AFI’s $20 billion fund is to make a $30 million investment in mac cosmetics maker Zoe iredalale, according to the Australian Financial Market Operator.
The fund will help support the company’s growth plans, the AFR’s Andrew Wilson reports.
Mac is a privately held company based in Sydney that makes skincare and beauty products for the home and commercial market.
Mac cosmetics are currently one of the best-selling brands in the world, with an estimated $300 million in sales per year.
The AFI is the Australian regulator for the banking industry.
The fund’s capital contribution will be matched by a loan from Mac’s parent company, Macquarie Group, and its affiliates.
Macquarie will receive the proceeds of the loan from AFR, while Mac cosmetics will receive cash from Macquare.
The Australian Financial Conduct Authority is a government agency that sets standards for financial services, and investigates and enforces compliance with the rules of the financial system.AFI’s chairwoman, Deborah Mckay, said the AFI fund would support Macquarry’s efforts to achieve sustainability.
Mac products have grown rapidly in recent years.
Mac cosmetics sales have surged in recent months, with the company reporting record-breaking revenue of $10 billion in 2015.
Mac made $5 billion in revenue last year, according the company.