Australian Investors Podcast Inside the Pengana PIA LIC: blended equity & credit
Sep 3, 2025
Adam Myers from Pengana Capital Group joins to discuss the evolving landscape of private markets. He shares insights from his journey as a derivatives trader to advocating for private credit. The conversation highlights the transformation of Pengana's PIA into a hybrid equity and credit vehicle, emphasizing the benefits of diversification and enhanced liquidity through innovative NAV redemption structures. Adam also explores how these changes can provide Australian investors with greater access to income-generating opportunities while navigating market fluctuations.
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From Derivatives Trader To Product Lead
- Adam Myers describes two careers: derivatives trading then product/strategy at Pengana.
- He attributes his risk thinking to trading through major crises like dot-com, 9/11 and GFC.
Niche Focus And No House View
- Pengana targets sub-institutional clients and avoids a single house view across strategies.
- They focus on differentiated products rather than 'me-too' offerings to fill client portfolio gaps.
Why Private Markets Outperform
- Private markets historically outperform due to greater control and active improvement, especially in private equity.
- Private credit benefits from hold-to-maturity incentives, stronger documentation, lower defaults and higher recoveries.