QIC's Multi-Sector Private Debt team has been awarded a three-year A$500 million plus mandate from State Investments, which manages the long-term financial interests for the state of Queensland.
In announcing the mandate, QIC Head of Multi-Sector Private Debt Phil Miall said: “Through our diversified portfolio of corporate leveraged loans, asset-based securities and real estate debt, we will work to meet State Investments' desire for a consistent income stream and capital stability.”
He said his team will seek to originate loan investments in Australian and New Zealand markets which can typically range in size between A$20m and A$50m, increasing to as much as $75m.
"We are privileged to continue to deliver strong risk-adjusted returns for Queensland government clients through our broad and distinct offering,” Mr Miall said.
State Investments CIO Allison Hill said she was confident in the team’s ability to provide attractive risk-adjusted returns, capital preservation and low volatility through selective investments in both directly originated and bank-led senior and mezzanine corporate debt opportunities.
“In this current volatile and inflationary landscape, we need a holistic private debt offering which has scope to move up the risk spectrum when opportunities present themselves,” she said.
“History suggests investing in periods of dislocation can be attractive, yet we needed confidence in a manager’s expertise in investment selection and structuring to navigate this environment and avoid borrower distress.”
“We believe this team’s focus on direct origination which is amplified by QIC’s breadth of investment capabilities spanning real estate, private equity and infrastructure, as well as its commitment to ESG integration, ensured it was a compelling addition for State Investment portfolios,” she said.
QIC added its Australian multi-sector private debt offering to its private debt suite earlier this year, which also includes global infrastructure debt.
The multi-sector private debt offering was launched proposing: a distinctive combination of broad and deep origination networks; institutional-grade investment governance; extensive credit, ESG and structuring experience.
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*As at 30 June 2022T
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