Midlands Income Wholesale Fund vs PG Income Opportunities Fund

The most material structural difference is investor eligibility and access: Midlands Income Wholesale Fund is restricted to wholesale investors only, carries a NZD 100,000 minimum investment, and requires 30 days' redemption notice with liquidity returned "at exit" — meaning capital is locked until withdrawal is processed. PG Income Opportunities Fund is open to retail and wholesale investors alike, accepts a NZD 1,000 minimum, and offers redemptions "at any time," making it structurally more liquid, though a gate of NZD 10 million per investor account per rolling four weeks applies.

The funds also differ materially in asset class and return benchmarking. Midlands targets private credit secured by first mortgages, with an LVR cap of 75% disclosed in its IM; PG's IM does not specify a security type or LVR cap, and its asset class spans equity and fixed income. Midlands targets an income return that "exceeds the average 3 month term deposit rate advertised by all relevant New Zealand registered banks," whereas PG targets "NZ Official Cash Rate + 2.5%" — though this figure is sourced from SIPO and marked not on file, so should be treated with caution. PG discloses a management fee of 0.95%; Midlands' IM does not specify a fee figure in the extracted data. Both are PIE structures and PIR-eligible. Distributions differ: Midlands pays quarterly; PG pays monthly. Midlands has been operating since July 2021; PG's inception date is not on file.

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