Annual Report 2023

Trustee for the construction industry Long Service Leave Fund


The portable Construction Industry Long Service Leave Scheme has supported the Victorian Construction Industry for more than 46 years with over $1.96 billion paid in benefits

In 1976, the Victorian building and construction industry, in conjunction with the Victorian Government, established a compulsory long service leave scheme, ensuring Victorian construction industry workers were able to take a well-earned long service leave break whilst maintaining job flexibility in an industry that has high rates of physical and mental stress.


Originally, the Scheme was operated by the Building Industry Long Service Leave Board, and then from 1983 the Construction Industry Long Service Leave Board, which rebranded to CoINVEST in 1992. Privatisation occurred in 1997 with CoINVEST Limited becoming an incorporated company, further enabling the Scheme to increase its coverage and refine the Scheme’s rules. Over the past 5 decades, CoINVEST has continued to evolve and support the industry’s numerous changes.

The construction industry contributes over $60b annually to the Victorian economy. CoINVEST supports the ongoing wellbeing of the industry by ensuring workers who carry out construction work in Victoria, including employers, workers, directors and apprentices, are participating in the Scheme and comply with the Rules of the Scheme. 

CoINVEST has supported workers in the industry with more than $1.96 billion paid in long service leave benefits since the Scheme commenced in 1976.



to be the best operator of a portable entitlements scheme

CoINVEST's purpose

to support and protect the long-term wellbeing of construction workers and the vitality of the construction industry

Our Values

Here For Members

Our Members are at the centre of everything we do.

Thrive Together

We collaborate to overcome challenges and celebrate our achievements.

Anticipate & Create

We are encouraged and supported to grow and trusted with responsibility. We respect and care for each other and value diversity.

Empower Our People

We are curious, seek out new ideas and find a way to make change real.

Key Initiatives

Let’s take a look at some of the highlights of the CoINVEST portable long service leave scheme over the 2022/2023 financial year.

Key Membership Highlights


Calls taken


Email enquiries actioned


Claims paid

5.53 days

Average turnaround time to pay claims


New Employers registered


Active Employers registered


New Worker members registered


Average claim payment


Contributions collected and processed


Average quarterly contribution per Worker


Active worker members


Members eligible to claim long service leave

Launching our new Values

CoINVEST launched its new and improved Cultural Values in November 2022 to build a clear and compelling culture story that is unique and distinctive. It plays a vital role in our strategic plan to remain an innovative and forward-thinking organisation that places a strong emphasis on its cultural values, serving as the guiding principles for our operations and interactions with Members. The new values are;

Here for Members – Our Members are at the centre of everything we do. Thrive Together – We collaborate to overcome challenges and celebrate our achievements. Anticipate and Create – We are encouraged and supported to grow and trusted with responsibility. We respect and care for each other and value diversity. Empower Our People – We are curious, seek out new ideas and find a way to make change real. 

This is just the beginning of the journey as we continue to embed our values and focus on how we will demonstrate them every day.

Project Elevate

Project Elevate, our business transformation program that is focused on putting our members at the heart of everything we do, officially kicked-off in the 2022-2023 financial year. The program is designed to transform how we deliver value by digitising our member experiences, streamlining our processes, implementing new technology, and reviewing our scheme rules to better reflect today’s construction industry.

As the regulator of the Construction Industry Long Service Leave Scheme, our aim is to administer and regulate the Scheme and Fund in an efficient, comprehensive, and scalable way. With these changes we will improve our operations, increase employee engagement, and provide improved member experience.

Cyber security awareness training program

Our Cyber Security maturity level continues to build at CoINVEST. As we have seen, organisations have been facing an increasing number of data breaches, with statistics indicating that more than 85% of data breaches worldwide are due to human error. Across the organisation, we have begun to implement a Cyber Security Culture Awareness Program as proactive education and practices that reduce this risk to CoINVEST.

An Information Security Management System has been established to continually improve our systems and processes. Moreover, how our people work to protect our data is aligned with industry best practice frameworks. This takes a risk based approach to ensure that our efforts are applied into the best areas.

