Industry Funds Management, the $30 billion fund manager owned by 32 not-for-profit superannuation funds, has hired three people from Macquarie Group to raise as much as $1 billion for a fund to invest in companies outside the ASX/S&P 100 Index.

Neil Carter will be the executive director of IFM’s fund that plans to raise money solely from institutional investors. Jim Copland and Matt Griffin will work with Carter in Sydney. All three worked at Macquarie Investment Management Ltd. where they analysed and invested in Australian stocks.

Brett Himbury, IFM’s chief executive, says institutional investors have a “long-term commitment” to investing in stocks outside the S&P/ASX 100 Index and have “the money to invest.”

Himbury expects to raise between $800 million and $1 billion for the proposed fund.

Melbourne-based IFM invests in infrastructure, private equity, debt and shares. It employs about 130 people globally and has offices in London and New York.

Himbury says a search firm helped recruit Carter, Copland and Griffin.