New Zealand · Policy & practice
Managed funds and bonds dominate New Zealand's AIP investments
Managed funds and bonds accounted for roughly four-fifths of AIP committed capital at the end of June 2026. By 24 September, NZ$2.88 billion had reached New Zealand through approved applications, with another NZ$2.26 billion still in the application pipeline.
New Zealand’s Active Investor Plus (AIP) visa had brought NZ$2.88 billion into the country through approved applications by 24 September 2026. Another NZ$2.26 billion was attached to applications still under review or approved in principle. Immigration New Zealand’s 25 September update puts the combined commitments and pipeline at approximately NZ$5.15 billion, a total that includes money yet to reach the approved-and-transferred stage.[1]
Capital received and investment still in the pipeline
The figures cover the period since the revised visa took effect on 1 April 2025. INZ uses capital committed for approved applications with funds transferred, and investment pipeline for applications still working through the process. The distinction concerns the progress of an application and its funding, rather than the type of investment. Rounding also means the displayed amounts may not add up exactly to the published total.[1]
A fund may still have investments to make after the money arrives. The quarterly report includes in committed capital money held in on-call investments while awaiting deployment to businesses or projects. Transfers, visa approvals and the fund’s eventual investments need not happen at the same time.[2]
Managed funds and bonds lead the way
A closer view of the investments comes from an earlier reporting period. The asset breakdown runs to 30 June 2026, when committed capital stood at NZ$2.12 billion, and cannot be treated as the composition of September’s NZ$2.88 billion. At the June cut-off, managed funds accounted for 56% and bonds for 25%, together roughly four-fifths of the total.[2]
| Investment type | Amount (NZ$) | Share of total |
|---|---|---|
| Managed funds | 1.2 billion | 56% |
| Bonds | 523.6 million | 25% |
| Discretionary investment management services (DIMS) | 271.5 million | 13% |
| Listed equities | 80.4 million | 4% |
| Direct investments | 27 million | 1% |
| Property development | 22 million | 1% |
| Total | 2.12 billion | 100% |
The table retains the official rounded amounts and shares. DIMS is a historical holding in this cumulative record: the report notes that it ceased to be an acceptable investment in December 2025. Its inclusion does not make it an option for a new investment today.[2]
The two visa categories show markedly different choices. Managed funds accounted for 80% of Growth capital at the June cut-off, while bonds accounted for 83% of Balanced capital. Those shares are measured against each category’s own total, rather than the combined capital shown above. They describe portfolios already chosen, without recommending an allocation for future applicants.[1][2]
What the approval figures show
By 24 September, INZ had received 949 applications under the revised settings, covering 3,092 people once partners and children were included. Of the applications, 496 were approved, 256 approved in principle, 148 still in progress and 49 withdrawn or declined.[1]
The ratio of 496 to 949 is shaped by cases that remain unfinished and by differences in when applications were submitted. It cannot predict an individual’s chances of approval. A large allocation to an asset class says little, on its own, about returns or risk either. What these figures offer is a record of the capital attracted so far and the investments applicants have chosen.
For a household considering the visa, the choice still depends on eligible investments, how long the money can be committed and the risks the family can bear. The Growth and Balanced comparison explains the differences between the categories; the investment review update covers changes to fund and direct-investment assessment effective from 28 September. Earlier applicants’ choices provide context, while current rules govern the eligibility of a new investment.
Official sources
General information, not individual legal, tax or investment advice. The applicable rules and the relevant authority determine each case.