Chair and CEO Report

Jenny Acton and Craig Bell

chair of the board and chief executive officer, coinvest lIMItEd

In the 2023 financial year (FY2022-23), CoINVEST defined its purpose, “To support and protect the long-term wellbeing of construction workers and the vitality of the construction industry”. Providing the benefits of portable long service leave not only enables our worker members to enjoy well deserved, paid breaks from their demanding roles, but also ensures they return rejuvenated and ready to tackle their jobs and thereby supports the continued vitality of the construction industry. 

Consistent with this Mission Statement, we also embarked on a new Strategic Plan for our business with a Vision, “To be the best operator of a portable entitlement scheme”. The Strategic Plan is supported by four important values which will help us become a more member centric organisation that values our people who support each other and look at innovative ways to make change. The values are;

– Here for Members

– Empower our People

– Thrive Together

– Anticipate and Create

– Thrive Together

As a result, we are undertaking substantial transformation initiatives which will span several years and are designed to rebuild the business for the future, aligning it more effectively with the evolving demands of the construction industry. The initiatives entail a comprehensive review of our processes, systems and people to significantly improve the experience members have with CoINVEST. Improving the ways we work will be supported by a new workplace environment. We have initiated the planning and design phase for the refurbishment of our Albert Street office, with the project scheduled to commence in FY2024. This project will not only see a significantly improved workplace for our dedicated staff, but will also contribute to the overall enhancement of the building’s infrastructure and amenities...

While looking to the future we have also focused on the need to deliver currently for our members. The rising cost of materials, scarcity of workers and challenges to worker wellbeing have continued to cause difficulties within the Victorian construction industry. CoINVEST has worked hard to support our employer members and ensure our worker members and working subcontractors have remained employed and engaged by allowing them to take the rest and rejuvenation they need.

We are pleased to report that during FY2022-23, CoINVEST has;



    ·      Paid 20,225 long service leave benefits, up 27% on FY2022, totalling $191m.

  • ·      Increased our number of members (workers, apprentices and working sub-contractors) to 272,907, a gain of 13,297 (5%).
  • ·      Received $274m in contributions from our 18,455 active employers, an increase of 21%.
In addition, we made headway in tackling the challenges of missing service for our worker members and adjustments for our employer members. In relation to the Construction Industry Long Service Leave Fund in Victoria (the Fund), in FY2022-23 the Fund;
  • ·      Achieved a total investment return of 7.5%.
  • ·      Increased by $182.5 million.
·      Maintained an accrued funding ratio of 124.6%, 4.6% above the target of 120%. 
·      Ended the financial year with a balance of $2.003 billion.

The Fund is in a sound financial position, and now being over $2b in size makes us the largest worker entitlement scheme in Victoria and one of the largest schemes in Australia. The strong investment performance for the year was a result of all asset classes positively contributing to the result, with equities the largest contributor producing a 18.35% return for the year. The strong funding ratio, whilst lower than FY2022 due to a change in the discount rate used, now represents a more conservative funding ratio that demonstrates the strength of the Fund. The Fund maintains a long-term investment horizon to meet its long-term long service leave liabilities to its members.

During FY2022-23, CoINVEST also co-sponsored an International Research Project on the construction industry. Being a research partner was important to CoINVEST. The ‘Building a Transition’ report was launched in June 2023 and recognises the importance of responding to the multiple challenges facing the construction industry. We hope it will inform policy development, support and industry practices by governments and other key construction industry stakeholders. We thank all our staff for their continued efforts towards the success of CoINVEST and our Executive team for their leadership and strategic planning. 

We also thank all our members for their continued support over the course of the year, and the Directors for their contributions to CoINVEST and the industry. On behalf of the Board, we particularly acknowledge Directors Arron Harris, Barry Terzic and Tim Piper who concluded their positions on the Board during the year and thank them for their service, dedication and contributions to furthering CoINVEST’s efforts in administering the Fund. We look forward to continuing to pursue our ambitions with renewed vigour and sustained momentum in FY2024. With strategies and plans in place such as our business transformation project, the refurbishment of our building and the implementation of our new enterprise agreement, we are confident that the future of CoINVEST, its members and the Victorian construction industry looks bright.


