Housing
Development
Fund

Designed to enable large scale mixed-income housing developments across New Zealand.

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Key Metrics

$ 30 m

target fund size

15 %

pre-tax is the targeted annual return, net of fees, from capital growth and rental revenue

75

homes per annum are 

targeted for delivery

Housing Development Fund Overview

  • Open exclusively to wholesale investors in accordance with applicable regulations.
  • Direct investment into the development phase of mixed-income housing projects, structured to reduce investor risk.
  • All projects are 100% presold with fixed-price vertical construction contracts, removing market and construction risk.
  • Portfolio includes social housing, affordable rentals, market rentals, market sales, and Progressive Home Ownership.
  • Focused on capital growth and diversified rental revenue across a national footprint.
  • Social and financial outcomes driven through a blend of housing tenures and geographies. 

Liquidity Opportunities

  • Open for investment from late-2025, with ongoing investment terms and 5-year renewal periods.
  • Option to transfer investment to The New Zealand Housing Fund upon closing.
  • Secured takeout option available via The New Zealand Housing Fund.
community gathering

Frequently Asked Questions

Who can invest in the Housing Development Fund?

The fund is open exclusively to wholesale investors, in line with applicable regulations.

What does the Housing Development Fund invest in?

The Housing Development Fund invests directly in the development phase of large-scale, mixed-income housing projects across New Zealand. The portfolio includes social housing, affordable rentals, market rentals, market sales, and Progressive Home Ownership.

What is the target return for investors?

The fund targets a 15% annual return (pre-tax, net of fees), generated through a combination of capital growth and diversified rental income.

How is construction and market risk managed?

All developments are 100% presold and delivered via fixed-price vertical construction contracts, significantly reducing both construction and market risk for investors.

What is the target scale and delivery?

The fund aims to deliver 75 homes per year, contributing to national housing supply across multiple geographies and tenure types.

How large is the fund?

The target fund size is $30 million NZD, with capital deployed into a portfolio of presold residential developments.

What is the investment term?

Investments are structured with 5-year renewal periods and will open to investors from late 2025, with ongoing opportunities available thereafter.

Can I exit the fund early or transfer my investment?

Investors have the option to transfer their investment to the The New Zealand Housing Fund once the Housing Development Fund closes, with a secured takeout option available to provide further liquidity.

What kind of social impact does the fund generate?

The Housing Development Fund supports increased access to housing through a blend of tenures, including social and affordable rentals, while contributing to long-term community development across Aotearoa.

Who manages the fund and oversees development?

The fund is managed by an experienced team with deep sector knowledge in housing delivery and investment. All projects are developed by the Housing Development Fund, ensuring strong oversight and alignment.

How can I register my interest?

You can pre-register to receive fund updates and be notified ahead of launch in late 2025 by completing this form. 

Projects Developed by the Housing Development Fund
Home Capital Partners – aerial view of a modern townhouse neighbourhood beside a grassy reserve and roadway. The Residences of Karamū, located in Broomfield, Christchurch.
Karamū
The Residences at Karamū is a $42m mixed-tenure development in Broomfield, Ōtautahi Christchurch, delivering 84 high-quality homes. Completed in 2022, it prioritises affordability, sustainability, and long-term community stability.
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Three-level walk-up apartment building in Papatoetoe, Auckland.
Papatoetoe
A 100% social housing scheme in Pāpatoetoe, delivered in partnership between Home Capital Partners and Community of Refuge Trust, supported by government rent subsidy funding.
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Home Capital Partners – aerial view of the Te Pākau Maru development in New Brighton, Christchurch, with a row of pastel-colored terraced homes near the coastline.
Te Pākau Maru
Te Pākau Maru is a $38m mixed-tenure development in New Brighton, Ōtautahi Christchurch. Featuring 63 terraced homes, it prioritises affordable rentals, progressive home ownership, and sustainability, with the first stage completed in March 2025.
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Residential houses in a welcoming neighbourhood.
Ōpōtiki
The Papa Te Whai development is a 100% affordable rental community in Ōpōtiki, located at Papa Te Whai Lane and Pirirakau Road. Designed to support key worker housing needs, it delivers secure, well-built homes that...
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Home Capital Partners – row of modern pastel weatherboard townhouses with white railings and warm interior lights, located within the Te Pākau Maru development in New Brighton, Christchurch.
Pre-register your interest

To stay informed and receive updates ahead of launch in late 2025, register your interest today.

Register now