Devon Alpha Fund (Wholesale) vs Hunter Diversified Private Credit Fund

The most material structural difference is asset class and return profile: Devon Alpha Fund invests in Australasian equities targeting "Official Cash Rate (OCR) +5%", while the Hunter Diversified Private Credit Fund invests in private credit targeting "4% per annum higher than the New Zealand Official Cash Rate over a rolling 3-year period." The Devon fund's higher OCR-plus spread and explicit hurdle rate of 12% reflect its equity risk orientation; Hunter discloses no performance fee or hurdle rate in the extracted facts, while Devon charges a 0.87% management fee versus Hunter's marginally lower 0.83%.

The minimum investment differs significantly: Devon requires NZD 10,000 against Hunter's NZD 100,000, a ten-fold difference that may affect accessibility for smaller wholesale investors. Distribution frequency also diverges — Devon pays semi-annually, Hunter quarterly. Both funds share the same supervisor (The New Zealand Guardian Trust Company Limited), the same PIE and PIR-eligible status, and the same unit trust structure.

On liquidity, both funds carry gate provisions permitting suspension or deferral of redemptions, though Hunter's IM specifies a maximum six-month suspension window and explicitly contemplates partial or zero monthly redemptions; Devon's IM does not specify a maximum suspension duration. Hunter discloses a December 2016 inception date; Devon's IM does not specify one in the extracted facts. Notably, Hunter's manager is disclosed as Harbour Asset Management Limited, while the provider is listed as Hunter Capital — readers should confirm the management and distribution relationship directly.

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