PCG Diversified New Zealand Private Debt Fund vs PG New Zealand Bond Fund

The most material structural difference is investor eligibility: PCG Diversified New Zealand Private Debt Fund is restricted to wholesale investors only, with a minimum investment of NZD 125,000, while PG New Zealand Bond Fund is open to retail and wholesale investors alike, with a minimum of just NZD 1,000.

The two funds also differ in underlying strategy. PCG invests in private credit 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, OCR-linked return. PG targets New Zealand fixed interest more broadly; its PDS does not specify an equivalent target return figure, nor does it disclose a security type or LVR cap.

On fees, PCG charges a management fee of 0.75% versus PG's 0.65%. Both are PIE structures, PIR-eligible, and pay monthly distributions, with redemption proceeds settled within 10 business days. Gate provisions differ in character: PCG's IM permits full redemption suspension for up to 365 days if quarterly redemption requests exceed 5% of units on issue or other specified conditions arise, while PG's gate is quantitative — capped at NZD 10 million per investor account per rolling four weeks. PCG launched in March 2022; PG's IM does not disclose an inception date. Supervisors differ: Public Trust (PCG) versus The New Zealand Guardian Trust Company Limited (PG). Several PCG data points are verified from its IM; several PG data points are inferred from its PDS rather than verified, which readers should weigh accordingly.

Always verify all details against the current source IM or PDS before relying on this summary.