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Australian LP to sell $1bn in PE stakes

QSuper, one of Australia’s largest superannuation funds, is said to be aiming to capitalise on current secondaries market pricing with the sale.

The Queensland Investment Corporation (QIC), an alternative investment firm and advisor, has hired secondaries broker Cogent Partners to sell $1 billion-worth of private equity stakes on behalf of one of its pension clients, according to three sources.

Two sources said the LP stakes belong to QSuper, one of Australia’s largest superannuation funds, managing in excess of A$32 billion. QIC and Partners Group handle the superannuation fund’s private equity investments.

QIC brought the portfolio to market to take advantage of current high pricing, according to one source.

The specific stakes being sold could not be determined at press time.

QIC declined to comment and QSuper did not return requests for comment by press time.

QIC and QSuper have had close connections since 2009, when former QIC head of asset management Brad Holzburger became QSuper chief investment officer, and QSuper outsourced certain investment management responsibilities to QIC, according to reports from Australian publication Investment Magazine.