The Foreign Investment Review Board (FIRB) has also approved the deal. Financial close is expected to occur on or around June 30.

KKR will inject up to $603 million into the HMC Energy Platform, which will be rebranded and operate under the name Illuma Energy.

About $355 million will be deployed at financial close and up to $248 million will fund the first battery energy storage system (BESS) development.

HMC will receive a $35 million establishment fee in FY26, while its invested capital in the energy platform will reduce to $190 million.

Illuma Energy comprises a portfolio of renewable energy and storage infrastructure, including 652MW of installed wind, solar and BESS capacity.

The platform includes the StorEnergy and the Neoen Victoria, which formally merged last year.

The Neoen portfolio complements the existing Stor Energy BESS development pipeline and "provides substantial day one operational scale of 652 MW (maximum capacity) installed across four operational assets and a high-quality 2.8 GW development pipeline," HMC said.

HMC subsequently added the Neoen Victorian development team to its network to continue to focus on delivering near-term projects, including the 600MW Moorabool BESS and 600MW Kentbruck Wind Farm.

HMC chief executive and managing director David Di Pilla said: "The KKR partnership introduces an aligned global capital partner and funds the next phase of the Platform's growth. KKR's committed funding combined with the recent CISA award at Moorabool underpins continued momentum across the Platform and supports progress towards a targeted FID for our first BESS development in 2026."

Di Pilla added Illuma Energy is focused on expanding its portfolio through new battery storage and wind developments that support grid reliability and Australia's energy transition targets.

Transparency International policy manager Rebecca Mackinnon says corruption "significantly" distorts emerging market economies.

"Foreign investment and corruption have this deeply intertwined relationship, especially in emerging economies. Essentially, a high-corruption environment deters legitimate interest, and it crowds in illicit capital instead," she told Financial Standard.

This dynamic is particularly evident in resource-rich economies with weak governance frameworks. Countries like the Democratic Republic of Congo, she said, has vast mineral wealth, but struggles to translate natural resources into sustainable economic growth.

"For somewhere with unbelievably rich mineral wealth but no governance or oversight over licensing and permits, what that means is you get someone who's very corrupt coming along and paying for that licence," Mackinnon said. "You're not getting ethical operators - you're getting exploitation."

Out of the 182 countries in this year's Corruption Perceptions Index (CPI), only 30 improved their corruption scores in the last year. About 100 stagnated, with Asia-Pacific countries showing only marginal gains.

Denmark took the top spot for the eighth time in a row with the highest score of 89. Finland (88), Singapore (84), Australia (76) and New Zealand (81) also score highly - countries perceived to be the least corrupt or "clean" countries.

Weak governance and limited accountability were key themes among lowly ranked countries. The Philippines scored 32 points, while Indonesia and Laos received 34 points each.

MSCI has threatened to strip Indonesia its emerging market status due to "structural issues in the opacity in shareholding structures and concerns about coordinated trading."

For these reasons, MSCI froze Indonesia's stocks in early 2026. Such issues "materially limit international institutional investors' ability to assess true free float and to rely on observed market prices for portfolio construction and index replication," the index provider said.

MSCI this week announced it will extend its review of Indonesia to further investigate if it is deserving of emerging market status or else downgrade it as a frontier market.

Mackinnon points out that when corruption is endemic, it raises the cost of doing business through bribes, unpredictable regulatory environments and weak rule of law.

"This, in fact, effectively acts as a significant barrier to transparent foreign direct investment that developing economies need to grow," she said.

Rather than take blanket exposure to countries or indices, active managers are selectively allocating capital to companies and management teams they trust, while avoiding those where governance risks outweigh potential returns.

The recent Stockbrokers and Investment Advisers Association (SIAA) Conference heard emerging markets often lack the same depth of regulatory backstops as developed economies, placing greater emphasis on assessing management integrity and alignment with shareholder interests.

As a result, valuation discipline becomes critical as investors must factor governance risk directly into what they are willing to pay.

J. P. Morgan Asset Management Asia head of investment specialists for emerging markets and Asia-Pacific equities Alexander Treves sees a wide range of governance standards at the individual corporate level and across governments of emerging markets. Governments also play varying and sometimes outsized roles.

"For example, the Chinese government is much more interventionist in capital markets than in some other places. Sometimes that causes issues. At other times, it can be a tailwind. China's ability to build infrastructure and get things done is directly correlated with the role the government plays," he said.

More importantly, Treves said, it would be amiss to believe that developed markets are immune to governance issues and shortcomings.

"I've been doing this job for 30 years, and many of the biggest corporate scandals during that time have actually occurred in the West - think Lehman Brothers, Enron and so on," Treves said.

"I'm a bit wary when people say governance is shaky in emerging markets but assume it's robust in developed markets. That's simply not true."

Apart from economic costs, the social costs stemming from corruption tend to be far-reaching.

Mackinnon said the social costs are "equally stark."

"Corruption enables human rights abuses, strengthens the influence of elites and organised crime, and diverts public funds away from essential services," she said.

"It diverts resources from infrastructure, education and healthcare into private pockets. That weakens the very foundations of an investable economy."

Some argue that corruption can be described as a type of "tax".

It's a useful starting point, Mackinnon said, but describing it as a tax "significantly undersells" the damage that corruption does.

"Taxes, while they have lots of flaws and can be unequal or regressive, at least fund public services and are somewhat accountable. Corruption has none of that," she said.

"Unlike tax, corruption is random, destructive and regressive. It falls heaviest on those least able to pay, including small businesses, citizens and communities that depend on public infrastructure and services."

The divestment alongside its partner Canada Pension Investment Board (CPP Investments) consists of a portfolio of 904 residence at Elephant Park in South London.

The development was created through the partnership, with four buildings completed between 2021 and 2024.

"The urban renewal of Elephant Park is now largely complete, and assets fully stabilised, providing an opportune time for Lendlease and its investment partner to recycle capital from the project," it said.

The transaction will settle before June 30 and deliver cash proceeds of around $260 million to Lendlease in this financial year.

"We are proud to have partnered with CPP Investments on the substantial urban renewal of Elephant Park and its enduring contribution to the community," Lendlease chief executive of investment management Penny Ransom said.

"The precinct demonstrates Lendlease's strong placemaking capabilities in the UK and focus on sustainable living, evidenced by Elephant Park's leading 5-star GRESB Rating and award-winning recognition."

She added Lendlease remains focused on supporting partners through the investment lifecycle, including delivering liquidity, returns and growth opportunities.

Yesterday, Lendlease also divested its 25% stake in Keyton, Australia's largest owner and operator of retirement villages, to Aware Super.

This month, Lendlease named AustralianSuper head of real assets Nick O'Neil as the incoming chief executive and managing director, effective 10 September 2026.

Lendlease chair John Gillam said O'Neil is a highly experienced executive with over 25 years' global experience across corporate and investment strategy, M&A, governance, capital markets and real asset management.

Lendlease said now that it has named its next chief executive it has been "mutually agreed" that Tony Lombardo will now step down on 30 June 2026 or earlier as agreed.

In the meantime, the joint interim chief executives will be chief financial officer Andrew Nieland and chief investment officer Penny Ransom who will also support the transition to O'Neil when he commences in September.

Aware Super acquired its initial interest of 49.9% in Keyton in 2021 and 2022. Alongside Aware Super, APG will retain its existing 25% interest.

Keyton has 66 retirement villages and over 15,000 residents across Australia.

Aware Super head of property Alek Misev said: "Aware Super is pleased to increase our investment in Keyton Retirement Villages and deepen our commitment to the retirement living sector in Australia, delivering strong returns to our members."

Misev added increased ownership in Keyton aligns with the fund's property strategy through exposure to long-term senior living demand backed by an aging demographic and a structurally undersupplied sector.

"Keyton's management team has a proven track record of strong and consistent performance, benefiting from a geographically diverse portfolio, strong occupancy rates, and a robust development pipeline that positions it well for sustained growth," Misev said.

"Aware will continue to progress key strategic initiatives that support Keyton's long-term strategy, operational performance and the ongoing delivery of high-quality retirement living."

Completion of the transaction is subject to regulatory approvals with completion targeted for H1 FY27.

"Aware Super looks forward to continuing to work with APG to support Keyton's long-term success," Misev said.

The super fund recently sold the majority portion of its Australian water portfolio with the strategic divestment of 83 gigalitres of water entitlements from the southern Murray-Darling Basin.

The proceeds from the sale, which have remained undisclosed, of the water rights will be redeployed back into the fund's infrastructure portfolio for future investment opportunities.

Meantime, Aware Super has completed its major multi-year technology uplift, dubbed Project Odin.

Aware Super chief investment officer Simon Warner said the completion of Odin marks a critical milestone in the fund's evolution as a sophisticated global asset owner.

The survey by Bain and Company covered 50% of addressable SWFs assets under management globally.

While the majority of SWFs are still invested in public markets with approximately US$10 trillion, private markets is becoming more active at US$5 trillion. The survey found direct and co-investments account for 50%-60% of private investments, up from approximately 40% in 2023.

In the past 12 months, sovereign investors participated in approximately US$160-US$170 billion in global private market transactions, of which US$120 billion was through direct investments, the survey found. According to Global SWF, direct investment totals have averaged US$120-US$130 billion over the past five years.

"SWFs have been transitioning from indirect to direct investing over the past 10-15 years, lessening their reliance on general partners (GPs) as they develop their own portfolio management and value-creation capabilities," the report read.

The report noted at the start of the transition, SWFs leveraged limited partnerships to invest in funds managed by others. Over time, private equity (PE) firms began offering co-investment rights on larger deals-shifting the relationship from "fund manager and client" to "equal strategic partner."

To play this more active role, SWFs had to build internal capabilities in due diligence, investment decision-making and financing, the survey found.

"Today, many funds possess the deployment scale, talent, and governance structure needed to coinvest alongside GPs or lead direct investments independently. Direct access gives SWFs tighter control over capital deployment, reduces fee leakage, and allows funds to retain a larger share of the value they help create," the report read.

PE is the largest private allocation at 50%, followed by infrastructure and real estate. The report found while interest in PE remains strong, SWFs are pacing investments more cautiously as exits renormalise and the market shifts from recovery into reacceleration.

"Secondaries, private credit, infrastructure, and real estate are gaining traction as strategic complements to PE, offering greater yield stability, downside protection, and quicker capital cycles," the report read.

"Private credit is being closely monitored to manage potential risks."

The transaction, expected to complete in the fourth quarter of 2026, will see Mercer's New Zealand administration team and operational capabilities integrated into Apex Group. The move is designed to ensure continuity of service for clients while strengthening Apex's fund administration and registry capabilities in the local market.

The agreement builds on Apex's existing operations in New Zealand, where it employs more than 200 staff providing administration services across KiwiSaver, superannuation and investment products to more than 500 funds. Its local footprint also includes the ManGo funds hosting business and the InvestNow direct to consumer investment platform.

As part of the integration, Apex's technology partner Novigi will also expand into New Zealand, supporting the group's evolving operating model and providing data, technology and digital delivery services across the region.

Apex Group chief executive Peter Hughes said New Zealand remained a key market within the firm's regional expansion plans.

"Australasia is a priority growth region for Apex Group, and New Zealand is a key part of that strategy," said Hughes.

"This agreement reflects our disciplined, long-term approach to building scale and capability in the market. We are bringing Mercer's experienced administration team into Apex Group while continuing to invest in technology through the expansion of our partnership with Novigi."

He said the combined investments would strengthen the group's platform, create opportunities for employees and support the delivery of "consistent, market-leading outcomes for clients," as Apex deepens its presence across New Zealand.

The latest transaction follows Apex's growing activity in the Australian administration market.

Earlier this year, Apex announced it would acquire Mercers standalone Australian superannuation administration operations, integrating the administration team and capabilities into its own business. At the time, Hughes described Australia's superannuation technology and serving sector as a key strategic focus, citing strong growth opportunities for the business as it expands its administration footprint across the region.

Australian Financial Planning Group (AFPG) has secured a minority investment from Kudu with undisclosed fee and terms, where the firm will use the proceeds to support its continued growth, while maintaining its independent ownership structure.

The funding will expand AFPG's adviser base and pursuit of strategic acquisitions and will continue to be led by its founder Matt Carter and management team, with no changes to its day-to-day operations.

Founded in 2001, AFPG has a team of 30 advisers, manages in excess of $3 billion, and offers a suite of financial planning, lending and accounting services.

Commenting, Carter said the investment will support the firm's focus on expanding its footprint and service.

"Kudu's minority investment allows us to retain control of our business while providing the capital and strategic support to accelerate our growth, particularly through acquisitions. We're excited about the opportunities ahead," Carter said.

"We founded AFPG with a commitment to delivering independent, high-quality advice to our clients, and that will not change."

