Future Fund

What Future Fund does

Future Fund is Australia's sovereign wealth fund, established in 2006 under the Future Fund Act 2006 (Cth) with an initial A$60.5 billion endowment to strengthen the Commonwealth's long-term financial position. It is managed by the Future Fund Board of Guardians and the Future Fund Management Agency, operating independently from Government. As at 31 March 2026, the fund manages A$337.2 billion in total funds under management across seven purpose-specific vehicles: the core Future Fund (A$269.1bn), Medical Research Future Fund (A$25.4bn), DisabilityCare Australia Fund (A$18.2bn), Housing Australia Future Fund (A$11.5bn), Future Drought Fund (A$5.5bn), Disaster Ready Fund (A$5.0bn), and Aboriginal and Torres Strait Islander Land and Sea Future Fund (A$2.5bn). The fund invests exclusively through external investment managers as required by legislation, applies a Total Portfolio Approach, and targets CPI plus 4-5% over the long term.

The fund has delivered an 8.6% per annum return over 10 years (exceeding its 7.1% mandate target) and 11.7% over the 12 months to March 2026, contributing A$208.5 billion in cumulative investment returns since inception and adding over A$96 billion in the past five years. Core technology is institutional rather than productised: a Total Portfolio Approach framework, the proprietary "New Investment Order" investment thesis (incorporating geopolitics, inflation, and AI), and the internally developed LUMi AI tool for investment analysis and market insights. Headcount is 251-500 employees across Melbourne headquarters (447 Collins Street) and a Sydney office (100 Market Street).

The business model is that of a sovereign wealth fund, not a commercial asset manager: the fund does not charge fees, does not serve retail or external clients, and reinvests all returns to strengthen the Commonwealth's long-term financial position and fund public-service liabilities (superannuation, NDIS, medical research, housing, disaster readiness). Its 2024 Investment Mandate extension added National Priorities (housing, infrastructure, energy transition) alongside the return mandate, and recent direct deal activity includes cornerstone commitments in United Utilities (£400M, 2026), the Tilt Renewables consortium acquisition (A$750M, 2025), and Series E participation in Gilmour Space Technologies (A$217M, 2026).

Name

Future Fund

Legal name

Future Fund Board of Guardians

Website

https://futurefund.gov.au

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Short description

Future Fund is Australia's sovereign wealth fund, managing A$337.2 billion across seven purpose-specific funds on behalf of the Australian Federal Government and investing exclusively through external managers to deliver long-term intergenerational returns.

Ownership category

akta.pro rank

Product category

Sovereign Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282), Real Estate Investment Trusts (6798)

akta.pro primary industry

Sovereign Wealth Funds (SWFs) (FSAAAGAD)

akta.pro secondary industry

Multi-Asset Income Funds (Diversified Income) (FSAAAJAG)

Keywords

• Sovereign wealth fund
• Asset management
• Investment management
• Pension fund management
• Government investment

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Returns: The Future Fund generates returns through diversified investment portfolio management across global markets. As a sovereign wealth fund, returns are reinvested to strengthen Commonwealth's long-term financial position. The fund targets CPI plus 4-5% over the long term.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

The Future Fund is Australia's sovereign wealth fund, established in 2006 to invest assets on behalf of the Australian Federal Government and strengthen the Commonwealth's long-term financial position. It manages seven distinct funds under a Total Portfolio Approach, investing through external investment managers across global public and private markets, with a long-term return target of CPI plus 4-5%.

