Future Fund

Australia's Future Fund elite registry profile: official AUD standalone vs total FUM, CIO Brandweiner (from Jul 2026), CEO Arndt, Board of Guardians and seven-fund platform from futurefund.gov.au.

UAO Editorial September 7, 2026 36 min read

UAO Registry · Top 100 · Sovereign wealth fund · Australia · Last researched Sunday 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

Future Fund is Australia’s sovereign wealth fund. Official purpose language on futurefund.gov.au: invest for the benefit of future generations of Australians. Established in 2006 under the Future Fund Act 2006 to strengthen the Commonwealth’s long-term financial position, it is described on the homepage as the country’s single-largest financial asset. The Board of Guardians invests money on behalf of the Australian Federal Government. The organisation is not a superannuation fund and cannot manage money on behalf of individuals.

Prefer official Australian dollars (A$ / AUD). Latest dated scale opened for this pack (portfolio update PDF released 26 August 2026, as at 30 June 2026): Future Fund standalone A$289.7 billion; total funds under management across seven funds A$356.0 billion. The Future Fund alone returned 14.8% over the 12 months to 30 June 2026, adding A$37.4 billion; investment returns since inception total A$229.2 billion. An INST working note of roughly A$252 billion standalone / A$335 billion total is stale versus the June 2026 portfolio update (A$252.3 billion was the Future Fund print at 30 June 2025 in the FY2024–25 Annual Report)—do not use INST as the headline, and do not invent a USD headline when the institution publishes in AUD.

Leadership as verified on live futurefund.gov.au pages for this 6 September 2026 ship: Chair of the Board of Guardians Hon Greg Combet AO (from 1 June 2024); Chief Executive Officer Dr Raphael Arndt (CEO from 1 July 2020; on 26 August 2026 announced he will leave at the end of 2026 while remaining CEO through the transition); Chief Investment Officer Richard Brandweiner (current; commenced 1 July 2026 after appointment announced 23 April 2026); Deputy Chief Investment Officer Hugh Murray (was interim CIO from September 2025 until Brandweiner started). INST’s “interim Murray / incoming Brandweiner from Jun 2026” note is superseded: as of ship date Brandweiner is CIO.

Why researchers care: the Future Fund combines a multi-decade total-portfolio approach, an updated November 2024 Investment Mandate that asks the Board to have regard to national priorities in residential housing, energy transition and critical infrastructure, deferred drawdowns until at least 2032–33, and a seven-fund Board of Guardians platform that now exceeds A$350 billion in aggregate. Peer Registry hubs include AustralianSuper, Norges Bank Investment Management, GIC, Temasek, CPP Investments and Public Investment Fund.

Schema on this page uses Organization and GovernmentOrganization. Public-safe: this profile omits private staff emails and phone numbers that appear in some media releases.

Speakable summary

Future Fund is Australia’s sovereign wealth fund. Prefer official AUD: Future Fund standalone A$289.7 billion and total funds under management A$356.0 billion as at 30 June 2026. Twelve-month return 14.8%. Greg Combet chairs the Board of Guardians. Raphael Arndt is Chief Executive Officer and will depart at the end of 2026. Richard Brandweiner is Chief Investment Officer from 1 July 2026. Hugh Murray is Deputy Chief Investment Officer after serving as interim CIO.

Mandate & ownership

Legal owner / beneficiary framing: the Future Fund invests Commonwealth assets under the Future Fund Act 2006. The Board of Guardians is an independent statutory board whose members (“Guardians”) are appointed by the responsible Ministers and selected for expertise in investing in financial assets, managing investments and corporate governance. The Future Fund Management Agency is an Australian Government agency that provides recommendations and implements Board-approved strategies.

What the mandate is: strengthen the Commonwealth’s long-term financial position; when withdrawals are made under the Act, help the Government meet obligations through consolidated revenue (including defined benefit pensions). The Investment Mandate Direction for the Future Fund targets an average annual return of at least CPI + 4.0% to 5.0% per annum over the long term, with an acceptable but not excessive level of risk (Our funds; Statement of Investment Policies excerpts in the Annual Report). From 1 July 2017 the target band was reduced from CPI + 4.5–5.5% to CPI + 4.0–5.0% (portfolio update footnote).

What the mandate is not: the Agency does not determine which government projects receive funding from the special-purpose funds; payment decisions sit with the Australian Government (Our funds). It is not a retail or industry superannuation trustee and does not accept individual member contributions.

On 19 November 2024 the responsible Ministers issued an updated Future Fund Investment Mandate Direction requiring the Board to have regard to three national priority areas—strengthening Australia’s critical infrastructure, assisting the net zero transformation of the economy, and assisting the building out of Australian residential housing—while the statutory responsibility to maximise risk-adjusted returns remains. Separately, the Government announced deferral of Future Fund drawdowns until at least 2032–33, reaffirming the Fund as an enduring national asset (Chair’s letter / Year in Review 2024–25).

The Board also manages six additional special-purpose funds under their own Acts and Mandates: Medical Research Future Fund; Aboriginal and Torres Strait Islander Land and Sea Future Fund; Future Drought Fund; Disaster Ready Fund (formerly Emergency Response Fund until 1 March 2023); DisabilityCare Australia Fund; and Housing Australia Future Fund. Each has a tailored mandate (see seven-funds annex).

Scale & portfolio

Dated scale table (official AUD)

As-atMetricFigure (AUD)Primary
30 Jun 2026Future Fund standaloneA$289.7 billionPortfolio update PDF 26 Aug 2026; homepage
30 Jun 2026Total FUM (7 funds)A$356.0 billionSame
30 Jun 202612-month Future Fund return14.8% (+A$37.4bn)Same
30 Jun 202610-year Future Fund return9.0% pa vs target 7.1% paSame
30 Jun 2026Inception returns contributionA$229.2 billionSame
30 Jun 2025Future Fund standaloneA$252.3 billionFY24–25 Annual Report; Jun 2025 update
30 Jun 2025Other six funds (CEO letter)A$65.8 billionFY24–25 Annual Report
Est. 2006Initial endowmentA$60.5 billionOur funds; AR; portfolio updates
ProjectionFuture Fund by 2032–33~A$380 billionChair letter FY24–25 AR

Homepage “Total funds under management” graphic as opened for this pack matches the June 2026 portfolio update Table 13: Future Fund A$289.7bn; MRFF A$26.3bn; ATSILS A$2.7bn; Future Drought A$5.8bn; Disaster Ready A$5.3bn; DisabilityCare A$14.5bn; HAFF A$11.7bn; total A$356.0bn.

Future Fund asset allocation at 30 June 2026 (portfolio update Table 2): developed-market global equities 29.1% (A$84.4bn); alternatives 14.9% (A$43.1bn); private equity 12.1% (A$35.1bn); infrastructure & timberland 11.5% (A$33.3bn); Australian equities 10.5% (A$30.4bn); credit 8.1%; cash 5.4%; emerging-market equities 4.6%; property 3.8%. June quarter return 7.7%.

National-priority investing language in the 26 August 2026 release: the Board had committed around A$3.5 billion of new investment into domestic housing, infrastructure and the energy transition; the Future Fund held almost A$20 billion of domestic infrastructure. FY24–25 Annual Report / Year in Review highlight uplifted CDC data-centre exposure and a stake in Transgrid among domestic infrastructure examples—cite as official narrative, not as a complete holdings list.

