David Neal – From Nation-Building to Member Outcomes: The Power of Long-Term Investing

After seven years of trying, we’ve finally done it—this episode of Inside the Rope features one of the most influential figures in institutional investment in Australia: David Neal, CEO of IFM Investors and founding CIO and former CEO of the Future Fund, Australia’s $300+ billion sovereign wealth fund.

David takes us behind the scenes of building the Future Fund from the ground up—how a clean slate, a world-class board, and a clear long-term mandate allowed for a new investment philosophy rooted in flexibility, illiquidity premiums, and global best practice. We talk about the importance of strong governance, the benefits of a total portfolio approach, and why the endowment model still resonates in long-term capital allocation.

Now at the helm of IFM Investors—a global institutional asset manager originally founded by Australian industry super funds—David shares insights into investing on behalf of working people, the tailwinds driving infrastructure investment globally, and why private markets are an increasingly powerful lever for value creation.

IFM was conceived by a collective of Australian industry super funds with a bold ambition: to give working people access to the kinds of global, complex investments traditionally reserved for the ultra-wealthy.

Today, IFM manages over $250 billion across infrastructure, private equity, credit, equities, and real estate—always with a clear mission to deliver strong, long-term outcomes for its members.