Meanwhile, Kudu co-chief investment officer and partner Chris Shin explained the appeal of the transaction and why Australia continues to position itself as a prime opportunity for wealth management expansion.

"Australia represents a compelling market for wealth management, supported by strong secular growth drivers and increasing demand for high-quality financial advice," Shin said.

"AFPG has built an impressive business with a clear vision and strong leadership. We are delighted to partner with Matt and his team as they continue to expand their business."

New York-based Kudu has made investments in 34 asset and wealth managers in the US, Canada, UK, Europe and Australia as at March 31.

Due to the fund's relatively small size, as well as ongoing running costs being a higher proportion of total assets, Pendal said the fund "cannot be managed in a cost-efficient way."

The fund was incepted on 30 July 2021 and held between 30-60 stocks and required a minimum investment amount of $25,000.

It returned 15.9% p.a. before fees over three years while the benchmark made 18.1% p.a. After fees, it returned 14.9% p.a.

The strategy predominantly invested in US stocks. The rest of the funds were spread across companies that operate in countries such as Japan, the UK, Brazil and Australia.

Chris Lees and Nudgem Richyal were the senior fund managers overlooking the strategy. They have been with Perpetual's other subsidiary JO Hambro since 2008, located overseas.

"We also consider that the fund has limited prospects of significant growth in funds under management in the foreseeable future," Pendal said.

"If the fund were to continue, the fund's size would result in higher management costs for investors, which would reduce their investment returns."

Pendal formally shuttered the fund on June 16, believing this was in the best interests of investors.

The fund aimed to provide a return before fees, costs and taxes that exceeds the MSCI ACWI NR Index in AUD over rolling five-year periods.

"We regularly review our product offerings and investment capabilities to ensure that our business continues to maintain a product suite that remains viable and relevant to our investor demands," Pendal added.

Pendal recently scored a mandate from Mercer Investments Australia to help manage the Mercer Australian Shares Fund as part of an overhaul of the fund manager line-up that retained some incumbents and awarded new mandates at the same time.

The forestry assets, acquired from Campbell Global, are predominantly planted with Douglas-fir and western hemlock and are located near key processing infrastructure and export facilities, providing access to domestic and international timber markets.

The acquisition strengthens New Forests' position in the Pacific Northwest, one of the largest forestry regions in the United States and follows the firm's purchase of a 91,000-acre plantation forest in Oklahoma in late 2024.

New Forests North American managing director Jeff Briggs said the transaction represented a scaled entry into a strategically important market.

"This quality asset provides us with scaled entry into the Pacific Northwest forestry market, which is the second largest forestry market in the US," Briggs said.

"It aligns with our overall thesis that sustainable forest management in North America has the potential to deliver attractive investment returns while positively contributing to the local economy and environment," he said.

Beyond timber production, New Forests plans to explore additional revenue streams including carbon projects, conversation easements and renewable energy opportunities.

The property also supports a diverse ecological landscape, including habitat for species such as marbled murrelet, northern spotted owl, Roosevelt elk and North American black bear, creating opportunities for biodiversity and conservation initiatives.

New Forests North America director of investments Sam Rorabuagh   said the acquisition offered strong long-term fundamentals and multiple pathways for value creation.

"Washington State is a core timber market globally, and this investment allows us to access a high-quality, well-located estate with strong underlying market fundamentals. Our focus is on active management, optimising harvest rotations, enhancing species mix, and building asset value by accessing new markets such as carbon, to drive both yield and capital value," Rorabaugh said.

We see clear pathways to generate attractive, risk-adjusted returns for our investor while building sustainable long-term asset value," he said.

To support ongoing operations and local engagement, New Forests will partner with established forest management teams on Washingtons Olympic Peninsula.

The deal further expands the firms North American footprint, which now spans assets across the Pacific Northwest, Northern California, the US South and Oklahoma.

Last week, IFM had raised its stake in Atlas Arteria from 34.5% to 38.3%, just a day after it raised its offer price for the toll road operator to $5.10 per security.

This week, IFM increased its stake from 38.3% to 40.7%, before lifting it to 45.6%. It has now acquired further shares today, taking its direct stake in the toll-road operator to 50.1%.

This takes IFM's total share in Atlas Arteria to 52.3%, which includes a further 1.3% held on behalf of its clients.

In the meantime, Atlas Arteria flagged that along with progressing with the divestment of Chicago Skyway, it has also entered an exclusive discussion to sell its German asset Warnow Tunnel to Eiffage S.A., a French concession and construction group.

Atlas Arteria intends to explore the potential for an all-cash acquisition of Warnow Tunnel and have entered into an exclusivity agreement which provides Eiffage with the opportunity to work exclusively with it for four weeks to conduct due diligence and negotiate transaction terms.

Atlas Arteria said net proceeds are anticipated to be approximately 11-13 cents per security, which it will distribute among shareholders.

The toll-road operator has also increased its distribution guidance for the year to 60 cents per share from the initial projected distributions of 40 cents per share.

"These distributions are expected to be funded by a combination of distributions from Atlas Arteria's portfolio cash flows, proceeds from potential asset sales and, where appropriate, utilising corporate borrowing proceeds," it said.

IFM reiterated its disappointment with and objection to the Atlas Arteria independent directors undertaking asset sales which are not value maximising in response to its takeover bid. It also objected to the additional distributions from the asset sale.

"Atlas Arteria is already unable to fund the 40 cent per security distributions out of available cash flows and has historically had to fund those distributions with corporate cash and/or capital releases from re-gearing proceeds at the asset level," IFM said.

"Any additional borrowings (including at the corporate level) to fund distributions will increase Atlas Arteria's financial risk and put further pressure on future distributions."

The takeover offer has been automatically extended to July 7 following the increase in IFM's voting power to greater than 50%.

IFM launched a hostile takeover bid for Atlas Arteria in late April, stating the action was spurred by continued underperformance from Atlas Arteria, and a significant change in strategy to pursue more mergers and acquisitions (M&A).

The toll road operator called the bid "too low, opportunistic and highly conditional" and asked shareholders to simply ignore all correspondence from IFM.

In its takeover bid, IFM pointed to Atlas Arteria's acquisition of the Chicago Skyway in 2022 - after which Atlas Arteria said it would not be pursuing further M&A, other than growth opportunities directly related to, or in proximity of, the existing business.

"The bidder wished to avoid a repeat of what it regards as the shareholder value destruction associated with the Chicago Skyway acquisition in 2022," IFM said.

Atlas Arteria had said prior to the takeover bid it was actively considering its holdings in Chicago Skyway and issued a notice to Ontario Teachers' Pension Plan (OTPP), the other major shareholder in Chicago Skyway, to sell its stake.

OTPP did not accept the notice, which expired on May 22. This allowed Atlas Arteria to consummate a transfer of its entire stake to a third party. It said it intends to continue exploring a sale of its 66.67% stake to a third party.

IFM also added that if OTPP has the option of exercising its put option and if it did, Atlas Arteria will have entered into the US$1.2 billion bridge facility. Under that facility, any proceeds from asset sales must first go toward repaying the facility, before they can be distributed to shareholders.

Global X said Citi's appointment forms part of its ongoing commitment to strengthening its operating model, enhancing service delivery and supporting the continued growth of its ETF platform.

Global X said it selected Citi for its global expertise in ETF servicing, custody and fund administration, together with its established local capabilities and global custody network. There will be no change to investment strategies or the investor experience.

"Citi's global platform, combined with its local expertise, positions us well to support the next phase of our growth while maintaining the highest standards of service our investors expect," Global X Australia chief executive Alex Zaika said.

"Global X has a leading position in thematic ETFs with ambitious growth plans across fixed income and core exposures. As we continue to expand our product offering, Citi's technology, global reach and ETF servicing capabilities will help scale our operational foundation and support future innovation for investors."

Citi Australia and New Zealand co-head, services, Mark England added: "We are thrilled to partner with Global X ETFs to provide custody, fund administration, ETF and middle office services, leveraging our leadership in ETF servicing and the continued investment in our platforms."

"This is a first-of-its-kind collaboration that delivers complete front-to-back middle office support. Our global connectivity, deep market expertise and proprietary platforms position us strongly to support Global X as it scales across fixed income, thematic and core exposures."

Citi and Global X, as well its parent company Mirae Asset Management, have already collaborated across multiple markets worldwide.

In 2024 Citi supported Global X's launch of the first covered calls ETFs in Hong Kong.

Global X and Citi said they have joint aspirations to scale in the APAC region by serving the needs of asset managers.

The migration to Citi will be delivered in October 2026 under a structured transition programme ensuring a seamless transition of custody and fund administration services.

Incepted on June 17, the managed fund invests in small companies outside the ASX 100.

The actively managed strategy aims to outperform the S&P/ASX Small Ordinaries Accumulation Index over the medium- to long-term, focusing on quality companies.

The launch follows the addition of Tim Johnston, James Nguyen and Scott Hudson to the group, joining Bell AM from Tyndall Asset Management.

The trio ran an equivalent strategy at Tyndall and now operate as a dedicated and independent team within Bell, reporting to chief executive Michael Lovett.

Johnston said the team applies a fundamental, long-only investment process, seeking high-quality businesses with attractive valuations.

"We believe small caps offer an attractive option for investors, particularly in the current environment. Historically, small caps have delivered strong returns for investors able to take a long-term view," he said.

"Small caps represent a broad and diverse universe with significantly less analyst coverage than large cap companies. At this end of the market active managers have a real opportunity to generate superior returns through research and analysis, particularly as many small companies are earlier in the growth lifecycle and therefore have the potential to compound earnings over time."

The fund requires a minimum investment amount of $20,000.

There will be between 30 to 70 stocks in the portfolio, with up to 10% allocated to cash, and may participate in initial public offerings. It may also invest in New Zealand securities.

Tyndall closed its doors in early 2026 following a mandate loss, saying the decision "reflects current dynamics in Australian large cap value equities" and its market position.

The large-cap research team also shuttered during this period.

Tyndall was 50% owned by Yarra Group. It had a total managed assets of about $3.6 billion at the end of September 2025, according to Rainmaker Information, spanning institutional, wholesale and retail channels.

MGF7 has raised $185 million at first close, almost doubling its initial target of $100 million as the firm expects it to hit the $200 million fund cap next month, NZ Super said.

Movac partner Mark Vivian said the strong support demonstrated investor confidence in Movac's investment approach, and reflected the considerable opportunities presented by New Zealand's maturing technology sector.

"A sincere 'thank you' to those investors who are investing, both new and existing Movac investors," Vivian noted on LinkedIn announcing the first close of the fund.

"Long term investor relationships are very important to us, and NZ Super has been a cornerstone of Movac growth funds for the past decade. NZ Super has consistently been one of the top performing sovereign wealth funds globally, and we're fortunate and grateful to be the only NZ VC to have them as an investor.

"We have our first Growth Fund 7 investment locked in and look forward to announcing details when we're able to."

Meanwhile, Guardians of NZ Super acting director of private equity Rishab Sethi said the two organisations had built a "close and highly effective" working relationship.

"We're always looking for commercially attractive opportunities to invest in New Zealand," Sethi said.

"For the past 10 years, Movac's growth funds have given us a way to support local companies when they need that support the most, to contribute to New Zealand's burgeoning tech sector, and to generate positive returns for the super fund.

"We're very pleased to further develop our partnership with them."

The super fund maintains a "strong bias" towards its home market, with some 11% of its portfolio invested in New Zealand assets, including more than $500 million in private companies via external managers such as Movac.

The KeyInvest Managed Investments (KIMI) platform provides advisers and wholesale investors access to specialist strategies, with the first offering focusing on private credit.

The KeyInvest Senior Debt Income Fund is now available to wholesale investors and invests in senior secured loans backed by first-ranking mortgages over real assets including property and infrastructure, targeting returns of cash rate +5% per annum (net of fees and costs) with regular monthly income distributions.

KeyInvest is also exploring the potential for broader access through retail structures in the future.

Further, an Australian small companies and a global small companies strategies are expected to follow in the near future.

Commenting, KeyInvest managing director and chief executive Craig Brooke said KIMI is built on the organisation's longevity and foundation.

"Some of the most attractive opportunities exist in areas shaped by structural forces such as regulation, capital constraints, and complexity, and that is precisely where KIMI is focused," Brooke said.

"Across those cycles markets have changed significantly, but certain principles about successful investing remain consistent."

Meanwhile, Atchison has been appointed as investment adviser to provide manager research capabilities, portfolio construction, and ongoing oversight.

KIMI executive director Ciaran McAssey said the multi-manager structure is central to how the platform delivers strong risk-adjusted returns.

"By combining best-in-breed managers into a single diversified portfolio, we unlock sources of alpha that a single-manager approach simply cannot access," McAssey said.

