Search results

News & Media
Skip to main content

The Māori direct investment fund, Te Pūia Tāpapa (TPT) has bought into Asia Pacific Health Group (APHG), which provides laboratory testing services to approximately 75 percent of New Zealand’s population.

APHG was acquired by NZ Super Fund and Ontario Teachers’ Pension Plan Board (Ontario Teachers’) in November 2020. TPT has purchased approximately 4 percent, with NZ Super and Ontario Teachers each retaining 48 percent.

TPT was established in 2018 by 28 Iwi and Māori entities to create intergenerational wealth consistent with te ao Māori values. The $115.5 million TPT fund is available for co-investment in large-scale Aotearoa-based businesses and assets and is a preferred partner of NZ Super Fund, which introduced it to APHG.

“We’re pleased to come on board as co-investors in APHG. Investing in support of a business that cares for the health of New Zealanders fits perfectly with our world view,” says TPT Chair Paul Majurey.

“We look forward to working with APHG management to help it provide quality diagnostic services to New Zealanders. There are enormous changes happening in the health sector, with a focus on improving Maori health outcomes. As co-investors, we believe we can add significant value to APHG by deepening its understanding and ability to deliver for Māori communities across Aotearoa.”

APHG has more than 2,000 staff operating across its network of 25 laboratories and 150 collection centres around New Zealand. It has been heavily involved in providing testing as part of New Zealand’s response to Covid-19, processing around one-third of all tests - the largest of any single service provider.

“We are pleased to continue our whanaungatanga relationship with TPT,” says NZ Super Fund Chief Investment Officer Stephen Gilmore.

“The NZ Super Fund and TPT are both investors with long-term time horizons and similar investment philosophies, meaning our investment strategies are strongly aligned. Working alongside TPT allows us to support the incredibly important work it does building Maori wealth.

“Our investment in APHG adds to the more than $7.2 billion we already have invested in New Zealand and provides us with exposure to the important healthcare sector.

“NZ Super Fund is a Crown-owned, long-term investor, meaning we are in a position alongside Ontario Teachers’ and TPT, to provide the expertise, patient capital and strong governance that APHG needs to help drive innovation and excellent customer outcomes across its operations.”

APHG operates as Labtests Auckland, Northland Pathology, Taranaki Pathology Services, Southern Community Laboratories, Wellington SCL, Canterbury SCL, Medlab South & Gribbles Veterinary Pathology. It performs more than 6.7 million pathology patient episodes annually, and is also a leading provider of veterinary pathology and analytical testing services in New Zealand.

This is the second co-investment made by TPT and NZ Super Fund, following an investment into New Zealand’s largest heavy vehicle rental and lease company TR Group made last July.


About APHG
APHG is New Zealand’s largest human and veterinary pathology network operating as Labtests Auckland, Northland Pathology, Taranaki Pathology Services, Southern Community Laboratories, Wellington SCL, Canterbury SCL, Medlab South & Gribbles Veterinary Pathology. With 25 laboratories, over 2,000 staff and 150 collection centres throughout NZ, APHG performs over 6.7 million pathology patient episodes annually across New Zealand.

About NZ Super Fund

The New Zealand Superannuation Fund invests money on behalf of the New Zealand Government to help pay for the increased cost of universal pension entitlements in the future. By doing this the Fund adds to Crown wealth, improves the ability of future Governments to pay for universal pensions, and ultimately reduces the tax burden on future New Zealanders. A long-term, growth-oriented investor, the Fund has around NZ$53 billion in assets, including more than $7.2 billion invested in New Zealand. The Fund is managed by a Crown entity, the Guardians of New Zealand Superannuation.

About Te Pūia Tāpapa
The Te Pūia Tāpapa Investment Fund is made up of 28 Iwi and Māori entities.  Its investors represent diversity of scale and geography comprising Iwi and Māori entities located in Te Tau Ihu (Nelson-Marlborough), lower and central North Island, Taranaki, Waikato, Bay of Plenty, Hauraki, Northland, Auckland and Wharekauri (Chatham Islands). The Te Pūia Tāpapa investment approach reflects the Māori long term world view, with generational investment periods of 15-20 years. Te Pūia Tāpapa is a preferred partner of NZ Super Fund and seeks similar partnerships with other highly regarded investors.

About Ontario Teachers’
Ontario Teachers' has over C$204 billion in net assets and exists to invest and administer the pensions of the Canadian province of Ontario's 329,000 active and retired teachers. We have experience investing in New Zealand and an extensive record of investing in leading healthcare businesses including the pathology sector. Ontario Teachers' is headquartered in Toronto, with Asia-Pacific regional offices in Singapore and Hong Kong. For more information, visit and follow us on Twitter @OtppInfo.