Australia’s construction and building industry pension fund will build out its in-house investment capabilities considerably, the fund announced Monday.

Cbus, which currently employs an investment staff of 34, plans to boost that number to 59 over the fiscal year as part of a new investment strategy focused on managing the fund’s growing pool of assets. The superannuation fund, which currently manages A$34 billion (US$26 billion), said it expects to grow to more than A$50 billion in the next three to five years.

“The fund is on its next exciting journey of growth and change, requiring new ways of investing,” said Trish Donohue, executive manager of investment management at Cbus. “Our new model will provide some great opportunities and challenges for the team over the next few years.”

The new strategy is built on three themes: taking advantage of a long-term investment horizon, taking a total portfolio approach, and targeting investments that will “have a positive impact on the real economy, particularly through the built environment.”

“Our new model is a clear path to ensure we continue to deliver for our members into the future in a way that can also make a positive contribution to the economy and society,” said Kristian Fok, Cbus’ executive manager of investment strategy.

Fok said the fund would retain its current external managers, but leverage a larger in-house team to make direct investments in both new and existing infrastructure assets.

“Internal Australian and international equities management also offers the opportunity to build capabilities to manage specific strategies that complement our existing managers,” he added.

To ensure the new model is properly implemented and supported, Cbus said it will also be adding to existing staff in the areas of compliance, operations, communications, risk management, and performance reporting.

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