"But that only works if you are prepared to be ruthless in who makes the cut. The majority of managers we assessed did not meet our standards, and that discipline is what protects investors."

McAssey also highlighted the platform provides institutional-grade transparency, unlike many private credit offerings where underlying exposures can remain "largely opaque" to provide greater confidence.

Under the agreement, BitDelta Pro will adopt Iress' trading and market data suite, including ViewPoint, Iress Pro, IOS+, FIX connectivity and APIs, as it broadens its offering into equities and contracts for difference (CFDs).

The deal will also see BitDelta Pro integrate Iress' API and FIX infrastructure to connect front end trading systems with back-office operations, supporting scalable multi-asset execution as the business grows.

Iress managing director for Asia Jaq Jeremiah said the partnership aligns with the company's strategy to expand its trading and market data capabilities globally.

"BitDelta Pro is an exciting and fast-growing business. We're pleased to support their expansion into equities and CFDs with robust, scalable technology and deep trading and market data capabilities," Jerimiah said.

"This partnership is part of Iress' continued global trading and market data expansion strategy across high growth markets and reflects strong alignment between our respective business," he said.

The agreement highlights growing demand among emerging trading platforms for institutional grade infrastructure as they seek to diversify beyond digital assets and offer broader access to traditional financial markets.

Jeremiah said the collaboration combines Iress' trading platform, extensive market data coverage and trading technology with BitDelta Pro's regional presence and market expertise.

BitDelta Group chief executive Demetrios Zamboglou said the company selected Iress for its technology capabilities and operational support.

"As we expand into equities and CFDs, we need a technology partner that can deliver institutional grade infrastructure with flexibility as the front-end," Zamboglou said.

"Iress stands out for its reliability, market data depth and hands on support," he said.

He added the partnership would strengthen BitDelta Pro's ability to scale a global multi-asset offering for traders and institutions while maintaining local expertise and support across its markets.

Powerhouse signed a memorandum of understanding (MoU) with the European manager in a bid to expand the CIO Fund, aiming for at least US$100 million in total commitments.

The European manager is expected to anchor the fund with US$50 million in limited partner capital, subject to definitive agreements.

The fund is set to formally launch in the September quarter under the co-managed arrangement, which sets outs equal representation for both parties on the investment committee.

The CIO Fund targets advanced technology companies that operate in space, quantum, artificial intelligence and advanced materials.

Powerhouse said the fund that "will not be a long-duration, speculative start-up fund," rather its target companies will "fast become the next 'infrastructure' layer that western sovereign nations will need to develop for capability and resilience."

The fund has seeded about 10 global companies. The total initial commitments come to about $13 million.

"The commercial advantages of a co-managed structure include more immediate scale and FUM, even after sharing, as well as providing our investment thesis with a more global footing so as to enable us to leverage combined deal flow, domain expertise and capital markets execution capabilities," Powerhouse said.

The co-managed CIO Fund, which officially launched in May under subsidiary Powerhouse Venture Partners, will soon transition into a feeder structure for Australian investors. It is currently under an Australian corporate collective investment vehicle (CCIV).

"We believe that the current Goldilocks stage for private technology investing is not the Australian seed or early stage but rather is the financing rounds that are immediately ahead of institutional support or listing with respect to companies that have globally relevance," Powerhouse said.

"Access to these sorts of technologies and investment opportunities in the Goldilocks stage is not easy, however. Opportunities are either extremely crowded out or extremely under-appreciated, depending on the short-term hype behind the technology. Generalist portfolio managers tend to "chase their tails" as a consequence."

Powerhouse took over small-caps focused Aliwa Funds Management in 2024.

Kudu's investment, although undisclosed, is structured as a "minority, non-controlling stake", with no changes expected to its day-to-day management and operations. Drummond Capital Partners co-founders, chief executive Tom Schubert and chief investment officer Nick Reddaway, will remain majority owners and confirmed its leadership team will retain full autonomy over the firm's investment framework and client relationships.

The partnership will provide additional financial flexibility to invest in talent, technology and long-term strategic initiatives without compromising the current investment process, service teams or portfolio management, Drummond Capital Partners said.

Commenting, Schubert said the firm had considered several potential partnerships over time but ultimately chose not to proceed where capital structures implied exit timelines or short-term priorities.

"Too often in our industry, ownership changes are driven by capital with a defined exit horizon. We have always believed that approach is misaligned with the needs of advisers and their clients, who value stability, continuity and long-term thinking," Schubert said.

"That was a line we were not prepared to cross."

He added that the decision reflected the importance of scale, financial strength and long-term investment capability in a more institutionalised managed accounts market.

"As the sector evolves, advisers and their clients are placing greater emphasis on the stability, resilience and long-term viability of their investment partners," he added.

"Access to long-term capital allows us to continue investing in our people, technology, governance and product capability over many years, without compromising our independence or our philosophy."

He said Kudu's philosophy aligns with the firm's by backing founder-led businesses and allowing them to continue operating "exactly as they see fit."

Meanwhile, Kudu Investment Management co-chief investment officer Chris Shin said the firms sees a promising long-term opportunity in the Australian wealth management sector.

"Drummond is a high-quality business with a differentiated offering and coherent strategic direction. Our role is to provide long-term capital to support that vision - without altering what makes the firm successful," Shin said.

The sale was completed through the Australian Commonwealth Government's Voluntary Water Purchase Program and followed a comprehensive sale process with both public and private sector parties.

The transaction includes a portion of water right entitlements from the southern Murray-Darling Basin within its 143GL portfolio, representing one of the largest independently owned water entitlement portfolios in Australia. The portfolio is managed by Argyle Capital Partners, and is diversified across Victoria, New South Wales, South Australia and Queensland.

Aware Super said its $25 billion infrastructure portfolio has delivered long-term member returns through its investment in water entitlements since the portfolio was built over a decade ago, originating through VicSuper in 2007.

The proceeds from the sale, which have remained undisclosed, of the water rights will be redeployed back into the fund's infrastructure portfolio for future investment opportunities.

"We are delighted to achieve this positive outcome for our members with the proceeds received from this sale providing additional capital to pursue emerging opportunities across our infrastructure portfolio," Aware Super head of infrastructure Mark Hector said.

"As an active manager, Aware Super will also continue to explore opportunities to maximise returns across its remaining water entitlements, including the potential for further transactions."

Meantime, Aware Super has completed its major multi-year technology uplift, dubbed Project Odin.

The multi-year transformation delivered the GoldenSource Investment Data Platform, Ortec PEARL Performance and Attribution, the BlackRock eFront for private markets, with the final phase being the BlackRock Aladdin Investment Platform.

Aware Super chief investment officer Simon Warner said the completion of Odin marks a critical milestone in the fund's evolution as a sophisticated global asset owner.

"With Aladdin now in place, we have a modern, institutional-grade platform that enables our investment teams to make faster, better-informed decisions on behalf of our members," Warner said.

"Aladdin gives us the scale and capability to manage more of our investments internally, reduce costs, strengthen risk management, and ultimately deliver stronger long-term returns."

Index ETFs attracted approximately $53.5 billion in net inflows over the past year, compared with around $6.1 billion for active ETFs, Betashares said, indicating monthly adoptions and investments of index ETFs have accelerated significantly over the past decade.

Net flows rose from an average of around $431 million per month in 2015 to approximately $4.5 billion per month in the last 12 months to May end.

Observing the trend, Betashares investment strategist Tom Wickenden said index ETFs are the clear engine room for the sector, continuing to attract new investor money.

"The data shows that while active ETFs are growing, index ETFs are still doing the heavy lifting when it comes to industry expansion," Wickenden said.

"Over the past decade, index ETF flows have increased more than tenfold on a monthly average basis. This reflects the growing role ETFs now play in portfolio construction, as investors and financial advisers increasingly turn to transparent, cost-effective and diversified exposures across asset classes."

He said the growing breadth of index-based investments available is also providing financial advisers more choice in portfolio constructions.

"Investors can now use index ETFs to efficiently capture a wider range of sources of return across asset classes, sectors, factors and long-term megatrends," he added.

"What is particularly notable is the scale of the flow differential. Over the 12 months to May 2026, index ETFs attracted almost nine dollars in every ten dollars of combined active and index ETF net flows. That speaks to the enduring appeal of indexing and the role index ETFs now play as core portfolio building blocks."

While active ETFs have also grown from a small base, index ETFs continue to attract investor seeking low-cost, transparent and diversified exposures.

As at May 2026, index ETF funds under management in Australia stood at approximately $296 billion, compared with around $68 billion for active ETFs, further underscoring the central role index strategies play in Australian investor portfolios.

Moving forward, he believes the industry will continue to flow in the same direction.

"Active ETFs are a growing part of the market, but the broader industry's growth continues to be driven by index strategies. Investors are increasingly using index ETFs to access Australian equities, global equities, fixed income, cash and other asset classes in a simple and efficient way," Wickenden said.

Virtus Investment Partners has selected the business to broaden access to selected strategies in its multi-boutique investment platform across equities, fixed income, multi-asset and alternative strategies.

Clearway will be responsible for introducing and distributing those strategies to qualified local investors and consultants, supporting market education, coordinating due diligence engagement and assisting with ongoing investor coverage, it said.

Clearway said Virtus' model is built around autonomous investment teams, each with a unique investment style, supported by the broader resources of a listed global asset management business and allows investors to access a range of investment approaches supported by a single broader corporate platform.

The appointment comes as local investors continue to seek differentiated sources of return, specialist active management and access to investment teams with deep capability in focused areas of the market, Clearway said.

Commenting, Clearway Capital Solutions director Micheal Negline believes the offering introduces a differentiated opportunity for investors.

"Virtus is a strong fit for Clearway's business because it brings together the breadth of a large asset management platform with the focus and investment autonomy of specialist boutique managers," Negline said.

"We think Australian and New Zealand investors will be interested in the depth of capability across the Virtus platform, particularly where individual investment teams can offer differentiated perspectives across the public and private asset class spectrum."

Clearway Capital Solutions has been partnering with a plethora of global fund managers since its inception in 2008, including Osmosis Investment Management in the UK and Matthews International Capital Management in June 2024.

Northern Trust has been appointed to provide asset servicing for clients of the new offering.

Frontier announced in October 2025 it would be absorbing the State Super investment team as part of developing the capability to offer an end-to-end advice and portfolio management service for institutional investors.

That team successfully transitioned into the firm in December and has continued to manage the State Super portfolio as 'client number one' of the ICIO service.

Frontier has been collaborating with Ironbark Investment Solutions' Corporate Trustee business for more than a year to design the structure required to bring the ICIO solution for clients beyond State Super.

Frontier said the final piece in the puzzle was securing the services of a custodian.

Under the appointment, Northern Trust will provide global custody and fund administration functions to support the ICIO operating model.

The ICIO service will deliver investment advice and portfolio management capability through a scalable wholesale managed discretionary account (MDA) structure designed to support multiple underlying clients.

Ironbark will be the MDA provider responsible for independent oversight of the wholesale managed discretionary account, its appointed service providers and to ensure client portfolios are managed in line with their agreed investment program.

Frontier said it developed the ICIO service to meet growing demand from asset owners seeking institutional-grade portfolio management and operational support without having to give up the integrity of an advice model that is free from product conflicts.

Frontier chief executive Andrew Polson said he is excited to be ready to start taking on new clients.

"We've had great feedback since we announced our ICIO plans in late 2025 and that has come both from our existing clients and a range of groups we haven't had the chance to work with previously because we could not fully meet their requirements, despite their interest in Frontier," Polson said.

"A major part of what these investors are looking for is getting access to custodian services. Having an organisation like Northern Trust providing a consistent, scalable servicing and data framework is powerful and their reputation and record adds to the capability and confidence the Frontier brand provides as part of ICIO."

Frontier said Northern Trust was chosen following an extensive and competitive selection process run over several months managed jointly by Frontier and Ironbark.

"Australia is a key growth market for Northern Trust, and we continue to build upon our support for institutional investors as they modernise their operating models," Northern Trust head of Australia and New Zealand Leon Stavrou said.

"Our commitment to client service, technology, governance and advanced data delivery are central to Frontier Advisors' ICIO proposition and a key reason we were selected for this mandate. Importantly, our scalable data support model can evolve to meet the requirements of the ICIO platform's continuing development. We look forward to working closely with Frontier Advisors as they grow their ICIO offering in the Australian market."

The FinCap Private Markets Platform will initially offer three managed portfolios spanning private equity, private credit and real assets, supported by institutional research, due diligence and governance frameworks.

FinCap head or portfolio and investment solutions Ben Davis said the platform was created to address a longstanding gap between institutional and wholesale investors.

"Private markets portfolio construction has historically been the domain of large institutions with dedicated resources," Davis said.

