Te Pae ki te Rangi: 2025 Impact Report

Te Pae ki te Rangi 2025 Impact Report 

Four years ago, Foundation North asked whether impact-first investing could hold its own financially. Not in theory. In Aotearoa, with a real fund, real capital, and real accountability to communities in Tāmaki Makaurau and Te Tai Tokerau. 

Te Pae ki te Rangi was built to answer that question. The $75M fund spans venture, debt, and real assets — three categories that rarely sit together, chosen because the problems we're backing don't sit neatly in one asset class either. Foundation North's commitment grew from $20M to $75M as the thesis held. 

The 2025 Impact Report is now public. Dividends are live. Debt is repaying on schedule. Ventures are approaching scale. The portfolio has moved from construction to delivery, and the picture that's emerging is one we expected but still needed to prove: that return and purpose aren't in tension when the investment thesis is built correctly from the start. 

This report is proof of concept — not a celebration. The work is ongoing. But the question Foundation North first posed in 2021 has an answer now, and the answer is yes.