What Pengana Capital does

Pengana Capital Group is an Australian diversified funds management business founded in 2003 and headquartered in Sydney, with a secondary office in Melbourne. It operates as a multi-manager platform offering retail, wholesale, and SMSF investors access to investment strategies spanning Australian equities, global equities (via exclusive sub-advisory partnerships with Axiom Investors and Harding Loevner LP), global small caps (managed by Lizard Investors LLC), private credit, private equity, fixed-term accounts, and thematic AI exposure. The group runs both unlisted managed funds and four ASX-listed investment vehicles — Pengana International Equities Limited (PIA), Global Private Credit Trust (PCX), Private Equity Trust (PE1), and AI Private Opportunities Trust (AIX) — alongside the fee-free TermPlus fixed-term account product.

Underlying the product set is a sourcing and due diligence architecture anchored by Mercer as investment consultant for the global private credit strategies, providing institutional-grade access to 30 underlying funds and 4,500+ individual loans. Several products incorporate a Pengana co-investment mechanism to support capital and income stability, and AUD-hedged share classes are available on offshore strategies. Technology is principally a platform/integration layer rather than proprietary core IP: ASX-listed wrappers deliver daily liquidity for typically illiquid private credit exposures, buy/sell spreads replace entry/exit fees on most unlisted funds, and the platform distributes through all major Australian IDPS/super platforms (Netwealth, Praemium, HUB24, BT Panorama, Macquarie Wrap, Mason Stevens, and others) plus dedicated financial adviser coverage.

Pengana monetises primarily through ongoing management fees ranging from 0.59% p.a. (Global Private Income Fund) to 1.35% p.a. (Axiom International) and performance fees of 10.25%-20.5% above specified benchmarks. Customer segments include Australian wholesale and sophisticated investors, the 663,867 SMSFs holding A$1.06T, ~4.4 million Australians aged 65+, and financial advisers. The firm is led by founder-CEO Russel Pillemer (since 2003, ex-Goldman Sachs Investment Banking), employs 51-100 staff, and holds AFSL 226 566 along with RIAA certification on ethically screened products.

Name

Pengana Capital

Legal name

Pengana Capital Group Limited

Website

https://pengana.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

Pengana Capital Group is an Australian multi-manager funds management business operating ~15 funds and four ASX-listed vehicles (PIA, PCX, PE1, AIX) across listed equities, private credit, private equity, and fixed-term accounts, serving wholesale investors, SMSFs, retirees, and financial advisers.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Managed Account / SMA Multi-Manager Platforms (FSANAGAL)

akta.pro secondary industries

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD), Regional / Country-Focused Multi-Manager Platforms (FSANAGAI), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• Funds management
• Investment management
• Asset management
• Private credit funds
• Listed investment companies

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management Fees: Ongoing management fees charged as a percentage of funds under management. Fees vary by fund: Australian Equities Fund 1.025% p.a., Axiom International Funds 1.35% p.a., Global Private Income Fund 0.59% p.a., Global Private Credit Trust 1.20% p.a.
2. Performance Fees: Performance fees charged when returns exceed specified benchmarks. Australian Equities Fund charges 10.25% (RBA Cash Rate + 6% benchmark), Emerging Companies Fund 20.5%, Global Small Companies Fund 20.5%, PCX 20% above hurdle return.
3. Listed Investment Company Revenue: Pengana International Equities Limited (ASX: PIA) generates revenue through management fees (1.23% p.a.) and 15.38% performance fee on returns exceeding MSCI World Index benchmark.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Pengana Capital Group is an Australian diversified funds management business that operates a multi-manager platform offering listed and unlisted investment funds across Australian equities, international equities, small-cap, private credit, private equity, and specialty/ESG strategies. It partners with specialist external managers (Axiom Investors, Harding Loevner, Lizard Investors) and uses Mercer for institutional-grade private credit sourcing, then distributes through ASX-listed vehicles, adviser networks, and major wealth platforms to wholesale investors, SMSFs, and retail clients.