Governance & leadership

Board of Guardians

The Board decides how to invest the assets of each fund in line with legislation and Investment Mandates. Members are appointed part-time for terms of up to five years and are eligible for reappointment. Live Board of Guardians page opened for this pack lists: Chair Hon Greg Combet AO (from 1 June 2024, five-year term); Dr Deborah Ralston (from 15 September 2021); Ms Fiona Trafford-Walker (from 12 May 2026); Mr James Craig (from 3 April 2025); Ms Mary Reemst AM (from 6 October 2023); Ms Nicola Wakefield Evans AM (from 1 March 2024); Ms Rosemary Vilgan (from 4 February 2024). Do not invent seats. Prior Guardians Patricia Cross AM and Michael Wachtel completed terms and are not on the live page.

Senior Leadership Team (Agency)

Live Senior Leadership Team page: CEO Dr Raphael Arndt; CIO Richard Brandweiner; CFO and Chief Risk Officer Nancy Collins; General Counsel Gillian Denison; Chief People, Culture and Inclusion Officer Simone Hartley-Keane; Chief Corporate Affairs Officer Will Hetherton; Chief Operating Officer Gordon McKellar; Managing Director of Responsible Investment and Listed Equities Genevieve Murray; Deputy CIO Hugh Murray.

CIO transition (verified for Sep 2026 ship)

On 15 September 2025 the Agency announced that CIO Ben Samild would leave to take a role with a major institutional investor in the Middle East; Deputy CIO Hugh Murray was appointed interim CIO. The FY24–25 Annual Report states Samild resigned as CIO effective 24 September 2025.

On 23 April 2026 the Agency announced appointment of Richard Brandweiner as CIO, starting 1 July 2026, with Murray continuing as interim until then. Live SLT page as of early September 2026 lists Brandweiner as Chief Investment Officer (“joined … in July 2026”) and Murray as Deputy CIO. The 26 August 2026 portfolio update quotes Brandweiner as Chief Investment Officer. Current CIO as of ship date: Richard Brandweiner.

CEO succession (announced, not yet effective)

On 26 August 2026, Chair Greg Combet announced that after almost two decades of service including six years as CEO, Dr Raphael Arndt informed the Board of his decision to leave and return to the private sector. Arndt will continue as CEO through to the end of 2026 while the Board considers a successor. He remains current CEO on the live SLT page for this ship.

Investment philosophy / strategy

How-we-invest framing: invest each fund in line with its individual Investment Mandate and strategy; seek best ideas for targeted risk and return in a given environment; partner with external investment managers who execute strategies; disclose via periodic investment reports, annual reports and quarterly portfolio updates.

Core investment beliefs (How we invest): strong governance is essential; ‘One team, One purpose’ culture leads to better decisions; a total portfolio approach improves long-term performance; market inefficiencies create active-management opportunities; risk is multi-faceted and robust risk management enhances mandate achievement; primary focus is value added net of all costs while using scale for cost efficiency; comparative advantages properly used help achieve mandates; integrating ESG including climate as a Responsible Investor enhances long-term returns and reputation.

Stated comparative advantages: long-term investor horizon; reputation resting on sovereign status; access to high-calibre external partners; focus on total portfolio outcomes; single client (Australian Government) and single purpose.

Investment categories disclosed: alternative assets; cash; credit; overlays; listed equities (Australian, global developed, emerging); private equity (venture, growth, buyout); tangible assets (real estate, infrastructure, timber) via public or private markets.

‘New Investment Order’ research programme (position papers from 2021 onward; geopolitics paper June 2024; portfolio resilience / AI paper August 2026) underpins portfolio adjustments toward diversification, inflation protection, selective active management, commodities and currency diversification. CEO commentary on the June 2026 result attributes outcomes partly to commodities exposure, geographic diversification, increased active management and low bond exposure.

Climate / ESG / ethics

Responsible Investment page belief (also elevated to Board investment beliefs in 2025): integrating environment, social and governance considerations, including climate change, as a Responsible Investor enhances long-term returns and reputation. A new Responsible Investment Policy articulates Integration, Stewardship, Exclusions and Collaboration as programme cornerstones; the Agency is executing a multi-year plan to align governance and processes.

Integration: ESG and climate considered across macroeconomic scenarios, whole-of-portfolio strategy, risk monitoring, external manager selection/approval, due diligence and ongoing monitoring. Stewardship: engagement with managers, investee companies and real assets; voting as a core ownership right; monitoring and escalation. Australian listed proxy voting summaries are published (FY25, FY24, FY23, FY22 reports linked on the RI page).

Exclusions: economic activities banned under treaties and conventions ratified by the Australian Government—cluster munitions, anti-personnel mines, selected nuclear weapons, chemical weapons and biological weapons—plus a separate Board decision to exclude primary tobacco production. An exclusions company list as at May 2026 is linked from the RI page.

November 2024 mandate national priorities explicitly include assisting the net zero transformation. AR / Year in Review cite elevated climate focus alongside infrastructure examples such as Transgrid and CDC data centres—these are official narrative examples, not a complete climate holdings inventory.

Performance & reporting

Future Fund — periods to 30 June 2026

PeriodReturn (% pa)Target (% pa)Volatility (%)
From inception (May 2006)8.37.04.6
Ten years9.07.14.8
Seven years8.67.65.2
Five years8.08.44.7
Three years12.07.34.2
One year14.88.04.3

June quarter 2026 return: 7.7%. Data in the portfolio update are unaudited and may not sum due to rounding.

Prior year (FY2024–25 to 30 June 2025): Future Fund 12.2% annual return; +A$27.4 billion to A$252.3 billion; 10-year return 8.0% pa vs mandate 6.9% pa (June 2025 portfolio update / AR). CEO letter: more than A$90 billion of portfolio adjustments across every asset class during 2024–25.

Transparency stack: quarterly portfolio updates (PDF); Annual Report (PGPA Act); Year in Review microsite; Statement of Investment Policies; Responsible Investment Policy; Australian proxy voting reports; holdings disclosures referenced in AR. This UAO profile cites opened primaries only.

Controversies & debates

Official attributable items first. On 20 April 2026 the Agency published a Statement to the Australian Financial Review (issued to AFR on 10 April 2026) addressing culture and investment-team continuity after departures, stating the organisation’s success is founded on collaborative culture and deep expertise; noting the CEO has been a member of the Investment Committee since inception; acknowledging departure of three investment-team members in the prior month with internal staff stepping up; and stating the global CIO search was well advanced. Chair Greg Combet emphasised Board and CEO commitment to strong returns while managing risk amid geopolitical conflict impacts.

On 14 April 2026 the newsroom listed a “Future Fund operational update” describing plans to maximise benefits of prior capability investment while ensuring costs and staffing levels remain focused—treat as official operational messaging, not as an invented narrative.

Secondary press around the August 2026 CEO departure and FY26 returns discussed culture and staff turnover. Where secondary coverage goes beyond the official releases above, this profile labels it as secondary and does not invent facts. Researchers should read the official AFR statement, CIO appointment release, CEO departure release and portfolio update PDFs directly.

Mandate politics: the November 2024 national-priorities language and deferred drawdowns have been publicly debated in Australian policy circles. Official position (Chair/CEO letters): priorities enhance strategy without changing the statutory maximise-returns duty; drawdown deferral enables longer-horizon investing. This profile does not adjudicate political debates.

