Wholesale Impact Investment funds pool money from wholesale investors and intentionally target positive social or environmental goals alongside financial returns. They measure and report on the impact they deliver. They can be a good source of capital for early‑stage businesses, community organisations, and property or infrastructure projects that struggle to access traditional funding.
Under New Zealand’s Financial Markets Conduct Act (2013), wholesale investors include:
Wholesale investments are typically higher risk and illiquid, with less regulatory protection than retail products. Investors need strong financial capability, experience, and strong financial capacity to tolerate losses and long investment horizons.
Wholesale impact funds usually invest in unlisted assets such as early stage companies, property or infrastructure. These can offer higher long‑term return potential than listed assets, but come with:
So investors need to be able to stay invested until an exit event occurs and be able to meet any needs for cash from other sources.
Some KiwiSaver and managed funds allocate a portion of their portfolios to wholesale impact funds to give investors exposure to innovation and impact. The overall portfolio structure means they can manage the different risks & illiquidity of these holdings.
Venture capital (VC) funds back early‑stage companies with high growth potential, often developing innovations that address social or environmental challenges. Positive impacts from new start-ups, such as emissions avoided, can be easier to measure since they have a clearer focus on one or more key innovations than large companies. In addition, when compared to a listed company, your investment is likely to be more crucial to their success - without it, they may not be able to raise enough capital to launch or grow. But risks are high due to large development costs and time to achieve profitability. Successful companies may eventually be sold or listed on a stock exchange - enabling broader investment through retail funds like KiwiSaver.
Kiwis need more affordable, healthy rental homes. Community organisations (iwi, councils, churches, trusts) understand local needs but often struggle to access bank funding. Wholesale managers have created models using equity and/or debt to finance developments such as build‑to‑rent housing.
NZ has a goal of 100% Renewable energy by 2030, but a gap of at least 10% and growing electricity demand which is being met by generation using coal and gas. Renewable infrastructure funds provide capital for development to close the gap e.g. solar & wind farms and energy storage.
Investors should look closely at the design of these funds to understand how returns are generated and specific risks.
The following managers have impact objectives alongside goals for long-term financial returns. The funds have impact frameworks to report to investors on outcomes delivered .
Wholesale funds typically have a fixed time-period when they are ‘open’ for new investment. The majority of funds listed below are ‘closed’. However, it may be possible to invest in some funds via a secondary market. Managers may also launch new funds with similar objectives.
Some of these funds meet requirements for an NZTE Acceptable Managed Fund under the NZTE (New Zealand Trade and Enterprise – a New Zealand Government entity) Active Investor Plus (AIP) visa programme. Please contact the Fund Manager for more information on the status of a specific fund.
This directory is purely for information and is not a recommendation to invest. Mindful Money has a directory of Ethical Investment focused Financial Advisers who may be able to advise on wholesale investment and suitability for clients.
Type of investments: Equity in unlisted private companies
Impact categories: Climate Solutions
The Climate Venture Capital Fund series targets private companies with potential for high growth and that will directly contribute to the reduction of greenhouse gas emissions. Companies are mainly in NZ with some in Australia. Each fund in the series has a portfolio goal to measurably reduce greenhouse gas emissions. For example, Fund 2 aims to invest in firms delivering 50 million tonnes reduction in CO2e per $50 million invested by 2035.
Sub-funds: Climate Fund 1 (2022), Climate Fund Sidecars (multiple/ongoing), Climate Fund 2 (2026)
Type of investments: Issues of social bonds and social loans
Impact categories: Community Development
CHFA is a specialist lender offering lower cost loans for community and affordable housing managers in order to deliver more affordable housing across Aotearoa. CHFA has an A+ credit rating from S&P Global. The CHFA issues Social Bonds in accordance with its Social Finance Framework, which wholesale investors can purchase. CHFA has access to a Crown Standby Facility of up to $150 million. It works with the Ministry of Housing and Urban Development, which provides a range of funding and grants to the community and affordable housing sector. Organisations that receive these grants, or long-term government funding, may approach CHFA for finance. Several KiwiSaver and Managed Funds also invest in CHFA Social Bonds within their portfolios which gives retail investors access to this opportunity.
Type of investments: Equity investment into completed social and affordable housing assets (no construction risk), as well as large-scale mixed-income housing developments.
