One of Queensland’s largest super funds will direct $50 million towards innovative startups under a new investment mandate designed to drive productivity.
The mandate will see Brighter Super work with Queensland Investment Corporation (QIC) to invest in local companies, including those working on frontier technologies like AI, HealthTech and AgTech.
Initial investments under the mandate include event booking platform Attekus, which is used by local governments, and autonomous AgTech company SwarmFarm Robotics.
Brighter Super chief executive Kate Farrar said “allocating capital to meaningful Queensland-based opportunities” would help support local companies while delivering strong returns.
“We believe investing in these businesses can produce strong returns for Brighter Super’s members whilst contributing positively to Queensland’s economy and productivity,” Ms Farrar said.
Under a new investment strategy, Brighter Super plans to invest an extra $500 million in Queensland assets over the next three to five years. The fund has more than $34 billion in funds under management.
Treasurer David Janetzki said the deal with QIC, which will be tasked with managing the $50 million, was a bet on future global success stories emerging from the state.
“Together, they bring the capital and capability to support ambition, reward innovation and ensure the next generation of market leaders are born and grown right here in Queensland,” he said.
“I’ve been clear about my desire for our iconic Queensland institutions to invest in Queensland and this partnership delivers in spades.”
With a dedicated investment team that has helped create more than 1,300 jobs since 2016, QIC chief executive Kylie Rampa said the corporation was well placed to act as investment manager.
“This is about connecting capital, capability and commitment to Queensland,” Rampa said, noting that the ecosystem now has the foundations to support high-growth, globally relevant companies,” she said.
With Justin Hendry
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