Midlands Income Wholesale Fund vs PG Balanced Fund

The most material structural difference is investor eligibility: the Midlands Income Wholesale Fund is restricted to wholesale investors only, with a minimum investment of NZD 100,000, while the PG Balanced Fund is open to retail and wholesale investors alike at a minimum of NZD 1,000 — a threshold one hundred times lower.

Beyond access, the funds pursue fundamentally different strategies. Midlands is a private credit fund deploying capital via first-mortgage lending, with a disclosed maximum LVR of 75% and a target return expressed as "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." PG Balanced Fund's asset class, security type, LVR policy, and target return are not specified in the extracted facts, making direct strategy comparison impossible on those dimensions.

Structurally, both are PIE trusts and both carry PIR eligibility. Midlands is supervised by Trustees Executors Limited and has operated since July 2021; PG Balanced Fund's supervisor is The New Zealand Guardian Trust Company Limited, and no inception date is on file. Midlands distributes quarterly and offers redemption on 30 days' notice, subject to a gate provision that can defer or instalment redemptions where aggregate withdrawal requests within any three-month period exceed 5% of units on issue. PG Balanced Fund's redemption terms, distribution frequency, and gate provisions are not disclosed in the extracted data.

Neither fund's FSP number is on file in the extracted facts. Verify all details against each fund's current IM or PDS before relying on this summary.