Pengana Capital Group

Pengana Global Private Credit Trust

Offer Price

A$2.000

per share

Offer Size

A$250,000,000

Open Now!
Express Interest
Pengana Capital Group

IPO

Pengana Global Private Credit Trust

PCX

Lead Manager

Offer Price

A$2.000

per share

Offer Size

A$250,000,000

IPO

Pengana Global Private Credit Trust

Key Offer Details

Offeror: Pengana Global Private Credit Trust (ARSN 673 024 489)

Proposed ASX Code: PCX

Joint Lead Managers:

  • Shaw and Partners Limited ("Shaw")
  • Taylor Collison Limited ("Taylor Collison")
  • Morgans Financial Limited ("Morgans")

Offer: Fully paid ordinary Units

Subscription Price: $2.00

Minimum Number of Units Available Under the Offer: 50,000,000

Minimum Gross Proceeds from the Offer: $100,000,000

Pro Forma NAV per Unit Based on the Minimum Subscription: $2.00

Maximum Number of Units Available Under the Offer: 125,000,000

Gross Proceeds from the Offer Based on the Maximum Subscription: $250,000,000

Pro Forma NAV per Unit Based on the Maximum Subscription Being Received: $2.00

Return Target: 7% p.a. target cash distribution yield paid monthly

Management Fee: 1.25% p.a.

Other Product Costs:

  • Estimated Indirect Costs: 1.34% p.a.
  • Performance Fees: 20% over RBA + 6% p.a. Hurdle floor of 7.5% p.a.

Key Investment Highlights

Access

Provides direct exposure to difficult-to-access global private credit investments.

Simplicity

Single point of entry to a globally diversified and hedged portfolio of global private credit investments (over 2,000 individual loans across 19 underlying funds).

Listed structure allows Pengana Credit to deliver an institutional offering to retail investors

Diversification

Diversification across underlying manager, strategy, geography, sector, and type of instrument.

Supports construction of resilient portfolios to protect capital while providing opportunities for yield enhancement through economic cycles.

Regular Distributions

Targeting a 7% p.a. target cash distribution yield paid monthly.

Defensive Investment

Global private asset class which has a strong record of low volatility, attractive returns and low correlation to other asset classes.

Provides diversification benefits and enhances risk / return profile of portfolios.

Liquidity

Flexibility to buy and sell Units on the ASX

Ability to adjust exposure on market

Buy-Back Mechanism

Proposed quarterly off-market scheme buy-back mechanism provides investors with an alternate option to sell their holdings on a quarterly basis at NAV.

Gives investors a better investment outcome over traditional LIC and LIT structures by reducing the propensity for trading on-market to occur at large discounts to NAV.

Bespoke Solution

Mercer will create a solution tailored specifically to the requirements and objectives of the Trust.

Mercer Capability

Pengana leverages Mercer’s sourcing, research, due diligence and portfolio construction capabilities to provide exposure to difficult to access funds approved by Mercer.

Private credit expertise with global reach and buying power to access high performing global private credit managers.

Key Investment Risks

Screen Shot 2024-05-21 at 8.54 1.png

Disclaimer

No person is authorised by the Responsible Entity, the Manager, the Investment Manager, or the Joint Lead Managers to give any information or make any representation in connection with the Offer that is not contained in this PDS. Any information or representation that is not contained in this PDS may not be relied on as having been authorised by the Responsible Entity, the Manager, the Investment Manager, their directors, or any other person in connection with the Offer. The Trust’s business, financial condition, operations, and prospects may have changed since the date of this PDS.

Certain statements in this PDS constitute forward-looking statements. These forward-looking statements are identified by words such as ‘aim’, ‘anticipate’, ‘assume’, ‘believes’ ‘could’, ‘expects’, ‘intends’, ‘may’, ‘plan’, ‘predict’, ‘potential’, ‘positioned’, ‘should’, ‘target’, ‘will’, ‘would’, and other similar words that involve risks and uncertainties. Investors should note that these statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables, and other factors which could cause actual values or results, performance, or achievements to differ materially from anticipated results, implied values, performance, or achievements expressed, projected, or implied in the statements.

These forward-looking statements are based on current expectations, estimates, and projections about the Trust's business and the markets in which the Trust will invest and the beliefs and assumptions of the Responsible Entity, the Manager, and the Investment Manager. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and other factors that are in some cases beyond the Responsible Entity’s, the Manager's, and the Investment Manager’s control. As a result, any or all of the forward-looking statements in this PDS may turn out to be inaccurate. Factors that may cause such differences or make such statements inaccurate include, but are not limited to, the risk factors and conflicts of interest described in Section 8.

Potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. The Responsible Entity, the Manager, and the Investment Manager do not make any assurance, express or implied, in relation to whether any forward-looking statements will actually eventuate.

These forward-looking statements speak only as at the date of this PDS. Unless required by law, none of the Responsible Entity, the Manager, or the Investment Manager intends to publicly update or revise any forward-looking statements to reflect new information, future events, or otherwise. They are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. You should, however, review the factors and risks the Responsible Entity describes in the reports to be filed from time to time with the ASX after the date of this PDS.

Past performance, which is one of the principal components in developing these forward-looking statements, is not necessarily a guide to future performance. Some numerical figures in this PDS have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that preceded them.

Pengana Capital Group

IPO

Pengana Global Private Credit Trust

PCX

Offer Price

A$2.000

per share

Offer Size

A$250,000,000

Cancel

Are you a sophisticated 708 investor?
See our terms and conditions for the definition if you are unsure.

Pengana Capital Group

Follow Pengana Capital Group

By submitting your information below you can keep up to date with their relevant news and announcements.

Fields marked with * are required.

Name(Required)

Cancel

Pengana Global Private Credit Trust

Submit your details below to get access to the product documents and invest.

Cancel