Navigator Global Investments will acquire a portfolio of profit-sharing interests in 17 alternative asset management companies from Stable Asset Management. Blue Owl Capital's stake in Navigator Global will decrease from 49% to 37%.
The Chief Executive Officer of the Australian alternative investment management firm stated that Navigator Global Investments could potentially increase its annual merger and acquisition frequency, leveraging the strategic partnership established through its latest $195 million acquisition.
On Monday, Navigator Global announced it would pay $103 million in cash to New York-based Stable Asset Management to acquire its portfolio of profit-sharing interests in 17 alternative asset management companies.
The US institution will also receive shares in Navigator Global, obtaining a 9.6% stake in the latter.
Navigator Global, backed by Blue Owl Capital, stated the transaction values the portfolio at 7.6 times its projected 2025 dividend income. The deal includes a strategic cooperation agreement, enabling both parties to jointly fund future acquisition projects.
CEO Stephen Darke said on Monday that this hybrid transaction model is expected to further increase the number of investment deals Navigator Global completes each year. While the company previously aimed for just 1-2 transactions annually in recent years, this could now increase to 2-3 per year.
Darke stated, "We anticipate the potential to complete 2 to 3 deals per year moving forward. This hybrid cooperation model allows us to pursue projects we previously couldn't manage alone or that might have been taken by competitors."
This acquisition is Navigator Global's second disclosed transaction in 2026. In March of this year, the company agreed to invest $100 million over three years to acquire a 4.5% stake in Georgian Partners, an investment firm focused on the artificial intelligence sector.
Following the completion of this latest acquisition in early 2027, ASX-listed Navigator Global will hold minority stakes in 29 partner institutions.
The company employs a General Partner (GP) equity investment strategy: it provides liquidity to various asset management general partners and, in some cases, strategic advice, in exchange for management fee and profit-sharing rights.
Darke revealed that Stable will continue to manage the sold interest assets under a mandate; the two parties signed a perpetual agreement, with Stable receiving an annual management fee of $1.56 million for the first six years.
Darke has known Stable CEO Eric Serrano Bernsen since 2006, but formal transaction negotiations began approximately a year ago following a meeting between the two companies' Chief Investment Officers.
He said, "Some target equity stakes were too small for our interest; others were high-quality stakes we valued highly, but the sellers were unwilling to divest entirely. Over the past year, we continuously negotiated and filtered options, finally settling on this portfolio. The entire process from start to finish took a full year."
Upon completion of the share subscription, Stable will become Navigator Global's second-largest shareholder, behind Blue Owl Capital.
The stake held by US-listed Blue Owl Capital in Navigator Global will be diluted from 49% to 37%.
Darke commented, "Blue Owl has always been an excellent strategic partner for us, and now we are introducing a new strategic ally."
Navigator Global's share price has declined 16% year-to-date in 2026, but it has more than doubled since December 2023.
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