UNPARALLELED ACCESS TO THE GLOBAL PRIVATE CREDIT SECTOR
Institutional-quality Global Private Credit, Built for Australian Investors
In association with Mercer, Pengana’s range of global private credit funds gives investors, from wholesale to retail, access to institutional-quality global private credit, through structures tailored to different liquidity needs.
Income Focused
Targeting the strong risk-adjusted returns historically associated with the global private credit asset class, with a high degree of capital resilience, and reliable income.
Risk-Aware by Design
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.
One Portfolio Allocation
One allocation delivering diversified global private credit exposure across 24 institutional managers, 32 funds and over 4,500 loans.
Four Ways to Access Global Private Credit
Our select access points cater to different investor needs, from wholesale investors seeking diversification to everyday Australians looking for attractive and reliable monthly income.
ASX LISTED
Listed fund with unlisted characteristics - buy and sell on the ASX.
No less than 7% p.a.1
Target Cash Distribution Yield
- Potential for Daily liquidity via ASX
- Monthly Distributions
- Quarterly buyback offer at NAV2
- Retail Eligible
MONTHLY INCOME
Monthly income linked to the RBA cash rate.
RBA Cash Rate + 4.0%3
Target Rate p.a.
- Monthly redemptions, capped at 2.5% of NAV
- Monthly income distributions
- Support Account for capital stability and reliability of income
- Retail Eligible - min. $2,000
FIXED TERM
High-yield fixed-term accounts, underpinned by built-in layers of protection.
| Term | Rate Formula | Target Rate |
|---|---|---|
| 1 Year | RBA Cash Rate + 3% | 7.60%p.a* |
| 2 Year | RBA Cash Rate + 3.65% | 8.25%p.a* |
| 5 Year | RBA Cash Rate + 4.15% | 8.75%p.a* |
1 Year Account
RBA Cash Rate
+ 3%
2 Year Account
RBA Cash Rate
+ 3.65%
5 Year Account
RBA Cash Rate
+ 4.15%
Target Rates are variable over the course of the Term, linked to the RBA cash rate plus a fixed spread.
- 1, 2 or 5 year fixed term maturity
- Monthly income, capital at maturity
- Rate fixed as a spread over RBA
- Support Account for capital stability and reliability of income
- Retail Eligible - min. $2,000
WHOLESALE ONLY
A professionally constructed portfolio for wholesale investors, with quarterly income.
RBA Cash Rate + 7-9%4
Target Return p.a.
- Minimum 3-year investment period
- Quarterly income
- Wholesale only - min. $500,000
- Quarterly redemptions after 3-year lock-up
Presented by Trusted Institutions
Investment Manager
Pengana Credit is part of Pengana Capital Group (ASX: PCG), an ASX-listed funds management group with $4 billion* in FUM’ across 16 distinct investment strategies. Founded in 2003, Pengana has built its reputation on genuine alignment between fund manager and investor, backed by the scale and governance to deliver on that
Investment Consultant
Mercer is appointed as investment consultant across the range, responsible for underlying manager sourcing, research and due diligence. Every manager identified by Mercer is rated by its global research team and has undergone an operational risk assessment, adding a further layer of governance across the range.
*FUM as at 30 June 2026.
DOWNLOAD THE WHITEPAPER
Global Private Credit in a Changing Capital Market
Its Role in Portfolios and the Key Considerations for Accessing the Asset Class
Redemption caps, discounts to NAV, credit stress headlines – our latest whitepaper sets out a practical framework for reading the noise and building genuine diversification. Owning private credit is not enough. Owning it well is the real task.
This Whitepaper includes:
- Private credits role in portfolios and the key considerations for accessing the asset class
- A four-question framework for assessing any private credit headline
- The three dimensions of genuine diversification: manager, strategy and structure
- Current default and recovery data, in context
Why Global Private Credit
Superior Risk-Adjusted Returns5
Over the past decade, US private credit has delivered returns of 7.8% p.a. with markedly lower volatility (4.9%) than US public equities and comparable US credit markets, a stronger risk-adjusted profile than public fixed income alternatives.
