What type of securities are not publicly listed on the Australian Securities Exchange?

Private equity refers to investments made into companies that are not publicly traded on stock exchanges, including the Australian Securities Exchange (ASX). This type of investment is usually made through private funds that pool capital from a limited number of investors, often with the aim of investing in businesses that are in their early stages or undergoing significant changes, such as those in growth or restructuring phases.

These investments are generally characterized by a lack of regulatory oversight that publicly traded securities face, leading to a more personalized investment approach and typically a higher potential for return, albeit with increased risk. Investors in private equity usually have limited liquidity, as the investments are not easily sold or traded compared to public securities.

In contrast, public equity, investment funds, and debentures are typically associated with publicly listed companies or securities available on the open market, making them distinct from private equity securities. Public equity involves shares of companies that are traded on the stock exchange, while investment funds may encompass various securities that can be publicly traded. Debentures, as fixed-income securities, can also be publicly listed for trading on exchanges. Thus, private equity stands out as the correct answer to indicate securities that are not listed on the ASX.