Midlands Income Wholesale Fund vs PG New Zealand Bond Fund

The most material structural difference is investor eligibility and access: Midlands Income Wholesale Fund is restricted to wholesale investors only, carries a NZ$100,000 minimum investment, and requires 30 days' redemption notice with proceeds delivered at exit — whereas the PG New Zealand Bond Fund is open to retail and wholesale investors alike, sets its minimum at just NZ$1,000, and processes redemptions on request within 10 business days.

The two funds also differ in underlying strategy. Midlands deploys capital into private credit secured by first mortgages, with an LVR cap of 75% verified from its IM — a structural credit protection detail that PG's documents do not replicate, because PG invests in New Zealand fixed-interest securities (listed or traded bonds and similar instruments) rather than direct lending. Midlands' target return is stated verbatim 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's IM does not disclose an equivalent target return string. PG discloses a management fee of 0.65%; Midlands' IM does not specify a fee percentage in the extracted data. Gate provisions differ in structure: Midlands may defer or instalment redemptions exceeding 5% of units on issue within any three-month window; PG caps redemptions at NZ$10 million per investor account per rolling four weeks. Both funds are PIEs and PIR-eligible. Distributions are quarterly for Midlands and monthly for PG. Supervisors differ — Trustees Executors Limited versus The New Zealand Guardian Trust Company Limited respectively.

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