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Expanding Horizons 2026: Offshore perspectives on investment into New Zealand
Now in its eighth year, Expanding Horizons is Simpson Grierson’s annual M&A survey of offshore investor sentiment towards New Zealand, produced in collaboration with Mergermarket.
This year’s survey of 90 international investors was conducted in June 2026, against a backdrop of conflict in the Middle East, a fragmenting trade order, tighter national security screening of cross-border capital and rising tariffs. Dealmakers in every major market are responding by pulling capital closer to home.
What the survey found:
Appetite has cooled, but the base is solid. 40% of respondents are considering a New Zealand acquisition within twelve months, down from 49%, and 89% within five years. The twelve-month figure is identical to 2024 and well ahead of the 29% recorded in 2022.
New Zealand remains the standout market in Asia-Pacific. For the third consecutive year, respondents ranked New Zealand first for ease of doing business and quality of investment opportunities.
Governance has replaced valuations as the leading attraction. Strong corporate governance (46%) now ranks ahead of the economic outlook (39%) and access to new or advanced technology (38%). In 2025 the top draws were favourable valuations and the chance to acquire technology.
Policy settings are supportive, but the election is a pause point. 52% consider government policies supportive of foreign investment, rising to 70% among foreign private equity and venture capital firms. Just under half are holding off or proceeding with caution ahead of the 7 November general election.
Resilience, not expansion, is setting the deal thesis. 64% are prioritising targets able to pass on cost increases. Economies of scale is expected to drive 45% of future deals, against 25% of recent ones.
AI has moved from prospect to process. 61% now use AI for legal and regulatory due diligence, 57% for portfolio monitoring and reporting and 52% for sourcing and screening.
Inside the report
A volatile world. Why investment intentions are down, and why that is a global retrenchment rather than a New Zealand problem.
The pull of New Zealand. The Asia-Pacific rankings, what makes New Zealand attractive, the election, and a feature on three years of policy change affecting inbound capital.
The deal data backs the sentiment. New Zealand M&A value and volume against global and Asia-Pacific benchmarks.
M&A strategies. Shifting deal rationales, what investors are underwriting, and energy costs as a diligence issue.
Technology. Sector attractiveness, AI in the deal process, and data privacy and cyber risk.
Methodology
In June 2026, Simpson Grierson commissioned Mergermarket to survey the opinions of offshore investors on the investment opportunities, trends and challenges in New Zealand. There were 90 survey respondents, split between Asia-Pacific, North America and Europe. All respondents had completed at least one investment into New Zealand in the past five years, or had advised on a deal in that period.
Talk to us
Contact any of our report authors to discuss what the findings mean for your business: Simon Vannini, James Hawes, Anastasiya Gamble, Michael Pollard, Andrew Matthews, Michelle Dunlop and Barney Cumberland.
