Iwi/Māori Direct Investment Fund receives indicative commitments of up to $100m
POSTED ON: 9 November 2017
Joint Media Statement by MBIE, NAGHL and NZSF
Indicative commitments of up to $100 million have been made by iwi, pan-tribal organisations, Māori land trusts and Māori incorporations to a proposed Iwi/Māori Direct Investment Fund.
The Fund, which will help the Māori groups further diversify their portfolios and access larger scale direct investment opportunities than they can achieve on an individual basis, will see the groups pooling capital for collective investments. Iwi and Māori groups have an increasing economic base, with potential to grow land, capability and capital.
Over 35 Māori groups have made indicative commitments to the Fund and are now working together to finalise legal documentation and internal governance approvals. Organisations that have made indicative commitments to the Fund include various Tūwharetoa organisations aggregating together as a single investor, Te Tumu Paeroa, and various Taranaki iwi entities.
Formal Fund closure is scheduled for late December.
“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 Holdings, 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 Fund will have a 15-20 year investment horizon with an appointed Board and Manager, and a separate, independent, Investment Committee making investment decisions. 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.
Matt Whineray, Chief Investment Officer at the NZ Super Fund, said: “The Iwi/Māori Direct Investment Fund will help foster new co-investment opportunities for Iwi/Māori organisations as well as other investors with similar investment values and endowments. We look forward to working with the Fund on a mahi tahi (collaborative) basis for mutual commercial benefit.”
The Fund 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 Holdings Limited and the NZ Super Fund.