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Investing

Australia’s HESTA makes follow-on impact investing commitment of A$40 million

The A$44 billion ($33.2 billion) Health Employees Superannuation Trust Authority announced it has allocated another A$40 million for impact investments focused on Australia's health and community services sector.

A HESTA news release Thursday said the superannuation fund made that commitment through the fund's Social Impact Investment Trust, which is managed by Social Ventures Australia.

HESTA launched SIIT in 2015 with an initial commitment of A$30 million.

The news release said the largest commitment to date by HESTA's Social Impact Investment Trust has been the A$19 million used to help finance Australia's first "dementia village" in Glenorchy, Tasmania.

The news release said the pipeline of investments built by HESTA's SIIT and Social Ventures Australia is designed to grow Australia's impact investing market "by attracting other institutional investors."

A HESTA spokesman couldn't immediately be reached for further comment.