QIC wins $550m super fund mandate

QIC's global private capital division won a $550 million mandate from one of Australia's largest superannuation funds.

The recently-rebranded Rest, with about $50 billion in funds under management, awarded the mandate to QIC to manage a private equity portfolio as part of a drive towards greater diversification.

"I'm delighted to welcome Rest as a client of QIC's Global private capital investment team. This transaction deepens the relationship between Rest and QIC as Rest has been a longstanding investor in the QIC Shopping Centre Fund," QIC chief executive Damien Frawley said.

"Rest's mandate with QIC Global Private Capital reflects ongoing institutional investor demand for partnering with experienced specialist investment teams offering differentiated access to private equity opportunities. We look forward to continuing to work closely with Rest over the long term," Frawley said.

Rest general manager of investments Brendan Casey added: "QIC's global private capital platform will provide Rest members with access to a range of international unlisted assets across private equity and venture capital.

"In QIC, we sought out a like-minded approach to investment in growth assets and to further develop our existing investment management relationship, which has already delivered great results for our members through the QIC Shopping Centre Fund."

As above, Rest recently rebranded from REST Industry Super; interim chief executive Andrew Howard said the change represents a "transformation" at the super fund.

"Rest's new brand reflects the evolution in how we interact across a multitude of channels," Howard said.

The change also reflects improvements to customer engagement and Howard said Rest had listened to customer feedback.

"Our members have asked for a super fund that makes it easier for them to connect with us and to keep their super in good shape," Howard said.

Read more: AustraliaQIC Shopping Centre FundAndrew HowardBrendan CaseyDamien FrawleyQIC Global Private CapitalREST Industry Super
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