New Zealand Super Fund commits $144m to Copenhagen Infrastructure’s energy vehicle

Photo: Karsten Würth/ Unsplash.com

New Zealand Superannuation Fund (NZ Super Fund), the country’s NZ$58 billion ($40 billion) sovereign wealth fund, has committed up to €125 million ($144 million) into the latest sustainable energy-focused vehicle of Copenhagen Infrastructure Partners (CIP).

CIP, a Danish renewable energy-focused fund manager, seeks to raise €2.25 billion for Energy Transition Fund, which is focused on developing industrial-scale sustainable energy infrastructure, known broadly as Power-to-X.

Power-to-X projects cover renewable energy generation, electrolyser and ammonia infrastructure, storage, and other energy transition infrastructure.

According to NZ Super’s announcement, the CIP fund will make investments in OECD markets in Western Europe, North America, and Asia-Pacific.

The fund already has five greenfield projects located in Denmark, Sweden, Spain, Norway, and Australia and an advanced pipeline of seven further projects.

Established in 2012, CIP has more than 250 employees across offices in Copenhagen, New York, London, Hamburg, Melbourne, Singapore, Utrecht, and Tokyo.

NZ Super Fund CIO Stephen Gilmore said the commitment to CIP is an outcome of its strategy of reducing the risk to its portfolio arising from climate change.

The sovereign wealth fund also wants to take advantage of opportunities in areas such as energy transition, renewable energy, and decarbonisation infrastructure, he added.

“As a long-term investor, we’re attracted to the risk-adjusted returns available from infrastructure investment and are looking to increase exposure to infrastructure both internationally and domestically,” according to Gilmore.

In June this year, NZ Super Fund announced that it has managed to make a strong recovery this year after it saw the value of its assets under management drop by about $9.4 billion in a matter of weeks during the COVID-19 crisis in 2020.

From that low point last year, New Zealand’s sovereign wealth fund was up 60.2% at the end of May 2021, its fastest-ever period of growth, according to Matt Whineray, CEO of Guardians of New Zealand Superannuation.

The fund has also returned 10.5% per annum since its establishment, beating its passive reference portfolio benchmark by 1.2% or NZ$9.9 billion.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.