Mary Manning(Opens in a new tab/window) joined the NRFC in July 2024 as Chief Investment Officer, and leads investment process, investment strategy, and portfolio management for the $15 billion fund.
We sat down with Mary to find out more about her role and what it’s been like working at the NRFC.
Can you tell us about your role as Chief Investment Officer at the NRFC and what excites you the most?
My role is to manage the investment process including the origination and execution of deals. I set the investment strategy, manage the portfolio, and engage with stakeholders across the financial ecosystem, government, and other Specialist Investment Vehicles such as the Clean Energy Finance Corporation and the Northern Australia Infrastructure Facility.
Of course I do not do this all myself! In many ways my main job is to manage the investment team so we can achieve all of the above together. The investment team at the NRFC is more than 20 people now across four offices – Sydney, Melbourne, Canberra, and Perth. One of the aspects of my role that I enjoy the most is working with such a talented, committed, and diverse group of investment professionals.
How do you see NRFC’s role in shaping Australia’s industrial landscape?
The NRFC has $15 billion to invest across our seven Priority Areas. This is a privilege and one I do not take lightly. One of the reasons I joined as Chief Investment Officer is because I believe the Priority Areas are the right sectors to shape Australia’s economic and industrial future.
These areas include sectors where Australia already has a national competitive advantage such as Resources, Agriculture and Renewables. By increasing the level of value add-in these sectors, we can make them future-ready and increase the benefits accrued onshore for Australia. The Priority Areas also include sectors where Australia needs sovereign capability such as Defence, Medical Science and Enabling Capabilities. Investing across debt and equity and these key Priority Areas can have a significant impact on the shape of Australia’s industrial landscape.
What opportunities are you most optimistic about in the years ahead?
The recent Statement of Expectations we received from the government specifically says that the NRFC should be ambitious in our approach. So, we have big goals for this year. In FY25 we invested $584 million across 10 deals. The goal for FY26 is almost triple that at $1.5 billion of investments.
We are seeing strong, high quality deal flow across debt and equity and across the different sectors. This is very encouraging, and it validates the need for a fund like the NRFC.
The opportunities I am most optimistic about in the near term are in Enabling Capabilities, Defence and value-added commodities. Enabling Capabilities is an overarching category for some of the most exciting areas of technology including AI, machine learning, quantum, space, and robotics. These sub-sectors are experiencing hyper growth and Australia is producing a number of world-class companies in this area.
I am particularly optimistic about quantum. Australia is emerging as a global leader in quantum, and we have an outsized proportion of leading quantum companies .
Defence is a significant opportunity for us both because of the current geopolitical environment, the areas outlined in the 2024 National Defence Strategy and Integrated Investment Program, and because it is a sector that is sometimes excluded by banks and equity investors for non-financial reasons. The NRFC is mandated to invest in this sector, and we are seeing very interesting opportunities both in more traditional defence products and in dual-use technologies.
Value-add in Resources and Agriculture is also an area where I am optimistic, and one that we must get right to improve the complexity of Australia’s exports.
To date, the NRF has invested in two deals in the Value-add in Resources Priority Area – Liontown Resources and Arafura Rare Earths. Both of these play an important role in mining and processing critical minerals. In the Value-add in Agriculture, Forestry, and Fisheries Priority Area, there are a number of exciting opportunities in longer-term plays such as sustainable aviation fuel and value-added food production.
Can you tell us a little bit about your career journey so far?
I have 25 years of experience in the finance industry. I started my career on Wall Street as an investment analyst in mergers and aquisitions. I then worked as an investment banker in Moscow and London before completing my MBA at Harvard Business School. After business school, I worked for legendary global investor George Soros and then worked for Oaktree Capital, headed by Howard Marks, another well-known investor. Then I spent 10 years at Ellerston Capital in Sydney working for Ashok Jacob. I am so fortunate that throughout my career I have had the opportunity to learn from such amazing investors.
I joined the NRFC over a year ago now and am excited to see what the future brings.
What is the best leadership advice you have ever received?
I was born in Canada and grew up watching ice hockey, so maybe I should provide a leadership titbit from Wayne Gretzky? Like “you miss 100% of the shots you never take” or “skate to where the puck is going.” Just joking!
The best leadership advice I have received is to be authentic. I went to Harvard Business School for my MBA and there are a lot of leadership models and styles that are taught as part of the curriculum – top down, servant, transformational, transactional, participative, delegative, etc. I find these labels a challenge because none really fit very well. I am committed to being an authentic leader with my own style and direction. You can ask my team how this is going!
What's a fun fact about you that most people wouldn’t guess?
I have travelled to over 70 countries worldwide and have lived and worked in Canada, the US, Europe, Africa, Asia, and of course, Australia. I just need to do a stint in Antarctica, and I’ve got everything covered.
When you are not leading investments at the NRFC, how do you like to unwind or recharge?
My favourite thing about living in Sydney is that I can swim year around. It is fantastic exercise and is an opportunity to connect with nature. I also do yoga four times a week because it is a good mix of physical workout and a de-stresser. Spending time with my husband and kids is my favourite way to recharge and find inspiration. My kids are 18 and 15, and the Australia we envision and are building towards at the NRFC is for them.
If you’d like to connect or learn more, you can reach out to Mary Manning(Opens in a new tab/window) via LinkedIn.