In a statement, QIC announced that it had been awarded a mandate from REST following “lengthy discussions between QIC and REST on creating a private equity program fit for the superannuation fund’s diversification, return and risk management profile”.
The deal closed on 17 February this year, according to the statement.
Commenting on the announcement, QIC chief executive Damien Frawley said he was delighted to welcome the industry fund as a client of the diversified investment firm’s global private capital investment team.
“REST's mandate with QIC Global Private Capital reflects ongoing institutional investor demand for partnering with experienced specialist investment teams offering differentiated access to private equity opportunities.
“This transaction deepens the relationship between Rest and QIC as REST has been a longstanding investor in the QIC Shopping Centre Fund.”
REST general manager for investments Brendan Casey said the investment firm’s global private capital platform would give REST members access to unlisted global private equity and venture capital assets.
“In QIC, we sought out a like-minded approach to investment in growth assets and to further develop our existing investment management relationship, which has already delivered great results for our members through the QIC Shopping Centre Fund.”
“Private equity returns have been strong in recent years and we believe that investment models emphasising organic growth and operational improvement can continue to deliver returns consistent with client expectations,” added QIC head of global private capital Marcus Simpson.
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