Midlands Income Wholesale Fund
Managed by Midlands Funds Management
Overview
The Midlands Income Wholesale Fund is an open-ended, evergreen private credit fund managed by Midlands Funds Management Limited in Hastings, New Zealand, and supervised by Trustees Executors Limited. It invests in the underlying Midlands Smarter PIE Fund, gaining exposure to residential, commercial, and rural property mortgages secured by first mortgages across New Zealand, with a maximum loan-to-value ratio applied at the portfolio level. The fund targets an income return that exceeds the average three-month term deposit rate offered by New Zealand registered banks, with returns announced and distributed or reinvested quarterly. It is available to wholesale investors only, requires a minimum investment, and operates with a redemption notice period that varies with investment size, alongside gate provisions that may apply in certain circumstances.
Fund Overview
Wholesale fund investing in the underlying Midlands Smarter PIE Fund. Provides exposure to residential, commercial and rural property mortgages throughout New Zealand. Offers lower fees than retail through quarterly fee rebates, with $100,000 minimum investment and 30-60 day redemption notice. Returns announced quarterly and may be distributed or reinvested.
Asset Class
Private Credit
Structure
PIE
Fund Documents
Information Memorandum
As at 1 Apr 2026
Statement of Investment Policy & Objectives
As at 1 Nov 2025
Fact Sheet
Wholesale Investor Certificate
Trust Deed
Financial Statements (2025)
Financial Statements (2023)
Financial Statements (2023)
Financial Statements (2022)
Documents are published by the issuer. Review the current version in full and seek independent advice before investing.
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Quick Info
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 Midlands Income Wholesale Fund?
Wholesale fund investing in the underlying Midlands Smarter PIE Fund. Provides exposure to residential, commercial and rural property mortgages throughout New Zealand. Offers lower fees than retail through quarterly fee rebates, with $100,000 minimum investment and 30-60 day redemption notice. Returns announced quarterly and may be distributed or reinvested.
Who manages Midlands Income Wholesale Fund?
Midlands Income Wholesale Fund is managed by Midlands Funds Management (NZBN 9429035203384) based in Hastings, 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 Midlands Income Wholesale Fund?
Midlands Income Wholesale 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 Midlands Income Wholesale Fund evergreen or a closed-end fund?
Midlands Income Wholesale 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.
What is the minimum investment in Midlands Income Wholesale Fund?
The minimum investment is NZ$100K per the fund's current Information Memorandum. Minimums may change for new vintages or at manager discretion — confirm the current minimum directly with the manager before subscribing.
Is Midlands Income Wholesale Fund wholesale-only?
Yes — Midlands Income Wholesale 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 Midlands Income Wholesale Fund a PIE fund?
Midlands Income Wholesale 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).
What is the target return for Midlands Income Wholesale Fund?
Per the fund's current Information Memorandum, the target return is: "income return pre-tax (but after fees and expenses) at a level which exceeds the average 3 month term deposit rate advertised by all relevant New Zealand registered banks". Target returns are forward-looking projections set by the manager and are not guarantees of future performance. Actual returns may differ materially from target. Review the IM's full target-return language, fee deductions, and accompanying risk factors before relying on this figure.
How can I redeem from Midlands Income Wholesale Fund?
Redemption windows are at-exit, and investors must provide 30 days' notice, per the fund's current Information Memorandum. The manager may suspend or defer redemptions in the interests of investors as a whole — review the IM's gate-provision language for the full mechanics. Wholesale funds with monthly or quarterly redemptions are not equivalent to bank-style on-demand liquidity.
What is the maximum loan-to-value ratio (LVR) for Midlands Income Wholesale Fund?
Midlands Income Wholesale Fund applies a maximum LVR of 75% per the fund's current Information Memorandum. LVR is the ratio of loan amount to the most recently appraised property value at the time of origination. Lower LVRs generally indicate more conservative lending; LVR ratios do not in themselves guarantee return or capital preservation, and the IM details the manager's full credit-assessment process.
Where can I read the IM or PDS for Midlands Income Wholesale Fund?
Midlands Income Wholesale Fund has a public Information Memorandum (IM), Statement of Investment Policy and Objectives (SIPO), 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.