Backing the technologies that will shape tomorrow

The young Queenslanders we’re backing today will spend their careers in industries that don’t fully exist yet, in a climate that’s already reshaping where and how Queensland communities can thrive. Our private equity portfolio includes a select group of venture-capital and innovation-focused investments that position our capital for the needs and opportunities of future generations.

Our investment in D1 Capital Partners, a US-based growth equity fund, has given us meaningful exposure to pioneering companies, including SpaceX and Anthropic, both at the forefront of global technological innovation. D1 Capital Partners first backed SpaceX in 2020, when it was valued at around $36 billion; the company’s valuation has since climbed past $1.7 trillion.

We continue to watch this technology unfold, mindful that valuations of this scale can rise and fall quickly. This is one of the key reasons why we invest through experienced managers like D1, whose discipline and rigorous investment approach help us navigate market volatility.

This exposure to innovative technology has produced exceptional returns. D1 Capital Partners returned 60.2% year-to-date, and 148.5% over one year, with an average of 45.9% per annum over three years, and 30.7% per annum over four.

As digital assets and their applications continue to grow, so too has our exposure to this space through the Accolade Blockchain Fund. This specialist allocation gives us early exposure to an evolving area of investment, including technologies with the potential to improve efficiency and transparency across global payment systems and registries.

Alongside these forward-looking investments, we remain conscious of our environmental footprint, and hold positions in three funds backing renewable energy, the transition economy, and decarbonisation. These include General Atlantic’s Beyond Net Zero, which has raised around $3.5 billion for climate companies, Adamantem’s Environmental Opportunities Fund, backing Australian and New Zealand clean energy and circular economy businesses, and Q-Energy, financing renewable infrastructure across Europe.

Together, these investments demonstrate how we are positioning parts of our portfolio for emerging opportunities in technology and the transition to a lower-carbon economy, while maintaining a disciplined approach to risk.