Fund Overview
The Merx Private Credit Fund is an open-ended, PIE-qualifying unit trust managed by Merx Funds Management Limited (FSP1003544), with Public Trust as trustee. It lends to business owners, property developers and property investors; at 30 June 2026 about 89% of the loan book was first-mortgage secured, across 47 loans (largest 9.7%), with funds under management of NZ$43.41m. The manager states a target return of 10% p.a. after fees and before tax — a target only, not a forecast or guarantee; capital is at risk. Fees: 1.95% p.a. management fee plus a 20% performance fee on returns above the OCR + 4%. Withdrawals on 6 months' notice, or with a 2.5% redemption fee on shorter notice. Wholesale investors only (FMCA Schedule 1). Sources: Merx Information Memorandum (8 February 2026); Merx quarterly factsheet (30 June 2026).
Asset Class
Private Credit
Structure
Unit Trust (PIE)
Fund Size
NZD $43.4M
Open for Subscription
Evergreen FundWholesale OnlyThis is an evergreen fund — open to qualifying wholesale investors year-round. Subscription details, minimum investment, and redemption terms are set out in the fund's Information Memorandum.
Fund Documents
Documents are published by the issuer. Review the current version in full and seek independent advice before investing.
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This information is for wholesale investors only and does not constitute financial advice. All investments carry risk. Please seek professional advice before making investment decisions.
Frequently Asked Questions
What is Merx Private Credit Fund?
The Merx Private Credit Fund is an open-ended, PIE-qualifying unit trust managed by Merx Funds Management Limited (FSP1003544), with Public Trust as trustee. It lends to business owners, property developers and property investors; at 30 June 2026 about 89% of the loan book was first-mortgage secured, across 47 loans (largest 9.7%), with funds under management of NZ$43.41m. The manager states a target return of 10% p.a. after fees and before tax — a target only, not a forecast or guarantee; capital is at risk. Fees: 1.95% p.a. management fee plus a 20% performance fee on returns above the OCR + 4%. Withdrawals on 6 months' notice, or with a 2.5% redemption fee on shorter notice. Wholesale investors only (FMCA Schedule 1). Sources: Merx Information Memorandum (8 February 2026); Merx quarterly factsheet (30 June 2026).
Who manages Merx Private Credit Fund?
Merx Private Credit Fund is managed by Merx (FSPR FSP1003544) based in Auckland, New Zealand. Manager registration on the Financial Service Providers Register is a legal requirement under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and does not itself constitute an endorsement.
What asset class is Merx Private Credit Fund?
Merx Private Credit Fund is classified as Private Credit on Wholesale Investor NZ. Asset-class classification reflects the fund's stated investment focus per its Information Memorandum and is provided for navigation purposes only — review the IM for the full strategy and risk profile.
Is Merx Private Credit Fund evergreen or a closed-end fund?
Merx Private Credit Fund is an evergreen fund — it is permanently open for subscription rather than running on fixed vintages. New investors can typically apply at any time subject to capacity, manager discretion, and the fund's stated subscription windows. Redemption terms are set in the Information Memorandum and vary by fund.
Is Merx Private Credit Fund wholesale-only?
Yes — Merx Private Credit Fund is offered on a wholesale-only basis under Schedule 1 of the Financial Markets Conduct Act 2013. Subscription requires self-certification under one of the seven Schedule 1 pathways (typically the NZ$5M net-assets "large person" pathway or an accountant- or lawyer-signed eligible-investor certificate per Clauses 38-40). Wholesale-only funds do not publish a retail Product Disclosure Statement and do not appear on the Disclose Register.
Is Merx Private Credit Fund a PIE fund?
Merx Private Credit Fund is structured as a Portfolio Investment Entity (PIE). PIE distributions are tax-paid at the investor's Prescribed Investor Rate (PIR), capped at 28% per Inland Revenue's PIE rules. PIRs are 10.5%, 17.5%, or 28% depending on the investor's prior-year taxable income. The PIE structure is generally favourable for investors whose marginal tax rate is above 28% (currently above NZ$78,100 of taxable income).
Where can I read the IM or PDS for Merx Private Credit Fund?
Merx Private Credit Fund has a public current fact sheet linked from its Wholesale Investor NZ profile page. Documents are sourced from the manager's own published disclosures. Some wholesale funds gate full disclosure behind a wholesale-investor self-certification — review the document index on the fund page and contact the manager if a specific document is not surfaced.