NZ Super Fund

What NZ Super Fund does

NZ Super Fund (Te Kaitiaki Tahua Penihana Kaumātua o Aotearoa) is a New Zealand sovereign wealth fund established by legislation in 2001 and administered by the Guardians of New Zealand Superannuation, a Crown entity. The fund invests government capital contributions in a globally diversified portfolio spanning listed equities, private equity, infrastructure, real assets, and sustainable finance, with the statutory objective of reducing the future fiscal burden of universal superannuation payments to New Zealanders. The fund does not serve private investors and has no commercial pricing model; its sole beneficiary is the New Zealand Government on behalf of future retirees.

As of 31 May 2026, the fund held NZD $93.1 billion in assets under management and reported a 10.3% per annum rate of return before New Zealand tax and after costs, with $22.0 billion in cumulative value added versus its passive benchmark since inception in 2003. In May 2026, GlobalSWF ranked it the top sovereign wealth fund globally. Investment execution is carried out through external investment managers across asset classes, supplemented by internal strategic tilting, director governance on portfolio companies, ESG integration, and a sustainable finance framework that includes climate risk assessment and an exclusion policy.

The product surface comprises the core NZ Super Fund, the Elevate NZ Venture Fund (a fifteen-year venture capital vehicle established by 2019 legislation and administered under a separate mandate), and co-investments such as the Taranaki Offshore Wind partnership with Copenhagen Infrastructure Partners. Notable direct holdings include a 70% stake in Fertility Associates (acquired in 2021, operating in New Zealand and Malaysia) and a previously held interest in NZ Hotel Holdings, divested to Brookfield Asset Management for approximately NZ$250 million in March 2026. Leadership is anchored by CEO Matt Whineray, CIO Stephen Gilmore, Co-CIOs Brad Dunstan and Will Goodwin, and Head of International Direct Investment Nigel Gormly, with Williamson reappointed as Chair for a further two years.

Name

NZ Super Fund

Legal name

Guardians of New Zealand Superannuation

Website

https://nzsuperfund.co.nz

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

NZ Super Fund is a New Zealand sovereign wealth fund administered by the Guardians of New Zealand Superannuation. It invests government capital across global asset classes to help fund future universal superannuation costs, holding NZD $93.1 billion as of May 2026.

Ownership category

akta.pro rank

Product category

Sovereign Wealth Fund

NAICS

Pension Funds (52511), Pension Funds (525110)

SIC

Investors, Nec (6799)

akta.pro industry

PRIMARYFSAAAGAD

Sovereign Wealth Funds (SWFs)

Financial & Insurance/Asset & Wealth Management/Asset Management — Institutional (Pensions, Endowments, Sovereign)

SECONDARYFSANABAA

Large-Cap / Mega-Fund Buyout

Financial & Insurance/Private Equity & Venture Capital/Private Equity Firms (Buyout)

SECONDARYFSANAEAD

Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS)

Financial & Insurance/Private Equity & Venture Capital/Real Assets Funds (Infrastructure, Real Estate, Energy)

SECONDARYFSANAJAB

Renewable Energy & Energy Transition Funds

Financial & Insurance/Private Equity & Venture Capital/Impact / ESG & Sustainable Investment Funds

Keywords

• Sovereign wealth fund
• Pension fund management
• Long-term investing
• Asset management
• ESG integration

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others

Distribution channels1 record

Marketing channels4 records

Core offering

The NZ Super Fund invests Government capital contributions and the returns generated from those investments to help fund the future cost of universal superannuation (NZ Super) entitlements for New Zealanders. It is managed by the Guardians of New Zealand Superannuation as a single long-term growth-oriented investment vehicle spanning listed equities, private equity, infrastructure, real assets, and sustainable finance.

Product overview

The NZ Super Fund is a sovereign wealth fund managed by the Guardians of New Zealand Superannuation. It operates as a single unified investment vehicle focused on long-term growth, investing Government capital contributions to help pay for future superannuation costs. The fund encompasses the core NZ Super Fund as its primary offering, supplemented by the separately mandated Elevate NZ Venture Fund for venture capital investments, and co-invests in projects like Taranaki Offshore Wind in partnership with Copenhagen Infrastructure Partners. The fund reported NZD $93.1 billion in assets as of the latest data, with a 10.3% rate of return per annum before NZ tax and after costs, having generated $22.0 billion in value added versus its passive benchmark since inception.

