Australian fund manager Pengana Capital Group has acquired a strategic minority stake in local peer Global Credit Investments (GCI).
GCI Global Credit Investment was set up in 2015 by Portland Group founder Gavin Solsky and ex-Goldman Sachs Principal Investments managing director Steven Sher.
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GCI specialises in offering structurally protected and high-yielding short-term credit investments. The firm has invested over $100m across various credit assets.
“We have a growing universe of high quality investment opportunities and having the experience, financial backing and distribution of Pengana will allow GCI to provide larger funding lines to our existing and new originators of credit,” Sher stated.
Pengana said that the deal will have no material impact on its financial position and operations. Existing investments held by investors in Pengana funds will also remain unaffected by the acquisition, Pengana said.
Pengana Capital CEO Russel Pillemer said: “In the current interest rate environment, we see investors and advisers actively seeking yield. The GCI proposition provides a great risk/return profile for yield seeking investors and we’re delighted to partner with such a high-calibre team.”
