The $3.5 billion industry fund CARE Super has awarded two new mandates to offshore private equity managers while increasing its infrastructure holdings.

CARE has awarded a 35 million euro private equity mandate to LGT Capital Partners, an asset management firm owned by the Princely House of Liechtenstein, which will be invested in a European middle-market buyout strategy. Another $US20 million mandate has been issued to Greenpark Capital, a manager specialising in private equity secondaries, in which managers can buy from portfolios of usually illiquid direct investments held by other private equity investors. The fund has also added $40 million to its existing mandate with Industry Funds Management’s Australian infrastructure fund, and a further $20 million to a Wilshire Associates private equity vehicle. CARE targets a total allocation to alternatives of 15 per cent of its portfolio, Julie Lander, the fund’s chief executive officer, said. “We have a long-term strategy and have not been shy of alternatives, and thought that, in a way, listed markets were having an unsustainable run,” Lander said. CARE has committed 5 per cent of its targeted 15 per cent alternatives allocation to hedge funds running equities-based strategies, 4 per cent to broader absolute return hedge fund strategies, 4 per cent to infrastructure and 1 per cent towards private equity, bringing the fund’s current alternatives allocation to 14 per cent, which corresponds with its investment objectives, Lander said. Meanwhile, the fund has not yet completed the review of its member administration arrangements, which began in October 2007 and is being run by Jeff Bresnahan’s SuperRatings. Australian Administration Services is the incumbent provider.

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