July 14, 2020
Māori investment fund hits the road
Te Pūia Tāpapa – the $115.5 million fund established by 26 iwi and Māori entities – has made its first investment.
It has partnered with the New Zealand Superannuation Fund and Direct Capital to buy a 31 percent stake in heavy vehicle fleet leasing business TR Group for an undisclosed sum.
Chair Paul Majurey says TR Group is the market leader in heavy vehicle fleet leasing and rental with a fleet of over 5,700 trucks, trailers and buses, and 12 branches in Aotearoa.
He says transport and logistics is a fast-growing sector, and that growth is likely to continue as New Zealand’s ageing truck fleet comes up for replacement with lower-carbon alternatives.
Direct Capital will manage the investment on behalf of the other two investors.
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