Growth Opportunities Fund
At the date of this report the Fund has made 12 investments, representing 37 underlying unlisted assets, worth A$387 million. There also remains an additional A$63 million of committed but not yet funded capital, which will be invested into underlying investments when required. The Fund delivered 12.2% during the quarter, taking the since inception return to 22.3% on a gross (pre-fee) basis. This excess performance is largely due to timing and recognition of some returns relating to assets acquired below Net Aset Value (NAV) and we continue to forecast through-the-cycle performance in line with the Fund’s target returns.
The March quarter was largely characterised by the Middle East conflict, triggering a sharp oil supply shock, pushing Brent crude up ~50% in March and reigniting global inflation concerns. Central banks, including the RBA which was already on a rate hiking cycle, responded by pausing or reversing rate cuts, with inflation forecasts revised upward. This has heightened uncertainty and weighed on global growth expectations, contributing to a continued slowdown in private equity allocations and deal activity. In contrast, real assets have remained resilient, benefiting from inflation-linked cash flows and renewed focus on energy security and domestic resilience.
Subject to deal flow and market conditions, over the remainder of 2026 we anticipate that we would seek to make a handful of new investments, with the majority of these investments being in Australia, given current portfolio construction and pipeline. All key thematics continue to see healthy deal flow providing an opportunity to deliver diversification to the Fund across primary thematics. We are in late stage diligence on one investment and early-to-mid diligence on a handful of other investments. There also remain follow-on opportunities across the existing portfolio, where portfolio companies are evaluating accretive additional capital opportunities which we can also participate in.
During the March quarter the Fund entered into an agreement with the Clean Energy Finance Corporation (CEFC) to acquire up to $250m of assets. The transaction substantially grows the scale and diversification of the Fund, as well as bringing on the CEFC as a cornerstone institutional investor into the Fund. Subject to completion of a number of conditions precedent, completion of the asset acquisitions is intended to occur over the coming months.
Growth Opportunities Fund Performance (net of fees)
As at 31 March 2026*
| Fund | Benchmark | Excess returns | |
|---|---|---|---|
| 1 month | 11.8% | 0.8% | +11.0% |
| 3 months | 12.2% | 2.4% | +9.7% |
| 6 months | 20.2% | 7.4% | +12.8% |
| 1 year | 25.2% | 10.0% | +15.2% |
| Since inception p.a. | 22.3% | 10.0% | +12.3% |
Inception date: 31/12/2024.
Portfolio Summary
| Investments | NAV | Gross perfromance since inception | Assets | NAV + undrawn commitments | Asset realisations |
|---|---|---|---|---|---|
| 12 | $387m | 22.3% | 37 | $450m | 1 |
Thematics
Location
New Investments / Divestments
During the quarter the Fund made one new investment, as well as an existing Fund investment completing an additional acquisition:
- Southern Water: In August 2025 the Fund entered into binding subscription documentation with Macquarie to co-invest alongside Macquarie in Southern Water, with our commitment being majority drawn down in late March 2026. Southern Water is a regulated UK water and wastewater utility serving over 2.7 million water customers and more than 4.8 million wastewater customers across South East England. Southern Water owns and operates extensive, regulated infrastructure networks that deliver essential water supply and wastewater treatment services, with revenues governed by long‑term UK regulatory frameworks that support stable, infrastructure‑like cashflows.
- MGECO – Aula Energy: During the quarter, MGECO portfolio company Aula Energy completed the acquisition of a ~1GW portfolio of operational solar assets and battery energy storage development projects in Australia, increasing Aula’s total operating and development capacity to over 10GW and further diversifying the Fund’s exposure across technology, geography and development stage.
During the March quarter the Fund entered into an agreement with the Clean Energy Finance Corporation (CEFC) to acquire up to $250m of assets. The transaction, which is expected to include the acquisition of renewable, agriculture and growth equity positions, substantially grows the scale and diversification of the Fund, in addition to adding the CEFC as a cornerstone institutional investor into the Fund. Subject to completing a number of conditions precedent, completion of the asset acquisitions is intended to occur over the coming months. Further detail on the asset acquisitions will be provided in the next quarterly report.
During the March quarter the Fund entered into an agreement with the Clean Energy Finance Corporation (CEFC) to acquire up to $250m of assets. The transaction substantially grows the scale and diversification of the Fund, as well as bringing on the CEFC as a cornerstone institutional investor.
Portfolio holding weights
| Investment | Weight (%) |
|---|---|
| Morrison Growth Infrastructure Fund | 26% |
| Southern Water | 14% |
| IFM Australian Infrastructure Fund | 13% |
| Aligned Data Centres | 12% |
| RepurposeIT | 9% |
| Octopus Energy | 6% |
| For Purpose Aged Care Australia | 6% |
| Neoen | 6% |
| Macquarie Green Energy Climate Opportunities Fund | 3% |
| Global Listed Infrastructure | 2% |
| GigaComm | 2% |
| Vertelo | 0% |
| Cash and cash equivalents | 0% |
Case Study: Octopus Energy
Octopus Energy is a global clean energy and technology business operating across the retail, generation and energy services value chain. Founded in 2015, the company has grown rapidly to become the UK’s largest domestic energy supplier, powering over 7.7 million households in the UK and abroad, with operations spanning more than 18 countries globally. Octopus combines direct customer relationships with ownership and management of renewable energy assets, supported by proprietary energy technology.
