Hunter Diversified Private Credit Fund vs Midlands Income Wholesale Fund

The most material structural difference between these two funds is liquidity. Hunter Diversified Private Credit Fund offers monthly redemptions, though subject to suspension for up to six months or partial/zero redemption if liquidity is insufficient. Midlands Income Wholesale Fund operates on an at-exit basis with 30 days' notice required, and its gate provision triggers when withdrawal requests for the same holding exceed 5% of units on issue within three months — at which point Midlands may redeem by instalments or defer to a period of its choosing. Investors with shorter liquidity horizons will encounter meaningfully different terms under each structure.

The funds also differ in their return benchmarks. Hunter targets "4% per annum higher than the New Zealand Official Cash Rate over a rolling 3-year period," a floating spread above the OCR. Midlands targets "income return pre-tax (but after fees and expenses) at a level which exceeds the average 3 month term deposit rate advertised by all relevant New Zealand registered banks" — a lower absolute hurdle in most rate environments. Hunter discloses a management fee of 0.83% per annum; Midlands' IM does not specify a comparable figure in the extracted data. Midlands discloses a maximum LVR of 75% and first-mortgage security type; Hunter's IM does not specify either. Both funds share the same minimum investment (NZD 100,000), PIE and PIR eligibility, unit trust structure, and quarterly distributions. Hunter was incepted December 2016; Midlands in July 2021, giving Hunter a longer observable track record.

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