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August 29, 2018
Iwi and land trusts in $115m investment fund
Waatea Team
Posted On August 29, 2018
A fund for Māori to invest in large-scale New Zealand businesses and assets has closed with $115.5 million in the kete.
Chair Paul Majurey says partners in Te Puia Tāpapa Māori Direct Investment Fund include 26 iwi and Māori entities from the lower North Island, Taranaki, Waikato, Bay of Plenty, Hauraki, Northland, Auckland, Te Tau Ihu and Wharekauri-Chatham Islands.
He says it's an historic milestone that has taken years of work to achieve and a real commitment among Iwi and Māori entities to work together for the long-term economic wellbeing of their people and the nation.'
The fund can access larger quality investment opportunities than the partners could individually.
It provides diversity to their traditional primary industry investments and capital to unleash the potential of some under-utilised Māori assets.
Mr Majurey says in a departure from the typical New Zealand private equity fund and in line with the Māori long term world view, the fund will invest over 15 to 20 years and co-invest to own assets for the long term.
Investments will be selected and managed by a committee of experienced investors, chaired by Nick Ross, previously CEO and chair of UBS NZ.
The fund is a preferred partner of NZ Super Fund and it wants to have similar relationships with other highly regarded institutional investors.
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