Navigator Global to realize value from Invictus Capital stake sale

Navigator Global Investments (ASX: NGI) is set to realize significant value from its stake in Invictus Capital Partners following an announcement that New York Life Investment Management (NYLIM) will acquire an initial 60% ownership stake in the US alternative credit asset manager.

The transaction is expected to provide Navigator with net upfront proceeds of up to US$43 million, with potential earn-out consideration of up to US$32 million. The remaining 40% stake will be held by the Invictus management team and existing shareholders, including Navigator, until NYLIM purchases the remaining equity in 2031.

Navigator noted that the implied valuation for Invictus is materially higher than the US$115 million initially invested in 2022. The partnership aims to combine Invictus’ residential credit investment platform with NYLIM’s global distribution and capital resources. The initial closing is anticipated to occur in the first quarter of 2027, subject to regulatory approvals and customary closing conditions.