UNIT PRICE (ASX)

Investment Manager
Investment Consultant

Key features:

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 asset class, with a high degree of capital protection, as well as a stable and consistent income, which will be paid monthly.2

Daily Liquidity

Buy and sell on the ASX3.

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

Unique Stability

Option for investors to sell quarterly off-market, at the NAV per unit.4

Simplicity

PCX is a single access point with exposure to over 2,000 individual loans, across 21 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.5

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 led to lower default rates and higher recovery rates than other fixed income alternatives.6

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.

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-strategy, global portfolio designed to deliver strong risk adjusted returns, a high degree of capital protection, and stable and consistent income
  • Over 2,000 underlying loans

DEPLOYMENT

  • Funds typically have up to 4 year drawdown schedules, this dilutes investor overall returns and creates cash management challenges
  • Fully committed, called and deployed into return-generating investments (as of 31 March 2025), thereby reducing the impact of holding excess cash

HEDGING

  • Investing in offshore funds carries currency risk, and hedging of illiquid credit assets is not possible or prohibitively expensive
  • PCX is 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 (as of 31 March 2025), 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 daily liquidity on the ASX3, with the introduction of a regular quarterly off-market mechanism to support buy-backs at NAV4

THE IMPORTANCE OF A LISTED STRUCTURE FOR GLOBAL PRIVATE CREDIT

Liquidity

Time Horizons

Daily Pricing

Access

Portfolio Construction

Perpetual Exposure

  • 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 latest PDS available on this website for a more 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

Read full profile >
Nick Griffiths

Nick Griffiths

Chief Investment Officer

Read full profile >
Scott Wilkinson

Scott Wilkinson

Head of Private Markets APAC - Mercer

Read full profile >
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RATINGS

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Unitholders

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

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

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

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

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.

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

The Trust will target a cash distribution yield of no less than 7% per annum (net of fees, costs and taxes incurred by the Trust), paid monthly.2 Distributions are expected to be paid by the 15th calendar day of the following month.

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.

Distributions paid in cash will be paid directly into Unitholders’ Australian or New Zealand bank accounts. Unitholders who have not provided an Australian or New Zealand bank account will be deemed to have elected to reinvest all their distributions in additional Units. Unitholders should contact their stockbroker or financial adviser to ask how they can provide bank account details.

The Responsible Entity 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 distributions reinvested in additional Units. If participation in the DRP is elected, Investors will be allocated Units in accordance with the DRP Rules, which provide detail on the methodology for determining the price at which Units are issued or transferred to Unitholders and can be found at www.pengana.com/PCX. Unitholder participation in the DRP is optional. The Responsible Entity reserves the right to suspend the DRP at any time.

Tax statements will be provided to investors in late September for the preceding financial year.

Distributions will be paid at the discretion of the Responsible Entity in accordance with the Trust Distribution Policy and may depend on a number of factors including earnings, capital requirements, financial conditions, future prospects and other factors that the Responsible Entity deems relevant.

Pengana retains the discretion to amend the distribution policy of the Trust. Any shortfall in net income generated may result in a distribution payment made out of capital invested. The distribution a Unitholder receives in cash may or may not be sufficient to meet their tax obligation. The targeted distributions are only targets and may not be achieved. Investors should review the Risks summary set out in Section 8 of the PDS.

 

Period end Ex date Record date Last day to make DRP election Payment date
31 July 2024 01 August 2024 02 August 2024 05 August 2024 16 August 2024
31 August 2024 02 September 2024 03 September 2024 04 September 2024 17 September 2024
30 September 2024 01 October 2024 02 October 2024 03 October 2024 17 October 2024
31 October 2024 01 November 2024 04 November 2024 05 November 2024 18 November 2024
30 November 2024 02 December 2024 03 December 2024 04 December 2024 17 December 2024
31 December 2024 02 January 2025 03 January 2025 06 January 2025 17 January 2025
31 January 2025 03 February 2025 04 February 2025 05 February 2025 18 February 2025
28 February 2025 03 March 2025 04 March 2025 05 March 2025 18 March 2025
31 March 2025 01 April 2025 02 April 2025 03 April 2025 16 April 2025
30 April 2025 01 May 2025 02 May 2025 05 May 2025 16 May 2025
31 May 2025 02 June 2025 03 June 2025 04 June 2025 18 June 2025
30 June 2025 01 July 2025 02 July 2025 03 July 2025 16 July 2025

 

The Unit Price will be determined by the Responsible Entity or some other person nominated by the Responsible Entity by reference to information the Responsible Entity approves for the purpose from time to time. Such determination by the Responsible Entity, or some other person nominated by the Responsible Entity, will be binding on all participating Unitholders.

