HESTA is committing a further $40 million to its Social Impact Investment Trust (SIIT), which is managed by Social Ventures Australia (SVA).
SIIT was launched in 2015 and is aimed at funding investments "that generate both a measurable social impact and a market-based financial return," according to HESTA. It has a specific focus on impact investments in the health and community services sector, in which the majority of HESTA members operate.
"Our successful partnership with SVA provides a blueprint for institutional investors," HESTA chief executive Debby Blakey said.
"Our ongoing collaboration combines SVA's expertise in impact investment with HESTA's investment experience and discipline, and our deep knowledge of the health and community services sector."
SVA chief executive Rob Koczkar added: "SVA is delighted to be deepening our partnership with HESTA through this new commitment to the Social Impact Investment Trust. It is a sign that the social impact investment market in Australia is continuing to mature, with increasing opportunities to invest for both social and financial return."
"We are pleased that our investments, in social and affordable housing and state of the art aged care, are helping to build an Australia where all people and communities can thrive; and we look forward to working closely with the social purpose sector to support more projects like these."
HESTA also recently created a new head of impact role, which focuses on broadening HESTA's responsible investment capabilities and overseeing the fund's own carbon footprint.
Mary Delahunty took on the position, having previously been general manager, business development and partnership engagement.