UniSuper, Melbourne, awarded a specialist listed equities allocation that sits within the super fund's sustainable investment options to NorthStar Impact, according to a Tuesday statement.
NorthStar Impact will manage A$50 million ($34 million) as part of the mandate, with potential for further collaboration within the scope of the existing mandate, a UniSuper spokesman confirmed.
The portfolio will sit within and complement other holdings in UniSuper's sustainable balanced and sustainable growth investment options, including UniSuper's partnership with Uniseed announced in 2022, the statement said.
UniSuper manages A$120 billion in total assets, of which A$14.5 billion is managed through its sustainable and environmental branded investment options. The fund generally manages 70% of its funds in-house.
The super fund in 2022 committed A$75 million to Uniseed, an asset manager owned by several Australian universities and government agencies, to provide seed funding for early-stage research and technology.
NorthStar Impact specializes in investing in listed companies in Australia and New Zealand that focus on addressing social and environmental challenges, while generating financial returns.
Investments in NorthStar's portfolio include renewable energy firm Genez Power, educational software company 3P Learning, and Volpara Health, which developed AI-powered cancer detection software.