Jenny Acton

Chair of the Board of Directors, CoINVEST Limited


Craig Bell

Chief Executive Officer, CoINVEST Limited




Fund Performance

Let’s take a look at some of the highlights of the performance of the long service leave Fund over the 2022/2023 financial year.

Fund Highlights

$2 Billion

Value of the Fund


Benefits paid to members


Investment return to the Fund

8 years

Scheme has been fully funded


Funding ratio - the Fund's ability to pay current and projected LSL benefits at 30 June 2023

Investment Review

During the 2023 financial year, central banks embarked on an aggressive campaign to raise interest rates, marking the most significant tightening since the early 1990s. Their primary goal was to combat the mounting inflationary pressures. As a result of these actions, economic growth in several major developed nations decelerated. However, the downturn proved to be less severe and protracted than originally anticipated. Resilience was largely attributed to consumers who remained steadfast, buoyed by the surplus savings they had amassed during the pandemic. Additionally, strong corporate earnings and persistently tight labour markets played pivotal roles in mitigating adverse economic effects. By the end of FY2022-23, it became evident that the monetary policy measures aimed at tightening had taken hold. This resulted in a substantial reduction in both overall inflation and economic growth. Remarkably, despite concerns about an economic slowdown, most major economies successfully averted sliding into a recession.   

Amidst the rising interest rates and concerns about economic deceleration, risk assets, such as equities and corporate bonds, delivered outstanding performances throughout the year. Investment performance over the year unfolded in several phases. The first quarter of the 2023 financial year witnessed a downturn, triggered by surging interest rates that prompted a revaluation of assets. However, as expectations of reaching the peak in inflation and interest rates materialised, coupled with the economy’s steady performance and robust growth in corporate earnings, market stability was achieved in the second quarter of FY2022-23. This stability then evolved into a rally in the latter half of the year. In stark contrast, the real estate sector faced grim performance. Underperformance in this sector was primarily driven by a sharp decline in commercial property prices, which were adversely affected by the upsurge in interest rates and persistently high office market vacancy rates. Due to the overall strong investment return for the financial year, the Fund was able to maintain a strong accrued funding ratio at 124.6% as at 30 June 2023.

The annual investment return of the Fund for the financial year ended 30 June 2023 was 7.5%, net of investment manager fees and taxes. All asset classes contributed positively to the year end result. Equities were the return driver producing 18.35% for the year; all other assets classes added modest gains. Strong market gains and positive cashflows for the year resulted in the Fund growing by $182.5 million to close the financial year with a value of $2 billion. Whilst the annual result was strong, the Fund is a long term investor and maintains a long-term investment horizon to meet its long-term liabilities in paying Long Service Leave benefits to its members. As such, the Fund’s objective is to provide strong longer-term performance and outperform wage inflation over ten years. The Fund has been able to outperform its objectives – over 5 Years the investment return (after investment manager fees and taxes) was 5.84%, an outperformance against the objective by 0.46% and over 10 Years, the investment return (after investment manager fees and taxes) was 7.93%, 1.87% higher than the return objective of 6.06%.

The portfolio has been constructed with the advice of our asset consultants, WTW, with risk objectives to limit the likelihood of a negative return to no more than 5 in 20 years, and to limit the likelihood of a negative return in any year to no more than -12.5%. These objectives have been achieved over the past two decades. CoINVEST works closely with WTW in terms of positioning the portfolio with regular market and economic insights on strategic asset allocation and monitoring of investment fund managers. The Trustee has defined a Strategic Asset Allocation (SAA) range that aligns with its long-term investment objective in a risk adjusted manner. The Trustee also maintains an SAA target, which is typically the mid-point of the SAA range. The investment portfolio is managed to attain an actual asset allocation that mirrors the SAA. A summary of Fund’s SAA and asset class performance is as follows;


Equities, both domestic and foreign, were the driver of the positive performance, contributing almost 90% of the total fund return for the financial year. The return on equities was 18.35% net of investment manager fees and taxes. Global equities over the year returned 22.6%, while the Australian share market lagged the international share market and returned 14.8%. The combined equity results for the year returned this asset class to the highest performing asset class over the longer term, i.e. 5, 7 and 10 year time periods.


