Key Takeaways
- • Raphael Arndt stepping down as CEO of Australia's Future Fund at end of 2026 after six years in the role and nearly two decades at the organization, with a smooth transition supported by his continued leadership through year-end.
- • Future Fund under Arndt's leadership grew assets under management from A$205 billion to A$356 billion ($255.33 billion), delivering strong long-term returns above benchmark during his tenure as the longest-serving CEO in the fund's 20-year history.
- • Arndt is returning to the private sector, with the Future Fund board actively considering successor candidates; Richard Brandweiner recently joined as Chief Investment Officer earlier in 2026.
- • Recent performance remained strong with a 14.8% return for the year, demonstrating continued investment resilience under Arndt's leadership despite his announced departure.
Summary
Raphael Arndt announced his departure from Australia's Future Fund, one of the world's largest sovereign wealth funds, effective December 31, 2026. Future Fund Chair Greg Combet confirmed that Arndt informed the board of his intention to leave the organization and return to the private sector. Arndt will remain in the CEO role through year-end to facilitate an orderly transition as the board identifies his successor.
Arndt's tenure at the Future Fund spans nearly two decades, with six years as Chief Executive Officer beginning July 1, 2020. He previously served as Chief Investment Officer for six years before his promotion to the top job. During his leadership, the fund demonstrated substantial growth and performance. Assets under management expanded significantly from A$205 billion to A$356 billion ($255.33 billion), while the fund delivered returns consistently above its benchmark. Most recently, the fund achieved a 14.8% return for the year, underscoring continued strong investment performance.
Arndt is recognized as the longest-serving chief executive in the Future Fund's 20-year history. Under his leadership, the organization developed a high-performance collaborative culture with a global reputation, while advancing data, technology, and investment capabilities to strengthen resilience and capture opportunities in complex global markets. He currently serves on the board of Australia Pacific Airports Corp. and was recognized on CIO's Power 100 list during his tenure as Chief Investment Officer, winning the publication's Industry Innovation Award in the Sovereign Wealth Fund category in 2017.
Future Fund Chair Combet characterized Arndt as "an outstanding leader," noting that "Australia is better off for his contribution to the Future Fund." The organization has already begun succession planning, with Richard Brandweiner joining as Chief Investment Officer in 2026 ahead of the leadership transition. The board's search for Arndt's successor is underway.
Arndt's tenure at the Future Fund spans nearly two decades, with six years as Chief Executive Officer beginning July 1, 2020. He previously served as Chief Investment Officer for six years before his promotion to the top job. During his leadership, the fund demonstrated substantial growth and performance. Assets under management expanded significantly from A$205 billion to A$356 billion ($255.33 billion), while the fund delivered returns consistently above its benchmark. Most recently, the fund achieved a 14.8% return for the year, underscoring continued strong investment performance.
Arndt is recognized as the longest-serving chief executive in the Future Fund's 20-year history. Under his leadership, the organization developed a high-performance collaborative culture with a global reputation, while advancing data, technology, and investment capabilities to strengthen resilience and capture opportunities in complex global markets. He currently serves on the board of Australia Pacific Airports Corp. and was recognized on CIO's Power 100 list during his tenure as Chief Investment Officer, winning the publication's Industry Innovation Award in the Sovereign Wealth Fund category in 2017.
Future Fund Chair Combet characterized Arndt as "an outstanding leader," noting that "Australia is better off for his contribution to the Future Fund." The organization has already begun succession planning, with Richard Brandweiner joining as Chief Investment Officer in 2026 ahead of the leadership transition. The board's search for Arndt's successor is underway.
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