QIC and US pension fund form $1bn deal
Institutional investment group QIC has formed a $1 billion Asia-Pacific infrastructure partnership with the US' largest public pension fund, the California Public Employees' Retirement System (CalPERS).
QIC has been appointed to source, create and manage a portfolio of Asia-Pacific infrastructure assets under the partnership.
This is the first Asia-Pacific infrastructure project for CalPERS, which serves more than 1.7 million members in the retirement system, and whose total fund market value currently stands at around US$300 million.
Head of QIC Global Infrastructure, Ross Israel, said the partnership was a result of negotiations over many years between QIC and CalPERS to reach a deal.
"This partnership, in combination with the launch earlier this year of the QIC Global Infrastructure Fund ("QGIF") and other separately managed account clients, increases the size, scope and level of control QIC can bring to future infrastructure opportunities for the benefit of all our clients," Israel said.
QIC manages over $5.8 billion across 10 global direct investments including transport and public-private partnership assets.
AUTHOR
Malavika Santhebennur
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