"What we are building at FinCap changes that. Increased manager specialisation and the rise of evergreen investment structures have broadened access beyond traditional multi-strategy platforms."

The platform's flagship Helm Income and Helm Growth portfolios will hold between 10 and 20 funds, with around 15 preferred positions and a 15% cap on exposure to any single fund. FinCap said every manager will undergo institutional grade investment and operational due diligence before receiving an allocation.

Davis said the portfolios were designed to complement existing public market exposures rather than replicate them.

"FinCap has designed these highly concentrated portfolios to be genuinely complementary to existing public market holdings rather than diluted private markets beta that an adviser could replicate themselves," he said,

Global Investment research from BCA Research has been appointed to provide top-down asset allocation research and capital market assumptions, while a separate global manager research partner will oversee manger selection and due diligence.

FinCap executive chair Chrisitan Ryan said the platform was built to overcome barriers that have traditionally limited investor participation in private markets.

"The platform addresses three problems that have historically locked wholesale investors out of private markets at scale: liquidity, technology and governance," Ryan said.

Alongside the managed portfolios, FinCap has also launched FinCap Direct, a co-investment channel providing access to go single asset opportunities in private equity and real estate.

Ryan said private markets represented a significant portion of the global investment universe and argued a modest allocation could improve portfolio outcomes.

"A strategic allocation of 10% to 20% to private markets can materially enhance portfolio outcomes without compromising overall flexibility," he said.

The launch comes as FinCap, founded by Ryan and backed by a strategic investment from Pinnacle Investment Management Group, looks to expand its private markets offering, including offshore and closed-end investment structures later this year.

The FSU said the offer follows the axing of 280 jobs at the company in the last 18 months and received claims some staff haven't received a pay rise in seven years.

According to the proposed agreement, less than half (47%) of Acenda staff would be guaranteed a pay rise.

"... many would lose rostered day off (RDO) entitlements, there would be no guarantees regarding work from home or hybrid work arrangements and new starters would be worse off when it comes to long service leave and redundancy provisions," the FSU said.

The enterprise agreement is the first for Acenda since it was created through the merger of MLC Life and Resolution Life in October 2025.

The FSU is now calling for an improved offer that ensures the mentioned issues are rectified. The ballot begins next week and runs until June 26.

Commenting, FSU national secretary Julia Angrisano said the latest agreement forces employees to choose between "arduous commutes or leaving the business."

"Acenda was once the industry leader in its flexible work arrangements and attracted staff from the regions with the promise that they could work from home," Angrisano said.

"This will in turn make it harder to attract top talent and ultimately dilute outcomes for customers, many of whom turn to Acenda for help after the loss of a family member.

"Acenda's workforce is better than the value the company is placing on them and they deserve an agreement that reflects the reality of the modern workplace."

Anonymous quotes from Acenda workers, obtained by the FSU, said: "I moved from Sydney to a regional town because Acenda promised me that I would have that flexibility. Now I am being told I need to go back into the office I am being faced with a choice of leaving my job or leaving a place where I have community."

"I haven't had a pay rise in three years, and I know people who haven't had a pay rise in even longer. The proposed agreement won't guarantee me a pay rise, it makes me feel that Acenda doesn't value my skills.

"Being able to have rostered days off helps me be able to spend time with my partner and children. To take that away for a pay rise that probably is not going to be higher than inflation is not good enough."

An Acenda spokesperson told Financial Standard the FSU statement does not accurately reflect its proposed enterprise agreement.

"Our proposed agreement has been developed following a comprehensive and good faith bargaining process, including extensive engagement with employees through multiple information sessions and feedback channels," the statement read.

"The proposal put to employees reflects a balance of fair and competitive outcomes for our people, and the long-term sustainability of the business. It includes defined pay increases, ongoing annual remuneration reviews, and retains redundancy entitlements for existing employees.

"Flexible working remains a core part of how we operate. Our policies have not changed and continue to support flexibility, while also ensuring our people have opportunities for connection, development and collaboration needed to perform at their best."

The transaction will see Soul Patts sell Brickworks' investment to the Industrial JV Trust assets to the Goodman Australia Industrial Partnership (GAIP) and Goodman Group entities. The agreed sale price of $1.89 billion aligns with the value of the assets at the time of the recent combination between Soul Patts and Brickworks.

Soul Patts chief executive and managing director Todd Barlow said the transaction would provide the investment house with greater flexibility to pursue opportunities across local and global markets.

"This transaction provides an opportunity for Soul Patts to reallocate capital towards opportunities we are currently seeing a cross domestic and international markets," Barlow said.

"We believe greater liquidity and flexibility are an advantage in the current environment," he said.

The deal follows the completion of the combination between Soul Patts and Brickworks, which triggered certain change of control rights held by Goodman and GAIP under longstanding joint venture arrangements.

Despite the divestment, Soul Patts will maintain exposure to industrial property through the Brickworks Manufacturing Trust. Established in 2022, the trust houses a portfolio of manufacturing properties in which Brickworks retains a 50.1% interest alongside Goodman Group.

Barlow highlighted the longstanding relationship between the two organisations which stretches back more than two decades.

"Soul Patts and Goodman Group have a long and productive history, delivering significant value for both parties over many years. That relationship continues as joint venture partners in the Manufacturing Trust," he said.

The Industrial JV Trust arrangements were originally established in 2005 as part of Brickworks' strategy to unlock value from surplus land associated with its building products operations. Under the structure, Brickworks held a 50% interest in several industrial property join ventures alongside Goodman entities.

Completion of the transaction is expected in late June and is not subject to any conditions precedent or shareholder approval.

The launch of the Ironbark EQT Nexus Infrastructure Fund builds on the initial expansion to Australia by the Swedish investment manager of its EQT Nexus Infrastructure suite last year, which provides local investors access to the Value-Add Infrastructure, Active Core Infrastructure, and Transition Infrastructure strategies.

The upcoming product will provide eligible Australian and New Zealand investors with access to global deal flow and value-creation opportunities that were primarily available to institutional investors only in a closed-ended structure.

The fund will also leverage EQT's active ownership approach by using its infrastructure platform to invest in early-stage growth and mature assets in essential services, spanning the digital, energy, environmental, transport, logistics and social sectors, it said.

Commenting, Ironbark Investment Solutions chief executive Alex Donald said the partnership is enhancing accessibility of strategies that were traditionally challenging.

"We are delighted to partner with EQT to provide Australian and New Zealand investors with institutional-grade access to one of the world's leading infrastructure platforms and meet the growing demand for diversified, resilient private markets exposure," Donald said.

"The fund will offer eligible investors exposure to an evergreen, pure-play private infrastructure strategy and will look to address some of the traditional challenges investors face when accessing private markets.

"We look forward to working closely with EQT and the EQT Nexus Infrastructure team to bring these opportunities to investors."

Meanwhile, EQT head of Asia Pacific global wealth solutions Sueann Yeo noted there is a structural tailwind for infrastructure across various sectors.

"Infrastructure underpins some of the essential services that communities depend on - digital connectivity, energy and transport - and as an asset class it has historically offered investors the potential for long-term capital appreciation, resilience through market cycles, and some inflation hedge characteristics," Yeo said.

"The launch of EQT Nexus Infrastructure with Ironbark marks an important milestone for EQT in Australia, providing eligible investors with access to similar global infrastructure exposure that our institutional clients have accessed for decades."

This announcement marks the first distribution partnership for Ironbark Investment Solutions since rebranding as part of the broader Ironbark Financial Group in March 2026, and its partnership to offer global quantitative equity capabilities in October 2025.

Under the agreement Fidante will become part of the newly formed entity Channel Group and will be led by current Channel Capital managing director Glen Holding.

Fidante will continue to operate as a standalone brand but will benefit from broader scale in the combined entity with around $150 billion on assets, Challenger said.

Challenger will own 45% of Channel Group and receive up to $172 million in cash payments subject to certain conditions. Existing Channel Capital shareholders and Channel Group management will own 55% of Channel Group equity.

Challenger is set to recognise around $100 million in pre-tax gains on the sale in FY27.

Channel Group will have an independent chair jointly appointed by Challenger and Channel Capital, in addition to four directors appointed by Channel Capital and two appointed by Challenger.

Challenger chief executive Nick Hamilton said the merger will take Fidante into its next phase of growth as part of a larger and more diversified active funds management platform.

"This merger ensures we can remain strategic holders of Fidante while benefitting from a more diversified multi-affiliate platform," Hamilton said.

"We have been deliberate in our decision to pursue a merger with a strategically and culturally aligned business that will deliver strong outcomes for shareholders, affiliates and our employees.

"We're excited by the creation of Channel Group, the broader geographic reach and wider investor base it will provide to affiliates, increased career opportunities for our people, and the benefits for Challenger as a long-term holder and partner in a business we're building together."

Channel Capital said the merger positions Channel Group as one of Australia's largest investment platform and services businesses, supported by over 240 professionals across 11 global offices, with the capabilities to serve a diverse range of clients.

Channel Group will centralise operational expertise across shared infrastructure, including responsible entity and governance services. Within the group, Channel Capital, Fidante and Continental Funds Group will continue to operate as distinct, client-facing businesses.

Channel Capital said the model preserves the unique identities, investment philosophies and affiliate relationships that underpin each business' success, while enabling them to benefit from shared capabilities and operational scale.

Channel Group chief executive Glen Holding said: "Bringing together the strength and expertise of Channel Capital and Fidante creates a highly diversified, resilient platform with the ability to invest through market cycles.

"It's a truly distinctive proposition - one that gives boutique Australian managers the resources to grow, while offering global managers a proven, trusted gateway into the Australian market. That combination is highly differentiated in the market, and it's what will drive the next decade of growth for Channel Group."

Channel Group will operate across three core business lines: affiliate partnerships providing equity and revenue participation in boutique investment managers; distribution partnerships with major global firms; and institutional infrastructure services - including responsible entity, fund services and middle-office solutions - to major institutional clients.

"This transaction establishes a platform with the scale and structure to support long-term growth," Holding said.

"We have combined complementary capabilities while maintaining the brands and relationships that sit at the centre of client engagement."

Completion of the merger remains subject to regulatory approvals.

Previously, the managers for the Mercer Australian Shares Fund were Ausbil Investment Management, FIL Investment Management (Australia), Firetrail Investments, Greencape Capital, Plato Investment Management, Vinva Investment Management and WaveStone Capital.

Effective May 28, Mercer trimmed the lineup to Ausbil, Greencape, Pendal, Plato and First Sentier Group's quantitative equities arm RQI Investors.

The changes saw the removal of incumbents and the introduction of RQI Investors and Pendal.

The Mercer Australian Small Companies Fund also experienced changes following a review.

The previous managers for that strategy were Firetrail Investments, RQI Investors, Longwave Capital Partners and Perennial Value Management.

The new roster shows only Longwave and RQI Investors are overseeing the small-caps fund.

Mercer said it regularly assesses external managers as part of its responsibility for establishing, implementing and monitoring each fund's investment objectives and strategy.

The changes follow Mercer updating the fund manager stable for its Mercer International Shares Fund and Advance International Shares Fund in early 2026 in a bid to streamline the structure to focus on core strategies that deliver more consistent excess performance.

In the latest update, the buy and sell spreads for the Aussie and small-cap funds have also changed.

The Australian Shares Fund's buy and sell spreads were 0.21% respectively. As at May 28, they were 0.17% respectively.

Australian Small Companies Fund's buy and sell spreads were 0.29% respectively. They are now 0.24% respectively.

Mercer said it revised the buy and sell spreads to reflect the latest available buy and sell spread costs of the underlying investment managers.

The statement was formally adopted by a meeting of the G7 and partner countries' top companies, financial institutions, and industry associations in Paris on June 10 at the Critical Minerals Investment Forum.

The statement calls for greater mobilisation of private capital to build resilient and diversified critical minerals supply chains and for stronger coordination between public and private actors.

The 39 signatories include Airbus, BNP Paribas, Goldman Sachs and JP Morgan among others.

"Too often, these discussions focus on policy ambitions and supply-side development without taking into account the nuts and bolts that capital needs to build an investment case - in this case, to support the investment of working Australians' hard-earned retirement savings," ASFA chief executive Mary Delahunty said.

She said the forum made clear to policymakers that innovative approaches are needed to answer the critical minerals questions their governments need to answer.

"This could include blended finance, public-private partnerships, offtake agreements, and new mechanisms to help de-risk early-stage critical minerals projects," she said.

Delahunty noted resilient critical minerals supply chains will ultimately depend on the ability to mobilise large-scale, patient capital for long-term projects.

"From a superannuation perspective, the conversation needs to be around how capital is actually allocated, beyond the diplomatic community identifying that capital needs to be allocated. That means addressing things like the need for project transparency, strong governance, and appropriate risk-adjusted returns," she added.

