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ASX: PE1
PENGANA PRIVATE EQUITY TRUST
A diversified portfolio of global private market investments, managed by one of the largest and most diversified independent asset managers in the world - Grosvenor Capital Management.
Withdrawal of PE1 Secondary Offer

Dear Investor

Pengana has made a decision to withdraw the secondary offer of units in the Pengana Private Equity Trust (ASX: PE1).

The current market volatility makes it impossible to conduct an orderly process and we do not believe that it is in the best interests of any parties involved to proceed with a raising under these circumstances.

Please note that the withdrawal of the secondary offer is in no way related to the performance of the Trust.

The underlying portfolio is structured to benefit from such market conditions, including due to recent significant falls in the AUD, with almost all of our assets being USD based.

Pengana continues to believe that private equity has the potential to provide benefits to investors’ portfolios and that a severe market disruption is likely to be positive for PE1, which will continue to invest in private equity assets over the next few years. This environment should present an abundance of well-priced investment opportunities that Grosvenor Capital Management will be particularly well placed to source and negotiate on attractive terms.

We look forward to continue discussing PE1 with you in the future.

Kind regards,

 

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Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Pengana”) is the issuer of units in the Pengana Private Equity Trust (ARSN 630 923 643) (“Trust”). A Product Disclosure Statement for the Trust (“PDS”) is available and can be obtained by contacting Pengana on (02) 8524 9900 or from www.pengana.com. A person who is considering investing in the Trust should obtain a copy of the PDS and should consider the PDS carefully and consult with their financial adviser to determine whether the Trust is appropriate for them before deciding whether to invest in, or to continue to hold, units in the Trust.

This report was prepared by Pengana and does not contain any investment recommendation or investment advice. None of Pengana, Grosvenor Capital Management, L.P., nor any of their related entities, directors, partners or officers guarantees the performance of, or the repayment of capital, or income invested in the Trust.

Certain statements in this report constitute Pengana’s opinions on investment related matters. While Pengana has a reasonable basis for holding these opinions these do involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Pengana and which may cause actual performance or outcomes to differ materially from those expressed or implied by such opinions. To the maximum extent permitted by law, Pengana disclaims any obligation to disseminate any updates or revisions to Pengana’s opinions as expressed in this report.

An investment in the Trust is subject to investment risk including a possible delay in repayment and loss of income and principal invested. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.

PENGANA INVESTMENT MANAGEMENT LIMITED
ABN 69 063 081 612
AFSL 219462

Level 12, 167 Macquarie Street,
Sydney NSW 2000

PENGANA.COM

CLIENT SERVICE
T: +61 2 8524 9900
F: +61 2 8524 9901
E: clientservice@pengana.com

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