UniSuper

A rethink of the classic 60/40 portfolio and the need to generate consistent income are driving global pension funds deeper into private debt. But this “best in a generation” vintage probably won’t last.

UniSuper’s mandate to Revolution Asset Management shows how important private debt is becoming to super funds as their member base matures. It also has its roots in the merger with Australian Catholic Super.

UniSuper has added to its private markets team as it focuses its efforts on its infrastructure and nascent venture capital capabilities.

“We had the courage to stick with our investment strategies,” ACS CIO Michael Block tells ISN. “Often what happens with a strategy that doesn’t work is you cut and run at the wrong time. We were lucky enough or clever enough or brave enough that that didn’t happen, and our members reaped the benefit this year.”

UniSuper is “scouring the domestic market” to build out its unlisted investment portfolio. And as a signatory to the new Affordable Housing Accord, it’s investigating the YFYS benchmark risk of nation-building.

A UniSuper member has accused the fund of potentially breaching its trustee obligations and the Corporations Act in a case reminiscent of one brought against Rest in 2018.

“Talent incubator” Future IM/Pact has partnered with four of Australia’s biggest super funds to help women into frontline investment roles. Investment internalisation is driving some of the interest.

UniSuper’s decision to dip its toe into venture capital is all about members. The question is whether the fund will go further down a road that few others have tread.  It’s an investment that would barely move the dial on overall returns, but the $75 million that UniSuper has tipped into early-stage commercialisation manager Uniseed…

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