Midlands Income Wholesale Fund vs MyFarm Solar Fund

The most material structural difference is asset class and underlying risk profile: Midlands Income Wholesale Fund deploys capital into private credit secured by first mortgages on New Zealand real estate, while MyFarm Solar Fund invests in renewable energy infrastructure — specifically solar — making them fundamentally different in what drives returns and what can go wrong. Midlands carries an LVR cap of 75% (verified from IM); MyFarm discloses an LVR cap of 35% (inferred from factsheet), suggesting considerably more conservative leverage on its assets.

On target returns, Midlands aims for "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 floating, relative benchmark — whereas MyFarm quotes "Forecast cash distributions of 10-12% p.a., paid quarterly" with a tax-adjusted equivalent of "an average 15% p.a. return on a fully taxable investment, from years two to ten, assuming a tax rate of 33%," a fixed nominal forecast with explicit depreciation benefit assumptions. Both pay distributions quarterly.

Structurally, Midlands is a PIE unit trust (PIR-eligible, supervised by Trustees Executors Limited, inception July 2021); MyFarm Solar Fund's IM does not specify PIE status, fund structure, or supervisor — only AIP eligibility is noted. Midlands requires a $100,000 minimum versus MyFarm's $50,000. Midlands discloses a 30-day redemption notice and gate provisions that can defer redemptions exceeding 5% of units on issue; MyFarm's IM does not specify equivalent liquidity or gate terms. MyFarm launched June 2025, giving it no performance track record yet.

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