The Queensland Government’s specialist fund manager, State Investments, has pledged $500m in private debt through QIC’s new multi-sector private debt unit.

Street talk. Glenn Hunt

State Investments and the multi-sector private debt capability is under the QIC umbrella, but State Investments’ three-year, $500 million investment would be a vote of confidence for the private debt team as it seeks external customers.

QIC’s multi-sector private debt team is led by Phil Miall and invests in corporate leveraged loans, asset-backed securities and real estate debt.

He is also looking to create his own loans, cutting checks between $20 million and $50 million, down to $75 million.

“We believe this team’s focus on direct origination, amplified by the breadth of QIC’s investment capabilities spanning real estate, private equity and infrastructure, as well as its commitment to ESG integration, ensured it was a compelling addition for state investment portfolios,” State Investments chief investment officer Allison Hill said in a statement to Street Talk.

QIC is a big player in infrastructure, but only made its debut in private debt last year. It started with an infrastructure debt strategy led by former head of global infrastructure debt at AMP Capital, Andrew Jones, and followed with Miall’s multi-sector private debt unit.