Pengana launches ASX listed investment trust
Pengana Capital Group has announced the launch of its Australian Securities Exchange (ASX) listed investment trust, the Pengana Private Equity Trust (PE1), which will invest in global private equity.
The offer would have restricted capacity and would be expected to close on 10 April, it said.
The investments for the trust would be selected by Grosvenor Capital Management (GCM), which manages more than US$52 billion across alternative assets, primarily for institutional clients.
Chicago-based CGM currently has over 500 employees, including more than 60 investment professionals dedicated to private equity, real estate and infrastructure strategies.
Pengana said that it would be the first time that Australian retail investors would have the ability to access the ASX-listed portfolio of global private equity investments.
The trust would seek a four per cent annual distribution yield, paid half yearly and would have an expected net asset value per unit of $1.3125 on the allotment date.
Also, Pengana would pay all costs associated with the offer.
PCG’s chief executive, Russel Pillemer, said that by providing exposure to global private equity investments through an ASX-listed vehicle, the new trust would be a game changer for retail investors.
“We have been pleased with the overwhelming initial demand for the offer, with our Sydney roadshow event meeting full capacity before the offer open, resulting in us moving to a much larger venue to accommodate all interested parties,” he said.
A priority offer was extended to investors in all of PCG’s funds as well as shareholders in the listed investment company Pengana International Equities (PIA), Pengana Capital Group (PCG) and Washington H. Soul Pattinson (SOL).
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.
