Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Iwi investment fund gets $100 mln in indicative commitments

Iwi investment fund gets $100 mln in indicative commitments

By Sophie Boot

Nov. 10 (BusinessDesk) - The New Zealand Superannuation Fund says it has received indicative commitments up to $100 million for a proposed iwi and Māori direct investment fund.

The fund would see groups pooling capital to make collective investments with a 15-to-20-year investment horizon. Commitments have been made by more than 35 iwi, pan-tribal organisations, Māori land trusts and Māori incorporations, including various Tūwharetoa organisations aggregating together as a single investor, Te Tumu Paeroa, and various Taranaki iwi entities, the Super Fund said in a statement.

The fund is scheduled to close in late December, with legal documentation and internal governance still being finalised. It has been developed as a partnership project by the Ministry of Business, Innovation and Employment, He kai kei aku ringa (the crown-Māori economic partnership), Ngāti Awa Group, and the Super Fund.

"Reaching this milestone shows real commitment amongst iwi/Māori organisations to work together for the long-term economic wellbeing of our people and New Zealand more broadly,” said Paul Quinn from Ngāti Awa Group, which has made an indicative commitment of $5 million to the fund. "It is pleasing to see significant levels of interest in the fund, especially from the Central North Island and Taranaki-based organisations."

The Super Fund's chief investment officer Matt Whineray said the fund would help foster new co-investment opportunities for iwi and Māori organisations as well as other investors with similar investment values and endowments.

The fund "has established a relationship with the NZ Super Fund and will aim to build similar relationships with other institutional investors, with a view to creating and participating in co-investment opportunities," it said.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Stats: Auckland’s Population Falls For The First Time
In the wake of the COVID-19 pandemic, New Zealand’s population growth slowed down with Auckland recording a population decline for the first time ever, Stats NZ said today. “New Zealand saw slowing population growth in all regions... More>>



BusinessNZ: Third Snapshot Report Reveals $9.5 Billion Business Investment In Climate Action

Signatories to the Climate Leaders Coalition have committed to invest $9.5 billion over the next five years to reduce emissions from their businesses, as revealed in their third anniversary snapshot report released today... More>>

Digitl: The home printer market is broken
Printers are more of a security blanket that a serious aid to productivity. Yet for many people they are not optional.
Even if you don’t feel the urge to squirt ink onto dead trees in order to express yourself, others will insist on printed documents... More>>


Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>