The Transport Workers Union (TWU) superannuation fund has invested $180 million in property and hedge funds.
TWU Super has invested $75 million in Quellos, $25 million in Eureka Funds Management and $80 million in AMP's Global Unlisted Fund.
The investment in Quellos is in the manager's fund-of-fund diversified strategy.
"Originally our fund wanted to invest in a single manager, multi-strategy hedge fund. Our asset consultant, Mercer Investment Consulting could not find an appropriate product for us. Rather than placing the funds in cash we decided to invest in Quellos," TWU Super chief executive Andrew Killen said.
The allocation to Eureka Funds Management is in the manager's Opportunistic Property Fund 2.
Last year, TWU Super had made the decision to invest in the manager but delayed plans after one of its founding directors, Rod Cowdroy, left Eureka.
"At that time, it was the issue of a key man risk, however, after discussions with the manager and approval from our management we decided to go ahead with the investment," Killen said.
