CQuest Forestry Fund vs Midlands Income Wholesale Fund

The most material structural difference between these two funds is asset class and return profile. CQuest Forestry Fund invests in forestry and targets "9-12% p.a. IRR (target internal rate of return over the investment's lifetime)" — a capital-growth-oriented, illiquid strategy structured as a Limited Partnership with no specified redemption mechanism disclosed in the extracted facts. Midlands Income Wholesale Fund is a private credit fund lending against first mortgages under a Unit Trust structure, 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" — a yield-oriented, income-distribution strategy paying quarterly.

Tax treatment diverges sharply: Midlands is a PIE and PIR-eligible, potentially reducing the effective tax rate for qualifying investors; CQuest is not a PIE. Midlands discloses an LVR cap of 75% on its mortgage lending and a supervisor (Trustees Executors Limited); CQuest's IM does not specify equivalent credit or governance parameters.

Liquidity differs considerably. Midlands offers at-exit redemptions with 30 days' notice, subject to a gate provision triggered when withdrawal requests within any three-month window exceed 5% of units on issue. CQuest discloses no equivalent redemption terms. The minimum investment is $50,000 for CQuest versus $100,000 for Midlands. Both are wholesale-only. CQuest launched in 2025; Midlands has operated since July 2021.

Readers should verify all details against each fund's current source IM or PDS before relying on any of this information.