Funding and Capitalisation of Crown-Owned Settlement Investment Funds
Joshua Riley made this Official Information request to Nicola Willis
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From: Joshua Riley
To: The Honourable Nicola Willis, Minister of Finance
Date: 25 July 2025
Subject: Official Information Act Request – Funding and Capitalisation of Crown-Owned Settlement Investment Funds
This is a request for official information under the Official Information Act 1982.
This request is distinct from our OIA dated 22 July 2025, which focused on the assets acquired by certain Crown-owned funds. This new request focuses on the capitalisation, funding sources, and approval processes for these entities.
There is significant public interest in understanding the breadth of public money allocated to these funds, the source of that capital, and the accountability mechanisms that govern its use, especially when these funds are used to acquire ratepayer-owned assets.
Information Requested
1. Total Crown Funding: a. What is the total value of all capital allocated by the Crown to Ngāpuhi Investment Fund Limited (Tupu Tonu) since its inception? b. Please provide a list of the names of any other Crown-owned entities or funds with a similar mandate to acquire assets for future Treaty settlements, and the total value of all capital allocated by the Crown to each of these entities since their inception.
2. Funding Timeline and Governance: a. For Tupu Tonu and each entity identified in question 1(b), please provide a year-by-year breakdown of when Crown capital was allocated or transferred to the fund. b. Please specify for each allocation which government (e.g., the Sixth Labour Government, the Sixth National Government) was in power at the time the decision to allocate the funds was made.
3. Source of Funds: For the total capital identified in question 1, please provide a breakdown of its source from the Crown's perspective. For example: a. What amount or percentage was funded from general taxation or a specific Vote appropriation? b. What amount or percentage was funded through government borrowing (i.e., added to the national debt)?
4. Approval Process: Please provide copies of any final reports, briefing notes, or policy documents that outline the process for approving the budgets and capital allocations for these funds. This should include information on the roles that Ministers, the Treasury, or other agencies play in approving their funding.
5. Accountability and Performance: To understand the governance and performance expectations attached to this public funding, please provide the most recent versions of the following documents for Ngāpuhi Investment Fund Limited (Tupu Tonu): a. The Statement of Intent (SOI) or Statement of Corporate Intent (SCI). b. The Statement of Performance Expectations (SPE). c. The latest Annual Report.
We look forward to your response within the statutory 20 working days.
From: Hon Nicola Willis
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Thank you for contacting Hon Nicola Willis, Minister of Finance, Minister
for Economic Growth and Minister for Social Investment.
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Ngā mihi,
Office of Hon Nicola Willis
Minister of Finance | Minister for Economic Growth | Minister for Social
Investment
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From: Hon Nicola Willis
Dear Joshua
I am writing to acknowledge receipt of your official information request. We will endeavour to respond to your request as soon as possible, and in any event no later than 20 working days after the day your request was received. If we are unable to respond to your request by then, we will notify you of an extension of that timeframe.
Kind regards
Private Secretary | Office of Hon Nicola Willis
Minister of Finance | Minister for Economic Growth | Minister for Social Investment
Private Bag 18 888 |Parliament Buildings |Wellington 6011 www.beehive.govt.nz
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