Australia's MLC to open US office

The office will be led by Andrew Kwee, who joins the firm from LGT Capital Partners. Kwee helped set up and run LGT's US private equity business, having previously established GIC Private's New York operation. He will start his new role on July 1.

"We have been investing successfully in the Americas since the late 1990s, and we are well positioned to build on our proven execution capabilities and investment record," Natalie Meyenn, head of MLC Private Equity, said in a statement. "Given Andrew's experience in building high performing private equity teams, we are extremely pleased to have him lead this initiative."

While Australia's superannuation funds are increasingly - and more proactively - looking to deploy capital in overseas private equity, MLC remains something of an outlier. It is one of few industry participants with a presence overseas, having first hired a Europe-based executive about two years ago.

NAB Asset Management manages more than A$180 billion ($140 billion) across 50 investment strategies and works with 14 investment partners. MLC has A$136.7 billion in funds under management and its private equity program has been running since 1997. Last year MLC sold a A$750 million portfolio of private equity investments to Partners Group.

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