Success at scale In its meetings, the investment committee examines market conditions and how they affect its strategic asset allocation. The performances of individual funds managers are also assessed. Upon the recommendations of its 13-member investment team, the investment committee authority to sign mandates with funds managers to a predetermined level. The team can also make asset allocation tilts within set limits. For major decisions the CIO and investment committee must present their cases to the board. “We don’t make big decisions on the spot. We make sure the board is aware of what is occurring,” Leggo says. The investment committee recommended the fund’s co-investment of a commercial property development in Adelaide that is under a long-term lease to the Australian Tax Office. The deal, a joint-venture with Aspen Group to provide debt funding and equity to acquire the building for $190 million, will see Telstra Super own 50 per cent of the asset. The fund is now big enough to absorb large, illiquid investments and combine them with public market securities to meet investment objectives. “The fund is fortunate that it is large enough to enter co-investment transactions. We have experts in-house to consider these proposals.”