J Floyd
[FYI request #28812 email]
20 December 2024
Dear J Floyd,
OIA 24-25-33: Development of Māori Investment Fund
Thank you for your email of 18 October to New Zealand Trade and Enterprise (NZTE), making
a request under the Official Information Act 1982 (the Act). On 18 November we extended the
timeframe for your response by five weeks to 23 December. You requested the following
information:
Please provide a breakdown of spend by the NZTE Investment team on the creation of
independent investment funds, including but not limited to Maui Toa.
Please provide information from 1 January 2020 onwards.
Answers to your questions are as follows.
NZTE Investment's team originates, prepares and connects investment opportunities to
investors that accelerate the growth of New Zealand. Connecting New Zealand growth
companies to capital accelerates their ability to scale and compete internationally.
Part of NZTE’s work therefore focusses on fostering a strong early-stage capital market
ecosystem. This is critical to ensure there are sufficient capital pools to fund early-stage New
Zealand businesses that are not yet ready for international capital. In supporting this
ecosystem, NZTE identified a significant gap in funding for early-stage Māori businesses. To
address this, NZTE supported the establishment of a technology-focused Venture Capital (VC)
fund, specifically designed for these businesses called Maui Toa.
From 1 January 2020 to November 2024 Maui Toa has been the only independent investment
fund financially supported by the NZTE Investment team. The intent of the fund is to:
• Accelerate technology-focused Māori business.
• Build commercial capability.
• Kick-start Māori innovation and technology-focused investment in early-stage ventures.
• Develop investment management companies owned by Māori.
No capital was or wil be invested directly into this fund by NZTE. NZTE support included
covering some initial establishment costs to help bridge the funding gap and ensure Māori
businesses would have access to the necessary resources. The overall costs supported by
NZTE included $207,157 in consultancy, $16,000 in professional fees, $17,500 in legal fees
and $1,357 in digital related fees.
You have the right under section 28(3) of the Act to seek an investigation and review by the
Ombudsman. Information about how to make a complaint is available at:
www.ombudsman.parliament.govt.nz or freephone: 0800 802 602.
T: +64 4 816 8100
W: nzte.govt.nz
W: newzealand.com/business
Level 15, The Majestic Centre, 100 Wil is Street, Wellington 6011, New Zealand, PO Box 2878, Wellington 6140, New Zealand
Yours sincerely
Melissa Trochon
Director – Board & Ministerial
