Pengana Capital Group

02/06/2026

A new ASX-listed investment trust is aiming to give investors a single point of entry to a relatively concentrated portfolio of 12-20 AI investments diversified across the global AI ecosystem.

Introducing AIX – the AI Private Opportunities Trust (ASX: AIX).

Brought to market by Pengana Capital Group and managed by GCM Grosvenor, the proposed ASX-listed fund is designed to provide access to private companies in the AI ecosystem.

At Pengana, we believe that AI represents one of the most significant technological transformations in modern history, with the potential to drive significant productivity gains, disrupt existing industries and create new markets over the coming decades.

Many compelling AI and AI-related businesses remain private during their highest growth phases. By the time these companies reach public markets, a significant portion of their return potential may already have been realised by private investors. Investing in unlisted securities can provide earlier participation in that value creation process but most investors can't access it.

AIX addresses this structural gap.

AIX combines Pengana’s leading Australian investment solutions expertise with GCM Grosvenor’s global private markets investment experience.

Wholesale Client Investors and Financial Advisers are invited to join the national pre-IPO webinar on Thursday, June 4 at 11am AEST. Register here to learn more about AIX and stay informed on the upcoming offer: https://pengana.com/aix/

Pre-IPO webinar accessible only by Wholesale Client Investors and Financial Advisers. Pengana Investment Management Limited (PIML) ACN 063 081 612 AFSL 219 462 as responsible entity for AI Private Opportunities Trust ARSN 697 001 184 (AIX), is the issuer of AIX units. This information has been prepared by PIML for general information purposes only. It does not take into account your objectives, financial situation or needs and because of that, before making an investment decision you should consider the appropriateness of this information having regard to your objectives, financial situation and needs. A product disclosure statement for the AIX units (PDS) will be made available when applications open for units in AIX. The PDS is expected to be made available on or about 2 June 2026. Once the PDS is made available, the PDS can be obtained by contacting PIML on (02) 8524 9900 or from https://pengana.com/aix/. You should obtain and consider the PDS and consider the TMD available at https://pengana.com/aix/ before deciding whether to acquire or hold AIX units and whether AIX units are appropriate for you.

AIX will seek to generate positive long-term capital growth by generally targeting investments in the securities of private.

24/05/2026

We're looking forward to joining the conversation at the Ensombl All Licensee PD Day this Thursday in Brisbane.

Nehemiah Richardson, CEO of Pengana Credit, will be speaking as a global private credit expert in Session 5: Private Credit: Opportunity, Risk & Reality, alongside experts from Woodbridge and Privity Credit

The session will unpack the real mechanics of private credit, how deals are structured, where risks actually sit, and what protections matter when things go wrong.

If you're attending in person or virtually, we hope to see you there.

Register to attend: https://hubs.li/Q04hMym40

14/05/2026

What actually drives returns in global private credit?

Recently, Pengana Credit CEO Nehemiah Richardson sat down with Joel Holsinger, Partner, Portfolio Manager, and Co-Head of Alternative Credit at Ares Management, to unpack how investors think about the asset class.

In this snippet, Joel shares one of the most important (and often overlooked) principles: in credit, you don’t get paid for your wins - you get paid for avoiding losses. It’s disciplined downside protection that ultimately compounds returns over time.

It’s a mindset that sits at the core of Pengana Credit’s approach - focused on building resilient, diversified portfolios designed to perform across cycles.

Watch the full discussion: https://hubs.li/Q04gwNjC0
Explore Pengana's range of Global Private Credit Funds: https://hubs.li/Q04gx0qQ0

Ares Management is a leading global alternative investment manager with over US$600 billion in assets under management (AUM). Founded in 1997, it provides financing solutions across credit, private equity, real estate, and infrastructure, with a particular strength in direct lending to companies, and is one of the underlying managers within the Pengana Credit master portfolio.

12/05/2026

We are pleased to share that Pengana Capital Group has been named a finalist in two categories at this year’s Money Management Australia Fund Manager of the Year Awards.

In the Private Equity category for the Pengana Private Equity Trust (ASX: PE1) and for Innovation Fund of the Year for our high-yield fixed-term account platform TermPlus.

We are also delighted that our CEO Russel Pillemer has been nominated for Lifetime Contribution Award, in recognition of his longstanding contribution to the funds management industry.

Congratulations to the team on this recognition, which reflects their continued dedication and expertise!

Learn more about PE1:
https://hubs.li/Q04gc9FB0

Learn more about TermPlus:
https://hubs.li/Q04gc20P0

06/05/2026

Why is global private credit such a compelling opportunity today?

Against a shifting market backdrop, Pengana Credit CEO Nehemiah Richardson joined Joel Holsinger from Ares Management to discuss the evolving role of global private credit.

Ares Management is a leading global alternative investment manager with over US$600 billion in assets under management (AUM). Founded in 1997, it provides financing solutions across credit, private equity, real estate, and infrastructure, with a particular strength in direct lending to companies, and is one of the underlying managers within the Pengana Credit master portfolio.

From a structural perspective, Joel explains how the pullback of traditional lenders - particularly banks and insurers - has created a significant gap in the market. As capital moves out of highly leveraged institutions, private investors are able to step in and access opportunities with more attractive risk-adjusted returns.

