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Celebrating 20 years in timber
On 31 October 2006, the NZ Super Fund announced it had entered into an agreement to acquire a minority interest in the Kaingaroa Forest estate.
Today, our 42 percent shareholding in Kaingaroa Tipu (KT) is our largest single investment.
On 3 November, CEO Jo Townsend and other Fund representatives joined KT Board and management representatives and people from the local iwi who are our fellow shareholders to mark the anniversary.
As well as being a significant contributor to returns over the past two decades, this investment provides a great example of our intergenerational mandate and how our long-term investment horizon influences the types of investment we make.
As Jo said on the day, a lot of fund managers will never have the opportunity to mark a similar milestone – a 20 year-long commitment to a single investment does not fit with the way much of our industry operates.
Our investment in KT also showcases our commitment to investing in Aotearoa New Zealand, our ability to work with other large institutional investors who can provide capital and expertise to complement what we bring to the table, and our willingness to incorporate local communities and stakeholders into the business.
Click here to learn more about this important investment and for video from the 20-year celebration.
Changes to NZ equities mandate
Earlier this year, we carried out a detailed review of the way we manage our investments in New Zealand listed equities.
Following this review, we decided to terminate our internally-managed fundamental active equities mandate. The capital previously allocated to this mandate has been reallocated across our other internal NZ equities mandates, and members of the NZ active equities team will take up new roles in the broader investment business unit.
Throughout this process we have remained committed to our relationship with Mint Asset Management. Their active equities mandate, which had a value of $814m at 30 September 2026, is unchanged. In total, New Zealand listed equities continue to account for around four percent of the Fund’s net asset value.
We will maintain a strong voice on the health of New Zealand’s capital markets, both directly and through our involvement in the NZ Corporate Governance Forum, and continue to engage directly with companies whose shares we hold. Going forward, this engagement will be led by our newly appointed Head of Portfolio Completion, Michael McNee, alongside our Head of Sustainable Investment, Anne-Maree O’Connor.
Elevate-backed companies continue to grow
Companies backed by the Elevate Fund continue to demonstrate encouraging levels of growth. Year end data (30 June 2026) shows aggregate portfolio company revenue has increased from $125 million at the point of first investment to $561 million, with 15 companies now generating more than $10 million in annual revenue. Nineteen companies now employ more than 50 people, and portfolio companies now employ a total of 3,797 full-time equivalent staff (FTEs), with some 56 percent of those roles based in New Zealand.
Elevate fund manager NZGCP estimates that approximately $271 million, or 69 percent, of the revenue generated by the 15 largest portfolio companies during FY2026 comes from exports.
Offshore Renewable Energy feasibility permit application round opens
Taranaki Offshore Partnership (TOP), the joint venture between the Fund and global infrastructure investor Copenhagen Infrastructure Partners, has welcomed the opening of New Zealand’s first Offshore Renewable Energy feasibility permit application round, describing it as an important milestone for offshore wind in Aotearoa New Zealand.
“Offshore wind development is in New Zealand’s national interest and will strengthen energy security and support the path toward decarbonisation. We look forward to continuing our constructive engagement with the Government, local communities and iwi/Māori in Taranaki and across New Zealand to establish workable solutions that create the right regulatory, economic, and investment environment to support the country’s renewable energy needs,” said TOP Business Development Director Giacomo Caleffi.
Visit TOP’s website to read the full announcement and for more information about the project and the work carried out to date.
Annual Reports published
The Guardians Annual Report for the year to 30 June 2026, along with our Climate Change and Stewardship Reports and the accompanying GRI Index, have now been published on our website.
The title of this year’s Annual Report, Built to Last, acknowledges what has been achieved since our founding legislation was passed 25 years ago, while also recognising the need for us to continually evolve and grow in order to meet our mandate and achieve our purpose: Sustainable investment delivering strong returns for all New Zealanders.
The Annual Report page on our website includes commentary on the year just passed from our Chair, John Williamson, and CEO, Jo Townsend. Elsewhere on the website you can find our Statement of Intent and Statement of Performance Expectations for the NZ Super Fund and Elevate; information about how we invest; and a range of policy documents.
If you would like a physical copy of the Annual Report sent to you, please email [email protected]
David Kandziora joins Investment team
The Guardians has appointed David Kandziora Portfolio Manager, Alternative Investments. David will have a role in developing and managing strategy across the Fund's alternative investments portfolio, with a particular focus on catastrophe bonds, insurance-linked products and spectrum strategies. During a 20-year career in investment and wealth management, David has advised pension funds, iwi organisations, and charitable foundations, as well as high net worth individuals. He also has considerable governance experience.
David, who currently chairs CFA Society New Zealand, holds law and commerce degrees from the University of Auckland.