AustralianSuper’s head of Australian real assets, Nick O’Neil, is leaving the fund to become group chief executive officer and managing director of the ASX-listed global real estate and infrastructure group Lendlease.

O’Neil has been responsible for overseeing AustralianSuper’s domestic real assets portfolio, spanning residential property, airports, toll roads, logistics, energy and telecommunications infrastructure, and data centres, and has served on the boards of portfolio companies including Sydney Airport, Indara, and Vantage Data Centres Europe.

His exit follows a similar pivot from former global head of real assets Nik Kemp, who departed for Dexus in mid-2024, and comes as Shaun Manuell prepares to step into the role of chief investment officer with long-serving CIO Mark Delaney set to step down at the end of June.

In an ASX release, Lendlease chairman John Gillam said O’Neil’s “track record of simplifying complexity through decisive action” was well-suited to the company’s current transformation phase.

“[O’Neil] brings deep real asset management experience, a strong track record in global investment and innovation in aligning capital to market opportunities, as well as the leadership experience needed to drive execution and growth.”

Before joining AustralianSuper, O’Neil spent 17 years with Macquarie Group across Australia, the US and Latin America, including as chief financial officer of NYSE-listed Macquarie Infrastructure Corporation and in regional leadership roles across real estate and infrastructure.

“It is a privilege to lead this storied company,” O’Neil said. “The technical capability of Lendlease’s people is broad, deep and unique. I am excited by the opportunity to work with that world class capability to deliver the services and investment opportunities that our clients are looking for.”

AustralianSuper has not yet announced a replacement for the Australian real assets role.

“Nick has done a great job for members during his time with the Fund and has been a highly regarded member of the investment team,” an AustralianSuper spokesperson told Investment Magazine.