Key Takeaways
- • Will MacAulay, General Manager of Unlisted Assets at HESTA (the $43 billion superannuation fund for health and community workers), has departed from his position after 20 years in financial services.
- • MacAulay's departure occurs amid broader leadership transitions at HESTA, following the exit of CEO and COO Stephen Reilly in June and the appointment of Mark Burgess as independent chair.
- • The departure is significant given MacAulay's role overseeing unlisted asset strategy at a major Australian institutional investor at a time when HESTA has been actively pivoting toward distressed property opportunities and managing prior valuation issues with unlisted-exposed investment options.
- • HESTA's unlisted assets portfolio is material to the fund's strategy, with infrastructure maintaining a "strong place" in the portfolio despite no expected material allocation increases in the near term.
Summary
Will MacAulay has exited his role as General Manager of Unlisted Assets at HESTA, the $43 billion Australian superannuation fund serving health and community workers. MacAulay, a CFA charter holder with two decades of experience in financial services, oversaw unlisted asset strategy at one of Australia's largest institutional investors during a period of significant strategic repositioning.
The departure marks another senior leadership change at HESTA following a series of executive transitions. The fund announced the exit of Chief Operating Officer Stephen Reilly in June following the earlier departure of its CEO. Additionally, Mark Burgess was appointed as independent chair, signaling a broader governance refresh at the Melbourne-based institution.
MacAulay's tenure at HESTA coincided with the fund's active management of unlisted asset exposure, including navigating valuation challenges. In recent years, HESTA decreased unit values of five single-sector Choice investment options with unlisted asset exposure and subsequently compensated members following a valuation adjustment. More recently, the fund has been pivoting toward distressed property opportunities as the A$87 billion fund seeks to capitalize on market dislocations.
Infrastructure maintained a strategic priority within HESTA's unlisted portfolio under MacAulay's leadership, though the fund did not expect material increases to its infrastructure allocation despite the growing absolute size of the portfolio. The departure leaves HESTA searching for successor leadership in unlisted assets at a time when the fund continues to evaluate opportunities across alternative asset classes.
The departure marks another senior leadership change at HESTA following a series of executive transitions. The fund announced the exit of Chief Operating Officer Stephen Reilly in June following the earlier departure of its CEO. Additionally, Mark Burgess was appointed as independent chair, signaling a broader governance refresh at the Melbourne-based institution.
MacAulay's tenure at HESTA coincided with the fund's active management of unlisted asset exposure, including navigating valuation challenges. In recent years, HESTA decreased unit values of five single-sector Choice investment options with unlisted asset exposure and subsequently compensated members following a valuation adjustment. More recently, the fund has been pivoting toward distressed property opportunities as the A$87 billion fund seeks to capitalize on market dislocations.
Infrastructure maintained a strategic priority within HESTA's unlisted portfolio under MacAulay's leadership, though the fund did not expect material increases to its infrastructure allocation despite the growing absolute size of the portfolio. The departure leaves HESTA searching for successor leadership in unlisted assets at a time when the fund continues to evaluate opportunities across alternative asset classes.
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