Herbert Smith Freehills Kramer advises Pengana Capital Group on the IPO of its AI Private Opportunities Trust

Herbert Smith Freehills Kramer (HSF Kramer) has advised Australian fund manager Pengana Capital Group (Pengana) on the $267m initial public offering (IPO) and ASX Listing of the AI Private Opportunities Trust (ASX:AIX), including the acquisition of certain seed investments in AIX. 

The AI Private Opportunities Trust, launched in partnership with US alternative investments firm GCM Grosvenor, will primarily target investments in private companies that are developing, enabling, or contributing to the adoption of AI and related technologies, including companies where AI is a key component of value creation. 

AIX is intended is to provide more Australian investors with the opportunity to invest in AI companies at a pre-IPO stage, which are largely inaccessible to individual investors due to these companies remaining private (where investment is generally only available to institutional investors). 

HSF Kramer advised on all aspects of the IPO, ASX listing and acquisition of seed investments. The cross-border HSF Kramer team on the matter was led by partners Nicole Pedler and Fiona Smedley in Australia, with support from executive counsel Yorick Ng, consultant Daniel Moran, senior associate Eloise Jolly, solicitors Nancy Wang and Catie Caldwell, and graduate Hari Palanivel Murugan.   

The HSF Kramer team in New York was led by partners Darina Delappe and Yasho Lahiri, with support from senior associate Ilya Kontorovich.

Nicole Pedler said, “We are proud to have supported the teams at Pengana and GCM Grosvenor on the IPO and ASX listing of the AI Private Opportunities Trust, which will enable Australian investors to capitalise on the growth of a sector transforming the global economy.”

This is the latest example of HSF Kramer’s market-leading work in Australian equity capital markets. Other recent examples include advising:

• 29Metals on a A$150 million capital raise
• Light & Wonder on the Australian law aspects of its transition to a sole standard ASX listing
• GemLife on its A$750 million IPO
• the Joint Lead Managers to Xero Limited’s placement and share purchase plan to raise up to ~A$2.05 billion
• Bank of America, Barrenjoey and Canaccord as joint lead managers on the redomiciliation and IPO of Greatland Resources Limited for a market capitalisation of A$4.9 billion, comprising a A$50 million primary raise and A$440 million selldown by existing shareholders.
• MA Financial Group Limited in relation to the successful A$330m IPO and ASX listing of the MA Credit Income Trust