Pengana Private Equity Trust · ASX:PE1
Pengana Private Equity Trust — Investor Presentation (July 2022)
19 slides from Pengana Private Equity Trust's investor presentation, Jul 28, 2022
Slide 1: Market Implications & Opportunities
For personal use only PENGANA PRIVATE EQUITY TRUST (ASX: PE1) CONFIDENTIAL – NOT FOR REDISTRIBUTION MARKET IMPLICATIONS & OPPORTUNITIES Independent Investment Research Recommended+ The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in con
Slide 2: 1H 2022 – How Bad Was It? Worse Than 2008.
1H 2022 – HOW BAD WAS IT? WORSE THAN 2008. Unexpectedly high inflation and rapidly rising interest rates caused widespread asset repricing, driving a bear market in equities and substantial mark to market losses across interest rate sensitive assets. This is the worst start to a year for balanced Fo
Slide 3: 1H 2022 Market Detail
1H 2022 MARKET DETAIL The first half of 2022 has seen material declines across most risk assets amid high inflation, rising interest rates alongside growing geopolitical and economic uncertainty. For personal use only Equity Sector Returns Regional Equity Returns Credit Returns Emerging Markets -18%
Slide 4: Frothy Valuations Have Returned to Earth
FROTHY VALUATIONS HAVE RETURNED TO EARTH While public market valuations have come down from lofty heights, growth businesses have seen a much sharper decline given For personal use only where they peaked.1 Russell 2000 Growth Periodic EV to S&P 500 Periodic EV to Trailing 12M EBITDA Trailing 12M EBI
Slide 5: Private Equity Has Not Been Impacted as Greatly
PRIVATE EQUITY HAS NOT BEEN IMPACTED AS GREATLY For personal use only While the impact on PE returns has been fairly muted, given the significant public market declines in 1H 2022, we expect the value of unrealized PE investments to be impacted in the coming quarters, particularly if the downturn is
Slide 6: Though IPO Activity Has Slowed Considerably – Particularly for VC
THOUGH IPO ACTIVITY HAS SLOWED CONSIDERABLY – PARTICULARLY FOR VC For personal use only 1H 2022 – Private Equity Global Initial Public Offering Activity - Buyout Proceeds (bars, $ billions) 1H22 Trends $57 ▪ Global Buyout IPO proceeds › $29bn total $29 49% vs. 1H 2021 1H 2021 1H 2022 ▪ Global VC IP
Slide 7: Private Equity Opportunities Exist for the Disciplined Investor
PRIVATE EQUITY OPPORTUNITIES EXIST FOR THE DISCIPLINED INVESTOR For personal use only Select risks include: information risk, management risk, risks related to reliance on third parties, and risks related to the sale of investments. Compelling private market opportunities despite higher public marke
Slide 8: Private Equity in Different Market Environments
PRIVATE EQUITY IN DIFFERENT MARKET ENVIRONMENTS For personal use only Private equity has outperformed public equities in various market environments. Upper Quartile / Median Pooled Private Equity IRR1 21.9% Upper Quartile / Median Public Market (MSCI World TR) Equivalent 2 21.0% Public Market (MSCI
Slide 9: Evolving Opportunity Set in Credit
EVOLVING OPPORTUNITY SET IN CREDIT The opportunity set within the credit markets continues to improve. For personal use only Fixed income and credit spreads Distinct pockets of dislocation Base interest rates rising widening emerging Effective federal funds rate (June 2020 – June 27, Bloomberg U.S.
Slide 10: Portfolio Return
PORTFOLIO RETURN Cumulative NAV per unit return since inception For personal use only (23 April 2019 to 30 June 2022) 60% Trailing period net returns to 30 June 2022 50% 1 Year 29.2% 40% 3 Years (Annualised) 13.1% 30% Since Inception (Annualised) 14.1% 20% 10% 0% -10% Past performance is not a relia
Slide 11: Questions?
For personal use only PENGANA PRIVATE EQUITY TRUST (ASX: PE1) QUESTIONS? Please submit via Q&A function For more information on the Fund: pengana.com/PE1 JULY 2022
Slide 12: Appendix: Notes and Disclosures
For personal use only APPENDIX Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 12
Slide 13: Data Sources
DATA SOURCES Bloomberg Finance L.P. For personal use only Credit Suisse. Preqin. HFR, Inc. www.HFR.com. S&P. S&P and its third-party information providers do not accept liability for the information and the context from which it is drawn. FTSE International Limited ("FTSE") © FTSE 2022. FTSE is a tr
Slide 14: 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 15: GCM Grosvenor
GCM GROSVENOR 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 For personal use only asset management solutions provider
Slide 16: GCM Grosvenor
GCM GROSVENOR By your acceptance of GCM Information, you understand, acknowledge, and agree that: (a) GCM Information is confidential and proprietary, and you may not copy, transmit or distribute GCM Information, or any data or other For personal use only information contained therein, or authorize
Slide 17: Disclaimer
DISCLAIMER For personal use only 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-renounceab
Slide 18: Disclaimer
DISCLAIMER For personal use only 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
Slide 19: 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 Levels 1, 2 & 3, 60 Martin Place, Sydney, NSW 2000 T: +61 2 8524 9900
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