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
Obsidian Contributory Mortgage Scheme
Choose your own mortgages - 7.71% current returns
Squirrel Wholesale Home Loan Fund
by Squirrel
Bank rates + 1.75% p.a. from residential mortgages
Squirrel Specialised Income Fund
by Squirrel
Over 9% p.a. returns from diversified property lending
Newland Credit Fund
by Newland
Working capital & growth loans
NetCredit Unit Trust
by NetFunds
RBNZ +7% p.a. target, PIE compliant
PCG Diversified New Zealand Private Debt Fund
by PCG
8-10% p.a. with weekly liquidity
Peninsula Credit Fund II LP
9-12% p.a. quarterly distributions
Hunter Diversified Private Credit Fund
8-11% p.a. with monthly liquidity
Pioneer Capital Private Debt 2
8-12% p.a. from proven debt strategy
Williams Corporation First Mortgage Investments
10% p.a. first mortgage returns
FMT Wholesale Fund
30 years, no capital losses, bonus returns
Williams Corporation Capital
10% p.a. returns secured by property
Finbase PIE Fund
by Finbase
9% p.a. with first mortgage security
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
Finbase is a 100% New Zealand-owned wholesale investment manager based in Remuera, Auckland, providing property-backed lending secured by registered first mortgages over New Zealand residential and commercial real estate. With a history recorded in this directory from 2015, Finbase is a registered financial service provider (FSP1003560) with NZBN 9429052042393. It offers two structures to selected wholesale investors: a single-investment option (minimum NZD $1,000,000, offering a fixed interest rate from 7% p.a. paid monthly over typical 3-24 month terms) and a PIE fund (minimum NZD $100,000, quarterly distributions, PIE tax capped at 28%, with a stated objective of at least 5% above the 90-day bank bill rate). The vehicle listed on Wholesale Investor is the Finbase Mortgage Program, an evergreen private credit fund in the PIE structure that is open for subscription on an ongoing basis rather than through time-bounded raises. As at September 2024 the manager reported 260 loans under management, an average loan size of approximately $479,000, and an average loan-to-value ratio of 41%. Key people recorded in this directory include directors Pernell Callaghan and Hayden Thompson and investment manager Jordan Evans. Investments are offered only to selected wholesale investors under the Financial Markets Conduct Act 2013 (Schedule 1) and are not covered by the Deposit Compensation Scheme. Finbase is not on the NZTE Acceptable Managed Funds list (dated 15 June 2026) for the Active Investor Plus visa. Source: finbase.nz (2024).
First Mortgage Trust
First Mortgage Trust (FMT) is a Tauranga-based non-bank lender specialising in first mortgage lending, with a track record dating back to 1995 — around 30 years of operation. This directory records funds under management of approximately NZ$2 billion and an investor base of roughly 7,000. The business is a registered financial service provider (FSP31642) and holds NZBN 9429038360961; its manager entity, First Mortgage Managers Limited, is profiled on the FMA's licensed-providers pages. FMT's lending is secured by registered first mortgages over New Zealand property. The vehicle listed on Wholesale Investor is the FMT Wholesale Fund, an evergreen private credit fund open for subscription on an ongoing basis rather than through time-bounded raises. The wholesale fund carries a two-year minimum investment term and sits alongside the manager's retail fund, with a wholesale return margin above the retail fund as described in the manager's materials. Key people recorded in this directory include Paul Bendall (CEO), Andrew Western (CFO), Sam Burgess (Head of Lending), Geoff Newland (Head of Credit) and Matt Tucker (CTO). FMT is not on the NZTE Acceptable Managed Funds list (dated 15 June 2026) for the Active Investor Plus visa. Offers of interests in the FMT Wholesale Fund are made to wholesale investors under the Financial Markets Conduct Act 2013 (Schedule 1); minimums, rates and terms are set out in the manager's own offer documents.
Goldenstone Partners
Goldenstone Partners manages Goldenstone Partners Capital, a fund on the NZTE Acceptable Managed Funds list for the Active Investor Plus visa (added 15 June 2026). Directory entry seeded from the NZTE list; full profile (FSP, NZBN, key people) to be enriched.
