Pengana Private Equity Trust · ASX:PE1
Pengana Private Equity Trust — Investor Presentation (November 2025)
44 slides from Pengana Private Equity Trust's investor presentation, Nov 12, 2025
Slide 1: ASX Announcement: Investor Presentation
ASX ANNOUNCEMENT INVESTOR PRESENTATION 12 November 2025: Pengana Investment Management Limited, Responsible Entity for the Pengana Private Equity Trust (ASX: PE1) attaches a copy of the presentation to be delivered at the PE1 Investor Roadshow. END For personal use only Approved by Paula Ferrao, Com
Slide 2: Pengana Private Equity Trust (ASX: PE1) Portfolio Update
For personal use only PENGANA PRIVATE EQUITY TRUST (ASX: PE1) PE1 PORTFOLIO UPDATE Independent Investment Research Recommended+ NOVEMBER 2025
Slide 3: Important Information
IMPORTANT INFORMATION This presentation is issued by Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Pengana” or “Responsible Entity”) as responsible entity of the Pengana Private Equity Trust (ARSN 630 923 643) (“Trust”) and issuer of securities in the Trust. For personal
Slide 4: Pengana Private Equity Trust
PENGANA PRIVATE EQUITY TRUST One ASX trade Market cycle independence A single point of entry to a globally diversified and Historical performance of private equity has been For personal use only customised portfolio of private equity funds and resilient across various market environments.¹ direct pr
Slide 5: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 4
Slide 6: GCM Grosvenor Overview
GCM GROSVENOR OVERVIEW OPEN ARCHITECTURE $86B 775+ 185 global investment platform investment manager investment professionals For personal use only • 6,300+ managers tracked with more than 775 active relationships relationships • Investment & operational due diligence, legal, and Chicago ⚫ New York
Slide 7: GCM Grosvenor's Competitive Advantages
GCM GROSVENOR’S COMPETITIVE ADVANTAGES GLOBAL PLATFORM AND A LEADING CUSTOMIZED SOLUTION PROVIDER • A market leader in customized solutions with 25+ years of private equity investment experience creating 111 customized programs since 1999 For personal use only STRONG PRIVATE EQUITY CAPABILITIES ACRO
Slide 8: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 7
Slide 9: Private Equity in the Current Environment
PRIVATE EQUITY IN THE CURRENT ENVIRONMENT CURRENT MACRO IMPACT ON AREAS BACKDROP PRIVATE EQUITY OF OPPORTUNITY For personal use only • Strong public market performance / • Some LPs increasing targets to PE • Sectors with resilient demand drivers recovery post “Liberation Day” and/or secular tailwind
Slide 10: PE Market Activity Creating Cautious Optimism
PE MARKET ACTIVITY CREATING CAUTIOUS OPTIMISM Aided by lower borrowing costs and greater market clarity, deal activity increased in 3Q25, with deal value reaching its highest level since 2021. For personal use only STRONG PICKUP IN YTD DEAL VALUE, WITH EXPECTATIONS OF A STRONG FINISH FOR 2025 US PE
Slide 11: Credit Markets Are Open
CREDIT MARKETS ARE OPEN Robust competition in credit markets have driven lower credit spreads and increase in repricing/refinancings. SHARE OF GLOBAL BUYOUTS OVER $1B, BY FINANCING TYPE BSL VS DIRECT LENDING MARKET SPREADS (LBOS) For personal use only Direct lending Syndicated loans (1) Direct lendi
Slide 12: Exit Activity Showing Signs of Recovery
EXIT ACTIVITY SHOWING SIGNS OF RECOVERY 2025 Exit Value has already surpassed 2024 levels, with median hold times of US PE-backed companies down from their 2023 peak. For personal use only US PE EXIT ACTIVITY Exit Value ($B) Exit Count Estimated Exit Count 1,942 1,353 1,457 1,347 1,454 1,390 1,251 1
Slide 13: Substantial Dry Powder to Deploy
SUBSTANTIAL DRY POWDER TO DEPLOY PE dry powder declined last year for the first time in a decade, primarily driven by the acceleration of deal activity – a favorable indication that dealmaking conditions are now more favorable for the asset class. For personal use only PE dry powder ($B) No assuranc
Slide 14: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 13
Slide 15: Trust Overview
TRUST OVERVIEW PE1 seeks to provide investors with a diversified set of exposures to global private equity through a customised mandate managed by Grosvenor Capital Management, L.P. (“GCM Grosvenor”). For personal use only DESCRIPTION GUIDELINE NET ASSET VALUE A$ 449 million1 The Trust seeks to gene
Slide 16: Components of the PE1 Portfolio
COMPONENTS OF THE PE1 PORTFOLIO PE1 illustrative allocations by investment type. STRATEGY POTENTIAL KEY ATTRIBUTES For personal use only • Lower fees and efficient exposure INVESTMENT S & DIRECTS EQUITY CO- Cash Co-Investments Credit • Intermediate term liquidity & Direct Investments • J-curve mitig
