NZ Super Fund reviews Kaingaroa forestFriday 4 May 2012 The New Zealand Superannuation Fund, which was set up to pre-fund the pension liabilities of the baby boomer generation, is in talks with Harvard University's endowment fund manager to take full ownership of the Kaingaroa forest estate.The so-called 'Cullen' Fund, named for its architect Michael Cullen, and global investment firm GMO Renewable Resources are in discussion with Harvard Management Company "over the possible purchase of Harvard's majority stake" in the forestry assets, the pension fund said in a statement. The Harvard fund, with some US$32 billion of assets, owns 60 percent in the 170,000 hectare estate in the Central North Island, with the NZ Super Fund holding the remainder, which it bought in 2006 for $300 million. Kaingaroa is the super fund's biggest single investment, and part of its $1.26 billion timber investments, which include international timber holdings. The forest estate was singled out as one of the fund's best performing investments in the 2011 financial year, generating taking almost $3.5 million in its share of profits. More>>
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