NEW ZEALAND - The New Zealand Superannuation Fund will be acquiring an NZ$300m stake in the Kaingaroa forest estate - thus increasing its timber investment.
The NZ$10.5bn fund entered into an agreement for the acquisition of a minority interest in the estate. Harvard Management Company the owner of the majority will retain its status.
Kaingaroa is one of the top timbre estates in the world and constitutes approximately 170,000 hectares of cutting rights to plantation forest in the central north of New Zealand.
"As a long term investor, timber is an attractive asset class for the fund," said David May, chairman of the board of the guardians of New Zealand Superannuation.
Timber is one of the private market assets owned by the fund. Last year it made a number of investments in the space which currently have a combined value of $340m.
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...