Delahunty said Australia was the only country at the table bringing the pension sector directly into the conversation and ASFA will continue to work with the government and international counterparts to take this work forward.

This takes IFM's total share in Atlas Arteria to 39.6%, which includes a further 1.3% held on behalf of its clients.

IFM's latest offer for Atlas Arteria values the toll road operator at around $7.4 billion, up from the initial offer made last April, which valued it at $7 billion.

Atlas Arteria, however, continues to tell shareholders to reject the offer noting the "bidder can pay more".

It said the offer continues to materially undervalue the firm and is 12% below the $5.79 midpoint of the independent expert's valuation range of $5.39 - $6.20.

Atlas Arteria also noted that IFM has a track record of paying more than its initial offer price and it might benefit the shareholder from not accepting its current offer.

"IFM has paid more than its initial offer price in a number of previous public market situations with increases on average of circa 38% relative to the initial offer price," Atlas Arteria said.

It gave the examples of Aleatica where IFM raised its offer prices from 27 to 37 Mexican pesos, Sydney Airport where it raised the bid from $8.25 to $8.75 per security and Vienna airport where it's increased the price by 70% from its initial offer price.

IFM launched a hostile takeover bid for Atlas Arteria in late April, stating the action was spurred by continued underperformance from Atlas Arteria, and a significant change in strategy to pursue more mergers and acquisitions (M&A).

The toll road operator called the bid "too low, opportunistic and highly conditional" and asked shareholders to simply ignore all correspondence from IFM.

In its takeover bid, IFM pointed to Atlas Arteria's acquisition of the Chicago Skyway in 2022 - after which Atlas Arteria said it would not be pursuing further M&A, other than growth opportunities directly related to, or in proximity of, the existing business.

"The bidder wished to avoid a repeat of what it regards as the shareholder value destruction associated with the Chicago Skyway acquisition in 2022," IFM said.

Atlas Arteria had said prior to the takeover bid it was actively considering its holdings in Chicago Skyway and issued a notice to Ontario Teachers' Pension Plan (OTPP), the other major shareholder in Chicago Skyway, to sell its stake.

OTPP did not accept the notice, which expired on May 22. This allowed Atlas Arteria to consummate a transfer of its entire stake to a third party. It said it intends to continue exploring a sale of its 66.67% stake to a third party.

Atlas Arteria today confirmed it is progressing the sale of part or all of its stake in Chicago Skyway and is targeting the signing of agreements in the fourth quarter of 2026.

It said the proceeds from any sales would be additional to its distribution guidance of 40 cents per share for the year.

IFM has also contested that any sale of the asset might lead to a tax inefficient outcome for Atlas Arteria and securityholders.

To that end, Atlas Arteria noted it expects tax costs on a sale of Chicago Skyway to be immaterial.

At the US Attorney's Office for the Southern District of New York, Leech admitted to providing false and misleading testimony to the Securities and Exchange Commission (SEC), which was investigating his alleged favouritism to certain strategies and clients.

Authorities estimate that Leech allocated trades with first-day gains of about US$600 million to preferred strategies, while assigning roughly the same amount in first-day losses to other client accounts, despite owing a fiduciary duty to all investors.

Leech's conduct affected both institutional and retail clients, including those relying on him to manage savings and pension plans.

"Investment managers, like Leech, are entrusted by the SEC and the public at large to comply with their duty to be honest to regulators and fair to their clients," said Deputy US Attorney Sean S. Buckley.

"Leech willfully and intentionally gave false and misleading testimony to the SEC in an effort to obstruct an investigation into his fraudulent scheme to favour certain clients at the expense of others."

Days before entering the plea, the SEC slapped Franklin Templeton's Western AM with a US$100 million penalty for failing to detect and prevent its former staffer's cherry-picking scheme.

The watchdog found the fund manager failed to take reasonable steps to ensure Leech's actions were consistent with the firm's fiduciary duties and its disclosures to clients, including that its investment allocations would be done in a manner that was fair and equitable. The offending period ran from January 2021 through to October 2023.

At the criminal hearing, Leech was found to have "engaged in a criminal scheme commonly known as cherry-picking to compensate for losses in his marquee investment strategy by assigning trades that performed well during their first day into client accounts associated with that investment strategy."

He then assigned trades that performed poorly over their first day into the accounts of other clients, who were not aware that Leech was causing them losses to favour others.

Leech pleaded guilty to one count of obstructing justice, which carries a maximum sentence of five years' imprisonment. The sentencing is scheduled for September 21.

Buckley added the plea reflects the "commitment of this Office and its law enforcement partners to protecting everyday investors - in New York City and abroad - from investment advisers who violate their legal commitments and seek to deceive clients for their gain or the gain of others."

He credited the Federal Bureau of Investigation and the SEC for their roles in the investigation.

The ASX-listed company confirmed it has received revised indicative takeover proposals from Pacific Equity Partners, I Squared Capital and Oaktree Capital, with offers up to $1.60 per share which values the company at around $850 million.

In April Pacific Equity Partners made an unsolicited takeover bid to acquire oOh!media for $1.40 per share.

At the time, the offer was a premium of 64.7% from its last closing prices of $0.85 and valued the media firm at around $747million.

In May I Squared Capital jumped into the mix, topping Pacific Equity Partners' bid with a fresh offer that valued the firm at $765 million.

The oOh!media board rejected both bids having unanimously determined they "did not adequately reflect the intrinsic value" of the company.

"The board provided limited due diligence to enable each party of assess whether it was able to put forward a revised proposal that may be capable of the board's recommendation," oOh!media said.

"After a three-week period of limited due diligence, the board has received indicative proposals from Pacific Equity Partners, I Squared Capital and Oaktree Capital Management, with a number of those proposals offering $1.60 per share."

oOh!media confirmed the proposals are subject to a number of conditions.

"Having considered all proposals in conjunction with its advisers, the board intends to provide further due diligence access to those parties, which is expected to take up to six weeks," it said.

"There is no certainty that any proposal will result in a binding offer or that any transaction will eventuate, and oOh!media will continue to update the market in accordance with its continuous disclosure obligations."

The oOh!media board has told shareholders not to take any action at this time in relation to any proposal.

A25 Concession connects Northern Montreal across the Rivière des Prairies to commercial and residential areas.

The transaction follows La Caisse's initial investment in 2023, when it acquired a 50% stake from Transurban in the A25 Concession. Plenary Americas, a La Caisse portfolio company, will support the asset's day-to-day operations.

Plenary Americas is a developer, manager and operator of infrastructure assets, particularly in public-private partnership models. It operates multiple road assets across North America.

La Caisse executive vice-president and head of infrastructure and sustainability Emmanuel Jaclot said: "By becoming sole owner, La Caisse strengthens its position in a Québec asset it knows well, while gaining greater flexibility in its management."

"As one of only two public-private partnership toll roads in Québec, the A25 Concession plays an important role in mobility across Greater Montréal by connecting the east end of Montréal to fast-growing economic areas on the North Shore," Jaclot said.

La Caisse said A25 customers will not be affected by the transaction and payment methods along with customer support channels such as the website and service centre will continue to operate as usual.

This values the toll road operator at around $7.4 billion, up from the initial offer made last April which valued it at $7 billion.

However, Atlas Arteria continues to recommend that shareholders reject IFM's offer.

"The offer is too low and materially undervalues Atlas Arteria. IFM is not paying an appropriate premium for control," Atlas Arteria said.

The new offer falls short of independent expert Kroll's valuation, which placed the global toll road operator's worth at a minimum of around $7.8 billion, with a fair value range of $5.39 to $6.20 per security. On the upper end, Kroll values the firm at around $9 billion.

Kroll had said IFM's initial bid undercut Atlas Arteria's value by a $1 billion.

"As both the offer price of $4.75 and the maximum consideration of $5.1 fall below our assessed value range for an ALX security, the offer is not fair," Kroll said.

IFM, on the other hand, urged shareholders to accept the bid at a premium to undisturbed trading prices and warned the price may fall in value materially following the offer.

Additionally, it called Atlas Arteria's independent directors' claim that additional value can be created by the sale of Chicago Skyway as "disingenuous".

It said the new offer price implies a valuation of the toll road operator's interest in Chicago Skyway in line with the acquisition price of 2022.

"There is no certainty that asset sales can be achieved at an acceptable price, and any sales may lead to a tax inefficient outcome for Atlas Arteria and securityholders. The timing of any asset sales are also highly uncertain, in contrast to the offer which provides cash certain value today," IFM said.

IFM launched a hostile takeover bid for Atlas Arteria in late April, stating the action was spurred by continued underperformance from Atlas Arteria, and a significant change in strategy to pursue more mergers and acquisitions (M&A). IFM already owns a 34.5% stake in Atlas Arteria through its wholly owned subsidiary Diamond Infraco 1.

The toll road operator called the bid "too low, opportunistic and highly conditional" and asked shareholders to simply ignore all correspondence from IFM.

In its takeover bid, IFM pointed to Atlas Arteria's acquisition of the Chicago Skyway in 2022 - after which Atlas Arteria said it would not be pursuing further M&A, other than growth opportunities directly related to, or in proximity of, the existing business.

"The bidder wished to avoid a repeat of what it regards as the shareholder value destruction associated with the Chicago Skyway acquisition in 2022," IFM said.

Atlas Arteria had said prior to the takeover bid it was actively considering its holdings in Chicago Skyway and had issued a notice to Ontario Teachers' Pension Plan (OTPP), the other major shareholder in Chicago Skyway, to sell its stake.

OTPP did not accept the notice which expired on May 22, which allowed Atlas Arteria to consummate a transfer of its entire stake to a third party. It intends to continue exploring a sale of its 66.67% stake to a third party.

The deal, which has an implied valuation of $1.6 billion, is expected to finalise in early July.

The ACCC's determination is unconditional and subject to the expiry of the statutory 14-day review period.

Magellan chair Andrew Formica said: "The ACCC's clearance is a significant milestone in the completion of the merger and brings us one step closer in our shared ambition to build one of Australia's leading financial services businesses."

He added Magellan has "built a recognised investment management franchise, supported by deep investment expertise and longstanding client relationships."

Magellan's board will put into motion a group rebrand following the merger, with shareholders to approve the proposal at the annual general meeting on October 22.

The company's name is set to change from Magellan Financial Group Ltd to Barrenjoey Group Limited. The ASX ticker code will also change from MFG to BJY.

Magellan Investment Partners, the group's investment distribution brand, will change to Barrenjoey Investment Partners.

"As we bring these two businesses together it is important that our brand reflects both the expanded capabilities of the combined group and the opportunities ahead," Formica said, adding that the name 'Barrenjoey' provides the strongest foundation for a unified brand.

In early May, Magellan confirmed job redundancies ahead of the merger, specifically affecting those who look after the global equities strategy.

Subsequently, the Magellan Global Fund - Open Class Units - Active ETF (ASX: MGOC) and Magellan Global Fund Hedged investment strategy changed to the Vinva Global Alpha Strategy. Vinva Investment Management was appointed as investment manager for the funds. The funds had about $5.3 billion in assets under management as at April 30.

Magellan, however, did not confirm the exact number of roles affected.

Established in 2010, Vinva has more than $47 billion in active strategy assets. Magellan has a 28% equity stake in Vinva.

While the Global X Cybersecurity ETF returned 36.5% for investors, Betashares Global Cybersecurity ETF provided a return of 31.75%.

South Korea retained its place from the prior month, continuing to reflect strong investor interest in the region's technology-heavy market. iShares MSCI South Korea Capped Index ETF returned investors 31.6% for the month.

Asian technology exposure also featured, reinforcing a broader theme of outperformance across innovation-driven, high-growth equities.

ETF flows in May were broadly in line with April at $5.3 billion. Australian equities claimed the top spot for the month at $2.24 billion, narrowly ahead of international equities at $2.18 billion.

Cash & fixed income fell sharply to $494 million from $1.1 billion in April. Short exposures swung back into negative territory, and commodities returned to positive flows after April's outflow.

"Global equity markets extended their rally through May. S&P 500 companies reported 27% year-on-year earnings growth in Q1 2026, more than double consensus, driven by the hyperscaler capex cycle," Betashares investment strategist Tom Wickenden said.

"Emerging markets were a standout, the MSCI EM index rose 9.7% as investors rotated into Asian chip manufacturers as a higher-beta, cheaper alternative to US mega-cap tech. Korea and Taiwan were the principal beneficiaries. Asian technology and broad emerging market ETFs capture this exposure on the ASX."

The Australian ETF industry set a new record, reaching $364 billion in funds under management after a third consecutive month of net flows above $5 billion. Strong inflows, combined with positive global market performance, pushed the industry above $350 billion for the first time.

