Health Employees Superannuation Trust Australia, an A$32 billion ($23.4 billion) fund for health and community services employees, has committed A$30 million to create a dedicated “social impact” fund to be managed by Social Ventures Australia, a HESTA news release said Thursday.
The Social Impact Investment Trust becomes the third fund overseen by Social Ventures, a Sydney-based non-profit organization focused on social impact investments.
HESTA’s news release said the fund will make investments that “can deliver both financial returns and measurable social impact.”
Rob Fowler, HESTA’s chief investment officer, couldn’t be reached for comment. Atika Fraval, a spokeswoman for the superannuation fund, said in an e-mail there “need to be levels of return commensurate with what we otherwise seek to garner.”
In a separate e-mail, a Social Ventures spokeswoman said the Social Impact Investment Trust is the organization’s “first fund supported exclusively by a superannuation fund.”
Rob Koczkar, Social Ventures’ CEO, said in this news release his organization is actively looking to forge similar partnerships with other investors, with the goal of raising A$100 million in funds under management over the coming 12 month.