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Nasfund
Nasfund was established in 2002 as an approved superannuation fund licensed by the Central Bank of Papua New Guinea under the Superannuation Act.
Nasfund
Nasfund was established in 2002 as an approved superannuation fund licensed by the Central Bank of Papua New Guinea under the Superannuation Act. Chairman Christopher Elphick, who was appointed in 2026, oversees a board that includes Deputy Chairman Anthony Yauieb. The fund operates as a compulsory accumulation scheme for the formal workforce of Papua New Guinea, aggregating contributions from employers and members across a country with a small but growing pool of institutional capital. The fund's deployment is concentrated in domestic hard assets and sovereign credit. Commercial property holdings in Port Moresby include PwC Haus, Ravalian Haus, ANZ Haus, BSP Haus, and the Westpac Bank Building, alongside residential portfolios such as The Edge Apartments, Solwara Apartments, and the Nasfund Estate on Sogeri Road. It also holds Government Inscribed Stock and controls NAS Aviation Ltd, a wholly owned operating subsidiary. Nasfund reported total assets under management of K9.45 billion and 2025 returns described as exceptional (per the firm, 2025). With 16 branches and 6 service centers across Papua New Guinea, Nasfund maintains the widest physical footprint of any financial institution in the country. Its professional affiliations include the PNG Institute of Directors and the Australian Institute of Company Directors, while its corporate philanthropy supports the PNG Cancer Foundation. In May 2025, Prime Minister James Marape visited the fund and publicly commended its returns and the reform foundations supporting member growth (per the firm, 2025). Nasfund's structural differentiator is its dual role as both the national pension default and the largest domestic direct investor in real estate and operating companies. Unlike peer funds that allocate through external managers, Nasfund self-operates a real asset portfolio that shapes the commercial property landscape of Papua New Guinea's capital.
General information
Firm type
Pension Fund
Year founded
2002
AUM
K9.45 billion (per the firm, 2025)
Location
Region
Oceania
Country
Papua New Guinea
City
Port Moresby
Corporate office
Port Moresby, Papua New Guinea
Additional offices
Alotau · Buka · Goroka · Kimbe · Kokopo · Lae · Lihir · Madang · Maprik · Mt Hagen · Popondetta · Tabubil · Vanimo · Wabag · Wewak
Principals
Christopher Elphick
Chairman of the Board
Rajeev Sharma
Chief Executive Officer
Debbie Oli
Chief Financial Officer
Anthony Yauieb
Deputy Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at Nasfund?
Chief Executive Officer Rajeev Sharma leads the fund's executive management, with oversight from a board chaired by founder Christopher Elphick. Nasfund invests directly in domestic commercial real estate and operating businesses rather than through external fund managers, making its internal investment committee the key decision-making body.
How does Nasfund source proprietary deal flow?
Nasfund sources opportunities primarily through its position as Papua New Guinea's dominant institutional investor and through relationships within the PNG Chamber of Commerce and Industry. Its commercial real estate portfolio was built through direct acquisition of office buildings occupied by major tenants such as PwC, ANZ, BSP, and Westpac in Port Moresby's Harbour City.
Is Nasfund structured as a pension fund or does it operate more like a holding company?
Nasfund is a licensed superannuation fund under Papua New Guinea's Superannuation Act, but its direct ownership of commercial real estate, residential apartments, and an aviation subsidiary gives it characteristics of a holding company. The fund wholly owns NAS Aviation Ltd and self-manages a real estate portfolio that includes over eight named commercial and residential properties.
Does Nasfund participate in external fund commitments or only direct investments?
Based on disclosed holdings, Nasfund appears to focus on direct investments in domestic real estate, government securities, and wholly owned operating subsidiaries. There is no public evidence of commitments to third-party private equity, venture capital, or hedge fund vehicles, though its support of the Beyond Pacific Art Gallery in Brisbane indicates some international sponsorship activity.
How is Nasfund's governance structured?
Nasfund is governed by a board of directors chaired by founder Christopher Elphick, with Deputy Chairman Anthony Yauieb. The board operates under licensing from the Central Bank of Papua New Guinea, and key executives include CEO Rajeev Sharma and CFO Debbie Oli. Professional affiliations with the PNG Institute of Directors and the Australian Institute of Company Directors further shape governance standards.
Does Nasfund maintain philanthropic structures, and how are they separated?
Nasfund maintains a partnership with the PNG Cancer Foundation as its primary philanthropic initiative. There is no separate foundation entity publicly disclosed; corporate social responsibility appears to operate within the fund itself rather than through an independent philanthropic vehicle.
What is Nasfund's known posture on co-investments alongside external partners?
There is no public record of Nasfund participating in co-investment structures alongside external general partners. The fund's investment model relies on wholly owned subsidiaries and directly held assets, consistent with a captive pension fund operating in a frontier market with limited third-party manager infrastructure.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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