SovereignWealthFunds.comWestern Australian Future Fund
Western Australian Future Fund: what it invests in
Geography Domestic and global
Western Australian Future Fund: how big it is, and on what basis
In US dollars: about USD 1.27B. A$1,899.578M at AUD 1.4963 per USD (ECB reference, 2025-12-31)
Western Australian Future Fund: what it publishes
Published 4 · Partly 3 · Not published 3
Our 10 item score. It measures what is public, not how well a fund is run.
- FoundedS2
- 2012
At a glance. The Western Australian Future Fund is a royalty-built state savings fund whose capital is kept in perpetuity. Since 2020 it has operated as the Future Health Research and Innovation (FHRI) Fund, spending only its investment income on medical research and commercialisation in the state. It held A$1.90 billion (about USD 1.27 billion) of bonds and cash at end 2025. S1 S4
Key points
- Investment holdings of A$1,899.6 million at 31 December 2025, all in bonds, floating rate notes and cash. S4
- Mix: government bonds A$781.8 million, corporate bonds A$770.7 million, floating rate notes A$336.1 million, cash A$10.9 million. S4
- A$292 million awarded to more than 810 recipients since 2020. S5
- The 2026-27 State Budget made A$348 million available over four years. S5
- The Spotlight Program puts up to A$25 million per round into one major WA health problem; the current round targets rheumatic heart disease. S5
- Capital is preserved in perpetuity; only annual income can be spent. S1
Interesting facts
Mandate and goals
The fund gives Western Australia a lasting source of money for health and medical research, innovation and commercialisation, aiming to improve health, diversify the economy and make the state a research leader. S1 S5
How it invests
| Industries | Healthcare and life sciences S5 |
|---|---|
| Asset classes | Fixed income, Cash and money markets S4 |
| Stages | Credit, Seed S4 S5 |
| Geography | Domestic and global. Grants go to WA researchers; bond holdings span government and corporate issuers S4 S5 |
| Direct / through funds / co-invest | Yes / No / No S4 |
| Ticket size | Grant programmes are sized per round. S5 |
| Deal sizes seen | Up to A$25M per Spotlight round; A$292M across 810+ awards since 2020 |
| External managers | No external manager use is published S4 |
| Co-investment programme | Grant partnerships with researchers, innovators and industry S5 |
Published criteria
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2026 | Spotlight Program: rheumatic heart disease. Multi-year funding round on a single WA health priority. S5 | New company or platform | Healthcare and life sciences | Seed | Up to A$25M |
| 2026 | State Budget allocation 2026-27. Funding made available for FHRI programmes. S5 | State asset transfer | Healthcare and life sciences | Seed | A$348M over four years |
| 2025 | Grants since 2020. Awarded to more than 810 recipients. S5 | New company or platform | Healthcare and life sciences | Seed | A$292M |
| 2025 | Government bond holdings. Includes A$56.3M of WA Treasury Corporation bonds. S4 | Direct investment | Multi-sector | Credit | A$781.8M |
| 2025 | Corporate bonds and notes. Corporate bonds and floating rate notes. S4 | Direct investment | Multi-sector | Credit | A$1,106.8M |
Case studies
From mining savings to medical research S1 S5
- What: The 2012 royalty fund was repurposed in 2020 so its income funds health research.
- When: 2020 to 2026
- Size: A$292M awarded
- Why: Turns finite resource wealth into a permanent research endowment.
- Outcome: More than 810 recipients funded; A$348 million more available over four years.
Rheumatic heart disease Spotlight S5
- What: Dedicated a Spotlight round to rheumatic heart disease.
- When: 2025-26
- Size: Up to A$25M
- Why: A preventable condition with a heavy burden in Aboriginal communities.
Investment process
The FHRI Fund Act and governance model set how income is spent. The Medical Research Minister is responsible; programmes follow the 2025-2030 strategy and an annual investment plan. S2 S5
- Capital is kept intact and invested in bonds and cash. S4 S1
- Income is allocated to the FHRI Fund each year through the State Budget. S5 S7
- The annual investment plan sets which programmes open and when. S5
- Researchers apply to programmes; recipients are announced publicly. S5
How to approach: Researchers and innovators apply through open FHRI Fund programmes listed on its website. S1
Size and returns
- Headline size: A$1.90B (Portfolio value, as of 2025-12-31) S4 S6
- In US dollars: about USD 1.27B. A$1,899.578M at AUD 1.4963 per USD (ECB reference, 2025-12-31)
- Grants awarded since 2020: A$292M (Published estimate, as of 2026-05-13) S5
- Funding available, next four years: A$348M (Committed or authorised capital, as of 2026-05-13) S5
- Returns: the fund does not publish a return figure.
Leadership
| Name | Title |
|---|---|
| Stephen Dawson | Minister for Medical Research; Science and Innovation S5 |
Governance and transparency
- Legal basis: Western Australian Future Fund Act 2012, as amended to create the FHRI Fund S2
- Oversight: State Government and Parliament through the budget and State accounts S7
- Holdings reports are published by the WA Government. S4
- A strategy and annual investment plan govern grant spending. S5
Transparency score: 5.5 of 10 (band 3 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The fund does not take outside capital. Its relevance is for health research and life science ventures in Western Australia that can win grant funding. S5
- Industry partners can join funded research and commercialisation projects. S5
- Spotlight Program: WA research teams tackling the yearly priority health issue https://fhrifund.health.wa.gov.au/ S5
Reports
- Investment holdings, 31 December 2025: https://www.wa.gov.au/system/files/2026-02/future-health-research-and-innovation-fund-december-2025.pdf S4
- State Budget 2026-27, Budget Paper 1: https://www.ourstatebudget.wa.gov.au/2026-27/budget-papers/2026-27-wa-state-budget-bp1.pdf S7
Common questions
How large is the fund?
A$1.90 billion of investment holdings at 31 December 2025, about USD 1.27 billion. S4
What does it fund?
Health and medical research, innovation and commercialisation in Western Australia. S1
Can the capital be spent?
No. Capital is preserved in perpetuity; only income is used. S1
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
- NSW Generations Fund Australia (New South Wales) · A$18.921B
- 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.