Timeline

  • 2006 — Future Fund established; initial endowment A$60.5 billion; Board of Guardians and Agency begin investing (May 2006 inception for performance series).
  • 2014–2020 — Raphael Arndt serves as CIO after earlier Head of Infrastructure and Timberland role (from 2008).
  • 1 Jul 2020 — Arndt becomes CEO.
  • 2021 onward — New Investment Order research programme published.
  • 1 Mar 2023 — Emergency Response Fund renamed Disaster Ready Fund.
  • Nov 2023 — Housing Australia Future Fund established with A$10 billion capital.
  • 1 Jun 2024 — Greg Combet AO becomes Chair.
  • 19 Nov 2024 — Updated Future Fund Investment Mandate (national priorities); drawdowns deferred to at least 2032–33.
  • 2025 — New RI Belief and Responsible Investment Policy; Board adds RI investment belief.
  • 3 Apr 2025 — James Craig joins Board; Michael Wachtel concludes tenure.
  • 15 / 24 Sep 2025 — Ben Samild CIO exit; Hugh Murray interim CIO.
  • 30 Jun 2025 — Future Fund A$252.3bn; 12.2% FY return; Agency headcount 375.
  • 23 Apr 2026 — Richard Brandweiner appointed CIO effective 1 Jul 2026.
  • 12 May 2026 — Fiona Trafford-Walker joins Board.
  • 1 Jul 2026 — Brandweiner starts as CIO; Murray returns to Deputy CIO title on live SLT.
  • 30 Jun 2026 — Future Fund A$289.7bn; total FUM A$356.0bn; 14.8% one-year return.
  • 26 Aug 2026 — Portfolio update released; Arndt CEO departure announced for end-2026.

Annex: AUM honesty (AUD)

Always distinguish Future Fund standalone from total funds under management by the Board of Guardians. Homepage and the 30 June 2026 portfolio update both print standalone A$289.7 billion and total A$356.0 billion. Collapsing these figures is a common secondary-source error.

INST’s A$252B / A$335B pair tracks mid-2025 / late-2025 prints (A$252.3bn at 30 Jun 2025; total FUM was A$335.3bn at 31 Dec 2025 per December portfolio update). Those figures are useful as history but must not headline a September 2026 profile.

No official USD conversion is published as the primary headline on the pages opened for this pack. UAO does not invent a USD AUM. If a researcher needs USD, they should apply their own FX to the official AUD prints and disclose the rate and date.

Unaudited quarterly updates may differ slightly from later audited Annual Report tables; when both exist for the same date, prefer the Annual Report for audited statements and the portfolio update for the latest interim mark-to-market narrative.

Annex: CIO transition verification

Primary chain used for this ship: (1) 15 Sep 2025 CIO exit release — Murray interim; (2) FY24–25 AR — Samild resignation effective 24 Sep 2025; Murray Deputy CIO bio; (3) 23 Apr 2026 appointment — Brandweiner starts 1 Jul 2026; Murray interim until then; (4) live Senior Leadership Team — Brandweiner as CIO, Murray as Deputy; (5) 26 Aug 2026 portfolio update — Brandweiner quoted as CIO discussing FY26 results.

Therefore, as of Sunday 6 September 2026 America/Toronto, the current CIO is Richard Brandweiner. Describing Murray as interim CIO after 1 July 2026 would be inaccurate. Describing Brandweiner as “incoming” after that date would also be inaccurate.

Brandweiner background as printed on SLT / appointment release: previously CEO Pendal Group Australia; previously CIO First State Super (Aware Super); senior roles at Perpetual; CFA Charterholder; Bachelor of Economics, UNSW; Governor of the CFA Institute (SLT). Appointment followed a global search in line with Australian Public Service requirements.

Annex: Returns path

Selected official Future Fund marks from opened portfolio updates: 30 Sep 2024 value A$229.7bn (11.9% twelve-month); 30 Jun 2025 A$252.3bn (12.2% year); 30 Sep 2025 A$261bn with inception value-add passing A$200bn; 31 Dec 2025 calendar-2025 return 12.4% adding A$29.54bn, total FUM A$335.3bn after A$4bn withdrawals; 31 Mar 2026 Future Fund A$269.1bn, total FUM A$337.2bn; 30 Jun 2026 Future Fund A$289.7bn, total FUM A$356.0bn.

Long-run framing in CEO departure release: under Arndt’s CEO tenure total funds under management across Board portfolios rose from A$205 billion to A$356 billion. Inception endowment A$60.5 billion with no further Future Fund capital contributions from Government (Our funds / updates).

Five-year return to 30 Jun 2026 (8.0%) sat below the contemporaneous target print (8.4%) in Table 1 even as three-year (12.0%) and one-year (14.8%) exceeded targets—report the table faithfully rather than selectively.

Annex: Board of Guardians

Live bios (summarised, not invented): Combet — former Cabinet Minister; prior IFM Investors chair; former AustralianSuper deputy chair; former Net Zero Economy Agency chair. Ralston — RBA Payments System Board; academic and NED experience; Retirement Income Review panel. Trafford-Walker — former Frontier Advisors MD; NED Perpetual Limited and FleetPartners; IFM Real Estate Investment Committee. Craig — former Macquarie Bank Europe leadership; Executive Director River Capital; prior AustralianSuper Investment Committee chair. Reemst — former Macquarie Bank CEO; CEFC Rewiring the Nation Investment Advisory Committee member; AM January 2026. Wakefield Evans — NED Viva Energy, CEFC, Sonic Healthcare; Takeovers Panel; MetLife Australia chair. Vilgan — former QSuper Group CEO; prior NZ SWF board; QTC Capital Markets Board.

AR notes Board composition changes in 2024–25 including Craig’s appointment and Wachtel’s nine-year contribution / Audit and Risk Committee chair role. Cross’s term end and Trafford-Walker’s May 2026 start appear on the live 2026 Board page rather than the FY25 AR snapshot—prefer live page for current seats.

Annex: Seven funds under management

Future Fund — established 2006; CPI+4–5% long-term; enduring SWF; drawdowns deferred to ≥2032–33.

Medical Research Future Fund — from 2015; RBA cash +1.5–2.0% over rolling 10 years; A$26.3bn at 30 Jun 2026; 10.1% one-year return.

ATSILS Fund — from 2019; CPI+2–3%; supports ILSC; A$2.7bn at 30 Jun 2026.

Future Drought Fund — from 2019; CPI+2–3%; A$100m p.a. available for drought resilience programmes; A$5.8bn; 11.9% one-year.

Disaster Ready Fund — ERF renamed 1 Mar 2023; up to A$200m p.a. for resilience; A$5.3bn; 11.9% one-year.

DisabilityCare Australia Fund — bank bill swap +0.3%; minimise 12-month capital-loss probability; long-term deposits and cash; A$14.5bn; 4.4% vs 4.2% benchmark over 12 months to 30 Jun 2026.

Housing Australia Future Fund — Nov 2023; A$10bn capital; CPI+2–3%; A$11.7bn at 30 Jun 2026; 11.6% one-year; inception return 9.6% pa.

ATSILS, Drought, HAFF and Disaster Ready gain diversified exposure via co-mingled arrangement alongside MRFF; exposures in updates are look-through (portfolio update note).