Real assets were the lowest performing asset class for the year, adding just 1.05% and being a significant drag on performance against the Fund’s objectives. Nonetheless, unlisted infrastructure assets produced some excellent returns and performed significantly better than listed infrastructure. However, property valuations decreased significantly over the past 12 months across all property assets, but particularly for offices where real estate transaction activity was thin and so provided limited evidence for valuers, lenders and investors to rely on, resulting in softer valuation metrics.


The Alternatives asset class produced a result of 4.52% over the year. Allocations to multi asset strategies were challenged during this time, whilst sub-investment grade credit produced equity like results of 14.76% for the year.


During the financial year, the allocation to fixed income was decreased from 28% to 18%. Fixed Income produced a positive result of 2.23% for the year and outperformed its benchmark.


Throughout the year, central banks raised cash rates to prioritise the reduction of inflation. The Reserve Bank of Australia (RBA) increased the Official Cash Rate to 4.1%. CoINVEST’s cash return for the year was 3.02% and exceeded the Bloomberg Ausbond Bank Bill Index.


Investment Expense Ratio

An Investment Expense Ratio (IER) reflects the total cost of managing the Fund’s investments and includes investment manager fees, custodian and asset consultant fees, time spent managing the Fund’s investments across management, the Investment Committee and the Board, and an allocation of overheads. The IER is calculated by dividing these total expenses by the average value of the investment portfolio across the year. The method was agreed with CoINVEST’s asset consultant and external auditor and approved by the relevant CoINVEST Board Investment Committee in 2021. The IER for 2023 financial year was 0.60% (2022: 0.65%). Consistent with industry practice, the 2023 annual investment performance has been quoted as net of investment manager fees and taxes at 7.50% (refer above). This annual return performance reduces to 7.38% after all investment expenses and taxes.


Investment Governance

During the financial year, and working with our asset consultant, the Board spent considerable time reviewing the Fund’s Investment Strategy and undertook an Asset Liability Modelling review. The review enabled CoINVEST to analyse and determine a reasonable level of investment risk exposure, considering its current and future expected liabilities and contribution rates in order to determine an appropriate investment target return, strategic asset allocation and target funding ratio. This review was completed in August 2022 with the recommendations approved by the Board and implemented during the financial year. The review assisted in identifying a clear and robust funding ratio target and provided insight into future funding and solvency outcomes, revision of the level of investment risk, and strategic asset allocation recommendations. Investment risk and return objectives were also reviewed at this time and a new total fund benchmark proposed. This review resulted in the Board approving a target accrued funding ratio of 120%, and a transition to 80% growth assets. CoINVEST is committed to undertaking this important work on a rolling 3-year review cycle to ensure the Fund is operating with strong governance. During the second half of the financial year, CoINVEST reviewed its alternatives asset class, reducing multi assets and increasing its allocation to credit by adding a diversified credit manager, providing a more diversified credit allocation.

A review was also undertaken to determine the appropriateness of the investment model CoINVEST uses to manage its investments. The Board approved the current investment model together with a desire to enhance it to gain efficiency and greater alignment. A review of key relationships to support the investment model will be undertaken during the 2024 financial year. The Board developed its Responsible Investment policy, a policy that will continue to evolve over time, and has committed to further develop CoINVEST’s commitment to an Environmental, Social and Governance (ESG) investment overlay. Whilst the investment environment and outlook continues to remain volatile domestically and globally, the Fund’s Investment Governance Framework anchors best practice investment risk management practices. In consultation with our asset consultants, the Fund will continue to monitor and balance risk and return in line with the Board’s risk appetite to provide the strong, reliable funding stream needed to pay member benefits as and when they fall due and maintain a strong net asset and funding ratio position

Fund Managers

Asset Class / Fund Manager as at 30 June 2023


Wellington Asset Management LLP

Veritas Asset Management LLP

American Century Investments

Polaris Capital Management LLC

Northcape Capital

Hyperion Asset Management

Merlon Capital Partners


Morgan Stanley Investment Management (NHGIF I)

Morgan Stanley Investment Management (NHGIF II)

Ancala Partners LLP

Maple Brown Abbott

Internally Managed Assets Direct Property

Mirvac Wholesale Office Fund

Barwon Investment Partners

Europa Capital

Resolution Capital Ltd

Palisade Impact Pty Ltd


Fulcrum Asset Management LLP

Oakhill Advisors

Towers Watson Investment Management


Tactical Global Management


Macquarie Investment Management Global Ltd


Internally Managed Cash

Board of Directors

The CoINVEST board has eleven Directors, consisting of eight industry representatives and three independents.