Product overview

Pengana Capital Group operates as a diversified funds management group offering a comprehensive suite of listed and unlisted investment products across Australian equities, international equities, small caps, private credit, private equity, and specialty strategies. The product range includes 8 listed products (Australian Equities Fund, Axiom International Funds, Harding Loevner International Fund, Pengana International Equities Limited PIA, Global Small Companies Fund, Emerging Companies Fund, Pengana Global Private Credit Trust PCX, AI Private Opportunities Trust AIX, Pengana Private Equity Trust PE1), 4 specialty funds (WHEB Sustainable Impact Fund, High Conviction Equities Fund, High Conviction Property Securities Fund, Alpha Israel Fund), 2 private credit vehicles (Pengana Diversified Private Credit Fund, Pengana Global Private Income Fund), and TermPlus fixed-term accounts. The funds utilize external specialist investment managers including Axiom Investors, Harding Loevner, and Lizard Investors, with Mercer providing institutional expertise for private credit fund sourcing and due diligence.

Differentiator

Problem solved

Functional benefit

Brands

• Pengana Australian Equities Fund: Concentrated core portfolio of principally Australian listed securities focused on capital preservation.
• Pengana Axiom International Fund
• Pengana Harding Loevner International Fund
• Pengana Emerging Companies Fund
• Pengana Global Small Companies Fund
• TermPlus
• Pengana Global Private Credit Trust (ASX: PCX)
• Pengana Global Private Income Fund
• Pengana Private Equity Trust (ASX: PE1)
• AI Private Opportunities Trust (AIX)
• WHEB Sustainable Impact Fund
• Alpha Israel Fund
• Pengana Diversified Private Credit Fund
• High Conviction Equities Fund
• High Conviction Property Securities Fund
• Pengana Credit

Products and services

• Pengana Australian Equities Fund Concentrated core portfolio of principally Australian listed securities seeking to enhance and preserve investor wealth over 5 years via fundamental analysis and stock selection. Aimed at investors seeking Australian equity exposure managed by Pengana.
• Pengana Axiom International Fund Global equity fund investing in dynamically growing companies undergoing positive change, sub-advised by Axiom Investors (US$17bn+ AUM). Available in unhedged and AUD-hedged classes. Aimed at investors seeking international growth equity exposure via a specialist manager.
• Pengana Harding Loevner International Fund International fund investing in high-quality growing companies identified through fundamental research with a long-term global perspective, sub-advised by Harding Loevner LP (US$50bn+ AUM). Offered in Class B and Class E share classes. Aimed at investors seeking quality-growth international equity exposure.
• Pengana International Equities Limited (ASX: PIA) The largest internationally ethically screened listed investment company on the ASX, targeting fully franked dividends paid quarterly and capital growth from a globally diversified portfolio of high-quality businesses. Aimed at investors seeking ethical global equities with franked income and ASX liquidity.
• Pengana Global Small Companies Fund Actively managed portfolio of global small-cap stocks using a value-oriented approach to identify quality businesses that are mispriced or overlooked, sub-advised by Lizard Investors LLC. Aimed at investors seeking value-style global small-cap exposure.
• Pengana Emerging Companies Fund Portfolio of small-cap industrial companies investing via active company visitation programs and qualitative assessment of management quality, launched in 2004. Aimed at investors seeking Australian small-cap exposure.
• Pengana Global Private Credit Trust (ASX: PCX) Listed trust providing access to global private credit markets with exposure to over 4,500 loans through 30 underlying funds sourced and rated by Mercer, targeting no less than 7% p.a. cash distribution yield paid monthly with daily ASX liquidity. Aimed at investors seeking private credit exposure without traditional multi-year lock-ups.
• Pengana Global Private Income Fund Monthly income unlisted fund targeting RBA Rate + 4.0% p.a. through diversified global private credit investments with Pengana co-investment supporting capital and income stability; AUD-hedged. Aimed at income-focused investors.
• Pengana Private Equity Trust (ASX: PE1) Listed trust providing access to the top-performing quartile of global private equity managers via Australia's diversified portfolio of global private market investments. Aimed at investors seeking listed access to private equity managers.
• WHEB Sustainable Impact Fund Concentrated portfolio of ethically screened global companies investing in industries addressing sustainability challenges. Aimed at impact-focused investors.
• High Conviction Equities Fund High conviction equity fund with ESG focus investing in a concentrated portfolio of global equities. Aimed at investors seeking concentrated global equity exposure with ESG screening.
• High Conviction Property Securities Fund High conviction A-REIT fund with ESG focus investing in listed Australian property securities. Aimed at investors seeking concentrated Australian listed property exposure with ESG screening.
• Alpha Israel Fund Israeli equity fund investing in cutting edge technologies. Aimed at wholesale investors seeking exposure to Israeli innovation and technology equities.
• Pengana Diversified Private Credit Fund Wholesale-only fund providing access to a highly diversified and professionally constructed portfolio of global private credit investments. Aimed at wholesale investors seeking direct private credit exposure.
• AI Private Opportunities Trust (ASX: AIX) Listed trust delivering access to private companies developing or enabling the global AI ecosystem. Aimed at investors seeking exposure to private AI infrastructure and applications.
• TermPlus Fixed-Term Accounts High-yield fixed-term investment account offering target rates of 7.35% to 8.50% per annum depending on term length (1, 2, or 5 years), investing in global private credit through over 4,500 individually negotiated contractual loans with monthly income payments. Aimed at SMSFs and retirees seeking stable monthly income.

