Insignia initially attracted three bidders: CC Capital, Brookfield and Bain Capital. The firm had been eyeing the Australian market since 2019, and this marks its first investment in the country. CC Capital becomes the second U.S. private equity firm to secure a major stake in an Australian super fund. Vanguard, the US$10trn American investment giant, made a bold move when it transitioned from managing super fund investments to becoming a super fund itself. The deal signals Mercer’s intention to double down on its commitment to the Australian market.