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External managers

On this page we provide a six-monthly summary of our external manager relationships.

A complete list of the Funds' asset and investment managers (both those appointed by us and those who manage funds in which the Fund is invested) is published each year in our Annual Report

NZ Super Fund

External investment managers as at 31 December 2021
Manager  Year appointed Fund name and focus areas Type
Adams Street Partners 2007 Adams Street Partnership Fund - 2007 Non-U.S. Fund - buyout, funds of funds Unlisted
Apollo Global Management LLC 2014 Financial Credit Investment II - US life settlements Unlisted
2017 Financial Credit Investment III - US life settlements Unlisted
AQR Capital Management, LLC 2009 CNH Convertible Arbitrage Fund - a diverse convertible arbitrage fund Listed
2018 Segregated mandate - multi-factor investing Listed
Ascribe Capital 2010 American Securities Opportunity Fund II - distressed credit Unlisted
Bain Capital 2013 Bain Capital Credit Managed Account (NZSF), L.P. - distressed credit Unlisted
BlackRock Investment Management UK 2016 Global Merger Partners LLC - merger arbitrage Listed
2020 Segregated mandate - fixed interest securities (ex Treasuries) Listed
Bridgewater Associates 2006 Bridgewater Pure Alpha Fund II, Limited - global macro Listed
Canyon Capital Advisors 2010 Canyon Distressed Opportunities Fund (Delaware) - distressed credit Unlisted
2016 Canyon NZ DOF Investing L.P. - distress credit Unlisted
Carlyle 2020 Carlyle FRL, L.P. Insurance runoff Unlisted
CBRE Global Investors 2021 Asia Value Partners Fund VI – Development Real Estate Unlisted
CIM 2019 N-Data Center Portfolio Co-Investor, LLC – US & Canadian real estate Unlisted
Citadel 2020 Citadel Kensington Global Strategies Fund II – global macro Listed
CITP 2011 China Infrastructure Partners V Fund – Chinese infrastructure and related investments Unlisted
Coller Investment Management 2007 Coller International Partners V Fund - global private equity secondaries Unlisted
Columbia Capital 2020 Columbia Spectrum IV-A, LP - telecommunication spectrum licences Unlisted
Devon Funds Management 2011 Segregated mandate - New Zealand active equities Listed
Deutsche Finance
International
2021 European Value Add Fund II – Secondary Real Estate Unlisted
Direct Capital 2009 Direct Capital Partners IV - New Zealand growth capital Unlisted
2016 Direct Capital Partners Fund V - New Zealand growth capital Unlisted
2020 TR Group Limited co-investment  Unlisted 
2020 Direct Capital Partners Fund VI - New Zealand growth capital  Unlisted
Elementum Advisors 2010 Segregated mandate - Natural catastrophe reinsurance Unlisted
FarmRight 2010 Rural land in New Zealand Unlisted
Fifth Wall 2021 Energy growth (Climate technology) Unlisted
Global Forest Partners 2007 Global Timber Investors 8 - timber assets in Australia, New Zealand and South America Unlisted
2009 & 2012 AIF Properties - Australian Timber Unlisted
2010 Global Timber Investors 9 - timber assets in New Zealand, Australia, Asia, Africa and South America Unlisted
Grain Management 2020 Grain Spectrum Holdings III, LP - telecommunication spectrum licences Unlisted 
HarbourVest Partners 2006 HarbourVest International Private Equity Partnership V Fund - buyout, funds of funds Unlisted
Hillwood 2019 US Industrial Club V, LP - Industrial development assets in US Unlisted
2021 US Industrial Club VI, LP - Industrial development assets in US Unlisted
H.R.L. Morrison & Co 2006 Global infrastructure mandate, which includes our investment in Retire Australia, Flow Systems, Longroad Energy and Galileo Green Energy Listed and Unlisted
2009 Public Infrastructure Partners Fund - social infrastructure such as educational and healthcare facilities, and student accommodation  Unlisted 
Kohlberg Kravis Roberts (KKR) 2007 KKR Asian Fund - Asian private equity Unlisted
2008 KKR 2006 Fund - global private equity Unlisted
2014 KKR Energy Income and Growth Fund (EIGF) and private equity flexible mandate in North American natural gas exploration and production, midstream, downstream and/or energy infrastructure and services Unlisted
Leadenhall Capital Partners 2013 Natural catastrophe reinsurance Unlisted
Mint Asset Management 2015 Segregated mandate - New Zealand active equities Listed
Movac 2016 Movac Fund 4 - New Zealand growth capital Unlisted
2020 Movac Fund 5 - New Zealand growth capital  Unlisted
Neuberger Berman 2018 Neuberger Berman Principal Strategies Merger Fund (NZSF), LP - merger arbitrage Listed  
Northern Trust 2013 Segregated mandate - passive global equities Listed
2015 Segregated mandate - passive emerging markets equities Listed
2018 Segregated mandate - multi-factor investing Listed
Pencarrow Private Equity 2011 Pencarrow IV Investment Fund - New Zealand growth capital Unlisted
Pioneer Capital Partners 2013 Pioneer Capital Partners Fund II - New Zealand growth capital Unlisted
2016 Pioneer Capital Partners Fund III - New Zealand growth capital Unlisted
2021 Pioneer Capital Partners Fund IV - New Zealand growth capital  Unlisted
2021 Pioneer Capital Partners Fund VI - New Zealand growth capital  Unlisted
Slate 2021 European Essential – Secondary Real Estate Unlisted
Stepstone 2021 Venture capital Unlisted
State Street Global Advisors 2009 Segregated mandate - passive global listed equities (large cap) Listed
  Segregated mandate - passive global listed equities (small cap) Listed
  Segregated mandate – passive emerging markets equities Listed
Two Sigma 2020 Two Sigma Absolute Return Macro Enhanced Fund, LP - global macro  Listed
UBS 2021 Segregated mandate – passive global equities Listed
2021 Segregated mandate – multi-factor investing Listed
Waterman Capital 2010 Waterman Fund II – New Zealand growth capital Unlisted
Willis Bond & Co 2010 Willis Bond Institutional Partners - private equity real estate in New Zealand Unlisted

 

Elevate NZ Venture Fund

External investment managers as at 31 December 2021
Manager  Year appointed Fund name and focus areas Type
New Zealand Growth Capital Partners 2020 New Zealand venture capital Unlisted

 

Internal mandates

Some of the Fund's investments are managed by the Guardians' in-house team of investment professionals.

We choose to manage investments ourselves when we have the right skill set internally, can do so for an appropriate cost, and can see an advantage in in-house management over using an external manager (for example, through our relationships with key peer funds and potential co-investors in New Zealand and globally).

We have found there to be a good business case for managing investment functions internally where the activity is a high net value-add and/or a key control function.

Investment mandates managed by the Guardians’ in-house team of investment professionals include:

  • Active Direct
  • Active NZ Equities
  • Beta Implementation and Completion
  • Cash and Currency Management
  • Direct Arbitrage
  • Event-Driven Opportunity
  • Infrastructure Transition Assets
  • Life Settlements
  • Opportunistic Volatility
  • Passive NZ Equities
  • Securities Lending
  • Sovereign Bonds
  • Strategic Tilting
  • Tactical Credit
  • US Transition Assets
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