It’s this shift that continues to underpin the growth of private credit globally. Through Pengana Credit, investors can access these opportunities via a diversified range of strategies and specialist managers, designed to capture value across different segments of the market.

Access points include ASX-listed PCX and TermPlus high-yield fixed-term accounts.

Watch the full discussion: https://hubs.li/Q04fLhqZ0
Explore Pengana's range of Global Private Credit Funds: https://hubs.li/Q04fL8Kg0

09/04/2026

The reopening of IPO markets is one of the clearest signals that confidence is returning to private equity.

As exit activity accelerates, capital is being recycled into new opportunities - strengthening the broader PE ecosystem.

SpaceX, PE1's largest underlying exposure, has seen its valuation within the portfolio double to ~US$800 billion, with further upside expected ahead of a highly anticipated IPO following its merger with xAI.

While headlines focus on large-cap tech listings, PE1’s approach is grounded in the mid-market - where businesses offer resilience, attractive entry points, and multiple exit options.

This core exposure to cashflow-generative companies is complemented by the flexibility to access high-growth global opportunities when they arise - positioning PE1 to capture value across market cycles.

Read the full InvestorDaily article: https://hubs.li/Q04b5zbr0

Confidence and liquidity are returning to global private equity, driven by a long-awaited surge in initial public offerings (IPOs) in early 2026. Confidence and liquidity are returning to global private equity, driven by a long-awaited surge in initial public offerings (IPOs) in early 2026. The upti...

07/04/2026

What if accessing the world's leading private companies wasn't as out of reach as you thought?

Private markets have long been the domain of institutional investors - but that's changing. ASX-listed Pengana Private Equity Trust (PE1) offers investors exposure to more than 550 private companies, including SpaceX as its largest underlying portfolio company, comprising almost 14% of the Trust's private markets exposure.

As Lel Smits from The Stock Network recently explored, the barriers to private market investing are not what they once were.

Explore the portfolio and learn more at https://hubs.li/Q049N-1J0



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None of Pengana Private Equity Trust (“PE1”), Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Responsible Entity”), Grosvenor Capital Management, L.P., nor any of their related entities guarantees the repayment of capital or any particular rate of return from PE1. Past performance is not a reliable indicator of future performance, the value of investments can go up and down. This document has been prepared by the Responsible Entity and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation.

Pengana Investment Management Limited (Pengana) (ABN 69 063 081 612, AFSL 219 462) is the issuer of units in the Pengana Private Equity Trust (ARSN 630 923 643) (the Trust). Before acting on any information contained within this report a person should consider the appropriateness of the information, having regard to their objectives, financial situation and needs. An investment in the Trust is subject to investment risk including a possible delay in repayment and loss of income and principal invested.

31/03/2026

AI’s next bottleneck isn’t just energy - it’s water.

From chip manufacturing to power generation, AI’s hidden water footprint is rising fast - with real implications for investors.

Ty Lee, Associate Director (Investments) for the Pengana WHEB Sustainable Impact Fund, breaks down the overlooked risks - and where opportunities are emerging.

Read more: https://hubs.li/Q0498Qx00

Nearly two-thirds of the world’s population now faces severe water stress annually, and global demand could outstrip supply by 2030. Water scarcity is no longer a distant environmental issue; it is an economic constraint today. What is less recognised is that a major new source of water demand may...

23/03/2026

Everyone's watching the SpaceX IPO. But why has it taken this long?

Adam Myers joined Bryce Leske and Alec Renehan on the Equity Mates Media podcast to explain why companies can now build out entirely in private markets before they're strategically ready to list.

Dive into the full conversation and see how PE1 gives investors access to some of the world’s most in-demand private companies -including OpenAI, Groq and Anthropic: https://hubs.li/Q048020M0



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None of Pengana Private Equity Trust (“PE1”), Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Responsible Entity”), Grosvenor Capital Management, L.P., nor any of their related entities guarantees the repayment of capital or any particular rate of return from PE1. Past performance is not a reliable indicator of future performance, the value of investments can go up and down. This document has been prepared by the Responsible Entity and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation. Pengana Investment Management Limited (Pengana) (ABN 69 063 081 612, AFSL 219 462) is the issuer of units in the Pengana Private Equity Trust (ARSN 630 923 643) (the Trust). Before acting on any information contained within this report a person should consider the appropriateness of the information, having regard to their objectives, financial situation and needs. An investment in the Trust is subject to investment risk including a possible delay in repayment and loss of income and principal invested.

18/03/2026

In today's environment of market volatility and geopolitical uncertainty, the diversification that can be achieved in global private credit has never been more important.

Pengana Credit CEO Nehemiah Richardson was recently featured in Fixed Income News Australia, sharing why only global markets provide the ability to truly diversify both statistically and structurally, spreading investments across industry, geography, and strategy.

With Preqin forecasting the global private credit market to reach $2.7 trillion by 2027, the structural case for this asset class remains compelling.

Read the full article to learn why quality, depth, and global reach are key considerations for income investors navigating today's landscape. https://hubs.li/Q047gsxV0

Diversification in private credit investing is becoming more important for income investors, due to unpredictable dynamics in financial markets coupled with geopolitical uncertainty, according to a private credit expert. The depth and breadth of global private credit provides the grounds for a highl...