In this episode of the [i3] podcast, “Conversations with Institutional Investors”, we speak with Mary Manning, Chief Investment Officer of the National Reconstruction Fund Corporation, a recently established $15 billion fund that has been set up to promote the manufacturing industry in Australia. We speak with Mary about the investment objectives and how to balance investing in innovative new technologies, such as the fund's investment in quantum diamonds, that is industrial diamonds, not the fancy ones, with the risk profile of the fund, Mary reveals that they have over 900 applications for funding and are now looking for the best opportunities to invest, but also how to balance the strategic asset allocation and avoid being exposed to too much equity holdings. We also discuss what sets the NRFC apart from other government funding and investment vehicles such as the Clean Energy Financing Corporation and the Future Fund.
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Overview of the interview with Mary Manning:
02:00 What is the National Reconstruction Fund Corporation?
08:00 Focusing on the seven sectors of priority: red tram
13:00 One of the risk of having a broad mandate is that you are trying to do everything all at once and not achieve much at all
15:00 We need to be a self-sustaining organisation, so we need to have some sort of dividend income stream
17:30 We have made 10 investments to date; the largest is a $200 million investment commitment in Arafura Rare Earths Limited to help finance the Nolans Project in the Northern Territory
19:30 Investing in quantum diamonds
21:30 The point of the NRF is to manufacture things
23:30 We get a lot of dual-use technologies that overlap between defence and enabling technologies
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