NEW YORK–(BUSINESS WIRE)–Stable Asset Management (“Stable”), one of the largest and most-tenured GP stake builders focused on GP seed and acceleration investing, today announced that it has entered into a definitive agreement to sell 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 $195 million. Stable and NGI also announced a long-term strategic partnership (the “Strategic Partnership”), through which Stable will continue to manage and monitor the Target Portfolio on behalf of NGI. The transaction value implies a price to CY25 distributions multiple of 7.6x.
Stable is the industry leader in GP stake building, with a 20-year track record of identifying and partnering with growing alternative asset managers across private equity, private credit and absolute return. Founded in 2006, the firm manages $5.2 billion in assets under management and has supported the growth of 45 alternative asset managers globally. Through its differentiated model, Stable provides long-term, flexible capital, while also bringing deep in-house value creation support across capital formation, talent acquisition and operations. The firm focuses specifically on partnering with visionary founders in overlooked and less competitive market segments to build the leading alternative asset managers of the future.
“This partnership marks an important and natural step in the continued growth of Stable’s platform and reinforces our position as the leading GP stake builder,” said Erik Serrano Berntsen, Chief Executive Officer of Stable. “Stephen and the entire NGI team share our conviction that delivering extraordinary performance starts with building exceptional organizations. With their scale, potential growth capital and global network behind us, we are even better positioned to support our GP founders, expand our reach and continue building a differentiated platform.”
NGI is dedicated to partnering with leading alternative asset managers who operate institutional quality businesses globally. The firm has approximately $32 billion of assets under management on an ownership-adjusted basis and over $98 billion of firm-level AUM across its 12 partner firms, which reflects a highly diversified portfolio of managers. This partnership reflects Stable’s continued evolution as a best-in-class partner to next-generation investment managers. Under the terms of the transaction, NGI will acquire a diversified portfolio of net revenue-share interests in 17 alternative asset managers, which will be funded through a combination of cash and NGI shares. The Portfolio represents a highly cash-generative and growing set of GP relationships, with a 17% average performance fee rate and approximately $1.8 billion in ownership-adjusted AUM as of March 2026.
Upon closing, the Portfolio will reside in a new vehicle, NGI Stable Growth. Through the Strategic Partnership with NGI, Stable will manage the NGI Stable Growth Portfolio, providing continuity, expertise and ongoing value creation to drive further scale in the Target Portfolio and any additional Net Revenue Share interests added in the future.
“Alignment – both with our LPs and our GP partners – is fundamental to our strategy,” continued Serrano Berntsen. “Upon closing, this transaction will deliver a strong outcome for our investors with a monetization opportunity and continued participation in future portfolio upside, while also providing our GP partners with access to NGI’s resources and expertise as they scale their businesses and build enduring franchises.”
“We are pleased to partner with Stable and add this strong roster of alternative asset managers to our platform,” said Stephen Darke, CEO of NGI. “This transaction represents a strategically and financially compelling opportunity to extend NGI’s ecosystem across the alternative asset manager lifecycle and materially increase our addressable market. The strength of the portfolio, combined with Stable’s expertise and long-term vision, will drive substantial growth for NGI and the Target Portfolio over time.”
The transaction is subject to Foreign Investment Review Board approval and other customary conditions and is expected to close early in the second half of 2026. Following the close of the transaction, Stable’s Limited Partners and Stable will become minority shareholders in NGI, subject to customary escrow arrangements.
Seward & Kissel LLP served as legal counsel to Stable in connection with the transaction, with MinterEllison serving as legal counsel in Australia.
About Stable
Stable is one of the largest and most tenured alternative asset manager builders globally. Founded in 2006, the firm manages US$5.2 billion in assets under management and has supported the growth of 45 investment firms across private markets and absolute return strategies. Stable partner firms collectively manage US$27 billion in assets under management. With offices in New York, London, and Palm Beach, the firm partners with GP founders to seed and accelerate investment firms who appreciate that delivering extraordinary performance requires building a great organization. With a partnership-oriented approach, Stable’s capital and operational expertise enables growing asset managers to focus on investing. Stable investors include leading sovereign wealth funds, sovereign pension funds, US pension plans, endowments, foundations, and family offices. For more information on Stable, please visit: https://www.stableam.com/.
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