Pengana Private Equity Trust (ASX: PE1) delivered a positive result for February 2026, with its net asset value (NAV) per unit rising to $1.6436. The Trust returned +5.2% for the month, buoyed by a landmark revaluation of its largest holding, SpaceX.
Private equity investments contributed +7.1% in local currency terms for the period. Currency movements worked against the result, with AUD/USD appreciation detracting -1.9% from monthly returns and -6.7% calendar year to date.
SpaceX Valuation Doubles, Anchoring PE1 February Performance
SpaceX Now at US$800 Billion
SpaceX is PE1’s largest underlying holding, comprising almost 14% of the Trust’s private markets exposure. In December 2025, SpaceX conducted a secondary share sale that placed its valuation at approximately US$800 billion, doubling from its previous mark of US$400 billion.
    
Figure 1: Key performance metrics of Pengana Private Equity Trust. [Courtesy: Pengana Private Equity Trust]
The revaluation, reflected in PE1’s February 2026 report, was the single largest contributor to the Trust’s monthly gain. The updated carrying value as at 31 Dec 2025 was incorporated into PE1’s NAV during this period.
SpaceX and xAI Merger Adds Further Upside
In February 2026, SpaceX merged with xAI, consolidating all AI-related infrastructure, including the Grok AI tool, into the SpaceX entity. The combined entity was valued at approximately US$1.25 trillion, which exceeds PE1’s current carrying value of US$800 billion for SpaceX.
Figure 2: SpaceX branding displayed on a smartphone screen. [Courtesy: Contentstack]
The merger is seen as a precursor to a highly anticipated IPO, which is expected to be priced at a valuation materially above current marks. For investors tracking PE1 share performance in February 2026, this development represents meaningful embedded upside not yet reflected in NAV.
Portfolio Holdings Update Across Key Positions
Financial and Technology Names Perform
Osaic, one of the largest independent broker-dealer platforms in the US, has more than tripled its pro forma adjusted EBITDA since PE1’s investment in 2019. A potential partial sale of the business is being explored to provide liquidity for investors.
Kroll Bond Rating Agency (KBRA) continued to capture market share in the credit ratings industry. PE1 expects this position to be fully realised in March 2026, with early investors offered liquidity through a secondary sale. The position previously delivered a dividend recapitalisation that returned more than cost to the Trust.
Health Care and Insurance Holdings Contribute
Gainwell Technologies, a provider of technology solutions for US Medicaid administration, has grown both revenue and EBITDA materially since PE1’s investment in 2020. The Company’s AI initiatives and Medicaid Enterprise System modernisation tailwinds support continued growth.
Core Specialty, a specialty Property and Casualty insurer, has grown to 16 business units and is now a top 20 Excess and Surplus lines carrier in the US by gross premiums written. Performance has been driven by disciplined underwriting and long-term book value compounding.
Growth Equity Positions Show Momentum
National Stock Exchange of India (NSE) has received regulatory approval to go public. Shares continue to trade up in the secondary market ahead of a formal IPO, reflecting strong earnings growth since PE1’s initial investment.
Figure 3: National Stock Exchange of India (NSE) [Courtesy: Wikipedia]
Bolt Technology OU, a European and African ridesharing and delivery platform, continues to expand in Central and Eastern Europe, now its largest region. PE1 considers a Bolt IPO a possibility at some point in 2027.
Post-IPO Positions Stabilising
Lineage (Nasdaq: LINE), the cold storage logistics Company, has seen shares rise approximately 13% year to date after Q4 results indicated market stabilisation. The stock remains well below its July 2024 IPO price of US$78 per share, though PE1 expects occupancy and pricing headwinds to ease as new supply is absorbed.
Primo Brands (NYSE: PRMB), formerly BlueTriton Brands, has seen its share price rise more than 30% year to date. The Company reported Q4 results ahead of estimates, and PE1 expects to fully exit its remaining position over the next 12 to 18 months, having already generated total distributions of nearly 4x cost.
PE1 Cumulative Performance Since Inception
The Trust’s NAV per unit has delivered the following cumulative performance as at 28 Feb 2026:
- 1 month: +5.2%
- 1 year: +0.4%
- 3 years per annum: +4.7%
- Since inception per annum: +8.5%
The NAV per unit at inception on 23 Apr 2019 was $1.25, based on the subscription price per unit.
