Pengana Global Private Credit Trust · ASX:PCX
Pengana Global Private Credit Trust — Investor Presentation (August 2025)
19 slides from Pengana Global Private Credit Trust's investor presentation, Aug 5, 2025
Slide 1: Pengana Global Private Credit Trust
For personal use only PENGANA GLOBAL PRIVATE CREDIT TRUST GLOBAL PRIVATE CREDIT
Slide 2: Disclaimer
DISCLAIMER Pengana Investment Management Limited (ACN 063 081 612, AFSL 219462) (“Pengana”) is the issuer of this document and units in Pengana Global Private Credit Trust (ARSN 673 024 489, ASX: PCX). For personal use only The information provided in this document is of a general nature only and ha
Slide 3: Single point of entry to highly diversified and hedged global private credit portfolio
SINGLE POINT OF ENTRY TO HIGHLY DIVERSIFIED AND HEDGED GLOBAL PRIVATE CREDIT PORTFOLIO For personal use only Manager Geographic Strategy Diversification Diversification Diversification ASX: • Mitigate individual risk • Reduce correlation • Enhance Diversification • US and Europe • Different structur
Slide 4: IPO commitments and outcomes
PENGANA GLOBAL PRIVATE CREDIT TRUST (ASX:PCX) IPO Commitments Outcomes • 23 specialist investment managers For personal use only Resilient, Capital • >3,500 underlying loans Secure Portfolio • Currency hedged • Mercer Research and portfolio construction • Monthly distributions • 1 year cash yield of
Slide 5: Performance
PERFORMANCE PCX NAV PCX DIVIDEND YIELD For personal use only 1 year return 8.4% 1 year yield to Jul-25 8.1% 2.18 9% 2.16 2.14 8% 2.12 7% 2.10 2.08 6% 2.06 2.04 5% 2.02 2.00 4% 1.98 3% NAV Price NAV + Dist Annualised Dividend Yield • Maturity of portfolio provides runway for NAV accumulation • Regula
Slide 6: Global private credit
GLOBAL PRIVATE CREDIT Individually customised non-bank loans to US and European mid-market companies, with seniority and security, that are held to maturity or refinanced For personal use only …and … that are Individually …by non- …to mid- … with managers or held to customised bank market seniority
Slide 7: Structural protections help limit the downside risks
STRUCTURAL PROTECTIONS HELP LIMIT THE DOWNSIDE RISKS For personal use only USD$ Cumulative Default Rate USD$ Average Annual Recovery Rate 84.5% 7.1% 72.5% 60.3% 2.7% 2.1% Private Middle Broadly High Yield Private Middle Broadly High Yield Market Credit Syndicated Bonds Market Credit Syndicated Bonds
Slide 8: Why global private credit in a portfolio
WHY GLOBAL PRIVATE CREDIT IN A PORTFOLIO Return vs. Volatility For personal use only 15.2% 12.8% 8.6% 7.8% 6.5% 6.4% 4.9% 4.9% 2.0% 4.9% S&P 500 US Corporate Investment US Leveraged Loans US High Yield US Private Credit Grade 10Y Annualised Volatility 10Y Annualised Return Returns in USD for the 10-
Slide 9: Global vs Australian private credit
GLOBAL VS AUSTRALIAN PRIVATE CREDIT For personal use only Banks are scaling back lending as regulation Global (US and Europe) Australia decreases their appetite for certain activities 16% Bank Share of US and European Middle Market 10% Corporate Loans1 100% Non-Bank Lenders: 84% 90% 75% 84% Banks Pr
Slide 10: Experienced team with relevant capability
EXPERIENCED TEAM WITH RELEVANT CAPABILITY For personal use only NEHEMIAH ADAM NICK REBECCA SCOTT RICHARDSON RAPEPORT GRIFFITHS JACQUES WILKINSON CHIEF PORTFOLIO CHIEF PRINCIPAL AND HEAD OF HEAD OF PRIVATE EXCECUTIVE MANAGER INVESTMENT WEALTH MANAGEMENT MARKETS OFFICER PENGANA CREDIT OFFICER INVESTME
Slide 11: Private debt capabilities
PRIVATE DEBT CAPABILITIES Experience Access Value Add For personal use only Mercer’s Private Debt team has extensive Mercer’s uses its size and scale to Investment,operational operational and experience in all major markets & segments access a wide range of Private Debt Investment, and opportunities
Slide 12: Built for flexibility and delivery
BUILT FOR FLEXIBILITY AND DELIVERY Coordinated Fund Flows. Seamless Rebalancing. Transparent Outcomes. Master Portfolio Curated by For personal use only Lower Risk / Higher Liquidity Yield Higher Risk / Lower Liquidity Yield Building Blocks INCOME BALANCED TOTAL RETURN • Direct Lending • Multi-strat
Slide 13: Risk mitigation at every level
RISK MITIGATION AT EVERY LEVEL Pointed at the Structural Opportunity • For personal use only Focused on segments in the US and Europe where banks have withdrawn post-GFC Senior Secured Lending to Market Leading Companies in Defensive Industries • Contractual, floating-rate loans with downside protec
Slide 14: Underlying managers, over 3,500 individual loans
23 UNDERLYING MANAGERS, OVER 3,500 INDIVIDUAL LOANS As at 30 June 2025 Cash For personal use only Total Specialty Finance Structured Credit 6% Return 3% 13% 17% Credit Opportunities 14% Fund Balanced 17% Strategy Allocation Other 1% Direct Lending Cash 63% 6% Income 59% Cash Rest of World Equity 6%
Slide 15: Market overview
MARKET OVERVIEW Market remains constructive and attractive for quality managers • Volume growth overall remains constrained For personal use only • Core mid-market remains attractive for long standing, scaled participants. They continue to deliver solid origination Direct volumes, steady spreads and
Slide 16: Why global private credit?
WHY GLOBAL PRIVATE CREDIT? Portfolio enhancement through the investment cycle For personal use only Resilience when Income Effective it matters Stability Diversification ✓ Performs when ✓ Reliable spread ✓ Lower others don’t through cycles correlation Not just an allocation – a strategic tool to res
Slide 17: Summary
SUMMARY 8.41% total return in first year, with >7.0% cash yield and NAV growth For personal use only Diversified Portfolio: 23 Managers, 3,500+ loans across US & Europe Floating rate, senior secured exposure with low volatility Quarterly buybacks supporting price stability near NAV Institutional-gra
Slide 18: For more information
For personal use only PENGANA GLOBAL PRIVATE CREDIT FOR MORE INFORMATION PENGANA.COM CLIENT SERVICE PENGANA INVESTMENT MANAGEMENT LIMITED T: +61 2 8524 9900 ACN 063 081 612 E: clientservice@pengana.com AFSL 219 462 Suite 1, Level 27, Governor Phillip Tower, 1 Farrer Place, Sydney, NSW, 2000
Slide 19: Global versus Australian comparison
GLOBAL VERSUS AUSTRALIAN COMPARISON US and European private credit markets are larger, more diverse and more mature than the Australian private credit market Australia Global (US and Europe) For personal use only • $40 bln1 corporate lending (2.5% share of total business • US: US$1,032 bln3 Market S
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