Australian Retirement Trust

Investment Strategy

Australian Retirement Trust (ART) manages approximately $260 billion on behalf of over 2.3 million members, making it one of Australia’s largest superannuation funds and one of the largest pension funds globally. ART was formed in February 2022 through the merger of QSuper and Sunsuper, combining two well-established Queensland-based superannuation funds into a single entity with the scale to compete with the largest Australian and global pension investors.

ART’s investment strategy aims to deliver strong long-term returns for members across multiple investment options, ranging from high-growth to conservative profiles. The default Lifecycle investment option adjusts asset allocation based on member age, with younger members receiving higher allocations to growth assets including equities and alternatives.

The merged fund’s portfolio spans Australian and global equities, fixed income, real estate, infrastructure, private equity, private credit, and cash. ART has significant internal investment management capabilities alongside external manager relationships. The fund’s scale, achieved through the merger, provides substantial advantages in fee negotiation, access to top-tier managers, and the ability to pursue co-investment and direct investment opportunities.

ART integrates responsible investment across its portfolio and has committed to net-zero targets. The fund is a signatory to the UN Principles for Responsible Investment and publishes detailed stewardship and sustainability reports.

Private Markets Approach

ART’s alternatives program is one of the most substantial in the Australian superannuation system, reflecting the combined portfolios inherited from QSuper and Sunsuper and the ongoing build-out of the merged fund’s private markets capabilities.

Private equity is a core allocation. ART commits to buyout, growth equity, and venture capital funds globally, with established relationships across top-tier and mid-tier managers in North America, Europe, and Asia-Pacific. The fund actively pursues co-investments alongside GP partners, deploying additional capital at lower blended fees. ART’s PE team evaluates opportunities across the full spectrum from large-cap buyout to growth and venture.

Infrastructure is a signature asset class for ART. Australian superannuation funds have been global pioneers in infrastructure investing, and ART maintains a substantial portfolio spanning energy, transportation, airports, utilities, digital infrastructure, and social infrastructure. The fund invests through both fund commitments and direct ownership, with capabilities to evaluate and manage infrastructure assets directly. Renewable energy and energy transition investments are a growing priority.

Real estate includes both Australian and international property across commercial, industrial, residential, and logistics sectors. ART holds direct property assets alongside fund-based investments, managed by an experienced real estate team.

Private credit provides diversified income through direct lending, asset-backed strategies, and structured credit. This allocation has grown as ART has sought to diversify its income-generating portfolio and capture credit risk premiums in private markets.

How to Approach

ART’s investment team is headquartered in Brisbane with team members in Melbourne, Sydney, and London. The fund’s scale and sophisticated investment organization mean that it operates like a large global institutional investor.

GPs should present differentiated strategies with strong track records and clear articulation of how their approach complements ART’s existing portfolio. Co-investment capabilities, fee competitiveness, and alignment of interests are important evaluation criteria.

The fund receives a significant volume of inbound proposals and is selective about new relationships. Building relationships with the relevant strategy team through industry conferences, warm introductions, and direct outreach is the most effective approach. ART’s team attends major global conferences including SuperReturn, ILPA events, and Australian superannuation industry gatherings.

ESG integration is increasingly important in ART’s manager evaluation. GPs should be prepared to demonstrate their responsible investment practices and alignment with ART’s sustainability commitments.