Australia’s QIC scores $750m for global infrastructure sidecar fund

Sydney Opera House, Sydney, Australia. Photo: Holger Link/Unsplash

Queensland Investment Corporation (QIC), one of Australia’s largest investment managers, announced raising A$1 billion (about $750 million) for the sidecar fund of its latest infrastructure vehicle, QIC Global Infrastructure Fund (QGIF).

QIC said the majority of commitments were from existing QGIF investors. Two new investors also participated in the extended funding round.

QGIF is an unlisted infrastructure fund that seeks to provide institutional investors with access to risk-adjusted returns through long-term exposure to a diversified portfolio of OECD infrastructure assets.

The first fundraise for QGIF reached its hard cap of A$2.375 billion ($1.8 billion) in March 2017 and was fully committed across 10 assets in December 2019.

The QGIF extension capital will primarily target bolt-on opportunities within existing assets and some new thematically linked investments, to further deliver growth, diversification, and resilience to the portfolio, according to the announcement.

“This extension will allow us to continue to further enhance the value of QGIF’s portfolio by growing a number of existing platform investments and leveraging our active management approach,” said Ross Israel, head of Global Infrastructure at QIC.

The sidecar vehicle forms part of QIC Global Infrastructure’s focus on sustainable infrastructure during 2021.

The strategy has already invested in three assets, including the acquisition of Tilt Renewables by PowAR, a follow-on investment in US distributed infrastructure platform Generate Capital, and the acquisition of Centro, the largest pure-play district energy platform in the US.

QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane, Australia, it also has offices in Sydney, Melbourne, New York, Los Angeles, San Francisco, London, and Copenhagen.

QIC earlier reported delivering a record A$6.7 billion in investment return for the Queensland Government in 2020-21. The government-owned QIC managed approximately A$92.4 billion in assets for the Queensland Government and other domestic and international clients.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.