Both State Investments and the multi-sector private debt capability sit under the QIC umbrella, but State Investments’s three-year, $500 million investment would be a vote of confidence for the private debt team as it looks for external clients.
QIC’s multi-sector private debt team is led by Phil Miall and invests across corporate leveraged loans, asset-backed securities and real estate debt.
It is also looking to originate loans of its own, cutting cheques between $20 million and $50 million, going up to $75 million.
“We believe this team’s focus on direct origination which is amplified by QIC’s breadth of investment capabilities spanning real estate, private equity and infrastructure, as well as its commitment to ESG integration, ensured it was a compelling addition for State Investment portfolios,” State Investments chief investment officer Allison Hill said in a statement to Street Talk.
QIC’s a big player in infrastructure, but took its first steps in private debt only last year. It started with an infrastructure debt strategy led by AMP Capital’s former head of global infrastructure debt Andrew Jones, and followed with Miall’s multi-sector private debt unit.