Key Takeaways
- • Stable Asset Management has agreed to sell a $195 million portfolio of minority net revenue-share interests in 17 alternative asset managers to Navigator Global Investments (ASX: NGI), valuing the portfolio at 7.6x projected 2025 distributions.
- • The portfolio spans private equity, private credit, and absolute return strategies, representing approximately $1.8 billion in ownership-adjusted assets under management as of March 2026, with an average performance fee rate of 17%.
- • Navigator Global Investments, which oversees $32 billion in ownership-adjusted assets and over $98 billion across its partner network, is acquiring a cash-generative set of relationships that expands its exposure to established and emerging alternative managers.
- • Stable will continue managing and overseeing the portfolio through a newly created vehicle, NGI Stable Growth, under a long-term strategic partnership with an initial annual management fee of $1.56 million, ensuring operational continuity.
- • The transaction is expected to close in the early second half of 2026, subject to regulatory approvals including clearance from Australia's Foreign Investment Review Board, and will be funded through a combination of cash and NGI shares.
Summary
Stable Asset Management has reached an agreement to divest a diversified portfolio of revenue-share interests in alternative asset managers to Navigator Global Investments for $195 million, while simultaneously establishing a long-term strategic partnership with the acquirer. The transaction represents a significant monetization event for Stable's investors and reflects the firm's continued positioning as a builder of alternative asset management platforms.
The portfolio comprises minority net revenue-share interests in 17 alternative asset managers covering private equity, private credit, and absolute return strategies. As of March 2026, the portfolio represented approximately $1.8 billion in ownership-adjusted assets under management and carried an average performance fee rate of 17%. The agreed valuation implies a multiple of 7.6x projected calendar year 2025 distributions, providing a quantifiable benchmark for market valuation in the alternative management space.
Navigator Global Investments is a diversified alternative asset management firm with substantial scale, overseeing approximately $32 billion in assets on an ownership-adjusted basis and more than $98 billion at the firm level across its partner network. For Navigator, the acquisition adds a cash-generative portfolio of established relationships to its platform and broadens its exposure to both established and emerging alternative managers. The transaction is structured to be funded through a combination of cash and NGI shares.
Under the partnership agreement, Stable will not exit its operational role entirely. Instead, Stable will continue to manage and oversee the portfolio through a newly created vehicle, NGI Stable Growth, under a long-term strategic partnership. This arrangement preserves operational continuity and ongoing value creation capabilities while transferring ownership to Navigator. The partnership includes an initial annual management fee of $1.56 million to Stable.
The transaction is anticipated to close in the early second half of 2026, subject to customary regulatory approvals, including clearance from Australia's Foreign Investment Review Board. Founded in 2006, Stable Asset Management has established itself as a specialized investor in alternative asset managers, and this transaction underscores the value embedded in its sourcing and relationship management capabilities within the alternative investment ecosystem.
The portfolio comprises minority net revenue-share interests in 17 alternative asset managers covering private equity, private credit, and absolute return strategies. As of March 2026, the portfolio represented approximately $1.8 billion in ownership-adjusted assets under management and carried an average performance fee rate of 17%. The agreed valuation implies a multiple of 7.6x projected calendar year 2025 distributions, providing a quantifiable benchmark for market valuation in the alternative management space.
Navigator Global Investments is a diversified alternative asset management firm with substantial scale, overseeing approximately $32 billion in assets on an ownership-adjusted basis and more than $98 billion at the firm level across its partner network. For Navigator, the acquisition adds a cash-generative portfolio of established relationships to its platform and broadens its exposure to both established and emerging alternative managers. The transaction is structured to be funded through a combination of cash and NGI shares.
Under the partnership agreement, Stable will not exit its operational role entirely. Instead, Stable will continue to manage and oversee the portfolio through a newly created vehicle, NGI Stable Growth, under a long-term strategic partnership. This arrangement preserves operational continuity and ongoing value creation capabilities while transferring ownership to Navigator. The partnership includes an initial annual management fee of $1.56 million to Stable.
The transaction is anticipated to close in the early second half of 2026, subject to customary regulatory approvals, including clearance from Australia's Foreign Investment Review Board. Founded in 2006, Stable Asset Management has established itself as a specialized investor in alternative asset managers, and this transaction underscores the value embedded in its sourcing and relationship management capabilities within the alternative investment ecosystem.
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