NZ Super sells LP positions in three funds

The assets in question included Hellman & Friedman VII, JMI Equity Fund VII and HIG Bayside Loan Opportunities Fund II. The sale price and the buyer were not disclosed.

"These investments were some of the smaller ones in the fund and the move to sell them is consistent with our strategy to have fewer, deeper relationships with our investment managers," Fiona Mackenzie, NZ Super's head of investments, said in a statement. "It is also pleasing to be able to realize gains from a part of the fund's portfolio that has performed strongly in recent years."

NZ Super had NZ$29.6 billion ($20.6 billion) in assets under management as of March 2016 and has charted actual returns of 9.4% since its inception in 2003. Strategy for these investments is driven by a reference portfolio that provides a long-term performance benchmark for the fund's actual investment portfolio. It has an 80-20 split between growth and fixed-income investments.

The LP's private equity allocation increased from 4% at the end of the 2015 financial year to 5% by the end of March. Other asset class exposures currently amount to 6% for timber, 4% for infrastructure, 1% for rural farmland and 3% for other private markets. Geographically, Asia Pacific represents 32% of fund investments by both value and economic exposure.

Hellman & Friedman VII invests in media, telecommunications and corporate IT services while JMI VII focuses on technology buyouts, recapitalization and growth-stage investments. HIG Bayside II specializes in stressed and distressed debt investments.

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• Topics
• Australasia
• LPs
• Secondaries
• New Zealand
• New Zealand Superannuation Fund