UNIT
PRICE (ASX)
NAV
PER UNIT1
PERFORMANCE SINCE INCEPTION2,3
TARGET DISTRIBUTION YIELD4
ACCESS TO THE WORLD OF PRIVATE EQUITY.
The Pengana Private Equity Trust (ASX: PE1) is a diversified portfolio of global private equity investments, with a select allocation to private credit and opportunistic investments.
The portfolio is managed by one of the largest and longest continually operating allocators to alternative investments in the world, Grosvenor Capital Management L.P.
PE1 seeks to generate, over an investment horizon of at least 10 years, attractive returns and capital growth through a selective and diversified approach to private market investments.
PE1 has traded on the ASX since April 2019.
A WORLD OF PRIVATE COMPANIES.
ONE ASX TRADE.
- Global leader in high-performance specialty materials used across industrial, automotive, and energy applications.
- Expanding into advanced battery materials through its SiFAB product line.
- Positioned to benefit from global demand for lightweight, sustainable technologies.
- Dominant player in commercial launches and satellite connectivity through Starlink.
- Reusable rocket technology drives efficiency and industry cost leadership.
- Exposure to long-term growth in the rapidly expanding global space economy.
- Pioneer in artificial intelligence and developer of ChatGPT and enterprise AI solutions.
- Backed by strategic partnerships with Microsoft and leading institutional investors.
- Positioned at the forefront of generative AI and long-term technology innovation.
- Iconic sportswear and lifestyle brand with 100+ years of heritage.
- Exclusive headwear partner to Major League Baseball and licensed across major global sports leagues.
- Growth driven by international expansion and direct-to-consumer channels.
- Digital freight platform improving transparency and efficiency in US logistics.
- Leverages data and automation to connect shippers with carriers in real time.
- Scaled growth supported by enterprise partnerships and industry consolidation.
- Leading software and payments platform serving faith-based and non-profit organisations.
- Supports 90,000+ clients with member management, giving, and engagement tools.
- Strong recurring revenue base supported by ongoing innovation and acquisitions.
- Major supplier of whey-based ingredients for sports nutrition and wellness markets.
- Vertically integrated US manufacturing and long-term customer relationships.
- Benefiting from structural growth in high-protein and clean-label nutrition.
- On-demand delivery platform operating across hundreds of US cities.
- Owns its fulfilment network, enabling rapid and reliable service.
- Positioned at the intersection of e-commerce, logistics, and consumer convenience.
- Portfolio includes leading bottled water names such as Poland Spring and Arrowhead.
- Broad distribution across retail and home-delivery channels.
- Resilient consumer staple supported by long-term health and hydration trends.
- Largest supplier of fresh and processed garlic in the United States.
- Stable demand and long-standing retailer relationships underpin performance.
- Investing in automation and capacity expansion to drive future growth.
- Leading aftermarket drivetrain and wheel components supplier for trucks and SUVs.
- Broad brand portfolio distributed across retail, e-commerce, and installer channels.
- Strong recurring demand supported by vehicle maintenance and customisation trends.
- India’s leading fintech platform targeting affluent, creditworthy users.
- Combines payments, rewards, and financial products in one integrated app.
- Exposure to India’s fast-growing digital payments and wealth management markets.
- Vertically integrated producer of premium refrigerated beverages and fresh foods.
- Strong position in plant-based and health-focused consumer categories.
- Supported by growing demand for natural and functional nutrition.
- US leader in overhead crane inspection, maintenance, and repair services.
- Recurring service contracts provide stable, predictable revenue.
- Growth driven by regional expansion and investment in automation.
- One of the largest veterinary care networks in the United States.
- Operates general and specialty clinics with strong recurring revenue visibility.
- Supported by secular growth in pet ownership and animal health spending.
- Core technology provider for US Medicaid and public health program administration.
- Serves two-thirds of Medicaid beneficiaries through mission-critical platforms.
- Expansion supported by data-driven analytics and long-term government contracts.
- Leading European and African mobility platform spanning ride-hailing, scooters, and delivery.
- Efficient pricing and operating model drive market-leading share across key regions.
- Expanding into adjacent services such as grocery and e-commerce delivery.
- One of the largest independent wealth management networks in the US.
- Serves over 10,000 advisers with technology, compliance, and operational support.
- Profitable platform benefiting from scale, acquisitions, and recurring advisory revenue.
- Specialty property and casualty insurer with strong underwriting expertise.
- Expanding through strategic acquisitions including Lancer Insurance.
- Exposure to diversified commercial and niche insurance markets with stable returns.
- Major US government contractor in intelligence, defence, and civil sectors.
