Pengana plots AI-focused LIT launch
Pengana Targeting Launch of ASX-Listed Investment Trust Focused on Private, Non-Publicly Traded Artificial Intelligence Companies
Pengana Capital Group said it will launch an artificial intelligence-focused listed investment trust (LIT) targeting wholesale and advised investors.
The proposed LIT will focus on equity securities of private, non-publicly traded companies that are developing, enabling or contributing to the adoption of artificial intelligence (AI).
It will be managed by Pengana Capital and GCM Grosvenor will act as the investment manager.
Pengana and GCM Grosvenor have been co-managing the Pengana Private Equity Trust (ASX: PE1) since 2019.
Under that existing arrangement, GCM Grosvenor sources, assesses and manages private market investments on behalf of PE1 investors.
“GCM Grosvenor has an established history of investing in private, non-publicly traded AI and AI-related companies for PE1 investors. These investments leverage GCM Grosvenor’s extensive origination networks, manager relationships and private markets due diligence framework,” Pengana said.
The new product will build on this collaboration by using GCM Grosvenor’s existing investment platform, manager relationships and deal-sourcing capabilities to a more targeted mandate focused specifically on private, non-publicly traded AI and AI-related opportunities.
The launch, however, is still subject to finalising due diligence, preparing and lodging disclosure documentation, receiving necessary approvals. It is also dependent on market conditions and investor demand.
“This announcement is provided to ensure that the market is informed of current developments and does not constitute an offer of or invitation to apply for units,” Pengana said.
“There is no certainty that the proposed offer will proceed, and any offer of units in the proposed trust would be made pursuant to a product disclosure statement (PDS) issued in accordance with applicable law (which should be read in full, and considered together with a target market determination (TMD) issued in relation to units in the proposed trust).”
At the end of March, ASX-listed Pengana had $3.6 billion in assets under management, down 9% from the end of December.
Pengana recently entered into an agreement with Antipodes Partners to assist with the management of the Pengana International Equities (PIA) portfolio.