"Domestically, the 12 May federal budget was the major event. The proposed removal of the CGT discount for investments falls unevenly across vehicle types. Unlike direct portfolios and managed funds, ETFs can better manage turnover through in-specie creation and redemption, avoiding internal capital gains crystallisation under the revised regime," Wickenden said.

It floated 555 million shares at a price of US$135 per share.

"The valuation being ascribed to SpaceX is, by any conventional measure, extraordinary. There are currently only 13 publicly listed companies worth more than $1 trillion," Ninety One technology analyst Anton du Plooy said.

"SpaceX would arrive at a multiple well above what comparable businesses trade at today, and the mental gymnastics required to justify that number on fundamentals alone are considerable."

Du Plooy noted the bigger issue may not be valuation at all, but market mechanics.

Index providers have scrambled to update their rules, he said. Nasdaq has revised its eligibility framework to admit new mega-cap listings to the Nasdaq-100 after as little as 15 trading days, down from the previous requirement of at least three months of trading.

"When companies of this scale enter benchmarks, passive capital can create a powerful feedback loop: index inclusion drives buying, rising prices create performance pressure on active managers, and that in turn attracts even more passive flows. At a certain point, price action can become increasingly detached from the underlying fundamentals," Du Plooy said.

"What makes the broader dynamic uncomfortable, however, is the position it puts certain investors in regardless. Large asset allocators who hold significant passive exposure would be forced buyers due to fast-track index rule changes, despite SpaceX not meeting many of their minimum governance practices."

S&P Dow Jones Indices, however, has rejected a proposal to fast-track SpaceX, Anthropic, and OpenAI into the S&P 500, keeping its 12-month seasoning requirement and profitability hurdle in place.

Multiple passive investment managers including Global X and Betashares have recently debuted space ETF's on their platforms.

Du Plooy said Tesla has, for years, defied the gravity of its own delivery record relative to its Magnificent 7 peers, and yet its valuation has remained at a premium due to elevated retail participation.

"Given Elon Musk is the key figure in both, it may be that this dynamic will apply to SpaceX too. It doesn't make it intellectually satisfying for a fundamental investor, but it is the market environment in which we are operating," Du Plooy said.

He added this will also impact how active mangers make their portfolio decisions, driven by benchmark risk and not investment fundamentals.

"A lot of active managers will end up buying into these listings not out of conviction, but for index-hugging reasons. Buying for all the wrong reasons, in other words," he said.

"It is a fair charge. If these businesses maintain their market capitalization, they will in time become material in major benchmarks. In this event, benchmark risk, not investment fundamentals, will be driving the decision. That is not what active management is supposed to be."

The ETF provider's latest monthly market report found Australian equity ETFs attracted a record $2.3 billion in net inflows in May, accounting for about 42% of total industry flows and marking the strongest month on record for the asset class.

As the same time, Australian yield focused ETFs recorded their best month ever, attracting $243 million as investors sought greater exposure to dividend paying strategies.

Senior product and investment strategist Marc Jocum said the proposed CGT reforms appeared to be influencing portfolio construction decisions.

"Investor behaviour in May points to a clear pivot," Jocum said.

"The proposed CGT reforms have sharpened the focus on after-tax returns, prompting many Australians to reassess how their portfolios generate performance," he said.

"We're seeing a growing preference for income-oriented strategies that may be better positioned under a higher capital gains tax regime," Jocum said.

The shift comes as Australian high dividend ETFs have outperformed the broader share market by nearly 5% this year, reinforcing demand for income generating investments.

Beyond income strategies, Australian resource ETFs also enjoyed a record month, attracting more than $205 million in inflows as investors positioned for stronger commodity demand and long-term themes such as critical minerals and the energy transition.

Despite persistent inflation, rising unemployment and softer economic growth, Jocum said investors continued to show confidence in domestic markets.

"Sticky inflation, rising unemployment and subdued growth haven't deterred flows into Australian equities, suggesting a level of confidence in domestic markets and familiar sectors", he said.

The broader ETF industry continued its rapid expansion, growing by $17.7 billion, or 5.1%, in May to reach $364 billion in assets across 487 products.

Industry inflows totalled $5.4 billion for the month, marking the third consecutive month of at least $5 billion in new investment. Year-to-date inflows have already surpassed $26 billion, putting the sector on track to exceed last year's record $53 billion haul.

Global X also noted continued investor enthusiasm for artificial intelligence-related themes, with cyber security and semiconductor ETFs among the stronger performers, while investors rotated away from cash, energy and cryptocurrency exposures.

"With momentum building and the second half of the year typically a stronger period for flows, the ETF market is well positioned for continued expansion," Jocum said.

Powered by Claude, the tool will help the investment team's synthesis the firm's internal research alongside external research and public market data.

The asset manager said this will help analysts and portfolio managers surface relevant signals faster and spend more of their time on judgment and investment decisions.

It is also developing another tool PRISM, which is a global engagement platform for Janus Henderson's distribution teams.

PRISM will help client-facing teams prioritise the right outreach, draw on internal and third-party data to understand what clients hold and need, and prepare personalised client communications.

Janus Henderson said this will bring a single, consistent tool to sales and marketing teams across regions.

It will also deploy Claude broadly across the firm, with Claude Code for its engineering teams and Cowork for employees across investment, distribution, and corporate functions, bringing AI further into everyday work.

Janus Henderson chief executive Ali Dibadj said: "We believe AI transformation will fundamentally change the way asset managers serve their clients when it is embedded at the core of the business."

"This collaboration with Anthropic and Percepta builds on Janus Henderson's partnership with Trian and General Catalyst, adds to our innovative leadership in AI and tokenisation, and supports our ambition to be the most technologically sophisticated asset manager in the world," Dibadj said.

Janus Henderson said connecting Claude to Janus Henderson's proprietary research, client, and market data addresses a major problem that has slowed AI adoption across asset management.

"Generic tools rarely fit how an active manager researches markets, manages portfolios, and serves clients. The value comes from connecting frontier AI to a firm's own data and rebuilding core workflows around it, which generally takes engineering built into the business, not software bought off a shelf," Janus Henderson said.

Anthropic head of asset and wealth management Peter Nolan noted asset management is a knowledge-intensive industry where reliable AI can help teams work faster and serve clients better.

"Janus Henderson is putting Claude directly into the hands of the teams managing investments and client relationships: from purpose-built tools like PRISM and LIBROS to Claude Code and Cowork across the firm," Nolan said.

Invesco said the fund draws on more than 40 years of experience in systematic and factor-based investing, underpinned by proprietary research and implementation expertise and will be managed by Invesco Quantitative Strategies (IQS).

The actively managed fund aims to deliver 1% p.a., before fees, above the MSCI World ex-Australia Index, with a targeted tracking error of 1.5% to 2% p.a.

It invests in a diversified portfolio of 400 to 550 global companies using a systematic, multi-factor approach designed to capture value, momentum and quality signals within a tightly controlled risk framework.

Since inception on 31 July 2005, the strategy has delivered 1.3% p.a. above the MSCI World ex-Australia Index, including 5.3% alpha in the 12 months to 31 March 2026.

Invesco managing director and head of Australia and New Zealand Jonathon Crook said Australian investors are increasingly looking for solutions that combine the alpha potential of active investing, with the risk management of a tracking error constrained, systematic process.

"In a market environment where returns have been increasingly concentrated in a narrow group of stocks, finding alpha through a diversified and disciplined process becomes even more important," Crook said.

"This fund is designed to meet that need by offering a transparent and repeatable approach to global equities, backed by Invesco's global scale, research capability and long heritage in systematic investing."

Invesco Solutions director Scott Bennett added: "Our aim is to generate alpha through a repeatable process without taking on unrewarded risk. While many systematic approaches rely on similar optimisation tools and techniques that can lead to herding, our approach focuses on preserving factor diversification and improving the alignment between signals and holdings, reducing crowding and commonality amongst positions."

"Having managed this strategy for over two decades, IQS has a proven track record of delivering attractive risk-adjusted returns while maintaining tracking error within the targeted range. We believe this reflects the strength and consistency of the underlying investment process."

The global asset manager will continue to be overweight on US equities given its advantage as a net energy exporter and its sizable exposure to AI-related companies.

T. Rowe Price also cautioned investors to not mistake the current resilience in the market for stability.

In its midyear market outlook, it noted while global markets have remained resilient in the first half of the year, the second half will likely be defined by a more fragmented and capital-intensive market environment, where supply security, policy support, and earnings durability will matter more.

Geopolitical fragmentation is raising the global risk premium, it said, which could increase inflation volatility, regional divergence and central bank policy dispersion, creating opportunities in rates and currencies.

T. Rowe Price head of global investment solutions Thomas Poullaouec said markets will continue to be driven by two competing inflationary forces of AI investment cycle with the potential for productivity improvement, and ongoing geopolitical tensions that have led to the energy shock.

"We stay focused on the level and durability of earnings growth. We've adopted a measured pro-risk stance," Poullaouec said.

He added the asset manager has kept overweight in emerging markets equities, where it sees diverse and compelling opportunities.

"Korea and Taiwan are poised to benefit from the ongoing AI build-out; higher energy prices should bode well for LatAm. Despite heightened geopolitical uncertainty, China could be relatively well positioned given its substantial energy reserve, diversified supply sources and resilient exports," Poullaouec said.

In fixed income, T. Rowe Price favours inflation-linked bonds over sovereign bonds as it sees markets underestimating the persistence of the current inflation shock.

In a market outlook, Ausbil chief economist Jim Chronis and executive chair, chief investment officer and head of equities Paul Xiradis said structural shifts in the global economy were reshaping equity markets and creating new earnings growth opportunities.

Ausbil argued the move away from globalisation, accelerated by the 2025 tariff shock and the 2026 oil disruption linked to the ongoing conflict in the Middle East, is driving greater investment in energy security, defence, critical minerals and domestic manufacturing.

"The themes of energy and defence security have only been underscored, as has the continuing shift to deglobalisation," the firm said.

The managers pointed to significant policy-driven investment in the US, where efforts to strengthen domestic manufacturing and secure strategic supply chains are supporting a broader reindustrialisation trend.

Ausbil also identified AI as a major long term growth driver, arguing the technology is triggering a global capital expenditure boom that remains in its early stages.

"The boom in AI and its potential to revolutionise the productivity of every industry is another key structural growth driver," the firm said.

They noted investment in AI infrastructure by major hyperscalers is expected to accelerate through 2027, creating substantial demand for energy, copper and critical minerals required to support data centres and digital infrastructure.

Despite recent oil price volatility following tensions in Iran and disruptions to the Strait of Hormuz, Ausbil expects global economic growth to remain resilient, forecasting growth of 3.3% in 2026.

For Australian equities, the firm sees the strongest opportunities in metals and critical minerals, technology companies successfully monetising AI, and businesses with global earnings exposure.

Ausbil forecasts a return to positive earnings growth across the Australian share market in FY26 and FY27, supported by resources, a recovery in financials and continued strength in industrial companies.

The managers noted market uncertainty reinforced the case for active management, with investors increasingly focused on identifying sustainable earnings growth while avoiding downside surprises.

MOON is the second ETF launched of three announced by the ETF issuer, with the Global X S&P World Natural Resources ETF expected to hit the market later this year followed by the hedged version of the S&P World ex Australia GARP ETF (GHRP), which was launched recently.

The launch also follows a similar offer introduced by Betashares last month.

MOON currently contains 28 companies including US-based earth imaging company Planet Labs PBC, launch service provider Rocket Lab and satellite telecommunications company Globalstar. It tracks the Mirae Asset Space Tech Index and incurs a management fee of 0.5% per annum.

The launch of MOON coincides with market anticipation around the potential SpaceX initial public offering (IPO) and strong investor demand for access to space technology, Global X said.

Commenting, Global X chief executive Alex Zaika said the ETF provides a practical solution for investors seeking access to the space economy along with high-profile US listings.

"A decade ago, participating in marquee US IPOs meant opening offshore accounts and often missing out on allocations. Today, ETFs have become one of the most effective ways for Australian investors to access global growth opportunities," he said.

"Space is transitioning from a frontier market into a critical layer of economic infrastructure. Falling launch costs, reusable rocket technology, and advances in satellite networks are reshaping the investment landscape.

"The space economy is projected to surpass US$1 trillion over the coming decade, and investors are increasingly looking for simple ways to access that growth."

Meanwhile, Global X senior investment strategist Billy Leung explained the mechanics behind the ETF.

"The defining feature of MOON is its 50% revenue threshold, which ensures companies are genuinely tied to the space economy. This is what separates a true thematic exposure from traditional aerospace and defence indices," Leung said.

"The index captures the full value chain, from launch systems and satellite infrastructure through to data, applications and exploration, giving investors exposure to the entire commercial stack of space."

