New Zealand Superannuation Fund

Te Kaitiaki Tahua Penihana Kaumātua o Aotearoa · New Zealand · Australia and Pacific · Founded 2001 · Pension reserve fund · IFSWF full member

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Focus

New Zealand Superannuation Fund: what it invests in

Renewables and climateAgriculture and food securityTechnologyReal estateInfrastructure and utilitiesFinancial services

Public equitiesFixed incomePrivate equityVenture capitalInfrastructureReal estate

Geography Global

Scale

New Zealand Superannuation Fund: how big it is, and on what basis

NZ$94.4B

Fund market valueAs of 2026-09-16

In US dollars: about USD 53.4B. At NZD 1.7672 per US dollar, the ECB reference rate for 30 June 2026.

Return FY2026 14.17%

Transparency

New Zealand Superannuation Fund: what it publishes

9.5 of 10 Band 5 of 5

Published 9 · Partly 1 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Fund valueS3: NZ$94.4B (about USD 53.4B, June 2026, provisional); As of 2026-09-16
Return FY2026S3: 14.17%; As of 2026-09-16
Return since 2003S1: 10.09% a year (to June 2025); As of 2025-06-30
Value added vs ReferenceS1: NZ$19.8B (since inception); As of 2025-06-30
Invested in New ZealandS3: About 11%; As of 2026-09-16
Expected returnS3: 7.2% a year; As of 2026-09-16
Transparency scoreS1: 9.5 of 10; As of 2025-06-30

At a glance. The NZ Super Fund saves today to help pay New Zealand's universal pension in future. It is run by the Guardians of New Zealand Superannuation at arm's length from ministers and was worth NZ$94.4 billion at 30 June 2026 (provisional), about USD 53.4 billion. It returned 14.17 percent that year and 10.09 percent a year from 2003 to June 2025. S3 S4 S1

Key points

About 11 percent is invested in New Zealand, against 5 percent in its Reference Portfolio. S1 S3
Beat its passive Reference Portfolio by 1.44 percent a year since inception, adding NZ$19.8 billion to June 2025. S1
Expected long-term return cut from 7.8 to 7.2 percent a year in 2026 on lower expected equity returns. S3
Private equity and alternatives are about 13 percent of the Fund. S5
Crown contributions totalled NZ$27.4 billion at June 2025. S1
Withdrawals to help pay pensions are now forecast to start in 2054. S3

Interesting facts

It pays New Zealand income tax: NZ$11.1 billion so far, and Treasury expects it to pay NZ$3.1 billion more in tax than it receives before withdrawals begin. S1
NZX-listed shares are about 4 percent of the Fund, against about 0.12 percent of global equities. S1
It returned 25.8 percent in 2013, its best year. S1

Mandate and goals

Invest on a prudent, commercial basis to maximise returns without undue risk to the Fund as a whole, while avoiding harm to New Zealand's reputation as a responsible member of the world community. S1

Help pre-fund the future cost of New Zealand Superannuation, the universal pension for those over 65. S1
Deliver strong, sustainable returns for all New Zealanders. S1
Consider New Zealand investments where they fit the commercial mandate (2009 Ministerial Direction). S1
Return target: Expected return of 7.2 percent a year from 2026, down from 7.8 percent S3

How it invests

Industries	Renewables and climate, Agriculture and food security, Technology, Real estate, Infrastructure and utilities, Financial services. Sector agnostic S1
Asset classes	Public equities, Fixed income, Private equity, Venture capital, Infrastructure, Real estate, Hedge funds and absolute return S1
Stages	Public markets, Venture, Growth, Buyout, Infrastructure, Real estate S1 S9
Geography	Global. Actual split at 30 June 2025; New Zealand is overweight against the Reference Portfolio S1
Direct / through funds / co-invest	Yes / Yes / Yes S1
Ticket size	No minimum or ticket size is published. S9
Deal sizes seen	NZ$35M (Movac Growth Fund 7, 2026) to USD 75M (View, 2015) in disclosed amounts below
External managers	Managers and custodians are listed in the annual report; New Zealand private companies are reached through local managers S1
Co-investment programme	Co-invests with overseas partners it brings to New Zealand; the APG infrastructure partnership ended in December 2024 S1

