# Future Fund Future Fund is a Sovereign Wealth Fund based in Chicago, Australia. ## Overview - **Organization type:** Sovereign Wealth Fund - **Headquarters:** Chicago, Australia - **Region:** Oceania - **Address:** Melbourne, VIC, Australia - **Founded:** 2006 - **Assets under management:** Undisclosed - **Website:** futurefund.gov.au - **LinkedIn:** https://www.linkedin.com/company/future-fund - **Wikidata:** Q116891058 ## Regulatory record - **CRD number:** 313973 - **SEC file number:** 801-121505 - **Registration status:** Registered - **Reports private funds:** No - **IAPD record:** https://adviserinfo.sec.gov/firm/summary/313973 ## About The Australian Government established the Future Fund in 2006, seeding it with roughly A$60 billion from budget surpluses and the proceeds of its Telstra privatization. Greg Combet chairs the Board of Guardians, which sets the investment mandate and risk appetite; day-to-day management sits with the Future Fund Management Agency, led by CEO Raphael Arndt. The fund was explicitly designed not as a resource-revenue savings pool, but as a defined fiscal tool — its sole purpose is to offset the federal government's unfunded superannuation liability for public servants and defence personnel, with drawdowns scheduled to begin around 2026–2027. Asset allocation spans a full multi-asset spectrum. The public equities book covers developed and emerging markets, while the private equity portfolio includes co-investments and fund commitments across buyout, growth, and venture capital strategies. Infrastructure and real assets form a material allocation — confirmed direct holdings include stakes in Sydney Airport, Melbourne Airport, Perth Airport, the Port of Melbourne, and the EastLink toll road in Melbourne. The property portfolio extends to a national student housing platform and retirement land-lease developments. A timberland allocation, OneFortyOne Plantations, operates across Australia and New Zealand. The fund also holds physical gold bullion and runs a substantial alternatives sleeve that incorporates hedge fund strategies and private credit. The fund has no external clients and does not raise capital — it is a single-mandate government investor. In 2024, Greg Combet was appointed Chair of the Board of Guardians, succeeding Peter Costello. The investment team operates primarily from Melbourne and Sydney. Beyond its core mandate, the Future Fund Management Agency also manages several separately mandated vehicles, including the Medical Research Future Fund, the DisabilityCare Australia Fund, and the Housing Australia Future Fund — each with distinct asset-allocation rules and drawdown schedules set by the Australian Government. The structural differentiator is the explicit liability-matching design, which distinguishes the Future Fund from resource-funded SWFs or intergenerational savings funds. The fund must maintain sufficient liquidity to meet government drawdowns over a multi-decade horizon while still pursuing long-term compounding — a constraint that shaped its adoption of a total-portfolio approach with dynamic asset allocation rather than a static policy benchmark. This architecture requires the investment team to manage correlation risk across the entire pool rather than optimizing individual asset-class silos. ## Sectors - Infrastructure - Real Estate - Private Equity - Venture Capital - Hedge Funds - Private Credit - Timberland ## Offices - Sydney, NSW, Australia ## People - Greg Combet — Chair, Board of Guardians - Raphael Arndt — Chief Executive Officer, Future Fund Management Agency - Ben Samild — Chief Investment Officer ## Questions ### Who runs investment decisions at Future Fund? The Board of Guardians, chaired by Greg Combet, sets the investment mandate and risk appetite. Day-to-day portfolio construction and investment decisions are delegated to the Future Fund Management Agency under CEO Raphael Arndt. Ben Samild serves as Chief Investment Officer, overseeing the internal investment team that executes across public and private markets directly. ### How is Future Fund different from other sovereign wealth funds? Most sovereign wealth funds are intergenerational savings vehicles funded by commodity revenues or foreign-exchange reserves. Future Fund was created specifically to offset a defined government liability — Australia's unfunded public-service superannuation obligations — with drawdowns expected to begin around 2026–2027. This liability-matching mandate requires the fund to manage liquidity risk differently from perpetual-horizon SWFs. ### Does Future Fund invest directly or through fund managers? Future Fund invests through a hybrid model. For liquid public equities and some fixed-income exposure, it uses external managers. In private markets — particularly infrastructure, property, and private equity — the fund makes direct investments and co-investments alongside a portfolio of fund commitments. Confirmed direct infrastructure holdings include stakes in Sydney Airport, the Port of Melbourne, and the EastLink toll road in Melbourne. ### What other funds does the Future Fund Management Agency manage? The agency manages several separate government-created funds: the Medical Research Future Fund, the DisabilityCare Australia Fund, and the Housing Australia Future Fund. Each has its own investment mandate, risk profile, and drawdown schedule set by the Australian Government. ### Is Future Fund's capital available to external investors? No. Future Fund is a government-owned corporation that invests solely to offset defined federal liabilities. It does not raise external capital, does not accept third-party commitments, and does not offer co-investment slots to outside LPs. ### What is Future Fund's approach to venture capital? The fund maintains a venture capital allocation, executed primarily through fund commitments and co-investments alongside established VC managers rather than through direct early-stage deal sourcing. The strategy is integrated within the broader private equity portfolio rather than run as a standalone VC arm. ### When will Future Fund start making distributions? Under the Future Fund Act 2006, the Australian Government can begin drawing down the fund to meet superannuation liabilities starting around 2026–2027. Until then, all investment earnings and capital gains are reinvested to grow the asset base ahead of the expected drawdown period. ## Related profiles - [Future Financial Wealth Management Group](https://altss.com/profile/future-financial-wealth-management-group) - [Future Generali Life Insurance](https://altss.com/profile/future-generali-life-insurance) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/future-fund Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology