Active Investor Plus Visa Managed Funds: What They Are, Who Runs Them, and How to Choose the Right One

If you're applying for New Zealand's Active Investor Plus visa under the Growth category, a managed fund is very likely how you'll invest your $5 million.

Managed funds are currently the single most popular investment route under the programme — accounting for the majority of capital committed since the visa was relaunched in April 2025.

But "managed fund" covers an enormous range of options, from venture capital backing early-stage tech startups to conservative private credit funds lending to established businesses.

Choosing the wrong one for your goals can mean mismatched risk, poor liquidity when you need it, or returns that don't reflect what you actually wanted from the investment.

This guide explains what these funds are, the different types available, and how to think through choosing one that actually fits you.

This article is for general information only and isn't financial, legal or immigration advice — see the note at the end.

What Is an "Acceptable Managed Fund" Under the AIP Visa?

Under the Active Investor Plus visa's Growth category, your $5 million investment generally needs to go into either a direct investment in a New Zealand business or a managed fund that appears on Invest New Zealand's Acceptable Managed Fund List.

Invest New Zealand — the government agency responsible for assessing Growth category investments — maintains and regularly updates this list.

A fund only qualifies if it meets a specific set of criteria, including that it invests substantially (at least 70%) in New Zealand-based entities and genuinely benefits the New Zealand economy, not just the investor's visa outcome.

Being on the list isn't a government endorsement of the fund's quality or performance.

Invest New Zealand is explicit about this: inclusion only confirms the fund meets the investment criteria for the visa, not that it's a good investment.

That distinction matters enormously for how you should approach fund selection, which we'll come back to.

As of Invest New Zealand's most recent published update (21 September 2026), there are more than 70 funds on the list, spanning half a dozen distinct investment categories.

The Main Types of Approved Managed Funds

Funds on the list fall into a handful of broad categories, each with a genuinely different risk and return profile.

Venture Capital

Venture capital funds invest in early and growth-stage New Zealand technology and innovation companies — the kind of businesses aiming to scale internationally.

Funds like Movac, GD1, Pacific Channel, and Icehouse Ventures are long-established names in this space, some with 15-25+ years of New Zealand VC experience and recognisable exits behind them (companies acquired by the likes of Apple, Lightspeed and The Access Group have come out of New Zealand VC portfolios).

Who this suits: investors comfortable with higher risk and a long time horizon, often ones with a genuine interest in the technology or innovation sector, who understand that venture returns are typically generated by a small number of big winners rather than steady, even performance across the whole portfolio.

Private Equity

Private equity funds take stakes in established, profitable New Zealand companies — often mid-market businesses with real revenue and a track record, rather than early-stage startups.

Sector focuses vary widely: agribusiness, aged care, forestry, kiwifruit, and diversified portfolios of "good Kiwi businesses" are all represented on the current list.

Who this suits: investors wanting exposure to real, operating New Zealand businesses with a lower risk profile than venture capital, often with quarterly distributions rather than waiting years for a single exit event.

Private Credit

Private credit funds lend money to New Zealand businesses — effectively acting as a non-bank lender — rather than taking an equity stake.

Returns typically come as regular interest-based distributions rather than capital growth, and many of these funds target specific sectors: SME lending, infrastructure financing, aged care, tourism, or renewable energy development.

Who this suits: investors prioritising capital preservation and predictable, regular income over growth potential — generally the most conservative category on the list.

Infrastructure and Real Assets

A smaller but growing category, these funds invest in long-duration physical assets — renewable energy generation (solar, wind), infrastructure lending, forestry, and similar real-asset categories.

Returns tend to be structured around stable, long-term income rather than short-term growth.

Fund of Funds and Multi-Strategy

Rather than picking a single sector or strategy, these funds spread an investor's capital across multiple underlying funds or strategies — often blending private equity and private credit, or several different fund managers, in one vehicle.

This can be a useful option for investors who want diversification without personally selecting several individual funds.

How to Choose a Managed Fund That Actually Fits Your Objectives

This is the part that matters most, and it's also the part Invest New Zealand explicitly says it won't help with — their list confirms visa eligibility, not investment suitability.

Here's a practical framework.

1. Start with your actual investment objective, not the visa requirement

The $5 million minimum is a visa requirement, but once that's satisfied, the type of fund you choose should reflect what you actually want from the capital — growth, income, capital preservation, or some blend.

An investor focused purely on meeting the visa requirement as conservatively as possible will generally look very different from one treating this as a genuine, active New Zealand investment.

2. Understand the liquidity and lock-up terms

This varies enormously across funds.

