Pengana Private Equity Trust · ASX:PE1
Pengana Private Equity Trust — Investor Presentation (May 2026)
51 slides from Pengana Private Equity Trust's investor presentation, May 21, 2026
Slide 1: Pengana Private Equity Trust (ASX: PE1) Investor Presentation
For personal use only PENGANA PRIVATE EQUITY TRUST (ASX: PE1) INVESTOR PRESENTATION Independent Investment Research Recommended+ MAY 2026
Slide 2: Table of Contents
For personal use only TABLE OF CONTENTS I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 2
Slide 3: Pengana Private Equity Trust
PENGANA PRIVATE EQUITY TRUST One ASX trade Market cycle independence For personal use only A single point of entry to a globally diversified and Historical performance of private equity has been resilient customised portfolio of private equity funds and direct across various market environments.¹ pr
Slide 4: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 4
Slide 5: GCM Grosvenor Overview
GCM GROSVENOR OVERVIEW OPEN ARCHITECTURE $91B 825+ 184 Global Investment Investment Manager Investment For personal use only • 10,500+ managers tracked with 825+ active relationships Platform Relationships Professionals • Investment & operational due diligence, legal, and Chicago New York Toront
Slide 6: GCM Grosvenor's Competitive Advantages
GCM GROSVENOR’S COMPETITIVE ADVANTAGES GLOBAL PLATFORM AND A LEADING CUSTOMISED SOLUTION PROVIDER • A market leader in customised solutions with more than 25 years of private equity investment experience creating 120 customised programs since 1999 For personal use only STRONG PRIVATE EQUITY CAPABILI
Slide 7: Our Middle Market Focus
OUR MIDDLE MARKET FOCUS We are one of the most experienced and influential investors in the middle-market buyout (“MMBO”)1 space For personal use only MMBO PRIMARY FUNDS MMBO CO-INVESTMENTS DEEP EXPERTISE 1999 $14B+ 200+ 2003 $4B+ 180+ first investment committed managers first investment committed i
Slide 8: Sourcing Driven by Scale and Depth of Platform
SOURCING DRIVEN BY SCALE AND DEPTH OF PLATFORM Unparalleled access and ability to invest in the middle market alongside proven operators with deep sector expertise and demonstrated track records of operational value creation For personal use only ESTABLISHED MANAGERS 59% Of buyout fund commitments t
Slide 9: Backing Managers Early Drives Access
BACKING MANAGERS EARLY DRIVES ACCESS Our platform provides investors with direct access to top-tier middle-market managers, relationships built over decades through early backing and first-call co-investment partnerships. For personal use only EARLY-STAGE MANAGER IDENTIFICATION Identify experienced
Slide 10: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 10
Slide 11: Private Equity in the Current Environment
PRIVATE EQUITY IN THE CURRENT ENVIRONMENT CURRENT MACRO IMPACT ON PRIVATE AREAS For personal use only BACKDROP EQUITY OF OPPORTUNITY • Elevated policy, trade, and • Shifting mix of active LPs in PE • Sectors with resilient demand geopolitical uncertainty drivers and/or secular tailwinds • Deal value
Slide 12: PE Market Activity Rebounded
PE MARKET ACTIVITY REBOUNDED Aided by lower borrowing costs and greater market clarity, deal activity increased significantly in the second half of 2025 2025 U.S. DEAL VALUE EXCEEDED $1 TRILLION FOR ONLY THE SECOND TIME IN PE HISTORY For personal use only U.S. PE Deal Activity Deal Value ($B) Deal C
Slide 13: Credit Market Remains Active
CREDIT MARKET REMAINS ACTIVE Strong lender competition continued, driving credit spreads lower and supporting significant repricing activity SHARE OF GLOBAL BUYOUTS OVER $1B, BY FINANCING TYPE U.S. BSL VS DIRECT LENDING MARKET SPREADS (LBOS) For personal use only (1) Direct lending Syndicated loans
Slide 14: Exit Activity Surged in 2025
EXIT ACTIVITY SURGED IN 2025 2025 Exit Value reached its second highest level ever, with median hold times of U.S. PE-backed companies down from their 2023 peak U.S. PE EXIT ACTIVITY For personal use only Exit Value ($B) Exit Count Estimated Exit Count 1,957 1,545 1,360 1,462 1,457 1,395 1,346 1,282
