Pengana Capital Group (ASX: PCG) has reached the minimum Initial Public Offer (IPO) proceeds of $100 million for the Pengana Global Private Credit Trust (ASX: PCX) through applications and commitments.
Pengana Capital Group (ASX: PCG) has reached the minimum Initial Public Offer (IPO) proceeds of $100 million for the Pengana Global Private Credit Trust (ASX: PCX) through applications and commitments.
The Offer opened on 20 May 2024 and is limited to $250 million. The Offer is expected to close on 6 June 2024, unless fully allocated prior.
PCX will be invested in over 2,000 individual loans across 19 underlying managers who are curated and assessed by Mercer, providing access to a highly diversified portfolio across the US and Europe. Mercer, one of the world’s largest investment consultants to institutional investors, constructs the portfolio in its role as investment consultant to the Trust.
PCX is targeting the attractive returns synonymous with the global private credit sector, and returns will include a 7% annual cash distribution target yield, paid monthly to investors, from the first month after listing.
Aside from PCG’s objective to deliver unparalleled access to global private equity, an element of capital accumulation, and a monthly income, PCG is introducing a new approach to listed investment trusts via a quarterly off-market buyback offer, giving PCX investors the opportunity to make redemptions at NAV on a quarterly basis.
“The Pengana Global Private Credit Trust is a game changer for retail investors, who will now be able to obtain exposure to a highly diversified portfolio of global private credit investments through an ASX listed vehicle,” Russel Pillemer, CEO of PCG, said.
“The innovative quarterly buyback mechanism is also testament to our group’s commitment to developing, and delivering, best-of-breed solutions that are focussed on meeting the needs of our Australian investors.”
A Priority Offer has been extended to investors in all of PCG’s funds as well as shareholders in PCG’s listed vehicles: Pengana International Equities Limited (ASX: PIA), Pengana Capital Group (ASX: PCG) and Pengana Private Equity Trust (ASX: PE1).
Early interest in the Offer is strong and demand from advisers and investors alike has been significant. The Offer has restricted capacity, and is expected to close on 6 June 2024, unless fully allocated prior.
Taylor Collison are Lead Arranger and Joint Lead Manager to the Offer. Morgans, Shaw and Partners, and Canaccord Genuity are Joint Lead Managers