SovereignWealthFunds.comNSW Treasury Corporation (TCorp)
TCorp: what it invests in
Geography Domestic and global
TCorp: how big it is, and on what basis
In US dollars: about USD 77.4B. At AUD 1.5314 per US dollar, the ECB reference rate for 30 June 2025.
Aggregated return FY25 11%
TCorp: what it publishes
Published 7 · Partly 3 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. TCorp is the central borrowing authority for New South Wales and calls itself the state's sovereign investment manager. It managed A$118.6 billion for NSW Government clients at 30 June 2025, about USD 77.4 billion, including A$20.5 billion in unlisted infrastructure, property and opportunistic assets. Its largest pool, OneFund, held A$64.5 billion. S1 S4
Key points
- Investment funds returned an aggregated 11 percent in the year to June 2025. S1
- Cumulative returns of A$61.5 billion since funds management was combined in July 2015. S1
- Committed A$2.8 billion to unlisted infrastructure, property and opportunistic deals in FY25. S1
- Raised A$25.3 billion of funding for NSW programmes in FY25, including A$2.1 billion of sustainability bonds. S1
- Paid the State a A$140 million dividend on pre-tax profit of A$235.6 million. S1
- Rated Aaa by Moody's, AAA by Fitch and AA+ by S&P. S1
Interesting facts
Mandate and goals
Two jobs: raise and manage the NSW Government's borrowing, and advise on and manage investment portfolios for NSW Government bodies using a Total Portfolio Approach. S1
How it invests
| Industries | Infrastructure and utilities, Real estate, Renewables and climate, Technology, Financial services. Sector agnostic S1 |
|---|---|
| Asset classes | Public equities, Fixed income, Infrastructure, Real estate, Private equity, Cash and money markets S1 |
| Stages | Public markets, Infrastructure, Real estate, Credit S1 |
| Geography | Domestic and global. Global mandate; recent deals in Belgium, Japan, Europe and the US S1 |
| Direct / through funds / co-invest | Yes / Yes / Yes S1 |
| Ticket size | No minimum or ticket size is published. S1 |
| Deal sizes seen | EUR 455M (Euroclear, 2024) is the largest single disclosed deal |
| External managers | External managers and strategic partners source unlisted deals, including value-add infrastructure funds in the US and Europe S1 |
| Co-investment programme | Invests alongside strategic partners in unlisted assets; partners are not named S1 |
Asset mix: Unlisted infrastructure 9.9%, Unlisted property 6.4%, Opportunistic 2.3%, Other assets 81.4% (as of 2025-06-30) S1
Fund commitments
| Manager | Fund | Amount | Year |
|---|---|---|---|
| Not named | Two value-add infrastructure funds (US and Europe based partners) | Not published | 2025 S1 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2025 | Global offshore wind vessels business. Vessels serving offshore wind construction. S1 | Direct investment | Renewables and climate | Infrastructure | Not published | |
| 2025 | Japan data centre. Data centre investment. S1 | Direct investment | Technology | Infrastructure | Not published | |
| 2025 | Two value-add infrastructure funds. Through US and Europe based strategic partners. S1 | Fund commitment | Infrastructure and utilities | Infrastructure | Not published | |
| 2025 | Australian shopping centre. Divested in FY25. S1 | Sale or exit | Real estate | Real estate | Not published | |
| 2024 | Euroclear Holding. Bought from LSEG; about 1.25 percent of OneFund. S1 | Direct investment | Financial services | Growth | EUR 455M (A$752M) | 4.92% |
| 2025 | Unlisted commitments, FY25 total. Infrastructure, property and opportunistic commitments in the year. S1 | Direct investment | Infrastructure and utilities | Not stated | A$2.8B |
Case studies
Euroclear: a direct minority stake S1
- What: Bought 4.92 percent of Euroclear Holding SA/NV from LSEG.
- When: December 2024
- Size: EUR 455M (A$752M)
- Why: Shows TCorp buying a direct minority stake for OneFund rather than only using managers.
- Outcome: About 1.25 percent of OneFund.
OneFund: pooling the state's money S1 S5
- What: Combined several NSW funds into one pooled structure run by TCorp.
- When: August 2024
- Size: A$47B at start
- Why: Pooling lets the state invest at scale with one portfolio approach.
- Outcome: A$64.5B at June 2025 and A$70B at April 2026.
Investment process
An independent board, appointed by the NSW Treasurer for terms of up to five years, governs TCorp. Investment teams allocate capital through a risk-based Competition for Capital model across each client's total portfolio. S1 S3
| Committee | Role |
|---|---|
| TCorp Board | Governing board under the Treasury Corporation Act 1983 S3 |
- Each client fund sets objectives and risk appetite with TCorp. S1
- Opportunities compete for capital on risk and return across the total portfolio. S1
- Unlisted deals are sourced through strategic partners and managers after due diligence. S1
How to approach: TCorp invests only for NSW Government clients and does not describe an outside client channel. Managers and partners reach its investment team; contact details are on the website. S1
Size and returns
- Headline size: A$118.6B (Assets under management, as of 2025-06-30) S1 S4
- In US dollars: about USD 77.4B. At AUD 1.5314 per US dollar, the ECB reference rate for 30 June 2025.
- TCorp balance sheet: A$197.9B (Total assets (balance sheet), as of 2025-06-30) S1
- OneFund, 30 April 2026: A$70B (Fund market value, as of 2026-04-30) S5
- Return, FY to 30 June 2025: 11 percent (aggregated across client funds) S1
Leadership
| Name | Title | Since |
|---|---|---|
| Glenn Stevens AC | Chairperson S3 | 2026-09-01 |
| Rob Kenna | Chief Executive and Board Director S3 | 2025-12-05 |
| Liz Livingstone | Director; Acting Secretary, NSW Treasury S3 | 2026-09 |
| Stewart Brentnall | Chief Investment Officer S1 | Not published |
| Roland Stephens | General Manager, Government and Client Relationships S1 | Not published |
| Omahlee Norburn | Chief Risk Officer S1 | Not published |
Governance and transparency
- Legal basis: Treasury Corporation Act 1983; regulated under the Government Sector Finance Act 2018 S1
- Oversight: NSW Treasurer, who appoints the directors S3
- A Public Financial Corporation rather than a budget-dependent agency. S1
- Publishes an Investment Stewardship Report and a Sustainability Bond Programme report. S6
Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
TCorp manages money only for NSW Government bodies and has no programme for outside investors. Private investors meet it as fellow investors in unlisted deals sourced by its partners, or as buyers of NSW bonds. S1
Reports
- Annual Report 2025: https://tcorp.nsw.gov.au/wp-content/uploads/2025/12/TCorp_Annual_Report_2025.pdf S1
Common questions
How much does TCorp manage?
A$118.6 billion for NSW Government clients at 30 June 2025, about USD 77.4 billion. S1 S4
Who runs TCorp?
Rob Kenna has been Chief Executive since 5 December 2025; Glenn Stevens AC chairs the board. S3
What is OneFund?
A pooled investment structure for several NSW funds: A$64.5 billion at June 2025 and A$70 billion at April 2026. S1 S5
What return did TCorp make?
An aggregated 11 percent across its funds in the year to June 2025. S1
Is TCorp an IFSWF member?
No. S2
Related profiles
- Queensland Investment Corporation Australia (Queensland) · A$131.6B gross AUM
- Victorian Funds Management Corporation (VFMC) Australia (Victoria) · AUD 95.3B
- NSW Generations Fund Australia (New South Wales) · A$18.921B
- 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
Disclaimer
Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.
