HOSTPLUS, the A$7 billion (US$5.9 billion) superannuation fund for tourism and hospitality workers in Australia, hired four managers for a total of A$420 million.
Stone Tower Capital and Babson Capital were awarded A$50 million each for structured credit mandates, while IronBridge Capital Managementreceived A$120 million to invest in international equities.
Partners Group was awarded a $100 million mandate for the fund's first investment in private equity secondaries.
Sam Sicilia, CIO of the South Carlton, Australia-based fund, said it was an appropriate time to invest in structured credit and private equity secondaries markets because distressed vendors were offering good assets at cheap prices. Managers could “cherry pick” the best assets among those up for sale, he said.
All of the mandates were funded from cash flows.
JANA Investment Advisors is the fund's consultant.
Simon Mumme is a reporter with Investment & Technology.
