DLA Piper advises on global credit joint venture

DLA Piper has advised on the establishment of Pengana Credit, a global credit fund manager in a joint venture between Pengana Capital Group Limited (“Pengana”, ASX: PCG) and Washington H. Soul Pattinson and Company Limited (“WHSP”, ASX:SOL).

“The fund manager will provide Australian investors with access to institutional grade global private credit investments. We were delighted to assist our long-standing clients, Pengana and WHSP, on the expansion of their Australian footprint,” said Sydney-based David Ryan, Corporate Partner, DLA Piper.

“The transaction will be followed by global private credit vehicles to be managed by Pengana Credit for offer to Australian investors,” David said.

WHSP has provided Pengana Credit with $200 million of seed funding.

Pengana Capital Group’s CEO, Russel Pillemer, said the transaction will provide for an important investment need.

DLA Piper's team was led by David Ryan (Partner, Corporate) with Michael Orban (Senior Associate, Corporate) on the joint venture; Martin Jamieson (Partner, Corporate) on credit fund arrangements; and Hugo Thistlewood (Partner, Finance, Projects & Restructuring) on debt funding.

“The transaction is a strong example of the complex and multi-practice area advice that DLA Piper can provide to our clients such as the major investment houses,” said David.

For the 13th consecutive year, DLA Piper was the highest-ranked legal advisor in the world for M&A deal volume, according to Mergermarket's league tables. The firm was involved in 1,131 transactions worldwide in 2022.