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HESTA has recently expanded its investments into an exciting private equity opportunity in digital healthcare.
 

The HESTA private equity portfolio was our top performing asset class in 2021, helping to drive strong returns for our members. We aim to continue this trend with an exciting addition to the HESTA private equity portfolio. In November last year, HESTA acquired a $120M equity stake in the newly combined Genie Solutions and Citadel Group.

Citadel is a global software and services firm specialising in markets such as healthcare. Similarly, Genie Solutions is Australia’s leading practice management software for medical professionals. Together, they are forming an exciting venture as the sector rapidly expands, bringing with it more digital support options for healthcare services and improving the clinical experience for patients.

HESTA, who originally invested in Genie in 2017, chose to reinvest proceeds from the recent sale of Genie into the newly combined Citadel Group, maintaining our exposure to a fast-growing business and the digital healthcare sector more broadly.

“We’re proud to be continuing to invest in the next chapter of Genie Solutions’ growth”, Sonya says. “Our investment in Citadel Group will give us exposure to a group of companies providing healthcare and enterprise software services in Australia and globally.”

Investment in private equity gives our members access to some of the most innovative companies in the early stage of their business life. And with an injection of capital from HESTA, these companies are able to grow and thrive.

Just as importantly for our members, our private equity investments have also delivered fantastic financial outcomes. In 2021, our private equity asset class returned more than double listed market benchmarks. We aim to keep delivering strong Private Equity returns in the long term.