Lendlease’s Kylie Rampa lands the top job at Queensland Investment Corporation

One of the most senior women in property, Kylie Rampa has been named the new chief executive of the Queensland Investment Corporation.

Kylie Rampa has a long pedigree in local and international business. Picture: Britta Campion

Kylie Rampa has been named the new chief executive of the Queensland Investment Corporation and will step into the role in April 2022 to replace outgoing boss Damien Frawley.

Ms Rampa, a Queenslander with more than 25 years’ experience in Australian and global real estate, investment banking and funds management, will depart listed property group Lendlease to take on the top job at the $90bn QIC.

Her appointment follows a months-long global recruitment process undertaken by the Queensland government-backed investment manager after Mr Frawley announced in June his intention to leave the top job.

One of the most senior women in the property industry in Australia, Ms Rampa leaves Lendlease months after being appointed its group head of investments.

Prior to this she spent five years as CEO of Lendlease Property Australia, where she had oversight of an extensive property portfolio comprising major urbanisation development projects, as well as residential, retail, commercial and industrial developments and its retirement living business.

Queensland Treasurer and Minister for Trade and Investment Cameron Dick welcomed Ms Rampa’s appointment to lead the state government’s investment manager.

“QIC is a globally recognised institution and a vital asset in attracting private capital from Australian and international investors,” Mr Dick said.

“Kylie has worked for some of the largest companies in Australia, as well as a number of postings overseas.”

Ms Rampa’s experience leading complex projects and major redevelopments would be invaluable in the run-up to the Olympics, he added.

“There are opportunities to transform precincts like Roma Street and the Gabba to create a legacy from the Games, and under Kylie’s leadership QIC will make a significant contribution to achieving this,” Mr Dick said.

Established in 1991 by the Queensland government to serve its long-term investment responsibilities, QIC has, over 30 years, grown its assets under management to $92bn, becoming a leading long-term specialist manager in alternatives.

“QIC plays a critical role for our state and to attract someone of Kylie’s calibre demonstrates the high regard in which the organisation is held,” Mr Dick said.

“Her deep experience in real estate and her broader experience in investment management will ensure that QIC continues to deliver for its clients.”

It was significant to see Ms Rampa becoming the only Queensland woman to head a major Australian investment manager, he added.

Ms Rampa’s appointment at QIC comes after she missed out on the top job at Lendlease, which went to the head of the Asian unit, Tony Lombardo, earlier this year.

Following this, she was elevated to the group head of investments role, giving her a global mandate.

But her future at the company had been in question since Mr Lombardo’s appointment.

She is an expert in managing global capital partners, setting up new investment products and supporting the company‘s $110bn pipeline.

The property high-flyer’s start in the industry dates as far back as her time at university when she completed a bachelor of business degree part-time at Queensland University of Technology while working in property.

She then moved to Sydney and worked as a portfolio manager at the Macquarie Countrywide Trust, before stints at Schroders and AMP.

A move to North America with Macquarie in the mid-2000s saw Ms Rampa appointed head of the division’s real estate advisory.

Former Lendlease executives have gone on to run major financial institutions and infrastructure companies and the latest appointment continues this trend.

Mr Dick paid tribute to the outgoing Mr Frawley, noting his achievements over his nine-year tenure.

“Under Damien’s leadership, QIC has delivered strong results for its clients, including last financial year’s record $6.7bn in investment returns for the Queensland government,” he said.

“I wish Damien all the best for his retirement and look forward to welcoming Kylie in April 2022.”