Photo: NX2 Group
Milford has committed $100 million to Zealandia as a major investment that will help connect New Zealanders’ KiwiSaver capital with infrastructure investment across the country.
This cornerstone commitment reinforces Milford’s drive to provide investors greater access to long-term infrastructure assets and the benefits they can provide, while helping fund the building blocks of New Zealand’s future prosperity.
Zealandia was established in 2025 to invest in public-private partnership assets that help build and maintain essential infrastructure across New Zealand.
The fund’s initial portfolio includes interests in three major New Zealand public-private partnership assets: the Transmission Gully motorway, the Pūhoi to Warkworth motorway and Auckland South Corrections Facility. Together, these assets provide essential transport and social infrastructure that support communities across New Zealand.
Milford is a cornerstone investor in Zealandia Fund I, alongside ACC, and is the exclusive KiwiSaver provider partner.
“We’re excited to be partnering with Zealandia and broadening the range of infrastructure opportunities available to our clients,” said Milford Chief Investment Officer Wayne Gentle.
“New Zealand’s infrastructure needs are well understood, and partnerships like this demonstrate the meaningful role private capital can play in supporting them. This investment also reflects the depth of expertise Milford has built over 15 years in private markets, and the continued strengthening of our broader investment team.”
Max Harrison, an Investment Director who joined Milford earlier this year with a focus on private markets and real assets, said infrastructure can provide an attractive combination of long-term income, inflation-linked revenues and diversification benefits for investors.
“Zealandia provides the ability to invest in public-private partnership opportunities that would otherwise be difficult to access,” said Mr Harrison.
“We’re pleased to be investing alongside other leading New Zealand institutions and to be actively involved as Zealandia identifies future opportunities. We believe private capital has an increasingly important role to play in helping fund the infrastructure New Zealand needs.
“We’re excited by the opportunities ahead and look forward to exploring further partnerships and investment opportunities in this sector.”
As part of the investment, Milford will be actively involved through Mr Harrison’s role on Zealandia’s Limited Partners Advisory Committee, giving Milford certain oversight powers and approval rights. Milford will also regularly engage with Zealandia Management, allowing oversight of the investment process and overall management of the Zealandia Fund.
“We are thrilled to have Milford clients investing alongside ACC and other local investors. This is New Zealand capital building the infrastructure that New Zealand needs, with the returns flowing back to New Zealanders,” said Zealandia Chief Executive Scott Priestley.
Milford’s investment in Zealandia will initially deploy approximately $30 million from both KiwiSaver and Investment Fund capital, with the remainder available for future investments over a five-year period.
This commitment builds on Milford’s long-standing private markets experience. Over the past 15 years, Milford has invested approximately $290 million across 24 private companies.
