Norfolk Mortgage Trust Fund vs PCG Diversified New Zealand Private Debt Fund

The most material structural difference is access and minimum commitment: Norfolk Mortgage Trust Fund is open to retail and wholesale investors with a $5,000 minimum, while PCG Diversified New Zealand Private Debt Fund is wholesale-only with a $125,000 minimum entry — a 25-fold difference that defines entirely different investor audiences.

Both funds are PIE-eligible, first-mortgage-secured private credit unit trusts supervised by Public Trust and distributing monthly, so the structural scaffolding is closely matched. Where they diverge significantly is fee level and target-return benchmark. Norfolk charges a 2.5% management fee against a target "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)." PCG charges 0.75% against a target of "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)." The benchmarks use different reference rates and spread definitions, making direct return comparison non-trivial without normalising to a common base rate.

Liquidity terms also differ meaningfully. Norfolk requires 183 days' redemption notice; PCG states redemptions are at the manager's discretion with proceeds paid within 10 business days of acceptance, though both funds share a comparable 5%-of-units-in-three-months gate trigger. Norfolk's gate can escalate to a mandatory investor meeting if requests exceed 20% of units; PCG's IM does not specify an equivalent escalation mechanism. Norfolk discloses an LVR cap of 75%; PCG's IM does not specify one. Norfolk has operated since 2006; PCG launched in March 2022.

Always verify all details against the current source IM or PDS before relying on this summary.