NZ's taxpayer funded Super Fund is investing $US250m into private equity company KKR's North American oil and gas investment business.
NZ's taxpayer funded Super Fund is investing $US250m into private equity company KKR's North American oil and gas investment business.
The New Zealand Superannuation Fund said it would invest up to US$250 million ($292.5m) in North American gas and oil opportunities with US energy investment firm, KKR.
Up to US$175 million would be directed to new KKR energy private equity investments in North American natural gas exploration and production, NZSuper Fund said in a statement.
The remaining US$75 million would be invested with the $2 billion KKR Energy Income and Growth Fund, a new KKR fund focused on investing in the development of unconventional gas and oil resources in North America.
The NZ Super Fund's other energy sector investments over the past 12 months have included US$100m in Bloom Energy, which uses solid oxide fuel cell technology to create power, and US$55m in wind turbine maker, Ogin.
The investments follow extensive research into opportunities in the energy sector by the Fund over the past couple of years, NZ Super Fund said.
"These new investments will broaden and diversify the Fund's current exposure to energy, in line with what is a changing global energy sector," the fund's general manager investments, Matt Whineray, said.
Whineray said the KKR investment was premised on attractive long-term returns in energy and significant market changes including the rapid development of natural gas and unconventional oil assets.
