Pengana launches new business

Pengana Capital has hired Canaccord executive Phil Schofield to launch a specialist capital markets business.

Before working at Canaccord Genuity, (formerly Paterson's Securities) Schofield was head of equities at Goldman Sachs Australia, a managing director at Salomon Smith Barney and a director at McIntosh Securities

Pengana co-founder and chief executive Russel Pillemer, who worked with the recruit at Goldman Sachs, called Schofield "an outstanding, experienced operator and is well placed to grow what we think will be a significant part of Pengana's offering."

Pillemer says demand for curated investment opportunities for sophisticated investors has increased in recent years.

"Pengana has occasionally matched sophisticated investors with bespoke investment opportunities across its history, but as demand escalates, we feel it's the right time for a dedicated capital markets division."

He said investment opportunities are mainly in private markets, including private equity, private credit, and special situations investments.

"There is a long-term secular trend toward private market investments that has been gaining momentum across the last decade," he said.

"Sophisticated investors have increasingly gravitated to private market investments as opportunities in public markets have dried up.

"Now is a great time for those with capital to consider these private market investments because investors can look at valuations afresh and see where the market is at.

Schofield added that huge numbers of deals are currently available, but sophisticated investors need to be discerning.

"There are a lot of deals available, but it's not about sheer volume, it's about finding the high-quality opportunities and matching them with investors only when it's appropriate."