Understanding Private Credit in New Zealand as an Investor

  • Private credit is direct lending from a specialist fund to an established business. The business borrows the capital it needs; investors in the fund earn regular interest income. It is a well-established global asset class and New Zealand's market is growing quickly.

  • A bank loan uses depositors' money via a trading bank. A bond is a tradeable security on a public market. Private credit sits between the two: a structured loan negotiated directly with the borrower, not publicly traded, and managed by a specialist fund. That positions Private Credit to offer investors higher risk-adjusted returns and borrowers more tailored terms.

  • New Zealand's major banks have tightened their lending criteria, particularly following the Reserve Bank's capital adequacy reforms. Well-run businesses with strong track records increasingly find it difficult to access bank financing on appropriate terms. Private credit funds such as Peninsula Credit step into that gap and New Zealand business borrowers are valuing the responsiveness, expertise, and flexibility that Private Credit provides.

  • New Zealand's major banks have tightened their lending criteria, particularly following the Reserve Bank's capital adequacy reforms. Well-run businesses with strong track records increasingly find it difficult to access bank financing on appropriate terms. Private credit funds such as Peninsula Credit step into that gap and New Zealand business borrowers are valuing the responsiveness, expertise, and flexibility that private credit provides.

  • It means the fund has first claim over the borrower's assets if anything goes wrong. The loan is backed by real collateral; asset charges, property mortgages, or personal guarantees. Senior secured is the most protective position a lender can hold.

  • Private Equity means buying shares in a company, returns depend on how much the business grows. Private Credit means lending to a company and receiving contracted interest payments and the return of the original loan. Returns are predictable and income-driven; the investor owns no part of the business.

    The senior-secured nature of Private Credit provides its investors with priority ranking security over a business’ assets ahead of the equity owners of the business.

  • Private credit is typically used to enhance yield within a fixed income allocation or to diversify away from listed equities and bonds. Because returns come from contracted interest rather than market sentiment, the asset class tends to behave differently from public markets. The main trade-off is liquidity — loans are held to maturity and cannot easily be sold.

    Private Credit loans are traditionally floating interest rate loans providing investors with an inflation hedge within their broader investment portfolio.

Who is Peninsula Credit?

  • Peninsula Credit is a New Zealand private credit fund manager founded by experienced bankers whose careers were built in the corporate and commercial divisions of ANZ Bank, New Zealand’s largest bank. The team brings more than 100 years of frontline and executive New Zealand business lending experience. The firm was established to support proven New Zealand businesses no longer being adequately served by the major trading banks.

  • Peninsula Credit manages two funds. Fund I is a closed-end fund established in September 2023 with committed capital of $NZ46.25 million. Fund II, Peninsula Credit Fund II LP, is an open-ended fund established in July 2025, currently accepting new commitments, with committed capital exceeding $80 million as at June 2026. Fund II is approved for New Zealand's Active Investor Plus (AIP) visa programme.

  • Yes and Peninsula Credit considers this one of its most important differentiators. The management team has co-invested $NZ15.75 million of their own money across the two funds such that for each loan, management’s capital is invested alongside investors' capital. Alignment of interest is structurally embedded, not just promised.

  • The governance framework includes an independent chairman, a former Head of Capital Markets and General Manager of ANZ Private Bank, and an independent Investment Committee member with executive experience at the Bank of New Zealand. All loan documentation is completed by reputable New Zealand law firms.

  • Deloitte. With respect to Peninsula Credit Fund II LP, Deloitte are undertaking an Agreed Upon Procedures Engagement for the period ended 31 March 2026, followed by a full statutory audit for the year ended 31 March 2027.

  • Nil. The founding team has remained intact since establishment. Peninsula Credit is a growing firm actively seeking the right talent to support its investors and borrowers.

The Active Investor Plus (AIP) Visa

  • New Zealand's flagship residency-by-investment programme, introduced in April 2025 and commonly referred to as the 'Golden Visa'. It is designed for high-net-worth individuals who wish to gain New Zealand residency by investing in the New Zealand economy. As at 20 May 2026, 730 applications had been received, representing a potential minimum investment of $NZ4.26 billion, with 288 resident visas already granted.

  • The Growth Category requires a minimum investment of $NZ 5 million for at least three years in approved managed funds or direct investments. The Balanced Category requires $NZ 10 million over five years across a broader range of assets including bonds and listed equities. Growth has been the more popular pathway, with 608 applications as at 20 May 2026.

  • Yes. Peninsula Credit Fund II is listed as an Acceptable Managed Fund under the AIP visa Growth category. The fund’s three year lock-up aligns naturally with the Growth Category’s minimum investment period. The listing can be verified at nzte.govt.nz

  • No. Invest New Zealand's approval is a compliance check against the AIP visa criteria, not an endorsement of commercial quality or future performance. Immigration New Zealand assesses visa applications separately. Peninsula Credit encourages all prospective AIP investors to obtain independent immigration and financial advice.

