PMG, InvestNow Investment Manager

InvestNow is an online investment platform that offers Kiwis access to a large range of KiwiSaver, Managed Fund & Term Deposit investment options through a convenient online portal. InvestNow has over 150 managed funds from more than 30 fund managers.

Previously, InvestNow partnered with PMG to offer InvestNow customers the opportunity to take part in the capital raises for the PMG Generation Fund and the Pacific Property Fund Limited – both unlisted commercial property funds. These funds were offered for a limited time on InvestNow, and are no longer accepting new applications. In 2026, Pacific Property Fund acquired all units in the PMG Generation Fund, with former PMG Generation Fund investors receiving shares in Pacific Property Fund. The two investments are now combined within Pacific Property Fund, which is not currently available for new applications through InvestNow.

PMG investment options:

Below is information about Pacific Property Fund Limited, which was previously offered through the InvestNow platform. The former PMG Generation Fund merged into Pacific Property Fund in 2026 and is no longer a separate investment. To see a full range of Managed Fund investment options on InvestNow, including fee information and links to relevant disclosure material, please click here. To invest in InvestNow’s range of investment options, create an online account or log in.

Pacific Property Fund Limited is a separate legal entity and the issuer of the shares. Its property portfolio is managed by PMG Property Funds Management Limited under a management agreement dated 3 July 2026.

Pacific Property Fund Limited

Established in 2014, Pacific Property Fund is PMG’s largest directly held commercial property fund. Following the 2026 merger with the PMG Generation Fund and completion of the capital raise, the PDS forecast a nationwide portfolio of 29 industrial, large-format retail and office properties valued at approximately $713.3 million.

Strategy

To target sound and well-located industrial, office and retail properties across major metropolitan and regional centres of New Zealand, that offer regular returns.

Goal

To develop a resilient, diversified portfolio of quality industrial, office and retail properties across New Zealand with robustness of scale that can deliver sustainable cash distribution returns and growth in value over time.

Frequently Asked Questions

You can view the current Pacific Property Fund Product Disclosure Statement through the Disclose Register.

New Zealand listed and unlisted property funds are governed by the applicable laws including the Financial Markets Conduct Act 2013 (FMCA) and regulated by the Financial Markets Authority (FMA).

Listed property funds (or sometimes known as Listed Property Vehicles) are quoted on stock exchanges such as the NZX, allowing investors to purchase shares/units in that fund through a broker or investment platform. Shares/units in listed property funds can be traded when the market is open. Market sentiment and demand for a fund can influence share/unit prices and, therefore, these property funds may be seen as more volatile because the shares/units trade at a premium (or discount) in relation to the value of the underlying property assets.

Unlisted property funds issue shares or units and are not quoted on a listed exchange (such as the NZX). To sell shares or units in an unlisted property fund, the Managers typically offer a matching service, facilitating the matching of buyers with sellers or, where it is permitted, private transfers may be arranged by buyers and sellers between themselves. The value of the shares or units is updated regularly with a prescribed valuation methodology as set out in the Fund’s establishment deeds. The value of shares or units in unlisted property funds may to be less volatile than listed property funds because investors are not acquiring or selling the shares or units on a value set by the market demand (as it would be for a listed property fund) and the associated daily market influences on value. The property portfolio within an unlisted property fund is typically valued annually by an independent registered valuer (or more frequently as required), so the share or unit price generally reflects the actual value of the underlying property assets.

PMG’s retail managed investment schemes and licensed scheme managers (of which PMG is one) are overseen by the Financial Markets Authority (FMA), and additionally, PMG is licensed under the Financial Markets Conduct Act 2013 (FMCA 2013). This means, by law, managers of these schemes need to provide a high level of transparency on their investment offers and are subject to ongoing regulatory oversight by the FMA.

Pacific Property Fund Limited is a property investment company primarily investing in a portfolio of commercial property in New Zealand. Pacific Property Fund Limited is not a “Managed Investment Scheme” for the purposes of the Financial Markets Conduct Act 2013 and does not require a manager licensed by the Financial Markets Authority (FMA) or an independent supervisor licensed by the FMA to govern its investment activities. Investor rights are set out in the constitution of Pacific Property Fund Limited, which has been set up in accordance with the Companies Act 1993.

Any dividends are paid into your InvestNow Transaction Account monthly.

Pacific Property Fund is not currently available for regular investment or new purchases through InvestNow. If a future offer is made available through InvestNow, customers will be notified separately.

Pacific Property Fund Limited is a multi-rate Portfolio Investment Entity (PIE). Returns are taxed at your Prescribed Investor Rate (PIR) (of up to 28%), and tax is paid directly to the IRD.

If you have any questions relating to the taxation of your investment, we recommend you seek professional advice from a qualified accountant and/or tax specialist.

Pacific Property Fund Limited is unlisted, and its shares are not redeemable on demand. You can submit a sell request through your InvestNow holding. PMG Property Funds Management Limited may facilitate a sale by matching sellers with potential buyers through its secondary-market matching service. However, there is no guarantee of a buyer, sale timeframe or price. Pacific Property Fund may also repurchase shares at the board’s discretion. A sale or repurchase may be delayed, completed only in part, occur below the original investment amount or most recently determined share price, or not occur at all.

All dividends to InvestNow customers from the Pacific Property Fund Limited will either be paid as cash, or reinvested in additional shares of the Fund, depending on whether you selected the cash or reinvest distribution setting with creating your InvestNow account. Please contact us (contact@investnow.co.nz) if you wish to change your InvestNow account’s distribution preference.

Returns may include cash dividends and changes in the value of your shares. Neither dividends nor capital growth are guaranteed. PMG provides an investment calculator showing how an investment could grow if dividends are reinvested – PMG Investment calculator – PMG Funds

Pacific Property Fund Limited is the issuer of the shares. Its property portfolio is managed by PMG Property Funds Management Limited under a management agreement dated 3 July 2026. Pacific Property Fund Limited is an unlisted company and is not a managed investment scheme under the Financial Markets Conduct Act 2013.

Latest news & updates from PMG

Quarterly reports

Quarterly reports are available for the Generation Fund and Pacific Property Fund Limited for investors. Please contact the InvestNow Customer Team at contact@investnow.co.nz or 0800 499 466 for more information.

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