Portfolio Diversification
PE1’s portfolio remains diversified across implementation method, sub-asset class, geography, and industry. As at the reporting date:
- Equity Co-Investments and Direct Investments: 72%
- Equity Funds: 22%
- Private Credit: 5%
- Cash: 1%
Figure 4: Portfolio diversification of Pengana Private Equity Trust [Courtesy: Pengana Private Equity Trust]
By geography, North America represents 77% of private market investments, followed by Europe at 16% and Asia and Oceania at 5%. By sub-asset class, Buyout accounts for 53%, Growth Equity for 26%, and Special Situations, including Credit for 12%.
The Trust has utilised a line of credit equal to 4% of NAV.
Industry Outlook
Global private equity markets continue to draw institutional and retail interest, particularly through listed trust structures that offer access to otherwise illiquid assets. Demand for exposure to high-growth private companies such as SpaceX reflects the broader trend of retail investors seeking private market participation. Listed private equity vehicles are growing in prominence as a way to bridge that gap while maintaining liquidity through exchange-traded units.
PE1 Share Price
Pengana Private Equity Trust (ASX: PE1) is currently trading at $1.510 per share. The Company carries a market capitalisation of $390.79 million. The 52-week range stands at $1.080 to $1.695 per share.
Figure 5: One-year share price performance chart of PE1 [Courtesy: ASX]
Future Direction and Impact
How PE1 shares performed in 2026 will continue to be shaped by the trajectory of its largest holding, SpaceX, and the anticipated realisation of positions such as KBRA and Primo Brands. The pending SpaceX IPO, if priced above US$1.25 trillion, could provide a meaningful uplift to PE1’s NAV beyond current marks.
For investors assessing the Pengana International Equities February report, the key takeaway is that private equity valuations in the portfolio are moving in a positive direction, with several positions approaching liquidity events that could return capital to the Trust.
The Trust’s since-inception return of 8.5% per annum, alongside a target distribution yield of 4%, positions PE1 as a considered option for investors seeking diversified private markets exposure through an ASX-listed vehicle.
Frequently Asked Questions
Q1. What is PE1 share performance in February 2026?
Ans. Pengana Private Equity Trust returned +5.2% for February 2026, with its NAV per unit rising to $1.6436. The result was driven primarily by the doubling of SpaceX’s valuation to US$800 billion.
Q2. What drove PE1’s February 2026 monthly return?
Ans. The primary driver was an updated valuation for SpaceX, PE1’s largest holding, which doubled from US$400 billion to US$800 billion. Private equity investments contributed +7.1% in local currency, partially offset by a -1.9% drag from AUD/USD appreciation.
Q3. How PE1 shares performed in 2026 calendar year to date?
Ans. Calendar year to date as at February 2026, AUD/USD appreciation has detracted -6.7% from returns. The 1-year NAV per unit return stands at +0.4%, while the since-inception return is 8.5% per annum.
Q4. What is the significance of the SpaceX and xAI merger for PE1?
Ans. SpaceX merged with xAI in February 2026, creating a combined entity valued at approximately US$1.25 trillion. This exceeds PE1’s current carrying value of US$800 billion, suggesting potential upside to NAV if the anticipated IPO proceeds at or above that valuation.
Q5. What is the Pengana International Equities February report?
Ans. The Pengana Private Equity Trust February 2026 monthly report covers portfolio performance, individual holding updates, and NAV movements for the period ended 28 Feb 2026. It is published by Pengana Investment Management Limited.
Q6. What is the current PE1 share price?
Ans. Pengana Private Equity Trust (ASX: PE1) is currently trading at $1.510 per share, with a market capitalisation of $390.79 million and a 52-week range of $1.080 to $1.695 per share.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on publicly available information and verified announcements. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies mentioned.
Sources
Pengana Private Equity Trust Monthly Report, February 2026 (ASX: PE1) https://data-api.marketindex.com.au/api/v1/announcements/XASX:PE1:2A1659525/pdf/inline/monthly-performance-report-february-2026?_gl=1*12c60fk*_ga*MTcwODQzODA4Ni4xNzYyMjUxMTk2*_ga_R504V9JPBH*czE3NzMxOTA0MDkkbzkwJGcxJHQxNzczMTkwNDEyJGo1NyRsMCRoMA..
ASX Market Data, Pengana Private Equity Trust (ASX: PE1) https://www.asx.com.au/markets/company/PE1
Pengana Investment Management Limited https://pengana.com
SpaceX Image – Contentstack
https://eu-images.contentstack.com/v3/assets/blt6b0f74e5591baa03/blt494508282098f6bc/69824eccb589207f8d6f7d38/SpaceX.jpg?width=1280&auto=webp&quality=80&disable=upscale
National Stock Exchange of India Building – Wikimedia Commons
https://upload.wikimedia.org/wikipedia/commons/0/0f/IT7A2275_copy_%28cropped%29.jpg
