Australia's CareSuper to expand investment team as it shifts private credit strategy
Australian pension fund CareSuper is planning to increase its investment team by up to a third as it expands internal asset management capabilities and adjusts its private markets exposure amid higher borrowing costs and market volatility, according to a report by Bloomberg. The AUD$65bn pension fund expects to recruit as many as 20 investment professionals over the next 12 to 18 months, adding…
Australian pension fund CareSuper is set to expand its investment team by up to a third over the next year as it pivots its private markets strategy, according to Bloomberg. The AUD$65 billion fund anticipates hiring up to 20 new investment professionals to bolster its existing team of 60, with these new hires joining both Sydney and Melbourne offices. Their roles will encompass public and private market investments, portfolio construction, and active asset allocation.
In response to rising borrowing costs and market volatility, CareSuper is shifting away from domestic private credit manager Metrics Credit Partners, favoring global private credit opportunities instead. Presently, the fund allocates around 8% of its balanced portfolio to credit and 12% to infrastructure, with plans to maintain a hybrid investment model that combines internal management with external mandates.
Furthermore, CareSuper is exercising caution regarding its data center investments, pausing new commitments due to valuation concerns and uncertain sector outlook. The pension fund, which also holds exposure through specialist digital infrastructure manager DigitalBridge, acknowledges heightened risks stemming from intensified scrutiny of AI-related infrastructure valuations.
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