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 manager built for active participation in private credit, private equity and commercial property. Founded by Michael Karabassis — an experienced commercial property investor and fund manager who has personally completed over 200 property transactions — the Auckland firm operates lending, private equity and property divisions and holds NZBN 9429052281471. Two NetFunds vehicles are listed on Wholesale Investor. The NetCredit Unit Trust, the firm's flagship private credit fund, finances New Zealand SMEs through diversified secured loans with three-year average maturities; it is structured as a PIE unit trust, under which tax on attributed income is capped at the 28% PIE rate for eligible investors. The NetEquity Opportunities Fund LP provides access to New Zealand private equity through a blend of fund-of-funds allocations and direct investment into SME companies, with a NZ$100,000 minimum for wholesale investors. Directors recorded in this directory include Dave Armstrong (NetCredit) and Hamish Blackman (NetEquity), alongside managing director Michael Karabassis. Both funds appear on the NZTE Acceptable Managed Funds list for the Active Investor Plus (AIP) visa — NetCredit Unit Trust added 26 September 2025 and NetEquity Opportunities Fund LP added 10 November 2025 (list dated 15 June 2026) — and are recorded here under the AIP Growth category, which under current settings requires a NZ$5 million investment over 36 months. Offers of interests in both funds are made to wholesale investors under the Financial Markets Conduct Act 2013 (Schedule 1) via the manager's own offer documents.
Newland
Newland Capital Management is a New Zealand financial services provider (FSP761692) offering asset allocation and tailored wealth management solutions for high-net-worth individuals, family offices and New Zealand investment-migration applicants. Based in Auckland with a history recorded in this directory from 2018, the firm holds NZBN 9429046637482 and serves both domestic wholesale investors and international clients seeking New Zealand investment opportunities under the Active Investor Plus (AIP) visa programme. The firm manages two sub-funds: a REIT-First Mortgage Fund providing monthly distributions through property-backed lending, and a Real Estate Development Fund. Funds are managed with independent custodianship by Rockburgh Trustee, separating fund management from asset custody. The vehicle listed on Wholesale Investor is the Newland Credit Fund, a private credit strategy providing working capital and growth loans to New Zealand businesses, secured by business assets and targeting medium-term, risk-adjusted returns as described in the manager's materials. The Newland Credit Fund appears on the NZTE Acceptable Managed Funds list for the AIP visa, added 17 September 2025 (list dated 15 June 2026), and is recorded here under the AIP Growth category, which under current settings requires a NZ$5 million investment over 36 months. Danny Chan chairs the firm's investment committee. Offers of interests in the fund are made to wholesale investors under the Financial Markets Conduct Act 2013 (Schedule 1); minimums, fees and terms are set out in Newland's own offer documents.
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
Real Asset Management (NZ) Limited
RAM (Real Asset Management) is an alternative asset manager investing across credit, real estate and private equity for institutional and wholesale investors. Founded in 2010, the group operates seven offices across the Asia-Pacific and is registered in New Zealand (FSP1011247). Its New Zealand funds focus on asset-backed credit and investment-grade bonds, with New Zealand-based directors and local governance. Source: RAM NZ Credit Fund and Bond Fund fact sheets (2026).
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.
Torrent Securities Limited
Torrent Securities Limited is a New Zealand private credit investment manager specialising in senior secured property lending for qualifying wholesale investors. As manager of the NZ Property Credit Fund LP and the NZ AIP Property Development Fund LP, Torrent originates, manages and monitors property-backed private credit across commercial property, construction, residential and land development, and transitional finance, primarily secured by registered first mortgages. Led by Graeme Coutts (Managing Director) and Michael Gale (General Manager). Source: Torrent Investment Manager Overview (2026).
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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AIP Visa Support
Find AIP-eligible investments for Active Investor Plus visa applications.
For wholesale and eligible investors only. Minimum investment typically $50,000+.