Pengana Global Private Credit Trust (ASX – PCX) has announced an $82 million entitlement and shortfall offer, inviting existing unitholders to subscribe for new units at $2.00 each, aiming to expand its diversified global private credit portfolio.
- Entitlement offer allows 1 new unit per 2 held at $2.00 each
- Target raise of approximately $82 million through entitlement and shortfall offers
- Trust’s NAV per unit stood at $2.02 as of 31 August 2025, above subscription price
- Monthly distributions have progressively increased, targeting an annualised yield near 8%
- Proceeds to be fully deployed within a month post-issue, maintaining portfolio diversification
Expanding Access to Global Private Credit
Pengana Global Private Credit Trust (ASX, PCX) has opened an entitlement and shortfall offer to raise up to approximately $82 million by issuing new units at a subscription price of $2.00 each. Existing unitholders are invited to subscribe for one new unit for every two units they currently hold as of the record date, 7, 00pm Sydney time on 10 October 2025.
The Trust provides investors with exposure to a diversified portfolio of private credit funds focused predominantly on the US and Europe. This strategy aims to complement defensive portfolio allocations by offering access to over 3,500 individual loans across 24 underlying funds, spanning various geographies, sectors, and credit qualities.
Strong Performance and Distribution Strategy
Since its listing in June 2024, PCX has steadily increased its monthly distributions, rising from $0.0116 per unit in July 2024 to $0.0132 per unit in August 2025. Notably, a larger distribution of $0.0332 per unit was paid in July 2025 to return net asset value accumulation to investors. These distributions equate to an annualised yield of approximately 7.98%, slightly above the Trust’s target cash distribution yield of 7%.
As of 31 August 2025, the Trust’s net asset value (NAV) per unit was $2.02, modestly above the $2.00 subscription price for the new units. To protect existing unitholders from dilution, the Trust plans to announce an increased distribution on 29 October 2025, aiming to reset the NAV per unit to around $2.00 by the ex-distribution date of 3 November 2025.
Deployment and Investor Engagement
Regardless of the amount raised, Pengana intends to deploy 100% of the proceeds within the first full month following the issue date, maintaining allocations consistent with the current portfolio. This disciplined approach underscores the Trust’s commitment to preserving diversification and capital resilience through economic cycles.
To provide further clarity on the offer and portfolio positioning, Pengana is hosting a webinar on 13 October 2025 at 12, 30pm Sydney time. Investors unable to attend live can register to receive a recording, ensuring broad access to insights from the Trust’s management team.
Investors are reminded to review the product disclosure statement and consider the risks outlined before participating. While past performance has been encouraging, future returns are not guaranteed, and distributions may be paid from capital if income falls short.
Bottom Line?
Pengana’s capital raise signals confidence in global private credit’s role in resilient income portfolios, but investors should watch distribution adjustments closely.
Questions in the middle?
- Will the Trust fully subscribe to the $82 million offer or will there be a significant shortfall?
- How will the planned increased distribution impact the Trust’s NAV and future yield sustainability?
- What market conditions could influence the deployment strategy of the newly raised capital?