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Welcome to the third e-pānui from Tupu Tonu Ngāpuhi Investment Fund Limited

Message from the CEO Tania Heyrick



E ngā pītau whakarei o ngā Mata-ā-waka puta noa, e ngā Maunga hakahi e tū nei hei maru i ngā whānau puta noa i te rohe pōtae o Ngāpuhi-Nui-Tonu.

Ki te hunga kua riro i te hākore, i te kiri mātao, ko koutou te hunga kua pahure ake i te tau kua hipa, haere mai haere – haere atu ki ngā Ipokahurangi, haere atu ki ngā Raukura, haere atu ki nga Manutauhuia – haere, haere, haere – oti atu. Ka huri.



Tēnā koutou katoa,

As we look back on the legacy of the wahine toa, Titewhai Harawira, and prepare to commemorate Waitangi Day, a day of great significance to ngā hapū o Ngāpuhi, it feels fitting to reflect on my personal ‘why’ for leading the Tupu Tonu kaupapa. For me it is the opportunity to build economic sovereignty for Ngāpuhi-nui-tonu, a platform from which we can continue to grow wealth and wellness for our future generations.

While ahi kaa keep up the important mahi of supporting and growing opportunities for our people at home, I do my best to contribute to this kaupapa from Wellington, alongside my awesome team of investment and engagement specialists.

I look forward to spending some time in Waitangi over the next week, and the opportunity to meet kanohi-ki-te-kanohi with iwi, hapū and whānau. I’m hoping to chat about our mahi at Tupu Tonu and how we might work together to continue to build an investment portfolio that contributes to the wealth and wellbeing of our people and communities across Taitokerau.


Ngā manaakitanga, nā,

Tania Heyrick

Enjoying some whānau time at the beach with Kawiti and Karena






Waitangi Day 2023

Waitangi Day 2023 marks the second anniversary of the commencement of operations for Tupu Tonu. As such we felt it was timely for us to communicate with you all about our recent progress.  

In this e-pānui, we provide an overview of our progress in the key areas of activity for us as a company:

  • Investments
  • Disbursements
  • Engagement



Annual Report 21/22

Tupu Tonu recently published our Annual Report for the 2021/22 financial year. This covers the company’s financial and business performance over the period and highlights some of our key achievements. You can read our Annual report here.






Our focus for investments is whenua, recognising the importance of whenua to ngā hapū o Ngāpuhi. This means we look to acquire whenua-based assets across a range of sectors that make sense in Taitokerau, including property, horticulture and housing.

We think we are well on the way to acquiring a strong collection of assets across the Ngāpuhi rohe. So far Tupu Tonu has committed $47 million of the original $150 million of capital. We recently announced an investment in a housing development in Kamo Road, Whangārei, as well as the acquisition of a 3.2 canopy hectare gold kiwifruit orchard in Waipapa. We have built a pipeline of exciting investment opportunities and hope to share more about these with you in the near future.

Going forward our intention is to continue to acquire high-performing assets that generate long-term value, and also to build capability and networks in key sectors over time.

We are pleased to report that over the 12 months ending 30 June 2022, Tupu Tonu generated a return of 5.5 percent on capital deployed and a net profit of $3 million. We are proud of this achievement, particularly during a period where some investors lost money.



On 25 November 2022, we opened the inaugural Tupu Tonu disbursements round, which we have called ‘Tukua’. Tukua has been established to enable a portion of our annual revenue to be disbursed to ngā hapū o Ngāpuhi.

This year, up to $425,000 in total has been made available. Tupu Tonu is looking for applications up to $20,000 each from any Ngāpuhi hapū, whānau or Ngāpuhi affiliated organisation that is seeking funding for social or cultural development, or capacity and capability building.

So far, we have received 25 applications from different hapū groupings and regions, and for a wide range of purposes. We are very happy with the interest in Tukua to date.

In January, we provided a contribution to a handful of applicants that sought funding immediately. These applications were mainly from kapa haka rōpu looking to compete at Te Matitini in late February. We are proud to be able to support these groups as they look to compete at a national level, and we wish them all the best.

Given the number of applications we have already received, and those that may still come, it is unlikely that Tupu Tonu will be able to fund the full amount requested by all applicants in this round. However, we do intend to launch another round with additional funding later this year.

In order to fairly assess the applications and prioritisation of funding, Tupu Tonu may request applicants to provide more information about their funding requests and to identify priority activities they wish to be funded.

This round of Tukua is due to close on 10 March. There is still time to make any final applications, so we encourage you to apply if you have an activity or initiative that is needing support.

Once Tukua closes we will be looking for feedback on our inaugural disbursements round to help guide any potential adjustments before launching the next round later this year.



A key focus for us over the past year has been establishing relationships with ngā hapū o Ngāpuhi. We have had the privilege of meeting with many hapū in various parts of the rohe and will be looking to meet with those we have not yet engaged with.

In the coming months, the focus of our engagement will be on:

  • building relationships with hapū;
  • working with hapū on any investment ideas;
  • considering views as part of the investment strategy refresh on an ongoing basis;
  • feedback on Tukua disbursements.

To date, Tupu Tonu has heard a range of different and valuable perspectives regarding our investment approach from hapū. These views are being carefully considered as we undertake a refresh of our investment strategy. A common theme has been the importance of considering the environment in any investment opportunities that are pursued.


Keeping in touch

We look forward to keeping you updated on our progress through regular e-pānui in the coming months!

If you have pātai or would like to kōrero, you can get in contact with us directly at If you have any whānau who you think would like to receive future pānui from Tupu Tonu, you can forward this e-pānui to them and they will be included in our distribution list.