First Super

First Super

First Super formed in 2008 from the merger of the Furniture and Joinery Industries Super Scheme, the Pulp and Paper Workers Super Scheme, and the Australian Textile Workers Super Scheme. The fund is the default superannuation provider for workers covered by the Timber, Furnishing and Textiles Union, which nominates five directors to the board. Co-chair Michael O'Connor leads the union side of the governance structure, while co-chair Mike Radda represents employer interests through ForestWorks. The fund operates as a not-for-profit industry fund, a structure common in Australia where unions and employer associations jointly govern retirement savings. First Super builds its portfolio around a core of unlisted property, infrastructure, and private-equity fund commitments, alongside liquid public-market exposures. Direct real-estate holdings, accessed through the ISPT Core Fund, include Melbourne's GPO retail arcade, The Strand Melbourne, and the office tower at 50 Lonsdale Street. Infrastructure exposure runs through the IFM Australian Infrastructure Fund and Utilities Trust of Australia, delivering stakes in operational assets such as Melbourne Airport and NSW Ports. On the global side, the fund commits to vehicles like the Franklin International Real Estate Fund 2. The member base is concentrated in manufacturing regions across Victoria, New South Wales, and Queensland. First Super participates in the broader industry-fund ecosystem through memberships in the Australian Council of Superannuation Investors, the Australian Institute of Superannuation Trustees, and the Association of Superannuation Funds of Australia. In 2020, the fund partnered with NZRelo to accept KiwiSaver transfers, extending its reach to New Zealand citizens working in Australia. The fund does not publicly disclose total assets under management, but its narrow industry focus and mid-sized membership base place it among the smaller industry funds. First Super is structurally distinct because its board is split between union and employer nominees, a governance model that embeds industrial-relations dynamics directly into asset-allocation decisions. The fund's investment committee answers to a board that includes national trade-union officials and manufacturing-sector employers. That architecture means the fund's posture on ESG and proxy voting, executed through ACSI, is an extension of the labour movement's priorities, not a standalone sustainability mandate.