PE1 investors haven't done their research and are about to find out how lopsided expensive PE funds can be

See: > PE1 - Pengana Private Equity Trust - Cheat Sheet

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Pengana Private Equity Trust (PE1) is a diversified portfolio of mostly U.S. (~13% Europe, 7% Asia) private equity investments managed by Grosvenor Capital Management. Private equity is one of the only defensible cases for using a Closed End Fund (CEF) to provide retail access and daily liquidity on a listed exchange. Unlike the CD Private Equity Funds which trade at big discounts, PE1 trades near NAV and Pengana, Grosvenor and PE1 appear to be highly regarded by investors. However, it's clear PE1 investors are not across the pitfalls of the fund, particularly the massive Total Expense Ratio (TER). In this post, I'll do little more than excerpt from the PDS and Lonsec Research Report on the PE1 site. All the traps are hiding in plain sight!
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