Sovereign Wealth Funds

Future Fund’s longtime property head departs, prompting reorganization

Barry Brakey, head of property for the past decade with the A$141 billion ($107.1 billion) Future Fund, is leaving to pursue other opportunities.

Will Hetherton, a spokesman for the Melbourne-based sovereign wealth fund, said with Mr. Brakey's departure, the fund has reorganized its investment team to sharpen its focus across segments of the private markets universe while maintaining collaboration among those private markets segments and the fund's broader investment areas.

Mr. Brakey won't be directly replaced. He couldn't immediately be reached for comment. As of March 31, the Future Fund's property holdings across Australia, the U.S. and Europe was valued at more than A$8 billion.

Following Mr. Brakey's departure, Craig Dandurand was named head of debt and Ben Samild was named head of alternatives. Previously both had served as directors in a combined debt and alternatives team, said Mr. Hetherton.

Similarly, James Fraser-Smith, previously director of infrastructure and timberlands, has been named head of unlisted infrastructure and timberlands, while Stewart Tillyard, formerly director, property, has been named head of unlisted property.

Sarah Carne, previously director, listed equities, has been named head of listed tangible assets — listed property, infrastructure and timberland, said Mr. Hetherton.

"We expect to be able to be more nimble, flexible and able to capture value that falls across these asset classes," he said.