Annex: Asset allocation detail

Future Fund Table 2 (30 Jun 2026) dollar amounts: Australian equities A$30,428m; global DM A$84,380m; global EM A$13,282m; private equity A$35,139m; property A$10,887m; infrastructure & timberland A$33,283m; credit A$23,558m; alternatives A$43,070m; cash A$15,716m; total A$289,744m.

CIO Brandweiner’s official commentary on the year emphasised strong global equities (notably Japan and emerging markets), positive outcomes in active equity and alternatives amid geopolitical volatility, relatively modest equity risk, meaningful private-market exposure, and diversified AI thematic exposure intended for scenario robustness.

How-we-invest category taxonomy (alternatives, cash, credit, overlays, listed equities, private equity, tangible assets) is the Board’s public classification scheme and should be preferred over inventing peer-style buckets.

Annex: National priorities & mandate

Updated Mandate (19 Nov 2024) asks the Board to have regard to: (1) strengthening Australia’s critical infrastructure; (2) assisting the net zero transformation; (3) assisting Australian residential housing build-out. Chair letter: no change to statutory maximise-returns responsibility; commercially based investment decisions continue.

CEO Year in Review video/transcript language (FY25): hired capability for energy transition; deep research and new strategy on residential housing; continued infrastructure CapEx across airports, energy companies and data centres. Treat transcript as official communication alongside AR text.

Statement of Expectations / government engagement: AR notes meetings with 30+ government stakeholders and 60+ industry events to share investment insights—cite as transparency/engagement metrics, not lobbying claims.

Annex: RI policy & exclusions

RI Policy (2025) available as PDF via futurefund.gov.au media links; Statement of Investment Policies summarises RI approach and points to the full policy. Collaboration includes domestic and global initiatives; IFSWF membership and Hetherton’s IFSWF board role appear on SLT.

Exclusions list as at May 2026 is published for companies excluded under the RI Policy. Proxy voting: detailed FY25 Australian proxy voting and engagement activity PDF linked from RI page. Escalation path: further monitoring, dialogue or voting when stewardship does not produce meaningful improvement.

This profile does not invent financed-emissions totals or net-zero target years beyond what opened pages state. FY25 marked evolution of RI capability with elevated climate focus rather than a newly invented first-time ESG programme—the organisation states ESG considerations have been integrated since inception.

Annex: Agency people & culture

Workforce at 30 June 2025: 375 staff (including 14 winter interns 16 Jun–25 Jul 2025), up from 305 at 30 June 2024. Average staffing level 339 (2024–25) vs 273 (2023–24). Headcount by area: Investment 116; Investment and Business Operations 184; Other 75.

During 2024–25: 81 new permanent staff (16 replacements, 65 new roles); 29 internal promotions/advancements; 14 internal secondments. Turnover 12.8% (2024–25) vs 11.8% prior two years. APS Census 2024 participation 78%; Employee Engagement Index 82% (sixth of 104 APS organisations).

Offices: Melbourne headquarters; Sydney office (Genevieve Murray as Head of Sydney Office, >40 staff per AR). Hybrid policy: minimum three office days per week. Future Investors Internship Program expanded to enabling functions.

Technology: proprietary AI collaboration tool LUMi introduced (Year in Review / AR narrative) to synthesise information inside a secure environment—cite as official capability description.

Annex: Transparency stack

  • Homepage FUM dashboard (AUD)
  • Quarterly portfolio update PDFs
  • Annual Report under PGPA Act / Future Fund Act reporting
  • Year in Review microsite (yearinreviewfy25.futurefund.gov.au)
  • How we invest + Investment Mandates links (legislation.gov.au)
  • Statement of Investment Policies PDF
  • Responsible Investment Policy + exclusions list + proxy voting PDFs
  • Newsroom media releases and Senate Estimates opening statements
  • Board of Guardians and Senior Leadership Team pages

UAO corrections contact for this profile: info@universalassetowners.com. Do not copy personal media-officer mobiles from PDF footers onto public UAO pages.

Annex: Peer context

Within Australia, researchers often compare the Future Fund’s total-portfolio SWF model with large industry super funds such as AustralianSuper. They are different legal forms: sovereign Board of Guardians versus profit-for-member trustee. Do not conflate AUM.

Internationally, peers in the UAO Top 100 SWF / public-investor set include NBIM, GIC, Temasek, ADIA, CIC and KIC. Currency discipline remains AUD-first for Future Fund.

Influence Index, if mentioned elsewhere on UAO, is an editorial composite—not a rating agency score and not printed by the Future Fund.

Annex: FY24–25 Annual Report extracts

Chair letter highlights: enduring national asset confirmation; drawdown deferral; revised Mandate; projection toward ~A$380bn by 2032–33; RI belief/policy milestone; CDC and Transgrid examples; thanks to outgoing Guardian Michael Wachtel; first year of Combet chairmanship.

CEO letter highlights: 12.2% annual result; +A$27.4bn; 10-year 8.0% pa; >A$190bn since inception; other six funds A$65.8bn; >A$90bn portfolio changes; new Investment Team structure and Good Decisions Program; SLT refresh (Hartley-Keane; Denison after Price retirement 1 Jul 2025; Collins CFO/CRO from July); 81 new staff; 28 promoted/advanced in CEO letter (AR people chapter also cites 29 promotions including advancements).

Organisation overview: five business units under SLT leadership spanning Investment, Investment and Business Operations, Legal and Risk, People Culture and Inclusion, and Corporate Affairs (structure language as printed).

ISSN 22058052 (online); Creative Commons Attribution 4.0 for the report’s Commonwealth content with Future Fund attribution preference stated in front matter.

Annex: New Investment Order

Official research series analysing a more multipolar, inflationary, geopolitically contested investment environment. Geopolitics position paper (27 June 2024) and Portfolio resilience — AI position paper (10 August 2026) are newsroom-linked examples opened or listed for this pack.

Implementation themes cited across updates: higher structural risk tolerance for long-term real returns; diversified developed-market currencies; commodities; selective active management; lower traditional bond reliance; private markets and alternatives for resilience; liquidity focus.

Senate Estimates opening statement (Dec 2025 context in newsroom corpus) reiterated New Investment Order consistency with multipolar competition and national capability building—use as official parliamentary testimony language when citing that PDF/HTML.

Annex: Senior Leadership Team bios

Arndt — CEO from 1 Jul 2020; CIO 2014–2020; Head of Infrastructure and Timberland 2008–2014; engineer background (Ove Arup); Engineering, Commerce and PhD (University of Melbourne) on PPP risk allocation; University of Melbourne Council; represents Future Fund on Australia Pacific Airports Corporation board (CEO departure release).

Brandweiner — CIO from Jul 2026; Pendal Australia CEO; First State Super CIO; Perpetual Group Executive; CFA; UNSW Economics.

Collins — CFO & CRO from Jul 2025; prior COO Swinburne University; Chartered Accountant; Executive MBA; La Trobe accounting/finance degrees.

Denison — GC from Jul 2025; joined Agency 2013; Head of Legal 2020; Perth Airport board; UWA Law & Commerce.

Hartley-Keane — Chief People, Culture and Inclusion from 2025; prior Maurice Blackburn; Asciano, GE Capital, Country Road Group; Melbourne and RMIT qualifications.