He also said the ETF can play multiple roles in a portfolio underpinned by "powerful" structural tailwinds.

"The cost of reaching orbit has fallen dramatically, enabling dense satellite networks that support broadband, Earth observation and secure communications. At the same time, government and defence spending provides a durable demand floor for the sector," he added.

"MOON can serve as a targeted allocation to the commercialisation of space, complement other disruptive technology exposures like AI and robotics, or diversify away from concentrated mega-cap tech positions."

This brings its total local active ETF range to nine products.

Unlike traditional index ETFs, both strategies aim to deliver consistent alpha while retaining ETF transparency and liquidity, Franklin Templeton said.

"Investors today want more choice in the ETF space," Franklin Templeton Australia and New Zealand managing director Felicity Walsh said.

"Our range of active ETFs are designed to bring together the liquidity and transparency of a listed structure with an active and intelligent approach to portfolio management."

Walsh added Franklin Templeton is leveraging the expertise of its investment groups and making it available in a format that suits how Australians want to invest today.

Franklin Templeton Investment Solutions portfolio manager Chris Floyd said FGSE suits investors who want broad global equity exposure and are seeking an approach that goes beyond tracking an index.

"Our systematic process analyses thousands of companies daily across quality, valuation, sentiment and other factors, seeking to identify those with the strongest return potential," he said.

"The result is a style-neutral, diversified portfolio that aims to deliver consistent outperformance over time, one which we think is a compelling proposition for growth investors."

Over one year to April 2026 the Franklin Global Systematic Equity Fund returned 15.16% after fees, compared with benchmark return of 15.06% in the same period.

Western Asset Management head of Asia Pacific investment management and co-chief investment officer Anthony Kirkham said FEIF offers a short-duration, high-quality credit strategy that seeks to generate meaningful income above the cash rate, while actively managing risk across sectors and individual securities.

"For investors looking for yield without taking on significant interest rate sensitivity, this fund offers a genuinely differentiated option as an active ETF," he said.

The Western Asset Enhanced Income Fund returned 6.12% over one year to April 2026, compared with the benchmark performance of 3.79%.

Throughout March and April 2026, the advisory firm conducted an online survey of 110 lenders including major banks, non-banks, second-tier banks and private lenders around Australia.

Almost 62% of respondents expect major banks to increase construction lending activity, up from 46% in 2025 and a dramatic recovery from just 13% back in 2023.

The survey found non-bank expectations, meanwhile, to have moderated. Over 65% expect non-banks to increase construction lending, down from 73% in 2025 and 52.7% for investment lending, down from 65%.

"While non-banks remain the dominant force in construction, the gap between bank and non-bank expectations has certainly narrowed," the report read.

Stamford Capital managing director Peter O'Connor said while banks and non-bank lenders both serve distinct markets, there could be emerging signs of more crossovers.

"Last year banks were back in play and they're keen to regain some of their market share. Is this signalling a rebalance? Not necessarily. Both lender types have historically served different needs for borrowers," O'Connor said.

"A lot of our clients need the additional leverage banks simply can't lend. They have been two distinct markets, albeit with major bank expectations, there could be emerging signs of more crossover coming."

This is happening as ASIC tightens its scrutiny on private credit funds.

Thirty five percent of non-bank and private lenders said they've already been approached or audited by ASIC, and a third said their due diligence approach has already changed in response, with a further 5% planning changes within 12 months.

While 43% of respondents remain moderately concerned about current practices and market size of the private credit market, those who are 'not concerned at all' have nearly halved to just 14%.

"From what we've heard in market, ASIC is concerned around lenders making thorough and appropriate disclosures to investors around risk. It's less about trying to curb this type of lending and more as to whether investors fully understand it. We haven't seen any effect to lending parameters as yet," O'Connor said.

Rantum Capital is set to be bought out by Janus Henderson for an undisclosed amount. The transaction is expected to close in Q326 pending regulatory and other customary approvals.

Founded in 2013, Rantum Capital has been providing private debt and private equity financing solutions to family and entrepreneur-owned small- and mid-sized companies in Germany, Austria and Switzerland (the DACH region). The firm raised around $2 billion (€1.2bn) of capital across its private market strategies.

Upon completion, Rantum Capital will play a central role in the build-out of Janus Henderson's pan-European private credit platform, it said.

The acquisition also enhances Janus Henderson's capabilities in private equity, complementing the firm's broader private markets strategy, with Rantum Capital to support future product development.

Commenting, Janus Henderson chief executive Ali Dibadj said the acquisition comes at a time when demand for private markets continues to rise

"... we are very excited to announce the acquisition of Rantum Capital, which expands our private credit and private equity capabilities in Europe, a strategically important region for the firm," Dibadj said.

"This transaction reflects our focus on diversifying into high-demand areas while also amplifying our existing strengths, including our institutional client relationships, to better support our clients' evolving needs."

Meanwhile, Janus Henderson head of fixed income Alex Veroude said the deal builds on previous transactions of NBK Capital Partners in the Middle East and Victory Park Capital in the US in 2024

"We are delighted to have the Rantum team join Janus Henderson. They have built a strong private markets platform with a proven track record and deep relationships in Germany and across the DACH region," Veroude said.

"As clients seek differentiated exposure to private credit, this transaction strengthens our ability to meet that demand."

As part of the transaction, Janus Henderson will adopt Rantum Capital's industrial partner network to provide deep sector insight, strengthen sourcing and enhance local credibility, the firm said.

Rantum Capital co-founder and managing director Dirk Notheis added: "We are very pleased to be joining Janus Henderson, a company with a strong culture and entrepreneurial approach."

"By combining our local and private markets expertise with Janus Henderson's global distribution platform, we will be able to create even more value for our investors in the future and expand our offering across Europe".

The new fund features a diversified portfolio of global equities which aims to generate income from multiple sources, rather than relying solely on high dividend stocks.

Managed by BlackRock's Systematic team, WYNC will use the firm's dividend rotation approach alongside proprietary investment insights that incorporate human expertise, big data and machine learning. The strategy draws on more than 1000 data signals to identify higher yielding opportunities across global markets.

BlackRock said the fund is designed to provide a regular income stream while maintaining a risk profile aligned with broader equity markets.

Australia head of retail wealth at BlackRock Gareth Hughes said investors preferences were continuing to evolve beyond traditional distinctions between active and passive investing.

"Investor needs in Australia continue to change, with a greater focus on income, whole-of-portfolio outcomes and flexibility in how strategies are delivered - whether it's index or active, ETF or managed funds," Hughes said.

He noted the strategy sought to address demand from advisers and investors looking for income without significantly altering portfolio construction.

"WYNC reflects this evolution, bringing an innovative, income-focused equity solution to the iShares platform while maintaining a risk profile aligned to global markets," Hughes said.

"We see the fund as a natural fit at the core of the portfolio for advisers and investors looking for a regular source of income, without the performance distortion that can often come with more traditional equity yield strategies," he said.

The ETF will be managed by BlackRock's Systematic team, led by Raffaele Savi, alongside Robert Fisher and Anna Hawley.

Earlier this year, BlackRock highlighted a shift in ETF investor behaviour, with rising home bias and a more selective approach amid global unrest. Investors were increasingly blending index exposures with active strategies. BlackRock said the launch of WYNC builds on this trend, offering a globally diversified, income-focused active ETF aligned with evolving portfolio construction preferences.

At that time the share of the population aged 60 years and over will increase from one billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 years and older will double, to 2.1 billion.

Additionally, the number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.

In countries like Australia, that cohort of older people are also the most cashed up in history and expect a higher living standard even as they age.

This culmination of aging populations, wealthy retirees and constrained development pipelines has created a perfect storm for operators of aged care facilities, and one that investors can benefit from for years to come.

Quay Global Investors assistant portfolio manager Gavin Truong says there is significant opportunity, particularly looking at markets like the US and Canada, where aged care is more privatised.

"In the US and Canada, it's like private pay, so the tenant pays, there's no government involvement, and secondly, it's like a monthly rent, and then extra if you need care, so we like that, because it's a bit like residential and there's less regulations involved," Truong says.

Truong points out, now is a great time for investors as there is a huge wave of demand surging in the post-COVID-19 world.

"What happened to the sector, especially since COVID, is that supplies dried up. So, prior to COVID in the US, there was about 3% of stock being delivered every year, because COVID had an outsized impact on older people and on senior housing regulations, visitor requirements, tours, etcetera, was all stopped. Visitors were obviously not allowed, and people were concerned about moving into these places where you're with a lot of the public on a day-to-day basis. So, they'd rather stay home," he says.

"That dried up demand, and meanwhile the people were still getting sick and old and passing away."

Truong says during the pandemic, occupancies fell significantly to around the mid-70% range, which he describes as "pretty catastrophic" for the industry.

"That's a very low occupancy. But what's happened since then is because it had been such a bad time in 2020 and there was no new supply being built - and it takes three to four years at least to build one - demand is coming through now," he says.

"So, occupancies have recovered significantly from that 70% mark. Now, most of them are at the 90% to 93% mark. So, back to pre-COVID levels, and with that wave coming through of demand, we expect it to hit 97% within a few years."

Truong says because of this increased demand senior housing REITS have performed very well share price-wise over the past two years, and this is a trend that's expected to continue.

One such REIT Truong mentions is the Welltower REIT, which is up 300% in the past 24 months, and while that may be exceptional, share prices are expected to rise as demand continues to grow.

Truong says companies that operate in the aged care housing sector say market rents on average need to rise around another 20% to 25% for developers to be incentivised to build new assets - something which is expected to occur, due to the currently low supply.

Another thing to keep in mind, he says, is that Boomers are very wealthy in comparison to the generations that have come before them. They have huge housing wealth that they're liquidating as they reach retirement, which can now be used to fund the monthly rent requirements of these assets, even if they do grow 25%.

The possibilities for investors could be huge, and Truong says it is one of the biggest thematics playing out now in real estate, only just behind the data centre boom.

"The difference with data centres is there is a lot of supply in data centres right now, in fact demand is overwhelming that supply. Power shortages are keeping that supply kind of in check, but it's coming, whereas senior housing demand is stronger, or just as strong, but supply isn't responding just yet," he says.

"Some senior housing REITs are outperforming the data centre REITs, growing stronger forecast earnings, but you can buy them at higher initial implied yields.

"It's definitely a thematic that really resonates with investors, and with our clients, because it's something that's simple to understand, there's an aging demographic across the Western world."

The scope of possibilities

Sarah Shaw, chief investment officer and co-founder of 4D Infrastructure, agrees that the aging population is going to continue having an effect on real estate infrastructure - and not just for aged care housing.

"In developed economies such as Australia, Japan and parts of Europe, the most immediate pressure of an aging population is on healthcare and social infrastructure sectors - hospitals, aged care facilities, diagnostic centres," Shaw says.

According to PwC's Global Infrastructure Outlook, annual spending on health and aged care facilities globally is projected to grow by 73% between 2024 and 2050, driven in large part by the fact that over-65s will represent 20% of the world's population by mid-century.

"While aging populations are not considered a core driver of the listed infrastructure investment thematic, outside of social infrastructure, they may have a ripple effect across various infrastructure sectors," Shaw explains.

"Retirees travel more, supporting airport and toll road volumes. In Japan, where nearly 30% of the population is already over 65, accessible public transport has become a policy priority.

"There is also growing demand for upgraded and expanded utility infrastructure as older demographics may relocate outside major cities. That said, we do not consider this social trend a primary driver of infrastructure investment plans."

Looking ahead as the population continues to age, Shaw believes listed infrastructure is at the start of a significant long-term investment cycle, and demographics are one of several structural forces behind that.

"We see five interconnected drivers of infrastructure demand: technology and digitalisation, decarbonisation, replacement of aging assets, population growth - particularly in emerging markets - and the ongoing emergence of the middle class as core long-term, structural drivers of infrastructure investment," Shaw says.

"Direct exposure to social infrastructure such as healthcare or aged care assets is limited in listed markets. The listed infrastructure universe is predominantly made up of utilities, transport assets, communications towers and pipelines, essential services whose earnings are typically supported by regulation or long-term contracts. Aging populations may play into this picture, but in and of themselves are not the primary driver for listed infrastructure specifically."

As Shaw explains, looking back around a decade ago, aged care infrastructure was largely a policy discussion in developed markets. Discussions were around how to fund it, where to build it and who would operate it. Today, she says, the conversation is more urgent.

"Populations have continued to age faster than facilities have been built, and the funding gap has widened," Shaw says.

"In Australia, the aged care royal commission highlighted systemic underinvestment. In Japan, healthcare spending is projected to reach ¥83 trillion by 2040, roughly 1.5 times its 2020 level, with the over-85 cohort driving the sharpest increase in demand."

