Our managers
External managers
On this page we provide a six-monthly summary of our external manager relationships.
A complete list of the Funds' asset and investment managers (both those appointed by us and those who manage funds in which the Fund is invested) is published each year in our Annual Report.
NZ Super Fund
| External investment managers as at 31 December 2021 | |||
| Manager | Year appointed | Fund name and focus areas | Type |
|---|---|---|---|
| Adams Street Partners | 2007 | Adams Street Partnership Fund - 2007 Non-U.S. Fund - buyout, funds of funds | Unlisted |
| Apollo Global Management LLC | 2014 | Financial Credit Investment II - US life settlements | Unlisted |
| 2017 | Financial Credit Investment III - US life settlements | Unlisted | |
| AQR Capital Management, LLC | 2009 | CNH Convertible Arbitrage Fund - a diverse convertible arbitrage fund | Listed |
| 2018 | Segregated mandate - multi-factor investing | Listed | |
| Ascribe Capital | 2010 | American Securities Opportunity Fund II - distressed credit | Unlisted |
| Bain Capital | 2013 | Bain Capital Credit Managed Account (NZSF), L.P. - distressed credit | Unlisted |
| BlackRock Investment Management UK | 2016 | Global Merger Partners LLC - merger arbitrage | Listed |
| 2020 | Segregated mandate - fixed interest securities (ex Treasuries) | Listed | |
| Bridgewater Associates | 2006 | Bridgewater Pure Alpha Fund II, Limited - global macro | Listed |
| Canyon Capital Advisors | 2010 | Canyon Distressed Opportunities Fund (Delaware) - distressed credit | Unlisted |
| 2016 | Canyon NZ DOF Investing L.P. - distress credit | Unlisted | |
| Carlyle | 2020 | Carlyle FRL, L.P. Insurance runoff | Unlisted |
| CBRE Global Investors | 2021 | Asia Value Partners Fund VI – Development Real Estate | Unlisted |
| CIM | 2019 | N-Data Center Portfolio Co-Investor, LLC – US & Canadian real estate | Unlisted |
| Citadel | 2020 | Citadel Kensington Global Strategies Fund II – global macro | Listed |
| CITP | 2011 | China Infrastructure Partners V Fund – Chinese infrastructure and related investments | Unlisted |
| Coller Investment Management | 2007 | Coller International Partners V Fund - global private equity secondaries | Unlisted |
| Columbia Capital | 2020 | Columbia Spectrum IV-A, LP - telecommunication spectrum licences | Unlisted |
| Devon Funds Management | 2011 | Segregated mandate - New Zealand active equities | Listed |
| Deutsche Finance International |
2021 | European Value Add Fund II – Secondary Real Estate | Unlisted |
| Direct Capital | 2009 | Direct Capital Partners IV - New Zealand growth capital | Unlisted |
| 2016 | Direct Capital Partners Fund V - New Zealand growth capital | Unlisted | |
| 2020 | TR Group Limited co-investment | Unlisted | |
| 2020 | Direct Capital Partners Fund VI - New Zealand growth capital | Unlisted | |
| Elementum Advisors | 2010 | Segregated mandate - Natural catastrophe reinsurance | Unlisted |
| FarmRight | 2010 | Rural land in New Zealand | Unlisted |
| Fifth Wall | 2021 | Energy growth (Climate technology) | Unlisted |
| Global Forest Partners | 2007 | Global Timber Investors 8 - timber assets in Australia, New Zealand and South America | Unlisted |
| 2009 & 2012 | AIF Properties - Australian Timber | Unlisted | |
| 2010 | Global Timber Investors 9 - timber assets in New Zealand, Australia, Asia, Africa and South America | Unlisted | |
| Grain Management | 2020 | Grain Spectrum Holdings III, LP - telecommunication spectrum licences | Unlisted |
| HarbourVest Partners | 2006 | HarbourVest International Private Equity Partnership V Fund - buyout, funds of funds | Unlisted |
| Hillwood | 2019 | US Industrial Club V, LP - Industrial development assets in US | Unlisted |
| 2021 | US Industrial Club VI, LP - Industrial development assets in US | Unlisted | |