Jenny Acton

Independent Director and Chair

David St. John

Independent Director

Di Fulton

Independent Director


Chair of Remuneration, People & Culture Committee | Member of Investment Committee and Audit, Risk & Compliance Committee

Jenny Acton was appointed as a Director and Chair of the Board of Directors on 1 October 2021. Jenny has relevant expertise in sound governance, remuneration, corporate culture, and ethical and evidence-based decision-making from her experience in finance, logistics, ports, transport, water and education industries. She holds Bachelor and Masters Degree in Economics, as well as Law, and was awarded the Supreme Court Prize in Law. Jenny is also a Barrister and Solicitor of the Supreme Court of Victoria and has been accredited as a mediator under the Australian National Mediator Standards.



Chair of Investment Committee | Member of Audit, Risk & Compliance Committee and Remuneration, People & Culture Committee

David St. John was appointed as a Director on the Board on 1 October 2019. David has an extensive background in investment management as a practitioner and as a consultant. He currently sits on the Investment Committees at Deakin University and GrainGrowers Limited. David’s career included investment consulting at William M. Mercer where he was a World Wide Partner, and he was Chief Investment Officer at UniSuper for eight years from 2001 to 2009. He also has past experience as a Member and Chair of Legal Super’s Investment Committee, and as a Non-Executive Director of the Motor Accidents Insurance Board in Tasmania. David holds a Bachelor of Agricultural Science (BAgrSc), a Master of Business Administration (MBA), and a Graduate Diploma in Applied Finance and Investment. He is a Senior Fellow of the Financial Services Institute of Australasia (SF Fin) and a Fellow of the Australian Institute of Company Directors (FAICD).


Chair of the Audit, Risk & Compliance Committee | Member of Investment Committee and Remuneration, People & Culture Committee

Di Fulton was appointed as a Director on the Board on 1 October 2015. Di is an experienced non-executive Director with a background in the technology and telecommunications sector spanning more than 25 years. She has an extensive commercial background as an operational executive working across sales, marketing, customer experience and business transformation. Prior to joining the Company board, Di was the Executive Director of Global Commercial Operations with Telstra. Di holds a Graduate Diploma of Business and is a graduate of the Australian Institute of Company Directors (GAICD).

Robert Graauwmans

Building Trades Workers

Paddy McCrudden

Building Trades Workers

Arron Harris

Electrical Trades Workers


Member of Audit, Risk & Compliance Committee

Robert Graauwmans was appointed as a Director on the Board on 1 July 2017. Robert has been a full time official of the CFMEU since 2006. He was responsible for the Western Districts of Victoria for six years, and then moved to Melbourne to represent Mobile Crane Hire and the Inner Eastern Suburbs. Robert is President of the CFMEU in Victoria.



Member of Investment Committee

Paddy McCrudden was appointed as a Director on the Board on 22 November 2012. Paddy was employed by CBUS from 2005 to 2010. He re-joined the Plumbing Trades Employees Union in 2010 and currently holds the positions of Assistant Secretary and Federal President. He is also a director of the Plumbing Industry Climate Action Centre, the Plumbing Joint Training Fund, the Plumbing Advisory Council and the Indigenous Plumbing and Sanitation Foundation.


