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WHSP offloads share in joint venture with Pengana

By Rhea Nath
2 minute read

Launched in April last year, the venture saw Washington H Soul Patts provide $200 million of seed funding to establish a highly diversified portfolio of best-of-breed global private credit investments.

In an ASX announcement on Tuesday, Pengana Capital Group (PCG) said it has acquired Soul Patts’ share of Pengana Credit (PCP).

“Soul Patts remains Pengana’s largest shareholder and a $200 million seed investor in the PCP global credit portfolio,” it said.

“The transaction results in PCP becoming a wholly owned subsidiary of PCG, thereby providing PCG with the full impact of the economic ownership of PCP as well as simplifying the accounting for PCP, which will be consolidated.”

Pengana Credit aims to enable Australian investors to access global private credit investments, according to the firm’s announcement last year.

It appointed Mercer to act as investment adviser on the portfolio construction for this private credit division and, shortly after, announced two key leaders for the business, appointing Nehemiah Richardson as managing director and chief executive and Charles Finkelstein as chief investment officer.

In October, the joint venture also saw the launch of the Pengana Diversified Private Credit Fund, targeting a total net return equivalent to the Reserve Bank of Australia (RBA) cash rate plus 8 per cent.

It marked Pengana’s first diversified global private credit investment fund for Australian wholesale and sophisticated investors.

As at 29 February 2024, the firm had $3.2 billion in funds under management, up from $3.1 billion at the end of January.