New Zealand Superannuation Fund

About this data

Holdings as this LP reports them, fund by fund. Amounts are its commitment to a fund or, where the report gives no commitment, the market value of the holding; each says which. As of December 31, 2025. Source: NZ Super Fund Portfolio Disclosures: External Investment Managers. Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.

The Guardians of New Zealand Superannuation publish every external investment mandate of the NZ Super Fund every six months, each with a fund name, a focus area and a value in millions of New Zealand dollars; they report no vintage year, contributions, distributions, multiple or IRR per fund, so those are blank. Dollar amounts are converted: the workbook is in New Zealand dollars, and every amount here is multiplied by 0.5755 US dollars per New Zealand dollar, the Federal Reserve's H.10 foreign exchange rate for 2025-12-31 (federalreserve.gov/releases/h10/hist/dat00_nz.htm), and rounded to the dollar. The list mixes all asset classes, so only the 27 lines whose focus area is Buyout, Growth Capital, Growth Equity, Venture Capital or Sustainable Transition are included; 4 of them are Sustainable Transition, which the Guardians do not call private equity but whose lines name private funds. 46 lines with another focus area (listed equities, hedge funds, real estate, infrastructure, timber, credit, reinsurance, spectrum and the like) and 7 lines with no focus area are left out, as are the Fund's direct investments and the separate Elevate NZ Venture Fund mandate. Some lines include co-investments made alongside the fund, as their names say. Market value: for 9 New Zealand funds the workbook's separate mandate sheet gives the net asset value in whole New Zealand dollars and the commitment, which are used; for the others the value is the published figure in whole millions of New Zealand dollars, so it is only accurate to the nearest million before conversion. 5 of the commitments are printed as "Formerly" that amount, the fund being out of its investment period. 6 funds are shown by the Guardians as zero with a footnote (awaiting funding, or a residual balance under NZD 1 million) and have no value here. The year a manager was appointed is not a vintage year and is not used.