Morrison taps Craigs Investment for proposed retail fund

Morrison & Co's fund would allow retail investors to participate alongside institutional investors, such as the Guardians of New Zealand Superannuation, in its Public Infrastructure Partnership Fund. The PIP Fund invests in social infrastructure assets such as schools and prisons.

"Investment in infrastructure through public-private partnerships, an established and successful model internationally, is a unique solution to the provision of social infrastructure in New Zealand," said Craigs executive chairman Neil Craig in a statement.

The PIP Fund is the first of its kind in New Zealand to be dedicated to investing alongside local, regional and central government in public infrastructure projects. It will have an initial $500 million investment capacity.

The Guardians confirmed it would take a $100 million cornerstone investment in the fund, and Morrison & Co will seek other institutional investors in the coming year. Morrison & Co has a mandate to invest in listed and private market infrastructure on behalf of the Guardians.