Pengana’s listed private credit fund raises $160m ahead of IPO

Pengana has raised approximately $160m (£125.11m) for its listed private credit trust, ahead of an initial public offering on 21 June.

The Pengana Global Private Credit Trust (PCX) will be listed on the Australian Securities Exchange later this month, and will allow retail investors to access global private investments with target returns of seven per cent per month.

Pengana Credit’s chief executive Nehemiah Richardson said that the strong pre-IPO fundraise demonstrated the popularity of private credit among both advisors and investors.

Read more: Pengana launches private credit platform for retail investors

“We are delighted to have raised [approximately] $160m and are proud to bring something completely new to market, opening doors to global private credit via a listed investment trust,” said Richardson.

“Until now this asset class has been extremely difficult for advisors and investors to access, and they have been missing out on significant diversification and returns benefits. We are pleased to be changing all that through investment vehicles such as PCX.”

All PCX investments will be selected by Pengana together with Mercer, with the aim of creating a diversified investment vehicle which mirrors private credit returns.

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The trust will invest in more than 2,000 individual loans across 19 underlying managers base din the US and Europe.

It features a quarterly off-market buyback-at-NAV mechanism, which is designed to reduce the potential for trading at large discounts to NAV.

“We’re driven to give investors more opportunities to benefit from global private credit, which has been one of the world’s fastest growing asset classes over the last 15 years,” Richardson said.

Read more: Australia’s Pengana launches listed private credit fund