NZ Super appoints unlisted mandates manager
New Zealand Superannuation Fund has appointed Chris Jagger as manager with responsibility for unlisted mandates. He was most recently an investment director with Lloyds Development Capital in London and has previously worked at Future Fund, GI Partners, Bain & Company and Lehman Brothers.
As of December 2012, NZ Super had NZ$20.9 billion ($17.6 billion) under management, of which 2% was in private equity, 2% in other private markets, 8% in infrastructure, 6% in property, 6% in timber and 1% in rural farmland. North America and Europe account for more than half of the overall portfolio, with a further 23% deployed in New Zealand, 7% in Australia, 7% in Japan and 6% in Asia ex-Japan.
Recent illiquid commitments in Asia - not including New Zealand - include China Infrastructure Partners, a $426 million fund sponsored by BOC International and Temasek Holdings, and Red Fort India Real Estate Fund II, an India-focused property fund that reached a final close of $500 million in early 2012. NZ Super also invested in KKR's first Asian fund in 2007.
The fund was responsible for one of the largest private equity investments of 2012, buying a 31.25% stake in New Zealand's Kaingaroa Forest from Harvard Management Company for $2 billion. Canada-based Public Sector Pension Investment Board also participated in the transaction.
At the end of last year, NZ Super appointed Lindsay Wright, CEO of China-focused Harvest Fund Management's alternatives division, to its board so as to develop its Asia knowledge base.
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