- Formed through the combination of several heritage businesses including Perspecta.
- Benefiting from rising federal investment in cyber, space, and national security technology.
- Global logistics provider offering multimodal, asset-light transport solutions.
- Integrated services across freight forwarding, warehousing, and customs.
- Supported by global trade growth and structural expansion in e-commerce logistics.
- Global producer of specialty phosphate and non-phosphate ingredients.
- Core supplier to food, beverage, health, and industrial applications.
- Benefiting from rising demand for fortified and functional nutrition products.
The only way to access 
on the asx.
SpaceX is PE1’s largest underlying portfolio company exposure as of 30 November 2025, comprising 7.7% of the Trust’s private markets exposure.
ASX: PE1 DELIVERS
SIMPLICITY
ACCESS
Institutional management capability providing exposure over subscribed and difficult to access managers.
RETURNS
You can view a summary of the risks associated with the trust here.
Download Your Investor Insights on Private Equity & PE1
HARNESSING GLOBAL EXPERTISE*
Brought to you by Pengana Capital Group, in partnership with Chicago-based GCM Grosvenor — one of the world’s largest and most established allocators to alternative investments.
5
Grosvenor Capital Management, L.P. (“GCM Grosvenor”) is one of the world’s longest-standing and most diversified independent alternative asset managers. Established in 1971, GCM Grosvenor manages over US$87 billion in assets across private equity, infrastructure, real estate, credit, and absolute return strategies, with a focus on delivering customised solutions for institutional investors globally.
25+
Years Experience in Private Markets
Proven performance across multiple market cycles.
US$31B+
PE Assets Under Management
Deployed across more than 1,300 global investments.
1,340+
PE Investments Across Strategies and Geographies**
A global portfolio built for diversification and access.
545
PE Manager Relationships**
Access to leading and hard-to-reach private equity sponsors.
THE TEAM
Jason L. Metakis
Managing Director, Co-Head of GCM Grosvenor Private Equity Co-Investments
Read full profile >
Frederick E. Pollock
Managing Director, GCM Grosvenor Chief Investment Officer, Head of Strategic Investments Group and Portfolio Manager of Pengana Private Equity Trust (PE1)
Read full profile >
Brian W. Sullivan
Managing Director, Head of GCM Grosvenor Private Equity Secondaries
Read full profile >
Bradley H. Meyers
Managing Director, Head of GCM Grosvenor Absolute Return Strategies Portfolio Management
Read full profile >
Corey LoPrete
Managing Director, Head of GCM Grosvenor Private Equity Portfolio Management
Read full profile >RATINGS
Lonsec Recommended Rating
Independent Investment Research
Pengana Capital Group
GCM Grosvenor
AWMA25 Seals Finalists Best Fund Manager - Private Equity
REPORTS AND RESOURCES
- Monthly Reports
- PDS
- December 2025 - Active Deployment into Differentiated Deals
- November 2025 - Active period for co-investments amid SpaceX headlines
- October 2025 - Investing in recession-resilient markets
- September 2025 - Partial Liquidity Events
- August 2025 - Gaining exposure to AI
- July 2025 - Buyback helps restore confidence in a quality portfolio
- June 2025 - Material amounts of cash now available to implement buybacks
- May 2025 - Monthly Update and Webinar on PE1's Portfolio and Buybacks
- April 2025 - Encouraging Signs Amid Tariff Turmoil
- March 2025 - Currency Enhances Resilience
- February 2025 - Capital Management Initiative Update
- January 2025 - Update on our Largest Holdings
- December 2024 - Revaluations and corporate actions for our largest portfolio companies
- November 2024 - Reviewing strategies to reduce the discount
- October 2024 - Dunlop & Distinguished
- September 2024 - Discover, Snak King & Transact Campus
- August 2024 - Discover, Snak King & Transact Campus
- July 2024 - Recession resilient dentistry
- June 2024 - Financial year in review and outlook
- May 2024 - Education, Packaging, Ferries and Antifreeze
- April 2024 - Filtering for compelling investments
- March 2024 - A busy month
- February 2024 - Medical devices & Industrial transportation
- January 2024 - Healthcare & discounted secondaries
- December 2023 - Investing in stable and defensive businesses
- November 2023 - Investments in insurance and home services as AUD impacts NAV
- October 2023 - Nuts and bolts
- September 2023 - IPO of Instacart
- August 2023 - Co-investing in an insurance brokerage
- July 2023 - Co-investing in banks
- June 2023 - Supporting Higher Education
- May 2023 - A Spotless Investment
- April 2023 - Education, resource efficiency & cleaner energy
- March 2023 - Acquiring secondaries in defensive sectors
- February 2023 - Benefitting from Inflation
- January 2023 - Health and Well-Being
- December 2022 - Acquiring secondaries at a 20% discount
- November 2022 - Private Credit takes off
- October 2022 - Fifteenth primary fund commitment
