments become more global, fund managers must:

• Ensure messaging systems are compliant with local data residency laws
• Understand how third-party vendors handle Australian data
• Disclose data transfer risks to institutional clients

pixa's edge: We are designed with compliance in mind. Our infrastructure and encryption practices support Australian data requirements, giving firms control over sensitive information.

5. Superannuation Reforms: Fit-for-Purpose Governance

Unlisted assets now form a core component of many superannuation portfolios, and APRA has raised the bar on investment governance.

Superannuation investment governance is changing in the following ways:

• Super funds must justify their asset selection and manager mandates through detailed documentation
• Liquidity risk management tied to unlisted exposures is a regulatory priority
• There’s pressure to demonstrate value-for-money at both the asset and manager level

How pixa helps: We provide a secure, structured messaging environment for the full lifecycle of an investment, ensuring clarity, compliance, and accountability.

Looking Ahead

2025 is not a year for business-as-usual. As the regulatory lens intensifies, private market participants must modernise how they communicate, document, and defend their decisions.

At pixa, we believe secure messaging is foundational, not just for mitigating risk, but for building trust with regulators, investors, and counterparties.

In the private asset market, communication is a vital but often underestimated component of performance. As the market expands in both size and complexity, the traditional communication tools relied upon for decades - emails, spreadsheets, ad hoc calls - are increasingly failing to meet operational and regulatory demands.

A Market Outgrowing Its Infrastructure

Private markets are experiencing unprecedented growth. According to a 2023 report by Bain & Company, global private capital assets under management are projected to exceed USD 30 trillion by 2030, more than double their 2022 levels.

Despite this rapid expansion, communication infrastructure has lagged behind. Many market participants still rely on email threads, shared drives, and manual data entry to coordinate on high-value, high-risk transactions.

Technology as a Communication Catalyst

Technology is closing this gap by transforming how private market stakeholders communicate and collaborate. The most impactful solutions are purpose-built platforms that cater specifically to the unique needs of unlisted assets.

Key advancements include:

• Secure Messaging Platforms – Tailored to the roles, responsibilities, and workflows of private asset professionals, allowing information to move faster and more securely between trusted parties
• Real-Time, Structured Collaboration – Messages are grouped by transaction or topic, instantly traceable and actionable, helping reduce lag and eliminate version confusion
• Audit Trails and Accountability – Confirmations, time stamps, and read receipts help mitigate operational risk and support compliance obligations

These tools enable stakeholders to operate with greater clarity, speed, and confidence across complex deal flows and investor engagements.

Barriers to Adoption

While the benefits are clear, adoption of communication technology in private markets is still uneven. Common barriers include:

• Resistance to Change – Many teams are comfortable with legacy tools, even if they are inefficient
• Perceived Complexity – The assumption that new platforms require long onboarding, costly integration, or IT overhauls
• Security Concerns – Ironically, fear of data exposure prevents some firms from moving away from unsecured tools

Modern platforms are tackling these concerns directly. Solutions like pixa are lightweight, role-based, and easy to adopt, with minimal disruption to existing workflows. Most importantly, they are built with enterprise-grade security at the core, ensuring that sensitive communications are fully protected.