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Matthias Knab, Opalesque for New Managers:

Stable Asset Management, one of the longest-tenured GP stake builders in the alternatives industry, has entered into a definitive agreement to sell a portfolio of minority net revenue-share interests in alternative asset managers to Navigator Global Investments (ASX: NGI) for $195 million. The transaction values the portfolio at a 7.6x multiple of CY25 distributions.

The two firms simultaneously announced a long-term strategic partnership under which Stable will continue to manage and monitor the target portfolio on behalf of NGI. Upon closing, the assets will reside in a new vehicle, NGI Stable Growth.

NGI is acquiring a diversified set of net revenue-share interests in 17 alternative asset managers, funded through a combination of cash and NGI shares. According to the announcement, the portfolio carries a 17% average performance fee rate and represents approximately $1.8 billion in ownership-adjusted AUM as of March 2026, described by the parties as a highly cash-generative and growing set of GP relationships.

Following close, Stable's limited partners and Stable itself will become minority shareholders in NGI, subject to customary escrow arrangements. The deal is conditional on Foreign Investment Review Board approval and other customary closi......................

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