Pengana Global Private Credit Trust · ASX:PCX
Pengana Global Private Credit Trust — Investor Presentation (October 2025)
22 slides from Pengana Global Private Credit Trust's investor presentation, Oct 13, 2025
Slide 1: Pengana Global Private Credit Trust
For personal use only PENGANA GLOBAL PRIVATE CREDIT TRUST Joint Lead Arrangers and Joint Lead Managers Joint Lead Managers Taylor Collison Limited (ACN 008 172 450) Shaw and Partners Limited (ACN 003 221 583) Morgans Financial Limited (ACN 010 699 726) MST Financial Services Pty Ltd (ACN 617 475 180
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: Entitlement Offer and Shortfall Offer: Offer Highlights
ENTITLEMENT OFFER AND SHORTFALL OFFER Offer Highlights • Subscription Price: $2.00 per New Unit For personal use only • Entitlement Offer: a pro-rata non-renounceable entitlement offer under which existing Eligible Unitholders are invited to apply for 1 New Unit for every 2 existing Units held on th
Slide 4: Entitlement Offer and Shortfall Offer: Important Dates
ENTITLEMENT OFFER AND SHORTFALL OFFER Important Dates Announcement of Offer; Lodgement of the PDS with ASIC 1 October 2025 For personal use only Units trade on an ex-Entitlement basis 9 October 2025 Record Date for Entitlement Offer (7:00pm Sydney time) 10 October 2025 Dispatch of PDS and Applicatio
Slide 5: A Ready-Made Portfolio Solution
ASX:PCX A Ready-Made Portfolio Solution For personal use only ✓ Managers Highly Diversified ✓ Geographies Mitigating risk, providing all weather ✓ Sectors exposure to structural opportunities ✓ Strategies Risk Managed ✓ Actively managed Designed for stability and ✓ Currency hedged resilience across
Slide 6: Pengana Global Private Credit Trust Objectives
PENGANA GLOBAL PRIVATE CREDIT TRUST (ASX:PCX) Objectives • >3,500 individual loans across 24 underlying funds Resilient, Capital For personal use only • Currency hedged Secure Portfolio • Mercer selection and portfolio construction Stable and • Monthly distributions Growing Income • Annualised distr
Slide 7: Performance
PERFORMANCE PCX NAV + DISTRIBUTIONS PCX DISTRIBUTIONS 1 year total fund return (net) based on the NAV Annualised distribution yield to Aug-25: 7.98%1, 2 For personal use only price plus distributions to Aug-25: 9.4%1 2.22 3.5 2.20 2.18 3.0 2.16 2.14 2.5 2.12 2.0 2.10 2.08 1.5 2.06 2.04 1.0 2.02 2.00
Slide 8: Australian Investment Landscape
AUSTRALIAN INVESTMENT LANDSCAPE The investing landscape is increasingly challenged For personal use only Ageing Income Sources are Management of Demographic Concentrated and Risk and Volatility Correlated ✓ Increased longevity ✓ Asset class diversification ✓ Persistent volatility creates a need for
Slide 9: Why Global Private Credit?
WHY GLOBAL PRIVATE CREDIT? Portfolio enhancement through the investment cycle For personal use only Income Effective Resilience When Stability Diversification It Matters Consistent income from ✓ Lower correlation to the private credit yield ✓ Structural protections increase traditional fixed income
Slide 10: 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 …to …and … that are Individually …by non- … with primarily managers or held to customised bank seniority an
Slide 11: Structural Protections Help Limit the Downside Risks
STRUCTURAL PROTECTIONS HELP LIMIT THE DOWNSIDE RISKS USD Cumulative Annual Default Rate1 USD Average Annual Recovery Rate2 For personal use only 7.1% 84.5% 72.5% 60.3% 2.7% 2.1% Private Middle Broadly High Yield Private Middle Broadly High Yield Market Credit Syndicated Bonds Market Credit Syndicate
Slide 12: Why Global Private Credit in a Portfolio
WHY GLOBAL PRIVATE CREDIT IN A PORTFOLIO 15.8% 10Y Annualised Volatility For personal use only 10Y Annualised Return • Structural tailwinds: bank retrenchment, borrower demand 11.9% • Floating rate income: natural hedge in rising rate environments 8.6% • Superior risk/return characteristics: 7.8% pr
Slide 13: A Diversifying Alternative for Defensive Income
GLOBAL PRIVATE CREDIT – US & EUROPE A Diversifying Alternative for Defensive Income Scale & Growth Diversification & Breadth For personal use only • Significant growth, more than tripling in the past • Wide range of strategies across the capital structure, decade, driven by institutional demand coll
Slide 14: 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 HEAD OF WEALTH HEAD OF PRIVATE EXECUTIVE MANAGER INVESTMENT MANAGEMENT MARKETS OFFICER OFFICER INVESTMENT (APAC) SOLUTIUONS >30 yrs.
Slide 15: Private Debt Capabilities
PRIVATE DEBT CAPABILITIES Experience Access Value Add For personal use only Mercer’s Private Credit Team has Mercer’s uses its size and scale to Investment,operational operational and extensive experience in all major markets access a wide range of Private Debt Investment, and & segments opportuniti
Slide 16: Our Approach: Constructing Multi-Manager Portfolios
OUR APPROACH Constructing multi-manager portfolios For personal use only Construct Diverse and Mercer Approved Flexibility to Manage Resilient Portfolios Managers Through Cycles • Contractual Yield – target • Manager Selection – • Dynamic Allocation – durable yield and a proven managers with select
Slide 17: 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 / Accumulation Building Blocks INCOME BALANCED TOTAL RETURN • Direct Lending •
Slide 18: Aiming for Risk Mitigation at Every Level
AIMING FOR RISK MITIGATION AT EVERY LEVEL Pointed at the Structural Opportunity • Focused on segments in the US and Europe where banks have withdrawn post-GFC For personal use only Senior Secured Lending to Market Leading Companies in Defensive Industries • Contractual, floating-rate loans with down
Slide 19: Over 3,500 Individual Loans Across Underlying Funds
OVER 3,500 INDIVIDUAL LOANS ACROSS 24 UNDERLYING FUNDS As at 31 August 2025 For personal use only Cash Cash 6% Total Return Other 6% 18% 1% Credit Opportunities 15% Fund Balanced 15% Allocation Structured Strategy Credit 11% Direct Equity Cash Cash Rest of World Lending 7% 6% Income 6% 1% Specialty
Slide 20: Key Risks of PCX
KEY RISKS OF PCX For personal use only • All investments are subject to risk which means the value of investments may rise or fall, which means that you may receive back less than your original investment or you may not receive income over a given time frame. • The key risks associated with investin
Slide 21: Pengana Global Private Credit Trust Terms
PENGANA GLOBAL PRIVATE CREDIT TRUST (ASX:PCX) TERMS Responsible Entity Pengana Investment Management Limited For personal use only Manager Pengana Capital Limited Investment Manager Pengana Credit Pty Ltd Investment Consultant Mercer Consulting (Australia) Pty Ltd Generate strong risk adjusted retur
Slide 22: 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
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