For the Third Quarter of 2025

Note:

The data has been filtered to exclude: (i) real estate transactions; (ii) early stage venture capital transactions where size is stated or estimated to be less than $1.5 million; (iii) transactions announced but yet to complete; (iv) other transactions where applicable.   

^{Sources: Mergermarket, CapitalIQ, Eikon, Pitchbook, PwC analysis (6 October 2025)}

New Zealand’s private infrastructure sector is seeing resilient M&A and partnership activity. Across energy, telco and ports, sellers are refining portfolios, recycling capital and bringing in partners for growth; buyers include iwi-Māori private capital, local private capital and global infrastructure funds. 

Energy: energy transition drives capital needs and M&A opportunities 

The energy sector remains the most active subsector in New Zealand’s private infrastructure market. 

Key trends include:

• Trade players and new entrants consolidating generation assets and development pipelines to create larger, more effective delivery platforms. 
• Multiple capital raises by renewable developers to accelerate project pipelines — including Pioneer Energy’s new iwi-backed Tōtara Energy LP partnership and Lodestone Energy’s additional NZ$50 million raise in April 2025. 
• Iwi increasing investment in the sector, notably through Mint Aotearoa (the Ngāi Tahu Holdings / Mint Renewables joint venture) and the above Pioneer Energy transaction. 
• Renewed activity in regulated assets with Clarus agreeing a split sale: Brookfield acquiring Firstgas, Rockgas and Flexgas, and Powerco acquiring Firstlight Network (subject to approvals). 

While capital needs remain high, some areas have proven challenging for exits — notably upstream oil and gas. Potential transactions in local-government-owned electricity networks have also not come to fruition.

Ports and logistics: increasing activity

Northland’s footprint has been reshaped, with private sector, iwi and local government partnering to deliver better regional outcomes. In June 2025, a consortium of Northland Regional Council, Port of Tauranga and Tupu Tonu (Ngāpuhi Investment Fund) completed the buy-out of Marsden Maritime Holdings (MMH) minority shares. As part of the scheme, Port of Tauranga sold its 50% Northport stake into MMH. There are in place policy proposals around a potential Northland Special Economic Zone alongside ongoing rail and roading improvements programmes. 

Wider port M&A is expected in pockets, for example the sell down by Quayside in Port of Tauranga and continued speculation of ownership considerations at other ports. There is also a renewed focus on land optimisation, inland ports and strategic partnerships between industrial users, logistics providers and regional investors – with the partnership between Tainui and Brookfield for the Ruakura Superhub being a highlight in the area. These developments also enable a move of freight to rail over time, helping to drive better sustainability outcomes.

Telecommunications: continued deal flow 

Telco remains active as large operators rebalance portfolios and release capital from asset-heavy infrastructure into data-led growth. Spark’s sale of 75% of its data-centre platform to Pacific Equity Partners — valued at up to NZ$705 million (around NZ$486 million cash on completion with potential earn-outs) — sets the recent benchmark. 

Vector has launched a strategic review of Vector Fibre and Chorus is accelerating toward an all-fibre by 2030 model while reviewing options for non-core property and high-site assets.

Following earlier cell tower monetisation (Connexa aggregation and CDPQ’s subsequent entry), ownership continues to migrate to patient infrastructure capital. With the AWS New Zealand Region now live, local datacentre and edge-infrastructure demand have another strong tailwind.

Waste, health, water and other infrastructure assets

Beyond core sectors, waste continues to be an area of interest for investors — with transactions including Blue Planet’s acquisition of Smart Environmental (December 2024) and Rangatira’s 25% investment in Northland Waste (April 2024). 

Healthcare remains active, driven by macroeconomic and demographic factors, with primary-care platforms such as Tāmaki Health expected to attract investor interest over the next year.  

Water remains structurally capital hungry. With the Government’s Local Water Done Well legislation now enacted (August 2025), governance and economic regulation are bedding in — but pathways for private capital are evolving.

The New Zealand Government has been vocal in its desire to attract private capital into New Zealand, including in public infrastructure. It is considering a range of models to fund, finance, deliver and operate the nation’s growing infrastructure needs, including, but not limited to, public-private partnerships (PPPs). 

The Government has also developed an approach and framework to support Market Led Proposals (MLPs) to provide a clear and consistent approach to considering innovative proposals (relating to infrastructure, goods or services) initiated by the private sector.

In addition, the public infrastructure M&A landscape is being reshaped by a renewed focus on capital recycling, balance sheet optimisation, and collaboration between public authorities and investors. The message is clear: the Crown and councils can’t go it alone.

PPPs and other delivery models: return to the fore in transport and other sectors

The NZ Transport Agency is expected to consider PPPs and other opportunities to use private expertise and finance for all major projects. Procurement is currently underway for the Ara Tūhono Northland Corridor (Warkworth to Te Hana) as a PPP.

PPPs attract investors such as superannuation funds and global infrastructure investors, who are drawn to the low-risk, annuity-style cash flows backed by government contracts. For government, PPPs provide access to private funding, discipline, innovation and whole-of-life focus, while retaining ownership of essential public assets.

Beyond transport, PPPs and other delivery, commercial and partnership models are also resurfacing in social infrastructure. From corrections, justice, defence bases to modern school facilities and non-core health service facilities, the Government is again inviting private capital participation in the delivery of important public assets.

Market-led proposals: unlocking private innovation 

The MLP Framework provides a formal pathway for private proponents to bring forward unsolicited infrastructure and service ideas that align with public priorities. It reflects a broader policy shift toward leveraging private sector initiative, innovation and investment to deliver projects that might not otherwise emerge through traditional procurement. 

Under the framework, proponents can approach government directly with commercially viable proposals. These are assessed through a transparent, multi-stage process that tests alignment with public outcomes, value for money, and justification for ‘exclusivity’. The intent is to harness private innovation and capability while protecting the public interest. 

Capital recycling: releasing value for reinvestment 

Recent local government activity has shown growing interest in capital recycling as a response to balance sheet and funding constraints. Councils have explored selective divestment or long-term lease structures for mature, non-core assets — such as ports, airports, and property portfolios — to unlock capital and create capacity for future investment.  

This recycled capital is being used to create investment funds, build intergenerational assets, generate sustainable income streams, and strengthen financial resilience. Following the local government elections, this approach may gain further traction as councils look to manage growth pressures and fiscal headroom. In time, similar mechanisms could also be applied at the central government level to help fund broader infrastructure priorities and address national investment needs.

Who’s buying and why?

Investors in this space are typically institutional investors, including KiwiSaver providers, global superannuation funds and specialist infrastructure funds, seeking long-dated, inflation-protected returns. Industrial equity partners, such as constructors or operators, also participate within consortia to align delivery and performance incentives.

For public agencies, the motivation is twofold:

1. Mobilising private capital to accelerate delivery and reduce upfront fiscal pressure. 
2. Harnessing private-sector innovation, commercial discipline and whole-of-life asset management to achieve better value and performance.

Foreign investors remain interested in New Zealand infrastructure due to the country’s stable policy environment and robust contractual frameworks. At the same time, domestic institutional investors – including KiwiSaver providers – are facing growing expectations to increase their allocation to New Zealand-based assets.