The New Zealand Superannuation Fund (NZSF) has sold a 2.5% stake in Kaingaroa Timberlands, New Zealand’s largest forestry business, to six central North Island iwi. Effectively, the NZSF reduces its forest business stake from 41.25% to 38.75%. Other institutional investors in Kaingaroa Timberlands include Canada’s Public Sector Pension Investment Board and the Harvard Management Company, the manager of Harvard University’s endowment. The six iwi representative organizations, Ngati Rangitihi, Ngati Whakaue Assets and Te Arawa River Iwi Limited Partnership, Ngati Whare, Raukawa, Te Arawa Group Holdings Limited and Tuwharetoa, have formed Kakano Investment Limited Partnership to acquire and hold the stake.
An iwi is a social unit in Māori culture.
In 2008, in the biggest Treaty settlement to date, the Crown returned 176,000 hectares of land to the central North island iwi. 90% of Kaingaroa Timberlands tree crop is on returned land.
The CEO of the New Zealand Superannuation Fund (NZSF) mentioned in a press release that there is a strategic benefit for the landowners of the forest to have a stake in Kaingaroa Timberlands.