Brighter Super intends to invest an additional $500 million in Queensland across sectors like infrastructure, agriculture, and housing, against the backdrop of the 2032 Brisbane Olympic Games.
The additional investment through its Queensland Investment Strategy comes on top of the fund’s existing $1 billion in assets in the state.
According to fund CEO Kate Farrar, the $500 million commitment will bolster economic growth and the creation of jobs at an “exciting time” when the state is gearing up to host the Brisbane 2032 Olympic Games.
“We will be investing for impact to support Queensland industries in co-operation with investment partners,” Farrar said, noting the $32 billion fund “has the capacity to engage on a large range of real assets in Queensland and help grow the regions.”
It is currently in the process of fund manager selection to execute the Queensland Investment Strategy and has expressed an interest in areas like infrastructure, including energy or renewables, housing, property, and agriculture.
The investments will be rigorously assessed, it said, and must be in the best financial interests of members.
“We will work with our investment managers to target the best possible real assets that enhance our members’ communities, create real jobs while delivering strong investment returns,” Farrar said.
According to the fund, preparations for the 2032 Olympics could create opportunities to invest in infrastructure assets that will be crucial to Queensland’s future.
Brighter Super is the fourth-largest non-government financial institution in Queensland and around 85 per cent of its member base is based in the state.
Among its existing $1 billion in Queensland are investments in the Sunshine Coast Airport and the Central Queensland Livestock Exchange, along with stakes in the Cooper’s Gap Wind Farm in the Western Downs and South Burnett, which are helping drive the energy transition.
Through its investment in the Dexus Wholesale Property Fund, Brighter Super also holds interests in the $2.5 billion Waterfront Brisbane project in the heart of Brisbane’s CBD.
The Queensland Investments Strategy follows two years of consolidation efforts by Brighter Super, which was formed by the merger of LGIAsuper and Energy Super in 2021. In May 2023, it announced the successful acquisition of Suncorp Super.
With this, Brighter Super was the second-fastest-growing fund in Australia in 2023, as per KPMG Super Insights report. It recorded 56 per cent fund growth and came in just behind Australian Retirement Trust (ART), which saw 74 per cent fund growth through the merger of QSuper and Sunsuper in 2022.