Member of Remuneration, People & Culture Committee

(Term ended 30 June 2023)

Arron Harris was appointed as a Director on the Board on 9 May 2017. Arron has worked in the electrical industry for more than 25 years after completing an electrical apprenticeship and has worked on many multi-million dollar projects including major retail centre upgrades and medical projects. In 2006, Arron became a branch organiser with the ETU Victorian Branch representing electrical workers in the contracting industry sector. Arron is also an active member in the community with sporting coaching positions. In November 2016, Arron was appointed as an Assistant Secretary of the ETU Victorian Branch. Arron resigned from the board on 30 June 2023 at the end of his term.

Barry Terzic

Metal Trades Workers

Raoul Wainwright

Metal Trades Workers

Grant Donald

Building Trades Employers


(Resigned 9 August 2022)

Barry Terzic was appointed as a Director on the Board on 16 October 2018. After qualifying as a fitter and machinist in NSW in 1982, Barry worked in the trade for 2 years. After obtaining a degree in industrial relations in 1987, he commenced employment at what is now the Australian Manufacturing Workers’ Union in 1988 as a national research officer. Barry worked in this role until 2002, principally as an industrial advocate for the AMWU. In 2002, Barry commenced employment as an adviser to the then shadow minister for industrial relations and shadow attorney general in the Commonwealth parliament. He commenced employment with the AMWU’s Victorian branch in 2005 as an industrial officer. While there, he completed legal studies, was admitted as a lawyer and currently holds a lawyer’s practicing certificate. Barry resigned from the Board on 9 August 2022.



(Appointed 14 September 2022)

Raoul was appointed as a Director on the Board on 14 September 2022. Raoul has extensive experience as an Industrial Advocate, having first worked in the union movement in 1992. Raoul holds a law degree and currently serves on the Victorian Government Purchasing Board. He is a former Deputy Chairperson of the Victorian Adult, Community and Further Education Board.


Grant Donald was appointed as a Director on the Board on 1 July 2017 after being an alternate Director since May 2016. Grant is a Director of a long-term family run commercial plumbing business in Ballarat. Grant is on the National Council the Major Contractors Division and is an Executive Board Member & the Hon Treasurer of the Master Plumbers and Mechanical Services Association of Australia. Grant is also a member of the Australian Institute of Company Directors. Grant is also a Justice of the Peace.

David Newnham

Building Trades Employers

Michael Purnell

Electrical Trades Employers

Tim Piper

Metal Trades Employers


Member of Investment Committee

David Newnham was appointed to the Board on the 1st of July 2011 after being an alternate Director since March 2011. David has over 40 years of experience in the construction industry after graduating as a civil engineer. He has been State Building Manager for AV Jennings. After a management buyout of Stonehaven Homes in 1997, he became Managing Director, retiring in 2016. He remains a Director of the company. David has been a Director and President of the Master Builders Association of Victoria and was a member of the Building Practitioners Board from 1998 to 2006. He has also served as a Director of Incolink, the construction industry redundancy fund. David has also served as an expert witness for registration appeals at the Victorian Building Authority and is currently a mentor for the Victorian Small Business Mentoring Service. He was recently appointed as Chair of Lynden Aged Care. David is a member of the Investment Committee.



Member of Audit, Risk & Compliance Committee

Michael Purnell was appointed as a Director on the Board on 16 March 2016. Michael has a long history of Company Director, General Management and Management Consulting roles with high profile organisations including 21 years in the construction industry. Michael has served on the National & Victorian Councils of the National Electrical Contractors Association (NECA) as well as the NECA Industry Advisory Committee. He is currently also a Director of Protect and NECA Education & Careers. Michael is a Certified Practising Accountant (CPA), a member of the Australian Institute of Company Directors and Australian Society of Accountants. Michael is Director and Chairman of Future Energy Skills.


Member of Remuneration, People & Culture Committee

(Term ended 30 June 2023)

Tim Piper was appointed as a Director on the Board on 1 July 2019. He has been the Ai Group Head in Victoria since 2002. Prior to the Ai Group he spent five years as the Executive Director at the Australian Retailers Association Victoria and has previously practiced as a barrister and solicitor and worked as a journalist. Last year he was appointed as an Officer of Australia (AM). He is also Chair of the Industry Capability Network Victoria and sits on the Boards of the Portable Long Service Leave Authority and GS1 Australia. Tim sits on the Ministerial Worksafe Advisory Committee and is Deputy Chair of the Rail Industry Development Advisory Committee. He has also been an Australia Day Ambassador and received the Centenary Medal for Services to the business community. Tim’s term finished on 30 June 2023.

