Pinnacle Deploys $100.5M to Lift Metrics Credit Stake Back to 35%
Pinnacle Investment Management Group is acquiring an additional 6.80% equity stake in Metrics Credit Holdings for approximately $100.5 million, restoring its position to approximately 35% of the alternative investment manager. The transaction represents a significant capital deployment by Pinnacle to consolidate its shareholding in one of Asia Pacific’s largest alternative investment managers.
Pinnacle lifts Metrics Credit stake to 35% in $100.5 million deal
Pinnacle first invested in Metrics Credit Holdings in 2018, and this latest acquisition restores its equity interest to broadly the same level as its original position. The company will fund the purchase from existing balance sheet capacity, with the payment structured across two tranches:
- 75% payable on completion
- Remaining 25% due twelve months from the agreement date
The transaction is expected to complete in Q2-Q3 calendar year 2026, subject to interdependent conditions with a concurrent equity purchase by the National Pension Service of Korea.
The acquisition sees Pinnacle deploying significant capital to consolidate its position in Metrics at a time when institutional investors globally are expanding allocations to alternative investment managers with scale and track records in private markets.
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What is private credit and why are institutional investors expanding exposure?
Private credit refers to loans made by non-bank lenders to businesses, operating outside traditional bank lending channels. The asset class has grown substantially as banks have retreated from certain lending segments following regulatory changes, creating opportunities for alternative lenders to fill the gap.
Institutional investors have increased allocations to private credit for several reasons. The strategy offers potential for differentiated returns compared to public markets, provides diversification benefits, and delivers income through interest payments. For large institutions seeking yield in a low-rate environment, experienced private markets managers with diversified portfolios have become increasingly attractive.
Metrics has positioned itself as one of the Asia Pacific region’s largest alternative investment managers in this space. Pinnacle’s willingness to deploy $100.5 million to increase its stake signals confidence in both the structural growth of private credit as an asset class and Metrics’ competitive positioning within it.
South Korean pension giant NPS also increasing its Metrics position
Concurrent with Pinnacle’s acquisition, the National Pension Service of Korea (NPS) has agreed to purchase an additional 6.37% equity stake in Metrics via its strategic partnership with Townsend Holdings LLC. This transaction takes NPS’s total shareholding to 9.9%.
The NPS purchase is subject to Foreign Investment Review Board (FIRB) approval and is interdependent with Pinnacle’s acquisition. Both equity purchases are expected to complete in Q2-Q3 calendar year 2026 and are being acquired at the same implied valuation.
The vendor for both transactions is HRM Holdings Pty Ltd as trustee of the McNamara Family Trust, an entity associated with Graham McNamara.
| Buyer | Additional Stake | Total Position | Transaction Value |
|---|---|---|---|
| Pinnacle | 6.80% | ~35% | ~$100.5 million |
| NPS/Townsend | 6.37% | 9.9% | Not disclosed |
The dual institutional buying at the same implied valuation provides external validation of Metrics’ current worth and future growth potential. Both Pinnacle and NPS are sophisticated institutional investors with extensive experience evaluating alternative investment managers.
Leadership transition context
The equity sale follows an announcement on 1 July 2025 that Graham McNamara would be retiring in the first half of 2026. McNamara’s associated entity is the vendor in this transaction, whilst all other Metrics executives are retaining their equity positions.
McNamara will continue to be involved with Metrics in an ongoing advisory capacity following his retirement from day-to-day operations.
Metrics Managing Partner and CEO Andrew Lockhart
“We are pleased to confirm the agreed transition of equity in the business to our existing strategic shareholder partners, Pinnacle and the NPS/Townsend partnership, who continue to demonstrate strong support for Metrics’ future growth and success. I would also like to thank and acknowledge Graham McNamara’s significant contribution to Metrics over the past 14 years, bringing deep experience, strong leadership and unwavering commitment to delivering strong outcomes for investors.”
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Investment case and strategic positioning
Pinnacle has worked alongside Metrics for the past decade as the firm has grown to become one of the Asia Pacific region’s largest alternative investment managers. The decision to restore its equity interest to 35% demonstrates Pinnacle’s conviction in Metrics’ growth trajectory and the structural opportunity in private credit.
The transaction positions Pinnacle to benefit from continued institutional flows into private markets, particularly as superannuation funds, pension schemes, and endowments seek exposure to experienced managers with scale and diversification.
Pinnacle Managing Director Ian Macoun
“We continue to have enormous confidence in the ongoing domestic and international growth of Metrics, particularly as more investors recognise the benefits that can be delivered by experienced, highly diversified and large-scale private markets managers.”
Key completion conditions and timeline:
- Interdependent with NPS/Townsend equity purchase
- Subject to FIRB approval (NPS transaction)
- Expected completion: Q2-Q3 calendar year 2026
- Payment: 75% on completion, 25% at twelve months
For Pinnacle shareholders, the acquisition represents a deployment of capital into an existing high-conviction position within the group’s affiliate structure. The transaction values Metrics at an implied total equity value that both Pinnacle and NPS, two sophisticated institutional investors, view as compelling relative to the firm’s growth prospects in alternative investment management.
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