Industry Funds Management
Website:
www.ifm.net.au.
AGEST and Industry Funds Management
AGEST has employed Industry Funds Management to manage some of the infrastructure and private equity investments for the fund.
Objective and strategy
The investment objectives and strategies for each of the above investment arrangements are outlined below.
Infrastructure
IFM has two infrastructure funds with the following investment objectives:
- Australian Infrastructure - objective is 10% pa (after tax and fees) over rolling 3 year periods
- Australian International Infrastructure - objective is 10% pa (after tax and fees) over rolling 3 year periods
AGEST has committed $40 million across these two funds, however this money will not be fully drawn until IFM has a sufficient number of suitable investments. This may take several years.
Both of these three funds has different target investment sectors eg the Australian Social Infrastructure fund targets investment in hospitals, schools, universities, aged care and retirement facilities, sporting facilities and the like, whilst the other two funds focus on investments like toll roads, airports, water assets and gas / electricity transmission and distribution, while the Australian Infrastructure fund also targets investment in hospitals, schools, universities, aged care and retirement facilities, sporting facilities and the like.
Private Equity
AGEST has committed $50 million to IFM's Australian Private Equity Fund IV (the "Fund"), a fund-of-funds vehicle. This money will not be fully drawn until IFM has a sufficient number of suitable investments. This may take several years.
The Fund's investment objective is to return 15% pa (after fees) to investors over the life of the Fund. To achieve this objective, the Fund invests in private equity funds and co-investments based predominantly in Australia and New Zealand. The target investment sectors are venture capital, buyouts, secondaries in respect of venture capital and buyouts, and co-investments.
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