Retail Employees Superannuation Trust

Brendan Coates serves as Chief Investment Officer, leading the internal team responsible for asset allocation and direct investment execution across the fund's portfolio. CEO Andrew Boal oversees the full organization. The investment team spans public markets, infrastructure, property, and private markets capabilities, with senior portfolio managers reporting to the CIO.

REST sources real asset deals through a combination of internal origination teams, long-standing external manager relationships, and co-investment partnerships. The fund's in-house infrastructure and property teams directly negotiate transactions in Australia, Europe, and North America, often co-investing alongside infrastructure fund managers where it holds LP stakes.

REST is an industry superannuation fund originally created for retail employees but now open to all Australian workers. It operates as a public-offer fund regulated by the Australian Prudential Regulation Authority, meaning any eligible Australian can join, though its member base remains concentrated in retail and related service industries.

REST actively pursues direct co-investments in infrastructure, property, and private equity alongside external general partners. This approach reduces fee drag and gives the fund greater control over asset selection and portfolio construction compared to a pure fund-of-funds model.

REST's membership originated from Australia's retail sector workforce, with its name reflecting the Retail Employees Superannuation Trust mandate established in 1988. The fund has since expanded well beyond retail workers and now reports roughly 1.9 million members across multiple industries, making it one of Australia's largest superannuation funds by participant count.