Fiji’s largest investor is the country’s sole retirement savings fund, Fiji National Provident Fund (FNPF), which receives contributions from over 420,000 members annually. Business Advantage Fiji speaks to the head of FNPF to discuss the fund’s plans for the future including its ties to the Papua New Guinea market.

The InterContinental Fiji Golf Resort and Spa. Credit: BAI

In 2024, the fund delivered an 8 per cent return to members – its highest in 25 years, on the back of well-performing listed and unlisted equity investments, solid returns from government securities and its investments in Fiji’s rebounding tourism sector.

“We run three funds, which run different balance sheets. Each of them has their own investment policy and governance,” FNPF’s Chief Executive Officer Viliame Vodonaivalu tells Business Advantage Fiji.

We prefer a partner that is able to run the organisation. The less we get involved, the better it is

“In total, we have about F$900 million to invest every year. About 90 per cent our exposure is local.”

While almost three-quarters of its assets are in fixed income and equities, FNPF also has a sizeable property portfolio and is the country’s largest landlord.

As well as notable tourism assets such as the currently renovating Westin Fiji, the InterContinental Fiji Golf Resort & Spa and Suva’s Grand Pacific Hotel, it also owns a sizeable bank of undeveloped land, including on Denarau Island.

Beyond tourism development, Vodonaivalu sees opportunities in infrastructure and also commercial property – a sector in which the fund made several acquisitions in 2024.

“The business process outsourcing sector is quite a sizeable space for us to move into – they’re desperate for more office space.”

Buoyed by the success of its catalytic investment in HFC, now Fiji’s third-largest bank, the fund is exploring opportunities to grow fresh produce for the million hungry tourists that now visit Fiji annually.

“We’ve got synergies because we’ve already got seven hotels,” he notes. “Our philosophy is we are only for there for the profit-taking, so we prefer a partner that is able to run the organisation. The less we get involved, the better it is.”

Offshore, FNPF’s investments are mainly in managed funds but it is now also the second-largest shareholder in Papua New Guinea-headquartered regional bank, BSP Financial Group, having recently increased its stake to 11.4 per cent. FNPF also has exposure to PNG through Amalgamated Telecom Holdings, which launched Vodafone PNG there in 2022.

“The PNG market has always interested us due to its resources base. It’s going to grow and we should be there,” says Vodonaivalu.

Looking forward, Vodonaivalu would like to see more of the fund’s investments offshore, and is actively working to develop stronger ties with investment funds across the region through the Pacific Islands Investment Forum.

Fiji National Provident Fund — key facts

Fund name	FNPF
Year established	1966
Assets under management	F$10.6 billion (at June 2024)
Annual member return	8% (2024)
Number of fund members	423,144 (2024)
Notable assets	Owner, InterContinental Fiji Golf Resort & Spa, Grand Pacific Hotel and Marriott Denarau properties; majority owner, Amalgamated Telecom Holdings and HFC Bank.

This article was first published in Business Advantage Fiji 2025, the new business and investment guide to Fiji.