Investment portfolio and asset class capabilities

We’re a global investor with deep sector and transaction experience.

Our investment portfolio

AustralianSuper invests across multiple asset classes, geographic markets and at different points of the capital structure.

The portfolio is actively managed through asset allocation, sector mix and security selection.

As a long-term investor with substantial and recurring cash inflows to deploy, this includes a meaningful allocation to unlisted assets.


Global investments

With offices in New York, London, Beijing and across Australia, we leverage our long-term investment horizon, scale and capability to access some of the most attractive investment opportunities globally for members.  

As at 30 June 2025, more than A$200 billion (55% of the portfolio) was invested in international markets. With assets under management forecast to exceed A$600 billion by 2030, we expect this to continue to grow.

Our portfolio groups

AustralianSuper invests across 4 key portfolio groups:

Equities

AustralianSuper has more than A$250 billion1 invested across international listed equities, Australian listed equities and private equity. 


Investment approach

The Equities portfolio is managed by a combination of internal teams and external managers, with more than 55% currently managed in-house.

The Equities team seeks to optimise portfolio returns and actively manage risk via manager and security selection.

Internal capability

The Equities team comprises more than 90 investment professionals across our Australian, London and New York offices.

They have a long-term investment horizon and use deep fundamental research and analysis of companies, industry and economies to identify and invest in high quality businesses with sustainable competitive advantages.

Research from these teams is focused on identifying key value drivers, with rigorous valuation frameworks used to establish intrinsic value and identify investment opportunities.

Equities portfolio overview

Mid-Risk (Real Assets and Private Credit)

The Mid-Risk portfolio comprises A$73 billion1 of predominantly unlisted investments across Real Assets and Private Credit.


Investment approach

The Mid-Risk portfolio is managed by a combination of internal teams and external managers, with around 55% currently managed in-house.1

A flexible investment mandate across Mid Risk assets enables the team to identify and pursue the most attractive risk-adjusted returns available from the real assets, private credit and listed Mid Risk investment universe. 

93% of the Mid Risk portfolio is invested in unlisted assets.1

Direct investment capability

AustralianSuper has a large portfolio of directly-owned, unlisted investments across real assets and private credit. We are able to invest in size and scale at all points of the capital structure.

Some of our direct investment highlights (as at 30 June 2025)

King’s Cross Estate, United Kingdom

Large-scale, multi-stage urban regeneration project in London’s King’s Cross. Now a market-leading mixed-use precinct (76% interest).

Indara Digital Infrastructure, Australia

Owns, builds, operates and manages a diverse network of critical physical and digital infrastructure across Australia (majority interest).

DataBank Data Centers, United States

One of the largest data center platforms in North America with 65+ data centers across 27 key markets. AustralianSuper’s investment will support further expansion. 

Perth Airport, Australia

Key Australian aviation hub. AustralianSuper’s investment supports multi-stage upgrades to the airport’s facilities, including the expansion of its international arrivals facilities.

Peel Ports, United Kingdom

UK’s second largest port and logistics owner (and operator) across 7 strategically located sites, handling containers, bulk liquids, agriculture and RORO (roll on, roll off shipping) (c. 30% interest).

Moorebank Intermodal Precinct, Australia

Australia’s largest intermodal logistics facilities located in south-western Sydney. AustralianSuper’s investment supports the development of up to 850,000 square metres of warehouse space.

Transurban Chesapeake, United States

Comprises three operational managed lane toll roads and two toll road developments located in the Greater Washington, DC area (25% interest). 

NSW Ports, Australia

99-year leases over Port Botany and Port Kembla, servicing consumer goods, bulk liquid and gas, motor vehicle, mining and agriculture, manufacturing and construction.

M7 Logistics, Europe

50% interest in Oxford Properties’ European industrial and logistics portfolio and M7 Real Estate (Oxford’s European investment and asset management business).

Transurban Queensland, Australia

82kms of toll roads, bridges, and tunnels in Queensland. Essential to connecting the region by road.

Assemble, Australia

Multi-project investment in residential property. Investment supports five housing development projects, expected to deliver more than 1,400 homes by 2027. Photo by Ben Moynihan.

WestConnex, Australia

70 km network of new and expanded motorways servicing greater Sydney (20.5% interest).

Sydney Airport, Australia

Largest airport in Australia, welcoming more than 44 million passengers annually, generating more than $42 billion in economic activity, and directly and indirectly supporting 336,000 jobs (minority interest).

The team takes a research and thematic-led approach to investing, leveraging the collective experience and insights of our 90+ dedicated Mid Risk specialists across our Australian, London and New York offices.

Our on-the-ground presence in key markets, coupled with our deep sector and transaction experience, long-term investment horizon and strong cash inflows, supports ongoing deployment, agile execution and value creation through the cycle.

 

Mid Risk portfolio overview

Fixed Income & Currency

The Fixed Income and currency portfolio comprises more than A$40 billion1 of fixed income assets.

The team also manages the Fund’s foreign exchange (FX) portfolio and exposure.


Investment approach

The Fixed Income and Currency portfolio is managed by a combination of internal teams and external managers, with 58% currently managed in-house.1

The Fixed Income and Currency team considers a number of key principles when investing:

  • strategic asset allocation across the Fund’s PreMixed investment options
  • strategic outlook for economies, rates and policies
  • controlled exposure to developed and emerging markets
  • tailored portfolios that balance cost, risk and returns
  • selecting high quality, specialist managers to partner with
  • efficient internal management

Internal capability

The Fixed Income and Currency team comprises more than 30 investment professionals across our Australian and London offices.

The specialist global team has deep experience in active fixed income portfolio management, portfolio construction and central bank policy.

The team seeks to actively manage duration, FX and spread exposures through physical and derivative instruments, including the flexibility to access unique issuance opportunities.

Fixed Income portfolio overview

Liquidity & Implementation

The Liquidity & Implementation team is a specialist global function that brings together the market-facing disciplines of Dealing, Exposure Management, and Treasury. Its mandate is to deliver seamless execution of investment strategies, and maintain the flexibility to capture opportunities across all market conditions, while ensuring the Fund remains resilient to global risks.

Liquidity & Implementation also manages the Fund’s multi-currency cash portfolio, valued at A$25 billion (as at 30 June 2025), and provides a central point of engagement for global banks and counterparties across multiple asset classes and geographies.


Investment approach and capability

The Liquidity & Implementation team comprises more than 65 investment professionals across Australia and London, providing 24-hour market coverage.

It strengthens portfolio oversight and execution by:

  • managing capital flows to maintain flexibility and market access
  • mitigating liquidity risk through robust forecasting and stress testing
  • reducing transaction costs through disciplined execution practices
  • delivering the optimal implementation of investment strategies

Liquidity & Implementation’s multi-asset dealing capability spans equities, rates, currency, cash and derivatives, supported by strong governance, risk management, and operational controls.

Liquidity & Implementation portfolio overview

  • Cash portfolio is valued at A$25.2 billion1, with 100% managed internally1.

This internal management reflects the evolution of the Fund’s overarching investment approach, as we continue to grow as a global asset manager.

Our investment team

Our global investment capability is supported by our on-the-ground presence in key markets. Today we have more than 400 investment professionals across six global offices, all with deep sector and transaction experience. 

How we invest

AustralianSuper is a long-term, active investor with a clear purpose and broad investment mandate. 

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