CQuest Forestry Fund vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference is asset class and return profile. CQuest Forestry Fund invests in forestry — a long-duration, illiquid real asset — targeting "9-12% p.a. IRR (target internal rate of return over the investment's lifetime," whereas the PCG Diversified New Zealand Private Debt Fund holds private credit secured by first mortgages, with a floating target of "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)." At current OCR levels that spread implies a materially lower nominal target, and unlike the fixed IRR framing of the forestry fund, the debt fund's return moves with monetary policy.

Structurally, CQuest is a Limited Partnership (not a PIE) with a NZD 50,000 minimum; PCG is a PIE-eligible Unit Trust supervised by Public Trust, with a NZD 125,000 minimum and a 0.75% p.a. management fee disclosed. CQuest's IM does not specify a management fee, supervisor, or liquidity/gate provisions. PCG discloses detailed gate provisions — redemptions may be suspended for up to 365 days if requests exceed 5% of units on issue in any three-month window — and pays monthly distributions with proceeds settled within 10 business days of acceptance. CQuest's IM does not specify distribution frequency or redemption terms.

PCG has been operating since March 2022; CQuest launched in 2025. Both are wholesale-only. PCG's FSP number is not on file, whereas CQuest's manager (MyFarm Investments) is registered FSP1003795.

Verify all details against the source IM or PDS before relying on any of this information.