Devon Alpha Fund (Wholesale) vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference is asset class and risk profile: Devon Alpha Fund invests in Australasian listed equities, while PCG Diversified New Zealand Private Debt Fund allocates to private credit secured by first mortgages — two fundamentally different return drivers and liquidity profiles. Both are PIE unit trusts eligible for PIR taxation, managed out of Auckland.

Target returns differ modestly but meaningfully: Devon Alpha targets "Official Cash Rate (OCR) +5%" with a 12% hurdle rate before performance fees apply, while PCG targets "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)." Devon's stated management fee is 0.87% versus PCG's 0.75%, though Devon's hurdle-rate structure means total cost depends heavily on outperformance. PCG's IM does not disclose a performance fee; Devon's IM does not specify an LVR cap on underlying exposures, while PCG's IM confirms first-mortgage security.

The minimum investment gap is significant: Devon requires NZD 10,000 versus PCG's NZD 125,000. Distribution frequency also differs — Devon pays semi-annually; PCG pays monthly, which may suit income-focused investors differently. Gate provisions exist in both, but PCG's IM specifies a precise 365-day maximum suspension window triggered partly by redemptions exceeding 5% of units in any three-month period; Devon's IM describes suspension powers without quantifying a cap or trigger threshold. Devon's supervisor is New Zealand Guardian Trust; PCG's is Public Trust. PCG discloses an inception date of March 2022; Devon's IM does not specify one.

Verify all details against each fund's current source IM or PDS before relying on this summary.