Stable Completes Sale of Portfolio of Revenue-Share Interests to Navigator Global Investments

Stable Asset Management (“Stable”), one of the largest and most-tenured GP stake builders focused on GP seed and acceleration investing, announced the completion of its sale of a portfolio of minority, net revenue-share interests in alternative asset managers (the “Target Portfolio”) to Navigator Global Investments (ASX: NGI), a diversified alternative asset management company, for a total consideration of $190 million. The closing marks the establishment of a long-term strategic partnership between Stable and NGI, through which Stable will continue to manage and monitor the NGI Stable Growth portfolio on behalf of NGI.

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Stable brings a 20-year track record of identifying, partnering with and establishing growing alternative asset managers across private equity, private credit and absolute return. The firm manages approximately $5.2 billion in assets under management and has supported the growth of 46 alternative asset managers globally through long-term, flexible capital and deep in-house expertise across capital formation, talent acquisition and operations. As the industry leader in GP stake building, Stable will continue to provide portfolio management, strategic guidance, and value creation support to the GPs within NGI Stable Growth.

“Stable is the strategic partner of choice for new and growing GPs because we provide not only capital but also the value creation required to build true enterprise value. This transaction demonstrates how large, diversified, and growing cashflows generated by leading investment firms are a durable and stable asset,” said Erik Serrano Berntsen, Chief Executive Officer of Stable. “At the same time, it strengthens our ability to support our GP partners by combining Stable’s experience and hands-on approach to value creation with Navigator’s scale, resources and global network. We’ve always believed that delivering strong investment performance starts with building exceptional organizations, and this partnership gives us an even stronger platform to help our GP partners build enduring franchises.”

“The completion of this transaction expands Navigator’s ecosystem across the alternative asset manager lifecycle while expanding our platform and enhancing our growth profile,” said Stephen Darke, Chief Executive Officer of Navigator Global Investments. “We are delighted to officially welcome Stable as our strategic partner. Erik and the team have built an exceptional franchise and high-quality ecosystem of GP partnerships, and we look forward to working together to create long-term value for our respective shareholders, investors and partner firms.”

The transaction received regulatory approval from the Foreign Investment Review Board. Upon closing, Stable’s Limited Partners and Stable became minority shareholders in NGI.

Seward & Kissel LLP served as legal counsel to Stable in connection with the transaction, with MinterEllison serving as legal counsel in Australia.

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