ART backs Queensland space company with $14m investment

Australian Retirement Trust (ART) has invested more than $14 million in Queensland-based aerospace company Gilmour Space Technologies, backing the state's growing space sector through a co-investment with QIC.

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.