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December 2021 - January 2022
AAM Magazine
Dec 2021 - Jan 2022
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NZ Super, Ontario Teachers’ sell 4% of APHG to Maori fund

NZ Super

NZ Super and Ontario Teachers’ Pension Plan, which recently acquired Asia Pacific Health Group (APHG) for NZ$550 million (US$396 million), have sold a 4% share in the New Zealand pathology firm to a Maori investment fund for an undisclosed amount.

The New Zealand sovereign wealth fund and the Canadian pension fund bought APHG from Australian healthcare provider Healthscope in November.

They have now each sold 2% to the Te Pūia Tāpapa (TPT) fund, which manages NZ$115.5 million of assets for the indigenous Maori, NZ Super says in a statement on February 6.

APHG primarily provides laboratory services, including testing for the coronavirus that causes the Covid-19 disease. The company has 25 laboratories and 150 collection centres across New Zealand.

“The NZ Super Fund and TPT are both investors with long-term time horizons and similar investment philosophies, meaning our investment strategies are strongly aligned,” Stephen Gilmore, chief investment officer of NZ Super, says in the statement.

TPT Chair Paul Majurey adds that as co-investors “we believe we can add significant value to APHG by deepening its understanding and ability to deliver for Maori communities”.

NZ Super and TPT are also co-investors in TR Group, a local heavy vehicle rental firm. They teamed up with New Zealand private equity manager Direct Capital last July to buy a 31% stake in the firm from Australian private equity fund CHAMP Ventures for an undisclosed sum.

NZ Super has NZ$53 billion of total assets currently and Ontario Teachers’ had C$204.7 billion ($159.67 billion) of assets as of June 2020.