Pender Real Estate Credit Fund is asking shareholders to approve a new management structure that would place American Beacon Advisors, Inc. in charge of the interval fund’s overall investment management while retaining Pender Capital Management, LLC for day-to-day portfolio management.
The proposals are part of a strategic partnership between Pender and American Beacon announced earlier this year. Under the proposed structure, American Beacon would serve as the fund’s investment manager and oversee Pender, which would continue selecting and managing the fund’s commercial real estate debt investments under a new advisory agreement. American Beacon and its affiliates are also expected to provide distribution, administrative and other support services.
Shareholders are being asked to approve the two management agreements and elect a new slate of seven trustees. If approved, the fund would be renamed the American Beacon Pender Real Estate Credit Fund. The transaction is expected to close during the fourth quarter of 2026, subject to shareholder approval and other closing conditions.
The fund would remain a closed-end interval fund, and its investment objectives, principal strategies and principal risks would not change. The filing also states that shareholder fees and expenses would not increase as a result of the transition, and the fund would not bear the transaction or proxy-solicitation costs. Pender’s existing portfolio managers would continue managing the portfolio.
The proposals are interdependent: if shareholders do not approve any one of the management, advisory or trustee proposals, none will take effect. Shareholders of record as of July 31, 2026, may vote at the special meeting scheduled for October 2 at 9:00 a.m. Central Time in Dallas.
