Ai Private Opportunities Trust · ASX:AIX
Ai Private Opportunities Trust — Pengana Private Equity Trust — Investor Presentation (June 2025)
32 slides from Ai Private Opportunities Trust's investor presentation, June 2025
Slide 1: Navigating Private Equity
PENGANA PRIVATE EQUITY TRUST (ASX: PE1) NAVIGATING PRIVATE EQUITY Independent Investment Research Recommended+ JUNE 2025
Slide 2: 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 3: Agenda
AGENDA I Market Update II Portfolio Update III Q&A IV Appendix – Notes & Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 4
Slide 4: Pre-Tariff 2025 Regime Change
PRE-TARIFF 2025 REGIME CHANGE There had been a significant shift in the dominant market narratives and managers were cutting risk and repositioning books even prior to the April announcement of tariff rates. BEDROCK ASSUMPTIONS ENTERING 2025 WHERE WE ARE NOW Fiscal stimulus and spending in the U.S.
Slide 5: Highest Tariffs in a Century
HIGHEST TARIFFS IN A CENTURY In April, the Trump administration announced the highest U.S. tariffs in the past century. This announcement and subsequent tariff negotiations have had a pronounced ongoing effect on global markets. U.S. Effective Tariff Rate 1900-2025 Post Liberation Day: 28.0% 30 Effe
Slide 6: 2025 Market Timeline
2025 MARKET TIMELINE S&P 500 Year to Date Total Return 10% S&P 500 YTD Peak Liberation Day 90 Day Tariff Pause February 19th April 2nd April 9th 5% Current Level 2% May 15th 1% 0% -3% -3% -7% -10% -15% U.S. Presidential Inauguration S&P 500 YTD Trough U.S. / China Tariff Pause January 20th April 8th
Slide 7: Year to Date Market Performance
YEAR TO DATE MARKET PERFORMANCE Equity markets have recovered from a significant intra-year drawdown driven by tariff concerns. Safe haven assets such as gold and non-U.S. equities have outperformed thus far. YTD ROR 23% PTT Drawdown YTD 18% 13% 10% 10% 3% 4% 1% 2% 2% -1% -1% 0% -2% -6% -4% -4% -8%
Slide 8: Uncertain, Volatile Times
UNCERTAIN, VOLATILE TIMES Global economic uncertainty and market volatility are at historically elevated levels. BLOOMBERG GDP WEIGHTED GLOBAL VIX INDEX ECONOMIC POLICY UNCERTAINTY INDEX 100 600 Current: 543 (record high) 75 450 April Peak: 52 50 300 150 25 Current Level (5/15/2025): 19 0 0 Data sou
Slide 9: Markets Do Not Appear Cheap
MARKETS DO NOT APPEAR CHEAP Despite volatility in benchmark indices YTD, markets appear expensive on a valuation basis relative to history. S&P 500 P/E RATIO HY SPREADS 30 10% 25 8% 20 6% 15 4% 10 2% 2015 2017 2019 2021 2023 2025 2015 2017 2019 2021 2023 2025 SPX PE Ratio Current (23x) LT Average (1
Slide 10: Private Equity Buyout Valuations Are Below Public Markets
PRIVATE EQUITY BUYOUT VALUATIONS ARE BELOW PUBLIC MARKETS Median global buyout EV/EBITDA multiples vs. the S&P 500 and Russell 2000(1) MMBO valuations are 37% 25.0x 24.3x lower than Russell 2000 valuations and 33% lower than S&P 500 valuations 20.0x 18.2x 17.5x 17.3x 17.0x 16.6x 16.2x 16.2x 16.1x 15
Slide 11: Middle Market Private Equity Remains Attractive
MIDDLE MARKET PRIVATE EQUITY REMAINS ATTRACTIVE 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 in times of uncertainty
Slide 12: Small and Mid-Market Outperformance
SMALL AND MID-MARKET OUTPERFORMANCE Historically, small and mid-market buyout deals have often outperformed their larger counterparts GCM Active Core Primary Buyout1, 2 Buyout Company Size and Realized DPI3 Small & mid-market funds investing in small & mid-cap companies have historically outperforme
Slide 13: Agenda
AGENDA I Market Update II Portfolio Update III Q&A IV Appendix – Notes & Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 14
Slide 14: Portfolio Allocation
PORTFOLIO ALLOCATION Providing diversification across underlying investment managers, vintages, geographies, sectors, and strategies Exposure to over 600 companies Investments diversified across: › All sectors Implementation › Vintages1 (2003 to present) Method2 › Regions (U.S., Europe, Asia, and ot
Slide 15: Portfolio Diversification
PORTFOLIO DIVERSIFICATION Providing investors with broadly diversified exposure to over 600 companies; this broad diversification within the portfolio is helping to generate net returns to PE1 of 16% and 1.6x through 30 April 2025. Sub-Asset Geography Industry Class Buyout 61% North America 77% Indu
Slide 16: Capital Activity