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 shareholders’ interests. The Board has adopted appropriate corporate governance policies and practices in line with ASX Corporate Governance Principles and Recommendations (4th Edition). Our corporate governance policies can be viewed by clicking the links below:

1. The NAV is unaudited. The NAV is net of distributions paid since inception on 21 June 2024 to the date of this announcement. Please refer to the Trust’s latest product disclosure statement available on this website for the calculation methodology.

2. The target cash distribution yield is an objective target only and may not be achieved. Any shortfall in net income generated may result in a distribution payment made out of capital invested. Future returns are not guaranteed and a loss of principal may occur. Investors should review the Risks summary set out in Section 8 of the most recent PDS available on this website.

3. There are no guarantees that an active trading market with sufficient liquidity will continue or that such a secondary market will sustain a price representative of the NAV per unit. In circumstances where units are suspended from the ASX, unitholders may not be able to sell their units via the ASX until trading recommenced.

4. The Responsible Entity intends to make an offer to buy-back 5% of the issued capital of the Trust at the Buy-Back Price each calendar quarter on an off-market basis, subject to the Responsible Entity determining such is in the best interest of Unitholders. The Buy-Back Price is equal to the sum of (i) the NAV per Unit as at the Buy-Back Pricing Date; and (ii) the amounts of distributions that the Unitholder would have been entitled to if the Unit was not cancelled from the Buy-Back Cancellation of Units Date up to the Buy-Back Payment Date. This off-market buy-back mechanism is intended to provide investors with an alternate option to sell their holdings. It is also intended to give investors a better investment outcome over traditional listed investment company (“LIC”) and listed investment trust (“LIT”) structures by reducing the propensity for trading on-market to occur at large discounts to the NAV per Unit. The Responsible Entity intends that each round of quarterly buy-back will have at least one calendar quarter between the date required for a Unitholder to elect to participate in the buy-back and its Buy-Back Pricing Date and Buy-Back Payment Date, with specific dates to be made available in future Buy-Back Booklets (subject to the acceptance of the buy-back timetable by the ASX). Please refer to the latest PDS available on this website for further information in respect of the buy-back proposals and other capital management initiatives.

5. Returns in USD for the 10-year period ending 30 September 2024. Sources: S&P (S&P 500 Total Return Index), Bloomberg (Bloomberg US Corporate Total Return Value Unhedged USD), Burgiss (Burgiss – Private Debt (North America)), and Thomson Reuters Datastream (ICE BofAML US High Yield Master II, S&P Leveraged Loan). S&P, Bloomberg, Burgiss and Thomson Reuters have not provided consent to the inclusion of statements utilising their data. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance.

6. USD$ Cumulative Default Rate 1995 – 2024: S&P LCD & CreditPro (1995 to 2023), as at 17 December 2024. The cumulative default rate is the percentage of commercial borrowers within a certain category that have defaulted on their obligations by a specific point in time. It is the total number of defaults accumulated over a period, expressed as a percentage of the initial loan pool. This metric helps investors and analysts to assess the historical default likelihood of borrowers within a specific category over different timeframes. The S&P LCD cumulative default rate has a one-year lag since it assumes a loan will not default within one year of origination. Past performance is not a reliable indicator of future performance and may not be repeated.

Pengana Investment Management Limited (ACN 063 081 612, AFSL 219462) (“Pengana”) is the issuer of units in Pengana Global Private Credit Trust (ARSN 673 024 489, ASX: PCX).

The information provided on this website 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 PCX you should consider whether PCX is appropriate give your objective, financial situation or needs.
Mercer Consulting (Australia) Pty Limited ABN 55 153 168 140 AFSL 411770 (‘MCAPL’). MCAPL is a wholly owned subsidiary of Mercer (Australia) Pty Ltd ABN 32 005 315 917 (‘Mercer Australia’). MCAPL and Mercer Australia collectively referred to here as ‘Mercer’. References to Mercer shall be construed to include Mercer LLC and/or its associated companies. ‘MERCER’ is a registered trademark of Mercer Australia.

None of Pengana, Mercer, nor any of their related entities, directors, partners or officers guarantees the performance of, or the repayment of capital, or income invested in PCX. An investment in PCX 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.

Pengana Capital Group