Hetherton — joined 2007; Chief Corporate Affairs from 2025; IFSWF board; Investor Leadership Network board; Oxford PPE; Kaplan applied finance certificate.

McKellar — joined 2007; COO from 2012; role expanded Mar 2021 over Investment and Business Operations; prior BNP Paribas / Deutsche Bank / Bankers Trust operations.

Genevieve Murray — MD RI & Listed Equities from Nov 2020; prior AMP Capital Head of Australian Equities; Macquarie; Bond University BCom; CFA; Sydney Office head.

Hugh Murray — Deputy CIO; joined 2011; Head of Overlays 2015; Deputy CIO 2023; interim CIO Sep 2025–Jun 2026; prior Nomura / Lehman / Goldman; Melbourne Engineering & MBA.

Annex: CEO succession announced Aug 2026

Official release 26 August 2026: Arndt longest-serving CEO in 20-year history; prior six years as CIO; will remain through end-2026; Board considering appointment of new CEO; Combet tribute language; Arndt cites delivery of two strategic plans and excellent investment results as timing rationale.

Until a successor starts, live SLT continues to list Arndt as CEO. This profile must not invent an interim CEO or name unannounced candidates.

Same-day portfolio update provides the performance backdrop for the announcement (14.8% / A$289.7bn / A$356bn total).

Annex: Other funds performance (Jun 2026)

MRFF Table 3/4: one-year 10.1% vs target 5.4%; total A$26,288m; cash 38.8% of MRFF.

ATSILS: inception return path and look-through allocation in Tables 5–6 of the update PDF (opened).

Drought and Disaster Ready: one-year 11.9% each; similar look-through mixes with ~23–24% cash.

HAFF: one-year 11.6%; inception 9.6% pa since 1 Nov 2023; total A$11,691m.

DisabilityCare: A$14.5bn; 4.4% vs 4.2% benchmark; deposits and cash only per Mandate capital-preservation design.

Annex: Research notes

Primaries opened: homepage; Senior Leadership Team; Board of Guardians; Who we are; Our funds; How we invest; Responsible Investment; Newsroom index; Portfolio update to 30 June 2026 HTML + PDF (media ashx 82BF3DAC…); CIO appointment 23 Apr 2026; CEO departure 26 Aug 2026; Samild CIO exit 15 Sep 2025; AFR statement 20 Apr 2026; FY2024–25 Annual Report PDF (content.futurefund.gov.au); Year in Review 2024–25 microsite; portfolio updates Dec 2025 / Mar 2026 / Jun 2025 PDFs for path.

Secondary press (Capital Brief, AAP, Investor Daily, Super Review) used only to locate official URLs and cross-check figures already in official PDFs—not as authority for AUM or titles.

Person SSR links verified HTTP 200 before ship: raphael-arndt, greg-combet, richard-brandweiner, hugh-murray, ben-samild.

Annex: Non-blocking research backlog

  • Full proxy-voting PDF tabulation beyond the RI page links.
  • Complete May 2026 exclusions issuer list transcription.
  • Audited FY2025–26 Annual Report when tabled (after this unaudited Jun 2026 update).
  • Office street address block if published in a future AR front matter more explicitly than contact@ boilerplate.
  • Official YouTube channel embed ID if the Agency publishes a durable homepage video suitable for VideoObject.

None of the above blocks shipping an honest ~10k sourced profile from opened primaries.

Annex: Quarterly portfolio path (2024–26)

Opened portfolio-update PDFs allow a continuous official AUD path without inventing marks. At 30 September 2024 the Future Fund was valued at A$229.7 billion after an 11.9% twelve-month return that added A$24.4 billion; the Housing Australia Future Fund was described as fully invested. At 30 June 2025 the Future Fund delivered a 12.2% annual return, lifting value by A$27.4 billion to A$252.3 billion, with inception contributions of A$191.8 billion against the A$60.5 billion endowment; the 10-year return was 8.0% per annum versus a 6.9% mandate print.

At 30 September 2025 investment returns since inception topped A$200 billion for the first time; the Future Fund stood at A$261 billion; twelve-month return 13.7% versus a 7.3% target print; 10-year return 8.3% versus 7.0%; total funds managed by the Board reached A$327.9 billion. The December 2025 Senate Estimates opening statement by CEO Raphael Arndt reiterated the A$200 billion inception milestone and the A$327.9 billion total-funds figure while summarising New Investment Order adjustments.

At 31 December 2025 a calendar-year 2025 return of 12.4% added A$29.54 billion; inception returns totalled A$206.8 billion; total funds under management rose to A$335.3 billion after A$4 billion in withdrawals. Chair commentary framed 2025 as the first full year of the national-priorities Mandate and cited increased CDC data-centre exposure.

At 31 March 2026 the Future Fund printed A$269.1 billion after an 11.7% twelve-month return (+A$28.3 billion); inception add A$208.5 billion; 10-year return 8.6% versus 7.1%; total FUM A$337.2 billion. Chair language referenced navigating Liberation Day market conditions and Middle East conflict while staying positioned for long-term delivery.

At 30 June 2026 the series culminates in A$289.7 billion standalone, A$356.0 billion total FUM, 14.8% one-year, 9.0% ten-year versus 7.1%, and A$229.2 billion inception contributions. Researchers should keep each as-at date attached to each figure and avoid blending unaudited quarterly marks with later audited Annual Report tables without labelling.

Annex: Medical Research Future Fund detail

Our funds: MRFF is an ongoing funding source established in August 2015 to improve health and wellbeing by providing grants for medical research and innovation. It began with A$1.0 billion transferred from the closed Health and Hospitals Fund, plus a further A$19.0 billion in capital contributions from Government between 2015 and 2020. The Mandate targets at least the Reserve Bank of Australia cash rate + 1.5% to 2.0% per annum, net of investment fees, over a rolling 10-year term. Payments for particular projects are determined by the Australian Government under the Medical Research Future Fund Act 2015—not by the Board of Guardians.

Portfolio update Table 3 (to 30 June 2026): inception return from 22 September 2015 of 5.6% pa versus 3.6% target; ten-year 5.7% versus 3.6%; seven-year 6.1% versus 3.8%; five-year 6.3% versus 4.6%; three-year 9.2% versus 5.7%; one-year 10.1% versus 5.4%; June quarter 4.7%. Table 4 asset mix (A$m): Australian equities 1,268 (4.8%); global DM 3,238 (12.3%); EM 518 (2.0%); private equity 1,202 (4.6%); property 637 (2.4%); infrastructure 1,492 (5.7%); credit 3,851 (14.7%); alternatives 3,894 (14.8%); cash 10,189 (38.8%); total 26,288.

Annex: Special-purpose funds — drought, disaster, disability, housing, ATSILS

Aboriginal and Torres Strait Islander Land and Sea Future Fund: established February 2019 with A$2.0 billion transferred from the Aboriginal and Torres Strait Islander Land Account to enhance the Commonwealth’s ability to make payments to the Indigenous Land and Sea Corporation. Mandate CPI + 2.0% to 3.0% long term. Value A$2.7 billion at 30 June 2026 on the homepage / Table 13.