- September 2022 - Growing Carrots and Revenues
- August 2022 - Innophos
- July 2022 - Reverence shows faith in Ministry
- June 2022 - A SpotOn Investment
- May 2022 - Co-investing with downside protection and upside optionality
- April 2022 - Investing in LATAM distressed private credit
- March 2022 - Completion of rights issue & A new era
- February 2022 - Cyber security & pharmacy services
- January 2022 - Gains and Gainwell
- December 2021 - Semiannual distribution increased by 25%
- November 2021 - Rivian, Rambler, and other realisations
- August 2021 - Bolting to new highs
- July 2021 - Investment in Rivian – A first mover in the EV market for SUV's, vans and trucks
- June 2021 - Strong close to an excellent year for PE1
- May 2021 - Filling up the secondaries' bucket
- April 2021 - Coffee Stores in China and Tires in the USA
- March 2021 - Quality secondaries acquired at a significant discount
- February 2021 - Portfolio companies making head way with fundraisings and distributions
- January 2021 - Performance Review & Capital Deployment Update
- December 2020 - Semi-annual Distribution and POINTCLICKCARE
- November 2020 - Investing in great tech companies PRE-IPO
- October 2020 - Waterland, SpaceX & Uber Freight
- September 2020 - MAC II investments start bearing fruit
- August 2020 - AUD continues to rise during August
- July 2020 - How 10 of our largest holdings are performing through COVID
- June 2020 - Performance update
Unitholders
Ellis Varejes
Non-Executive Director and Chairman
Ellis holds 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 served as a director and audit committee chair of Equity Trustees Superannuation Limited from 2014 to 2023, a director of HUB24 Super from 2019 to 2023, a director of Transmedia Asia Pacific Inc. (NASDAQ) from 1998 to 2004, 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 at Abbott Tout (since merged with HWL Ebsworth) and Rosenblum & Partners (since merged with Ashurst).
Ilan Zimerman
Non-Executive Director
Ilan 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 in 2003. He has been the company’s Chief Executive Officer since inception.
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
Pengana eyes huge payday as Musk’s SpaceX prepares for mega-IPO
As Wall Street buzzes with anticipation ahead of the historic float of Elon Musk’s SpaceX, Sydney-based Pengana Capital is watching...
Private equity’s new era: GP-led boom
Private equity realisations have slowed significantly since 2022, compressing valuations and making exits more difficult, according to global alternative asset...
Pengana Private Equity Trust (ASX:PE1): Accessing global private equity on ASX
https://www.youtube.com/watch?v=xk-wGbfoMLY Pengana Private Equity Trust (ASX: PE1) gives investors rare access to global private markets through a single listed vehicle....
- The NAV is unaudited.
- Past performance is not a reliable indicator of future performance, the value of investments can go up and down. The net return has been determined with reference to the increase in the Net Asset Value per Unit, as well as of the reinvestment of a Unit’s distribution back into the Trust pursuant to the Trust’s distribution reinvestment plan (“DRP”). Pengana 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 distribution reinvested in additional Units.
- The NAV per unit at inception is based on the subscription price per unit which is equal to $1.25.
- From 1 July 2020, Pengana intends to target a cash distribution yield equal to 4% p.a. (prorated on a non-compounded basis) of the NAV (excluding the total value of the Alignment Shares but including the cash distribution amount payable) as at the end of the period that a distribution relates to. The targeted distribution is only a target and may not be achieved. Investors should read the Risks summary set out in Section 11 of the IPO PDS.
- * Data as of September 30, 2025 unless otherwise noted.
**Data as of June 30 2025.
Source: Prepared by GCM utilising certain information obtained from Burgiss based on published 3Q 2024 benchmark data as of 10 March 2025. Burgiss sources their data from MSCI, Bloomberg Barclays and private equity funds worldwide (the “Burgiss Manager Universe”). The Burgiss Manager Universe includes data from 8,250 global private funds. GCM uploads data into its system used to prepare the above graph one-time each quarter; however, the data service may continue to update its information thereafter. Therefore, information in GCM’s system may not always agree with the most current information available from the data service. Additional information is available upon request. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This graph is not approved or produced by MSCI. Burgiss, MSCI, and Bloomberg Barclays have not provided consent to the inclusion of statements utilising their data. Past performance is not necessarily a guide to future performance. No assurance can be given that any investment will achieve its objective or avoid losses.