PCG Diversified New Zealand Private Debt Fund vs PG Conservative Fund

The most material structural difference between these two funds is their investment mandate and target-return profile. The PCG Diversified New Zealand Private Debt Fund is explicitly a private credit vehicle secured by first mortgages, targeting "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" — a floating-rate benchmark tied directly to monetary policy. The PG Conservative Fund's IM/PDS does not disclose a target return, asset class, or security type, making a like-for-like yield comparison impossible from available data.

Minimum investment reflects a significant accessibility gap: PCG requires NZD 125,000, consistent with its wholesale-only positioning, while PG Conservative sets the bar at NZD 1,000 — suggesting a broader retail or lower-threshold wholesale audience, though the PDS source designation means several PG fields could not be independently verified from the IM.

Both funds are PIE-structured unit trusts and are PIR-eligible, and both are supervised by independent trustees — Public Trust for PCG and The New Zealand Guardian Trust Company Limited for PG. Managers differ: New Zealand Private Debt Management Limited (PCG) versus PG Funds Limited (PG Conservative).

PCG discloses a management fee of 0.75%, monthly distributions, a detailed gate provision triggered at 5% net redemptions in any three-month window, and an inception date of March 2022. None of these operational details are on file for the PG Conservative Fund.

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