Navigator Global Investments delivers record AUM in FY26 as platform scales to 29 partner firms
In its FY26 full year results presentation delivered on 24 August 2026, Navigator Global Investments reported record ownership-adjusted assets under management (AUM) of USD 33.6 billion (AUD 48.9 billion) for the year ended 30 June 2026, up 21% on the prior year.
Management positioned the group as the only ASX company focused exclusively on partnering with leading alternative asset managers.
Revenue rose 1% to USD 206.5 million, while Adjusted EBITDA fell 10% to USD 101.9 million, landing at the midpoint of guidance provided in May. Notably, the FY26 figures do not include any impact from the Stable Asset Management portfolio acquisition, which closed on 2 July 2026, after the period end.
Looking ahead, management positioned earnings for meaningful growth in FY27, driven by the newly settled portfolio and continued momentum across its Partner Firms.
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FY26 results at a glance
The following scorecard summarises the group’s headline financial metrics for the reporting period.
| Metric | FY26 (USD) | FY25 (USD) | Change | Note |
|---|---|---|---|---|
| Ownership-adjusted AUM | $33.6b | $27.7b | +21% | Record |
| Revenue | $206.5m | $203.9m | +1% | Stable fee rates |
| Adjusted EBITDA | $101.9m | $113.6m | -10% | Midpoint of guidance |
| Statutory NPAT | $21.2m | $119.4m | -82% | Non-cash FV impact |
| Net Assets | $930.3m | $793.6m | +17% | Balance sheet strength |
The sharp fall in statutory net profit after tax (NPAT) was driven by non-cash unrealised fair value movements on the group’s investments, not an operating deterioration in the underlying business.
What drove the FY26 result
The year reflected a two-sided story: continued earnings growth at Lighthouse offset by a moderation in distributions from the NGI Strategic segment.
Lighthouse momentum
Lighthouse management fees grew 11% to USD 96.5 million, while performance fees rose to USD 45.5 million, an increase of USD 9.8 million on the prior comparative period. Lighthouse ownership-adjusted AUM grew 28% to USD 20.3 billion, supported by strong performance across investment strategies and net inflows into hedge fund strategies.
NGI Strategic distributions normalise
Distributions from the NGI Strategic Partner Firms came in at USD 63.7 million, compared with USD 80.1 million in the prior period. Management described this as a normalisation from an elevated base, following two exceptionally strong years in FY24 and FY25, rather than a deterioration in underlying performance.
A notable offsetting positive was Private Markets Partner Firm distributions, which rose 44% year on year.
Private markets growth within the NGI Strategic segment had been building momentum well before FY26 closed, with the December 2025 AUM update recording a 50% year-on-year surge in private markets and Lighthouse strategies sitting at performance fee high watermarks, conditions that directly supported the 44% lift in Private Markets Partner Firm distributions reported at year end.
On the cost side, expenses increased across two main lines:
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Employee expenses up USD 10.4 million, approximately half attributable to a higher bonus pool linked to performance fee growth, with the balance reflecting higher fixed compensation from headcount growth and salary increases.
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Other operating expenses up USD 5.1 million, primarily driven by higher third-party distribution costs, professional fees and office occupancy costs.
Understanding NGI’s business model
NGI earns management and performance fees through its Lighthouse segment, a global diversified alternative asset management firm whose platform includes hedge funds, and receives distributions from its minority stakes in NGI Strategic Partner Firms.
The business operates across two segments. Lighthouse is a consolidated hedge fund and solutions business, while NGI Strategic is a portfolio of ownership and net revenue sharing interests in a range of managers.
Diversification sits at the heart of the model. The platform spans 242 products across 42 strategies, with strategies described as having low correlation to global equity and fixed income markets and to one another. For investors, these diversified earnings streams reduce reliance on any single manager or market cycle.
Two growth transactions reshaping the platform
The presentation detailed two separate transactions that expand the platform’s scale and diversification.
Stable Growth Portfolio acquisition
The first is the acquisition of a portfolio of Net Revenue Sharing interests in 17 alternative investment management firms, alongside a strategic partnership with Stable. The transaction was announced on 4 May 2026 and closed on 2 July 2026.
Total consideration was USD 189.8 million, comprising scrip consideration of USD 96.4 million and cash proceeds of USD 93.4 million from an Entitlement Offer. The portfolio adds approximately USD 17 billion in firm-level AUM and USD 2 billion on an ownership-adjusted basis.
The Stable portfolio acquisition was structured with USD 96.4 million in scrip and USD 93.4 million in cash funded through a fully underwritten Entitlement Offer, with the target portfolio reporting a 92% EBITDA margin and 52% AUM growth between CY24 and CY25.
Because it closed after the period end, the acquisition did not impact FY26 results. Management stated it is expected to meaningfully increase NGI’s FY27 earnings.
Georgian partnership
The second transaction is a strategic minority ownership interest and a preferred economic interest in Georgian, a Toronto-based, AI-focused B2B growth equity firm. Announced on 30 March 2026, the investment comprises a 4.5% ownership stake and a preferred economic interest, with total consideration of USD 100 million (USD 5 million paid to date), funded from existing financial resources.
Management noted that NGI is positioned for meaningful earnings growth, following inclusion of the NGI Stable Growth Portfolio.
Balance sheet strength and the dividend decision
NGI ended the year with net assets of USD 930.3 million, up 17%, and a cash balance of USD 165.8 million. Net Debt to Adjusted EBITDA stood at 0.8x, comfortably within the group’s target of up to 1.5x.
The group holds a USD 190 million senior secured credit facility, fully undrawn, with a 2031 maturity. Operating cash flow exceeded USD 100 million for consecutive years, reaching USD 100.1 million in FY26.
On capital allocation, dividends were suspended following the final payment in September 2025, as announced on 15 November 2025. The Board determined that capital is best directed towards growth opportunities, prioritising long-term growth and shareholder value through strategic transactions and new partnerships.
The group also issued 60.4 million shares late in FY26, raising USD 101.4 million net of costs. These proceeds were held at year end and applied to settle the cash consideration component of the Stable acquisition after the period end.
FY27 outlook and growth flywheel
Management outlined several drivers underpinning its forward-looking growth expectations:
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Continued core growth of Partner Firms through earnings, distributions and net inflows.
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The NGI Stable Growth Portfolio, expected to meaningfully increase FY27 earnings, with 11% net returns year to date to June, approximately 90% of AUM performance-fee eligible and a 17% average performance fee rate.
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A robust pipeline of potential new Partner Firm investments.
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Capital flexibility from operating cash flow exceeding USD 100 million and an undrawn credit facility.
The platform now spans 29 alternative asset managers, with an approximately 29% increase in AUM since 1 July 2025 from both organic and inorganic growth. Adjusted EBITDA has delivered a four-year compound annual growth rate (CAGR) of 22%.
The FY26 result reinforces NGI’s positioning as a diversified, scalable and resilient alternatives platform. With the Stable Growth Portfolio now settled and expected to lift FY27 earnings, management framed the business as one built for compounding growth across market cycles.
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