29 Aug 2018

More than $100m poured into new Māori investment fund

6:32 pm on 29 August 2018

More than $100 million is being poured into a new co-investment being funded by Māori entities and iwi.

Tupuna Maunga o Tamaki Makaurau Authority chairman Paul Majurey

Inaugural board chairman Paul Majurey. Photo: RNZ / Claire Eastham-Farrelly

Te Pūia Tāpapa or the Māori Direct Investment Fund has been set up by 26 iwi and Māori entities from around the country investing $115.5m into the fund.

Inaugural board chairman Paul Majurey said Māori were becoming significant economic powerhouses.

Iwi around the country have normally invested in the primary industry and property investment, Mr Majurey said.

"A large number of Māori entities around the country were looking for a vehicle for long-term co-investment funds."

There were also plans to work with the New Zealand superfund, Mr Majurey said.

"This committed capital of $115 million is a very pleasing start and this might the first of a number of funds to give the sense of the scale and enthusiasm that Māori have for this co-investment fund."

The fund will reflect the Māori long-term world view, with investment periods between 15-20 years.

"It's that long term outlook being prepared to take that time with this type of investment and the returns that flow from that," Mr Majurey said

Investments will be selected and managed by a committee of experienced investors, with the Investment Committee being chaired by Nick Ross, who is the previous chief executive of UBS New Zealand.