PCG Diversified New Zealand Private Debt Fund vs PG Balanced Fund

The most material structural difference is investor eligibility: PCG Diversified New Zealand Private Debt Fund is wholesale-only, requiring a minimum investment of NZD 125,000, while PG Balanced Fund is open to retail and wholesale investors alike, with a minimum of just NZD 1,000. This distinction shapes almost every other dimension of the comparison.

Asset class and strategy diverge significantly. PCG targets private credit secured by first mortgages, with a stated target return of "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)." PG Balanced Fund's IM does not specify an asset class, target return, or security type in the extracted data, making a like-for-like return or risk comparison impossible from available disclosures alone.

Both funds are PIE-structured and PIR-eligible. PCG is constituted as a Unit Trust supervised by Public Trust; PG Balanced Fund is a Trust supervised by The New Zealand Guardian Trust Company Limited. PCG launched in March 2022 and charges a disclosed management fee of 0.75%; PG Balanced Fund's IM does not specify an inception date or management fee in the extracted facts.

Liquidity terms also differ materially. PCG discloses explicit gate provisions — suspending redemptions for up to 365 days if requests exceed 5% of units on issue in any three-month period — and redemption proceeds are paid within 10 business days at manager's discretion. PG Balanced Fund's IM does not specify redemption terms or gate provisions in the extracted data.

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