  • No. Investors are not required to live in New Zealand. However, under the Growth Category, a minimum of 21 days must be spent in New Zealand over the three-year investment period. Peninsula Credit recommends confirming current requirements with a licensed immigration adviser, as visa conditions can evolve.

Fund Structure and Investment Returns

  • Open-ended. Peninsula Credit Fund II accepts new investor commitments on an ongoing basis and has no fixed closing date. It is currently open and accepting capital commitments.

  • Peninsula Credit Fund II is structured as a New Zealand Limited Partnership (NZLP), which provides favourable tax treatment for both domestic and offshore investors and is a well-understood structure in the New Zealand private markets context.

  • All loans are on floating rates, priced as a margin over the New Zealand inter-bank base rate (BKBM), a publicly available reference rate.

    The target return for Peninsula Credit Fund II is BKBM + 3.50% after fees and costs, a meaningful premium above bank deposit rates after total fees and costs.

  • Floating rate loans mean income moves in line with market interest rates. Investors benefit when rates rise and adjust when they fall. Crucially, this avoids the duration risk of fixed-rate bonds, where rising rates erode the value of existing holdings.

  • Interest is paid to investors in cash at each quarter end, so income is distributed regularly throughout the year.

  • 0.50% per annum on committed capital, paid quarterly in arrears. There are no performance fees, no carried interest, and no exit or redemption fees in either fund.

  • In addition to the Management Fee, fund costs are approximately 0.25% per annum on committed capital, covering administration, compliance, and audit.

  • As at June 2026, $NZ127 million across both funds. Fund I is invested to $NZ36 million (approximately 78% deployed). Fund II is invested to $NZ46 million (approximately 57% of committed capital) as at 30 June 2026. Term sheets for a further $NZ40 million across three new loans have been issued, with settlement expected before October 2026.

Eligibility, Lock-Up and Exit

  • Peninsula Credit Fund II is open to wholesale investors as defined under New Zealand's Financial Markets Conduct Act 2013 — typically high-net-worth individuals, institutional investors, and AIP visa applicants under the Growth Category. Investors must certify their wholesale investor status before commitments are accepted.

  • Three years from the date an investor's commitment is fully called. This aligns naturally with the AIP visa Growth Category's minimum three-year investment requirement.

  • At the end of the lock-up, investors may request a redemption of their units. Where liquidity allows, units are redeemed on a pro-rata basis across those seeking redemption. The fund's loan terms of 18 months to three years mean that maturing loans naturally provide the liquidity to fund redemptions on a rolling basis.

  • No. There have been no redemption requests and no suspensions in the history of either Peninsula Credit Fund or Peninsula Credit Fund II.

  • Yes, subject to the redemption process described above. Unit values could fall below the entry price if there were losses or impairments in the loan portfolio. Peninsula Credit has not experienced any loan impairments to date.

  • There is no external secondary market. However, the Limited Partnership Agreement permits investors to sell units to other existing Limited Partners in Peninsula Credit Fund II, subject to negotiation between the parties.

Fund Investments - The Loan Portfolio

  • Senior secured loans to established, profitable New Zealand businesses with a consistent trading history. Peninsula Credit Fund II does not lend to start-ups, venture capital businesses, property developers, or property investors.

  • Peninsula Credit has existing and historic exposures across sectors including renewable energy, horticulture, viticulture, infrastructure services, facilities services, and software. Three further loans are expected to settle by October 2026 broadening diversification across both Funds.

    Peninsula Credit’s investment policy restricts are given sector exposure to 30% of committed capital.

  • Nil. No borrower has defaulted since Peninsula Credit's establishment in September 2023. All loans are performing with no covenant breaches recorded.

  • Loans carry robust financial covenants, including quarterly compliance testing across profitability ratios, loan-to-asset ratios, minimum trading metrics, and cash buffers. These are designed to surface any business underperformance early, well before a situation could escalate.

  • Each loan is backed by asset mortgage security, general and specific charges over business assets, security interests over the borrower's issued capital, and corporate guarantees from principals — mirroring the security standards of New Zealand's major trading banks.

  • Loans are generally illiquid during their 18-month to three-year term and are held to maturity. That illiquidity is compensated by a meaningful interest rate premium. The short loan tenure of between 18 months and three years means capital is regularly reinvested and maturing loans naturally provide liquidity for investor redemptions.

Fund Reporting, Valuation, Transparency

  • Quarterly. Each report covers the fund's objective and target return, fund manager experience, funds under management statistics, distribution performance, investment pipeline, and full portfolio valuation.

