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

The most material structural difference between these two funds is asset class and return profile. Devon Sustainability Fund invests in Australasian listed equities, exposing investors to sharemarket volatility with no stated target return; PCG Diversified New Zealand Private Debt Fund allocates to private credit secured by first mortgages, targeting "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" — a floating, income-oriented benchmark that moves with the OCR.

Both are PIE-structured unit trusts domiciled in Auckland, PIR-eligible, and supervised by New Zealand-registered trustees (New Zealand Guardian Trust for Devon; Public Trust for PCG). Management fees differ modestly: Devon charges 0.87% versus PCG's 0.75%.

The entry bar diverges sharply. Devon's minimum investment is NZD 10,000; PCG requires NZD 125,000, consistent with its wholesale-only positioning. PCG's IM confirms wholesale-only status; Devon's PDS does not make an equivalent explicit statement in the extracted facts.

Liquidity terms also differ materially. Devon offers daily redemptions, though its PDS notes the manager retains discretion to suspend or defer. PCG redemptions are at the manager's discretion with proceeds paid within ten business days of acceptance, and gate provisions can suspend redemptions for up to 365 days if requests exceed 5% of units on issue in any three-month period — a more detailed and restrictive disclosure than Devon's. Devon distributes semi-annually; PCG distributes monthly.

Inception date is disclosed for PCG (March 2022) but not extracted for Devon. PCG's FSP number is not on file.

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