Listed investment trust, Pengana Global Private Credit Trust (ASX: PCX), which provides investors access to a highly diversified portfolio of global private credit securities, has announced it will offer $82 million via an entitlement offer and a shortfall offer to its investors, at a subscription price of $2.00 per unit.
PCX, which has a net asset value (NAV) of approximately $165.44 million, listed in June 2024, and has paid monthly distributions equalling an annualised distribution of 8.0 per cent since launch. Distributions are delivered from a diversified global private credit portfolio of 24 underlying global private credit funds, with exposure to over 3,500 individual loans.
The PCX entitlement offer will allow existing PCX investors to subscribe for one new unit for every two units held on the record date of 10 October 2025. The entitlement offer opens on 15 October 2025 and closes on 29 October 2025.
Any units not taken up by existing investors will then be made available under a shortfall offer, which also opens on 15 October 2025 and closes on 30 October 2025.
The most recent NAV per unit, on 31 August 2025, was $2.02. If the 30 September 2025 NAV is above $2.00, PCX will increase the distribution announced on 29 October, targeting an ex-distribution NAV of approximately $2.00 in seeking to avoid existing unitholders being diluted.
Nehemiah Richardson, CEO at Pengana Credit, said PCX offers investors a liquid, cost-efficient, and diversified way to access highly sought after global private credit markets.
“There is a large demand for global private credit’s historically stable and consistent income, and there is plenty of capacity for PCX to grow given the size of the global market,” Richardson said.
“Global private credit plays a large role in the US and European economies, with the majority of all mid-market corporate lending now provided via private lenders.
“This has created an opportunity to target investments in defensive industries, via senior secured loans to quality companies, thereby providing another source of income for Australian investors.”
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Richardson said there are still few purely global private credit approaches for non-institutional investors in the Australian market. “PCX has no exposure to Australian private credit, and therefore has a low correlation with local fixed income, property and other asset classes.”
PCX broke new ground when it first listed, through the introduction of an innovative quarterly off-market buyback offer making quarterly redemptions at NAV available to investors. This was designed to put a floor under the share price, giving greater price certainty to investors, and has since been copied by other LITs in the market.
“So far the quarterly off-market buyback offer has been a huge success, and delivered the price certainty that we hoped.”
Since listing PCX has been trading at a premium to NAV as retains healthy demand from Australian advisers and high net worth investors seeking to diversify reliable sources of income.
PCX targets stable monthly distributions and has a target cash distribution yield of no less than 7% per annum. It also aims to return NAV accumulation to investors periodically through increased distributions.
