Midlands Income Wholesale Fund vs MyFarm KiwiFruit Fund

The most material structural difference between these two funds is asset class and return objective. Midlands Income Wholesale Fund is a private credit fund secured by first mortgages on New Zealand property, targeting an "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" — an income-oriented, floating benchmark. MyFarm KiwiFruit Fund is a property fund with direct exposure to kiwifruit orchards, targeting a "targeted long-term total return, including cash distributions and capital growth, of 10% p.a." — a blended income-plus-capital-growth objective with a fixed percentage anchor.

On structure, Midlands is a PIE unit trust, making it PIR-eligible for tax purposes; MyFarm discloses AIP eligibility but its IM facts do not confirm PIE status or PIR eligibility. Midlands discloses an LVR cap of 75% and a supervisor (Trustees Executors Limited); MyFarm's document does not specify an LVR limit or name a supervisor. MyFarm reports AUM of NZD 210 million; no AUM figure is on file for Midlands.

Both funds are wholesale-only with a quarterly distribution frequency. Redemption differs: Midlands operates on an at-exit basis with 30 days' notice and a gate provision triggered when redemption requests exceed 5% of units on issue within three months; MyFarm discloses quarterly redemption but its IM facts do not detail gate provisions or notice periods.

Minimum investment for Midlands is NZD 100,000; MyFarm's document does not specify a minimum. Verify all details against each fund's current IM or PDS before relying on this summary.