Midlands Income Wholesale Fund vs PG High Conviction Fund

The most material structural difference is asset class and return profile: Midlands Income Wholesale Fund deploys capital into private credit secured by first mortgages (LVR capped at 75%), targeting 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," while the PG High Conviction Fund invests in Australasian equities with a 1.2% management fee and a 10% performance fee — a growth-oriented structure with no analogous income benchmark disclosed.

Access differs sharply. Midlands requires a NZD 100,000 minimum and is wholesale-only; PG's minimum is NZD 1,000 and is open to retail investors. Both are PIE structures and PIR-eligible, though Midlands is verified from its IM while PG's PIE status is inferred from its PDS.

Liquidity terms also diverge. Midlands operates on a 30-day redemption notice with a gate triggered when redemption requests on the same holding exceed 5% of units on issue within any three-month window, with the manager setting the instalment or deferral period. PG allows redemptions "at any time" but applies a NZD 10 million per-investor rolling four-week gate. Midlands pays quarterly distributions; PG pays monthly. Midlands discloses an LVR cap; PG's IM does not specify one, consistent with an equity mandate. Supervisors differ: Trustees Executors Limited (Midlands) versus The New Zealand Guardian Trust Company Limited (PG).

Always verify these details against each fund's current source IM or PDS before making any investment decision.