PCG Diversified New Zealand Private Debt Fund vs PG Property and Infrastructure Fund

The most material structural difference is asset focus and disclosure depth. PCG Diversified New Zealand Private Debt Fund is a first-mortgage private credit vehicle with a verbatim target return of "Reserve Bank of New Zealand Official Cash Rate + 4.0% (net of management fees and fund costs and before tax)," giving investors a concrete, floating-rate benchmark. The PG Property and Infrastructure Fund's PDS does not specify a target return, security type, management fee, redemption frequency, distribution frequency, inception date, or gate provisions — all fields that PCG's IM discloses in full. This asymmetry makes direct quantitative comparison limited.

Where the funds align: both are PIE structures eligible for PIR taxation, both are trusts (PCG a Unit Trust; PG a Trust), and both are Auckland-based. Both carry supervisors — PCG with Public Trust and PG with The New Zealand Guardian Trust Company Limited.

A sharp practical divergence is the minimum investment: PCG requires NZD 125,000 and is wholesale-only, while PG discloses a minimum of NZD 1,000 with no wholesale-only restriction noted in its PDS. PCG charges a management fee of 0.75%; PG's fee is not on file. PCG discloses explicit gate provisions permitting redemption suspension for up to 365 days under defined conditions; PG's PDS does not specify equivalent provisions. PCG has been operating since March 2022; PG's inception date is not disclosed.

Readers should verify all details against each fund's current source IM or PDS before relying on any information here.