Differentiator

Problem solved

Functional benefit

Brands

• Elevate NZ Venture Fund: Fifteen-year venture capital fund established in 2019 legislation, administered by the Guardians under a new mandate, run separately from the NZ Super Fund
• Taranaki Offshore Wind

Products and services

• NZ Super Fund Core sovereign wealth fund operated by the Guardians of New Zealand Superannuation that invests Government capital contributions to help fund future NZ Super (universal superannuation) entitlements for New Zealanders. NZD $93.1 billion in assets as of 31 May 2026.
• Elevate NZ Venture Fund A fifteen-year venture capital fund administered by the Guardians under a separate statutory mandate, focused on investing in local New Zealand tech and innovation sectors.
• Taranaki Offshore Wind Offshore wind development project in South Taranaki, New Zealand, developed in partnership with Copenhagen Infrastructure Partners, supporting the country's 2030 renewable energy targets and Taranaki region clean energy transition.

Quantifiable outcome

• 10.3% p.a. rate of return before NZ tax, after costs
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Elevate NZ Venture FundcoreStrategic or Co-development Partner · 1 January 2019In 2019, legislation passed by Parliament established the Elevate NZ Venture Fund, a fifteen-year venture capital fund administered by the Guardians of New Zealand Superannuation under a new mandate, run separately from the NZ Super Fund. This represents a structured government VC mandate.
• Copenhagen Infrastructure PartnerscoreStrategic or Co-development PartnerThe NZ Super Fund and Copenhagen Infrastructure Partners are collaborating on the Taranaki Offshore Wind project, a large-scale offshore wind initiative in South Taranaki, New Zealand. The partnership aims to support New Zealand's 2030 renewable energy ambitions and a clean energy transition for the Taranaki region.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• National Pension Service of Korea: One of the world's largest pension funds (~USD 800+ billion) managing Korea's National Pension Fund with global diversification. Comparable sovereign pension mandate and emerging direct private-markets program.
• Norges Bank Investment Management (NBIM / Government Pension Fund Global): Manages Norway's USD 1.6+ trillion sovereign wealth fund with similar long-term, multi-asset mandate and explicit ESG/climate framework. Comparable governance, scale, and global listed/private market strategy.
• GIC (Singapore): Singapore's sovereign wealth manager of approximately USD 800+ billion, investing globally across public and private markets. Similar patient-capital profile, government ownership, and offshore investment orientation.
• Canada Pension Plan Investment Board (CPPIB): One of the largest pension investment managers globally, managing CAD 600+ billion. Direct peer as a similarly structured government-mandated pension fund with long-term horizon, global diversified portfolio, and direct infrastructure/private equity investing model.
• Future Fund (Australia): Australian government-backed investment fund (AUD 200+ billion) established to fund future public sector pension liabilities. Highly comparable mandate, governance, and long-horizon patient-capital approach.
• APG Asset Management: Manages pensions for Dutch civil servants (~EUR 500+ billion) with strong focus on sustainable investing and infrastructure. Comparable long-term horizon, ESG integration, and co-investment approach.
• AustralianSuper: Australia's largest superannuation fund (AUD 300+ billion), operating a defined contribution pension model with direct global infrastructure and private equity investments. Closest Asia-Pacific pension peer by structure and asset allocation.
• Temasek Holdings: Singapore state-owned investment company with ~USD 300+ billion portfolio emphasizing long-term holdings and direct investments. Comparable government ownership structure and global direct-investment strategy.

Others

• CPP Investment Board Real Assets / Copenhagen Infrastructure Partners: NZ Super's joint venture partner on Taranaki Offshore Wind. As a leading global renewables fund manager, CIP represents a key infrastructure partner and comparable renewable energy investment platform.

Regional players

• Accident Compensation Corporation (ACC) New Zealand: New Zealand Crown entity investing NZD 50+ billion of insurance reserves. Closest domestic peer by jurisdiction, governance structure, and investment approach, although ACC is an accident insurer rather than a pension fund.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nz-super-fund
• Xx.com/NZSuperFund

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NZ Super Fund