Impact categories: Community Development (affordable housing)
Home Capital Partners manage funds that invest in social and affordable housing to provide secure and healthy homes for whānau while generating stable returns for investors. Their investment model is based on building long-term partnerships with community housing managers, iwi, councils, churches, community trusts, and philanthropic organisations. Part of the Home Foundation Group (a charitable trust), the organisation has delivered over 2,000 homes and $700M in housing across Aotearoa.
Sub-funds: The New Zealand Housing Fund – Te Piringa (2025), Housing Development Funds portfolio for Home Foundation (2026), other bespoke funds in development for investors with specific impact, geographic, community or faith-based mandates.
Type of investments: Equity in unlisted private companies
Impact categories: Climate Solutions
Motion Capital is a venture capital fund focused on investing in businesses that contribute to global decarbonisation. It primarily invests in companies from New Zealand and, occasionally, the broader Asia-Pacific region. The fund targets solutions where cost-effectiveness and performance drive market adoption across sectors such as agriculture, energy, infrastructure, industrial decarbonisation, and transport.
Sub-funds: Motion Fund 1 (2023)
Type of investments: Varies by fund
Impact categories: Community Development, Climate Solutions
New Ground Capital is an investment manager with expertise in build-to-rent housing, affordable housing, and impact investing. The firm pioneered institutional Build to Rent (BTR) investment in NZ and has experience across housing development, development management, property management, and investment management. Its funds include the Impact Enterprise Fund (2018), New Zealand's first committed capital impact venture capital fund; the Homes for Tamariki I Fund (2022), which provides government-leased housing for vulnerable children and young people; and the Bay of Plenty Housing Equity Fund (2023), which supports the delivery of affordable housing across the Bay of Plenty.
Sub-funds: Impact Enterprise Fund (2018) Homes for Tamariki I Fund (2022), Bay of Plenty Housing Equity Fund (2023)
Type of investments: Mainly equity investment in unlisted private companies, also infrastructure projects and land development.
Impact categories: Climate Solutions, Community Development, Nature & Water
Purpose Capital brings expertise and capital to projects and organisations working toward social and environmental solutions managing assets within wholesale funds and co-investment with institutions. It is owned by the Purpose Capital Foundation, a charitable trust. They invest in asset-backed projects and growth stage impact businesses. Priority areas for investment include affordable housing and energy transition.
Sub-funds: Purpose Capital Impact Fund 1 (2020), Purpose Capital Impact Fund 2 (2027)
Type of investments: Equity in unlisted private companies, debt capital, housing assets
Impact categories: Climate Solutions, Community Development
Soul Capital invests in companies whose purpose is to tackle societal or environmental problems with innovation and scalable business models. Soul Capital supports the enterprises they invest in with advice, mentoring and networking opportunities. The Awhi fund is now closed and is in the management and liquidation phase. Te Pae ki te Rangi fund was developed in partnership with Foundation North (the principal investor). Priority target communities for this fund are Māori, Pasifika, the rainbow community and people living with disabilities.
Sub-funds: Awhi Fund (2017), Te Pae ki te Rangi Fund (2021)
The following Funds are provided by managers with a range of wholesale funds (including funds without explicit impact objectives). These funds are delivering positive outcomes, but do not have formal impact frameworks or measurement.
Type of investments: Debt instruments
Impact categories: Community Development
Te Puna Hapori (‘spring of wellbeing for communities’) began in 2019 through a partnership between Brightlight and Trust Waikato to provide capital to deliver essential community assets to transform lives in underserved communities across New Zealand. The strategy for impact is informed by kaupapa māori principles. The Fund invests in debt instruments to support community infrastructure across New Zealand. In addition, Brightlight manages issues of bonds to provide investors with exposure to community housing projects.
Impact framework & reporting: Impact strategies for each project, but no formal reporting
Type of investments: Infrastructure assets
Impact categories: Climate Solutions
The MyFarm Solar Fund supports New Zealand’s energy transition through the development and ownership of a portfolio of mid-scale 5MW–10MW solar farms. By investing in decentralised solar infrastructure, the fund aims to bring new renewable energy projects online efficiently, supporting positive environmental outcomes alongside long-term investor returns.
Impact framework & reporting: No
Type of investments: Loans to Infrastructure projects with an equity stake in each project
Impact categories: Climate Solutions
This Fund offers an opportunity to invest into a diversified pipeline of large-scale renewable energy projects led by Kākāriki, a joint venture formed by experienced operators including Energy Estate, Elemental Group, Regener8 Power, and Tāmata Hauhā.
Impact framework & reporting: No
