Federation Asset Management

Cameron Brownjohn chairs the investment committee and serves as CEO, supported by director Steven Skala. Brownjohn previously ran Australian equities and infrastructure investments at the Future Fund, Australia's sovereign wealth fund, where he led direct and co-investment transactions across energy, transport and healthcare (per the firm's official communications). The investment committee includes representation from the private-wealth groups that anchor Federation's capital base.

Federation originates transactions through institutional relationships built during Brownjohn's tenure at the Future Fund and through its network of family-office limited partners. This dual channel creates off-market opportunities: institutional sellers and project developers engage Federation as a known counterparty, while family-office co-investors surface mid-market assets not marketed through conventional investment banks. The Sun Cable position was sourced directly from the developer's capital raise process.

Federation operates as a fund manager that pools capital from multiple private-wealth groups, family offices and high-net-worth investors, not as a single-family office. The firm's structure most closely resembles Goldman Sachs Asset Management's Petershill model: a manager seeded by private wealth that subsequently opens strategies to broader private-capital distribution. Federation charges management and performance fees on its pooled vehicles.

Federation's disclosed focus spans five sectors: utility-scale renewables generation and battery storage, healthcare services and medical property, residential and commercial real estate, private credit, and agriculture. Within energy transition, the firm prefers development-stage and operational assets in Australia and New Zealand. The firm targets equity positions between A$20 million and A$200 million, typically with board or observer rights.

Federation is a disclosed equity investor in Sun Cable, the A$20 billion Australia-to-Singapore solar transmission development backed by Atlassian co-founder Mike Cannon-Brookes. The relationship is a limited-partner investment through Federation's pooled renewables vehicle; Federation does not manage capital for Cannon-Brookes or his family office directly. Sun Cable is a portfolio position, not a parent or affiliate.

Co-investment is Federation's primary deployment model. The firm structures most deals as direct positions alongside its private-wealth limited partners, avoiding blind-pool exposure. This co-investment architecture lets individual family offices opt into specific assets while Federation negotiates deal terms centrally — similar to the co-underwriting model that CDPQ and other Canadian pension funds use with their partner networks.

Federation launched in 2020 and remains pre-exit on its earliest vintages. The firm has disclosed deployment into Sun Cable, Gelion, and Medibank-linked healthcare property assets, but does not publicly report IRRs or distribution-to-paid-in ratios. Given the 2020 vintage and its infrastructure/renewables focus, institutional allocators evaluating Federation typically treat it as a relatively early-stage manager with a founding team carrying a track record from prior institutions rather than from Federation returns.