The A$22.3 billion ($17 billion) bid for Sydney Airport on Monday confirms a growing theme: the outsize power of Australia’s superannuation, or pension fund, sector.
The bid comes from a consortium that includes IFM Investors, an investment management company owned by 27 not-for-profit Australian super funds; QSuper, a Queensland-based super fund with A$117 billion of assets under management; and US fund Global Infrastructure Management.
Also, its success is contingent upon agreement from another super fund – UniSuper, which today is the biggest shareholder in Sydney Airport with a 15% holding – to reinvest its equity for an equivalent stake in the consortium’s holding vehicle, if successful.
Thanks for your interest in Euromoney!
To unlock this article:
