CQuest Forestry Fund vs Norfolk Mortgage Trust Fund

The most material structural difference is asset class and return profile: CQuest Forestry Fund invests in forestry assets targeting "9-12% p.a. IRR (target internal rate of return over the investment's lifetime)," while Norfolk Mortgage Trust Fund deploys capital into first-mortgage private credit, targeting returns that "exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)" — a floating, benchmark-relative target versus a fixed IRR range.

Liquidity and structure differ substantially. CQuest is a Limited Partnership with redemption described as at-exit, implying capital is locked away until the forestry investment matures. Norfolk is a Trust with monthly distributions, though investors face a 183-day redemption notice period and gate provisions: the manager may suspend redemptions if requests exceed 5% of units within three months, or 20% triggers a mandatory investor meeting.

Norfolk is a PIE fund with PIR eligibility, offering potential tax efficiency for qualifying investors. CQuest's IM does not indicate PIE status. Norfolk also discloses an LVR cap of 75% on its first-mortgage security and carries a 2.5% management fee; CQuest's IM does not specify an equivalent credit metric or management fee percentage. Norfolk has operated since 2006 and is supervised by Public Trust; CQuest launched in 2025 with no comparable track record disclosed.

Access differs too: Norfolk's $5,000 minimum opens it to a broader wholesale audience, whereas CQuest requires $50,000 and is wholesale-only.

Always verify these details against each fund's current source IM or PDS before making any investment decision.