Product overview

Future Fund is Australia's sovereign wealth fund, operating as a single unified investment organization that manages multiple distinct funds under a unified investment approach. The core product is the Future Fund itself (A$269.1bn as of March 2026), a sovereign wealth fund established in 2006 to strengthen the Commonwealth's long-term financial position. The organization operates six additional purpose-specific funds: Medical Research Future Fund (A$25.4bn), DisabilityCare Australia Fund (A$18.2bn), Housing Australia Future Fund (A$11.5bn), Future Drought Fund (A$5.5bn), Disaster Ready Fund (A$5.0bn), and Aboriginal and Torres Strait Islander Land and Sea Future Fund (A$2.5bn). Each fund has its own unique investment mandate but benefits from shared investment infrastructure, research capabilities, and operational platform. Total funds under management amount to A$337.2 billion as of March 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Future Fund (Core Fund) Australia's sovereign wealth fund (A$269.1 billion as of March 2026), investing on behalf of the Australian Federal Government to deliver strong, long-term investment returns for future generations of Australians.
• Medical Research Future Fund A A$25.4 billion fund (as of March 2026) that supports medical research initiatives in Australia, with investment returns contributing to healthcare and medical breakthroughs.
• DisabilityCare Australia Fund A A$18.2 billion fund (as of March 2026) designed to provide long-term financial support for the National Disability Insurance Scheme (NDIS).
• Housing Australia Future Fund A A$11.5 billion fund (as of March 2026) focused on investing in social and affordable housing initiatives across Australia.
• Future Drought Fund A A$5.5 billion fund (as of March 2026) established to build drought resilience and support communities preparing for and responding to drought conditions.
• Disaster Ready Fund A A$5.0 billion fund (as of March 2026), previously named the Emergency Response Fund until March 2023, focused on disaster preparedness and resilience investments.
• Aboriginal and Torres Strait Islander Land and Sea Future Fund A A$2.5 billion fund (as of March 2026) dedicated to supporting economic independence and empowerment of Aboriginal and Torres Strait Islander peoples through land and sea investments.

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature1 record

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Norges Bank Investment Management (Norway's Government Pension Fund Global): The world's largest SWF (~$1.7T AUM), managing Norway's sovereign petroleum wealth via external managers. Direct comparable: legislated SWF, government owner, multi-asset Total Portfolio Approach targeting long-horizon returns.
• GIC (Singapore): Singapore's sovereign wealth manager (~$770B AUM) with a long-duration, multi-asset mandate. Directly comparable in mandate structure, risk-managed Total Portfolio approach, and global direct + partnership investing.
• Temasek Holdings: Singapore's state-owned investor (~$290B AUM) with portfolio emphasis on alternatives and long-horizon equity. Comparable as a sovereign-owned, multi-decade investor with significant direct stakes and co-investment partnerships.
• New Zealand Superannuation Fund: New Zealand's sovereign pension-style fund (~$80B NZD), previously co-invested with Future Fund on ConnectEast EastLink toll road. Direct comparable as an Australasian government-owned long-horizon fund with similar Total Portfolio philosophy.
• Abu Dhabi Investment Authority (ADIA): One of the world's largest SWFs (~$1T AUM), a direct sovereign wealth comparable with multi-asset global mandate and decades-long investment horizon. Future Fund's hire of Simon Fraser by Abu Dhabi Investment Council highlights the talent market overlap.
• Queensland Investment Corporation (QIC): State-owned Australian investment manager (~$110B AUM) that has co-invested with Future Fund on Tilt Renewables and ConnectEast. Direct partnership-level comparable as another government-affiliated long-horizon Australian institutional investor.
• CPP Investments (Canada Pension Plan): Canadian pension investment manager (~$650B CAD AUM) running a multi-asset, externally-managed mandate with significant direct alternatives exposure. Direct comparable for mandate design and total-portfolio execution.
• PSP Investments (Public Sector Pension Investment Board): Canadian federal public sector pension manager (~$250B CAD AUM) with Total Portfolio approach. Direct comparable as a government-owned, multi-asset, long-horizon institutional investor investing through internal and external managers.

Broad incumbents

• Australia's Public Sector Pension Schemes / AustralianSuper: Australia's largest super funds (AustralianSuper >$300B AUM) operate domestically under similar long-horizon pension-style mandates. Comparable as large Australian institutional investors Future Fund actively partners with and competes against for infrastructure and alternatives allocations.

Emerging players

• Hostplus: Major Australian industry super fund (~$100B AUM) that co-led Gilmour Space Series E with Future Fund. Comparable as an Australian institutional partner with active alternatives and venture co-investment posture that overlaps with Future Fund's mandate expansion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/future-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments63 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Future Fund