By Rebecca Howard 

WELLINGTON, New Zealand--The New Zealand Superannuation Fund confirmed Friday it had filed debt-recovery proceedings in a U.K. court against Novo Banco, a bank formed by the Portuguese central bank resulting from the collapse of Banco Espírito Santo.

The New Zealand Superannuation Fund in July invested $150 million in notes issued by Oak Finance Luxembourg SA, a vehicle arranged by Goldman Sachs Group Inc. to make an $835 million loan to Banco Espírito Santo.

When Banco Espírito Santo failed a month later, the Oak Finance loan was placed in the successor bank, Novo Banco, which kept the collapsed lender's good assets and continues to operate. But in December, the loan was moved by the Bank of Portugal, the Portuguese central bank, to the "bad bank" of the lender, which holds assets to be liquidated and where the loan has virtually no chance of being repaid.

The NZ Superannuation Fund, New Zealand's sovereign-wealth fund for state pension payments, forms part of a group of Oak Finance investors that have filed the debt-recovery proceedings in the High Courts of Justice in London.

The investors include, among others, the New Zealand Superannuation Fund, ANDBank, Avenue Capital Group, Elliott Management Corp., Karrick Ltd., Silver Point Super Fund, Capital, FFI Fund Ltd., FYI Ltd., Olifant Fund, Ltd. and TDCPensionskasse, a representative from the New Zealand Superannuation Fund confirmed.

According to a statement from the New Zealand Superannuation Fund, the Oak Finance investors will also shortly be filing public law proceedings in Portugal against the Bank of Portugal, challenging the validity of the bank's decision purporting to retransfer the Oak Finance loan, with retroactive effect, from Novo Banco to Banco Espírito Santo.

Margot Patrick contributed to this article.

Write to Rebecca Howard at rebecca.howard@wsj.com

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