US Market Comparison
Structural Growth, Not Cyclical
Private credit has grown into a mature, structural part of global capital markets, not a cyclical opportunity. It reflects long-term shifts in how ageing populations save and how companies are financed, as banks and public markets step back.6
Contractual Income, Floating Rate
Returns are primarily contractual, in most cases backed by senior security over a company’s cash flows and assets. The vast majority of income is floating, linked to the relevant base rate. Historically, direct lending has offered an income premium of approximately 2.0% to 2.5% over traditional bank loans, providing investors with improved return outcomes.7
Lower Rates of Defaults8
Genuinely Structural Diversification
Manager Selection Determines Outcomes
How We Build The Portfolio
In association with Mercer.
Prerequisite, Not Preference
Every manager in the portfolio must be rated by Mercer’s global research team and undergo an operational risk assessment before inclusion.
Global Reach
Mercer’s global private markets research team provides access to managers typically only available to institutional investors.
Institutional Terms
Pengana investors access fee terms negotiated at institutional scale through Mercer’s buying power.
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.
three-stage process
1
Research & Selection
Mercer identifies, rates, and performs operational risk assessment on managers globally. Only highly-rated managers are eligible for inclusion.
2
Portfolio Construction
3
Governance & Reporting
Monthly reporting, attribution, and investor communications. Ongoing manager monitoring with active engagement should issues emerge.
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Mercer Insights
Issued by Mercer Consulting (Australia) Pty Ltd – Available for Financial Advisers only.
Pengana Capital Limited (ABN 30 103 800 568, AFSL 226566) is the issuer of units in the Diversified Private Credit Fund, the Global Private Income Fund (ARSN 668 759 408), and TermPlus (ARSN 668 902 323). Pengana Investment Management Limited (ACN 063 081 612, AFSL 219462) is the issuer of units in the Global Private Credit Trust (ASX: PCX).This information is general in nature and doesn’t take into account your objectives, financial situation or needs. Before investing, read the relevant disclosure document, the Information Memorandum (Diversified Private Credit Fund, wholesale clients only), or the PDS and TMD (PCX, Global Private Income Fund, TermPlus, available at pengana.com and termplus.com.au), and consider whether the product suits you.None of Pengana Capital Limited, Pengana Investment Management Limited, Mercer, or their related entities guarantee the performance or repayment of capital or income for any product. All investments carry risk, including possible loss of capital. Target rates and returns are objectives only, not guaranteed, and may not be achieved. Past performance is not a reliable indicator of future performance. Pengana is not a bank and is not APRA regulated; investing is not the same as a bank deposit.
1. 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 latest PDS.
2. The Responsible Entity intends to continue to make an off-market equal access buy-back offer to all investors in the Trust on a calendar quarterly basis for 5% of the issued capital of the Trust at the Buy-Back Price. 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. 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 for an explanation of capitalised defined terms and a detailed description of the mechanism.
3. The Target Rate quoted is merely an objective. Net of all fees and costs. There is a risk that the Fund may not be successful in achieving the Target Rate. None of the Responsible Entity, Pengana Credit or Mercer guarantee the performance of the Fund. Unitholders’ capital is not guaranteed. Like all investments, the Fund’s investments carry risk, and if these risks eventuate unitholders may lose some or all of their capital invested in the Fund. A summary of the key risks for the Fund is set out in section 7 of the PDS. Unitholders may lose some or all of their capital invested in the Fund. The Target Rate is not guaranteed, is not a forecast and may not be achieved. An investment in the Fund is not a bank deposit or a term deposit with a bank. Past performance is not a reliable indicator of future performance and may not be repeated. The Target Rate is quoted net of all fees and costs.
4. The Target Return is an objective only and may not be achieved. The Target Return is subject to significant economic, market and other uncertainties that may adversely affect the actual returns of any investments. Future returns are not guaranteed. Investors should review the risk disclosures set out in Section 6 of the Fund’s Information Memorandum available under the Reports & Resources section.
5. Returns in USD for the 10-year period ending 31 March 2025. 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. Source: The Cyclicality of Direct Lending, 2024.
7. Source: PitchBook LCD; Cyclicality of Direct Lending, Figure 7.
8. KBRA DLD, trailing 12-month period up until 17th December 2024. The annual 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. Past performance is not a reliable indicator of future performance and may not be repeated.
9. Source: IMF / Fitch, June 2026.
10. Source: Cambridge Associates; Pengana Credit whitepaper, p.14.
Lonsec ratings issued 06/11/2025 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.
For all important information regarding BondAdviser Product Assessments please see the final page of the BondAdviser Fund Report or visit www.bondadviser.com.au
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.
