UNIT PRICE (ASX)
NAV PER UNIT1
$10.07
31/08/2026
NAV1
$268.89M
31/08/2026
A CURATED PORTFOLIO OF PRIVATE AI COMPANIES.
ONE ASX TRADE.
Below are some of the Trust’s investments across the global AI ecosystem.
A technology company best known for TikTok, Douyin and CapCut, platforms used by billions of people worldwide, ByteDance is also a foundation model AI company with products including the Doubao AI assistant (China’s most-used AI-native application), Volcengine (one of the largest providers of public-cloud capacity for LLMs in China), and Seedance, a generative-AI tool.
Databricks is a data and AI infrastructure company that lets organizations manage their data and build analytics, machine learning, and AI applications at scale. Founded in 2013 by the original creators of Apache Spark and Delta Lake, and headquartered in San Francisco, Databricks operates a unified Data Intelligence Platform built around Unity Catalog, Mosaic AI, and Agent Bricks.
Handshake has evolved a career network into a supplier of expert data to leading AI labs, with its network connecting students and alumni across roughly 1,600 educational institutions with nearly one million employers. In January 2025, it launched Handshake AI, drawing on that verified network to supply human-labelled training data, expert reasoning data, and model evaluations for foundation model development.
A European defence company building AI software and autonomous systems, headquartered in Munich. Helsing operates a multi-domain product portfolio spanning drones, autonomous aircraft, and command-and-control software, deployed with the armed forces of Germany, Ukraine, the UK, and Sweden. In 2026, the company completed the largest private defence-technology funding round in European history.
A power solutions company combining specialty electrical manufacturing with transformer expertise. It designs and builds engineered-to-order transformers, switchgear, switchboards, and integrated power solutions for data centre, utility, commercial, and industrial customers. Provides mission-critical power distribution equipment engineered to each customer’s site, operation, and exact specifications.
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.
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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
The targets are intended to illustrate the breadth of the opportunity set and the Investment Manager’s approach to portfolio construction, including diversification across segments, stages and business models. The targets are presented for illustrative purposes only and are subject to change based on market conditions, availability of opportunities, and the Investment Manager’s ongoing evaluation of the investment landscape.
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.
- AUD $4B FUM
- 23+ years in business
A global leader in alternative investments.
- USD $97B AUM
- 50+ years in business
- Private Equity – USD $33B AUM
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 the 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
- Dash
- Hub24
- Macquarie IDPS
- Mason Stevens IDPS
- Netwealth IDPS
- Praemium IDPS
RATINGS
Lonsec Recommended Rating
Australian Wealth Management Awards 2026: Innovator of the Year – Funds Management
REPORTS AND RESOURCES
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
What Firmus’ shelved IPO teaches investors about valuation
Private-round and public-market valuations are rarely like-for-like, Pengana Capital Group’s Adam Myers has said. As featured in InvestorDaily. View the...
Pengana Takes Home Two Wins at the 2026 Australian Wealth Management Awards
Pengana Capital Group has been recognised with two awards at the 2026 Australian Wealth Management Awards for Best Fund Manager...
The Wall Around AI’s Winners
William Dougall, Investment Specialist at Pengana Capital Anthropic, OpenAI and ByteDance are collectively worth around US$2.4 trillion at their most...
1. The NAV is unaudited. The NAV per unit at inception (26 June 2026) is based on the subscription price per unit which is equal to $10.00.
Pengana Investment Management Limited ACN 063 081 612, AFSL 219462 (Pengana) is the issuer of this information and units in AI Private Opportunities Trust ARSN 697 001 184 (AIX).
This information is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of AIX you should consider the PDS, TMD and ASX Announcements and assess whether AIX is appropriate given your objectives, financial situation and needs.
Neither Pengana nor any of its related entities, directors, partners or officers guarantees the performance of, or the repayment of capital, or income invested in AIX. An investment in AIX is subject to investment risk including a possible loss of income and principal invested. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
There are no guarantees that an active trading market with sufficient liquidity will develop or that such a secondary market will sustain a price representative of the NAV per AIX unit. In circumstances where AIX units are suspended from the ASX, unitholders may not be able to sell their AIX units via the ASX until trading recommences.