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After Losing Senior Staffers, Future Fund Rebuilds

Australia’s $104 billion sovereign wealth fund has hired a new private equity chief after its former head quit with two team members to start their own firm.

Australia’s Future Fund has hired a new leader for its private equity team, and plans to recruit additional senior staff.

Alicia Gregory will replace former private equity head Steve Byrom, who departed at the end of last year, the Future Fund Management Agency announced

Byrom left the A$147 billion ($104 billion USD) sovereign wealth fund in December to launch private equity firm Potentum Partners with two other members of his team, David Simons and Jasmina Osmanovic.

In the statement announcing Gregory’s hire, Future Fund said it would recruit additional senior private equity investors.

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Gregory previously served as head of private equity at MLC, the asset management arm of the National Australia Bank. At Future Fund, she will lead the division, manage relationships with external partners, and run the A$23.36 billion ($16.42 billion USD) global private equity portfolio. She will report to Wendy Norris, deputy CIO of private markets.

“Alicia has extensive experience in leading a global private equity team and managing a sophisticated program including significant co-investments,” Norris said in a statement. “She is strongly positioned to lead our team and further develop our successful private equity program.”

Future Fund restructured its investment team last March, eliminating the role of chief investment strategist in favor of adding two deputy chief investment officers, as well as creating the position of chief technology officer. Norris was promoted to deputy CIO of private markets from head of infrastructure and timberland. David George moved up from head of debt and alternatives to deputy CIO of public markets.

Stephen Gilmore, who had served as chief investment strategist, left the sovereign fund at the end of April. He was recently named CIO of the NZ Super Fund.

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