A listed fund with unlisted characteristics.

Investment Manager
Investment Consultant
IPO - Lead Arranger
IPO - Joint Lead Manager
IPO - Joint Lead Manager
IPO - Joint Lead Manager

Key features:

PCX will be the only global private credit fund on the ASX that provides investors the opportunity to either sell on market, or at NAV, via a quarterly off-market buy-back mechanism3.

PCX aims to deliver a portfolio that generates strong risk-adjusted returns with a high degree of capital protection, as well as stable and consistent income via exposure to a highly diversified portfolio of over 2,000 loans, from a wide range of leading global private credit fund managers.

The offer to participate in the PCX IPO is now closed.

In an interview on the Relative Return podcast, our CEO, Russel Pillemer, gives an overview of the global private credit sector, the appeal and growth of this unique asset class, and the specific features and benefits of investing in global private credit through PCX.

Pengana Investment Management Limited (ACN 063 081 612, AFSL 219462) is the Responsible Entity and issuer of units in the Pengana Global Private Credit Trust (ARSN 673 024 489) (PCX). Please read our Target Market Determination (TMD) and seek professional advice to determine if investing in PCX is suitable for you. Investors should consider the Product Disclosure Statement (PDS) before making a decision about whether to acquire units in PCX.

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Offer Information Line on 1300 265 239 (within Australia) or +61 3 9415 4844 (outside Australia) between 8:30am and 5:00pm (Sydney time) on a Business Day.

Key Benefits of PCX

Access to a diversified portfolio of global private credit funds across various geographies, strategies and sectors.


PCX will be highly diversified across strategy, geography, sector, credit quality, and type of instrument.


PCX is targeting the strong risk adjusted returns associated with the global private credit sector, with a high degree of capital protection, as well as a stable and consistent income, which will be paid monthly.1


Buy and sell on the ASX2.

(global private credit is typically characterised by lengthy capital lock-ups).

Unique Stability

Option for investors to buy and sell at NAV by way of a regular off-market scheme buy-back mechanism3.


PCX will be a single access point to over 2,000 individual loans, across 19 Underlying Funds, sourced and rated by Mercer.

Institutional Scale

Unlock access, sourcing, research, due diligence and portfolio construction capabilities - via a unique alliance with Mercer.

Defensive investment

Global private credit has a strong track record of low volatility, attractive returns and low correlation to other asset classes such as public fixed income and equity, which can provide diversification benefits by enhancing portfolios' risk-adjusted returns. 4


PCX will aim to provide exposure to difficult-to-access global private credit investments predominantly in middle market companies (being those with USD$50m-250m of annual EBITDA), typically only available to institutional clients.


Loans are typically individually negotiated and structured, allowing the borrower to obtain legally enforceable protections. Historically, this has lead to lower default rates and higher recovery rates than other fixed income alternatives.5

Bespoke solution

Tailored by Mercer, specifically to the requirements and objectives of PCX.


PCX will be hedged back to AUD mitigating the risk of foreign exchange fluctuations.


PCX by nature, and design, aims to have lower volatility than other asset classes.

Revolutionised Delivery

PCX aims to uniquely address many existing barriers to accessing a diversified portfolio of global private credit, with a listed structure approach that, to date, has not been available to Australian investors.

Typical Challenges

Addressed by PCX


  • Identifying, assessing and securing access to best in class global private credit managers
  • Mercer’s global reach, private credit expertise, and buying power, deliver access to approved global private credit managers


  • Australian vehicles are typically
    single-manager and concentrated by geography, asset class, and/or strategy
  • Multi-manager, multi multi-strategy, global portfolio designed to deliver strong risk adjusted returns, a high degree of capital protection, and stable and consistent income
  • Underlying loans > 2,000


  • Funds typically have up to 4 year drawdown schedules, this dilutes investor overall returns and creates cash management challenges
  • Most of the capital raised is expected to be committed, called and deployed into return-generating investments during the first full month, thereby reducing IRR impact


  • Investing in offshore funds carries currency risk, and hedging of illiquid credit assets is not possible or prohibitively expensive
  • PCX will be hedged back to AUD mitigating the risk of foreign exchange fluctuations


  • Closed-end funds return capital, requiring a repeat of entire investment process
  • PCX is a fully-invested evergreen vehicle traded on the ASX, allowing investor to manage their allocations to global private credit and stay fully invested for optimal portfolio construction


  • Unlisted vehicles are illiquid, and listed vehicles typically risk trading at discounts to NAV.
  • Listed format provides the potential for daily liquidity2, with the introduction of a regular off-market mechanism to support buy-back at NAV3



Time Horizons

Daily Pricing


Portfolio Construction

Perpetual Exposure

  • Private Credit assets (and funds) are illiquid by nature.
  • Investors in unlisted Private Credit structures are generally required to invest for many years, with little prospect of short-term liquidity.
  • There are structures that do purport to offer short term liquidity; however, these are always subject to gates, which would deny investors liquidity (perhaps when they need it most).
  • A listed structure solves the liquidity problem by enabling investors to sell immediately on market (with ultimate pricing depending on supply and demand).
  • Many financial advisers and/or investment platforms require daily pricing and the ability to invest and/or withdraw for their clients’ portfolios.
  • Investors can immediately gain access to the required amount of Global Private Credit needed to optimise their portfolio construction.
  • No repayments of capital – enables investors to maintain, and manage, their required exposures to Global Private Credit in perpetuity.
  • Buy-back mechanism supports investor liquidity at NAV and mitigates the risk of trading at discount to NAV.

Key Risks of PCX

All investments are subject to risk which means the value of investments may rise or fall, which means that you may receive back less than your original investment or you may not receive income over a given time frame. The key risks associated with investing in PCX include investment risk, investment strategy risk, market risk, leverage risk, credit and default risk, valuation risk, currency risk, underlying manager risk and fund risk. Refer to section 8 of the PDS for a comprehensive summary of potential risks.

Notification of Buyback

The notification of buyback dated 17 June is available HERE

Important Dates

Priority Determination Date
10 April 2024
Lodgement of the PDS with ASIC
19 April 2024
14 May 2024
Offer Opening Date
20 May 2024
Offer Closing Date
6 June 2024
Expected Settlement Date
14 June 2024
Expected date of the allotment of Units under the Priority Offer, Cornerstone Offer, Broker Firm Offer and General Offer
17 June 2024
Expected date for dispatch of holding statements
18 June 2024
Trading of Units on the ASX commences (on a normal settlement basis)
21 June 2024

Mercer insights

Issued by Mercer Consulting (Australia) Pty Ltd – Available for Financial Advisers only.