Midlands Income Wholesale Fund vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference is how each fund defines its return objective. Midlands Income Wholesale Fund 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 floating benchmark tied to bank deposit rates. PCG Diversified New Zealand Private Debt Fund targets "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" — a floating benchmark with an explicit 400-basis-point spread above the OCR. These benchmarks will move differently in rate cycles and are not directly comparable without knowing prevailing rates at any given time.

Both funds share the same asset class (private credit), structure (PIE unit trust), security type (first mortgage), and wholesale-only status. Both carry a 5%-of-units-on-issue gate trigger over any three-month period, though PCG's IM specifies a suspension window of up to 365 days under broader listed circumstances, while Midlands' gate language focuses on instalment or deferred redemption without specifying a maximum suspension period. Midlands requires 30 days' redemption notice; PCG processes accepted redemptions within 10 business days but redemption timing is otherwise at the manager's discretion.

Distribution frequency differs: Midlands pays quarterly; PCG pays monthly. PCG's minimum investment is NZD 125,000 versus Midlands' NZD 100,000. PCG discloses a management fee of 0.75%; Midlands' IM does not specify a fee percentage in the extracted data. Supervisors differ: Trustees Executors Limited (Midlands) versus Public Trust (PCG).

Verify all details against each fund's current IM before relying on this summary.