The NSW Government’s TCorp, the $100 billion investment and financial management body, has recruited Diana Callebaut from Cbus as its head of real assets. She left Cbus only last Friday (January 24) and starts her new job next Monday (February 3). Not much gardening leave in that timeframe.

Callebaut joined Cbus as head of infrastructure investment and strategy in 2016 after seven years at KPMG as director of infrastructure and transport. Before that she held senior private equity roles in South Africa, the UK and Australia. At Cbus, the $52 billion fund has invested about 10 per cent of its portfolio in infrastructure. Cbus has advertised for a replacement, both internally and externally.

Stewart Brentnall, TCorp’s CIO, said: “Diana is a high calibre investment specialist whose skills span senior business, people and strategy leadership/development, as well as extensive real asset transaction and management capabilities.”

She will be responsible for leading and managing the real assets team and driving the development of the team’s strategy, investment processes and client outcomes across all unlisted (real) investments.

Brentnall said: “TCorp is looking to leverage its evolving investment model to diversify risk and provide positive, sustainable returns over the long term. Diana’s experience in partnering with domestic and overseas superannuation funds will be critical to our success in this area.”

Over the past six months, TCorp has been active in its global real assets investment program, co-investing with global pension funds. Earlier this month, the organisation acquired a minority indirect stake in Brussels Airport along with GPIF from Ontario Teachers’ Pension Plan. In November 2019, TCorp acquired an interest in H2O Power’s Canadian hydroelectric generation assets from the Quebec based PSP Investments (PSP).

– G.B.