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THE Infrastructure Fund (TIF) has secured its first offshore backer, with an investment worth $43 million.
The Foreign Investment Review Board approved the deal between South Korea’s Military Mutual Aid Association (MMAA) and the industry super fund last month.
Hastings Funds Management initiated the investment for TIF, overseen by trustee The Private Capital Group Pty Ltd (TPCG).
TPCG chairman Bob Lette (pictured) says the relationship made sense strategically.
“MMAA was attracted by TPCG’s like-minded investment approach – delivering investors consistent, sustainable and above-benchmark returns through an expanding and diversified portfolio of infrastructure assets,” Lette says.
“In the end, TIF’s strategic approach, governance structure and return track record give MMAA the confidence that we can deliver what they need.”
KB Asset Management is advising MMAA, a defence ministry fund of $8.6 billion.Get our daily business news
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