Pengana Capital has appointed Mercer as an investment adviser on its portfolio construction for its new private credit arm.
The firm recently launched a private credit arm, Pengana Credit, as it builds out its private credit capability and agreed on a $200m seed investment from Washington H Soul Pattinson as part of a joint venture.
This funding will see Pengana establish a diverse portfolio of global private credit investments, which Pengana has been building over the past year. Investors will also be given the opportunity to invest alongside WHSP with the launch of several vehicles specifically tailored to different market segments, including advised and direct retail investors, high-net-worth and family offices.
Pengana Credit will look to leverage Mercer’s global footprint, access and investment expertise. It’s the first agreement of this kind for Mercer. Its alternative investment practice advises on US$164 billion in global alternatives assets and employs 240 dedicated alternatives investment professionals.
Last month, Pengana announced its appointment of former JP Morgan and Merrill Lynch executive, Nehemiah Richardson, as CEO, and former Citi Australia treasurer, Charles Finkelstein, as chief investment officer.
Group chief executive, Russel Pillemer, said: “Our investors will benefit from Mercer’s scale and access to private credit opportunities across the globe.
“Pengana Credit expects to release several unique private credit investments to market, all of which will benefit from this strategic investment appointment. We are delighted to have secured Mercer’s commitment to support our plans to democratise global private credit investments for both Australian retail and high-net-worth investors.
“Private credit has seen phenomenal growth around the globe as one of the most exciting asset classes available, yet until now there has been a severe lack of global private credit investment options in Australia. We plan to change that with Mercer’s support, along with the backing of Soul Pattinson.”
Simon Eagleton, investment leader for Mercer in the Pacific region, said: “Private credit is a valuable and highly sought-after asset class, and we’re delighted to be working with Pengana on their new offering in this space. The Pengana team’s innovative and forward-thinking approach, coupled with our global credentials and capability, delivers a compelling proposition for Australian investors looking to access global private credit investments.”
Pillemer recently appeared on an episode of Money Management’s podcast Relative Return to discuss the firm’s developments in the private assets space. Click here to listen now.
