Australia's AVCAL appoints local LP as new chair

Andrew Major (pictured), general manager for unlisted assets at HESTA, will take over the role from Cameron Blanks of Pacific Equity Partners next year. Major joined HESTA from Macquarie in 2009 and leads investment activities in private markets, including debt and equity investments in private equity, infrastructure, property, agriculture, and social impact. He became deputy chair of AVCAL in 2015.

The appointment could be seen in the context of the organization’s ongoing efforts to engage more effectively with the Australian institutional investor community that has mixed views on private equity. Driven by concerns about fees, a lot of superannuation funds have cut back or ended their PE programs, even as their peers in other developed markets ramp up exposure to the asset class.

According to QIC, superannuation funds had an average 12% allocation to private capital in 2013, but this had fallen to 4% by 2016, despite it delivering the strongest return out of all asset classes over that three-year period. Meanwhile, the infrastructure allocation rose from 3% to 5%, while real estate went from 8% to 10%.

AVCAL, which is celebrating its 25^th anniversary this year, decided to rebrand following a comprehensive strategic review. A new name was deemed necessary to reflect a scope that encompasses all private capital.

“Beyond a new name and look, the change symbolizes a new strategic direction for the industry body, which better positions us for the future and reflects the dynamic world in which we operate. Most importantly it will result in improved engagement with our members, and all of our external stakeholders such as government and regulators,” Yasser El-Ansary, CEO of AVCAL, said in a statement.

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• Topics
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• Australia
• AVCAL
• HESTA
• Appointments