Prohibited Investments

Unless authorised by the Advisory Committee, the PIP Fund will not invest in:

• Investments that involve responsibility for the provision or delivery of the core social services, such as educational services (teaching) or medical care;
• Investments in correctional facilities, other than in relation to management and maintenance of the physical structures and non-custodial ancillary services (such as provision of utilities and laundry services);
• Investments whose operations are not substantially in New Zealand or Australia;
• Derivative Contracts;
• Takeover transactions publicly opposed by the board of directors of the target, unless the takeover transaction was initially a recommended takeover or a transaction not opposed by the board of the target;
• Investments that responsible investors should not invest in, as listed in publically available sources, agreed to by all partners; and
• Investments that might, in certain circumstances, impose a liability on the PIP Fund, which is greater than the PIP Fund’s capital contribution to that Investment.