QIC has added an Australian multi-sector private debt fund offering to its suite, which also includes global infrastructure debt.
The move follows the launch of its Private Debt capability in 2021. The new QIC debt fund offering will provide a combination of broad and deep origination networks, institutional-grade investment governance, and extensive credit, ESG and structuring experience.
Through this diversified portfolio of corporate leveraged loans, ABS and real estate debt, QIC aims to deliver a consistent income steam and capital stability from this type of strategy.
Established in 1991 by the Queensland government, QIC has become a leading long-term specialist manager in alternatives and has grown its assets under management to $92b over 30 years.
Phil Miall has been appointed to the new role of QIC Head of Multi-Sector Private Debt, reporting directly to QIC Head of Private Debt, Andrew Jones. Mr Miall was previously QIC’s Director – Credit.
Mr Jones confirmed QIC State Investments, which manages the long-term financial interests for the state of Queensland, had indicated its intention for the new multi sector private debt team to manage both its current exposures and future commitments to this strategy going forward.
“We are privileged to win this mandate and look forward to delivering value for Queensland government clients while also building a broad and differentiated offering to add value for other institutional investors,” Mr Jones said.
He said the team’s focus on direct origination was a strong differentiator relative to other market offerings, particularly as the team could source opportunities via QIC’s real asset networks which would not be accessible to firms without QIC’s breadth of investment capabilities.
In addition, QIC would drive ESG integration beyond a primary focus on ESG screening and risks.
“We will seek to be an advisor, sounding board and agent for positive change across our investors’ portfolios,” he said, adding they had both the conviction and commitment to play a differentiated ESG role in the industry.
State Investment Chief Investment Officer Allison Hill said her team undertook extensive due diligence across the sector and said: “Capital preservation and low volatility are key characteristics our clients are seeking.
“QIC’s new offering gives us the confidence that we will now have access to attractive risk-adjusted returns through selective investments in this attractive market segment.”
QIC’s announcement can be found here.