Midlands Income Wholesale Fund vs PG Global Alternatives Fund

The most material structural difference is asset class and underlying security: Midlands Income Wholesale Fund deploys capital into private credit secured by first mortgages with a maximum LVR of 75%, while PG Global Alternatives Fund invests in private equity with no LVR cap disclosed. This distinction drives meaningfully different risk and return profiles. Midlands targets 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," a relative benchmark anchored to deposit rates. PG Global targets "NZ Official Cash Rate + 3%," also a floating benchmark but tied to the OCR rather than bank term deposit averages.

Access differs sharply: Midlands is wholesale-only with a $100,000 minimum investment, while PG Global is open to a broader investor base at a $1,000 minimum. Redemption mechanics also diverge — Midlands requires 30 days' notice and gates redemptions where requests exceed 5% of units on issue within three months; PG Global permits redemptions at any time but applies a $10 million per-account cap over a rolling four-week window. Midlands distributes income quarterly; PG Global's distribution frequency is not specified in the extracted data. PG Global discloses a 1.4% management fee and 10% performance fee; Midlands' IM does not specify these figures in the extracted data. Both funds are PIEs, PIR-eligible, structured as trusts, and supervised by independent trustees — Trustees Executors Limited and NZ Guardian Trust respectively.

Always verify all details against the source IM or PDS before relying on this summary.