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

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.