SovereignWealthFunds.comNSW Generations Fund
NSW Generations Fund: what it invests in
Geography Domestic and global
NSW Generations Fund: how big it is, and on what basis
In US dollars: about USD 12.36B. Converted at AUD 1.5314 per US dollar, the ECB reference rate for 30 June 2025.
Return FY2025 11.7%
NSW Generations Fund: what it publishes
Published 5 · Partly 4 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The NSW Generations Fund is a pair of state funds set up in 2018: the Debt Retirement Fund, which exists to cut State debt, and the Community Services and Facilities Fund. The Debt Retirement Fund held A$18.921 billion at 30 June 2025, about USD 12.4 billion. TCorp invests it in a global multi-asset portfolio, now pooled in OneFund. S1 S6 S7 S5
Key points
- Returned 11.7 percent in the year to June 2025, 7.6 percent a year over five years and 7.1 percent a year since November 2018, net of fees. S5
- Grew from A$16,995 million to A$18,921 million in 2024-25. S6
- Budget contributions were suspended from 2023-24; the Government said this would reduce gross debt by more than A$7 billion. S3
- Pooled since September 2024 in OneFund, which held A$70 billion of State funds at 30 April 2026. S4 S5
- Invests globally across equities, bonds, property, infrastructure and other assets; no percentage split is published. S6
- Reported each year in the audited Report on the State Finances. S6
Interesting facts
Mandate and goals
Under the 2018 Act the Debt Retirement Fund exists to reduce State debt in line with sound financial management, while the Community Services and Facilities Fund pays for services and facilities that improve community wellbeing. S1
How it invests
| Industries | . Sector agnostic S6 |
|---|---|
| Asset classes | Public equities, Fixed income, Real estate, Infrastructure, Commodities and gold, Cash and money markets S6 |
| Stages | Public markets, Infrastructure, Real estate S6 |
| Geography | Domestic and global. Australian, developed and emerging market assets S6 |
| Direct / through funds / co-invest | No / Yes / No S5 |
| Ticket size | No ticket size; the fund invests through TCorp pooled trusts. S5 |
| External managers | TCorp is the funds manager S5 |
| Co-investment programme | No co-investment programme. S5 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2024 | Transfer into OneFund. The fund joined the A$70B OneFund pool managed by TCorp. S4 S5 | State asset transfer | Financial services | Public markets | A$18.9B fund pooled |
| 2018 | TCorp client portfolio. Debt Retirement Fund portfolio opened 15 November 2018. S5 | Fund commitment | Multi-sector | Public markets | A$18,999.4M (June 2025) |
Case studies
OneFund: pooling State investments S4 S5
- What: Moved the fund into OneFund, a single TCorp pool for State investment funds.
- When: August to September 2024
- Size: A$70B pooled by April 2026
- Why: To manage State funds as one portfolio and monitor risk jointly with Treasury.
- Outcome: OneFund returned 9.8 percent a year to April 2026.
Pausing contributions to cut debt S3
- What: Suspended new contributions for 2023-24 and reviewed how the fund is managed.
- When: September 2023
- Size: More than A$7B lower gross debt
- Why: To lower gross debt rather than borrow to invest.
- Outcome: The 2026-27 Budget still lists the suspension as a balance sheet reform.
Investment process
The Treasurer decides contributions through the State budget. TCorp invests the assets under its client mandate and OneFund, while Treasury works with TCorp to monitor risk across the pooled funds. S4 S5
How to approach: No route for managers or private capital is published; TCorp handles manager relationships for OneFund. S9
Size and returns
- Headline size: A$18.921B (Fund market value, as of 2025-06-30) S6 S7
- In US dollars: about USD 12.36B. Converted at AUD 1.5314 per US dollar, the ECB reference rate for 30 June 2025.
- TCorp client portfolio value: A$18,999.4M (Portfolio value, as of 2025-06-30) S5
- Community Services and Facilities Fund (2023): A$536M (Total assets (balance sheet), as of 2023-06-30) S8
- Return, FY2025: 11.7 percent (net of fees) S5
- Return, 5 years to June 2025: 7.6 percent a year S5
- Return, Since November 2018: 7.1 percent a year S5
- Size over time (AUD billion): 2022 18.073, 2023 16.142, 2024 16.995, 2025 18.921 S6 S8
Leadership
Governance and transparency
- Legal basis: NSW Generations Funds Act 2018 S1
- Oversight: NSW Treasurer and Treasury; audited within the State accounts by the Audit Office of NSW S6
- Auditor: Audit Office of NSW S6
- Both funds sit in the State's Special Deposits Account. S1
- A Legislative Council inquiry reviewed the Debt Retirement Fund before the 2023 change. S3
Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund has no outside investors or co-investment route; it is invested through TCorp pooled trusts. S5
Reports
- Report on the State Finances 2024-25: https://www.nsw.gov.au/sites/default/files/noindex/2025-11/report-on-the-state-finances-2024-25.pdf S6
- TCorp Annual Report 2025: https://tcorp.nsw.gov.au/wp-content/uploads/2025/12/TCorp_Annual_Report_2025.pdf S5
- NGF annual reports 2018-19 to 2020-21: https://www.nsw.gov.au/departments-and-agencies/nsw-treasury/documents-library/nsw-generations-fund-annual-report S9
Common questions
How big is the NSW Generations Fund?
A$18.921 billion in the Debt Retirement Fund trust at 30 June 2025, about USD 12.4 billion. S6
What is it for?
The Debt Retirement Fund reduces State debt; the Community Services and Facilities Fund pays for community services. S1
Who manages it?
NSW Treasury Corporation, within the pooled OneFund since 2024. S5
How has it performed?
11.7 percent in FY2025 and 7.1 percent a year since November 2018, net of fees. S5
Is it an IFSWF member?
No. S2
Related profiles
- Queensland Investment Corporation Australia (Queensland) · A$131.6B gross AUM
- NSW Treasury Corporation (TCorp) Australia (New South Wales) · A$118.6B
- Victorian Funds Management Corporation (VFMC) Australia (Victoria) · AUD 95.3B
- Western Australian Future Fund Australia (Western Australia) · A$1.90B
- Future Fund (Australia) Australia · A$289.7B
- New Zealand Superannuation Fund New Zealand · NZ$94.4B
All sovereign wealth funds in Australia and Pacific · All sub-national permanent funds · All funds in Australia
Sources
- S1NSW Parliament, NSW Generations Funds Bill 2018 as passed
- S2IFSWF, members list
- S3NSW Government, Debt Retirement Fund overhaul media release
- S4NSW Budget 2026-27, Budget Paper No. 1 Budget Statement
- S5TCorp, Annual Report 2025
- S6NSW Government, Report on the State Finances 2024-25
- S7Frankfurter, ECB reference rate USD/AUD for 30 June 2025
- S8Audit Office of NSW, Treasury 2023 financial data
- S9NSW Treasury, NSW Generations Fund annual reports
- S10NSW Budget 2026-27, Treasurer's speech
- S11TCorp, Governance and leadership
- S12NSW Parliament, NSW Generations Funds Bill 2018 details
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