Close to home, one source of this is the Australian pension schemes, which are filling limited investment opportunities onshore and are increasingly looking at markets like New Zealand. Some of this involves publicly listed New Zealand companies, while a less transparent part has been private offshore funds buying private New Zealand companies.
Offshore some of these funds have helped develop more sophisticated segments of capital markets, such as venture capital. But in New Zealand the relatively small scale and low risk appetite of institutional funds means that this market has had to rely on a small number of high wealth individuals and has developed much less as a result.