Private Credit Funds in New Zealand

Floating-rate corporate-lending fund from AAM (Aotea Asset Management) — NZ's first domestically owned private-credit manager. Floating-rate margin above the Official Cash Rate (OCR). Wholesale-only, FMCA Clause 3 exemption. Details from manager: will@aotea-am.co.nz. Referenced in WI blog 2024-returns table editorial; fund row added 2026-05-19 as placeholder pending direct manager confirmation of target return / minimum / structure / inception date.

Wholesale property-secured NZ private credit fund (FMA/AIP-regulated). Provides finance to NZ SMEs via secured lending (first-and-second-ranking mortgages + GSA). LVR cap <75%. Target monthly income distributions. AIP investors: NZD $1M minimum within $5M AIP total; other wholesale: NZD $150K min, target 7% p.a. interest.

Property-backed private credit fund offering 8% p.a. returns (before tax, after fees). Invests in business loans secured by first and second-ranking mortgages over New Zealand property with a typical maximum LVR of 75%. Structured as a PIE with tax capped at 28% for investors including trusts. Target borrowers include companies, trusts, and experienced individuals in real estate for bridging, refurbishment, and working capital purposes.

Structured credit and growth-oriented lending fund across NZ (Capital Connect No. 1 LP). Wholesale investor eligibility required. AIP Growth Category pre-approved (NZTE 2025-12-17).

First mortgage secured lending on NZ commercial and residential property

Wholesale fund with 2-year minimum term offering bonus returns above retail fund

Diversified exposure to non-bank lending with monthly liquidity and 7+ years track record

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.

Private credit financing NZ SMEs with 3-year average maturities targeting RBNZ +7% p.a.

Direct lending strategy providing working capital and growth loans to NZ businesses, secured by business assets. Targets attractive risk-adjusted medium-term returns. AIP Growth Category pre-approved.

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.

Torrent's flagship wholesale private credit fund providing senior secured lending across commercial property, residential development, construction, land development, investment property, bridging and selected special situations. Primarily secured by registered first mortgages over New Zealand property, with a target return of 8-10% p.a. (fund dependent) per the manager. Wholesale investors only. Source: Torrent Investment Manager Overview (2026).

Choose-your-own contributory mortgage scheme. Investors select specific mortgages for their portfolio from manager-selected loans in Otago, Southland, Canterbury regions. Max 66% LVR first, 80% LVR total.

First and second mortgage fund targeting higher returns. Target return ~10.42% p.a. (8.0% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 75%. 12 month redemption notice.

First mortgage fund providing exposure to a securitised lending facility (Est. 2022) with a diversified and seasoned portfolio, now majority funded by Westpac New Zealand. Target return ~6.92% p.a. (4.5% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 62.7% with 5% first-loss investment safeguard on a look-through basis. 3 month redemption notice.

Actively managed portfolio of registered first mortgage loans covering NZ and Australian commercial real estate. Target return ~7.42% p.a. (5.0% p.a. plus 30-day BKBM, paid monthly). Max weighted portfolio LVR of 67.5% with $10m parent-company balance-sheet buffer. 6 month redemption notice.

Open-ended PIE with senior secured loans and weekly liquidity

Senior secured infrastructure + real-asset loan fund targeting gross fund IRR of 12.5-14.5% p.a. (before fees and tax) with minimum PIRR hurdle of 7.0%. Focus: capital preservation, robust credit underwriting, transparent reporting. Sister to PCG Diversified NZ Private Debt. AIP Growth Category (NZTE 2026-02-03).

Open-ended Limited Partnership investing in diversified senior-secured loans to established NZ businesses. Target return 9.2% p.a. (BKBM bank bill rate + 3.5% margin). Quarterly cash distributions. Initial fund size target NZ$60M with NZ$150M final close. Favourable offshore-investor tax treatment.

Higher income focus fund targeting regular distributions through income-generating investments.

NZ corporate private debt fund (Pioneer Capital, est. 2005, NZ$1.3B raised since inception). Target return 15% p.a. Sister to Pioneer Capital Private Equity V + Pioneer Capital Diversified Fund. AIP Growth Category eligible.

The RAM New Zealand Credit Fund is an approved managed fund under the Active Investor Plus (AIP) Growth category (and may form part of a Balanced-category portfolio), managed by Real Asset Management (NZ) Limited (FSP1011247). It channels debt capital to New Zealand SMEs directly and through structured finance facilities to established non-bank lenders, holding a diversified portfolio of secured, asset-backed New Zealand credit — approximately 95% loan investments and 5% cash products — with no exposure to private equity or corporate lending. The manager targets stable income of approximately 4% net p.a. Wholesale investors only (FMCA Schedule 1, s3(2)/3(3)(b)). Source: RAM New Zealand Credit Fund fact sheet (2026).

Diversified higher risk loans secured by residential property including first and second mortgages. Portfolio approach to reduce specific investment risk.

Construction mortgages up to $2 million secured by first mortgages. Higher returns for construction finance risk.

Residential mortgages up to $2 million secured by first mortgage. Conservative lending with lower risk profile.

Developer-backed wholesale lending funds secured by property

Wholesale debt-based investment LP providing finance to identified projects in NZ tourism, agriculture, and manufacturing sectors. AIP Growth Category pre-approved (NZTE 2026-04-14).