Our approach to AI investment
We take an active approach to investing in AI. Both our in-house investment teams and our external investment managers focus on finding AI companies and projects that have the best chance for success, rather than investing broadly across many AI-related businesses.
We also look for investment opportunities that act as AI enablers. This includes physical infrastructure that supports growth in the sector, such as data centres, power generation and fibre.
These types of physical infrastructure not only allow us to benefit from advancements in digital technology. They have other attributes that help to reduce some of the volatility that can come with investing more directly in AI.
Understanding the risk of investing in AI
We remember past investment market cycles, like the technology, media and telecommunications (TMT) bubble of the late 1990s and early 2000s. It started with excitement, but many companies lost value when expectations were not met.
As long-term investors, we recognise that AI is a major global trend that can’t be ignored. Still, we stay focused on making decisions that balance risk and reward to help our members achieve strong retirement outcomes.
Key investments in AI and digital infrastructure
Through our Property, Infrastructure and Private Equity teams, we have invested around $4.5 billion in assets linked to AI1. This represents about 18% of these asset classes. Most of this is in important, widely used infrastructure, including broadband, data centres, and energy generation and distribution.
CyrusOne
One example of an investment that is linked in part to AI is CyrusOne, a global data centre company that builds and operates advanced digital infrastructure for some of the world’s leading organisations. It operates more than 60 high-quality data centres worldwide, with several more in development.
CyrusOne data centre
In 2022, we invested alongside KKR and Global Infrastructure Partners in the US$15 billion acquisition. It was the largest data centre M&A transaction at that time. CyrusOne has been one of our most successful infrastructure co-investments.
1As at 30 June 2025