UNIT PRICE (ASX)
NAV PER UNIT1
$2.01
30/11/2025
NAV1
$234.01M
30/11/2025
TARGET CASH DISTRIBUTION YIELD2
No less than
7% p.a.
Key features:
- Exposure to a diversified portfolio of global private credit via an ASX investment
- Targeting strong risk-adjusted returns with a high degree of capital protection, including a target cash distribution yield of no less than 7% p.a., paid monthly2
- Opportunity to sell quarterly at NAV4
- An asset class with historically low volatility, and low correlation to other fixed income and equity indices
Key Benefits of PCX
Access to a diversified portfolio of global private credit funds across various geographies, strategies and sectors.
Diversification
PCX is highly diversified across strategy, geography, sector, credit quality, and type of instrument.
Performance
PCX aims to deliver the strong risk adjusted returns associated with the global private credit asset class, with a high degree of capital protection, as well as a stable and consistent income, which will be paid monthly.2
Daily Liquidity
Buy and sell on the ASX3.
(Global private credit is typically characterised by lengthy capital lock-ups.)
Unique Stability
Option for investors to sell quarterly off-market, at the NAV per unit.4
Simplicity
PCX is a single access point with exposure to over 3,500 individual loans, across 24 underlying funds, sourced and rated by Mercer.
Institutional Scale
Unlock access, sourcing, research, due diligence and portfolio construction capabilities - via a unique alliance with Mercer.
Defensive investment
Global private credit has a strong track record of low volatility, attractive returns and low correlation to other asset classes such as public fixed income and equity, which can provide diversification benefits by enhancing portfolios' risk-adjusted returns.5
Access
PCX provides exposure to difficult-to-access global private credit investments predominantly in middle market companies (being those with USD$50m-250m of annual EBITDA), typically only available to institutional clients.
Resilience
Loans are typically individually negotiated and structured, allowing the borrower to obtain legally enforceable protections. Historically, this has led to lower default rates and higher recovery rates than other fixed income alternatives.6
Bespoke solution
Tailored by Mercer, specifically to the requirements and objectives of PCX.
Currency
PCX is hedged back to AUD mitigating the risk of foreign exchange fluctuations.
Predictability
PCX by nature, and design, aims to have lower volatility than other debt asset classes.
Key Risks of PCX
FUND PERFORMANCE
as at 30/11/2025
- TABLE
| 1 MTH | 3 MTH | 1 YEAR | SINCE INCEPTION P.A. | |
|---|---|---|---|---|
| Pengana Global Private Credit Trust (ASX:PCX) | 0.1% | 1.5% | 9.5% | 8% |
| Distribution | 0.6% | 2% | 8.7% | 8.1% |
Swipe horizontally to see all columns
PORTFOLIO COMPOSITION
as at 30/11/2025
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
PCX Snapshot
as at 30/11/2025
ASX Code
PCX
IPO Issue Price
21 June 2024
Issue Price
$2.00
ASX Price
$1.99NAV per Unit1
$2.01
NAV1
$234.01M
Market Cap
$232.06M
Distributions
Monthly
NAV Pricing
Monthly
Pengana Fees
Management Fee: 1.20% p.a. of the NAV
Responsible Entity Fee: 0.05% p.a. of the NAV
Performance fees: A Performance Fee is potentially payable by the Trust to the Investment Manager equal to 20% of any increase in the Trust’s NAV greater than the Hurdle Return (after deducting carried forward losses, the Responsible Entity Fee and the Management Fee and adjusted for applications, redemptions and distributions). The Hurdle Return is the RBA Official Cash Rate + 6% p.a., with a floor of 7.5% p.a. The Performance Fee is calculated and accrued monthly and payable to the Investment Manager from the Trust each half-year period ending 30 June or 31 December.
All fees and costs are inclusive of GST and net of RITC, unless otherwise stated. Refer to Section 10 of the PDS for further details on fees and other costs of the Trust.