Slide 17: PE1 Current Portfolio Allocation
PE1 CURRENT PORTFOLIO ALLOCATION EXPOSURE TO OVER 550 COMPANIES For personal use only Investments diversified across1: • All sectors • Vintages2 (2003 to present) • Regions (U.S., Europe, Asia, and Others) • Implementation methods: • 10 primary funds managed by 9 cycle-tested managers • Highly diver
Slide 18: PE1 Current Portfolio Allocation
PE1 CURRENT PORTFOLIO ALLOCATION PE1’s portfolio provides investors with broadly diversified exposure to over 550 companies. SUB-STRATEGY GEOGRAPHY INDUSTRY For personal use only BUYOUT 59% NORTH AMERICA 76% INDUSTRIALS 22% GROWTH EQUITY 22% EUROPE 16% FINANCIALS 17% SPECIAL SITUATIONS INFORMATION T
Slide 19: Recent Portfolio Developments
RECENT PORTFOLIO DEVELOPMENTS • Equity co-investments and directs, which make up ~71% of the private market investment portfolio, drove PE1 performance over the last 12 months, increasing ~14% in total value over the period; these investments are collectively currently generating a 1.7x aggregate ne
Slide 20: PE1 Portfolio Operating Performance
PE1 PORTFOLIO OPERATING PERFORMANCE PE1’s companies have experienced meaningful annualized growth since entry across several metrics. AVERAGE ANNUALIZED GROWTH – ALL PE1 STRATEGIES For personal use only EBITDA REVENUE TEV SECTOR1 EBITDA REVENUE TEV COMMUNICATION SERVICES 9.6% 12.8% 19.2% PE1 18.0% 2
Slide 21: Spotlight on Our MMBO Co-Investment Strategy
SPOTLIGHT ON OUR MMBO CO-INVESTMENT STRATEGY – CONSISTENT GROWTH ACROSS COMPANIES For personal use only Mature GCF II companies have delivered strong annualized revenue and EBITDA growth since entry, with GCF III tracking a similar trajectory early in its life cycle. ANNUALIZED REVENUE GROWTH SINCE
Slide 22: Capital Activity
CAPITAL ACTIVITY As the PE1 portfolio has begun to mature, distributions have been steadily picking up, with ~$100M distributed YTD, and they are currently estimated to increase over the next 18 months. For personal use only $150.0 Distributed Contributed $122.5 $112.2 $100.0 $47.3 $50.0 $35.8 $24.9
Slide 23: Recent Liquidity Events
RECENT LIQUIDITY EVENTS Some of PE1’s largest holdings generated significant liquidity in 2025, and we currently expect further realizations from these investments, as well as a number of other large, well performing assets, in 2026. $ amts in AUD Millions For personal use only PORTFOLIO COMPANY NAM
Slide 24: Top PE1 Portfolio Holdings
TOP 10 PE1 PORTFOLIO HOLDINGS As a result of PE1’s broadly diversified portfolio, only one investment (SpaceX) represents more than 3.44% of aggregate private market investments NAV. $ amts in AUD Millions For personal use only PORTFOLIO COMPANY NAME SUM OF LP VALUE (AUD) % OF TOTAL LP VALUE (AUD) S
Slide 25: PE1 Benchmarking
PE1 BENCHMARKING The PE1 portfolio has consistently outperformed relevant public markets and industry benchmarks since inception. INVESTMENT IRR COMPARISON For personal use only ◼ Investment Level ◼ MSCI World (AUD) PME ◼ Russell 3000 (AUD) PME ◼ Burgiss Pooled Returns 24.3% 34.0% 30.6% 20.1% 19.6%
Slide 26: Portfolio Return
PORTFOLIO RETURN Cumulative NAV per unit return since inception (as at 30 September 2025) 72.4% as at 30 September 2025 For personal use only 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 1 Year 14.9% Trailin
Slide 27: Ongoing Buyback Initiative
ONGOING BUYBACK INITIATIVE Allocating available cashflow between PE investments and buy-backs in seeking to maximise unitholder returns. When cash flow from investment Portion of Available Cashflow used for For personal use only Discount to NAV per Unit activities is generated within the Trust an on
Slide 28: Key Performance Drivers
KEY PERFORMANCE DRIVERS SINCE INCEPTION – WHAT HAS SINCE INCEPTION – WHAT CAN BE LAST 12 MONTHS WORKED WELL IMPROVED For personal use only • Equity co-investments and directs continued to • We believe that our disciplined build out of a • Growth equity investments saw significant drive investment pe
Slide 29: Current Private Equity Areas of Opportunity
CURRENT PRIVATE EQUITY AREAS OF OPPORTUNITY For personal use only Public to private transactions for high quality assets at Thematic focus on sectors that have lower correlation potentially attractive valuations seeking to capitalize on and resilient demand drivers e.g. essential services and broade
Slide 30: Middle Market Private Equity Remains Attractive
MIDDLE MARKET PRIVATE EQUITY REMAINS ATTRACTIVE For personal use only LARGE MULTIPLE LOWER BREADTH OF POTENTIALLY INVESTABLE VALUE PURCHASE EXIT HIGHER UNIVERSE CREATION MULTIPLES AND OPPORTUNITIES HISTORICAL STRATEGIES LEVERAGE RETURNS • Founders / family owners look for partners and/or liquidity i
