PE1 Investment Framework Update

• PE1 updates investment objective to focus on private equity
• Introduces a long-term NAV return target of 10-14% per annum
• Revises portfolio allocation framework to reflect current portfolio composition

Pengana Private Equity Trust (ASX: PE1) has announced an update to its investment framework, reflecting changes in the private equity landscape since its 2019 listing. The update includes a revised investment objective that more clearly identifies private equity as the principal focus and sets a long-term NAV return target of 10-14% per annum. The portfolio allocation framework has also been updated to better reflect the current investment mix, with a focus on private equity through direct and co-investments. These changes do not affect the Trust's permitted investments, geographic guidelines, borrowing policy, or minimum and maximum allocation policies.