QIC has delivered record earnings of $9.6 billion to Queensland government clients in FY25, taking total earnings for the State to more than $22 billion since 2022.
Amidst fluctuating market conditions, assets under management grew to $131.6 billion, while an operating profit before tax of $154.1 million saw budget expectations exceeded by 26 per cent.
QIC CEO Kylie Rampa said the results demonstrated an unwavering commitment to creating shared value for Queensland, clients and community.
"In a year marked by economic headwinds and global uncertainty, QIC not just held its ground, we propelled forward."
Kylie Rampa - CEO
“Our disciplined focus on investment performance, cost management and revenue growth has seen expectations exceeded both in investment outcomes and commercial returns to the State.
“Delivering another record return for Queensland government clients of $9.6 billion is an outstanding result which takes QIC’s total earnings for the State to more than $22 billion since 2022.
“Every dollar generated for government clients helps build a stronger Queensland, whether it’s supporting hospitals, universities, councils, charities or government and statutory bodies.”
In addition, a record $287.5 million will be returned in payments to the Queensland Government, taking total payments to the State since 2022 to $764 million.
As the State’s strategic investment advisor, QIC has worked closely with the Queensland Government to advance a range of initiatives across the energy, infrastructure, innovation and housing sectors.
“We are incredibly proud of the role QIC continues to play in driving strong financial outcomes aligned to priorities for the State,” Ms Rampa said.
“Whether it’s applying a commercial lens to critical energy projects, managing major infrastructure for future growth, unlocking the potential of local startups or financing the delivery of housing, QIC is putting its diversified capabilities to work for the betterment of Queenslanders.
“The QIC team and I remain confident in our ability to seize new opportunities in the year ahead, bringing direct access to world-class capabilities and global capital to continue generating value for the state, our clients, people and communities.”
In FY25, approximately 86 per cent of QIC’s representative funds met or outperformed their investment objectives on a funds-weighted basis, reflecting consistent outperformance across asset classes and client mandates.
2024-25 performance highlights across QIC include:
- Above benchmark returns from State Investments across the:
- Endowment Portfolio at 12.22% (gross of fees), allowing the State to fully fund its defined benefits scheme
- Long Term Diversified Fund at 12.42% (gross of fees), strengthening the balance sheet of Queensland universities, local governments and statutory bodies
- New mandates and investments secured across key asset classes, reaffirming confidence in our platform and people:
- Liquid Markets Group secured several new mandates, including some in excess of $1 billion
- Private Equity secured a $1 billion follow-on mandate from an existing client
- Continued progress on a residential build-to-sell joint venture opportunity at Robina Town Centre
- Pacific Energy Group: $370 million in equity raised and $1.6 billion debt refinancing completed to support the QIC portfolio company’s east coast expansion and off-grid decarbonisation projects.
In supporting government priorities:
- Leveraging QIC’s infrastructure expertise to appropriately structure the delivery of the CopperString project in North Queensland
- Assumed oversight of Queensland Hydro and commenced commercial assessment of the Borumba Pumped Hydro Project
- Delivering new social and affordable housing in partnership with the Queensland Government, Brisbane Housing Company and Australian Retirement Trust, including:
- first residents moving into completed dwellings in Chermside, comprising 28 one-bedroom and six two-bedroom apartments
- additional three developments materially progressed and scheduled to complete in the second half of 2025
- Commenced construction tender process for 101 Albert commercial office development and completed initial masterplan for Boggo Road Innovation Precinct as part of Cross River Rail Precincts strategy
- First external mandate secured for QIC Ventures from Brighter Super, supporting the continued development of Queensland’s venture capital investment ecosystem.
- Growth capital deployed into more than 60 Queensland startups via business investment mandates, while 137 startups participated in accelerator programs to become investment-ready.
In Queensland, QIC manages $18 billion in infrastructure assets including stakes in the Port of Brisbane and Brisbane Airport, while its $4 billion Queensland Real Estate portfolio comprises of retail hubs on the Gold Coast, Sunshine Coast and Toowoomba, as well as key office buildings in the Brisbane CBD.
For more information on QIC’s annual reporting, please visit Annual Reports.
QIC is a trusted Australian investment manager and sovereign investor, delivering with discipline across a global portfolio of alternative and liquid assets. We manage more than A$131 billion on behalf of around 120 institutional and government clients, providing specialist expertise across infrastructure, real estate, private equity, private debt, and fixed income and multi-asset solutions.
Headquartered in Brisbane with offices in Sydney, Melbourne, New York, San Francisco, London and Singapore, our global footprint and on-the-ground teams enable us to translate global themes into investment outcomes. We take a partnership-led approach, aligning closely with clients to navigate complexity and capture long-term opportunity.
Established in 1991 to manage the long-term investments of the Queensland Government, we have grown from a single-client mandate into one of Australia’s largest institutional investment managers, grounded in our sovereign heritage and guided by a global perspective.