Why Global Private AI
We believe that AI represents one of the most significant technological transformations in modern history, with the potential to drive significant productivity gains, disrupt existing industries and create new markets.
Many compelling AI and AI-related businesses remain private during their highest growth phases. By the time these companies reach public markets, a significant portion of their return potential may already have been captured by private investors. Investing in unlisted securities can provide earlier participation in that value creation.
Access Global Private AI on the ASX
The Trust seeks to generate positive long-term capital growth by targeting investments in the equity securities of private, non-publicly traded companies that are developing, enabling, or contributing to the adoption of artificial intelligence (“AI”) and related technologies (which includes companies where AI is a key component to the value creation thesis for such companies).
The potential investment universe spans the AI ecosystem, including (but not limited to) foundation models, picks and shovels, physical AI, and AI applications, being companies applying AI to drive transformation across industries including healthcare, financial services, manufacturing, logistics, defence, and technology.
THE AI ECOSYSTEM
Foundation Models
Large scale systems performing a wide
range of tasks
PICKS AND SHOVELS
Tools, data and compute
Physical AI
AI Applications
TARGET PORTFOLIO DESIGN
FOUNDATION MODELS
20-50%
PICKS AND SHOVELS
20-50%
PHYSICAL AI
10-30%
AI APPLICATIONS
10-30%
Illustrative target allocations. Allocations are not fixed and may evolve as the opportunity set develops, new areas of innovation emerge and market conditions change.
The portfolio is expected to hold 12 – 20 companies with the largest allocations to the dominant foundational model businesses.
AIX structure
Targeting a seven-year life span. Following the initial 2 year reinvestment period, realised capital and gains will be returned to investors as underlying investments are realised through IPOs, secondary sales, or acquisitions.
Built with Global Investment Leaders
AIX is brought to market by Pengana Capital Group, with GCM Grosvenor as investment manager – combining Pengana’s deep Australian market expertise with GCM Grosvenor’s access to global private markets.
A leading Australian provider of innovative investment solutions.
- $3.7B AUM
- 23+ years in business
A global leader in alternative investments.
- $91B AUM
- 50+ years in business
KEY RISKS
An investment in Units is high risk and highly speculative and investors may lose some or all of their capital. Before investing in Units, prospective investors should read Section 7 of the PDS and consider if the investment is appropriate. Risks of investment in AlX include, but are not limited to:
- Private company risk – the Trust invests in private companies, which may be earlier stage, harder to value and more volatile than listed companies.
- Liquidity risk – the underlying investments are expected to be illiquid and may not be able to be realised quickly or at the value used to calculate NAV.
- Al and technology risk – Al markets are evolving rapidly and portfolio companies may be affected by technological change, competition, regulation, data, cybersecurity, infrastructure or supply chain issues.
- Concentration risk – the Trust will invest in a relatively concentrated portfolio focused on Al and related technologies, so returns may be more volatile than a more diversified portfolio.
- Execution and access risk – there is no guarantee the Trust will be able to acquire all intended investments, deploy capital on attractive terms, or access the best opportunities.
THE TEAM
Frederick E. Pollock
Managing Director, GCM Grosvenor Chief Investment Officer, Head of Strategic Investments Group and Portfolio Manager of Pengana AI Private Opportunities Trust (AIX)
Read full profile >
Corey LoPrete
Managing Director, Head of GCM Grosvenor Private Equity Portfolio Management
Read full profile >
PLATFORM AVAILABILITY (IDPS)
- BT Panorama
- CFS Edge
- HUB24
- Macquarie
- Mason Stevens
- Netwealth
- Praemium
RATINGS
Lonsec Rating
REPORTS AND RESOURCES
- PDS
- TMD
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
AI Private Opportunities Trust (AIX) Lists on ASX
Australian retail investors can now gain targeted exposure to some of the most influential global private AI companies, as Pengana...
AI unicorns escape private market cages with Pengana’s AIX
As featured in the InvestorDaily. View the original article here. Australian investors will gain access to some of the world’s...
Market-first AIX to list after raising $267 million
As featured in the Adviser voice. View the original article here. Pengana Capital Group has announced the successful completion of...