What is the Auckland Future Fund, and was selling the airport shares worth it?

Has this been lodged?

Not lodged. This question will be marked lodged only when this page shows the date, the recipient and the reference.

How was the fund set up?

The fund was introduced in the Long-term Plan 2024-2034 and launched in September 2024. It operates under council's high-level direction through an independent board that makes key decisions, and must maintain the real value of its capital over the long term. Council assumed long-term average returns of 7.24% a year after costs, with 5.24% paid to council as an annual cash distribution. (Auckland Council (OurAuckland))

The share sale

In December 2024 the fund sold council's 9.71% holding (163,231,446 shares) in Auckland International Airport at $8.08 a share, above the Long-term Plan projection of $7.89 after costs. (Auckland Council (OurAuckland); Auckland Council (OurAuckland))

Results so far

• 9 December 2024 to 30 June 2025: the fund chair said council received a $38.4 million distribution, compared with the $10.2 million dividend it would have received had it kept the shares. (Auckland Council (OurAuckland)) This comparison covers that period only.
• 2025/26: the fund generated a return of $133 million and distributed $71 million to council. (Auckland Council via NZX)

Whether the sale is 'worth it' over the long term depends on future investment returns, airport share prices and dividends, which are not yet known.

Frequently asked questions

Can the fund's capital be spent?

Council says the fund is required to maintain the real value of its capital over the long term. (Auckland Council (OurAuckland))

Who manages the investments?

Vontobel Asset Management AG was appointed global investment manager in August 2025. (Auckland Council (OurAuckland))

General information, not planning, legal or financial advice. Spot an error? Email info@citybuildersassociation.org (corrections policy).