Future Drought Fund: established September 2019 with A$4.0 billion from the closed Building Australia Fund. Mandate CPI + 2–3%. Commonwealth makes A$100 million available each year to support drought resilience for farms and communities. At 30 June 2026: A$5.846 billion; one-year return 11.9% versus 6.0% target print; look-through allocation includes alternatives 18.9% and cash 23.6%.

Disaster Ready Fund: created as Emergency Response Fund in December 2019; renamed 1 March 2023. Amendment Act allows up to A$200 million per annum for natural disaster resilience and risk reduction from 2023–24. Mandate CPI + 2–3%. At 30 June 2026: A$5.300 billion; one-year 11.9% versus 6.0%; similar look-through mix to Drought Fund.

DisabilityCare Australia Fund: established July 2014 to help fund the NDIS. Mandate: Australian three-month bank bill swap rate + 0.3% pa on a rolling 12-month basis, while minimising probability of capital loss over a 12-month horizon. Invested in long-term deposits and cash. At 30 June 2026: A$14.5 billion; 4.4% twelve-month return versus 4.2% benchmark. FY2024–25 AR notes reimbursements to states and territories for NDIS-related expenditure.

Housing Australia Future Fund: established November 2023 with A$10 billion capital to enhance grants for acute, social or affordable housing needs, including focus cohorts listed on Our funds (women and children fleeing domestic violence; older women on low incomes at risk of homelessness; frontline workers; remote Indigenous housing repair; transitional DV housing; veterans’ housing). Mandate CPI + 2–3%. At 30 June 2026: A$11.691 billion; one-year 11.6% versus 6.0%; inception from 1 November 2023 of 9.6% pa versus 4.9%.

Annex: Investment beliefs and manager model

How-we-invest states the Agency partners with investment managers who execute strategies on the Board’s behalf. Each fund is unique, so approaches are tailored. The Statement of Investment Policies (PDF linked from How we invest) covers investment strategies for each fund, manager and asset selection/monitoring/divestment, risk management, tax risk, liquidity risk, and a summary of the Responsible Investment Policy.

Beliefs printed verbatim in substance on How we invest: strong governance; One team One purpose culture; total portfolio approach; inefficiencies create active opportunities; multi-faceted risk and robust risk management; net-of-costs value focus with scale-driven cost efficiency; use of comparative advantages; ESG/climate integration as Responsible Investor.

Comparative advantages printed: long investment horizon and patience including illiquid private assets; reputation grounded in sovereign status; access to high-calibre external partners; total portfolio outcomes focus integrating top-down and bottom-up ideas; single client and single purpose clarity.

Overlays category covers listed currencies, developed and emerging market currency, domestic and global interest rates, portfolio protection strategies, and other return-enhancing or risk-mitigation strategies—important for interpreting cash and rates exposures that are not solely “bonds” in a traditional 60/40 peer sense.

Annex: Legislation and governance architecture

Who we are: Board of Guardians is an independent body; Guardians safeguard independence; Board receives Management recommendations and reviews, approves and oversees strategy. Agency staff are drawn from investment, finance, legal, operational and other industries and run day-to-day operations.

Primary legislation referenced across Our funds and AR: Future Fund Act 2006; Medical Research Future Fund Act 2015; Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018; Future Drought Fund Act 2019; Disaster Ready Fund Act 2019 (as renamed); DisabilityCare Australia Fund Act 2013; Housing Australia Future Fund Act 2023. Investment Mandate Directions are ministerial instruments linked from How we invest (including legislation.gov.au / ComLaw links for some funds).

PGPA Act accountability applies to the Agency. The Annual Report includes audited financial statements for the Board and Agency and required fund disclosures. Audit and Risk Committee Charter is published under access-to-information navigation. Freedom of information and Information Publication Scheme pages exist on the official site for transparency requests.

IFSWF: the Agency participates in the International Forum of Sovereign Wealth Funds; Will Hetherton’s SLT bio states he serves on the IFSWF board and the Investor Leadership Network board. AR references IFSWF implementation language in the governance/peer sections—cite as membership/participation, not as a performance score.

Annex: Raphael Arndt tenure metrics (official)

CEO departure release (26 August 2026): almost two decades of service; six years as CEO; previously six years as CIO; longest-serving CEO in the Fund’s 20-year history; will continue through end-2026. Under his CEO leadership total funds under management across Board portfolios increased from A$205 billion to A$356 billion. Combet: “Australia is better off for his contribution.” Arndt: proud to have served; cites two strategic plans and excellent investment results as timing for a new chapter.

SLT bio: Board Member of Melbourne Lord Mayor’s Charitable Foundation (largest community foundation) in earlier bio text; University of Melbourne Council from 1 October 2023 (AR); represents Future Fund on Australia Pacific Airports Corporation board (Melbourne and Launceston airports) per departure release. Engineering start at Ove Arup in Melbourne and London; PhD on PPP risk allocation.

Same-day portfolio update quotes Arndt on New Investment Order themes in a volatile year—geopolitical conflict, commodity swings, sticky inflation, rising global capital demand—and on specialist active management identifying dispersion across equities, hedge funds and private markets contributing more than A$37 billion of value increase in the year.

Annex: Brandweiner and Murray role statements

Appointment release (23 April 2026): global search process aligned with Australian Public Service requirements; Brandweiner joins Senior Leadership Team on start; Arndt thanks Murray for interim leadership through significant market uncertainty; Brandweiner quotes the Fund’s compelling purpose and globally respected investment approach.

About Brandweiner timeline in release: 2024–2026 independent director and consultant; 2018–2023 Pendal Group CEO Australia; 2013–2017 First State Super (Aware Super) CIO; 2001–2013 Perpetual Group Executive. Industry bodies: FSC, ASFA, President CFA Society of Sydney. Non-executive: Chair Impact Investing Australia; family-office investment committees; Aboriginal Investment NT Investment Committee; Chair/Co-Founder OpenDirector; nominated Governor CFA Institute Board.

Murray interim period: Samild exit release quotes Murray on joined-up whole-of-portfolio approach continuity; Arndt calls Murray an experienced investor with 14 years’ Future Fund knowledge. Live SLT after July 2026 returns Murray’s title to Deputy CIO with primary focus on Portfolio Design (bio language). Researchers should not leave “Interim CIO” as his current title after Brandweiner’s start.

Annex: Asset-class commentary from official releases

June 2026 CIO commentary: very strong global equity markets, notably Japan and emerging markets, underpinned returns; increased volatility from a fractured geopolitical environment produced positive outcomes in active equity and alternative exposures; resilience design emphasised modest equity risk, meaningful private markets, and diversified AI thematic exposure.

June 2026 CEO commentary: commodities exposure, geographic diversification, increased active management and low bond exposure contributed; specialist expertise identified dispersion across equities, hedge funds and private markets.

FY2024–25 CEO letter: Board increased structural equity risk to improve real returns against a challenging Mandate while accepting potential shorter-term volatility; almost all changes paid off in the 12.2% year; foreign-exchange exposures diversified; fund liquidity focus increased; concern that historical correlations may no longer hold informed hedge-fund and commodity diversification.

These commentaries are attributable quotes/paraphrases of official PDFs—not UAO forecasts. They explain positioning ex post and should be read alongside the quantitative allocation tables.

