AustralianSuper is reportedly planning to double its allocation to private equity amid a wider push for more global dealmaking and direct investment.
The Australian pension manager is planning to increase its private equity allocation from between four and five per cent to about 10 per cent over the next few years, head of equities Innes McKeand said in a Bloomberg report.
The change is a part of a broader plan to shift more of its investment outside the country and increase the proportion of its $113bn pool managed in-house, the report added.
The increase in capital invested in private markets will be done through its new offices in London and New York.
The London office will hire 50 new staff members over the next four years, while the New York operations will expand to around 30 employees when it launches later this year.
McKeand also reportedly said the pensions major will hire more private equity experts.
AustralianSuper is set to continue its co-investments but will also extend into co-underwriting.
Last month, AustralianSuper and the Ontario Teachers’ Pension Plan agreed to commit up to $2bn to the Indian government-backed National Investment and Infrastructure Fund, making it the largest infra fund in the country.
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