Australia’s Future Fund has invested in two hedge fund start-ups over the last 12 months as well as making several other changes to its alternative and debt investments.

Scott Bessent’s Key Square Capital Group has been added to the sovereign wealth fund’s alternatives portfolio, housed within its $12.3bn macro-directional bucket, according to a recently published annual report.

Key Square launched in 2015 with $2bn worth of backing from Soros Fund Management, the majority of which was returned earlier this year as part of a pre-arranged deal, reports indicated at the time.

The Future Fund has also invested in Atom Investors, a Texas-based FoHF business set up earlier this year by Novus Partners chair Basil Qunibi.

Atom sits within the SWF’s alternative risk premia bucket, which also includes Man FRM, Elementum Advisors, Hiscox Re and SouthPeak Investment Management.

A spokesperson declined to disclose how much the two managers have received.

Within Future Fund’s debt portfolio, which includes high-grade and high-yield debt managers as well as distressed and event-driven managers, it added Oak Hill Capital Advisors and Glen Point.

Civic Capital is no longer listed as a global macro holding. Based in Sydney, Civic now focuses on providing macro and crypto advisory and consultancy services to “wholesale clients”, according to its website.

The Future Fund returned 9.3% in the 2017-2018 fiscal year, ending 30 June 2018.

The SWF, which also has an active seeding program and counts macro seeder Clocktower Group within its portfolio, is part of the Standards Board of Alternative Investments’ Apac committee.

Australia’s Future Fund adds Key Square, Novus-linked start-up to portfolio on HFM InvestHedge.