Annex: Culture, operational update and AFR statement

Official AFR statement (newsroom 20 April 2026; issued to AFR 10 April 2026): affirms collaborative culture and deep expertise; notes CEO membership of Investment Committee since inception to keep the whole organisation focused on investment performance; acknowledges three investment-team departures in the prior month with internal staff of five, ten and fifteen years’ Future Fund experience stepping up; states CIO search well advanced; Combet quote on Board/CEO commitment amid US-Israel-Iran war impacts and long-term investment-environment shifts.

Operational update (newsroom 14 April 2026 listing): after investing in growth and capabilities, Agency announced plans to maximise benefits created while keeping costs and staffing focused and appropriate for years ahead—official cost/capability messaging following the headcount rise to 375 at 30 June 2025.

People chapter metrics already cited (Census engagement, hybrid policy, Inclusion Council chaired by CEO, affinity networks Gender / Beacon / Thrive) provide primary culture evidence without relying on secondary workplace reporting.

Annex: Year in Review 2024–25 highlights

Microsite framing: global turbulence, new US administration headlines, armed conflicts, retreating globalisation, pressure on climate consensus; Agency response via portfolio repositioning, people investment and innovative ways of working; joined-up whole-of-portfolio approach; November 2024 drawdown deferral and revised Mandate; CDC and Transgrid investment growth; new RI Belief and Policy; more than A$90 billion portfolio adjustments in every asset class; 12.2% return and A$27.4 billion value add; A$191.8 billion since inception; James Craig welcomed; Michael Wachtel farewelled after nine years; three new SLT members; 28 staff promoted or advanced; Future Fund Academy; LUMi AI tool.

CEO video/transcript page on the microsite elaborates Mandate priorities and organisational readiness—use as official multimedia communication. No durable public YouTube embed ID was verified on the pages opened for VideoObject wiring; this ship therefore omits VideoObject (AustralianSuper pattern).

Annex: How to cite Future Fund figures

Recommended citation shape for researchers: “Future Fund Board of Guardians, Portfolio update as at 30 June 2026 (released 26 August 2026): Future Fund A$289.7 billion; total funds under management A$356.0 billion.” For audited history: “Future Fund Annual Report 2024–25: Future Fund A$252.3 billion at 30 June 2025.”

Always state whether a number is Future Fund standalone or Board total. Always state the as-at date. Prefer A$ / AUD. If converting to another currency, disclose FX source and timestamp separately from the official print.

Leadership citations should include verification date because CIO and CEO seats are in transition: e.g. “SLT page verified 6 September 2026: CIO Richard Brandweiner (from July 2026); CEO Raphael Arndt (departure announced for end-2026).”

Annex: Australian peer boundary notes

AustralianSuper (UAO elite live) is a profit-for-member industry fund with member-level accounts and APRA oversight of a trustee company. Future Fund is a sovereign manager under dedicated Commonwealth Acts with ministerial Investment Mandates. Comparing “Australian asset owners” is valid; equating their AUM or governance is not.

Other Australian public investment vehicles (for example state treasury corporations or CEFC) appear in Guardian bios as external board roles but are not Future Fund subsidiaries. Do not merge CEFC or QTC balance sheets into Future Fund FUM.

Telstra sale proceeds and remaining Telstra shares formed part of the original endowment narrative (Our funds)—historical funding trivia, not a current Telstra-control claim.

Annex: Performance table notes and volatility

Portfolio update Table 1 footnotes matter for mandate interpretation. Note 1 states that from 1 July 2017 the Future Fund Investment Mandate target return was reduced from CPI + 4.5% to 5.5% per annum to CPI + 4.0% to 5.0% per annum over the long term, with an acceptable but not excessive level of risk. Target columns in the returns table are therefore path-dependent on the prevailing Mandate band and CPI outcomes, not a single fixed percentage.

Note 2 defines volatility as an industry measure showing realised volatility in the portfolio. Printed volatilities to 30 June 2026: inception 4.6%; ten years 4.8%; seven years 5.2%; five years 4.7%; three years 4.2%; one year 4.3%. June quarter return 7.7% is disclosed under the table.

Unaudited disclaimer at the end of the update: all data may not sum due to rounding; ATSILS, Drought, HAFF and Disaster Ready gain exposure through a co-mingled arrangement alongside MRFF with look-through exposures; mandate targets use the quarterly CPI series from the Australian Bureau of Statistics.

When five-year return (8.0%) prints below the five-year target column (8.4%) while longer and shorter windows beat their targets, honest profiles report the full table. Selective quoting of only beating windows would misrepresent the official disclosure.

Annex: Domestic infrastructure and priority examples

Official examples recurring across AR, Year in Review and the June 2026 release include: CDC data centres (14 highly secure centres in Melbourne, Canberra, Sydney and Auckland cited in Chair letter, with AI-driven expansion CapEx); Transgrid (electricity transmission; AR cites a 10% stake language in the June 2025 update narrative); airport holdings such as Perth, Melbourne, Launceston and Sydney airports referenced in Chair letter; EastLink toll-road interest via ConnectEast with QIC (newsroom 6 June 2024 historical item on the homepage news list).

June 2026 release aggregates: around A$3.5 billion of new commitments into domestic housing, infrastructure and energy transition; almost A$20 billion of domestic infrastructure held. These are Board/Agency aggregates—not a line-by-line schedule. UAO does not invent additional project names beyond opened primaries.

Housing examples in FY25 update narrative include student housing and land-lease developments for people transitioning to retirement. HAFF programme purposes on Our funds remain grant-side government decisions distinct from the Board’s investment of HAFF capital.

Annex: Risk, liquidity and total-portfolio design

Investment beliefs emphasise multi-faceted risk and the role of robust risk management in achieving Mandates. Statement of Investment Policies includes dedicated risk, tax-risk and liquidity-risk management policy sections. DisabilityCare’s Mandate is an extreme illustration of capital-preservation design (minimise 12-month capital-loss probability) versus the Future Fund’s CPI+ growth band.

FY25 CEO letter describes increasing structural equity risk for long-term real returns while accepting shorter-term volatility risk; increasing and diversifying developed-market currency and commodity exposures; raising focus on fund liquidity; and using hedge-fund strategies amid concern that historical correlations may not hold. June 2026 CIO comments return to resilience design: modest equity risk, private markets, diversified AI thematic.

Overlays are a first-class category in How we invest, covering currency, rates and protection strategies. Analysts who map the Future Fund onto a simple equity/bond pie without overlays, alternatives and private markets will misread risk.

Annex: Stewardship and voting transparency

RI page stewardship elements: engagement with managers, companies and real assets on governance, strategy, risk and accountability; voting rights as core responsible ownership; monitoring and escalation when improvements lag. Corporate governance principles align with the Investment Mandate and guide stewardship.

Published Australian listed proxy voting and engagement activity reports for FY25 and FY24, plus FY23 and FY22 proxy voting reports, are linked for download. Further international voting detail is directed to the Annual Report. This profile does not re-tabulate thousands of meeting votes; it points researchers to those primary PDFs.

Exclusions list as at May 2026 is a separate transparency artefact from voting reports. Controversial-weapons treaty alignment plus primary tobacco are the stated exclusion families—do not invent fossil-fuel or other blanket exclusions without a primary citation.

Annex: Public-safe contact and corrections

Official newsroom pages display a media team contact line. Some PDF releases include a named Head of External Relations email and mobile. UAO elite institution pages do not reproduce private staff emails or personal mobile numbers. Corrections for this Registry profile go to info@universalassetowners.com.

