Carlyle exec joins Future Fund

The Future Fund has strengthened its investment team by adding Carlyle dealmaker David Bluff as head of private equity.

The private equity specialist stepped down as country head of the US giant's Australian business last June.

At the sovereign wealth fund,  Bluff will report to Alicia Gregory who has been acting head of private equity since 2021 when she was promoted to deputy chief investment officer.

Gregory said she was delighted to secure an executive of Bluff's calibre for the role.

"We are delighted to appoint David to the role of head of private equity. He has deep investment experience across private markets globally and is a well-respected leader in our industry. David joins an experienced team overseeing a significant, global portfolio of private equity investments."

Bluff spent 14 years with Carlyle and was a member of Carlyle's Asia Pacific leadership team. He was previously a corporate finance executive with SAB Miller and an investment banker with JP Morgan.

The private equity specialist said he was "excited" by the opportunity to contribute to the nation's prosperity.

"It's a privilege to join the Future Fund team and to participate in such a large and diverse portfolio at a time of significant change in global financial markets," he added.

Meanwhile, Sarah Azzi has joined the private equity team as a director.

Azzi was previously an investment director at Anacacia Capital and before that, a member of Mercer's private markets team covering global managers.

It's almost a year since the Future Fund overhauled its investment team following the departure of chief investment officer Sue Brake.

Her exit followed the resignation of David George, the deputy investment chief who is now Magellan Asset Management's new boss.

As of December 31, the Future fund had assets of $196 billion, of which around $33 billion are earmarked for private equity.