Executive Team

The executive team meets regularly to plan and control the operations and strategic management of CoINVEST’s activities.

Craig Bell

Chief Executive Officer (acting Chief Financial and Investment Officer from 4 January 2023)

Darren McConnell

Chief Finance and Investment Officer (resigned effective 4 January 2023)

Adam Cusack

General Manager, Membership Services

Craig has over 30 years experience in finance related roles across a range of industries and countries, including financial services (investment banking), government, and mutual/member-based organisations. He is also a Director and former Chair of the Lord Mayor’s Charitable Foundation and newly appointed Chair of the Victorian Pride Centre.

Before joining CoINVEST in September 2021, Craig served as CEO of Foresters Financial, one of Australia’s largest member-owned friendly societies that offers a range of investment and insurance products. Prior to this, Craig served as the CFO for the Victorian Chamber of Commerce and Industry.

Craig is passionate about transforming businesses for success and creating member-centric organisations. He is a Fellow of CPA Australia, a Graduate of the Australian Institute of Company Directors and holds a Bachelor of Commerce degree..  


Darren has an extensive career in financial services sector, the Philanthropic and Not for Profit services sector having worked for the past 30 years with financial services, high-net worth family groups, and large family offices servicing large investment funds, and foundations.

Darren has broad financial services, governance and systems development experience and he has held board positions including company secretary for a regional scholarship foundation.  


Adam has led the membership operations, scheme compliance and industry engagement functions for the Fund since June 2020.

Prior to joining CoINVEST Adam had portable entitlements executive roles at Incolink (Victorian building and construction industry redundancy fund) as General Manager Member Experience and Special Projects Executive. Prior to the Construction industry, Adam had senior roles at Origin Energy in Retail Operations, Solar and Emerging Businesses and customer experience and quality assurance at ANZ Bank. 

Adam is a senior customer experience and digital transformation leader with expertise across operational leadership, strategy, human-centered design, program delivery, quality and assurance and business redesign. He has a background in Banking, Insurance, Trust Administration and retail Energy.

Catryn Tuckwell

General Counsel, Legal and Compliance

David Lang

General Manager, Technology and Innovation

Carly Hendon

General Manager, People and Culture

Catryn joined CoINVEST in May 2022 as General Counsel and is responsible for the legal, governance, risk, and compliance functions of CoINVEST. She has over 20 years’ experience as a commercial lawyer and company secretary, including with at King and Wood Mallesons, Cadbury Schweppes, Asahi, Scope, and the Victorian Arts Centre Trust. Catryn holds a Masters of Intellectual Property Law and Diploma of Financial Markets. She is a Chartered Governance Professional and Fellow of the Chartered Governance Institute and is also a Graduate of the Australian Institute of Company Directors.

Outside CoINVEST, Catryn volunteers as company secretary for disability charity, L’Arche Australia, and is on the management committee for the Richmond Junior Football Club.  


David joined CoINVEST in February 2022 and has over 10 years of experience in IT senior roles across automotive, manufacturing, engineering, and motorsport industries, as well as not for profit, membership, and charity organisations.

He has an extensive background of leading teams, digital transformation, ERP implementation, cloud platform, security, and application implementation.

With previous senior IT roles at Movember and the Victorian Chamber of Commerce and Industry and Prodrive, David is a hands on technology and innovation leader with experience in implementing effective solutions across the whole of business technology and digital solutions.

Carly joined CoINVEST in June 2022 and has a robust background in senior people and culture roles, across a range of industries such as Mining, Oil and Gas, FMCG and Financial Services across the Asia-Pacific region. Most recently at Honan Insurance, Winc, and BP among others.

With over 16 years of experience in solutions-focused human resources projects, she has supported enterprise-wide change initiatives ranging from process automation, digital transformation, organisational culture change, divestments and acquisitions.

Carly is passionate about driving strategic and operational results in performance, engagement and change across all areas of CoINVEST.  

financial Report

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