Te Puna Hapori Limited Partnership
Te Puna Hapori Fund:
The Investment Opportunity
Te Puna Hapori Limited Partnership is an open-ended Private Credit Fund supporting community organisations to acquire housing and housing related infrastructure and enhance their services across New Zealand. The Fund invests in assets secured by mortgages, with 60–100% of revenue underpinned by long-term Crown contracts. Investors gain diversified exposure to debt investments, focusing on expanding community infrastructure in underserved regions and groups. The Fund seeks stable, long-term cash flows while advancing social wellbeing and sustainability.
High Quality Organisational Tenants. Stable Cash Yield. High Impact
Investment Approach & Impact
Every investment undergoes rigorous three-dimensional due diligence: asset and financial analysis, counterparty review, and market context assessment. This ensures the Fund can underwrite both financial return and community impact.
Investments are assessed against a place-based Theory of Change, informed by Kaupapa Māori principles including whanaungatanga (relationship-building), manaakitanga (care and generosity), and aroha (love and respect). The Fund measures not just houses built, but restoration of mana, security of tenure, and stability that allows families to put down roots.
The Market Gap This Fund Addresses
New Zealand’s housing crisis is structural. As of August 2025, there were 24,480 applicants on the Social Housing Register and 441 households in emergency housing. Behind these numbers are rangatahi exiting the justice system, at-risk youth, families in crisis, and individuals requiring specialised care.
Government cannot build fast enough alone. Philanthropy lacks the capital to solve a multibillion-dollar gap. Banks often cannot accommodate the flexibility required for community-led projects. This creates a ‘missing middle.’
Why This Investment Works
Crown Revenue Security: 60–100% of cash flows backed by 10-year contracts with MHUD, MSD, and Oranga Tamariki. Stable, predictable income streams.
Completed Assets: The Fund has strong preference for fully constructed, fully occupied properties generating immediate cash flow. Zero development or lease-up risk.
Mortgage Security: First or second ranking mortgages over completed infrastructure. Maximum 85% combined LVR. Asset values supported by essential-service designation.
Proven Operators: All borrowers are proven,impact focused organisation such as registered community housing providers, transition housing providers, or Māori health organisations with established track records for financial and impact outcomes.
Diversified Portfolio: Investments span Auckland, Wellington, Hamilton, Christchurch, and underserved regional areas measured by the NZ Living Standards Framework.
Investment Highlights
| Target Return | 10% p.a. net to investors |
| Security | First/second ranking mortgages, max 85% LVR, 60–100% Crown-backed revenue |
| Strategy | Mezzanine (60–100%) and Senior Debt (0–40%) |
| Minimum Investment | $10,000 |
| Distribution | Semi-annual, subject to available cash |
| Management Fee | 0.5% on committed capital (first 24 months), then 0.5% on NAV |
Current Portfolio Examples
59 units (Mangere East/Manurewa). Justice-involved individuals. 10-year MHUD contract. 80% LVR
11 townhouses (Hamilton East). At-risk youth aged 15–25. 10-year MHUD contract. 85% LVR
About the Manager
Brightlight is a impact and values-led investment company focused on delivering purposeful investment solutions. With more than 18 years at the forefront of values-based and impact investing, Brightlight currently supervises and advises on A$6.3 billion in assets directed towards high impact and ethically screened investments. Our team integrates extensive institutional investment management experience with purpose-built capabilities in impact assessment and community-led finance. The Te Puna Hapori strategy launched 2019 in collaboration with foundation investors such as Trust Waikato. The Fund is governed a Board and Investment Committee with expertise in fund management, credit risk, and financial services, and is managed by professionals with deep experience in ethical, responsible, and impact investments.
Institutional Quality, Available to You
Until now, opportunities like this have largely been the domain of large institutional investors. Through our partnership with Catalist, we’re opening access to a broader community of investors who want to align their portfolio with their values without sacrificing rigour.
This is institutional-grade investment made accessible: diversified, professionally managed, rigorously underwritten, and deeply aligned with the restoration of New Zealand’s housing infrastructure.
Who Should Invest
This fund suits investors seeking:
Learn More
Download the full Te Puna Hapori Fund investor deck for detailed information on fund structure, governance, due diligence methodology, impact framework, and complete portfolio examples.
Questions? Contact:
Tim Symons, Director, Brightlight NZ
Simba Marekera, Global Head of Private Markets
