Pengana buys Soul Patts' stake in JV after less than a year
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The news: Pengana Capital Group (PCG) has bought out Washington H. Soul Pattinson's stake in the two companies' private credit joint venture Pengana Credit.
The numbers: Soul Patts remains PCG's largest shareholder and a $200 million seed investor in Pengana Credit.
Last month Soul Patts reported a total portfolio value of $11.5 billion. PCG's funds under management was $3.2 billion at 29 February 2024.
The context: Pengana Credit was established in April last year to offer Australian investors access to institutional grade global private credit investments.
The joint venture will now become a wholly owned subsidiary of PCG.
The source: ASX announcement
