As global investors converge in Tāmaki Makaurau, iwi leaders are looking for infrastructure deals that align with their long-term aspirations.
This week’s Infrastructure Investment Summit in Auckland is being billed as a crucial opportunity to attract global investment into New Zealand’s infrastructure. With international delegates managing a collective $6tn in assets, the government has made it clear that the summit is about sending a strong signal: Aotearoa is open for business. However, for iwi leaders attending the event, the stakes go beyond economic growth. They are looking at what the infrastructure pipeline can offer Māori – and whether they will be treated as genuine investment partners or simply stakeholders with interests to be managed.
The iwi investment landscape
Iwi have increasingly taken a strategic role in infrastructure investment, particularly in areas that align with their natural resources, landholdings, long-term economic sustainability and broader aspirations for whenua development. While Ngāi Tahu and Ngāti Whātua have well-established investment footprints, others such as Ngāti Toa Rangatira and Ngāpuhi are now looking to expand their portfolios.
Ben Dalton, chief executive of Tupu Tonu – the Ngāpuhi investment fund – says Māori investors are entering the summit with a clear strategy. “We’re interested in investing in critical infrastructure that’s important for Māori. We have to go in with our eyes wide open,” he says.
Dalton points to the Northland Expressway as an example of the types of large-scale projects iwi could be involved in. The expressway, announced as a key focus of the summit, will be delivered as a public-private partnership (PPP), opening the door for both local and offshore investors to buy in to. For Tupu Tonu, the expressway is just one example of the many infrastructure opportunities that Māori could be involved with, alongside tourism ventures and energy investments such as solar farms.
One area of immediate interest is Northport. Tupu Tonu recently secured a 7% stake in Marsden Maritime Holdings, which owns and operates the deep-water commercial port near Whangārei. With discussions ongoing about the future governance of the port, iwi investors are positioning themselves as long-term partners in Northland’s economic development.
“If you want to be a 21st-century iwi moving forward, then surely you’d want to own a percentage of the infrastructure that we all depend on,” Dalton says. “Somebody’s going to buy it; why shouldn’t it be an iwi from the north?”
A consortium approach?
One of the key challenges for Māori investment in infrastructure has been scale. Many iwi hold significant land assets – an MPI report identified 82,000 hectares of Māori land within a 5km radius of Kaikohe alone – but converting those assets into capital-intensive infrastructure projects requires coordination.
Iwi investment in infrastructure is part of a larger shift in Te Ōhanga Māori, with the Māori economy contributing up to 17% of New Zealand’s economic activity and its asset base nearly doubling to $126 billion since 2018. Māori collectives already own half of all agriculture, forestry and fishing assets, and iwi are now expanding into transport, energy and urban development. With Māori exports reaching $1.35bn in 2023, iwi are key economic players, seeking long-term, strategic investment partnerships.
Dalton says Tupu Tonu is actively exploring co-investment options with other iwi, with the goal of forming a consortium of four or five groups. This would allow iwi to pool resources, spread risk and secure stronger positions in major projects.
Housing remains an area of domestic focus for many iwi, given its direct social impact. But Dalton stresses that for large-scale critical infrastructure, iwi must be prepared to navigate the complexities of foreign partnerships and private-sector funding models.
The summit comes at a time when New Zealand faces a $204bn infrastructure deficit. With the government committed to reducing the national debt-to-GDP ratio, large-scale investment will rely on private capital, including foreign investors. However, the coalition government’s focus on cutting public spending raises questions about how public infrastructure will be sustainably funded in the long term.
Public-private partnerships are being presented as a solution, but their track record overseas suggests acting with caution is wise. While PPPs can accelerate project timelines and shift financial risk off government books, they often come with long-term financial obligations that extend beyond the terms of the governments that sign them. For iwi looking at 50-to-100-year investment horizons, the question is not just about immediate gains, but about how these projects will serve future generations.
“If we’re going to invest in infrastructure, it has to suit our whenua, our people, and our long-term aspirations,” Dalton says. “These things will last a lot longer than any of us will.”
A key development shaping the summit discussions is the government’s introduction of the Fast Track Approvals Act, alongside its reform of the Overseas Investment Act and the Public Works Act. The changes aim to shift the regulatory framework from one that boosts foreign investment in Aotearoa and treats any investment in sensitive assets as a privilege to one that assumes investment is beneficial unless proved otherwise.
The reform of the Overseas Investment Act introduces a fast-track consenting process for significant business assets and some sensitive land – though farmland, residential land and fishing quota remain excluded. While this is expected to streamline investment approvals, it does not address longstanding concerns about the complexity of the regime, particularly for Māori landowners and investors.
The government’s efforts to make Aotearoa more attractive to foreign capital are significant but some argue the reform falls short of a full legislative reset. Many of the core barriers to investment – including strict farmland advertising requirements and outdated land-use classifications – remain in place. For iwi investors looking at infrastructure partnerships, the question remains whether these reforms will make it easier to engage in co-investments with offshore partners or if the same regulatory hurdles will persist.
Who’s in the room?
Senior government ministers, representatives from global pension and sovereign wealth funds, major banks and construction and engineering firms will be at the summit, which runs today and tomorrow at a venue in Auckland’s CBD. New Zealand Super Fund and ACC are also attending, alongside iwi investment groups, and media will of course also be there (though not The Spinoff, which was denied accreditation due to the media room being “oversubscribed”). Anti-privatisation protesters are planning to demonstrate outside the venue. The discussions will centre on transport, health, education, courts and corrections, and natural resources, with specific attention on growth sectors like aquaculture, renewable energy and clean technology.
Among the major global firms attending are Abrdn, Brookfield Asset Management, Copenhagen Infrastructure Partners, and Macquarie Group, alongside construction giants ACCIONA, CIMIC Group, and Hyundai Engineering & Construction. A significant presence of pension and sovereign wealth funds, including Khazanah Nasional Berhad, OMERS Infrastructure and the Korea Investment Corporation, signals the level of capital being chased.
From Aotearoa, entities such as Ngāi Tahu Holdings, Ngāti Whātua Ōrākei Whai Rawa, Tainui Group Holdings and Tupu Tonu will be among the iwi investment representatives, demonstrating the growing role of Māori investment in infrastructure.
While Māori land and resources are being increasingly recognised as critical to the national economy, the challenge remains in ensuring iwi have a meaningful role as decision-makers, not just beneficiaries. Whether the Infrastructure Investment Summit delivers tangible outcomes for Māori investors remains to be seen. But what is clear is that iwi are arriving at the summit not just as observers, but as key players with ambitions to shape the future of New Zealand’s infrastructure – on their terms.
This is Public Interest Journalism funded by NZ On Air.