UNIT
PRICE (ASX)
NAV
PER UNIT1
PERFORMANCE SINCE INCEPTION2,3
TARGET DISTRIBUTION YIELD4
ACCESS THE WORLD OF PRIVATE EQUITY.
The Pengana Private Equity Trust (ASX: PE1) provides access to a diversified portfolio of global equity investments originated in private markets, with a select allocation to private credit and opportunistic investments.
The portfolio is managed by one of the largest and longest continually operating allocators to alternative investments in the world, Grosvenor Capital Management, L.P.
PE1 seeks to generate, over an investment horizon of at least 10 years, attractive returns and capital growth through a selective and diversified approach to private market investments.
PE1 has traded on the ASX since April 2019.
A WORLD OF PRIVATE COMPANIES.
ONE ASX TRADE.
PE1 is Australia’s only globally diversified private equity fund listed on the ASX, providing exposure to over 600 companies originated in private markets across multiple sectors and geographies (with some past and present examples below).
- Global leader in high-performance specialty materials used across industrial, automotive, and energy applications.
- Expanding into advanced battery materials through its SiFAB product line.
- Positioned to benefit from global demand for lightweight, sustainable technologies.
- Dominant player in commercial launches and satellite connectivity through Starlink.
- Reusable rocket technology drives efficiency and industry cost leadership.
- Exposure to long-term growth in the rapidly expanding global space economy.
- Pioneer in artificial intelligence and developer of ChatGPT and enterprise AI solutions.
- Backed by strategic partnerships with Microsoft and leading institutional investors.
- Positioned at the forefront of generative AI and long-term technology innovation.
Mehler Protection is a leading provider of high-quality ballistic protection systems for law enforcement agencies, military, and special forces. We are dedicated to delivering safety through innovative, durable solutions tailored to any mission.
ByteDance, which is the largest Internet platform in China (by revenue), is a highmargin, highly cash generative business that has become one of the most profitable private technology companies in the world. The company’s core business is an AI-driven content platform (TikTok and Douyin) that generates revenue through digital advertising, live streaming, and e-commerce. While the company’s core business is driven by AI, it has also quickly emerged as a leader in foundation models. The company’s conversational AI chatbot, Doubao, is China’s leading AI platform with 155M weekly active users, nearly double its nearest competitor. Despite its strong financial performance to date, ByteDance is trading at a fraction of comparable public companies like Meta. However, the resolution of the TikTok US regulatory situation in early 2026 removed the biggest overhang on the valuation, which is currently at USD$550 billion with significant upside.
Groq is an AI company that developed the Language Processing Unit (LPU), a specialized hardware accelerator designed specifically for high-speed AI inference. Unlike traditional GPUs, Groq’s technology minimizes latency and maximizes throughput for large language models (LLMs).
- Leading software and payments platform serving faith-based and non-profit organisations.
- Supports 90,000+ clients with member management, giving, and engagement tools.
- Strong recurring revenue base supported by ongoing innovation and acquisitions.
- Major supplier of whey-based ingredients for sports nutrition and wellness markets.
- Vertically integrated US manufacturing and long-term customer relationships.
- Benefiting from structural growth in high-protein and clean-label nutrition.
- On-demand delivery platform operating across hundreds of US cities.
- Owns its fulfilment network, enabling rapid and reliable service.
- Positioned at the intersection of e-commerce, logistics, and consumer convenience.
- Portfolio includes leading bottled water names such as Poland Spring and Arrowhead.
- Broad distribution across retail and home-delivery channels.
- Resilient consumer staple supported by long-term health and hydration trends.
- Largest supplier of fresh and processed garlic in the United States.
- Stable demand and long-standing retailer relationships underpin performance.
- Investing in automation and capacity expansion to drive future growth.
- Leading aftermarket drivetrain and wheel components supplier for trucks and SUVs.
- Broad brand portfolio distributed across retail, e-commerce, and installer channels.
- Strong recurring demand supported by vehicle maintenance and customisation trends.
- India’s leading fintech platform targeting affluent, creditworthy users.
- Combines payments, rewards, and financial products in one integrated app.
- Exposure to India’s fast-growing digital payments and wealth management markets.
- Vertically integrated producer of premium refrigerated beverages and fresh foods.
- Strong position in plant-based and health-focused consumer categories.
- Supported by growing demand for natural and functional nutrition.
- US leader in overhead crane inspection, maintenance, and repair services.
- Recurring service contracts provide stable, predictable revenue.
- Growth driven by regional expansion and investment in automation.
- One of the largest veterinary care networks in the United States.
- Operates general and specialty clinics with strong recurring revenue visibility.
- Supported by secular growth in pet ownership and animal health spending.
- Core technology provider for US Medicaid and public health program administration.
- Serves two-thirds of Medicaid beneficiaries through mission-critical platforms.
- Expansion supported by data-driven analytics and long-term government contracts.
- Leading European and African mobility platform spanning ride-hailing, scooters, and delivery.
- Efficient pricing and operating model drive market-leading share across key regions.
- Expanding into adjacent services such as grocery and e-commerce delivery.
- One of the largest independent wealth management networks in the US.
- Serves over 10,000 advisers with technology, compliance, and operational support.
- Profitable platform benefiting from scale, acquisitions, and recurring advisory revenue.
- Specialty property and casualty insurer with strong underwriting expertise.
- Expanding through strategic acquisitions including Lancer Insurance.
- Exposure to diversified commercial and niche insurance markets with stable returns.
