The Foreign Affairs Minister Nanaia Mahuta said InvestPacific enables communities to realise their own goals and priorities, and improve their social and economic wellbeing.
"They're prioritising coordinating with the Pacific region - particularly Māori and Pasifika - as a key to maintaining an indigenous focus," she said.
Government officials plan to go to market early next year to speak with those interested in managing the fund.
New Zealand's Minister of State for Trade and Export Growth Phil Twyford said if things remain on track, investments for projects will made by the end of next year.
"Projects we will tackle will have to do with climate change, adaptation, trade diversification, and building social infrastructure. How do we build more prosperous and resilience societies across the Pacific," he said.
"This is a significant step in our approach to working with Pacific partners, and it positions the Pacific strongly to take advantage of the stable trade and investment environment created by the PACER Plus agreement.
We are continuing to look for opportunities to work with partners across the Pacific to help raise incomes and generate new jobs, and I'm confident we will see a raft of investment prospects through this programme," Phil Twyford said.
Photo RNZ Pacific Caption: New Zealand's Foreign Affairs Minister Nanaia Mahuta