BlackRock Grows Australia Wealth Fund Mandate 74% in Two Years

BlackRock Inc. has emerged as the biggest winner from the expanding alternatives portfolio of Australia’s sovereign wealth fund, with its mandate growing 74% over two years.

BlackRock manages about A$7.5 billion ($5.2 billion) of The Future Fund’s alternatives portfolio — which is primarily hedge funds — making it the largest mandate in that asset class, according to a Bloomberg analysis of the fund’s latest filings as of Dec. 31. The A$267 billion sovereign fund doesn’t disclose the underlying investments within those agreements.