Quantifiable outcome

• 100% of targeted monthly income payments delivered since inception
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Harding LoevnercoreStrategic or Co-development Partner · 10 May 2021New Jersey-based global equity fund manager managing Pengana Harding Loevner International Fund since June 2021. Founded in 1989 with over US$50 billion in AUM, specializing in quality-growth investment philosophy.
• Axiom InvestorscoreStrategic or Co-development Partner · 5 May 2021Connecticut-based global equity fund manager managing the Pengana Axiom International Fund since June 2021. Axiom has over US$17 billion in assets under management with 20+ year track record in dynamic growth investing.
• MercercoreStrategic or Co-development PartnerMercer serves as investment consultant for Pengana Global Private Credit Trust (PCX) and Global Private Income Fund. Provides institutional expertise in global private credit fund sourcing, manager due diligence, and portfolio construction across 30 underlying funds with over 4,500 individual loans.
• Lizard Investors LLCcoreStrategic or Co-development PartnerUS-based specialist small-cap investment manager managing the Pengana Global Small Companies Fund using a value-oriented approach to identify quality businesses that are mispriced or overlooked.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Perpetual Limited: ASX-listed (PPT) Australian wealth and funds manager offering equities, fixed income, private credit, and multi-asset products across wholesale, retail and institutional channels. Comparable as a much larger incumbent offering an overlapping multi-asset, multi-product range including private credit.
• Insignia Financial (formerly IOOF): ASX-listed (IFL) Australian wealth platform group (including IOOF, MLC, ANZ Wealth) offering investment management, platform, and advice services. Comparable as a vertically integrated platform competitor with overlapping distribution, advice network, and funds management activities.

Direct peers

• Bentham Asset Management: Sydney-based credit specialist manager (part of Insignia Financial) running high yield and private credit strategies distributed via Australian platforms. Comparable as a directly competing Australian private credit and income fund provider with similar SMSF/adviser distribution.
• Magellan Financial Group: ASX-listed Australian funds manager (MFG) running global equities strategies including a high-conviction global fund and an infrastructure strategy, distributed through platforms and advisers. Comparable as an Australian-domiciled, publicly listed active manager with international manager partnerships.
• Clime Investment Management: ASX-listed Australian boutique (ASX:CLW) running Australian and global equities strategies including a small companies fund. Comparable as a publicly listed Australian active manager with overlapping small-cap and quality-growth product offerings.
• Antipodes Partners: Sydney-based, ASX-listed global equities manager (ASX:APL) running a long-short global equity strategy distributed through Australian platforms. Comparable as a specialist Australian boutique manager competing in the global equities category alongside Axiom and Harding Loevner.
• Platinum Asset Management: ASX-listed Australian active manager (PTM) specialising in global and Asian equities via Platinum Investment Management, distributed through platforms. Comparable as a publicly listed Australian boutique-style manager with international equity focus and a multi-strategy fund range.
• Affluence LIC: ASX-listed (AFL) fund of LICs investing across a diversified portfolio of Australian listed investment companies. Comparable as a multi-manager-style ASX-listed vehicle providing diversified access to underlying Australian investment managers.
• Hyperion Asset Management: Brisbane-based Australian boutique global equities manager running concentrated growth strategies distributed through Australian platforms. Comparable as a quality-growth oriented boutique manager with similar SMSF and adviser distribution channels.
• WAM Leaders: ASX-listed (WLE) Wilson Asset Management large-cap Australian equities LIC. Comparable as an Australian listed investment company distributed through advisers and platforms with a similar income-and-growth mandate profile to PIA.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@penganacapitalgroup
• LinkedInlinkedin.com/company/pengana-capital-group

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pengana Capital