Pengana launches global AI investment trust

Mike Taylor

Managing Editor and Publisher

3 June 2026

Funds manager, Pengana Capital Group has sought to obtain a first-mover advantage, launching a global artificial intelligence (AI) investment trust.

The company announced what it is calling a market first move by announcing it would be seeking to raise up to$350 million for the AI listed investment trust to be called AIX which will aim to invest in the world’s largest and most influential private AI companies.

The company said it had achieved its minimum subscription following a successful cornerstone offer which was upsized to $150 million from an initial $100 million target, following strong demand.

The announcement said AIX will operate as an innovative self-liquidating ASX listed trust structure, with investments managed by US-based GCM Grosvenor, a global alternative asset manager with more than US$91 billion in assets under management. Grosvenor also manages investments for the Pengana Private Equity Trust (ASX: PE1), one of few ways Australian investors can access SpaceX pre-IPO.

The self-liquidating AIX will target a seven-year lifespan: following an initial two-year period where any gains will be released to investors, and capital reinvested, both capital and gains will be returned to investors from year 2, as underlying investments are realised through IPO, secondary sale or acquisition. If the Trust continues beyond a seven-year lifespan the management fee will reduce to zero, aligning management with the Trust’s expected life.

Commenting on the move, Pengana chief executive, Russel Pillemer said his firm’s relationship with Grosvenor served to open doors some of the most sought after private AI companies globally.

“Many compelling AI and AI-related businesses remain private during their highest growth phases. By the time these companies reach public markets, a significant portion of their return potential may already have been captured by private investors. Investing in unlisted securities can provide earlier participation in that value creation.

“AIX will allow Australian investors to access these AI companies, seeking to deliver long-term capital growth by targeting investments in non-publicly traded companies that are developing, enabling, or contributing to the adoption of artificial intelligence and related technologies”, Pillemer said.

Some of the companies in AIX’s sights include Anthropic and OpenAI, which are both progressing with IPO plans. AIX also announced it has already contracted investments with ByteDance and Handshake.