Australia’s QIC receives $427m super fund mandate

Rest made the commitment after a series of discussions with QIC on establishing a private equity program. The firm, which is a longstanding backer of a shopping center-focused program under QIC’s global real estate unit, aims to access international unlisted assets across private equity and venture capital.

“As Australia’s superannuation pool continues to grow, we expect to see more interest from funds who, like Rest, are looking toward alternative investments, such as private equity, to deliver superior risk-adjusted returns over the longer term,” Marcus Simpson, head of global private capital for QIC, said in a statement.

Founded in 1998 as REST Industry Super, Rest is one of Australia’s largest super funds with two million members and some A$50 billion in funds under management. As of the end of the 2017 financial year, 19% of its portfolio was allocated to growth alternatives, including credit, equity, and agriculture assets. Partners include Apollo Global Management and Bain Capital Credit.

QIC is an investment manager controlled by the Queensland state government. Its private capital division manages about $5.6 billion worth of assets through a team of 14 investment professionals across Australia, the US and Europe. The unit makes direct investments, co-investments, secondary and fund investments. Focus sectors include healthcare, food, agriculture and technology.

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• Topics
• Australasia
• Fundraising
• LPs
• Australia
• QIC