Vision Super has swapped managers for a $95 million international equities mandate, and made commitments to three new private equity funds following its March-quarter review.
The $4.1 billion industry fund appointed Alliance Bernstein to take over the $95 million mandate previously managed by Boston-headquartered Wellington Management, according to Vision Super chief investment officer Graeme Smith. Alliance Bernstein was selected to replace Wellington after Vision’s board had looked at a number of other international equity managers, Smith said. The “core” mandate was to be managed within the scope of Alliance Bernstein’s Global Style Blend portfolio, he said. Three private equity commitments were made to new capital raisings of the super fund’s incumbent managers: Industry Funds Management (IFM), Macquarie, and Montagu Newhall. A $15 million commitment was made to Macquarie Alternative Investment Trust V. Vision Super has previously committed up to $60 million to earlier versions of this fund. The super fund also committed $US15 million to US-based Montagu Newhall IV. It has previously committed up to $US25 million to this manager’s preceding funds. A further $US15 million was committed to IFM International Private Equity Fund III. It has previously committed up to $US85 million in two other international funds. The fund’s total exposure to private equity is roughly 8 per cent, while global equities make up about 22 per cent of the total $4.1 billion invested, according to Smith.
The changing nature of volatility in financial markets and a more client-centric approach that allows allocations to be tailored is helping more institutions adopt a total portfolio approach to investment management, the Fiduciary Investors Symposium at Stanford University has heard.
Prashant MehraOctober 8, 2024
