Queensland Investment Corporation

At a glance. QIC is the Queensland Government's investment corporation, set up in 1991. It manages multi-asset portfolios for state clients and private markets funds for super funds, insurers and other institutions. Gross assets under management were A$131.6B (about USD 85.9B) at 30 June 2025, with A$40.9B in infrastructure across 21 direct assets in five countries. S3 S4

Key points

• More than A$137B under management at 31 March 2026, per its website. S1
• Delivered a record A$9.6B of investment returns to Queensland Government clients in 2024-25. S3 S5
• The Endowment Portfolio returned 12.22 percent and the Long Term Diversified Fund 12.42 percent in 2024-25, gross of fees. S3
• Paid a record A$287.5M to the State in dividends, tax equivalents and fees for 2024-25. S3
• AUM by capability at June 2025: infrastructure A$40.9B, liquid markets A$25.3B, real estate A$13.0B, private equity about A$9.7B, private debt about A$2.1B. S3
• Infrastructure has earned a 14.0 percent net IRR since inception. S3
• Acts as the State's strategic investment adviser on projects such as CopperString and Queensland Hydro. S3

Interesting facts

• QIC is both a state investor and a commercial manager: QIC Infrastructure runs money for 35 clients worldwide. S3
• Its subsidiaries include two SEC registered advisers in the US, one FCA authorised firm in the UK and one authorised in Korea. S3
• The State portfolio owns a stake in the Queensland Titles Registry, which refinanced a A$1.7B bank loan in 2024-25. S3

Mandate and goals

Created in 1991 to maximise risk-adjusted returns for the Queensland Government, with investment independence set in its Act. Its purpose is to invest responsibly for the prosperity of clients, people and communities. S1

• Maximise risk-adjusted returns for state clients, including the defined benefit Endowment Portfolio. S1 S3
• Grow third-party institutional business in private markets. S3
• Advise the State on strategic investments such as energy projects. S3
• Pay dividends and tax equivalents to the State. S3

How it invests

Largest holdings: Queensland Titles Registry, Pacific Energy, EastLink toll road (19.8%) S3 S6

Published criteria

• Wholesale manager only; products are not open to retail clients. S1

Past investments

Case studies

Selling down a state infrastructure book S3

• What: QIC exited Powerco and the Port of Brisbane from its Infrastructure Portfolio, selling to Australian institutions.
• When: 2025
• Size: 33% of Powerco; 7.5% of Port of Brisbane
• Why: Completes the divestment of the QIC Infrastructure Portfolio.
• Outcome: Australian Retirement Trust and the Queensland Future Fund took the stakes; Rest Super got 9 percent of Powerco.

Private debt for an infrastructure buyout S11

• What: A five-year bilateral loan to SAF Aerogroup to fund its purchase by Infracapital and Vesper.
• When: March 2026
• Size: EUR 30M
• Why: Shows the European private debt book lending into infrastructure-style services.

Investment process

A Board appointed by the State reports to shareholding Ministers and agrees a Statement of Corporate Intent each year, tabled in Parliament. The Act gives QIC investment independence; capability teams make investment decisions under Board oversight. S3 S1

1. Clients set mandates; QIC runs them through capability teams or funds. S3
2. Board and shareholding Ministers agree the yearly Statement of Corporate Intent. S3

How to approach: Use the Get in contact page on the QIC website. Energy developers can use the Queensland energy investor gateway run with the state energy companies. S1 S10

Size and returns

• Headline size: A$131.6B gross AUM (Assets under management) S3 S4
• In US dollars: about USD 85.9B. Converted at AUD 1.5314 per USD, ECB rate for 30 June 2025
• Gross AUM, 31 March 2026: More than A$137B (Assets under management, as of 2026-03-31) S1
• QIC Limited balance sheet: A$726.1M total assets (Total assets (balance sheet)) S3
• Return, 2024-25: 12.22 percent (Endowment Portfolio, gross of fees) S3
• Return, Infrastructure since inception: 14.0 percent a year (net IRR, infrastructure portfolio only) S3
• Size over time (AUD billion): 2024 111.7, 2025 131.6 S3 S6

Leadership

Governance and transparency

• Legal basis: Queensland Investment Corporation Act 1991 and Government Owned Corporations Act 1993, plus parts of the Corporations Act 2001 S3
• Oversight: Board reports to shareholding Ministers, who also set remuneration S3
• Auditor: Audited financial statements published with the annual report S7
• Constituted as a company Government Owned Corporation on 30 September 2008. S13
• Not an IFSWF member. S2

Transparency score: 8.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, audited financial statements, governance and mandate documents, named leadership, regular reporting schedule. S3 S7 S8 S9
• Partly published: long-term returns, asset allocation, geographic or sector split, holdings or deal list. S3

History

Reports

• QIC Limited Annual Report 2024-25: https://edge.sitecorecloud.io/giclimited1-qiccom-prod-94af/media/Project/QIC/QIC/About-QIC/Corporate-Governance/Annual-reports/2024-25/QIC-Limited-Annual-Report-2024-25.pdf S3
• Annual reports archive: https://www.qic.com/About-QIC/Corporate-governance/Annual-Reports S7

Common questions

How big is QIC?

A$131.6B of gross assets under management at 30 June 2025, and more than A$137B at 31 March 2026, including undrawn commitments. S3 S1

Who owns QIC?

The Queensland Government, as sole shareholder of a Government Owned Corporation. S3

Who leads QIC?

Kylie Rampa is CEO. Andrew King became Chair on 18 September 2025. S8 S9

Is QIC an IFSWF member?

No. It is not listed as a full or associate member. S2

Can private investors invest with QIC?

Only wholesale investors. QIC products are not available to retail clients. S1

Related profiles

• NSW Treasury Corporation (TCorp) Australia (New South Wales) · A$118.6B
• 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

1. S1QIC, Who we are
2. S2IFSWF, our members
3. S3QIC Limited, Annual Report 2024-25
4. S4Frankfurter, ECB reference rate USD/AUD, 30 June 2025
5. S5Financial Standard, QIC delivers A$9.6B for Queensland, 2 October 2025
6. S6QIC, record earnings delivered to Queensland Government clients (2024 release)
7. S7QIC, Annual reports
8. S8QIC, Executive management
9. S9QIC, Board members
10. S10QIC, Infrastructure capability
11. S11QIC, EUR 30 million private debt investment in SAF Aerogroup, 6 March 2026
12. S12Newsreel, Andrew King takes QIC chair, 22 September 2025
13. S13Queensland Government bodies register, QIC Limited