Slide 15: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 15
Slide 16: Trust Overview
TRUST OVERVIEW PE1 seeks to provide investors with a diversified set of exposures to global private equity through a customised mandate managed by Grosvenor Capital Management, L.P. (“GCM Grosvenor”) DESCRIPTION GUIDELINE For personal use only NET ASSET VALUE A$ 454 million1 The Trust seeks to gener
Slide 17: Components of the PE1 Portfolio
COMPONENTS OF THE PE1 PORTFOLIO PE1 illustrative allocations by implementation method For personal use only STRATEGY POTENTIAL KEY ATTRIBUTES Cash • Lower fees and efficient exposure TS & DIRECTS INVESTMEN EQUITY CO- Credit Co-Investments • Intermediate term liquidity & Direct Investments • J-curve
Slide 18: Portfolio Allocation
PORTFOLIO ALLOCATION Providing diversification across underlying investment managers, vintages, geographies, sectors, and strategies EXPOSURE TO OVER 550 COMPANIES For personal use only Investments diversified across: • All sectors • Vintages1 (2003 to present) • Regions (U.S., Europe, Asia, and Oth
Slide 19: Portfolio Diversification
PORTFOLIO DIVERSIFICATION Providing investors with broadly diversified exposure to over 550 companies For personal use only Sub-Asset Class Geography Industry Buyout 53% North America 77% Industrials 28% Growth Equity 26% Europe 16% Financials 17% Special Situations (Including Credit) 13% Asia/Ocean
Slide 20: Recent Portfolio Developments
RECENT PORTFOLIO DEVELOPMENTS • Equity co-investments and directs, which make up over 70% of the private market investment portfolio, drove PE1 investment performance over the last 12 months, contributing 10.4% over the period (4.8% when factoring in FX); these investments are collectively currently
Slide 21: PE1 Portfolio Operating Performance
PE1 PORTFOLIO OPERATING PERFORMANCE PE1’s companies have experienced meaningful annualised growth since entry across several metrics AVERAGE ANNUALISED GROWTH – ALL PE1 STRATEGIES For personal use only EBITDA REVENUE TEV SECTOR1 EBITDA REVENUE TEV PE 1 18.1% 21.9% 25.2% CONSUMER DISCRETIONARY 7.2% 1
Slide 22: Capital Activity
CAPITAL ACTIVITY As the PE1 portfolio has begun to mature, distributions have steadily increased, and they are currently estimated to increase meaningfully over the next 18 months $200.0 $179.0 For personal use only Distributed Contributed $150.0 $108.8 $96.2 $100.0 $47.3 $50.0 $35.8 $ in millions $
Slide 23: Recent Liquidity Events
RECENT LIQUIDITY EVENTS Some of PE1’s largest holdings generated significant liquidity in 2025 & early 2026, and we currently expect further realizations from these investments, as well as a number of other large, well performing assets, in 2026. For personal use only LARGEST LIQUIDITY EVENTS DISTRI
Slide 24: Top Holdings
TOP 10 HOLDINGS As a result of PE1’s broadly diversified portfolio, only one investment (SpaceX) represents more than 3.41% of aggregate private market investments NAV. $ amts in AUD Millions For personal use only PORTFOLIO COMPANY NAME SUM OF LP VALUE (AUD) % OF TOTAL LP VALUE (AUD) SpaceX . $72.5
Slide 25: Performance Against Benchmarks
PERFORMANCE AGAINST BENCHMARKS The PE1 portfolio has outperformed relevant public markets and industry benchmarks over most time periods since inception. Investment IRR Comparison For personal use only 34.0% PE1 Underlying Investments 0 30.6% MSCI World (AUD) PME Russell 3000 (AUD) PME Burgiss Poole
Slide 26: NAV Performance
NAV PERFORMANCE Cumulative NAV per unit return since inception (as at 31 March 2026) 90% For personal use only 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 TRAILING PERIOD NET RETURNS TO 31 MARCH 2026
Slide 27: Premium/Discount History