- Major US government contractor in intelligence, defence, and civil sectors.
- Formed through the combination of several heritage businesses including Perspecta.
- Benefiting from rising federal investment in cyber, space, and national security technology.
- Global logistics provider offering multimodal, asset-light transport solutions.
- Integrated services across freight forwarding, warehousing, and customs.
- Supported by global trade growth and structural expansion in e-commerce logistics.
- Global producer of specialty phosphate and non-phosphate ingredients.
- Core supplier to food, beverage, health, and industrial applications.
- Benefiting from rising demand for fortified and functional nutrition products.
ASX: PE1 DELIVERS
SIMPLICITY
ACCESS
Institutional management capability providing exposure to oversubscribed and difficult-to-access managers.
RETURNS
You can view a summary of the risks associated with the trust here.
Download Your Investor Insights on Private Equity & PE1
HARNESSING GLOBAL EXPERTISE
Brought to you by Pengana Capital Group, in partnership with Chicago-based GCM Grosvenor – one of the world’s largest and most established allocators to alternative investments.
5
Grosvenor Capital Management, L.P. (“GCM Grosvenor”) is one of the world’s longest-standing and most diversified independent alternative asset managers. Established in 1971, GCM Grosvenor manages over US$97 billion in assets across private equity, infrastructure, real estate, credit, and absolute return strategies, with a focus on delivering customised solutions for institutional investors globally.
25+
Years Experience in Private Markets
Proven performance across multiple market cycles.
US$33B
PE Assets Under Management⁶
Deployed across more than 1,325 global investments.
1,325+
PE Investments Across Strategies and Geographies⁷
A global portfolio built for diversification and access.
590+
PE Manager Relationships
Access to leading and hard-to-reach private equity sponsors.
THE TEAM
Jason L. Metakis
Managing Director, Co-Head of GCM Grosvenor Private Equity Co-Investments
Read full profile >
Frederick E. Pollock
Managing Director, GCM Grosvenor Chief Investment Officer, Head of Strategic Investments Group and Portfolio Manager of Pengana Private Equity Trust (PE1)
Read full profile >
Brian W. Sullivan
Managing Director, Head of GCM Grosvenor Private Equity Secondaries
Read full profile >
Corey LoPrete
Managing Director, Head of GCM Grosvenor Private Equity Portfolio Management
Read full profile >PLATFORM AVAILABILITY
- APEX NZ
- BT Panorama
- CFS Edge
- Dash
- Hub24
- IOOF Expand
- Macquarie Wrap Super
- Mason Stevens
- Netwealth
- Praemium
- Powerwrap
RATINGS
Lonsec Recommended Rating
Independent Investment Research
Pengana Capital Group
GCM Grosvenor
Australian Wealth Management Awards 2025: Finalist Best Fund Manager – Private Equity
REPORTS AND RESOURCES
- Monthly Reports
- PDS
- August 2026 - Valuation Upgrades & an Update on Some of our Largest Positions
- July 2026 - Update on our Largest Positions
- June 2026 - SpaceX's record IPO lifts PE1
- May 2026 - May Report
- April 2026 - Investing in pharmaceuticals and hospitality
- March 2026 - Realisation of our fourth largest position
- February 2026 - SpaceX Doubles in Value
- January 2026 - Returns Impacted by AUD Strength
- December 2025 - Active Deployment into Differentiated Deals
- November 2025 - Active period for co-investments amid SpaceX headlines
- October 2025 - Investing in recession-resilient markets
- September 2025 - Partial Liquidity Events
- View All Reports Show Fewer Reports
Unitholders
Ellis Varejes
Non-Executive Independent Chairman
Ellis Varejes holds 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.
Ilan Zimerman
Non-Executive Independent Director
Ilan 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 in 2003. He has been the company’s Chief Executive Officer since inception.
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
Pengana’s Weinbren on journey to $4bn AUM milestone
Pengana Capital Group executive Dean Weinbren has shared what he believes contributed to the fund manager’s rise to $4 billion...
Market Outlook and Strategy Insights at SuperReturn International 2026
At SuperReturn International 2026, GCM Grosvenor’s Chief Investment Officer, Fred Pollock, joined SuperReturnTV to discuss the current private markets environment and the key...
SpaceX debut delivers windfall for Pengana trust
Pengana estimates SpaceX's market debut could add nearly $79 million to its private equity trust's value.The blockbuster public listing of...
- The NAV is unaudited.
- Past performance is not a reliable indicator of future performance, the value of investments can go up and down. The net return has been determined with reference to the increase in the Net Asset Value per Unit, as well as of the reinvestment of a Unit’s distribution back into the Trust pursuant to the Trust’s distribution reinvestment plan (“DRP”). Pengana has established a DRP in respect of distributions made by the Trust. Under the DRP, Unitholders may elect to have all or part of their distribution reinvested in additional Units.
- The NAV per unit at inception is based on the subscription price per unit which is equal to $1.25.
- From 1 July 2020, Pengana intends to target a cash distribution yield equal to 4% p.a. (prorated on a non-compounded basis) of the NAV (excluding the total value of the Alignment Shares but including the cash distribution amount payable) as at the end of the period that a distribution relates to. The targeted distribution is only a target and may not be achieved. Investors should read the Risks summary set out in Section 11 of the IPO PDS.
- Data as of June 30, 2026.
- Data as of June 30, 2026.
- Data as of December 31, 2025, updated yearly.