PLATFORM AVAILABILITY
- AMP North
- BT Panorama
- CFS Edge and Firstwrap
- Hub24
- Macquarie (IDPS)
- Mason Stevens
- Netwealth
- Praemium
RATINGS
AWMA25 Seals Finalists Best Fund Manager - Fixed Income
AWMA25 Seals Finalists Best Fund Manager - Private Credit
AWMA25 Seals Finalists Innovator of the Year - Funds Management
REPORTS AND RESOURCES
- Monthly Reports
- Documents
- PDS & TMD
- Distributions
- November 2025 - November Report
- October 2025 - October Report
- September 2025 - September Report
- August 2025 - August Report
- July 2025 - July Report
- June 2025 - June Report
- May 2025 - May Report
- April 2025 - April Report
- March 2025 - March Report
- February 2025 - February Report
- January 2025 - January Report
- December 2024 - December Report
- November 2024 - November Report
- October 2024 - October Report
- September 2024 - September Report
- August 2024 - August Report
- July 2024 - July Report
- PCX Nov 25 Distribution 12-H
- PCX Oct 25 Distribution 12-H
- PCX Sep 25 Distribution 12-H
- PCX Aug 25 Distribution 12-H
- PCX Jul 25 Distribution 12-H
- PCX Jun 25 Distribution 12-H
- PCX May 25 Distribution 12-H
- PCX Apr 25 Distribution 12-H
- PCX Mar 25 Distribution 12-H
- PCX Feb 25 Distribution 12-H
- PCX Jan 25 Distribution 12-H
- PCX Dec 24 Distribution 12-H
- PCX Nov 24 Distribution 12-H
- PCX Oct 24 Distribution 12-H
- PCX Sep 24 Distribution 12-H
- PCX Aug 24 Distribution 12-H
- PCX Jul 24 Distribution 12-H
Unitholders
Ellis Varejes
Non-Executive Director and Chairman
Ellis has degrees in commerce and law and is a member of the Australian Institute of Company Directors and the Law Society of New South Wales.
He was a director (and audit committee chair) of Equity Trustees Superannuation Limited from 2014 to 2023 and the chief operating officer of Abacus Property Group from 2007 to 2017.
Before that Ellis was a lawyer in private practice in Sydney, working in corporate advisory, capital markets and financial services law.
He was a partner of Abbott Tout (since merged with HWL Ebsworth) and of Rosenblum & Partners (since merged with Ashurst).
Ilan Zimerman
Non-Executive Director
Ilan Zimerman is a solicitor of over 30 years standing.
Ilan commenced his legal career in South Africa in 1990 and has also held several in house counsel roles.
He holds a Bachelor of Arts and Laws as well as an MBA all from the University of the Witwatersrand, South Africa. He also holds an Applied Diploma in Corporate Governance.
Russel Pillemer
Executive Director
Russel Pillemer co-founded Pengana Capital Group in 2003. He has been Pengana’s Chief Executive Officer since inception and is also CEO and executive director of Pengana Investment Management Limited.
Prior to founding Pengana, Russel worked in the Investment Banking Division of Goldman Sachs in New York where he specialised in providing advice to funds management businesses. Before moving to New York, he was responsible for leading Goldman Sachs’ Australian Financial Institutions Group.
Russel was previously Chairman of Centric Wealth Group and a Principal of Turnbull Pillemer Capital.
He is a member of the Institute of Chartered Accountants in Australia and has a Bachelor of Commerce (Hons) from the University of New South Wales.
Keith McLachlan
Executive Director
Keith McLachlan is Chief Operating Officer at Pengana Capital Group and responsible for fund operations, client service, compliance and enterprise technology.
Prior to joining Pengana Capital Group in 2015, Keith was a General Manager at Perpetual where he led operational and technology teams supporting the investment and wealth management businesses. Before joining Perpetual in 2001, Keith was an operational leader in the Metropolitan Police Service in London. Keith has significant experience in operational leadership, risk management, project delivery and organisational transformation. Keith is an Executive Director of Pengana Capital Limited and Pengana Investment Management Limited. He is also a member of Pengana Capital Group’s Compliance and Risk Management Committees.
