SpaceX IPO boosts Pengana FUM to $4bn

Pengana Capital Group reported that its funds under management reached US$4 billion for the first time, a jump of US$430 million from the previous year.

Growth driven by SpaceX IPO and fund activity

The update, covering the fiscal year 2025-26, said total funds under management climbed to US$4 billion after a monthly rise from US$3.72 billion in May.

Assets in the group’s funds peaked at US$3.85 billion in November, fell to US$3.5 billion by March, then recovered to the current level. Pengana earned no performance fees in the second half of the year but generated US$5.9 million in gross performance fees during the first half.

The firm credited part of its growth to the recent IPO of SpaceX, a holding inside its Pengana Private Equity Trust. SpaceX’s listing on the Nasdaq Exchange added roughly US$55 million to the trust’s net asset value compared with the valuation used on 31 May 2026.

Pengana first bought into SpaceX in late 2020 when the rocket maker was valued at US$50 billion, and it has since increased its stake to about 14 percent. Pre-IPO investors are typically subject to post-IPO lock-up restrictions that help to support an orderly market.

The SpaceX shares held in the trust will be subject to lock-up periods of differing durations, after which any sales would likely occur progressively rather than immediately.

New AI-focused trust and future fundraising

In the upcoming FY26-27, Pengana launched an AI Private Opportunities Trust on the Australian Securities Exchange. The trust targets private companies developing or benefiting from artificial-intelligence technologies.

Before the 2 July listing, the firm said it had raised US$267 million for the new trust. Management of the AI vehicle will be handled by US-based global alternative asset manager GCM Grosvenor.

Chief executive Russel Pillemer explained the strategy, stating that 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.