  • Loans are valued based on the carrying amount of the loan less any impairment applied. Peninsula Credit applies formal impairment policies where covenant breaches, loan defaults, or late payments occur which impact on the recoverability of loan. Peninsula Credit has not applied any loan impairments to date - all loans are valued at fair value.

  • Yes. Deloitte are undertaking an Agreed Upon Procedures Engagement for the period ended 31 March 2026, followed by a full statutory audit for the year ended 31 March 2027.

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    Yes. Quarterly Fact Sheets are regularly produced. The team are happy to discuss these in more detail with prospective investors.  For more information please get in touch.

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  • Each loan is backed by asset mortgage security, general and specific charges over business assets, security interests over the borrower's issued capital, and personal and corporate guarantees from principals — mirroring the security standards of New Zealand's major trading banks.

  • Loans are generally illiquid during their 18-month to three-year term and are held to maturity. That illiquidity is compensated by a meaningful interest rate premium. The short loan tenure means capital is regularly reinvested and maturing loans naturally provide liquidity for investor redemptions.

Understanding Private Credit as a Borrower

  • Compared to traditional bank financing, Private Credit offers an established alternative, more flexible, often quicker to arrange, and better tailored to specific needs. The interest rate carries a modest premium over standard bank pricing, but many borrowers find the flexibility and certainty of execution well worth it.

  • Established New Zealand businesses with a demonstrated track record of profitability. Typical borrowers are seeking growth capital for expansion, capital expenditure, or acquisitions. Peninsula Credit does not support start-ups, venture capital, or property-related borrowing.

  • $NZ2 million to $NZ20 million, positioning Peninsula Credit squarely in the New Zealand mid-market.

  • Peninsula Credit has existing and historic exposures across sectors including renewable energy, horticulture, viticulture, infrastructure services, ecommerce, facilities services, and software. The team's broad industry experience, accumulated over 100 years of banking careers, means Peninsula Credit can assess businesses across a wide range of sectors.

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The Borrowing Process

  • Prospective borrowers are welcome to make direct contact via this website. Peninsula Credit also welcomes introductions from intermediaries, corporate advisers, lawyers, and accountants who may have clients with relevant financing needs.

  • Primarily through the team's extensive network built over careers at ANZ Bank, where senior frontline positions in the corporate and commercial division produced deep relationships with New Zealand businesses and their owners. Since establishment, the team has reviewed more than 100 opportunities and has been highly selective in lending funds to established and successful businesses.

  • Peninsula Credit undertakes thorough credit analysis and due diligence, then issues a detailed term sheet. On agreement of terms, all legal documentation is completed by reputable New Zealand law firms.

    The co-investment of management capital across both funds ensures management capital sits alongside investor capital in each transaction.

  • A senior secured floating-rate loan (priced over BKBM) with a term of 18 months to three years. Interest is paid quarterly (or in some cases monthly). Loans are structured for refinancing back to a trading bank at the end of the term, not repayment from asset or business sales.

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Security, Covenants and Ongoing Obligations

  • A robust security package comprising a combination: asset mortgage security; general and specific charges over business assets; security interests over the borrower's issued capital; and where appropriate personal and corporate guarantees from principals. This mirrors the standards of New Zealand's major trading banks.

  • Financial covenants are tailored to each transaction and typically cover profitability ratios, loan-to-asset ratios, minimum trading metrics, and cash buffers. Borrowers undergo quarterly compliance testing and provide full quarterly trading reports.

  • Peninsula Credit's covenants are designed for early detection, giving time to address issues constructively. The team has direct experience in ANZ Bank's workout division and is well placed to work with borrowers collaboratively or, where necessary, to lead enforcement action. The strong preference is always a pragmatic, partnership-based approach.

  • Borrowers wishing to discuss early repayment or any variation to loan terms are encouraged to contact Peninsula Credit directly. Specific prepayment terms are set out in the relevant loan agreement.

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Getting in Touch

  • Via the contact details on this website. Peninsula Credit welcomes direct approaches from established New Zealand businesses, as well as introductions from advisers, law firms, and accountants with clients seeking growth capital in the $NZ2 million to $NZ20 million range.

  • Prospective investors — including those considering Fund II as part of an AIP visa application — are encouraged to contact the team directly. Peninsula Credit works closely with New Zealand wealth management advisers, immigration consultants, and legal professionals who regularly refer clients exploring private credit investment.

Important Notice

This document is provided for general information purposes only and does not constitute financial, investment, tax, legal or immigration advice. Peninsula Credit Fund II LP is available to wholesale investors only as defined under the Financial Markets Conduct Act 2013. Past performance is not indicative of future returns. Prospective investors should seek independent financial and legal advice before making any investment decision. AIP visa eligibility and acceptable investment status are determined solely by Immigration New Zealand and Invest New Zealand respectively — Peninsula Credit makes no representation or guarantee regarding visa outcomes. All figures are current as at the date of publication and subject to change.