Some offer quarterly or even monthly redemption windows; others are structured as genuinely illiquid, multi-year vehicles with no exit until a fund-level event (a sale, an IPO, a wind-up).

Given the AIP visa requires maintaining the investment for three years (Growth category) and your personal circumstances may change, understanding exactly when — and under what conditions — you could access capital if needed is essential before committing.

3. Check the fund's track record and governance

Some funds on the list are newly established specifically around AIP investor capital; others are long-running vehicles from managers with 10, 20, even 25+ years of New Zealand investment history and multiple completed fund cycles.

Neither is automatically better, but they carry genuinely different risk profiles.

Look for independent audit (Big 4 accounting firms feature prominently among the more established funds), an independent trustee or custodian, and a track record you can actually verify — not just a target return stated in marketing material.

4. Understand how fees and returns are structured

Private credit funds typically quote a target net annual return after fees.

Private equity and venture funds more often quote an IRR (internal rate of return) target — which is a projection, not a guarantee, and depends heavily on the fund successfully exiting its investments.

Make sure you understand what's being promised versus what's merely targeted.

5. Consider sector alignment with your own expertise or interests

Several funds are built around specific sectors — kiwifruit, aged care, forestry, climate technology, agritech.

If you have genuine knowledge of or interest in a sector, that familiarity can be a real advantage in evaluating whether a fund's thesis holds up, beyond what the marketing material tells you.

6. Get independent advice before committing

This is worth stating plainly: fund managers marketing to AIP investors have an obvious interest in your capital.

An independent view — from a licensed financial adviser who has no stake in which fund you choose — is the single most valuable thing you can add to this decision.

A Word on How NZLIP Fits In

New Zealand Life Investment Partners doesn't manage a fund, sell a fund, or receive a commission for recommending one.

Our role is to help you understand the landscape, coordinate introductions where useful, and manage the overall process — while you make investment decisions with input from a licensed financial adviser.

We think that independence matters, especially in a space where most of the information available to you is produced by the funds trying to raise your capital.

Frequently Asked Questions

Do I have to invest in a managed fund for the Active Investor Plus visa?

No. Growth category investors can invest in an approved managed fund, a direct investment in a New Zealand business, or a combination — including philanthropy for up to 20% of the total.

Balanced category investors have additional options including bonds and listed equities.

Managed funds are simply the most commonly chosen route because they don't require you to source and manage your own direct investment.

How many managed funds are currently approved?

Invest New Zealand's Acceptable Managed Fund List included more than 70 funds as of its most recent update in September 2026, and new funds are added regularly.

The list is maintained directly by Invest New Zealand and should always be checked for the current version before making a decision.

Does being on the approved list mean the fund is a safe or good investment?

No. Invest New Zealand is explicit that inclusion on the list confirms the fund meets the visa's investment criteria — not that it's a sound investment, and the government does not endorse, recommend, or guarantee any fund's performance.

All investments carry risk, including loss of capital.

Can I switch managed funds after I've invested?

This depends on the specific fund's liquidity terms and the visa's ongoing compliance requirements.

Some funds offer scheduled redemption windows; others are long-term, illiquid commitments.

This is exactly the kind of detail to clarify before committing, not after.

What's the difference between a managed fund and a direct investment for AIP purposes?

A managed fund pools your capital with other investors into a professionally managed portfolio, with a fund manager making the individual investment decisions.

A direct investment means your capital goes straight into a specific New Zealand business, with Invest New Zealand assessing that specific investment for eligibility.

Direct investments generally require more hands-on involvement and due diligence from the investor.

Do managed fund returns count differently toward my visa requirements than direct investments?

As of the current settings, both acceptable managed funds and acceptable direct investments count toward the Growth category's $5 million requirement.

The specific multiplier and treatment rules are set out in Immigration New Zealand's instructions and can change, so always confirm the current rules rather than relying on historical information.

Who actually approves a fund for the list — Immigration New Zealand or Invest New Zealand?

Invest New Zealand assesses and approves managed funds against the investment criteria.

Immigration New Zealand separately assesses the visa application itself, including confirming that the fund was on the approved list at the time the investment transaction occurred.

Important information

This article is for general educational purposes and does not constitute financial, legal, taxation, or immigration advice.

Investment in any managed fund carries risk, including possible loss of capital, and inclusion on Invest New Zealand's Acceptable Managed Fund List is not an endorsement or guarantee of performance by Invest New Zealand or the New Zealand Government.

Always seek advice from a licensed financial adviser and a licensed immigration adviser before making investment or visa decisions.

Fund details, approval status, and investment criteria change over time — always confirm current information directly with Invest New Zealand and the relevant fund.