AustralianSuper Shifts Private Credit Strategy; Clipway Closes $6.4B Debut Fund

AustralianSuper Shifts Private Credit Strategy

Clipway Closes $6.4B Debut Fund

AustralianSuper is broadening its credit capabilities across public and private markets as more members move into the retirement drawdown phase. Head of fixed income, currency, and credit Katie Dean said the fund recently folded private credit into its broader fixed income portfolio, allowing AustralianSuper to evaluate leveraged loans, high-yield bonds, private credit, and investment-grade credit through a single integrated lens. Dean flagged disciplined underwriting, strong loan structures, and manager selection as the pillars of the fund's approach to private credit risk.

In other LP news, Taiwan's Bureau of Labor Funds awarded five managers – Amundi, BNP Paribas, Geode Capital, Northern Trust, and State Street Global Advisors – a combined $3B in passive global infrastructure securities mandates; the Los Angeles Fire and Police Pension System approved $170M in new private equity commitments across five funds in June; and the San Diego City Employees' Retirement System approved $105M across private credit, real estate, and infrastructure, and separately approved an RFP to find a successor to general consultant Aon, which has served in the role since 2010.

On the GP fundraising side, London-based Clipway closed Clipway Secondary Fund I at $6.4B, drawing 186 LPs across Europe, North America, the Middle East, and Asia; TruArc Partners closed TruArc Partners Fund V at $1.2B, focused on specialty manufacturing and business services in North America; and Townsend has raised more than $2B of its $3B target for its latest private real estate secondaries vintage.

In people news, Legalsuper appointed former HESTA COO Stephen Reilly as CEO effective August 17 and Chris Grogan as CIO effective October 26; Abu Dhabi Investment Council named Edward Winter – a partner at BlackRock's Global Infrastructure Partners since 2018 – as CIO for real assets; and the US International Development Finance Corporation named Norman Chen managing director and head of ventures for its newly formed SWORD investment team.