Blairlogie Pine Investment Limited Partnership vs Midlands Income Wholesale Fund

The most material structural difference is asset class and return profile. Blairlogie Pine Investment Limited Partnership is a forestry-focused limited partnership managed by Forest Enterprises Limited (Masterton), targeting a "9.8% p.a. projected IRR (gross, before tax)" with distributions deferred until carbon credit sales from 2034 onward — making it an illiquid, long-dated growth vehicle. Midlands Income Wholesale Fund, structured as a PIE unit trust managed by Midlands Funds Management Limited (Hastings) and supervised by Trustees Executors Limited, is a private credit fund targeting "income return pre-tax (but after fees and expenses) at a level which exceeds the average 3 month term deposit rate advertised by all relevant New Zealand registered banks," paying distributions quarterly from first-mortgage-secured loans.

Both funds are wholesale-only with at-exit redemption as the primary liquidity mechanism, but Midlands adds a 30-day redemption notice period and discloses gate provisions capping net redemptions at 5% of units on issue within any three-month window. Blairlogie's IM does not specify equivalent gate provisions or a notice period. Midlands discloses an LVR cap of 75%; Blairlogie's IM does not specify a leverage constraint. On tax treatment, Midlands is PIR-eligible as a PIE; Blairlogie discloses no equivalent PIE status. Minimum investment differs substantially — NZD 13,538 for Blairlogie versus NZD 100,000 for Midlands. Midlands carries a verified inception date of July 2021; Blairlogie's inception date is not on file.

Verify all details against each fund's source IM or PDS before relying on this summary.