Slide 31: Small and Mid-Market Outperformance
SMALL AND MID-MARKET OUTPERFORMANCE Historically, small and mid-market buyout deals have often outperformed their larger counterparts. GCM Active Core Primary Buyout1, 2 For personal use only Buyout Company Size and Realized DPI3 Small & mid-market funds investing in small & mid-cap companies have h
Slide 32: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 31
Slide 33: Investment Case Study: Kroll Bond Rating Agency
INVESTMENT CASE STUDY MULTI-ASSET CLASS KROLL BOND RATING AGENCY IMPLEMENTATION INVESTMENT INITIATION STATUS Co-Investment Preferred Equity 2021 Unrealized For personal use only OVERVIEW APPROACH This co-investment was proprietarily sourced through GCM Grosvenor’s relationship with Parthenon, a priv
Slide 34: Case Study: Osaic
CASE STUDY PRIVATE EQUITY OSAIC (F/K/A ADVISOR GROUP) Co-investment A leading independent broker dealer platform that provides financial advisors with technology platform and securities processing, custody and clearing, regulatory and compliance, reporting, and insurance solutions For personal use o
Slide 35: Case Study: Gainwell Technologies
CASE STUDY PRIVATE EQUITY GAINWELL TECHNOLOGIES Co-investment A leading provider of essential technology solutions for the administration and operation of health and human services programs For personal use only INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS / GCM GROSVENOR VALUE ADD Investment Date Spons
Slide 36: Case Study: Core Specialty
CASE STUDY PRIVATE EQUITY CORE SPECIALTY (F/K/A STARSTONE) Co-investment Specialty Property & Casualty (“P&C”) insurance company For personal use only INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS / GCM GROSVENOR VALUE ADD Commitment Date Sponsor(s) November 2020 SkyKnight Capital, L.P. • New entrant in
Slide 37: Case Study: Project Rambler
CASE STUDY PRIVATE EQUITY PROJECT RAMBLER Secondary Acquisition of five high-quality middle market buyout fund of fund vehicles with exposure to 35 MMBO funds. For personal use only INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS / GCM GROSVENOR VALUE ADD Closing Date Pengana Exposure (NPP + Unf) June 30,
Slide 38: Senior Secured Loan Portfolio
SENIOR SECURED LOAN PORTFOLIO IMPLEMENTATION INVESTMENT INITIATION STATUS Diversified Co-investments First lien and Unitranche loans 2023 Unrealized For personal use only OVERVIEW APPROACH GCM Grosvenor leverages its platform of private equity sponsors, private credit managers, and premier credit he
Slide 39: Agenda
For personal use only AGENDA I About GCM Grosvenor II Market Update III Portfolio Update IV Case Studies V Appendix: Notes and Disclosures PENGANA PRIVATE EQUITY TRUST (ASX: PE1) | PAGE 38
Slide 40: Summary of Endnotes
SUMMARY OF ENDNOTES GCM Grosvenor L.P. is an investment adviser that is exempt from the requirement to hold an Australian financial services license in respect of any financial services it may provide to you. Rather, it is registered with and regulated by the United States Securities and Exchange Co
Slide 41: Pro Forma Net Performance Calculations
PRO FORMA NET PERFORMANCE CALCULATIONS Infrastructure Notes and Disclosures Pro Forma Net Performance Calculations. In order to create this track record, GCM Grosvenor has aggregated all underlying investments for each type into a single track record. The investments did not trade together in a sing
Slide 42: Target Returns, Forward Looking Estimates, and Risk Parameters
TARGET RETURNS, FORWARD LOOKING ESTIMATES, AND RISK PARAMETERS Notes and Disclosures For personal use only Target Returns, Forward Looking Estimates, and Risk Parameters: Target returns, forward looking estimates, and risk parameters are shown to illustrate the current risk/return profile of how the
Slide 43: GCM Grosvenor
GCM GROSVENOR This presentation is being provided by GCM grosvenor, L.P. (Together with its affiliates, “GCM grosvenor”). GCM grosvenor (NASDAQ: GCMG) is a global alternative asset management solutions provider across private equity, infrastructure, real estate, credit, and absolute return investmen
Slide 44: For More Information
For personal use only PENGANA PRIVATE EQUITY TRUST (ASX: PE1) FOR MORE PENGANA INVESTMENT MANAGEMENT LIMITED CLIENT SERVICE T: +61 2 8524 9900 INFORMATION ABN 69 063 081 612 E: [email protected] pengana.com/pe1 AFSL 219462 Suite 1, Level 27 Governor Phillip Tower, 1 Farrer Place Sydney, NSW,
Pengana Private Equity Trust — Investor Presentation (November 2025) on 6ix