Annual Report 2025 - TCorp

About this report

FY25 was an important year for TCorp. Despite greater economic uncertainty and volatility in global financial markets, we delivered positive investment and funding outcomes for the state and the people of NSW.

Highlights during the year include the establishment of OneFund, which brings together several state investment funds to improve investment returns and build long-term value for future generations.

TCorp’s investment funds returned an aggregated 11%, exceeding their investment objectives. We delivered a dividend of $140mn to the state while managing $118.6bn of assets. We raised $25.3bn of funding to support NSW Government programmes and the broader NSW community.

FY25 Financial highlights Providing resilience for the state over the long term

Cumulative investment returns generated for the state since 1 July 2015 (inception of funds management amalgamation)

Achieving significant financial impact for NSW Dividend

Supporting sustainable outcomes $2.1bn of sustainable bonds issued over the year, with total issuance under the NSW Sustainability Bond Programme standing at

Supporting the state New term funding (borrowing at fixed terms greater than one year)

$16.6 bn

Helping local government Council loans - $257.9mn approved over the year, with total lending commitments at

$1.3 bn

Assets under management Unlisted assets of $20.5bn with total assets under management at

$118.6 bn

Annual Reports

TCorp produces an annual report which gives details of our aims, objectives, corporate performance and operations each financial year. We also prepare an annual report on the NSW Sustainability Bond Programme. In this section, you will find copies of each report available in electronic format.