| H.R.L. Morrison & Co | 2006 | Global infrastructure mandate, which includes our investment in Retire Australia, Flow Systems, Longroad Energy and Galileo Green Energy | Listed and Unlisted |
| 2009 | Public Infrastructure Partners Fund - social infrastructure such as educational and healthcare facilities, and student accommodation | Unlisted | |
| Kohlberg Kravis Roberts (KKR) | 2007 | KKR Asian Fund - Asian private equity | Unlisted |
| 2008 | KKR 2006 Fund - global private equity | Unlisted | |
| 2014 | KKR Energy Income and Growth Fund (EIGF) and private equity flexible mandate in North American natural gas exploration and production, midstream, downstream and/or energy infrastructure and services | Unlisted | |
| Leadenhall Capital Partners | 2013 | Natural catastrophe reinsurance | Unlisted |
| Mint Asset Management | 2015 | Segregated mandate - New Zealand active equities | Listed |
| Movac | 2016 | Movac Fund 4 - New Zealand growth capital | Unlisted |
| 2020 | Movac Fund 5 - New Zealand growth capital | Unlisted | |
| Neuberger Berman | 2018 | Neuberger Berman Principal Strategies Merger Fund (NZSF), LP - merger arbitrage | Listed |
| Northern Trust | 2013 | Segregated mandate - passive global equities | Listed |
| 2015 | Segregated mandate - passive emerging markets equities | Listed | |
| 2018 | Segregated mandate - multi-factor investing | Listed | |
| Pencarrow Private Equity | 2011 | Pencarrow IV Investment Fund - New Zealand growth capital | Unlisted |
| Pioneer Capital Partners | 2013 | Pioneer Capital Partners Fund II - New Zealand growth capital | Unlisted |
| 2016 | Pioneer Capital Partners Fund III - New Zealand growth capital | Unlisted | |
| 2021 | Pioneer Capital Partners Fund IV - New Zealand growth capital | Unlisted | |
| Slate | 2021 | European Essential – Secondary Real Estate | Unlisted |
| Stepstone | 2021 | Venture capital | Unlisted |
| State Street Global Advisors | 2009 | Segregated mandate - passive global listed equities (large cap) | Listed |
| Segregated mandate - passive global listed equities (small cap) | Listed | ||
| Segregated mandate – passive emerging markets equities | Listed | ||
| Two Sigma | 2020 | Two Sigma Absolute Return Macro Enhanced Fund, LP - global macro | Listed |
| UBS | 2021 | Segregated mandate – passive global equities | Listed |
| 2021 | Segregated mandate – multi-factor investing | Listed | |
| Waterman Capital | 2010 | Waterman Fund II – New Zealand growth capital | Unlisted |
| Willis Bond & Co | 2010 | Willis Bond Institutional Partners - private equity real estate in New Zealand | Unlisted |
Elevate NZ Venture Fund
| External investment managers as at 31 December 2021 | |||
| Manager | Year appointed | Fund name and focus areas | Type |
|---|---|---|---|
| New Zealand Growth Capital Partners | 2020 | New Zealand venture capital | Unlisted |
Internal mandates
Some of the Fund's investments are managed by the Guardians' in-house team of investment professionals.
We choose to manage investments ourselves when we have the right skill set internally, can do so for an appropriate cost, and can see an advantage in in-house management over using an external manager (for example, through our relationships with key peer funds and potential co-investors in New Zealand and globally).
We have found there to be a good business case for managing investment functions internally where the activity is a high net value-add and/or a key control function.
Investment mandates managed by the Guardians’ in-house team of investment professionals include:
- Active Direct
- Active NZ Equities
- Beta Implementation and Completion
- Cash and Currency Management
- Direct Arbitrage
- Event-Driven Opportunity
- Infrastructure Transition Assets
- Life Settlements
- Opportunistic Volatility
- Passive NZ Equities
- Securities Lending
- Sovereign Bonds
- Strategic Tilting
- Tactical Credit
- US Transition Assets