Published criteria

Every active position is measured against selling Reference Portfolio assets of the same equity risk. S1
Prefers opportunities that use its endowments: a long horizon, ability to hold illiquid assets, Crown ownership and local presence. S1
Excludes certain sectors and companies under its responsible investment policies. S1

Fund commitments

Manager	Fund	Amount	Year
Movac	Movac Growth Fund 7	NZ$35M	2026 S9

Past investments

Year	Investment	Type	Sector	Stage	Amount	Stake
2026	Movac Growth Fund 7. Fund raised NZ$185M at first close against a NZ$200M cap. S9	Fund commitment	Technology	Venture	NZ$35M
2025	Te Waihou forestry estate (Kaingaroa Timberlands). 9,200 hectares bought through Kaingaroa; completed 1 July 2025. S1	Direct investment	Agriculture and food security	Real estate	Not published
2024	Beachlands development. Auckland plan change approved December 2024. S1	Direct investment	Real estate	Real estate	Not published
Not published	South Taranaki offshore wind. Possible 1 GW wind farm at feasibility stage. S1	Joint venture or partnership	Renewables and climate	Infrastructure	Not published
Not published	Longroad Energy. One of its largest exposures. S1	Direct investment	Renewables and climate	Infrastructure	Not published
Not published	RetireAustralia. One of its largest exposures. S1	Direct investment	Real estate	Buyout	Not published
Not published	Kaingaroa Timberlands. Largest forestry holding. S1	Direct investment	Agriculture and food security	Real estate	Not published	42%
2012	Datacom. Bought from NZ Post. S1 S10	Direct investment	Technology	Growth	Not published	37.59%
2015	View. Glass technology company. S10	Direct investment	Technology	Growth	USD 75M
2014	LanzaTech. Chicago-based company; listed in 2022. S10	Direct investment	Renewables and climate	Venture	USD 60M
2014	Kaingaroa Timberlands part sale. Sold 2.5 percent to Kakano, from 41.25 to 38.75 percent. S10	Sale or exit	Agriculture and food security	Not stated	Not published	2.5%
Not published	Air New Zealand. Listed shareholding. S10	Direct investment	Transport and logistics	Public markets	Not published	0.71%

Case studies

Kaingaroa: a forestry anchor S1 S10

What: Holds 42 percent of Kaingaroa Timberlands and added the Te Waihou estate in 2025.
When: Held over a decade; bolt-on in 2025
Size: 9,200 hectares added
Why: Uses its long horizon and home advantage in a large illiquid real asset.
Outcome: Te Waihou purchase completed 1 July 2025.

Movac: local venture through a manager S9

What: Committed NZ$35 million to Movac Growth Fund 7 as part of a ten-year relationship.
When: June 2026
Size: NZ$35M
Why: Reaches New Zealand private technology companies through a local specialist.
Outcome: Fund closed at NZ$185M first close.

LanzaTech: a direct venture stake S10

What: Invested in Chicago-based LanzaTech in a private round.
When: December 2014
Size: USD 60M
Why: Shows the Fund making direct venture bets offshore.
Outcome: LanzaTech announced a public listing in 2022 at a USD 2.2B valuation.

Investment process

The Guardians board, appointed by the Governor-General on the Finance Minister's advice, sets policy. The CEO and two Co-CIOs run a whole-of-Fund portfolio against a passive Reference Portfolio, with risk set by the board. S1 S6 S7

Committee	Role
Board of the Guardians	Sets investment policy and the Reference Portfolio S6
Audit and Risk Committee	Board committee; the Head of Internal Audit reports to the Chair S1

The Reference Portfolio sets the low-cost passive benchmark and risk level. S1
Active ideas must beat the cost of selling Reference assets with the same equity risk. S1
Managers are picked through a published selection process; direct deals go to the internal teams. S1
The Statement of Investment Policies, Standards and Procedures governs each step. S1

How to approach: Managers and partners should follow the investment partner guidance on the website and use the general contact page. S1 S11

