Midlands Income Wholesale Fund vs Norfolk Mortgage Trust Fund

The most material structural difference is investor eligibility: Midlands Income Wholesale Fund is restricted to wholesale investors only, while Norfolk Mortgage Trust Fund is open to retail and wholesale investors alike, with a minimum investment of NZD 5,000 versus Midlands' NZD 100,000 minimum.

Both funds share the same asset class (private credit), security type (first mortgage), LVR cap of 75%, PIE status, and PIR eligibility — a notably high degree of structural alignment. Their target returns diverge in how they are expressed: 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," while Norfolk targets "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)" — different benchmarks and different spread disciplines. Distribution frequency also differs: Midlands pays quarterly; Norfolk pays monthly. Redemption notice periods differ substantially — 30 days for Midlands versus 183 days (approximately six months) for Norfolk. Gate provisions are structured similarly in concept but Norfolk's IM additionally specifies a 20%-of-units threshold that triggers a mandatory investor meeting, a disclosure Midlands' IM does not include. Norfolk discloses a management fee of 2.5%; Midlands' IM does not specify a management fee figure. Norfolk has been operating since 2006; Midlands launched in July 2021. Supervisors differ: Trustees Executors Limited for Midlands, Public Trust for Norfolk.

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