A core differentiator of Octopus Energy is its technology platform, Kraken, an advanced data and machine-learning system designed specifically for energy markets. Kraken underpins Octopus’ own retail operations and is also licensed to third‑party utilities globally, supporting over 50 million customer accounts worldwide. The platform enables flexible pricing structures, smart energy usage, and the integration of distributed energy resources such as electric vehicles, batteries and heat pumps, improving system efficiency and customer outcomes.
Octopus Energy Group combines a large‑scale energy retail business with ownership and management of renewable generation assets through its Octopus Energy Generation platform, which oversees several gigawatts of wind and solar assets across multiple regions.
For the Fund, this growth equity investment in Octopus Energy provides infrastructure-adjacent exposure to a leading, vertically integrated energy retailer with a growing global footprint and strong alignment to longterm energy transition themes. The business is underpinned by a scalable operating platform that combines retail energy supply with a rapidly expanding technology arm, benefiting from structural tailwinds as utilities globally seek fit-for- purpose software to manage increasingly complex energy systems. Alongside its retail operations, the group’s technology platform supports utilities to enable flexibility, electrification and smarter consumer engagement, contributing directly to decarbonisation and the transition to a more flexible, consumer-centric energy system.
Investments in the portfolio
Morrison Growth Infrastructure Fund: MGIF is a closed ended, unlisted infrastructure fund managed by Morrison & Co that invests in essential infrastructure businesses across developed OECD markets, with a primary focus on Australia. The portfolio spans sectors including renewable energy, utilities, digital connectivity, healthcare, circular economy and natural capital.
Southern Water: Southern Water is a regulated UK water and wastewater utility serving over 2.7 million water customers and more than 4.8 million wastewater customers across South-East England, including Kent, Sussex, Hampshire and the Isle of Wight. Southern Water owns and operates extensive, regulated infrastructure networks that deliver essential water supply and wastewater treatment services, with revenues governed by long‑term UK regulatory frameworks that support stable, infrastructure‑like cashflows.
IFM Australian Infrastructure Fund: AIF is an open ended core infrastructure fund managed by IFM Investors, with a diversified portfolio of mature Australian infrastructure assets. The fund holds interests across airports, ports, electricity distribution, toll roads and social infrastructure.
Aligned Data Centers: Aligned Data Centers is a digital infrastructure platform that designs, develops and operates hyperscale and enterprise data centres across North and South America. The business focuses on high density, scalable facilities supporting cloud computing and artificial intelligence workloads.
Repurpose It: Repurpose It is an Australian resource recovery business specialising in the processing of construction, demolition and organic waste to produce repurposed materials. The company operates advanced facilities in Victoria, including large scale soil washing and organics processing plants.
Octopus Energy: Octopus Energy is a global energy and technology platform operating across energy retail, renewable generation and energy transition services. The business also owns the Kraken technology platform, which supports energy system management and utility operations.
For Purpose Aged Care Australia: FPACA is a not for profit aged care operator that owns and operates a portfolio of Australian residential aged care facilities. The investment is held via subordinated Social Capital Notes secured against the underlying operating business and property assets.
Neoen: Neoen is a global renewable energy platform that develops, owns and operates large scale solar, onshore wind and battery storage projects. Its portfolio spans multiple jurisdictions, including Australia, France and the Nordic region.
Macquarie Green Energy Climate Opportunities Fund: MGECO is a global, unlisted infrastructure fund managed by Macquarie that invests in renewable energy development and operating platforms. The fund focuses on established technologies such as offshore wind, onshore wind and solar across North America, Europe and Asia Pacific.
GigaComm: GigaComm is an unlisted Australian digital infrastructure business that owns and operates last‑mile fibre broadband networks in multi‑dwelling residential apartment buildings. The company focuses on upgrading older, high‑density buildings in metropolitan areas.
Vertelo: Vertelo is an unlisted fleet electrification platform focused on electric buses and charging infrastructure in India. The business acquires electric vehicles and related infrastructure and leases them to public and private transport operators under long‑term arrangements.
Global Listed Infrastructure: Global Listed Infrastructure Portfolio (GLI) is a liquid, listed portfolio of global infrastructure and infrastructure like companies across developed markets, providing liquidity and listed infrastructure exposure to the portfolio. The GLI portfolio is systematically constructed to track the FTSE Developed Core Infrastructure 50/50 Index (AUD hedged) and is diversified across regions and infrastructure subsectors.
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Past performance is not a reliable indicator of future performance.
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