UNIT PRICE (ASX)
NAV PER UNIT1
$2.01
28/02/2026
NAV1
$232.56M
28/02/2026
MINIMUM TARGET CASH DISTRIBUTION YIELD2
7% p.a.
PCX offers access to typically institutional-only global private credit markets, diversified across strategies, sectors and geographies. It targets strong risk-adjusted returns with capital protection and consistent monthly income. Listed on the ASX, it provides the opportunity for daily liquidity and quarterly off-market redemptions at NAV. With exposure to over 3,500 loans through over 24 underlying funds, PCX is delivered in association with Mercer’s institutional expertise in fund sourcing and manager due diligence. It aims to offer resilience through structured loans with strong protections, enhancing predictability and low volatility, and is fully hedged to the Australian dollar.
Key features:
- The most diversified global private credit fund on the ASX
- Targeting strong risk-adjusted returns with a high degree of capital protection, including a minimum 7% p.a. target cash distribution yield, paid monthly2
- Opportunity to sell quarterly at NAV4
- An asset class with historically low volatility, and low correlation to other fixed income and equity indices
Key Benefits of PCX
Access to a diversified portfolio of global private credit funds across various geographies, strategies and sectors.
Diversification
PCX is highly diversified across strategy, geography, sector, credit quality, and type of instrument.
Performance
PCX aims to deliver the strong risk adjusted returns associated with the global private credit asset class, with a high degree of capital protection, as well as a stable and consistent income, which will be paid monthly.2
Daily Liquidity
Buy and sell on the ASX3.
(Global private credit is typically characterised by lengthy capital lock-ups.)
Unique Stability
Option for investors to sell quarterly off-market, at the NAV per unit.4
Simplicity
PCX is a single access point with exposure to over 3,500 individual loans, across 24 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.5
Access
PCX provides 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.
Resilience
Loans are typically individually negotiated and structured, allowing the borrower to obtain legally enforceable protections. Historically, this has led to lower default rates and higher recovery rates than other fixed income alternatives.6
Bespoke solution
Tailored by Mercer, specifically to the requirements and objectives of PCX.
Currency
PCX is hedged back to AUD mitigating the risk of foreign exchange fluctuations.
Predictability
PCX by nature, and design, aims to have lower volatility than other asset classes.
Revolutionised Delivery
PCX is designed 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
GLOBAL ACCESS
- 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
DIVERSIFICATION
- Australian vehicles are typically single-manager and concentrated by geography, asset class, and/or strategy
- Multi-manager, multi-strategy, global portfolio designed to deliver strong risk adjusted returns, a high degree of capital protection, and stable and consistent income
- Over 2,000 underlying loans
DEPLOYMENT
- Funds typically have up to 4 year drawdown schedules, this dilutes investor overall returns and creates cash management challenges
- Fully committed, called and deployed into return-generating investments (as of 31 March 2025), thereby reducing the impact of holding excess cash
HEDGING
- Investing in offshore funds carries currency risk, and hedging of illiquid credit assets is not possible or prohibitively expensive
- PCX is hedged back to AUD mitigating the risk of foreign exchange fluctuations
STAYING
INVESTED
- Closed-end funds return capital, requiring a repeat of entire investment process
- PCX is a fully-invested evergreen vehicle traded on the ASX (as of 31 March 2025), allowing investor to manage their allocations to global private credit and stay fully invested for optimal portfolio construction
LIQUIDITY
- Unlisted vehicles are illiquid, and listed vehicles typically risk trading at discounts to NAV.
- Listed format provides daily liquidity on the ASX3, with the introduction of a regular quarterly off-market mechanism to support buy-backs at NAV4
THE IMPORTANCE OF A LISTED STRUCTURE FOR GLOBAL PRIVATE CREDIT
Liquidity
Time Horizons
Daily Pricing
Access
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 latest PDS available on this website for a more comprehensive summary of potential risks.
FUND PERFORMANCE
as at 28/02/2026
- TABLE
| 1 MTH | 3 MTH | 1 YEAR | SINCE INCEPTION P.A. | |
|---|---|---|---|---|
| Pengana Global Private Credit Trust (ASX:PCX) | 0.8% | 1.7% | 9.2% | 8% |
| Distribution | 0.7% | 2% | 9% | 8.1% |
Swipe horizontally to see all columns
PORTFOLIO COMPOSITION
as at 28/02/2026
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
PCX Snapshot
as at 28/02/2026
ASX Code
PCX
IPO Issue Price
21 June 2024
Issue Price
$2.00
ASX Price
$2.00NAV per Unit1
$2.01
NAV1
$232.56M
Market Cap
$232.08M
Distributions
Monthly
NAV Pricing
Monthly
*Fees are stated inclusive of GST and net of RITC. For more information, refer to the Fund’s product disclosure statement available under the Reports & Resources section.