Keith has a BA(Hons) in Business Studies from the Bristol Business School, is a Fellow of FINSIA and is a Graduate of the Australian Institute of Company Directors.
NEWS AND INSIGHTS
Lonsec upgrades Pengana global private credit vehicle, and provides initial Recommended rating for wholesale private credit fund
Two of Pengana Credit’s global private credit investment vehicles have been given a Recommended rating by Lonsec, while the company’s...
Global private credit’s rise changes investment landscape
Global private credit is moving from the margins to the mainstream in Australia, reshaping the way portfolios are built and...
1. The NAV is unaudited. The NAV is net of distributions paid since inception on 21 June 2024 to the date of this announcement.
2. The target cash distribution yield is an objective target only and may not be achieved. Any shortfall in net income generated may result in a distribution payment made out of capital invested. Future returns are not guaranteed and a loss of principal may occur. Investors should review the Risks summary set out in Section 8 of the latest PDS.
3. Units are listed on the ASX. Although liquidity is generally expected to exist in this secondary market, there are no guarantees that an active trading market will sustain a price representative of the NAV per Unit. As a listed investment trust, there is no redemption facility for Units. In circumstances where units are suspended from the ASX, unitholders may not be able to sell their units via the ASX until trading recommenced.
4. The Responsible Entity intends to continue to make an off-market equal access buy-back offer to all investors in the Trust on a calendar quarterly basis for 5% of the issued capital of the Trust at the Buy-Back Price. The Buy-Back Price is equal to the sum of: (i) the NAV per unit as at the Buy-Back Pricing Date; and (ii) the amounts of distributions that the unitholder would have been entitled to if the unit was not cancelled from the Buy-Back Cancellation of Units Date up to the Buy-Back Payment Date. The Responsible Entity intends that each round of quarterly buy-back will have at least one calendar quarter between the date required for a Unitholder to elect to participate in the buy-back and its Buy-Back Pricing Date and Buy-Back Payment Date, with specific dates to be made available in future Buy-Back Booklets (subject to the acceptance of the buy-back timetable by the ASX). Please refer to the latest PDS for an explanation of capitalised defined terms and a detailed description of the mechanism.
5. Returns in USD for the 10-year period ending 30 June 2025. Sources: S&P (S&P 500 Total Return Index), Bloomberg (Bloomberg US Corporate Total Return Value Unhedged USD), Burgiss (Burgiss – Private Debt (North America)), and Thomson Reuters Datastream (ICE BofAML US High Yield Master II, S&P Leveraged Loan). S&P, Bloomberg, Burgiss and Thomson Reuters have not provided consent to the inclusion of statements utilising their data. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance.
6. Sources: Annual Default Rate – KBRA DLD, trailing 12-month period up until 17th December 2024; and Annual Recovery Rate – KBRA DLD, implied recoveries average, 1 year prior to default for the trailing 12-month period up until 17th December 2024. KBRA DLD has not provided consent to the inclusion of statements utilising their data. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance.
7. ‘Cash’ refers to the Trust’s direct and indirect investment exposure to cash and other liquid assets. The Master Classes’ investment exposures exclude the investment exposure of the Trust to any ‘Cash’ that is held via these Master Classes. The Master Classes are explained in the latest PDS. The outer circle sub-segments represent individual underlying fund exposures.
Mercer Consulting (Australia) Pty Limited ABN 55 153 168 140 AFSL 411770 (‘MCAPL’). MCAPL is a wholly owned subsidiary of Mercer (Australia) Pty Ltd ABN 32 005 315 917 (‘Mercer Australia’). MCAPL and Mercer Australia collectively referred to here as ‘Mercer’. References to Mercer shall be construed to include Mercer LLC and/or its associated companies. ‘MERCER’ is a registered trademark of Mercer Australia.