Devon Trans-Tasman Fund (Wholesale) vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference is asset class and return profile. Devon Trans-Tasman Fund invests in listed Australasian equities, meaning returns are mark-to-market and driven by sharemarket movements. PCG Diversified New Zealand Private Debt Fund invests in 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-rate income objective absent from Devon's IM, which discloses no equivalent target return.

Both are PIE unit trusts with PIR eligibility, and both are domiciled in Auckland. Supervisors differ: Devon uses New Zealand Guardian Trust; PCG uses Public Trust.

The minimum investment gap is significant: Devon's is NZ$10,000 versus PCG's NZ$125,000. PCG explicitly confirms wholesale-only status; Devon's document does not carry an equivalent disclosure. Management fees are close — Devon 0.87% versus PCG 0.75% — but Devon additionally charges a 10% performance fee; PCG's IM discloses no performance fee. Distributions are monthly from PCG versus semi-annually from Devon.

Liquidity terms differ meaningfully. Devon offers daily redemptions, subject to a general suspension clause. PCG processes redemptions at the manager's discretion with proceeds within 10 business days, but its gate is more precisely defined: suspensions of up to 365 days can be triggered if redemption requests exceed 5% of units on issue within any three-month period, or under specified market/operational conditions. Devon's gate language is less specific on numeric thresholds.

Devon's fund has no inception date disclosed in the extracted facts; PCG launched March 2022.

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