Invest NZ Golden Visa Events Under Fire for Favouring Managed Funds
Companies approved for direct Active Investor Plus investment claim they are being excluded from Invest NZ's 17 global networking events, while managed funds dominate attendance lists. Direct company investments have received just $19.6 million — 1.3% of the $1.49 billion deployed in the programme's first year.
Key Concerns Raised
Multiple companies approved for direct AIP investment allege Invest NZ is "picking and choosing" which businesses to showcase at networking events. The "live deals" platform connecting investors with direct investment opportunities was shut down in October 2025, while 60+ managed funds remain listed on the Invest NZ website. Minister Stanford has raised concerns about the lack of direct investment company representation at events.
Where Has the First-Year Capital Gone?
Total AIP investment reached $1.49 billion in its first year (April 2025 to April 2026), with a further $2.4 billion in the pipeline. However, the breakdown reveals a stark imbalance between managed fund investments and direct company investments.
Managed Funds
$1.2B+
~$1B into private credit funds alone
Direct Company Investment
$19.6M
Just 1.3% of total deployed
Minister Stanford has often argued that a key benefit of AIP visas is that experienced overseas investors can share their knowledge and networks with local New Zealand companies — something achieved through direct investment, not typically through managed funds.
17 Global Networking Events
In the last year, Invest NZ has hosted 17 networking events in cities around the world, featuring ambassadors, dignitaries, and Immigration Minister Erica Stanford. These events aim to promote New Zealand to wealthy visa seekers and introduce them to the "New Zealand ecosystem" of advisers, lawyers, accountants, and investment opportunities.
San Francisco
New York
Los Angeles
Frankfurt
Singapore
Hong Kong
Auckland
Queenstown
San Francisco Event Attendance (September 2025)
According to documents distributed by Invest NZ, the attendee list for the "New Zealand AIP Investor Visa Networking Event" in San Francisco included:
Fund managers in attendance included: Altered Capital, Previously Unavailable, Icehouse Ventures, Ecliptic VC, NZVC, Pacific Channel, Ryft Zero, 2040 Ventures, Bridgewest Ventures, Motion Capital, Aotea Asset Management, Private Capital Group, Forthco, Pioneer Capital and GreenMount Capital.
What Companies Are Saying
"If you meet the AIP requirements, why is Invest NZ picking and choosing who it connects to visa holders? And what is the basis on which they're making their choices?"
— Alwyn Poole, Owner of Education 710+ (AIP-approved direct investment)
"It's utterly opaque, and given the amount of money flowing in, the stakes are high."
— Anonymous source (withheld due to fear of Invest NZ's power over the AIP system)
The Herald spoke to more than half a dozen parties involved in direct AIP investments, but most requested anonymity because they fear Invest NZ's considerable power over the AIP system, including the ability to both confer and remove approval status.
These sources said officials told them there was "insufficient space" at networking events for them to attend, or that "companies seeking direct investment were not involved in the networking events."
The Shut-Down "Live Deals" Platform
October 25, 2025
Invest NZ shut down its "live deals" platform — which listed all AIP-approved direct company investments and included an email function connecting these companies with prospective investors. The agency provided little explanation for the closure.
Despite shutting down the platform six months ago, much of the Invest NZ website has not been updated and continues to refer to it. The site still claims the "live deals" platform is "filling critical capital gaps in the market, connecting investors with exciting investment opportunities, and showcasing our innovation and integrity to the world."
The Contrast
Direct Investment Companies
Platform shut down (October 2025)
No public listing available
Managed Funds
Over 60 funds listed on Invest NZ website
Regularly updated
Invest NZ's Response
Responding to questions, Invest NZ insisted its AIP events are not held to connect New Zealand companies with prospective investors.
"Internationally they are to promote the AIP Visa programme and in New Zealand they are to support existing investors [to] meet their investment requirements and the attendees reflect the purpose. Individual companies seeking to promote their own investments are not the target audience for either event."
— Simone Robbers, Invest NZ AIP Investments Acting Director
Invest NZ stated that across its 17 events, 10 companies approved for direct investment have attended, but declined to disclose their names. It also declined to disclose the total number of managed funds that have attended or how many have been repeat attendees.
The agency said it is a small public agency and will consider the Herald's more detailed questions under the longer timelines of the Official Information Act (OIA).
Minister Stanford's Position
Immigration Minister Erica Stanford led the New Zealand cohort at the September 2025 US events (San Francisco, New York, Los Angeles). When asked if she noticed the absence of direct investment companies, a spokesman responded:
"Following the US events last year, the minister raised with Invest NZ that she would like to see more showcasing of New Zealand companies approved for direct investment at future events. However, she is not the minister responsible for Invest NZ and, as a Crown entity, it is ultimately a matter for Invest NZ, who is invited to their events. The minister had no involvement in those decisions."
— Spokesman for Immigration Minister Erica Stanford
Minister for Trade and Investment Todd McClay, who has responsibility for Invest NZ, emphasised that attendance at events is "carefully selected based on relevance" and that Invest NZ seeks to avoid having the same group attending every time. He noted that direct investments require both an approved investor and an approved investment, with engagement being "investor-led."
What This Means for Investors
Managed Funds Dominate
Private credit funds have attracted the vast majority (~$1B) of AIP investment. Investor preference for liquidity and capital preservation is driving this trend.
Direct Investment Options Harder to Find
With the "live deals" platform shut down and limited representation at networking events, investors interested in direct company investment may have fewer discovery channels.
Programme Remains Open
The AIP programme continues to process applications. As of April 2026, 659 applications have been received covering 2,155 people, with $3.87 billion in the pipeline.
Considering the Active Investor Plus Visa?
The AIP programme offers two categories: Growth (NZ$5M, 3 years) and Balanced (NZ$10M, 5 years). Both offer pathways to permanent residence and eventually citizenship.
Source: This article is based on reporting by Kate MacNamara, Business Journalist, NZ Herald, published May 5, 2026. Read original article