Wellington City Council

Perpetual Investment Fund Establishment (Ref: 2024-070)

In the 2024/34 LTP, the Council consulted with the community on the sale of its Wellington airport shareholding to establish a new investment fund to provide funds for future disaster recovery. Following consultation, the Council adopted the LTP, including agreeing to proceed with the preferred option in the consultation document (a full share sale and establishment of a fund) and agreed that the first step in the process was to take advice on the sale strategy and pricing by December 2024.

In light of the LTP’s adoption and a report back to the Council by December, the Council is commencing procurement of the external support that will be necessary to manage the sale and the PIF’s establishment.
The Council is looking to procure services to support two workstreams:
• Workstream A: the development and execution of the approach to sale of the airport shares
• Workstream B: the design and establishment of the perpetual investment fund.

This RFP covers commercial advisory services pertaining to workstream B.

Key objectives of this workstream are to establish a fund that:
o invests to provide Council maximum future available capital in the event of a natural disaster (or other event for which the Council establishes the fund), while investing in line with Council’s determined objectives;
o is governed in line with the Council’s determined objectives;
o is adequately protected with respect to its future use, and that the Council and community have confidence in its future availability.

The sale of the airport shares (workstream A) is outside the scope of this RFP and is the subject of a separate RFP (GETS ID 29729046).
Workstream B will also require investment management advisory services, which it is anticipated will be procured separately once the commercial advisor is on board. A separate procurement plan and approach has been developed for workstream A.


This project (combined with workstream A to sell the airport shares) will deliver significant benefits for the Council and Wellington – including addressing insurance and financial resilience risks, providing funds available to support economic, community and social recovery in the event of a natural disaster, ensuring prudent stewardship of resources and assets and building intergenerational wealth for current and future generations, and ensuring the Council delivers on its financial strategy as set out in the LTP.