The $107.1 billion Australia Future Fund has gotten a shakeup, as three of its top private equity professionals have exited the nation’s sovereign wealth fund to start their own firm.
Veterans Steve Byrom, head of private equity; David Simons, director; and Jasmina Osmanovic, investment director, left the fund recently. They will be launching their private equity business in the near future, although there are few details about the new venture.
According to Investor Strategy News, the three are looking to model their business after another private firm, Hamilton Lane of ROC Partners.
Byrom had been with the fund since 2007. Simons and Osmanovic had worked there since 2008 and 2013, respectively.
The Future Fund will begin to search for Byrom’s replacement next year. In the meantime, Stewart Tillyard, the fund’s head of unlisted property, will take the helm as acting head of private equity.
The sovereign wealth fund, which handles the assets of five of Australia’s public asset funds (Future Fund, DisabilityCare Australia Fund, the Medical Research Future Fund, and two Nation-building Funds), had a 14% allocation to private equity as of September 30.
““We thank Steve, Dave and Jasmina for their important contributions and wish them all the very best,” a Future Fund spokesperson told CIO via email. “Stewart Tillyard, will take on responsibility for the private equity team and portfolio on an acting basis as we commence a recruitment process for a new person to lead the team. In the meantime, it is business as usual for the program which remains an important part of our diversified portfolio.”
Raphael Arndt, the Australia Future Fund’s chief investment officer, could not be reached for comment.
Tags: Australia Future Fund, Private Equity, Sovereign Wealth Fund, Steve Byrom