AUCKLAND, New Zealand, May 10, 2018 – The NZ Super Fund has added another expansion capital investment to its NZ$38b portfolio, investing US$65m in cloud-based waste and recycling technology company Rubicon Global.
Mark Fennell, the NZ Super Fund’s Acting Chief Investment Officer, said Rubicon provided an attractive opportunity for the Fund to increase its exposure to expansion capital.
Following the Rubicon investment, around 2% of the NZ Super Fund is invested in expansion capital investments.
In New Zealand the NZ Super Fund has supported a large number of small and medium-sized high growth companies via external managers Direct Capital, Pioneer Capital, Pencarrow, Waterman Capital and Movac.
Mr. Fennell said: “It’s pleasing to be able to leverage our timeframe, scale and diversification to support growth companies such as Rubicon that, while established from a technology point of view, are pre-IPO. As a long-term investor, the NZ Super Fund is able to invest in high growth companies with a view to realizing long-term potential. These expansion capital investments are an important part of our investment mix because they can help drive long-run returns.”
Rubicon’s SVP Strategic Initiatives, Michael Allegretti said: “As a company with a deep commitment to sustainability, Rubicon is proud to be backed by the NZ Super Fund, one of the world’s best performing sovereign wealth funds and a global leader in responsible investment. We share their belief that environmental, social and governance factors are material to long-term financial returns and look forward to adding value to the Fund.”.
About The New Zealand Superannuation FundThe $38 billion NZ Super Fund is a global investment established by the New Zealand Government to help pre-fund universal superannuation.