Palgrove joins forces with NZ super fund

New deal sees Palgrove partner with NZ super fund

Farm Online News
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Palgrove principals, David and Prue Bondfield, have released a statement confirming they have partnered with New Zealand Superannuation Fund.

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David and Prue Bondfield

David and Prue Bondfield

Leading Queensland seedstock producers, David and Prue Bondfield, Palgrove, are the latest agribusiness to partner with a superannuation fund in order to grow their business.

The Bondfield family released a statement on Wednesday saying their business, had entered into a partnership with the New Zealand Superannuation Fund (NZSF). The terms of the transaction remain confidential.​ 

The New Zealand Superannuation Fund (www.nzsuperfund.co.nz) is a NZ Government owned investment vehicle designed to help pre-fund the future cost of universal Superannuation for retirees.

The fund, which was established in 2003, currently has an asset value of more than NZD35 Billion and has significant direct investments in NZ agriculture together with forestry holdings globally.

The Palgrove stud (www.palgrove.com.au) was established more than 40 years ago by Peter Bondfield. In more recent decades, David and Prue Bondfield have grown the stud’s breeder numbers from an original 50 cows to nearly 2500 registered females.

Palgrove has also been at the forefront of the development of the Ultrablack breed which has gained enthusiastic acceptance from many commercial producers across a range of geographically diverse regions of Australia.

“This partnership with NZSF gives the Palgrove business the capacity to grow its cattle numbers to meet increasing demand from our clients. It also enables us to accelerate genetic development, particularly within our Ultrablack programme” David Bondfield said.

NZSF’s Portfolio Manager, Neil Woods said NZSF had gained a good understanding of the characteristics of agriculture as an investment through their direct investment in global forestry assets as well as significant agricultural interests in New Zealand.

“We have been looking at the Australian beef industry for some time as part of an overall diversification strategy for the fund,” he said.

“We concluded very quickly that people, and more particularly their management expertise, was key to any successful investment in this asset class.

“We were drawn to the Palgrove opportunity for several reasons.

“The Bondfields are viewed as leaders in the beef seedstock industry, they have a significant history of development and growth and have the integrity we look for in our partnerships.”

The Bondfields are viewed as leaders in the beef seedstock industry, they have a significant history of development and growth and have the integrity we look for in our partnerships.

David Bondfield said the day-to-day managment of the Palgrove operation would not change under the new structure.

“NZSF has the appropriate level of understanding of agricultural investing; a commitment to long term investment horizons and a high standard of governance, responsible investing and operating sustainably,” he said. 

David Bondfield after the 2015 Palgrove sale.

David Bondfield after the 2015 Palgrove sale.

“These strengths will make them a valued partner. Palgrove and NZSF are very excited about prospects for the beef industry.

“We will continue to strive for excellence in everything we do and the business will look to grow its current operations and evaluate new opportunities as they arise”.

Our business has been built on strong customer service, quality seedstock and relationships.

“We look forward to strengthening those relationships with both new and existing clients.”

The story Palgrove joins forces with NZ super fund first appeared on Queensland Country Life.

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