Raphael Arndt becomes CEO of Australia's Future Fund

Arndt (pictured) has served as CIO of the sovereign wealth fund since 2014, having taken on the role when Neal was promoted from CIO to CEO. Before that, he spent six years as head of infrastructure and timberland. Arndt joined Future Fund from Hastings Fund Management and previously held infrastructure policy positions in the private and public sectors.

Cameron Price, Fund Fund’s general counsel and chief risk officer, will continue as interim CEO until July 1, when Arndt officially takes office. “This will allow him to concentrate his full focus on investment during this challenging time,” Peter Costello, chairman of Future Fund’s board of guardians, said in a statement. Costello also highlighted Arndt’s team-building skills and his role in developing how the organization works, as well as his contribution to investment strategy.

Neal became Future Fund’s first CIO in 2007 and is credited with designing the investment model, including the “one team, one purpose” approach that promotes collaborative thinking. He moved to IFM following the retirement of incumbent CEO Brett Himbury.

Future Fund had A$162.3 billion ($106 billion) in assets as of March, with a 14.7% allocation to alternatives. The organization credits carefully cultivated private markets exposure with helping it achieve an annualized return of 9.9% over the last 10 years, beating the 6.6% benchmark. Last year, Alicia Gregory was recruited from MLC to lead the private equity team.

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