The Future Fund has made a major increase to its investment team, bringing new blood to every area of its four main investment categories – private markets, equities, fixed interest and strategy.

The five appointments bring the $59.6 billion fund’s investment team to 15 people, rapidly fleshing out the major senior appointments who have gradually been hired since July last year. The most resource-heavy team, private markets, headed up by Gary Gabriel, has two new recruits out of the five. Both hires were former colleagues of incumbent investment directors at the Fund. Nadine Lennie has been appointed a private markets director, and will work with private markets investment director Raphael Arndt. Lennie was previously investment director at Hastings Fund Management where Arndt also worked before he moved to the Future Fund in February. The pair will “develop the Fund’s investments in infrastructure and timberland”, according to a Future Fund statement released late yesterday. The second private markets appointment was Duncan Graham from Pinnacle Property Group as senior analyst. Starting next month, Graham will report to his former boss, private markets investment director Barry Brakey, to work on property investments in the private sector. The strategy team, headed by Tony Day, will be three-strong in April with ANZ equity risk market manager Andrew Pearse appointed a senior analyst. The equities team – currently only one person, the head of equities Elly Lumsden – will have a new “manager” come May, Sarah Carne from Frontier Investment Consulting. Carne is a senior consultant at Frontier. And the fifth appointment was a senior analyst for the fixed interest and alternatives team. David George from Mercer Investment Consulting also joins a one-man team, which currently consists of the head of fixed interest and alternatives Mitchell Stack. According to the Fund spokesman, the titles in decreasing order of responsibility are, after the head, investment director, then director, manager, senior analyst and analyst. The fund’s chief investment officer David Neal was not available for comment at presstime.