The long-time real estate chief for Australia’s A$141 billion ($106 billion) Future Fund is stepping down and five other executives will replace him.
Barry Brakey, who has headed property operations for 10 years, developing global investments worth more than A$8 billion.
“It is the right time for me to find my next challenge, knowing that the team and the property portfolio are in great shape and well–positioned to continue to deliver outstanding results,” he said.
Brakey did not announce his next step. The five people who will succeed him already have a pedigree at the fund, which invests in everything from infrastructure to medical research.
Stewart Tillyard has become head of unlisted property, James Fraser-Smith is now head of unlisted infrastructure and timberlands, Sarah Carne heads listed tangible assets, Craig Dandurand will head debt, and Ben Samild is the new head of alternatives.
The new roles continue the Future Fund’s quest to restructure its investment division to enhance returns and add room for further collaboration across teams and sectors.
In March, Wendy Norris and David George were appointed the deputy chief investment officers for private and public markets. Norris was the previous head of infrastructure and timberland, while George was the former head of debt and alternatives.