Iwi, the tribal entities of the Māori people of Aotearoa New Zealand, now manage billions of dollars, a task requiring increasing sophistication in their investment strategies. Asset classes of Iwi have evolved from the properties, fisheries quotas, and cash they received through Aotearoa New Zealand’s Treaty settlement process to now include major investments in private equity, infrastructure, and other financial assets. The literature has, however, been largely silent on Iwi investments. Performance discussions tend to emphasize a western approach focusing on traditional financial performance measures. Using Waikato-Tainui operated Tainui Group Holdings (TGH) as an example, we analyze a sample of corporate disclosure documents. We find the intent of tribal (Iwi) investment firms may not be adequately captured through traditional investment frameworks and classic performance metrics. Drawing parallels between Iwi investment firms and impact investing widens the scope for financial managers to think differently about how we quantify Indigenous investment performance.

新西兰Aotearoa毛利人的部落实体Iwi现在管理着数十亿美元的资金，这项任务要求其投资策略日益完善。Iwi的资产类别已经从通过新西兰《奥特阿罗阿协议》的结算过程中获得的财产，渔业配额和现金发展到现在包括对私募股权，基础设施和其他金融资产的重大投资。但是，有关IWI投资的文献基本上没有提及。绩效讨论倾向于强调侧重于传统财务绩效指标的西方方法。以怀卡托-泰努伊运营的泰努伊集团控股（TGH）为例，我们分析了公司披露文件的样本。我们发现部落（Iwi）投资公司的意图可能无法通过传统的投资框架和经典的绩效指标得到充分体现。在Iwi投资公司和影响力投资之间取长补短，扩大了财务经理就我们如何量化土著投资绩效进行不同思考的范围。