Active Investor Plus Managed Funds: What New Zealand's New 2026 Rules Mean for Investor Migrants

Managed funds have become an important part of New Zealand's Active Investor Plus Visa programme, particularly for applicants using the NZ$5 million Growth category.

From 28 September 2026, New Zealand introduced stronger requirements governing managed funds participating in Active Investor Plus.

For prospective investor migrants, understanding these changes is important because an investment being described as a "New Zealand fund" does not automatically make it an acceptable Growth investment.

What is an AIP acceptable managed fund?

Under the Active Investor Plus programme, a managed fund invests capital on behalf of investors into underlying assets selected and managed by the fund manager.

For an investment in a managed fund to qualify as a Growth-category Active Investor Plus investment, the managed investment scheme must appear on the Acceptable Managed Fund List maintained by Invest New Zealand.

The applicant must also satisfy the relevant Active Investor Plus investment requirements.

What changed on 28 September 2026?

New Zealand introduced several changes intended to strengthen the quality and oversight of managed funds participating in the AIP programme.

The most important include:

• investment deployment plans;
• stronger ongoing monitoring;
• mandatory disclosure requirements;
• clearer Growth investment expectations; and
• a six-month stand-down following a declined application.

What is an investment deployment plan?

An investment deployment plan explains how a managed fund expects to invest the capital it raises.

Under the revised AIP framework, managed funds are expected to demonstrate a credible forward strategy for deploying capital into qualifying New Zealand investments.

This is more than an administrative requirement.

It gives Invest New Zealand greater visibility over whether capital attracted through the AIP programme is actually expected to reach New Zealand businesses, projects and investments.

For investors, it provides another layer of scrutiny around how a participating fund intends to operate.

Does being on the acceptable managed-fund list mean a fund is Government approved as an investment?

No.

This distinction is important.

A fund appearing on the Invest New Zealand Acceptable Managed Fund List means it satisfies the relevant criteria for participation in the AIP programme at the relevant time.

It does not mean Invest New Zealand or the New Zealand Government recommends the fund, guarantees its performance or considers it appropriate for a particular investor.

Immigration eligibility and investment suitability are different questions.

Prospective investors should obtain appropriate professional investment, legal and tax advice.

What happens after a managed fund is accepted?

The revised framework increases ongoing oversight.

Participating funds may need to provide continuing information to Invest New Zealand and disclose material changes.

Invest New Zealand can also suspend or revoke acceptable status where the applicable requirements are no longer met.

This means AIP compliance should be viewed as an ongoing process rather than simply obtaining approval once.

What does the six-month stand-down mean?

Where a managed-fund application is declined, the revised framework generally prevents another application for six months.

This encourages fund managers to make well-developed applications rather than applying before the fund's structure, investment strategy and deployment plans are sufficiently developed.

Can Balanced applicants use Growth managed funds?

Yes.

Applicants using the NZ$10 million Balanced category can also invest in qualifying Growth-category investments.

Balanced also allows other categories of acceptable investments, including qualifying listed equities, bonds and property development.

This can provide Balanced applicants with considerably greater flexibility in constructing their New Zealand investment portfolio.

Why managed funds matter for Build to Rent

Managed funds will become even more important from December 2026.

The Government has announced that qualifying Build to Rent investment will become acceptable under the Growth category — but only through approved managed funds.

An AIP Growth applicant will not be able to invest directly into a Build to Rent development through this new pathway.

This means fund managers could effectively become the bridge between international AIP capital and qualifying New Zealand Build to Rent developments.

Detailed Build to Rent requirements are still to be incorporated into Invest New Zealand's managed-fund guidance.

What should an AIP investor consider when evaluating managed funds?

The visa eligibility of an investment is only one consideration.

An investor may also need to consider:

• investment strategy;
• underlying assets;
• risk;
• liquidity;
• investment duration;
• fees;
• governance;
• fund manager experience;
• diversification;
• tax implications;
• currency exposure; and
• how the investment fits their wider international portfolio.

Some Growth investments can be illiquid and may involve commitments extending beyond the minimum AIP investment period.

Appropriate professional advice is therefore important.

Coordinating the investment with the wider New Zealand journey

For many international families, the managed-fund decision is only one component of a much larger project.

There may simultaneously be decisions involving:

• immigration;
• international tax;
• banking;
• foreign exchange;
• family relocation;
• property;
• education;
• business interests; and
• succession or estate planning.

New Zealand Life Investment Partners helps investors coordinate those moving parts.

We Work for the Investor.

NZLIP provides Investor Project Management and Concierge support while appropriately licensed professionals provide regulated immigration, investment, legal, tax and financial advice.

Considering Active Investor Plus?

Whether you are exploring Growth managed funds, direct investment, the Balanced category or the forthcoming Build to Rent pathway, NZLIP can help you understand and coordinate the complete New Zealand investor journey.

Arrange a confidential consultation with NZLIP.

Important information

This article provides general information only. It is not immigration, investment, financial, legal or tax advice. Investment and immigration requirements can change and individual circumstances differ. Obtain advice from appropriately licensed and qualified professionals before making decisions.