Shaw adds that investors interest in infrastructure more broadly is strong, and within that demographic-linked infrastructure is attracting attention.

However, she says it currently still remains a relatively niche allocation within listed infrastructure portfolios.

"From an investment perspective the challenge is that much of the social infrastructure directly serving aged care is unlisted or government-owned," she says.

"Hospitals, nursing homes and community care facilities are not typically part of the listed infrastructure investment universe."

Health is wealth

People are living longer, and that's partly because they are healthier and because medical technology has improved exponentially.

When one thinks about aged care, it's not simply the facility they may one day choose to live in, it's also about medicines, treatments and overall health.

This is another major opportunity for investors to start looking at.

One such investor is Betashares investment strategist Hugh Lam. Lam says the Betashares DRUG ETF capitalises off these drivers while providing investors with the diversification they seek.

"Healthcare as a sector, more broadly, within portfolios really provide us diversification benefit. And what I mean by that is typically healthcare provides generally defensive characteristics compared to other sectors like technology, which are typically what we call high growth," Lam says.

"During market downturns, more resilient sectors like healthcare and consumer staples will tend to do quite well. So having that within a portfolio during those times can be really handy."

Lam says the longer-term drivers behind the healthcare sector are not expected to slow down anytime soon.

"The aging population is naturally going to be a key driver in terms of healthcare spending. By 2030 we're expecting one in six people will be over 60 years old, and in developed market nations like Australia, people aged over 65 years old will account for about 40% of healthcare spending," he says.

"And for those people becoming a lot more health conscious, that's going create a pretty big market in terms of healthcare spending. So those are the longer-term trends that are going to support healthcare."

Within the space, Lam says the use of artificial intelligence (AI) will also become a driver as healthcare companies harvest its uses. Lam says it's expected to have quite an impact on the sector.

He says AI is already being used in the healthcare sector to detect cancers at an earlier stage and help with radiographic imagining.

And all of this also leads into what Lam says is one of the leading indicators for future revenue: research and development (R&D).

"Naturally, these companies need to spend a lot of money researching and developing new drugs as we see different kinds of diseases come into the job. Generally, R&D is going to be supportive of future earnings, because if you're going to create new drug products you can then sell to market, that's an important step. So, it's a leading indicator for future revenue," he says.

Currently the DRUG ETF is investing in the major health players in the US and Europe, the likes of Johnson & Johnson, UnitedHealth and AstraZeneca.

"We're really trying to find this is exposure to the global healthcare theme through a simple wrap up in an ETF," he explains.

Some others, like American Century vice president and senior client portfolio manager Jim Shore, like to get a bit more niche.

"We're looking for companies that we believe are going to deliver an acceleration in earnings growth or an improvement in their business fundamentals, and sometimes that can be supported by a thematic, including demographics to aged care, and then where we think that improvement is sustainable, at least for the next 12 to 18 months," Shore says.

"With that as a framework, we are seeing opportunities within healthcare and within real estate as well. We're looking at those companies we think are good operators of skilled nursing centres, nursing homes, assisted living. But there are also some healthcare-related names that are more focused on that older demographic that we think will be increasing."

Shore says one such investment they have made was in Guardant Health, a diagnostic testing centre for cancer, though with a patient population primarily skewed towards those aged 65 and older.

"It's a growing demographic. We also think they have some novel diagnostic testings that provide better value-based outcomes, so it's not particularly expensive, and if it can detect cancer earlier, it can lead to less costs down the road as well," Shore explains.

Shore says they are also looking into some interesting biopharma companies that he believes are also making some interesting novel drugs.

"The sweet spot for us would be those that are not only expanding lifespan or healthspan but also targeting the older demographic as well. We'd like to have both, where they are treating certain types of cancers that will allow people to live longer, that is a benefit for society, as well as participating in a population or a demographic that is growing much more rapidly than other parts of the of the demographic spectrum," he says.

"So, we're looking at it from multiple different angles... but we do see these areas of the market growing more rapidly given the demographic tailwinds."

As Shore puts it, investing in companies that are producing healthcare options for younger demographics could be an additional tailwind for many aged care infrastructure-related names in the future.

The message seems clearcut: the healthier people are, the longer they live.

Bringing it home

While most investors are looking overseas - where the aged care sector is more privatised than we see here in Australia - there is an opportunity for advisers to help the aged care sector at home be more sustainable.

JBWere investment adviser Casey Ratcliffe works with aged care organisations to help them invest and create a more sustainable business.

"With an aging population, the demand is only going to increase. What we have found from our clients is that the residents, as they move in, have a higher expectation of what aged care means and what should be provided through that. So, there seems to be a high watermark coming through both facilities, but also care," he says.

Ratcliffe says JBWere is a leading wealth manager in the sector, working with 70-plus aged care organisations, which are primarily not-for-profit. On behalf of them JBWere manages just over $2 billion in investments.

"This is significant growth area for JBWere, over the decade that I've been working with aged care organisations, and what we've found now is there is increasing activity, but also increased engagement, inbound queries, finding out what is possible within the sector, and what investments are appropriate to meet those needs," he says.

"What we often talk about with aged care clients is trying to make them become more self-sufficient and sustainable over the long term, to be able to help their communities. That's the focus I look at and enjoy the most with what I do."

Ratcliffe says between issues with government funding and the current high inflation environment, that sustainability aspect has become more difficult to meet.

As he explains, what was once a simple task of investing the money in products like a term deposit, that is now not the optimal option.

"The way we look at these portfolios is different to, say, a university endowment fund or private client. Firstly, the source of the funds are different, a mix of inbound contributions from residents such as deposits or bonds which are required to be paid back to resident families, operational savings, bequests and fundraisings, and they all have different liquidity and regulatory requirements, so it is a very different portfolio mix to what I would construct for a private client, saving for retirement,"
he explains.

"When they understand their returns are being eroded by inflation, they're looking at options to maximise returns to help bridge the gap, and that's why I say there's more inbound queries now and engagement."

Ratcliffe says aged care facilities have become more investment focused as a result of a challenging operating environment.

He says he sits down with the boards and executive committees on a regular basis to align their capital with their purpose.

"From that perspective, we categorise capital into three pools, being working capital, a short-term pool and a long-term pool.

"Working capital is really not about an investment return, rather it's about ensuring short-term requirements are covered.

"The short-term pool is anywhere from one to three years requirement and primarily targets yield enhancement versus cash and term deposits.  This pool invests in fixed income securities that exhibit high daily liquidity.

"The long-term pool can relate to targeting CAPEX. A lot of these organisations will have five-to-10-year strategies of improving dated facilities that would give them the opportunity to have a more balanced or growth focused portfolio, which would be in a mix of asset classes, being domestic equities, international equities, for example," Ratcliffe says.

Dexus will also pay for the legal costs of any appeal for its institutional investors, adding whether an appeal will be filed would depend on the Dexus Bloc shareholders.

The court ruled late May that Dexus must sell its 27.2% stake in Australia Pacific Airports Corporation (APAC), which owns and operates the airports on behalf of various investors, to its remaining shareholders at fair market value.

In 2024 Dexus embarked on Project Mercury to sell some of the APAC shares managed by it.

Under the shareholders' deed, however, Dexus was strictly restricted to giving out confidential data to outsiders without securing a pre-approved, enforceable confidentiality agreements with its fellow investors.

Dexus breached this safeguard in the sale process, exposing APAC's sensitive financial data to prospective buyers via an unmonitored Virtual Data Room.

In 2025 APAC gave Dexus a default notice, asserting a "material irremediable breach" of the shareholders' deed, asserting all members of the Dexus Bloc are no longer entitled to vote the shares held by them, that the rights of the directors appointed by them are suspended, and that their rights to receive information is suspended.

IFM Investors led the legal action against Dexus with the backing of other APAC shareholders, such as the Future Fund, NSW TCorp, and Morrison-managed Utilities Trust of Australia.

REST, which holds a 1.73% stake in APAC directly through the Dexus Bloc, is also a defendant in the case.

The super fund contested that because it was a "non-selling shareholders" who didn't participate in the data leaks, it should be treated differently.

However, the judge dismissed this claim, ruling that each investor group is run by a single manager who acts as the sole point of contact.

Dexus has also commenced a review of its infrastructure funds and mandates that transitioned to it as part of its 2023 AMP Capital acquisition. The scope of the review would include Dexus Diversified Infrastructure Trust, Dexus Community Infrastructure Fund, Dexus Core Infrastructure Fund, Australia Pacific Airports Fund vehicles, Infrastructure mandates and separately managed accounts.

The order follows the SEC's 2024 action against former Western AM co-chief investment officer Ken Leech, alleging he engaged in a multi-year scheme to allocate favourable trades to certain portfolios, which conversely allocated unfavourable trades to other portfolios.

The regulator found the fund manager failed to take reasonable steps to ensure Leech's actions were consistent with the firm's fiduciary duties and its disclosures to clients, including that its investment allocations would be done in a manner that was fair and equitable.

The practice is known as 'cherry-picking', in which Leech would place trades with brokers and routinely wait until later in the trading day to allocate the trades among clients in the portfolios he managed.

At the time, the SEC charged Leech with violating antifraud and other provisions of federal securities laws.

In response to the order handed down ast week, Western AM did not admit to the SEC's findings, but agreed to a cease-and-desist order, a censure, and to pay a civil penalty of US$100 million.

"The SEC's order finds that Western Asset wilfully violated Sections 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 thereunder and failed reasonably to supervise its former co-CIO within the meaning of Section 203(e)(6) of the Advisers Act," the SEC said.

The civil penalty will be deposited into a Fair Fund and Western AM will distribute the funds to harmed investors.

A specialist in fixed income strategies, Western AM has about US$229 billion in global assets under management.

In Australia, Western AM oversees about US$11.4 billion in assets.

The fund aims to track the Bloomberg AusBond Composite 0+ Yr Index, often referenced by superannuation funds, assets allocators and active bond managers.

COMP provides exposure to a diversified portfolio of Australian dollar denominated investment grade bonds, including Commonwealth and state government securities, government related bonds and corporate debt.

The launch comes amid renewed investor interest in fixed income, with Australian bond yields reaching their highest levels in around 15 years. Betashares said cash and fixed income ETFs attracted $14.2 billion in inflows over the 12 months to April 2026 as investors increasingly sought income and diversification benefits.

Betashares chief executive Alex Vynokur noted the ETF was designed to offer a simple and cost-effective way to access the domestic bond market.

"Over the past decade, Betashares has carefully built the largest range of fixed income ETFs in Australia, and the launch of COMP represents a thoughtful addition to our range of core fund exposures," Vynokur said.

"COMP is purpose-built as a core fixed income holding for diversified portfolios, giving asset allocators, super funds, model portfolio managers, financial advisers and investors a cost-effective way to access the broad Australian investment grade bond market in a single trade," he said.

The ETF joins Betashares existing Australian fixed income suite, including its enhanced index strategy OZBD, which manages approximately $1.25 billion and was also developed in partnership with Bloomberg.

According to Betashares, COMP is also designed to track the benchmark used by APRA in assessing Australian fixed interest performance within its superannuation performance test framework.

ART chief executive Kathy Vincent said the investment reflected the fund's focus on supporting long term economic growth while delivering returns for members.

"As a Queensland-based fund, we are proud to invest in the industries and companies that will shape the state's future communities and growth," she said.

"Our investment in Gilmour Space demonstrates how long-term superannuation capital can support nationally significant capability, while remaining firmly focused on delivering strong outcomes for members in their best financial interest," Vincent said.

Founded on the Gold Coast, Gilmour Space is developing sovereign launch capability through its Bowen Orbital Spaceport in North Queensland and provides satellite and launch services to commercial, civil and defence customers.

The investment has been made through ART's private equity mandate with QIC, one of Australia's largest institutional investment managers with more than $135 billion in assets under management.

QIC chief executive Kylie Rampa said the transaction highlighted the role institutional investors can play in supporting emerging Australian industries.

"We proudly work alongside ART to invest in the innovation, infrastructure and industries shaping Queensland's long-term economic growth," Rampa said.

"Gilmour Space is a terrific example of the globally competitive companies emerging from our state and the critical role domestic institutional capital can play building sovereign capability and helping Queensland's next generation of success stories scale from home," she said.

This comes after earlier reports this year that a consortium of sovereign and institutional investors, including the NRFC, Future Fund and several super funds, raised over $217 million for Gilmour Space.

ART manages more than $370 billion on behalf of members and said it has more than $8 billion invested in Queensland headquartered companies and assets across public and private markets.

Its Queensland portfolio includes more than $5 billion invested in infrastructure assets such as Brisbane Airport and the Port of Brisbane alongside more than $3 billion in ASX-listed tourism, property and other Queensland based companies.