Private Credit Investment Opportunities in New Zealand
Access wholesale private credit funds offering direct lending to NZ businesses and property developments with target returns of 8-14% p.a.
Compare Top Opportunities
Blossum Wholesale Fund
by Blossum
Midlands Income Wholesale Fund
Finbase Direct Lending Opportunities
by Finbase
Choose individual first mortgages - 8-8.5% p.a.
Squirrel Wholesale Construction Loan Fund
by Squirrel
Bank rates + 2.25% p.a. from construction lending
Squirrel Specialised Income Fund
by Squirrel
Over 9% p.a. returns from diversified property lending
Squirrel Wholesale Home Loan Fund
by Squirrel
Bank rates + 1.75% p.a. from residential mortgages
Obsidian Contributory Mortgage Scheme
Choose your own mortgages - 7.71% current returns
Newland Credit Fund
by Newland
Working capital & growth loans
NetCredit Unit Trust
by NetFunds
RBNZ +7% p.a. target, PIE compliant
Peninsula Credit Fund II LP
9-12% p.a. quarterly distributions
PCG Diversified New Zealand Private Debt Fund
by PCG
8-10% p.a. with weekly liquidity
Pioneer Capital Private Debt 2
8-12% p.a. from proven debt strategy
Hunter Diversified Private Credit Fund
8-11% p.a. with monthly liquidity
Williams Corporation Capital
10% p.a. returns secured by property
FMT Wholesale Fund
30 years, no capital losses, bonus returns
Finbase PIE Fund
by Finbase
9% p.a. with first mortgage security
Williams Corporation First Mortgage Investments
10% p.a. first mortgage returns
Williams Corporation Completed Homes LP
10% p.a. secured by completed homes
About This Category
Private credit investing in New Zealand provides wholesale investors with access to direct lending opportunities across business loans, property development finance, and specialty finance sectors. As traditional bank lending has become more constrained, private credit funds have emerged to fill the gap, offering attractive risk-adjusted returns through senior secured loans, mezzanine debt, and specialty finance.
NZ private credit funds typically focus on property development lending, SME business loans, trade finance, invoice financing, and specialty sectors like vehicle finance or equipment leasing. Most funds target senior secured positions with loan-to-value ratios of 60-75%, providing downside protection through first-ranking security over assets.
Target returns for private credit funds generally range from 8-14% per annum, with senior secured property lending at the lower end (8-10%) and mezzanine/subordinated debt at the higher end (12-14%). Funds typically distribute income monthly or quarterly from interest payments, making them attractive for income-focused investors.
Fund Managers in this Category
Explore providers offering funds in this asset class on Wholesale Investor NZ.
AAM
Leading NZ private credit manager focused on corporate lending
Blossum
Blossum is a New Zealand-based private credit manager providing property-secured lending opportunities to wholesale investors. Focused on careful deal selection, conservative loan structures, and active oversight, Blossum offers secured business lending across New Zealand through a PIE fund structure. Loans are secured by first and second-ranking mortgages with a typical maximum LVR of 75%. Target borrowers include companies, trusts, and experienced individuals in real estate including bridging, refurbishment, and working capital.
Capital Connect
Capital Connect manages Capital Connect, a NZTE-pre-approved AIP Growth Category fund. Lightweight directory entry seeded from NZTE Acceptable Managed Funds list — full provider profile (AUM, FSP, NZBN, key people, website) to be enriched via future research pass.
Finbase
Property-backed investment provider offering first mortgage security
First Mortgage Trust
Non-bank lender specializing in first mortgage lending with 30 years track record
Hunter Capital
Diversified private credit exposure with 7+ years track record and monthly liquidity Managed by Harbour Asset Management.
Midlands Funds Management
Midlands Funds Management is a Hastings-based fund manager offering the Midlands Income Wholesale Fund for wholesale investors. The fund invests in the underlying Midlands Smarter PIE Fund, providing exposure to residential, commercial and rural property mortgages throughout New Zealand. The wholesale fund structure provides lower fees in exchange for larger investments, with quarterly fee rebates passed through to investors.
