Australia-based QIC has agreed to purchase Sea Swift, a privately owned, integrated marine transport and logistics provider, on behalf of its Global Infrastructure Fund.
Headquartered in Cairns, Australia, Sea Swift provides general cargo and charter freight services to remote communities in Far North Queensland and the Northern Territory, according to QIC. The company delivers cargo such as food; fuel; household, medical and educational supplies; and building products.
Financial terms were not disclosed.
QGIF comprises domestic and global superannuation, pension, insurance and sovereign wealth investors. The pooled unlisted investment vehicle completed a final close in March 2017 with A$2.35 billion ($1.6 billion) in capital commitments, exceeding its target of A$1.75 billion ($1.1 billion), according to QIC.
At that time, the fund had purchased several other assets in Australia, including Lochard Energy, which owns and operates the Iona Gas Plant; the Powering Australian Renewables Fund, a joint investment between AGL and Future Fund; and the Port of Melbourne.
QIC is one of the largest institutional investment managers in Australia, with A$80 billion ($56 billion) in funds under management
