Pengana’s trust IPO exceeds $100 mil minimum
Pengana Capital Group (PCG) has announced that the proceeds from the initial public offering (IPO) for its Private Equity Trust have exceeded the minimum offer of $100 million thanks to the interest from both advisers and retail investors.
The trust, which was launched on the Australian Securities Exchange (ASX) earlier this month, aimed to provide investors with an exposure to a portfolio of global private equities with a select allocation to private credit, it said.
The trust also offered access to all major platforms such as IDPS and super/pension, including Asgard, BT Panorama, BT Wrap, HUB24, MLC Wrap, Macquarie, Mason Stevens, Navigator, Netwealth and Powerwrap.
“This is the first time that Australian retail investors have been able to access global private equity, via a listed vehicle,” Russell Pillemer, chief executive of PCG said.
“Combined with positive research coverage and wide-scale platform access, this provides investors and advisers with convenient access to invest in this exciting investment opportunity which has previously only been accessible to large sophisticated investors.”
The offer was expected to close on 10 April, 2019.
AUTHOR
Oksana Patron
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
