Diana Callebaut, a former director at KPMG, will join the investment strategy team in the newly created role of infrastructure manager at Australia's A$32 billion (€21 billion; $23 billion) Construction and Building Unions Superannuation Fund (Cbus).
Based in Sydney, Callebaut's job will be to further develop the fund's infrastructure strategy and increase its access to infrastructure assets, including future public-private partnership (PPP) projects.
Prior to her position within KPMG’s corporate finance division, Callebaut gained experience in global PPP/greenfield and secondary market infrastructure transaction and advisory at Credit Suisse Investment Banking in London.
Callebaut is also on the Steering Committee of the Women’s Infrastructure Network, which aims to increase the visibility and representation of women across the sector.
“Her skills and experience will be focused on identifying, analysing and transacting infrastructure co-investments and their ongoing management. She will also be involved across the broader infrastructure asset class and potentially areas of overlap with property,” said Kristian Fok, executive manager of investment strategy at Cbus.
“It’s a pivotal time for Cbus and I’m excited to be driving the evolution of the infrastructure strategy. Good infrastructure is a good investment and is one of the few unlisted asset classes that can scale well with the fund’s asset growth,” added Callebaut.
Cbus is part of the consortium, led by IFM Investors, that won the 252-kilometre Indiana Toll Road in the US, with an A$140 million investment. The investment marks the second-largest infrastructure exposure for Cbus, following its investment in New South Wales' Port Botany and Port Kembla.
Established in 1984, Cbus has invested to infrastructure assets via pooled funds before. It is now eager to seal co-investments in the asset class for what it expects will be better value and returns.
Following the US deal, the super fund is targeting a long-term exposure of 11 percent of its capital to infrastructure. Its focus will be on core infrastructure assets with monopolistic features bringing stable cash flows.