Australia's Future Fund has lost two senior leaders overseeing private markets investments, with David Bluff and Tammi Fisher resigning as joint managing directors of real assets. The departures come just months after chief investment officer Ben Samild left for Abu Dhabi, marking another leadership change at the A$335.3 billion sovereign wealth fund.

Bluff managed private equity and credit teams after joining from The Carlyle Group in 2023, while Fisher oversaw infrastructure and property following a decade in family office investment management. Their roles will be filled by Genevieve Murray and Paul Banks as joint heads of real assets. The fund's five-pillar investment strategy, implemented in September 2024, now faces another transition.

These departures add to a series of high-profile exits, including former deputy CIO David George joining Samild in Abu Dhabi and deputy CIO Wendy Norris moving to forestry company OneFortyOne. Despite the leadership churn, the Future Fund maintains significant private markets exposure with A$33.3 billion in private equity, A$28.1 billion in infrastructure, and A$22.7 billion in credit. The fund's 12.4 percent return in 2025 exceeded its 7.7 percent target, suggesting current strategies remain effective.