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Pengana Global Private Credit Trust (ASX:PCX)

Unparalleled Access to Global Private Credit. A listed fund with unlisted characteristics.

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Overview The Team Ratings Reports & Resources Unitholders

UNIT PRICE (ASX)

Investment Manager
Investment Consultant

Key features:

  • The most diversified global private credit fund on the ASX
  • Targeting strong risk-adjusted returns, including a 7% p.a. cash distribution yield, paid monthly1
  • Opportunity to sell quarterly at NAV3
  • 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 sector, with a high degree of capital protection, as well as a stable and consistent income, which will be paid monthly.1

Liquidity

Buy and sell on the ASX2.

(global private credit is typically characterised by lengthy capital lock-ups).

Unique Stability

Option for investors to buy and sell at off-market quarterly, at NAV3.

Simplicity

PCX is a single access point to over 2,000 individual loans, across 19 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. 4

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 lead to lower default rates and higher recovery rates than other fixed income alternatives.5

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 asset classes.

Revolutionised Delivery

PCX is designed to uniquely address many existing barriers to accessing a diversified portfolio of global private credit, with a listed structure approach that, to date, has not been available to Australian investors.

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Typical Challenges

Addressed by PCX

GLOBAL ACCESS

  • Identifying, assessing and securing access to best in class global private credit managers
  • Mercer’s global reach, private credit expertise, and buying power, deliver access to approved global private credit managers

DIVERSIFICATION

  • Australian vehicles are typically
    single-manager and concentrated by geography, asset class, and/or strategy
  • Multi-manager, multi multi-strategy, global portfolio designed to deliver strong risk adjusted returns, a high degree of capital protection, and stable and consistent income
  • Underlying loans > 2,000

DEPLOYMENT

  • Funds typically have up to 4 year drawdown schedules, this dilutes investor overall returns and creates cash management challenges
  • Most of the capital raised is expected to be committed, called and deployed into return-generating investments during the first full month, thereby reducing IRR impact

HEDGING

  • Investing in offshore funds carries currency risk, and hedging of illiquid credit assets is not possible or prohibitively expensive
  • PCX will be hedged back to AUD mitigating the risk of foreign exchange fluctuations

STAYING INVESTED

  • Closed-end funds return capital, requiring a repeat of entire investment process
  • PCX is a fully-invested evergreen vehicle traded on the ASX, allowing investor to manage their allocations to global private credit and stay fully invested for optimal portfolio construction

LIQUIDITY

  • Unlisted vehicles are illiquid, and listed vehicles typically risk trading at discounts to NAV.
  • Listed format provides the potential for daily liquidity2, with the introduction of a regular off-market mechanism to support buy-back at NAV3

THE IMPORTANCE OF A LISTED STRUCTURE FOR GLOBAL PRIVATE CREDIT

Liquidity

Time Horizons

Daily Pricing

Access

Portfolio Construction

Perpetual Exposure

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  • Private Credit assets (and funds) are illiquid by nature.
  • Investors in unlisted Private Credit structures are generally required to invest for many years, with little prospect of short-term liquidity.
  • There are structures that do purport to offer short term liquidity; however, these are always subject to gates, which would deny investors liquidity (perhaps when they need it most).
  • A listed structure solves the liquidity problem by enabling investors to sell immediately on market (with ultimate pricing depending on supply and demand).
  • Many financial advisers and/or investment platforms require daily pricing and the ability to invest and/or withdraw for their clients’ portfolios.
  • Investors can immediately gain access to the required amount of Global Private Credit needed to optimise their portfolio construction.
  • No repayments of capital – enables investors to maintain, and manage, their required exposures to Global Private Credit in perpetuity.
  • Buy-back mechanism supports investor liquidity at NAV and mitigates the risk of trading at discount to NAV.

Key Risks of PCX

All investments are subject to risk which means the value of investments may rise or fall, which means that you may receive back less than your original investment or you may not receive income over a given time frame. The key risks associated with investing in PCX include investment risk, investment strategy risk, market risk, leverage risk, credit and default risk, valuation risk, currency risk, underlying manager risk and fund risk. Refer to section 8 of the PDS for a comprehensive summary of potential risks.

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THE TEAM

Nehemiah Richardson

Nehemiah Richardson

Managing Director and CEO - Pengana Credit

Read full profile >
Adam Rapeport

Adam Rapeport

Portfolio Manager

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Nick Griffiths

Nick Griffiths

Chief Investment Officer

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Scott Wilkinson

Scott Wilkinson

Mercer - Head of Private Debt APAC

Read full profile >
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RATINGS

RATINGS

*Lonsec ratings issued 24/04/2024 are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only, and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2020 Lonsec. All rights reserved.

**SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. Information contained in this document attributable to SQM Research must not be used to make an investment decision. The SQM Research rating is valid at the time the report was issued, however it may change at any time. While the information contained in the rating is believed to be reliable, its completeness and accuracy is not guaranteed. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

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REPORTS AND RESOURCES

  • PDS
  • Documents
INVEST NOW

Unitholders

CLICK HERE FOR ALL ASX RELEASES

For more Pengana Global Private Credit Trust ASX announcements visit the ASX website.

For all unitholder enquiries, please contact:

Paula Ferrao
Company Secretary
Pengana Investment Management Limited
T: +61 2 8524 9900
E: paula.ferrao@pengana.com

Ellis Varejes

Ellis Varejes

Ilan Zimerman

Ilan Zimerman

Russel Pillemer

Russel Pillemer

Katrina Glendinning

Katrina Glendinning

Pengana Global Private Credit Trust

Registry details:

Computershare Investor Services Pty Limited

GPO Box 2975
Melbourne VIC 3001
AUSTRALIA

Tel: 1300 850 505 (within Australia) or +61 3 9415 4000 (if outside Australia)

Website: www.computershare.com

Pengana intends to pay monthly distributions of 7% p.a.

Pengana targets a cash distribution yield equal to 4% p.a. of the NAV as at the end of the period that a distribution is paid. Pengana has established a distribution reinvestment plan (DRP) in respect of distributions made by the Trust. In respect of each distribution, Pengana may choose to offer the DRP or not. Under the DRP, unitholders may elect to have all or part of their distributions reinvested in the trust.

Pengana expects that distribution payments will be made in mid-January and July for the prior period. Tax statements will be provided to investors in late September for the preceding financial year.

Click here to review the distribution reinvestment plan terms and conditions.

The are currently no scheduled unitholder events.

At Pengana, we believe corporate responsibility drives better outcomes for our investors.

Our Board is responsible for ensuring the Trust is properly managed and to enhance unitholders’ interests.

The Board has adopted appropriate corporate governance policies and practices in line with ASX Corporate Governance Principles and Recommendations (3rd edition) and industry best practice.

Our corporate governance policies can be viewed by clicking the links below:

NEWS AND INSIGHTS

Pengana Global Private Credit Trust (ASX:PCX)

Pengana Global Private Credit Trust reports strong initial raising on retail demand for global private credit

Demand for retail investment access to global private credit has been demonstrated by a strong IPO raising for the Pengana...

June, 2024
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Pengana Global Private Credit Trust (ASX:PCX)

Pengana Global Private Credit Trust demand surpasses minimum subscription on first day of IPO

Unparalleled global private credit investment vehicle, the Pengana Global Private Credit Trust (ASX: PCX), has exceeded its minimum offer threshold...

May, 2024
Read More
Pengana Global Private Credit Trust (ASX:PCX)

Introducing the Pengana Global Private Credit Trust (ASX: PCX)

May, 2024
Read More

1 CPD

Pengana Capital Group