Investment Opps

Pengana Private Equity Trust IPO PE1

Global economy, Investment Opps, Equity

Pengana Capital Group Limited (ASX: PCG), has launched Australia’s first ASX listed investment trust that invests in global private equity.

The Pengana Private Equity Trust (ASX: PE1) provides investors with exposure to a diversified portfolio of private equity with a select, complementary allocation to private credit and opportunistic investments.  The offer has restricted capacity, and is expected to close on 10 April 2019, unless fully allocated prior.

Investments in the Trust will be selected by Grosvenor Capital Management, L.P (“GCM”). GCM manage in excess of USD52 billion in alternative assets and have a 20-year track record in private markets investing, primarily for institutional clients. They employ over 500 people globally with 64 investment professionals dedicated to private equity, real estate and infrastructure strategies. GCM is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong and Seoul. The GCM Group has in excess of 500 investment manager relationships in private markets with commitments in over 800 underlying funds and over 200 co-investment opportunities since 1999.

This is the first time that Australian retail investors have the ability to access an ASX listed portfolio of global private equity investments. Global private equity is a particularly interesting asset class due to its performance over many years and its potential to deliver investors with diversification benefits when combined with their existing investments. Significantly, the Trust also targets a 4% annual distribution yield, paid half yearly and will have an expected net asset value per unit of $1.3125 on the allotment date, representing a 5% uplift through the issue of PCG Alignment Shares. PCG will pay all costs associated with the offer.

Early interest in the offer is strong and demand from advisers and investors to learn more about investing in the offer in the marketing period before the offer open period has been significant.

Russel Pillemer, Chief Executive Officer of PCG said: “The Pengana Private Equity Trust is a game changer for retail investors, who will now be able to obtain exposure to global private equity investments through an ASX listed vehicle. We have been pleased with the overwhelming initial demand for the offer, with our Sydney roadshow event meeting full capacity before the offer open, resulting in us moving to a much larger venue to accommodate all interested parties.”

A Priority Offer has been extended to investors in all of PCG’s funds as well as shareholders in the listed investment company Pengana International Equities Limited (ASX: PIA), Pengana Capital Group (ASX: PCG) and Washington H. Soul Pattinson (ASX: SOL). For more information, please see 

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