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PCG Diversified New Zealand Private Debt Fund vs PG High Conviction Fund

Side-by-side facts extracted from manager-published IM/PDS/SIPO documents. 3 fields match, 9 differ, 4 disclosed by only one fund.

Why these differ

Generated 2026-05-19 from the structured facts below. Verify against the source IM/PDS before relying on this summary for investment decisions.

The most material structural difference is asset class and return profile: PCG Diversified New Zealand Private Debt Fund holds first-mortgage private credit, targeting "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)" — a floating, rate-linked return — while PG High Conviction Fund invests in Australasian equities, with returns driven by market performance rather than a stated target. This distinction shapes every downstream risk, liquidity, and fee comparison.

On liquidity, both funds are PIE-eligible and distribute monthly, but their redemption mechanics differ meaningfully. PCG allows redemptions at the manager's discretion with proceeds paid within 10 business days, and discloses a gate that may suspend redemptions for up to 365 days if requests exceed 5% of units on issue in any three-month period. PG High Conviction permits redemption at any time but caps withdrawals at $10 million per investor account over a rolling four weeks.

Fee structures also diverge: PCG charges 0.75% management fee with no performance fee disclosed; PG High Conviction charges 1.20% plus a 10% performance fee. Access differs sharply — PCG is wholesale-only with a $125,000 minimum, whereas PG High Conviction is open to retail investors from $1,000. PCG's IM facts are verified from source; PG High Conviction's are inferred from PDS, which introduces a minor confidence differential. PCG's security type (first mortgage) and inception date (March 2022) are disclosed; PG High Conviction's IM does not specify equivalent security or inception details. Both appoint independent supervisors, though different entities.

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

Fact-by-fact comparison

verified inferred match differ one-side only

Performance

FieldPCG Diversified New Zealand Private Debt FundPG High Conviction FundStatus
Target returnReserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)(not on file)
Minimum investment125,0001,000
Distribution frequencymonthlymonthly
Inception2022-03(not on file)

Structure

FieldPCG Diversified New Zealand Private Debt FundPG High Conviction FundStatus
Fund structureUnit TrustTrust
Wholesale-only?YesNo
PIE-structured?YesYes
PIR eligible?YesYes
Asset classprivate creditAustralasian Equities

Lending

FieldPCG Diversified New Zealand Private Debt FundPG High Conviction FundStatus
Security typefirst mortgage(not on file)

Fees

FieldPCG Diversified New Zealand Private Debt FundPG High Conviction FundStatus
Management fee (%)0.751.2
Performance fee (%)(not on file)10

Liquidity

FieldPCG Diversified New Zealand Private Debt FundPG High Conviction FundStatus
Redemption frequencyat manager's discretion; proceeds paid within 10 business days of acceptanceat any time
Gate provisionsThe Manager may suspend the redemption or issue of Units for up to 365 days if: (i) Redemption Requests during any 3-month period aggregate more than 5% of Units on issue; or (ii) by reason of various circumstances including financial/political/economic conditions, impracticability of calculating NAV, or where meeting Redemption Requests would disadvantage remaining Unitholders.$10 million maximum redemption gate per investor account over a rolling four weeks

Entities

FieldPCG Diversified New Zealand Private Debt FundPG High Conviction FundStatus
Manager entityNew Zealand Private Debt Management LimitedPG Funds Limited
SupervisorPublic TrustThe New Zealand Guardian Trust Company Limited

Methodology

Facts extracted via Claude Sonnet 4.6 from manager-published IM/PDS/SIPO PDFs. Confidence tiers: ●verified (all required keys populated), ◐inferred (some required keys null), ○not on file. Where IM and SIPO/PDS disclose the same fact, verified takes precedence over inferred.

The “Why these differ” summary above is generated once per pair by Sonnet from the structured facts in this table and cached as JSON. It is regenerated when either fund’s facts change.

Wholesale-only — for eligible investors per FMCA Schedule 1. Not financial advice. Past performance does not guarantee future results. Verify each fact against the source IM/PDS before relying on it for investment decisions.