PLATFORM AVAILABILITY
- AMP North
- BT Panorama
- CFS Edge and Firstwrap
- Hub24
- Macquarie
- Mason Stevens
- Netwealth
- Praemium
RATINGS
AWMA25 Seals Finalists Best Fund Manager - Fixed Income
AWMA25 Seals Finalists Best Fund Manager - Private Credit
AWMA25 Seals Finalists Innovator of the Year - Funds Management
REPORTS AND RESOURCES
- Monthly Reports
- PDS
- Documents
- Distributions
- February 2026 - February Report
- January 2026 - January Report
- December 2025 - December Report
- November 2025 - November Report
- October 2025 - October Report
- September 2025 - September Report
- August 2025 - August Report
- July 2025 - July Report
- June 2025 - June Report
- May 2025 - May Report
- April 2025 - April Report
- March 2025 - March Report
- February 2025 - February Report
- January 2025 - January Report
- December 2024 - December Report
- November 2024 - November Report
- October 2024 - October Report
- September 2024 - September Report
- PCX Jun 25 Distribution 12-H
- PCX May 25 Distribution 12-H
- PCX Apr 25 Distribution 12-H
- PCX Mar 25 Distribution 12-H
- PCX Feb 25 Distribution 12-H
- PCX Jan 25 Distribution 12-H
- PCX Dec 24 Distribution 12-H
- PCX Nov 24 Distribution 12-H
- PCX Oct 24 Distribution 12-H
- PCX Sep 24 Distribution 12-H
- PCX Aug 24 Distribution 12-H
- PCX Jul 24 Distribution 12-H
Unitholders
Ellis Varejes
Non-Executive Director and Chairman
Ellis has degrees in commerce and law and is a member of the Australian Institute of Company Directors and the Law Society of New South Wales.
He was a director (and audit committee chair) of Equity Trustees Superannuation Limited from 2014 to 2023 and the chief operating officer of Abacus Property Group from 2007 to 2017.
Before that Ellis was a lawyer in private practice in Sydney, working in corporate advisory, capital markets and financial services law.
He was a partner of Abbott Tout (since merged with HWL Ebsworth) and of Rosenblum & Partners (since merged with Ashurst).
Ilan Zimerman
Non-Executive Director
Ilan Zimerman is a solicitor of over 30 years standing.
Ilan commenced his legal career in South Africa in 1990 and has also held several in house counsel roles.
He holds a Bachelor of Arts and Laws as well as an MBA all from the University of the Witwatersrand, South Africa. He also holds an Applied Diploma in Corporate Governance.
Russel Pillemer
Executive Director
Russel Pillemer co-founded Pengana Capital Group in 2003. He has been Pengana’s Chief Executive Officer since inception and is also CEO and executive director of Pengana Investment Management Limited.
Prior to founding Pengana, Russel worked in the Investment Banking Division of Goldman Sachs in New York where he specialised in providing advice to funds management businesses. Before moving to New York, he was responsible for leading Goldman Sachs’ Australian Financial Institutions Group.
Russel was previously Chairman of Centric Wealth Group and a Principal of Turnbull Pillemer Capital.
He is a member of the Institute of Chartered Accountants in Australia and has a Bachelor of Commerce (Hons) from the University of New South Wales.
Keith McLachlan
Executive Director
Keith McLachlan is Chief Operating Officer at Pengana Capital Group and responsible for fund operations, client service, compliance and enterprise technology.
Prior to joining Pengana Capital Group in 2015, Keith was a General Manager at Perpetual where he led operational and technology teams supporting the investment and wealth management businesses. Before joining Perpetual in 2001, Keith was an operational leader in the Metropolitan Police Service in London. Keith has significant experience in operational leadership, risk management, project delivery and organisational transformation. Keith is an Executive Director of Pengana Capital Limited and Pengana Investment Management Limited. He is also a member of Pengana Capital Group’s Compliance and Risk Management Committees.
Keith has a BA(Hons) in Business Studies from the Bristol Business School, is a Fellow of FINSIA and is a Graduate of the Australian Institute of Company Directors.
NEWS AND INSIGHTS
- Pengana Private Equity Trust
- High Conviction Property Securities Fund
- Pengana Diversified Private Credit Fund
- Pengana Global Private Credit Trust
- TermPlus
- Press Release
Finalist Across 6 Categories – Australian Wealth Management Awards
We are honoured to have won in one category and to be recognised as a finalist in six others at...
