$30 Million Committed to Australian Impact Investment Fund
Wednesday, September 9, 2015
Superannuation fund HESTA has committed $30 million to create an impact investment fund managed by Social Ventures Australia, which is said to be the single largest investment of its kind in Australia to date.
While the industry fund for the health and community services sector is leading the way with its commitment, HESTA is worth $32 billion, and, overall, superannuation funds in Australia have more than $2 trillion under management.
Social Ventures Australia CEO, Rob Koczkar said HESTA’s commitment should encourage other large investors to show similar support.
“We hope to see more institutional investors realise that they can make investments that can both earn a financial return and make a positive social impact,” Koczkar said.
“We expect this to be the first of a number of partnerships that we pull together over the next 12-months, because we would like to have an aggregate pool of capital of $100 million, of which HESTA is really the cornerstone with $30 million, to put towards these opportunities.
“HESTA clearly are leading the way in taking social impact into account as they make their investment choices, but that is a theme that is very much on the mind of all investors and all super funds. I think it’s a very strong commitment by HESTA, but I don’t think they are on their own by any means.”