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Pengana Private Equity Trust (ASX: PE1)

Australia’s only listed portfolio of diversified global private market investments

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Overview The Team Ratings Reports & Resources Unitholders

UNIT PRICE

NAV PER UNIT1

PERFORMANCE SINCE INCEPTION2,3

TARGET DIVIDEND YIELD4

A game changer for Australian investors.

The Pengana Private Equity Trust (ASX: PE1) gives investors the opportunity to access a diversified portfolio of global private market investments, with a select allocation to private credit and opportunistic investments. PE1 has traded on the ASX since April 2019.

The Trust is managed by Grosvenor Capital Management L.P, one of the largest and longest continually operating allocators to alternative investments in the world.

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.

Income.

PE1 targets a cash distribution yield equal to 4%p.a.[2]

Access.

The Trust provides investors with exposure to oversubscribed or difficult-to-access middle-market managers globally via a single point of entry to a well-diversified portfolio of private equity investments.

Liquidity.

The structure of the listed Trust allows small and large investors to gain exposure to private equity with the flexibility to buy and sell units on the ASX so long as an active market exists.

You can view a summary of the risks associated with the trust here.

1 Sources: S&P Capital IQ (utilising certain information obtained from its database) for public and private company data as of 2 January 2020. Includes all private companies with revenues ≥ US$15 million. S&P Capital IQ has not provided consent to the inclusion of references to its databases and publications or material drawn from the databases and publications.

2. The targeted distributions are only targets and may not be achieved. Investors should review the summary of risks which is outlined in the PDS.

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THE TEAM

Jonathan R. Levin

Jonathan R. Levin

President, Chair of the Global Investment Council

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Jason L. Metakis

Jason L. Metakis

Managing Director, GCM Private Markets Investment Committee Member

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Frederick E. Pollock

Frederick E. Pollock

Managing Director, Head of GCM Strategic Investments Group and Portfolio Manager of Pengana Private Markets Trust

Read full profile >
Brian W. Sullivan

Brian W. Sullivan

Managing Director, Head of Private Equity Secondaries

Read full profile >
Bradley H. Meyers

Bradley H. Meyers

Managing Director, Head of Portfolio Management

Read full profile >

RATINGS

RATINGS

*Lonsec rating issued 09/2020 is 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.

** Independent Investment Research. This publication has been prepared by Independent Investment Research (Aust) Pty Limited trading as Independent Investment Research (“IIR”) (ABN 11 152 172 079), an corporate authorised representative of Australian Financial Services Licensee (AFSL no. 410381. IIR has been commissioned to prepare this independent research report (the “Report”) and will receive fees for its preparation. Each company specified in the Report (the “Participants”) has provided IIR with information about its current activities. While the information contained in this publication has been prepared with all reasonable care from sources that IIR believes are reliable, no responsibility or liability is accepted by IIR for any errors, omissions or misstatements however caused. In the event that updated or additional information is issued by the “Participants”, subsequent to this publication, IIR is under no obligation to provide further research unless commissioned to do so. Any opinions, forecasts or recommendations reflects the judgment and assumptions of IIR as at the date of publication and may change without notice. IIR and each Participant in the Report, their officers, agents and employees exclude all liability whatsoever, in negligence or otherwise, for any loss or damage relating to this document to the full extent permitted by law. This publication is not and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information only. Neither IIR nor the Participants are aware that any recipient intends to rely on this Report or of the manner in which a recipient intends to use it. In preparing our information, it is not possible to take into consideration the investment objectives, financial situation or particular needs of any individual recipient. Investors should obtain individual financial advice from their investment advisor to determine whether opinions or recommendations (if any) contained in this publication are appropriate to their investment objectives, financial situation or particular needs before acting on such opinions or recommendations. This report is intended for the residents of Australia. It is not intended for any person(s) who is resident of any other country. This document does not constitute an offer of services in jurisdictions where IIR or its affiliates do not have the necessary licenses. IIR and/or the Participant, their officers, employees or its related bodies corporate may, from time to time hold positions in any securities included in this Report and may buy or sell such securities or engage in other transactions involving such securities. IIR and the Participant, their directors and associates declare that from time to time they may hold interests in and/or earn brokerage, fees or other benefits from the securities mentioned in this publication.

Lonsec Recommended Rating

Independent Investment Research

REPORTS AND RESOURCES

  • Monthly Reports
  • Financial Reports
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Unitholders

CLICK HERE FOR ALL ASX RELEASES

For more Pengana Private Equity Fund 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

Bachelor of Commerce and Law, Member of the Australian Institute of Company Directors and of the Law Society of New South Wales

Ellis was a lawyer in private practice in Sydney for 25 years, working in corporate advisory, capital markets and financial services law. Following that, Ellis was for over a decade the chief operating officer of Abacus Property Group. Currently, Ellis is a director of Equity Trustees Superannuation Limited and provides corporate advisory services advice to the financial services sector.

Ilan Zimerman

Ilan Zimerman

Non-Executive Director

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.

Experience and expertise: Ilan is a solicitor of over 30 years standing.

Russel Pillemer

Russel Pillemer

Executive Director

Bachelor of Commerce (Hons) from the University of New South Wales, Member of Chartered Accountants Australia and New Zealand

Russel co-founded Pengana in 2003 and has been 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. He was previously Chairman of Centric Wealth Group and a Principal of Turnbull Pillemer Capital.

Special responsibilities: Chief Executive Officer and Managing Director

Katrina Glendinning

Katrina Glendinning

Executive Director

Bachelor of Economics from the University of Sydney, Member of Chartered Accountants Australia and New Zealand, Fellow of FINSIA, Graduate of the Australian Institute of Company Directors

Katrina has been Chief Operating Officer and Chief Financial Officer of Pengana since its inception in 2003. She is an experienced funds management professional, who has worked on a diverse range of products for more than 25 years. Prior to joining Pengana, Katrina was an Executive Vice President at BT Financial Group (‘BT’) where she held a number of roles from 1993 to 2002, including Chief Operating Officer BT Portfolio Services.

Special responsibilities: Chief Financial Officer

Pengana Private Equity 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 that the Trust will make distributions semi-annually (as at 30 June and 31 December of each year).

Pengana intends that the first four cash distributions will be for the following amounts:

• $0.025 per Unit for the period ending 31 December 2019;
• $0.025 per Unit for the six month period ending 30 June 2020;
• $0.025 per Unit for the six month period ending 31 December 2020;
• $0.025 per Unit for the six month period ending 30 June 2021,

From 1 July 2021, Pengana intends to target a cash distribution yield equal to 4% p.a. of the NAV (excluding the total value of the Alignment Shares) 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 dividend 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:

1. The NAV is unaudited.
2. 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.
3. The NAV per unit at inception is based on the subscription price per unit which is equal to $1.25.
4. 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.