Pengana’s AIX to list on the ASX after raising $267m
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The news: Pengana Capital Group has completed the capital raising for the initial public offering of its AI Private Opportunities Trust, trading under the ticker AIX, to list on the ASX on 2 July.
The context: The diversified funds management group received $267 million in backing from wholesale investors and financial advice clients; however, the amount fell short of the $350 million raising target shown on the ASX listings.
AIX operates as a self-liquidating structure with a targeted seven-year lifespan. During the initial two-year period, realised gains will be distributed to investors and capital will be reinvested. The trust’s investments will be managed by US-based GCM Grosvenor.
Once listed, Pengana said the trust will hold globally recognised private AI companies, providing Australian investors with opportunities to gain exposure to these companies before they go public.
What they said: “We believe the AI boom is a major structural economic shift, yet there are few ways for investors to participate given most AI companies are staying in private hands,” Pengana Capital CEO Russel Pillemer said.
“AIX helps solve this dilemma, providing Australian investors a way to buy in to these AI companies and participate in their growth before they list,” he added.
The sources: Pengana media release, ASX