Pengana Global Private Credit Trust (ASX: PCX) Webinar
Webinar Sections: In this conversational-style webinar, Adam Myers (Head of Distribution at Pengana) is joined by Nehemiah Richardson (CEO of...
- Pengana International Equities Limited
- Pengana Diversified Private Credit Fund
- Pengana Global Private Credit Trust
- TermPlus
- Insights
Global private credit to move from ‘niche’ to necessity as demographic shifts favour steady income
Global private credit can move from a ‘niche’ asset class to a necessity for Australian investors, as demand for reliable...
1 .The target cash distribution yield is an objective target only and may not be achieved. Any shortfall in net income generated may result in a distribution payment made out of capital invested. Future returns are not guaranteed and a loss of principal may occur. Investors should review the Risks summary set out in Section 8 of the PDS. The first distribution is expected to be paid with reference to the period ending on 31 July 2024, with July 2024 being the first full month following the Settlement Date. Past performance is not necessarily a guide to future performance.
2. There are no guarantees that an active trading market with sufficient liquidity will develop or that such a secondary market will sustain a price representative of the NAV per unit. In circumstances where units are suspended from the ASX, unitholders may not be able to sell their units via the ASX until trading recommenced.
3. The Responsible Entity intends to make an offer to buy-back 5% of the issued capital of PCX at the Buy-Back Price each calendar quarter on an off-market basis, subject to the Responsible Entity determining such is in the best interest of unitholders. The Buy-Back Price is equal to the sum of (i) the NAV per unit as at the Buy-Back Pricing Date; and (ii) the amounts of distributions that the unitholder would have been entitled to if the unit was not cancelled from the Buy-Back Cancellation of Units Date up to the Buy-Back Payment Date. This off-market buy-back mechanism is intended to provide investors with an alternate option to sell their holdings. It is also intended to give investors a better investment outcome over traditional listed investment company (“LIC”) and listed investment trust (“LIT”) structures by reducing the propensity for trading on-market to occur at large discounts to the NAV per unit. The first round of quarterly buy-back post the completion of the IPO will have a Buy-Back Pricing Date of on or around 31 December 2024. Subject to the acceptance of a buy-back timetable which is acceptable to the ASX, a Buy-Back Booklet with details of specific dates for this first buy-back will be made available to unitholders on or around 15 August 2024, with the date required for a unitholder to elect to participate in the buy-back being on or around 20 September 2024. The Responsible Entity intends that each subsequent round of quarterly buy-back after the first round will also have at least one calendar quarter between the date required for a unitholder to elect to participate in the buy-back and its Buy-Back Pricing Date and Buy-Back Payment Date, with specific dates to be made available in future Buy-Back Booklets (subject to the acceptance of the buy-back timetable by the ASX). Please refer to the PDS for an explanation of capitalised defined terms and in particular to section 6.12 for further information in respect of the buy-back proposals and other capital management initiatives.
4. 10 year period from 1 July 2013 to 30 June 2023. Sources: S&P (S&P 500 Total Return Index), Bloomberg (Bloomberg US Corporate Total Return Value Unhedged USD), Burgiss (Burgiss – Private Debt (North America)), and Thomson Reuters Datastream (ICE BofAML US High Yield Master II, S&P Leveraged Loan). No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance.Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
5. USD$ Cumulative Default Rate 1995 – 2021: S&P LCD & CreditPro (1995 to 2021), as at 31 December 2021. USD$ Average Annual Recovery Rate 1995-2022: S&P LCD & CreditPro (1995 to 2022). No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
6. The NAV is unaudited. The NAV is net of distributions paid since inception on 21 June 2024 to the date of this announcement.
7. The ‘Cash’ reference is to the Trust’s direct and indirect investment exposure to cash and other liquid assets and the other labels are references are to the Trust’s investment exposure to Master Classes as explained in the latest PDS available on this website (excluding the investment exposure of the Trust to ‘Cash’ that is held via these Master Classes). The outer circle sub-segments represent individual underlying fund exposures.
Mercer Consulting (Australia) Pty Limited ABN 55 153 168 140 AFSL 411770 (‘MCAPL’). MCAPL is a wholly owned subsidiary of Mercer (Australia) Pty Ltd ABN 32 005 315 917 (‘Mercer Australia’). MCAPL and Mercer Australia collectively referred to here as ‘Mercer’. References to Mercer shall be construed to include Mercer LLC and/or its associated companies. ‘MERCER’ is a registered trademark of Mercer Australia.