Overview
The Norfolk Mortgage Trust Fund is a New Zealand property-backed private credit fund structured as a PIE trust, established in 2006 and managed by Norfolk Mortgage Management Limited with Public Trust acting as supervisor. The fund invests in loans secured by first mortgages over New Zealand property across all regions, targeting returns that exceed the six-month term deposit rate published by the RBNZ by a margin after fees. It distributes income monthly and operates on an evergreen, open-ended basis with a notice period required for redemptions, and gate provisions apply under certain conditions. The fund is open to both retail and wholesale investors with a modest minimum investment threshold.
Fund Overview
Property-backed investment fund with $120 million in total security and $52 million investment pool. Minimum investment of $5,000 with no entry or exit fees. Loans secured against New Zealand property across all regions.
Asset Class
Private Credit
Structure
Open-Ended
Open for Subscription
Evergreen FundThis 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.
Regulator Source
Canonical PDS, SIPO and financial statements as filed with the FMA on the NZ Disclose Register.
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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 Norfolk Mortgage Trust Fund?
Property-backed investment fund with $120 million in total security and $52 million investment pool. Minimum investment of $5,000 with no entry or exit fees. Loans secured against New Zealand property across all regions.
Who manages Norfolk Mortgage Trust Fund?
Norfolk Mortgage Trust Fund is managed by Norfolk Mortgage Trust (FSPR FSP31523, NZBN 9429035461111) 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 Norfolk Mortgage Trust Fund?
Norfolk Mortgage Trust 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 Norfolk Mortgage Trust Fund evergreen or a closed-end fund?
Norfolk Mortgage Trust 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 Norfolk Mortgage Trust Fund?
The minimum investment is NZ$5K 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 Norfolk Mortgage Trust Fund a PIE fund?
Norfolk Mortgage Trust 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 management fee for Norfolk Mortgage Trust Fund?
Norfolk Mortgage Trust Fund charges a management fee of 2.50% per annum, sourced from the fund's current Information Memorandum. Fees may be charged on a different basis for different unit classes — confirm the fee schedule applicable to your subscription with the manager. Performance fees, entry/exit fees, and reimbursable expenses may apply in addition; the IM itemises the full fee stack.
What is the target return for Norfolk Mortgage Trust Fund?
Per the fund's current Information Memorandum, the target return is: "to exceed the Six-month term deposit rate (published by the RBNZ) by 1.4% per annum (after the deduction of fees and expenses)". 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 Norfolk Mortgage Trust Fund?
Redemption windows are at-exit, and investors must provide 183 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 Norfolk Mortgage Trust Fund?
Norfolk Mortgage Trust 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 Norfolk Mortgage Trust Fund?
Norfolk Mortgage Trust Fund has a public Product Disclosure Statement (PDS) 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.