What is KiwiSaver?

KiwiSaver is the voluntary NZ retirement savings scheme established by the KiwiSaver Act 2006. As of 2026 it covers approximately 3.4 million NZ resident members and approximately NZ$120 billion in assets under management across multiple licensed providers.

Structure: - Each KiwiSaver member chooses a KiwiSaver scheme manager (Booster, Fisher Funds, Milford, Generate, AMP, Westpac, ANZ, ASB, BNZ, Kiwibank, etc.). - Within the scheme, the member selects an investment fund (Conservative, Balanced, Growth, Aggressive — typical labels vary per provider). - Contributions flow from the member's salary (default 3%, can elect 4%, 6%, 8%, or 10%), the employer (minimum 3%), and voluntary lump-sum contributions. - The Crown contributes annually to members making qualifying contributions (member contribution + Crown contribution = approx NZ$521.43 in the income year).

Why KiwiSaver is NOT wholesale: KiwiSaver schemes are retail-tier managed investment schemes under FMCA Part 4. Each scheme files a PDS on the Disclose Register, is supervised by a licensed supervisor, and is subject to FMA monitoring.

Wholesale vs KiwiSaver tradeoff: - KiwiSaver: retail PDS disclosure, FMA-supervised, lower minimums (typically zero), broader accessibility, locked-in until 65 (with limited early-withdrawal exceptions). - Wholesale alternatives: Schedule 1 self-certification required, IM-only disclosure, no FMA supervision of individual offers, higher minimums (typically NZ$50K-NZ$500K), more strategy variety (private credit, VC, PE), full liquidity flexibility per the fund's terms.

Why KiwiSaver matters to wholesale investors: KiwiSaver scheme managers are major institutional LPs in NZ wholesale private credit, venture capital, and private equity. Booster, Milford, and Fisher Funds collectively allocate significant capital to wholesale-tier private investments through their growth-class portfolios. The growth of KiwiSaver AUM has materially increased institutional flow into NZ wholesale fund managers.

Cross-reference to wholesale platform: managers operating wholesale funds (Devon, Milford, Booster — institutional class) often also operate KiwiSaver schemes (retail class). The same investment team frequently runs both, with the wholesale class typically operating with smaller AUM, higher fees, more focused strategy, and direct LP relationships.