Future Fund value lifted more than 12% in 2025
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The news: The federal government’s Future Fund delivered a 12.4% return in 2025, increasing its value by $29.54 billion.
The numbers: The 10-year return came in at 8.5% per year, higher than the target of 7% per year.
The total value of the Future Fund is now $267.4 billion, with the highest proportion of asset value being in global developed market equities (29.3%), alternatives (15.1%) and private equity (12.5%). Australian equities make up 10.7% of the fund’s assets.
The Medical Research Future Fund saw an 8.9% return in 2025, taking its value to $25.3 billion. The Housing Australia Future Fund saw 9.9% return in 2025, taking its value to $11.4 billion.
The context: Future Fund CEO Raphael Arndt said positioning around “the big themes driving markets, such as rapid adoption of AI, persistent inflation and volatile geopolitics helped deliver a strong return while managing risk”.
He highlighted “excellent contributions” from listed equities, private equity, infrastructure and alternatives, while venture capital holdings performance was “especially strong”. Arndt said the portfolio is at a neutral risk setting.
Last year was the first full year under the Future Fund’s new investment mandate, which called for investments to consider national priorities in housing, infrastructure and energy transition.
Future Fund Board of Guardians chair Greg Combet said this included increasing the fund’s stake in CDC data centres and supporting a capital raise for their expansion program and acquiring a stake in Australia’s biggest electricity transmission business Transgrid.
The source: Future Fund media release
