Midlands Income Wholesale Fund vs PG Property and Infrastructure Fund

The most material structural difference between these two funds is the depth of disclosed information: Midlands Income Wholesale Fund provides a substantially more detailed IM, while PG Property and Infrastructure Fund's available facts are largely marked "not_on_file from PDS," making a complete like-for-like comparison impossible at this time.

On the facts that are available, the funds diverge meaningfully in access and strategy. Midlands requires a NZ$100,000 minimum investment and is explicitly wholesale-only, whereas PG's minimum is NZ$1,000 — a threshold consistent with broader retail or general investor access, though its wholesale status is not confirmed in the extracted data. Midlands operates as a private credit fund secured by first mortgages with a maximum LVR of 75%; PG's asset class, security type, and LVR policy are not disclosed in the extracted PDS. Midlands targets an income return that "exceeds the average 3 month term deposit rate advertised by all relevant New Zealand registered banks" (after fees and expenses); PG discloses no target return. Midlands pays quarterly distributions, has a 30-day redemption notice period, and carries gate provisions that may defer redemptions exceeding 5% of units on issue within any three-month window; none of these liquidity mechanics are on file for PG. Both funds are PIE structures with independent supervisors — Trustees Executors Limited for Midlands and The New Zealand Guardian Trust Company Limited for PG.

Readers should verify all details directly against each fund's current IM or PDS before relying on any of this information.