NetFunds
NetFunds is a New Zealand-based alternative asset investment platform built for active participation in private credit, private equity, and commercial property. The platform's flagship fund, NetCredit Unit Trust, finances New Zealand SMEs through diversified secured loans. The fund is PIE and PFIC compliant, providing tax-efficient access for both domestic and international investors. NetFunds also operates NetEquity (private equity) and commercial property investment divisions. Founded by experienced commercial property investor and fund manager Michael Karabassis, who has personally completed over 200 property transactions throughout his career. Based in Auckland.
Newland
Newland Capital Management is a New Zealand financial services provider (FSP761692) offering comprehensive asset allocation and tailored wealth management solutions for high-net-worth individuals, family offices, and New Zealand investment immigration applicants. The firm manages two sub-funds: a REIT-First Mortgage Fund providing monthly dividends through property-backed lending, and a Real Estate Development Fund. All funds are managed with independent custodianship by Rockburgh Trustee, ensuring separation between fund management and asset custody. Newland Capital is registered with the FMA and serves both domestic wholesale investors and international clients seeking New Zealand investment opportunities under the Active Investor Plus visa programme.
Norfolk Mortgage Trust
Norfolk Mortgage Trust is a licensed managed investment scheme offering property-backed securities to New Zealand investors. Founded in 2006, they provide non-bank lending solutions including short-term bridging finance and working capital funding, with investor returns secured against property assets. The fund emphasises a relationship-first approach with transparency and personalised service.
Obsidian Group
Licensed contributory mortgage investment scheme manager with over 50 years of lending experience. Investors choose their own mortgages from manager-selected loan portfolio. Current performance: 7.71% p.a.
Pallas Capital
Pallas Capital is a specialist financier and investment manager providing access to Commercial Real Estate (CRE) debt across Australia and New Zealand. Since 2016, Pallas Group has managed A$9.9 billion in total investments with A$4.0 billion in open and performing investments across 300+ transactions. They offer wholesale investors diversified portfolios across the capital stack with varying liquidity and fixed-rate income. Leadership is based in Sydney; NZ operations run from Auckland (NZCN 8379142).
PCG
30+ years credit experience with weekly liquidity PIE structure
Peninsula Capital
Senior secured lending leveraging deep NZ industry networks Associated with CLIME Asset Management Limited.
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.
Pioneer Capital
Established in 2005, one of the largest NZ private capital investors with $1.1B raised
RAM Capital
RAM Capital manages RAM NZ Credit Fund, a NZTE-pre-approved AIP Growth Category fund. Lightweight directory entry seeded from NZTE Acceptable Managed Funds list — full provider profile (AUM, FSP, NZBN, key people, website) to be enriched via future research pass.
Squirrel
Peer-to-peer lending platform and fund manager with over $300M in investor funds. 100% NZ owned, arranged over $22 billion in mortgages since 2008. No investor has ever lost money. Squirrel's funds are also available on retail platforms like InvestNow (www.investnow.co.nz) for non-wholesale investors.
Williams Corporation
Residential property developer with wholesale lending funds backed by completed homes
Yes Capital
Yes Capital manages Yes Capital, a NZTE-pre-approved AIP Growth Category fund. Lightweight directory entry seeded from NZTE Acceptable Managed Funds list — full provider profile (AUM, FSP, NZBN, key people, website) to be enriched via future research pass.
Frequently Asked Questions
How safe is private credit investing?
Private credit funds mitigate risk through: senior secured positions (first-ranking security), conservative loan-to-value ratios (typically 60-75%), diversification across multiple loans, and experienced credit assessment. However, default risk exists, particularly in property development lending. Quality fund managers with strong underwriting and active loan management are essential.
What returns do private credit funds offer?
NZ private credit funds typically target 8-14% p.a. gross returns. Senior secured property lending targets 8-10%, SME business lending 10-12%, and mezzanine/subordinated debt 12-14%. Returns come primarily from interest income distributed monthly or quarterly, with minimal capital appreciation expected.
Are private credit funds liquid?
Most private credit funds offer limited liquidity with quarterly or annual redemption windows, subject to fund liquidity and notice periods (typically 30-90 days). Some closed-end funds lock capital for 2-3 years. Open-ended funds maintain liquidity reserves to meet redemptions but may suspend redemptions during market stress.
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