Partners Group Global Income Fund Offer
Equity Trustees Limited as the Responsible Entity has announced the launch of ASX listed1 Partners Group Global Income Fund (PGG)2 and has appointed Partners Group Private Markets (Australia) as the Manager. The Offer is expected to raise up to approximately $500 million3.
The Manager is a wholly-owned subsidiary of Partners Group which is a global private markets investment manager, with over 800 institutional investors. As at 31 December 2018, Partners Group had $118.4 billion in assets under management and more than 1,200 employees across 20 offices worldwide.
A team of over 50 dedicated private debt investment professionals complemented by eight industry analytics teams, managed approximately $24 billion in private debt investments as at 31 December 2018.
The Trust will invest in global private debt investments that aims to deliver investors monthly distributions4 with a target return of the RBA Cash Rate plus 4% per annum (net of fees and expenses) and will apply for Units under the Offer to be listed on ASX.
The investment strategy for the Trust is to access a diversified portfolio of private debt investments through active origination, portfolio construction and risk management. The strategy will be implemented by dynamically allocating across three distinct private debt strategies.
An investment in the Trust provides access to a portfolio of global private debt, highly diversified by loan type, credit quality, loan maturity, borrower, industry and geography. The Trust therefore provides asset class diversification and is complementary to other fixed income securities.
The manager will hedge currency exposure into AUD.
This investment may be suitable for investors looking monthly for income and diversification of their income portfolio beyond traditional cash and hybrid investments.
- Ability to secure a Broker Firm allocation in the Partners Group Global Income Fund
- Partners Group to fund all establishment costs, meaning NAV5 will equal the issue price
- Target return of RBA Cash Rate + 4% (net of fees) i.e. approximately 5%6 p.a. with monthly distributions
- Exposure to a portfolio of approximately 150 or more private debt investments across the Portfolio once fully invested
- Access to expertise from a global leader in private debt with currently $24 billion under management7
- Partners Group will deploy its investment selection process, policies and risk protocols developed over the last 15 years to seek to minimise capital volatility
- Private debt investments can have low correlation to other asset classes. This can provide diversification benefits in an investor's income generating portfolio
- Expected low capital volatility
- To be listed on the ASX under code PGG
Issuer: Equity Trustees Limited (Responsible Entity)
Transaction: Listed Investment Trust
Morgans Role: Joint Lead Arranger and Joint Lead Manager
Offer Size: $500 million
Offer Open: 12 August 2019
Morgans Closing Date: 5 September 2019
1. Morgans will receive fees for its role.
2. Application will be made to list Partners Group Global Income Fund on ASX.
3. The Offer size may be more or less than $500 million.
4. The first monthly income distribution is scheduled to be paid by the end of December 2019.
5. The NAV will reflect the value of the loan portfolio assets and move accordingly.
6. The target distribution rate is set at the RBA cash rate (assuming 1.00%) + 4% and will move in line with interest rate levels.
7. As at 31 December 2018.
Investors should review the PDS to understand the features and risks of the Partners Group Global Income Fund. Application for Partners Group Global Income Fund can only be made by completing the application form attached to the PDS. If you have any questions about the offer, please contact your Morgans adviser, call 134 226 or find your nearest office here.
Partners Group Global Income Fund is being offered only in Australia and the Prospectus will only constitute an offer to a person receiving it in Australia. Not for distribution, directly or indirectly, in the United States or to, or for the account or benefit of, US Persons, except in accordance with an available exemption from the registration requirements of the US Securities Act. The distribution of the Prospectus (including an electronic copy) in jurisdictions outside Australia may be restricted by law.
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