QIC’s private capital team secures $427m mandate from REST

The Australian fund manager receives a private equity mandate from the $38 billion superannuation fund.

QIC’s global private capital division has made an announcement on receiving a A$550 million ($427 million; €345 million) private equity mandate from REST Industry Super.

From the official statement of QIC, Damien Frawley, CEO of the firm said, “the transaction has deepened the relationship between REST and QIC as QIC has been a longstanding investor in the QIC Shopping Centre Fund.”

REST has a A$50 billion funds under management, and has been discussing with QIC on creating a private equity program to fit for the superannuation fund’s diversification, return and risk management profile.

QIC Global Private Capital, with $5.6 billion in assets under management, are operationally-focused investors targeting investment themes and strategies from investing in start-ups in the USA and China to ownership of one of the largest beef producers in Australia.