Hostplus has invested $100 million into IP Group Australia, a UK early-stage science investor that backs science and innovation companies.
The $100 billion fund will back the IP Group Hostplus Innovation Fund that has a mandate of focusing on university spin-outs from IP Group’s university partners in Australia and New Zealand.
It specifically partners with the Group of Eight universities in Australia and invests across deep tech, life sciences, and clean technology.
This includes the University of Sydney, University of Wollongong, Monash University, University of New South Wales (UNSW) as well as the University of Auckland in New Zealand.
The funding “will bolster investment in companies specialising in areas including clean energy, the decarbonisation of transportation and industrial processes, healthcare, and artificial intelligence and machine learning,” Hostplus said.
Hostplus has previously committed $210 million to the fund.
Hostplus chief investment officer, David Elia, said: “We are excited to further strengthen our partnership with IP Group to invest in Australian and global deep tech companies through the IP Group Innovation Fund.”
Alistair McCreadie, IP Group Australia chief investment officer, added: “This commitment from Hostplus to IP Group will support investment in companies that have the potential to drive environmental and social change, including clean energy, green transport, medicine, healthcare, artificial intelligence, and machine learning.
“The IP Group Hostplus Innovation Fund continues to demonstrate the investment opportunity of deep technology rooted in Australian university research.”
Earlier this week, Hostplus announced its MySuper Balanced option achieved 8 per cent in the last financial year.
Elia said the positive result came despite a backdrop of continued global challenges and reminded members that super is a long-term game.
Over a 10-year horizon, its MySuper Balanced option has returned 8.9 per cent per annum.
