The Accident Compensation Corporation (ACC) has committed NZ$300 million (US$171.6 million) to launch the Zealandia infrastructure fund in Auckland, New Zealand, in partnership with Mafic Partners.

Zealandia is jointly owned by ACC, infrastructure advisory firm Mafic Partners, its CEO Scott Priestley, and Mafic Partners’ Managing Partner Duncan Olde. It has launched fundraising for its first fund, along with an iwi co-investment vehicle called Te Aka Haumi, which will participate alongside the main fund in all projects except those related to the corrections sector. ACC has pledged NZ$300 million to Fund I, which aims to raise a total of NZ$450 million from long-term wholesale investors in New Zealand, with the option to expand the fund size to NZ$600 million.

Fund I, along with Te Aka Haumi, is structured to provide investors—such as iwi groups, KiwiSaver providers, and community trusts—with opportunities to invest in long-term projects that support essential infrastructure nationwide. The fund’s launch comes at a time when New Zealand is grappling with a significant infrastructure gap. Estimates from the New Zealand Infrastructure Commission place the current deficit at around NZ$210 billion, with overall investment requirements potentially rising to NZ$1 trillion over the next three decades. 

Public-private partnerships are considered a key solution, enabling the government to fast-track vital infrastructure projects while leveraging private sector funding and expertise. Fund I has an initial investment window of five years and no fixed end date, reflecting the long-term nature of PPP agreements. The fund is targeting pre-tax returns of 9–12% and has already acquired stakes in three PPP projects: a 40.0% share in Wellington Gateway Partnership (Transmission Gully), a 23.4% share in NX2 (Pūhoi to Warkworth), and a 24.9% share in SecureFuture (Auckland South Corrections Facility). Zealandia Fund I is open to wholesale investors in New Zealand, requiring a minimum investment of NZ$5 million, or NZ$2 million for iwi participants investing through Te Aka Haumi.