The NZ Superfund is looking at investing on a large scale in housing developments in Auckland.
The fund, which is worth $29.6 billion, was set up in 2001 to help the Government fund the cost of superannuation in the future but the Government does not tell it how to invest.
NZ Superfund chief executive Adrian Orr told Q+A today the fund is actively looking at investments in the Auckland property market.
It was looking at mixed community developments with partners because it was a fund manager, not a builder, he said.
"We're running very hard, with some very strong and trusted partners and I hope in the next couple of years the public will see some of the outcomes of that," he said.
If the fund invests directly in a project it prefers the size of the investment to be $100 million or more, he said.
It has been talking Kiwi groups and "peer group" partners, he said.
He said there were opportunities in the Auckland property market but the challenge was price.
"Are people already paying too much?" he said.
The fund would be worth $47b if the Government had not suspended contributions, he said.