The $52.6B Guardians of New Zealand Superannuation named William Fletcher as its head of private equity and alternative investments.
He succeeds Rishab Sethi, who had been serving in the role on a temporary basis.
In his new role, Fletcher will oversee the fund’s direct private equity investments and its relationships with external investment managers, the fund said in a press release.
“I am excited to be joining an organization of the Super Fund’s caliber and helping to realize what is a really important objective for all New Zealanders,” Fletcher said in the release.
He joins the Guardians from Fisher Funds, where he served as a portfolio manager on its global private equity and alternatives teams. His previous roles include Goldman Sachs in New Zealand, J.P. Morgan in the UK and Carlyle AlpInvest in the Netherlands.
Before joining Fisher Funds, he spent eight years as an executive director in investment banking at Goldman Sachs’ Auckland office and has also held multiple roles in banking and investment offices in Europe and the UK.
Private equity and alternative investments currently account for 13% of the fund’s total portfolio.
In the release, the Guardians co-Chief Investment Officer Will Goodwin said the appointment would further develop the Super Fund’s broad network of asset managers and investment partners, adding that Fletcher’s international experience was well aligned with the fund’s global investment focus.
Last week, the fund also announced a $35M commitment to Movac Growth Fund 7, a local technology fund that invests in high-growth New Zealand technology companies. The fund reached its first close at $185M, well over its initial target of $100M, with backing from cornerstone investors including the Government Superannuation Fund Authority, Forsyth Barr Limited and Ngāi Tahu Holdings Corporation Limited.