Former Managing Director of Future Fund Mark Burgess has joined the Northern Territory Infrastructure Development Fund (NTIDF) as its fifth and final board member.
The Northern Territory Government welcomed Mr. Burgess’s appointment to the board, which now consists of Mr. Burgess, Les Fallick (Chairman), Bill Moss (former head of Macquarie Bank’s real estate and banking divisions), James Paspaley (Executive Director of Paspaley Pearls) and Jodie Ryan (Under-Treasurer of the Northern Territory Government).
“Mr. Burgess has an accomplished career in infrastructure development and was formerly the managing director of the Future Fund Management agency,” said Northern Territory Treasurer David Tollner in a statement.
“His knowledge and experience in investing in local and global infrastructure assets will benefit future development plans in the Northern Territory and ensure the NTIDF achieves its aim of generating future revenue for the NT,” he said.
Mr. Burgess expressed his pleasure at joining the NTIDF board.
“The development of a world class infrastructure fund of the highest quality that will support growth in the NT at an important time is an exciting prospect and I look forward to joining the Board.
“This is a unique and leading investment opportunity to build a long-term diversified portfolio of infrastructure investments which will benefit the long term development of the Territory.”
Chairman Les Fallick also said in the statement that the main objective of the NTIDF is to be a long-term investor in a diversified portfolio of infrastructure assets.
“The NTIDF is now fully operational and aims to attract up to $1.5 billion of investment, including external investment from Australian governments, Australian superannuation funds, and other Australian and international institutional investors,” he said.
The NTIDF’s purpose is to help generate attractive risk-adjusted returns for all investors and support the long-term economic growth and development of the Northern Territory by investing in appropriate infrastructure projects.
Infrastructure Capital Group (ICG) was selected as the investment manager for the NTIDF in April.
ICG are now responsible for all aspects of the investment process including identifying and delivering a range of infrastructure projects which will deliver a commercial rate of return to the fund’s investors.
The NTIDF will invest directly in a diversified portfolio of infrastructure assets that may include greenfield developments (new projects), brownfield projects (upgrading or expanding pre-existing facilities) as well as other infrastructure-related investments.
The fund will seek to invest primarily in Northern Territory related infrastructure assets, however some funds may be invested outside the region, such as linking projects with other States.
According to the statement, the NTIDF is the first of its kind in Australia and will support the development of infrastructure using the proceeds of the sale of TIO and the long-term lease of the Port of Darwin.