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

The most material structural difference is asset class and return profile. Devon's Global Sustainability Fund holds listed global equities and targets "long-term total returns in excess of the index," meaning returns are market-linked and inherently variable. PCG's Diversified New Zealand Private Debt Fund holds private credit secured by first mortgages and targets "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" — a floating, spread-based return that moves with the OCR rather than equity markets.

Liquidity terms differ materially. Devon offers daily redemptions, though it reserves the ability "in certain circumstances to suspend or defer redemptions" without specifying a time limit. PCG processes redemptions at the manager's discretion with proceeds paid within ten business days of acceptance, and its gate clause is more precisely defined: suspensions of up to 365 days trigger if aggregate redemption requests exceed 5% of units on issue in any three-month period, or under broader market or operational conditions.

Both funds are PIE-structured unit trusts, PIR-eligible, and Auckland-managed. Management fees diverge — Devon charges 0.95% versus PCG's 0.75% — and minimum investments differ significantly: NZD 10,000 for Devon against NZD 125,000 for PCG. PCG pays monthly distributions; Devon's IM does not specify a distribution frequency. PCG's supervisor is Public Trust; Devon's is New Zealand Guardian Trust. Devon's FSP number (FSP1581) is on file; PCG's FSP number is not recorded in the data provided.

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