PCG Diversified New Zealand Private Debt Fund vs PG Global Alternatives Fund

The most material structural difference is investor eligibility and asset exposure: PCG Diversified New Zealand Private Debt Fund is wholesale-only (minimum NZD 125,000), lending against first-mortgage security in the domestic private credit market, while PG Global Alternatives Fund is open to retail and wholesale investors alike at a NZD 1,000 minimum and targets private equity across global alternative assets — a fundamentally different risk and liquidity profile.

On target returns, PCG quotes "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)," whereas PG Global states "NZ Official Cash Rate + 3%" — a 100-basis-point difference in the stated hurdle, though the two funds do not disclose this on a like-for-like net/gross basis, making direct comparison inexact. Fee structures diverge materially: PCG charges a 0.75% management fee with no performance fee disclosed; PG Global charges 1.4% plus a 10% performance fee. Both are PIE structures and PIR-eligible. Redemption mechanics differ: PCG gates at 5% of units redeemed in any three-month rolling period and pays proceeds within 10 business days at manager discretion; PG Global imposes a NZD 10 million per-account rolling four-week gate but states redemptions are available "at any time." PCG discloses first-mortgage security; PG Global's PDS does not specify an equivalent collateral or LVR constraint. Both are supervised — PCG by Public Trust, PG Global by NZ Guardian Trust. Distribution frequency is monthly for PCG; PG Global does not specify this in the extracted data.

Verify all details against each fund's current IM or PDS before making any investment decision.