This chapter outlines the creation and development of the Australian Future Fund (FF), showing how and why policy makers adopted this option to manage the challenges presented by the “good economic fortune” that occurred in Australia from the mid-1990s to 2010. It discusses the politics behind the governing structure of the FF, which is copied from its neighbor, New Zealand. Despite its initial emphasis on independence, political influence was inevitable when selecting and appointing the chairman of the Board of Guardians. The chapter examines the two key issues of “ethical investment” and “ethical operation” and shows the difficult balance of demands between diverse constituents; it identifies the space created by the expectation that the FF will behave in a similar fashion of all profit-maximization investors.