PREMIUM/DISCOUNT HISTORY 50% For personal use only 40% 30% Trading at a 20% Premium 10% 0% Trading at NAV -10% -20% Trading at a Discount -30% -40% 0 Source: Pengana Investment Management Limited. As of 30 April 2026. “Premium/Discount” means the latest NAV per unit available on a certain date relat
Slide 28: Current Private Equity Areas of Opportunity
CURRENT PRIVATE EQUITY AREAS OF OPPORTUNITY For personal use only Thematic focus on sectors that have lower Public to private transactions for high quality correlation and resilient demand drivers e.g. assets at potentially attractive valuations seeking essential services and digitalisation to capit
Slide 29: Middle Market Private Equity Remains Attractive
MIDDLE MARKET PRIVATE EQUITY REMAINS ATTRACTIVE For personal use only LARGE MULTIPLE LOWER BREADTH OF POTENTIALLY INVESTABLE VALUE PURCHASE EXIT HIGHER UNIVERSE CREATION MULTIPLES AND OPPORTUNITIES HISTORICAL STRATEGIES LEVERAGE RETURNS • Founders / family owners look for partners and/or liquidity i
Slide 30: Relative Performance Over Time
RELATIVE PERFORMANCE OVER TIME Middle-market private equity funds have historically outperformed large-cap funds Large BO MMBO For personal use only 12.9% Median • Middle-market funds have 5-Year IRR 13.7% outperformed large-cap across 20.6% time horizons Upper Quartile 26.2% • Outsized returns driv
Slide 31: Valuation and Ownership Trends
VALUATION AND OWNERSHIP TRENDS Middle market is characterised by a large founder-owned opportunity set and lower transaction multiples U.S. MIDDLE-MARKET PRIVATE EQUITY DEAL COUNT BY BACKING TYPE(1) NORTH AMERICA AND EUROPE M&A VALUATION MULTIPLES (EV / EBITDA)(3) For personal use only Other (2) Pub
Slide 32: Private Equity Exit Activity
PRIVATE EQUITY EXIT ACTIVITY Middle-market exits are predominantly driven by sales to strategics and financial sponsors, with less reliance on equity capital markets For personal use only U.S. PE BUYOUT EXIT ACTIVITY(1) IPO SHARE OF PE BUYOUT EXITS(1) PE BUYOUT FUNDS DPI PERFORMANCE(2) Average exit
Slide 33: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 33
Slide 34: Investment Case Study: SpaceX
INVESTMENT CASE STUDY OPPORTUNISTIC SPACEX SPACEX IMPLEMENTATION INVESTMENT INITIATION STATUS Co-Investment Private Equity 2020/2021 Unrealised For personal use only OVERVIEW APPROACH Investment In 2020, GCM Grosvenor partnered with D1 Capital to invest in SpaceX. In 2021, GCM Grosvenor further stre
Slide 35: Investment Case Study: Kroll Bond Rating Agency
INVESTMENT CASE STUDY MULTI-ASSET CLASS KROLL BOND RATING AGENCY IMPLEMENTATION INVESTMENT INITIATION STATUS Co-Investment Preferred Equity 2021 Unrealised For personal use only OVERVIEW APPROACH This co-investment was proprietarily sourced through GCM Grosvenor’s relationship with Parthenon, a priv
Slide 36: Case Study: Osaic (f/k/a Advisor Group)
CASE STUDY PRIVATE EQUITY OSAIC (F/K/A ADVISOR GROUP) Co-investment A leading independent broker dealer platform that provides financial advisors with technology platform and securities processing, custody and clearing, regulatory and compliance, reporting, and insurance solutions For personal use o
Slide 37: Case Study: TeachTown
CASE STUDY PRIVATE EQUITY TEACHTOWN Co-investment Provider of Comprehensive Special Education (“SPED”) Curriculum solutions For personal use only INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS / GCM GROSVENOR VALUE ADD Investment Date Sponsor • Leading special-education market player with differentiated,
Slide 38: Case Study: Project Navigate
CASE STUDY PRIVATE EQUITY PROJECT NAVIGATE Co-investment PURCHASE OF INTERESTS IN GOLDEN GATE CAPITAL OPPORTUNITY FUND AND A STAPLE COMMITMENT TO LATEST FLAGSHIP FUND For personal use only INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS Closing Date GSF III Exposure (NPP + Unf)1 • Attractive purchase disco
Slide 39: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 39
Slide 40: Disclaimer
