Booster Innovation Fund vs Midlands Income Wholesale Fund

The most material structural difference is asset class and return objective. Booster Innovation Fund targets private equity and aims to "deliver a significant total rate of return (net of fees but before tax) that outperforms the NZX 50 Index over rolling 15-year periods" — an equity-benchmark, growth-oriented goal with a 15-year measurement horizon. Midlands Income Wholesale Fund targets private credit, secured by first mortgages at a maximum LVR of 75%, with a return objective to deliver "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" — an income-oriented, capital-preservation framing benchmarked to short-term deposit rates.

Access differs sharply: Booster's minimum investment is $500 and the fund is not wholesale-only, making it broadly accessible; Midlands requires a $100,000 minimum and is restricted to wholesale investors only. Both are PIE structures, but Booster is supervised by Public Trust while Midlands uses Trustees Executors Limited.

On fees, Booster charges no base management fee but applies a 20% performance fee above a 10% hurdle; Midlands discloses no performance fee structure in the extracted data. Redemption mechanics also diverge: Booster offers quarterly windows with explicit liquidity caveats, while Midlands operates on an at-exit basis with 30 days' notice and a gate triggered if redemptions exceed 5% of units on issue within three months. Booster's AUM is disclosed at NZ$23.4 million; Midlands' AUM is not on file.

Always verify these details against each fund's current source IM or PDS before relying on them for investment decisions.