William Fletcher has spent much of his career on the other side of the table. Now he is the one writing the cheques. The Guardians of New Zealand Superannuation confirmed today that Fletcher will take over as head of private equity and alternative investments, overseeing a portfolio that makes up roughly 13% of the NZ Super Fund’s $93 billion in assets.
That slice alone is worth more than $12 billion. Fletcher comes to the role from Fisher Funds, where he managed the global private equity and alternatives portfolio.
Before that, he logged time at Goldman Sachs in New Zealand, JPMorgan in the UK, and Carlyle AlpInvest in the Netherlands. Eight of those years were spent as an executive director in investment banking at Goldman Sachs’ Auckland office. He also held banking and investment roles across Europe and the UK earlier in his career.
His new job is broad. Fletcher will have overall responsibility for the Super Fund’s direct private equity investments.
He will also manage relationships with external investment managers who hold mandates covering listed and unlisted securities. The Guardians described the role as central to the fund’s global investment strategy. “I am excited to be joining an organisation of the Super Fund’s calibre and helping to realise what is a really important objective for all New Zealanders,” Fletcher said in a statement.
The appointment follows a busy period for the fund’s private equity activity. Last week, the Super Fund announced it would commit $35 million to Movac, a local technology investor, for its latest fund. That deal signals a continued push into domestic venture capital alongside the fund’s larger international bets.
Guardians co-chief investment officer Will Goodwin said Fletcher’s international experience matches the Super Fund’s global investment focus. He said it would help the fund further develop its broad network of asset managers and investment partners.
Goodwin did not say whether the fund plans to increase its private equity allocation. But the 13% figure has room to move. Many large pension funds globally allocate 20% or more to private markets.
The Super Fund has been steadily building its exposure in recent years. Private Equity International magazine named the Super Fund its Asia-Pacific fund of the year earlier in 2025.
That recognition came just months before Fletcher’s appointment. It suggests the fund’s private equity operation already commands respect in the industry. Fletcher takes over a team that has been active across geographies and sectors.
The fund holds direct stakes in companies ranging from infrastructure to technology. It also maintains relationships with dozens of external managers who deploy capital on its behalf across private equity, venture capital, and alternative strategies. His background at Carlyle AlpInvest — one of the world’s largest investors in private equity funds — gives him a deep understanding of the manager selection process.
At Fisher Funds, he managed a portfolio that included both direct investments and fund commitments. That mix mirrors what he will oversee at the Super Fund.
The appointment is effective immediately. Fletcher replaces the previous head of private equity and alternatives, whose departure was not announced as part of this statement. New Zealand’s sovereign wealth fund was established in 2001 to help pay for future superannuation costs.
It now manages $93 billion. Private equity and alternatives are a growing piece of that total.
Fletcher’s job is to make sure those bets pay off.
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