Pengana Capital Group scores high calibre financial services executives to lead global private credit offering

Pengana Capital Group has secured two high-calibre senior executive appointments, including a former Citigroup treasurer, to lead its recently launched private credit business, Pengana Credit, which aims to revolutionise previously hard-to-access global private credit investing for Australian investors.

Nehemiah Richardson, a highly-regarded and experienced financial services executive, has been appointed Managing Director and CEO of Pengana Credit. Mr. Richardson has significant experience advising large financial institutions including Merrill Lynch and JPMorgan, as well as running commercial banking and strategic business units at National Australia Bank and Latitude Financial Services.

Richardson is joined by Charles Finkelstein, an experienced banker and the former Treasurer of Citi Australia, who has been appointed Chief Investment Officer (CIO) of Pengana Credit. Charles is tasked with oversight and management of Pengana Credit’s private credit manager portfolio, which recently announced a hefty $200m investment from partners Washington H Soul Pattinson (“WHSP”), and is intended to fuel Pengana Credit’s product offerings, creating exciting opportunities for Australian investors.

Mr Finkelstein has spent the past 33 years with Citigroup, with the last 17 years at the helm as Managing Director and Country Treasurer for Citi Australia, and Head of G10Markets Treasury Asia Pacific.

Both appointments have been hailed as a major coup for Pengana Credit by Russel Pillemer, CEO of Pengana Capital Group. “We are delighted to have Nehemiah and Charles on board. They have established themselves as outstanding operators in banking and financial services, and their appointments speak volumes about the immense potential and scale of the opportunities in global private credit.

“When combined with the previous commitment from our joint venture partners, Soul Patts, we’re incredibly excited to have brought this calibre of talent together.

“Both Nehemiah and Charles have considerable private credit market expertise and are well-placed to drive Pengana Credit as a significant distributor and manager of best-of-breed global private credit opportunities.”

Nehemiah Richardson, MD and CEO of Pengana Credit, said: “Pengana and Soul Patts have assembled a compelling and unprecedented platform for global private credit investment, and I’m delighted to be involved in this opportunity. We’ve seen private credit explode as an asset class, and I see huge scope for Pengana as a major player in this space.”

Charles Finkelstein, CIO of Pengana Credit, echoed Richardson’s sentiment. “It’s one of the most exciting initiatives I have been a part of. These are great operators with a track record of innovation, and unlocking previously inaccessible global investments for Australian investors. Global private credit continues to grow and offers some outstanding diversified investment opportunities, and we are going to give Australian investors a unique chance to participate in this thriving sector.”

Demand for Pengana Credit investments has already been strong, according to Pengana Capital Group Executive Director Dean Weinbren, who leads Pengana’s go to market strategies: “Pengana Credit already has noteworthy demand from close investors who are eager to access the new private credit products. Currently those investors are on a waiting list for first access, which is targeted to begin rollout in the next few months.”

Pengana recently announced a $200m seed investment from Washington H. Soul Pattinson as part of a joint venture to launch global private credit investment offerings for advised and direct retail investors, high-net-worth and family offices.