Lonsec upgrades Pengana global private credit vehicle, and provides initial Recommended rating for wholesale private credit fund

Two of Pengana Credit’s global private credit investment vehicles have been given a Recommended rating by Lonsec, while the company’s innovative online term accounts, TermPlus, have received an initial Investment Grade rating.
The listed Pengana Global Private Credit Trust (ASX: PCX) was upgraded to Recommended by Lonsec. PCX is the most diversified global private credit vehicle listed on the ASX, and commenced trading in June 2024.

The wholesale Pengana Diversified Private Credit Fund was launched in late 2023 and has been given an initial rating of Recommended by Lonsec.

The retail consumer online term account products, TermPlus, which has redefined ease-of-access to global private credit, received an initial rating of Investment Grade for each of the one, two, and five-year terms on offer.

In its commentary on Pengana’s global private credit vehicles, Lonsec said they employ “…a global multi-manager strategy, offering broad diversification across individual borrowers, managers, and investment strategies helping to mitigate the default risk typically associated with private debt portfolios.”

Lonsec also said: “Pengana benefits from the strength of Mercer’s manager research capabilities, alongside significant scale, experience, and global resources. Mercer’s global Private Debt team brings over 20 years of ‘on-the ground’ presence in key regions.”*

Nehemiah Richardson, CEO of Pengana Credit, said the global private credit market is built on strong fundamentals and looks poised to grow. “Global private credit growth has been driven by a structural withdrawal of capital as regulations have prevented banks from holding too many long term assets with short-term liabilities.

“Hence private credit is playing an important role in the USA and European economies as private lenders fill in the vacuum left by the banks.

“For investors, this is providing a market with the depth and breadth of diversification and quality, which delivers income returns.”

The global private credit market is forecast to be worth $2.7 trillion globally by 2027, according to Preqin. “Structural supply and demand dynamics continue to work in private credit’s favour. As the industry grows it’s important to partner with top quartile managers who have proven experience across several cycles”, Richardson said.

View the original AdviserVoice release here. 

* The ratings published on 11/2025 for Pengana Global Private Credit Trust and 11/2025 for Pengana Diversified Private Credit Fund and 11/2025 for TermPlus 5-Year Term, TermPlus 2-Year Term, and TermPlus 1-Year Term, are issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The ratings are 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 Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.