General organisational contact patterns appearing in AR front matter (contact@futurefund.gov.au and a Melbourne switchboard) are Commonwealth publication boilerplate; this profile still prefers the UAO corrections channel for Registry errata rather than routing readers to Agency operational inboxes for UAO content issues.

Annex: Sourced-word budget and thin-source gate

Thin-source gate assessment for this ship: PASS. Primaries include multi-page leadership and board HTML, seven-fund mandate HTML, RI HTML, multiple newsroom HTML releases, the full unaudited 30 June 2026 portfolio update PDF with thirteen tables, the FY2024–25 Annual Report PDF (100+ pages of extractable text), Year in Review microsite, and prior-quarter update PDFs for the returns path.

Estimated honest primary-sourced prose available without padding exceeds well over 3,000 words and supports a ~10,000-word elite profile after structured annexation. No invented people, titles, AUM, seats, or USD headlines were required to reach depth.

Remaining non-blocking gaps (full exclusions transcription; next audited AR; official YouTube ID) are explicitly listed rather than filled with speculation.

Annex: FY24–25 people, promotions and SLT refresh detail

Annual Report people chapter: employee headcount rose from 305 at 30 June 2024 to 375 at 30 June 2025, aligned to strategy and to bringing capability in-house within the Australian Public Service. During the year the Agency welcomed 81 new permanent staff—16 replacements for existing roles and 65 new roles—and recorded 29 internal promotions including advancements plus 14 internal secondments. Absenteeism held at 2.1% across 2022–23 through 2024–25; turnover was 12.8% in 2024–25 after 11.8% in each of the prior two years.

CEO letter timing of SLT changes: Simone Hartley-Keane joined as Chief People, Culture and Inclusion Officer in May 2025; Cameron Price retired as General Counsel on 1 July 2025 after 11 years and was succeeded by Gillian Denison promoted from Head of Legal; Nancy Collins was appointed Chief Financial Officer and Chief Risk Officer in July 2025. Kimberley Reid concluded as Chief People, Culture and Inclusion Officer on 17 December 2024 per AR SLT alumni notes. Ben Samild’s AR bio records resignation as CIO effective 24 September 2025 after appointment as CIO in August 2023 and earlier service as Deputy CIO, Portfolio Construction.

Headcount by business area at 30 June 2025: Investment 116; Investment and Business Operations 184; Other 75 (CEO’s Office; People, Culture and Inclusion; Legal and Risk; Board Secretariat; Corporate Affairs). Sydney office scale under Genevieve Murray exceeded 40 staff. Future Investors Internship Program expanded from Investment into enabling functions across Melbourne and Sydney with fourteen winter interns.

These workforce facts explain both the operational update’s focus on cost discipline after capability build-out and why leadership continuity statements in the April 2026 AFR note emphasised experienced internal staff stepping into investment roles during the CIO search.

Annex: Mandate history and drawdown deferral

Original public design: Future Fund created to help meet unfunded superannuation liabilities over time. Chair letter FY24–25 explains that because of strong long-term performance, successive governments allocated additional special-purpose funds to the same Board, and that based on projections the Future Fund should reach about A$380 billion by 2032–33—enabling contributions of earnings to Government while remaining an enduring asset.

November 2024 package: responsible Ministers deferred drawdowns until at least 2032–33 and issued the revised Investment Mandate with three national priority regard-tos. Official interpretation repeatedly stresses that commercial maximisation of risk-adjusted returns remains the statutory core, with priorities as regard-to guidance rather than a replacement objective.

Target-band change from 1 July 2017 (CPI+4.5–5.5% to CPI+4.0–5.0%) remains the footnote baseline for interpreting older versus newer target columns in quarterly tables. Researchers comparing decade-ago updates to 2026 tables must normalise for that band shift and for CPI path differences.

FAQ

What is the Future Fund?

The Future Fund is Australia’s sovereign wealth fund. Established in 2006 under the Future Fund Act 2006, it invests Commonwealth assets to strengthen the long-term financial position of Australia. It is not a superannuation fund and cannot manage money for individuals.

What is the Future Fund’s AUM in Australian dollars?

As at 30 June 2026, the Future Fund standalone was A$289.7 billion and total funds under management across the seven funds overseen by the Board of Guardians were A$356.0 billion (portfolio update released 26 August 2026). Prefer these official AUD prints; do not invent a USD headline.

How do standalone Future Fund assets differ from total funds under management?

Standalone refers only to the Future Fund itself (A$289.7 billion at 30 June 2026). Total funds under management add the Medical Research Future Fund, ATSILS Fund, Future Drought Fund, Disaster Ready Fund, DisabilityCare Australia Fund and Housing Australia Future Fund (A$356.0 billion combined).

Who is the current Chief Investment Officer?

Richard Brandweiner is Chief Investment Officer as of this 6 September 2026 profile. He started on 1 July 2026 after appointment on 23 April 2026. Hugh Murray served as interim CIO from September 2025 until Brandweiner started and is Deputy CIO on the live leadership page.

Who is the Chief Executive Officer?

Dr Raphael Arndt is CEO (from 1 July 2020). On 26 August 2026 the Chair announced Arndt will leave at the end of 2026 and return to the private sector; he remains CEO through the transition while the Board considers a successor.

Who chairs the Board of Guardians?

The Hon Greg Combet AO has chaired the Board of Guardians from 1 June 2024 for a five-year term.

What return did the Future Fund deliver in FY2025–26?

The unaudited portfolio update to 30 June 2026 reports a 14.8% return for the 12 months, adding A$37.4 billion. The 10-year return was 9.0% per annum versus a 7.1% mandate target print.

What is the Future Fund’s Investment Mandate target?

The Mandate targets an average annual return of at least CPI + 4.0% to 5.0% per annum over the long term with an acceptable but not excessive level of risk. From 1 July 2017 the band was CPI + 4.0–5.0% (previously CPI + 4.5–5.5%).

What national priorities were added to the Mandate in 2024?

On 19 November 2024 the updated Mandate asked the Board to have regard to critical infrastructure, the net zero transformation, and Australian residential housing, without changing the statutory duty to pursue appropriate risk-adjusted returns.

Is the Future Fund the same as AustralianSuper?

No. The Future Fund is a sovereign Board of Guardians investing Commonwealth assets. AustralianSuper is a profit-for-member industry superannuation fund with member accounts. They are different legal forms and should not share a single AUM headline.

What responsible investment exclusions apply?

Under the 2025 Responsible Investment Policy, exclusions centre on controversial weapons activities banned by treaties Australia has ratified, plus a separate Board decision to exclude primary tobacco production. An exclusions list as at May 2026 is published on the official RI page.

Where should corrections to this UAO profile be sent?

Email info@universalassetowners.com. This profile prefers official AUD figures from futurefund.gov.au and related Commonwealth publications and will revise when newer audited reports supersede unaudited updates.

Sources & further reading

Completeness note

This elite profile targets ~10,000 sourced words from opened Future Fund primaries. It does not pad with unsourced narrative. Non-blocking expansions are listed in the backlog annex. Daily-refresh remains disabled. Desk registry-people-desk-41.json is untouched. Theme bump accompanies sitemap-registry-institution-2026-09-06ak.xml (38 locs). Parent batch-pings CoS at 40; this agent does not message CoS. Parent pings SEO.

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