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Queensland Investment Corporation
Kylie Rampa leads QIC, Queensland's government-owned investment manager deploying capital across global infrastructure, real estate, and private equity.
Queensland Investment Corporation
The Queensland Investment Corporation was established in 1991 by the Queensland State Government to manage the state's pension assets and government insurance funds. It now operates as a government-owned investment manager that runs multi-asset portfolios for over 125 Australian institutional clients including state superannuation schemes, the Queensland Treasury, and local government authorities. Its mandate has expanded far beyond its original public-sector remit, particularly in global real assets. QIC's investment strategy centers on direct infrastructure, real estate, private equity, and private credit, alongside multi-asset and liquid market capabilities. The firm is one of Australia's largest infrastructure investors, with stakes spanning energy, transport, and social infrastructure globally. In infrastructure, QIC has held significant positions in assets including the Port of Melbourne, the Australian Renewable Energy Trust, and Powerlink Queensland. Its real estate platform operates across office, retail, and logistics, managing major Australian shopping center portfolios. The private equity arm has backed companies such as Icon Group, a cancer-care provider partially exited to CDPQ in 2024 (per Australian Financial Review, 2024). Geographically, the firm deploys capital across Australia, North America, Europe, and the United Kingdom. QIC employs teams across Brisbane, Sydney, Melbourne, London, New York, San Francisco, and Copenhagen, with infrastructure investment capabilities anchored from the London and New York offices. The firm does not disclose aggregated global headcount. In May 2024, QIC announced it had raised $2.6 billion for its Infrastructure Debt Fund, closing well above its initial $1.5 billion target and drawing commitments from U.S. and European institutional investors for the first time (per the firm, May 2024). QIC's operational DNA differs from peers because it manages money solely for government and institutional clients with no retail arm and no individual wealth-management channel — creating an investment culture that treats liquidity, governance reporting, and responsible investment as first-order design constraints, not afterthoughts. Its ownership by the Queensland State Government means it carries no external shareholders, aligning the firm's incentive structure entirely with long-duration client outcomes.
General information
Firm type
Generic
Year founded
1991
AUM
Undisclosed
Location
Region
Asia
Country
Australia
City
Brisbane
Corporate office
Brisbane, QLD, Australia
Additional offices
Sydney · Melbourne · London · New York · San Francisco · Copenhagen
Principals
Kylie Rampa
Chief Executive Officer
Sector focus
Frequently asked questions
How is QIC owned and governed?
QIC is wholly owned by the Queensland State Government and governed by an independent board of directors. The government is its only shareholder, but QIC operates as a commercial investment manager serving more than 125 external institutional clients, not solely the state balance sheet. The governance structure includes a board-appointed CEO and separate investment committees for each asset class.
Does QIC manage only Queensland state money?
No. While QIC was originally established to serve Queensland government clients, it now manages money for a broad base of Australian institutional investors including state superannuation funds, corporate pension plans, and local government authorities across multiple states. Its client base has diversified significantly over the past two decades.
How does QIC source its direct infrastructure deals?
QIC's infrastructure team operates from Brisbane, London, New York, and Copenhagen, sourcing deals through long-term relationships with governments, developers, and operators rather than competitive auctions alone. The firm's government ownership and Australian origination network often provide early visibility on energy-transition and social-infrastructure transactions before they reach open processes.
What is QIC's approach to private equity investments?
QIC Private Equity invests across buyout, growth, and venture capital strategies, predominantly through fund commitments but with a growing direct co-investment program. The firm maintains a focus on buyout funds in North America, Europe, and Australia, with a sector emphasis on healthcare, technology, and services businesses. Its direct co-investment activity has increased notably since 2020.
Does QIC operate philanthropic structures?
QIC manages the Queensland Government's long-term financial assets, not a private fortune, so traditional philanthropic-family-office structures do not apply. The firm maintains a formal Responsible Investment policy and has integrated ESG frameworks across its portfolios, and its client funds support public-benefit obligations through their underlying government and superannuation mandates.
Who runs investment decisions at QIC?
CEO Kylie Rampa oversees the firm's overall investment strategy, with dedicated heads running each asset class. Infrastructure is led by Ross Israel from Brisbane, Real Estate by Deborah Coakley, Private Equity by Marcus Simpson, and Liquid Markets by Stuart Simmons. Investment committees at the asset-class and firm level govern all allocation and manager-selection decisions.
How does QIC approach co-investments alongside external managers?
QIC actively pursues co-investment opportunities across infrastructure and private equity, using its scale to negotiate co-investment rights from underlying fund managers. In infrastructure, the firm increasingly prefers direct ownership with operating partners rather than blind-pool fund commitments. Its infrastructure debt strategy, launched in 2020, operates alongside its equity platform and was designed specifically to capture co-investment demand from institutional clients.
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