Bonds & Fixed Income Investment Opportunities in New Zealand
NZ and international bond funds — investment-grade, green/sustainable, sovereign and corporate. Distinct from Private Credit (direct lending).
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About This Category
Bond funds hold publicly issued debt securities — NZ government bonds, corporate bonds, supranational debt, and global fixed income. They are structurally distinct from Private Credit funds (which lend directly to NZ businesses and property developers off-market). Bond funds offer daily liquidity, transparent pricing via the market, and credit ratings on every holding.
NZ wholesale bond strategies include short-duration cash-plus, NZ investment-grade corporate, global aggregate (developed market sovereign + corporate), and impact/green bond mandates (climate-aligned, RIAA-screened). Most funds are PIE-structured for tax efficiency. Some include hedging back to NZD; others run currency-unhedged for diversification.
Wholesale minimums typically start at $50,000-$250,000. Target returns range from 4-6% p.a. for short-duration NZ investment-grade, 5-7% for global aggregate, and 6-9% for impact/green strategies. Distributions usually quarterly. Fixed income is widely held for portfolio ballast against equity volatility.
Fund Managers in this Category
Explore providers offering funds in this asset class on Wholesale Investor NZ.
Devon Funds Management
Devon Funds Management is an award-winning New Zealand fund manager established in 2010 after acquiring Goldman Sachs JBWere NZ's asset management business. Managing over $2.5 billion for community trusts, iwi, charities, KiwiSaver schemes and individual investors, Devon offers wholesale funds for investors with $10 million or more. Known for active management and ESG leadership, Devon has been named a Responsible Investment Leader by RIAA.
PG Investments
PG Investments (Perpetual Guardian Investments) provides a transparent and scalable platform equipping advisers with forward-thinking investment solutions. Their range spans from diversified core funds to customised single-asset strategies, including specialist funds, core funds, and multi-asset portfolios. The PG Funds Scheme is a wholesale offer available to qualifying wholesale investors under the Financial Markets Conduct Act 2013.
Frequently Asked Questions
What is the difference between bond funds and private credit?
Bond funds hold publicly tradeable debt with daily pricing and credit ratings (Moodys/S&P/Fitch). Private credit funds make direct loans to specific borrowers off-market, with no public price and limited liquidity. Both can pay 6-10% p.a., but the liquidity, transparency and risk profile differ.
Are bond funds AIP-eligible?
Bonds are an Acceptable Investment under the AIP Balanced Category ($10M, 5-year hold). Growth Category investors can also include bonds as part of a diversified portfolio. Check the NZTE Acceptable Managed Funds list for specific fund pre-approval.
What is duration and why does it matter?
Duration measures a bond fund's sensitivity to interest rate changes. Higher duration = more price movement per 1% rate change. Short-duration funds (under 2 years) are less rate-sensitive; long-duration funds (7+ years) move more. Check each fund's SIPO for its target duration band.
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For wholesale and eligible investors only. Minimum investment typically $50,000+.