Midlands Income Wholesale Fund vs PG Strategic Growth Fund

The most material structural difference is asset class: Midlands Income Wholesale Fund deploys capital exclusively into New Zealand private credit secured by first mortgages, while the PG Strategic Growth Fund invests in international equities — making these fundamentally different risk-return propositions before any other factor is considered.

On access, the funds diverge sharply. Midlands is wholesale-only with a NZD 100,000 minimum, whereas PG Strategic Growth is open to a broader investor base with a NZD 1,000 minimum. Midlands requires 30 days' redemption notice and gates activate if withdrawal requests for the same holding exceed 5% of units on issue within three months; PG imposes a NZD 10 million maximum redemption gate per investor account over a rolling four-week window — a dollar-value cap rather than a percentage-of-units cap.

Return objectives also differ in character: Midlands targets "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," an income-oriented benchmark, while PG's IM does not disclose a comparable verbatim target return. PG discloses fees explicitly — 1.2% management fee and 10% performance fee — whereas Midlands' IM does not specify these figures in the extracted data. Both are PIE structures eligible for PIR tax treatment. Midlands launched in July 2021; PG's inception date is not on file. 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 relying on them for any investment decision.