New Zealand Super and Ontario Teachers鈥� Pension Plan (OTPP) have sold a small stake in New Zealand鈥檚 largest pathology chain to Maori direct investment fund Te P奴ia T膩papa (TPT).
The TPT fund now owns about 4% stake in Asia Pacific Health Group (APHG), leaving NZ Super and OTPP each retaining 48%.
NZ Super and OTPP bought the chain that provides laboratory testing services to approximately 75% of New Zealand鈥檚 population for NZ$550m last year from Brookfield Business Partners.
鈥淭PT has come in on the same price terms as we acquired it,鈥� a spokesman for NZ Super told 91传媒在线.
TPT was established in 2018 by 28 Iwi and M膩ori entities to create intergenerational wealth consistent with te ao M膩ori values. The $115.5m TPT fund co-invests in large-scale New Zealand businesses and assets and is a preferred partner of NZ Super Fund, which introduced it to APHG.
TPT Chair Paul Majurey said: 鈥淭here are enormous changes happening in the health sector, with a focus on improving Maori health outcomes. As co-investors, we believe we can add significant value to APHG by deepening its understanding and ability to deliver for M膩ori communities across Aotearoa (Maori name for New Zealand).鈥�
鈥淭he NZ Super Fund and TPT are both investors with long-term time horizons and similar investment philosophies, meaning our investment strategies are strongly aligned,鈥� said NZ Super Fund Chief Investment Officer Stephen Gilmore.
This is the second co-investment made by and NZ Super Fund, following an investment into New Zealand鈥檚 largest heavy vehicle rental and lease company TR Group made last July.
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