Booster Innovation Fund vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference is asset class and return construction. Booster Innovation Fund targets private equity and benchmarks against the NZX 50, aiming 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" — a long-horizon, equity-growth mandate with no disclosed income distribution schedule. PCG Diversified New Zealand Private Debt Fund targets private credit secured by first mortgages, with a floating-rate return of "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" and monthly distributions, making it income-oriented by design.

Access and liquidity diverge sharply. Booster is open to retail investors at a $500 minimum with quarterly redemptions, though the IM cautions investors should regard it as "not readily redeemable." PCG is wholesale-only with a $125,000 minimum; redemptions are at the manager's discretion with proceeds paid within 10 business days of acceptance, but the manager may suspend redemptions for up to 365 days if quarterly requests exceed 5% of units on issue.

Fee structures differ meaningfully: Booster charges no base management fee but levies a 20% performance fee above a 10% hurdle; PCG charges a 0.75% management fee and discloses no performance fee. Both are PIE structures supervised by Public Trust. PCG does not disclose an AUM figure in the extracted facts; Booster's AUM is NZD 23.4 million.

Verify all details against the source IM or PDS before relying on this summary.