Size and returns

Headline size: NZ$94.4B (Fund market value, as of 2026-09-16) S3 S4
In US dollars: about USD 53.4B. At NZD 1.7672 per US dollar, the ECB reference rate for 30 June 2026.
Net assets after tax, audited, June 2025: NZ$82.85B (Net assets or equity, as of 2025-06-30) S1
Return, Year to 30 June 2026: 14.17 percent (after costs, before NZ tax; provisional) S3
Return, Since inception (2003) to June 2025: 10.09 percent a year S1
Return, 20 years to June 2025: 9.92 percent a year S1
Return, 10 years to June 2025: 10.06 percent a year S1
Return, 5 years to June 2025: 11.62 percent a year S1
Size over time (NZD billion): 2021 57.36, 2022 56.21, 2023 64.67, 2024 74.82, 2025 82.85 S1

Leadership

Name	Title	Since
John Williamson	Chair of the Board S6	2024-03-01
Jo Townsend	Chief Executive Officer S7	2024-04
Brad Dunstan	Co-Chief Investment Officer S7	2024
Will Goodwin	Co-Chief Investment Officer S7	2024
Michael Mitchell	Chief Risk Officer S7	Not published
Paula Steed	Chief Operating Officer S7	Not published
William Fletcher	Head of Private Equity and Alternative Investments S5	2026-06
Sue Brake	Board member S1	2024-12-09
Henk Berkman	Board member S1	Not published
Fiona Oliver	Board member S1	Not published
David McClatchy	Board member S1	Not published
Hinerangi Raumati Tu'ua	Board member; chair of Audit and Risk S1	Not published

Governance and transparency

Legal basis: New Zealand Superannuation and Retirement Income Act 2001 S1
Oversight: Autonomous Crown entity accountable to the Minister of Finance; independent review every five years S1
Auditor: Auditor-General, with EY acting on his behalf; unmodified opinion for 2025 S1
Santiago Principles: IFSWF member and signatory to the Santiago Principles S2 S10
The 2024 statutory review by WTW found it in line with global best practice. S1
Publishes a response to the Finance Minister's annual letter of expectations. S12

Transparency score: 9.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

Published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list, audited financial statements, governance and mandate documents, named leadership. S1 S3 S6 S7
Partly published: regular reporting schedule. S8

History

Date	Event
2001-10-11	Act passed. S1
2003-09	First investments. S1
2009	Contributions paused; direction to consider New Zealand assets. S1
2010	Reference Portfolio introduced. S1
2017-12	Contributions resume. S1
2024-04	Jo Townsend becomes CEO. S7
2024-12	APG infrastructure partnership ends. S1
2026-07-01	Revised Reference Portfolio takes effect. S13
2026-09-16	FY2026 results: NZ$94.4B and 14.17 percent. S3

For family offices

No programme for outside investors. The Fund backs New Zealand private companies through local managers and brings overseas partners into New Zealand deals, which is where outside capital can meet it. S1 S9

Invest alongside the Fund in New Zealand venture and growth funds such as Movac's. S9
Co-invest as an overseas partner the Fund introduces to New Zealand assets. S1
Iwi investors can work through its preferred partner agreement with the Māori Investment Fund. S1

Reports

Annual Report 2025: https://www.nzsuperfund.nz/assets/NZ-Super-Fund-Annual-Report-2025_final-for-web.pdf S1
FY2026 results release: https://nzsuperfund.nz/news-and-media/strong-all-round-performance-sees-super-fund-grow-by-9-3-billion/ S3

Common questions

How big is the NZ Super Fund?

NZ$94.4 billion at 30 June 2026 (provisional), about USD 53.4 billion. S3 S4

Who runs it?

Jo Townsend is Chief Executive Officer of the Guardians; John Williamson chairs the board. S7 S6

What did it return?

14.17 percent in the year to June 2026 and 10.09 percent a year from 2003 to June 2025, after costs and before tax. S3 S1

When will the government draw on it?

Withdrawals are forecast to start in 2054. S3

Is it an IFSWF member?

Yes. S2

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All sovereign wealth funds in Australia and Pacific · All pension reserve funds · All funds in New Zealand

Sources

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