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

The most material structural difference is asset class and liquidity profile. Devon Diversified Income Fund (Wholesale) is a multi-asset income fund offering daily redemptions at a NZD 10,000 minimum, while PCG Diversified New Zealand Private Debt Fund concentrates in private credit secured by first mortgages, with redemptions processed "at manager's discretion; proceeds paid within 10 business days of acceptance" and a significantly higher NZD 125,000 minimum — reflecting the illiquid nature of its underlying loans.

On liquidity protections, both funds are unit trusts and both carry gate provisions, but the PCG fund's are more precisely defined: the manager may suspend redemptions for up to 365 days if requests in any three-month period exceed 5% of units on issue, or under broader adverse conditions. Devon's IM states only that it retains "the ability, in certain circumstances to suspend or defer redemptions," without quantified thresholds disclosed.

PCG discloses a verbatim target return of "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)"; Devon's IM does not specify an equivalent target return figure. Management fees differ — Devon charges 0.75% — wait, Devon charges 0.52% versus PCG's 0.75%. Both are PIE structures, PIR-eligible unit trusts. Devon distributes quarterly; PCG distributes monthly. Supervisors differ: Devon uses New Zealand Guardian Trust; PCG uses Public Trust. Devon's FSP number is on file (FSP1581); PCG's FSP is not on file in the data provided.

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