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 2023 | |||
| Manager | Year appointed | Fund name and focus areas | Type |
|---|---|---|---|
| Adams Street Partners | 2007 | Adams Street Partnership Fund - Buyout | Unlisted |
| APG | 2022 | APG Asset Owner Partnership (Infrastructure) | 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 | Listed |
| 2018 | Segregated mandate - Multi-factor Investing | Listed | |
| Ara Partners | 2023 | Ara Fund III and Co-investment - Sustainable Transition | Unlisted |
| 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 | 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. - Distressed Credit | Unlisted | |
| Carlyle | 2020 | Carlyle FRL, L.P. Insurance Runoff | Unlisted |
| CBRE Global Investors | 2021 | Asia Value Partners Fund VI – Real Estate | Unlisted |
| CIM | 2019 | N-Data Center Portfolio Co-Investor, LLC – Real Estate; N-Novva Co Investor LLC – Real Estate | Unlisted |
| Citadel | 2020 | Citadel Kensington Global Strategies Fund II – Global Macro | Listed |
| CITP | 2011 | China Infrastructure Partners Fund – Infrastructure | Unlisted |
| Coller Investment Management | 2007 | Coller International Partners V Fund - Buyout | Unlisted |
| Columbia Capital | 2020 | Columbia Spectrum IV-A, LP - Spectrum | Unlisted |
| 2023 | Opportunity Fund I - International Growth Equity | Unlisted | |
| 2023 | Equity Partners Fund VIII - International Growth Equity | Unlisted | |
| Copenhagen Infrastructure Partners | 2021 | Energy Transition Fund I - Infrastructure | Unlisted |
| Devon Funds Management | 2011 | Segregated mandate - New Zealand Active Equities | Listed |
| Deutsche Finance International |
2021 | European Value Add Fund II – Real Estate | Unlisted |
| Direct Capital | 2009 | Direct Capital Partners IV - New Zealand Growth Capital | Unlisted |
| 2016 | Direct Capital Partners Fund V and Co-investment - New Zealand Growth Capital | Unlisted | |
| 2020 | Direct Capital Partners Fund VI - New Zealand Growth Capital | Unlisted | |
| DTA | 2023 | Value-Add SMA - Timber | Unlisted |
| Elementum Advisors | 2010 | Segregated mandate - Natural Catastrophe Reinsurance | Unlisted |
| Episteme | 2023 | Episteme Segregated Mandate - Global Macro | Listed |
| ESR | 2022 | ESR Data Centre Fund - Real Estate | Unlisted |
| FarmRight | 2010 | Rural land in New Zealand and Australia | Unlisted |
| Fifth Wall | 2021 | Early-Stage Climate Technology Fund and Co-investment - Sustainable Transition | Unlisted |
| Florin Court | 2023 | Trend | Listed |
| Generation Investment Management | 2022 | Sustainable Solutions Fund IV - Sustainable Transition | Unlisted |
| Global Forest Partners | 2007 | Global Timber Investors 8 - Timber | Unlisted |
| 2009 & 2012 | AIF Properties - Timber | Unlisted | |
| 2010 | Global Timber Investors 9 - Timber | Unlisted | |
| Grain Management | 2020 | Grain Spectrum Holdings III, LP - Spectrum | Unlisted |
| HarbourVest Partners | 2006 | HarbourVest International Private Equity Partnership V Fund - Buyout | Unlisted |
| Hillwood | 2019 | US Industrial Club V, LP - Real Estate | Unlisted |
| 2021 | US Industrial Club VI, LP - Real Estate | Unlisted | |
| H.R.L. Morrison & Co | 2006 | Global Infrastructure Mandate, including investments in RetireAustralia, Altogether, Longroad Energy, Galileo Green Energy and Active Listed Infrastructure | Listed and Unlisted |
| 2009 | Public Infrastructure Partners Fund - Infrastructure | Unlisted | |
| Kohlberg Kravis Roberts (KKR) | 2007 | KKR Asian Fund - Buyout | Unlisted |
| 2008 | KKR 2006 Fund - Buyout | Unlisted | |
| 2014 | KKR Energy Income and Growth Fund (EIGF) - Energy Growth (Shale) | Unlisted | |
| Leadenhall Capital Partners | 2013 | Natural Catastrophe Reinsurance | Unlisted |
| Man AHL | 2022 | Man AHL Institutional Solutions Pure Momentum Plus and Evolution - Trend | Listed |
| 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 | |
| 2023 | Movac Fund 6 - New Zealand Growth Capital | Unlisted | |
| 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 |
| PIMCO | 2022 | PIMCO Carbon Credits Access Fund - Exploratory | 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 and Co-investment - New Zealand Growth Capital | Unlisted | |
| Slate | 2021 | Slate European Essential Real Estate Income Fund – Real Estate | Unlisted |
| 2022 | Slate North American Essential Real Estate Income Fund – Real Estate | Unlisted | |
| State Street Global Advisors | 2009 | Segregated mandate - Passive Global Listed Equities (large cap) | Listed |
| Segregated mandate – Passive Emerging Markets Equities | Listed | ||
| Stepstone | 2021 | Stepstone VC Secondaries Fund V – Venture Capital | Unlisted |
| 2022 | Stepstone Active Infra SMA – Infrastructure | Unlisted | |
| 2022 | StepStone Opportunities Venture Capital NZ SMA – Venture Capital | Unlisted | |
| 2023 | StepStone VC 2022-CCT LP (Columbia Capital; Tract) – International Growth Equity | Unlisted | |
| Stonepeak | 2022 | Stonepeak Infrastructure Fund IV - Infrastructure | Unlisted |
| 2022 | Stonepeak Fern Investment Partners LP Co-investment – Infrastructure | Unlisted | |
| Timberland Investment Group (TIG) | 2022 & 2023 | BTF II Fund and Co-investment – Timber | Unlisted |
| 2022 | TIG TRF – Timber | Unlisted | |
| 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 |
| Wellington Management | 2022 | Wellington Climate Innovation Fund I – Sustainable Transition | Unlisted |
| Willis Bond & Co | 2010 | Willis Bond Institutional Partners - Real Estate (Opportunistic) | Unlisted |
Elevate NZ Venture Fund
| External investment managers as at 31 December 2023 | |||
| 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 NZ Equities
- Beta Implementation and Completion
- Beta Multi Factor
- Cash
- Currency Management
- Direct Arbitrage
- Event-Driven Opportunity
- Global Sovereign & Credit Fixed Income
- International Growth Equity
- Life Settlements
- NZ and Overseas Transition Assets
- Opportunistic (NZ and Overseas)
- Passive NZ Equities
- Securities Lending
- Strategic Tilting
- Tactical Credit Opportunities
- US Transition Assets