Norfolk Mortgage Trust Fund vs PG Global Alternatives Fund

The most material structural difference is asset class and underlying risk profile: Norfolk Mortgage Trust Fund deploys capital into New Zealand private credit secured by first mortgages with a maximum LVR of 75%, while PG Global Alternatives Fund invests in private equity — a category carrying different return drivers, liquidity characteristics, and capital-at-risk dynamics. Neither fund is wholesale-only, and both are structured as PIE trusts eligible for PIR-based taxation.

Target returns differ in benchmark and quantum. Norfolk targets "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)," anchoring to a deposit rate. PG Global targets "NZ Official Cash Rate + 3%," anchoring to the OCR — a higher stated spread, though PG Global also charges a 10% performance fee that Norfolk does not disclose. Norfolk's management fee is 2.5% versus PG Global's 1.4%, so total cost comparisons depend materially on whether the performance fee is triggered.

Liquidity terms diverge: Norfolk requires 183 days' redemption notice with a hard gate suspending redemptions if requests exceed 5% of units in any three-month window. PG Global permits redemptions "at any time" but caps outflows at $10 million per investor account over a rolling four weeks. Norfolk discloses an inception date of 2006; PG Global's IM does not specify one. Minimum investment is $5,000 for Norfolk versus $1,000 for PG Global. Norfolk's supervisor is Public Trust; PG Global's is NZ Guardian Trust. PG Global's FSP number is not on file.

Always verify all details against the source IM or PDS before making any investment decision.