CAPITAL ACTIVITY As the PE1 portfolio has begun to mature, distributions have been steadily picking up and they are currently estimated to increase over the next 18 months $200.0 Distributed Contributed $150.0 $141.9 $100.0 $79.8 $47.3 $ in millions $50.0 $35.8 $24.9 $17.6 $0.2 $1.7 $0.0 ($50.0) ($4
Slide 17: Recent Portfolio Developments
RECENT PORTFOLIO DEVELOPMENTS • Equity co-investments and directs drove PE1 performance over the last 12 months, increasing ~12% in total value over the period, and are currently generating a 1.7x aggregate net return to PE1, driven in part by: • Strong performance in our middle market buyout co-inv
Slide 18: Global Tariffs Impact Assessment
GLOBAL TARIFFS IMPACT ASSESSMENT We believe PE1’s portfolio diversification, middle market focus, and sector exposures inherently provides the portfolio with a defensive positioning in the face of potential tariff and trade uncertainties • Our ability to identify both strategies and managers positio
Slide 19: Top Holdings
TOP 10 HOLDINGS No single portfolio company represents more than 5% of aggregate private market investments NAV Portfolio Company LP Value (A$m) % of Total LP Value $36.5 6.4% $18.8 3.3% $15.6 2.7% $15.4 2.7% $15.1 2.7% $13.5 2.4% $12.2 2.2% $11.2 2.0% $9.7 1.7% $8.6 1.5% As of 30 April 2025. Past p
Slide 20: Performance Against Benchmarks
PERFORMANCE AGAINST BENCHMARKS The PE1 portfolio has consistently outperformed relevant public markets and industry benchmarks Investment IRR1 Comparison 42.9% PE1 Underlying Investments 0 42.4% MSCI World (AUD) PME Russell 3000 (AUD) PME Burgiss Pooled Returns 31.6% Burgiss Upper Quartile 25.3% 25.
Slide 21: Current Market Opportunity – Private Equity
CURRENT MARKET OPPORTUNITY – PRIVATE EQUITY Less More Comments Attractive Attractive • We continue to believe that small/middle market managers will benefit from relatively lower valuations, and more disciplined debt levels. They may potentially also have lower exposure to Buyout tariffs. The uncert
Slide 22: NAV Performance
NAV PERFORMANCE 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 1 month 1 year 3 years p.a. Since inception p.a. NAV per unit -1.4% 9.1% 5.4% 9.5% As of 30 April 2025. Past performance is not a reliable indicator of f
Slide 23: Ongoing Buyback Initiative
ONGOING BUYBACK INITIATIVE Allocating available cashflow between PE investments and buy-backs in seeking to maximise unitholder returns When cash flow from investment activities is generated within the Trust that would otherwise be available for new investment activity (i.e., not otherwise committed
Slide 24: For More Information
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, 2000 T: +61 2 8524 99
Slide 25: Disclaimer
DISCLAIMER This presentation is being provided by Grosvenor Capital Management, L.P. and/or GCM Customized Fund Investment Group, L.P. (together with their affiliates, “GCM Grosvenor”). GCM Grosvenor (NASDAQ: GCMG) is a global alternative asset management solutions provider across private equity, in
Slide 26: Disclaimer
DISCLAIMER To the extent GCM Information contains “forward-looking” statements, including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such statements represent GCM Grosvenor's good-faith expectations
Slide 27: Pro Forma Net Performance Calculations
PRO FORMA NET PERFORMANCE CALCULATIONS Infrastructure Notes and Disclosures 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 sing
Slide 28: Target Returns, Forward Looking Estimates, and Risk Parameters
TARGET RETURNS, FORWARD LOOKING ESTIMATES, AND RISK PARAMETERS Notes and Disclosures 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 29: Projected Returns
PROJECTED RETURNS Notes and Disclosures Projected, Model, or Simulated returns (“Projected Returns”): Projected Returns are hypothetical in nature and are shown for illustrative, informational purposes only. It does not reflect the actual returns or risk profile of any GCM fund or strategy pursued b
Slide 30: Burgiss Endnotes
BURGISS ENDNOTES Source: BURGISS. 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 collected from of a sample of
Slide 31: 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 32: GCM Grosvenor
GCM GROSVENOR To the extent GCM Information contains “forward-looking” statements, including within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such statements represent GCM Grosvenor's good-faith expectati
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