Cbus Super’s high-profile infrastructure specialist has jumped ship to take on a similar role with the investment arm of the New South Wales state government.
TCorp, which has $108 billion of funds under management, has appointed Diana Callebaut as head of real assets. She will start her new role at the beginning of February.
Callebaut will be responsible for leading and managing the real assets team and driving the development of the team’s strategy, investment processes and client outcomes across all unlisted investments.
Prior to joining the Australian state investor, she spent 4 years at Cbus where she built up and led the infrastructure team. She has more than 14 years’ experience in the financial services and consulting industry.
Between 2009 to 2016, Callebaut was director, transport and infrastructure at KPMG and formerly held roles at investment banks and venture capital organisations in the UK, South Africa and Australia.
Chief investment officer, Stewart Brentnall, said TCorp is looking to leverage its evolving investment model to diversify risk and provide positive, sustainable returns over the long term. “Diana’s experience in partnering with domestic and overseas superannuation funds will be critical to our success in this area.”
Currently, the fund has about $12 billion or around 11 per cent of its funds allocated to real assets, largely in infrastructure and property, with plans to increase its allocation in coming years.
Over the past six months, TCorp has been active in its global real assets investment program, co-investing with global pension funds. Earlier this month, TCorp acquired a minority indirect stake in Brussels Airport along with Japan’s US$1.4 trillion Government Pension Investment Fund, from Ontario Teachers’ Pension Plan. Last November, the quasi-sovereign wealth fund teamed up with H2O Power and its owner, PSP Investments, one of Canada’s largest pension funds, in a deal that sees TCorp own 49 per cent of eight hydroelectric generation assets based in Ontario.
Callebaut is a graduate of the Australian Institute of Company Directors and a chartered financial analyst. She holds a MBA from the University of Cambridge.
Industry veteran Michael Dwyer, a former chief executive of First State Super, joined the TCorp board last June. His appointment followed a string of senior appointments to the organisation’s investment arm as TCorp completes a revamp of its team to strengthen its partnership with the NSW Treasury.