HESTA (a $32 billion Australian industry superannuation fund) has partnered with Social Ventures Australia (SVA – a non-profit organisation that provides funding, investment and advice for social impact) to launch the ‘Social Impact Investment Trust’, one of Australia’s largest impact funds.
The fund will make direct and indirect investments in a range of businesses, housing projects and social impact bonds that deliver both financial returns and identifiable and quantifiable social impact. It will be looking at investment opportunities that would address disadvantage and improve employment, education, housing and health outcomes.
HESTA has committed $30 million to the fund – the largest single commitment to the local impact investment market made by an Australian superannuation fund – which will be managed by SVA.
HESTA’s Chief Investment Officer, Robert Fowler said “We share a strong commitment to growing the impact investing market in Australia and consider the relationship with SVA a significant milestone in building this market, to convert words into meaningful action.”
SVA’s Chief Executive Officer, Rob Koczkar, said HESTA’s support of impact investing would encourage other large investors and that “SVA is actively seeking similar partnerships with other investors, with the aim of raising $100 million in funds under management over the next 12 months”.