DISCLAIMER This presentation is issued by Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Pengana” or “Responsible Entity”) as responsible entity of the Pengana Private Equity Trust (ARSN 630 923 643) (“Trust”) in relation to a pro rata non-renounceable entitlement offer o
Slide 41: Burgiss Endnotes
BURGISS ENDNOTES Source: BURGISS. For personal use only Certain information, including benchmarks, is obtained from The Burgiss Group (“Burgiss”), an independent subscription-based data provider, which calculates and publishes quarterly performance information from cash flows and valuations collecte
Slide 42: Summary of Endnotes
SUMMARY OF ENDNOTES GCM Grosvenor L.P. is an investment adviser that is exempt from the requirement to hold an Australian financial services license in respect of any financial services it may provide to you. Rather, it is registered with and regulated by the United States Securities and Exchange Co
Slide 43: Pro Forma Net Performance Calculations
PRO FORMA NET PERFORMANCE CALCULATIONS Pro Forma Net Performance Calculations. In order to create this track record, GCM Grosvenor has aggregated all underlying investments for each type into a single track record. The investments did not trade together in a single portfolio. For personal use only I
Slide 44: Target Returns, Forward Looking Estimates, and Risk Parameters
TARGET RETURNS, FORWARD LOOKING ESTIMATES, AND RISK PARAMETERS For personal use only Target Returns, Forward Looking Estimates, and Risk Parameters: Target returns, forward looking estimates, and risk parameters are shown to illustrate the current risk/return profile of how the fund or investment is
Slide 45: Case Studies / Trade Examples
CASE STUDIES / TRADE EXAMPLES In reviewing the case studies / trade examples (“Examples”) provided in this presentation, you should consider the following: For personal use only This presentation does not purport to make any recommendations regarding, or to serve as a basis or analysis on which pers
Slide 46: GCM Grosvenor
GCM GROSVENOR This presentation is being provided by GCM grosvenor, L.P. (Together with its affiliates, “GCM grosvenor”). GCM grosvenor (NASDAQ: GCMG) is a global alternative asset management solutions provider across private equity, infrastructure, real estate, credit, and absolute return investmen
Slide 47: GCM Grosvenor
GCM GROSVENOR GCM Grosvenor Inc. (NASDAQ: GCMG) (together with its affiliates, including Grosvenor Capital Management, L.P. and GCM Customised Fund Investment Group, L.P., “GCM Grosvenor”) is a global alternative asset management solutions provider across private equity, infrastructure, real estate,
Slide 48: GCM Grosvenor
GCM GROSVENOR By your acceptance of GCM Information, you understand, acknowledge, and agree that: (a) GCM Information is proprietary, and you may not copy, transmit or distribute GCM Information, or any data or other information contained therein, or authorise such actions by others, without GCM Gro
Slide 49: Disclaimer
DISCLAIMER This presentation is issued by Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Pengana” or “Responsible Entity”) as responsible entity of the Pengana Private Equity Trust (ARSN 630 923 643) (“Trust”) in relation to a pro rata non-renounceable entitlement offer o
Slide 50: Disclaimer
DISCLAIMER Independent Investment Research. This publication has been prepared by Independent Investment Research (Aust) Pty Limited trading as Independent Investment Research (“IIR”) (ABN 11 152 172 079), an corporate authorised representative of Australian Financial Services Licensee (AFSL no. 410
Slide 51: Pengana Private Equity Trust (ASX: PE1) - For More Information
For personal use only PENGANA PRIVATE EQUITY TRUST (ASX: PE1) FOR MORE PENGANA INVESTMENT MANAGEMENT LIMITED CLIENT SERVICE T: +61 2 8524 9900 INFORMATION ABN 69 063 081 612 E: clientservice@pengana.com pengana.com/pe1 AFSL 219462 Suite 1, Level 27 Governor Phillip Tower, 1 Farrer Place Sydney, NSW,
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