PACIFIC CURRENT GROUP LIMITED — Capital/Financing Update 2023

Jul 30, 2023

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ASX ANNOUNCEMENT

31 July 2023

Funds under management as at 30 June 2023

Pacific Current Group Limited ( ASX:PAC ), a global multi-boutique asset management firm, is reporting total Funds under Management ( FUM ) managed by boutique asset managers within Pacific Current Group’s portfolio increased from A$187.3b to A$204.4b for the quarter ended 30 June 2023.

Highlights from the quarter include the following:

• aggregate FUM grew 9.1% in AUD. In native currency, USD-denominated fund managers saw FUM increase by 9.1% as a result of the rebound in global equity markets, strong inflows and the new investment in Cordillera;

• excluding GQG, FUM increased 5.1% for USD-denominated fund managers and decreased 5.4% for the AUD-denominated fund manager;

• GQG had notable inflows and benefited from the rebound in equity markets during the quarter, while PAC’s private capital boutiques received combined new commitments of approximately A$0.6b;

• Roc Partners had some outflows in March and June 2023 quarters, this was related to low or no fee paying commitments and no material impact on revenues is expected;

• PAC’s Ownership Adjusted FUM grew from US$13.4b to US$14.1b; and,

• PAC’s boutiques (excluding GQG) have received A$10.1b of new capital commitments from 1 July 2021 and A$5.2b from 1 July 2022.*

Pacific Current Group’s CEO, Paul Greenwood, noted, “While the general fundraising environment across the investment management industry has been less than ideal, we are pleased with the progress our boutiques made during the quarter. He added, “Moreover, we expect some significant fundraising progress among key boutiques during 1H24.”

FUM flows and balances as at 31 March 2023 and 30 June 2023, by boutique tier and category, are shown in the Appendix attached.

• The reported new capital commitments of A$10.1b and A$5.2b includes new commitments through 30 June 2023 for all boutiques except Banner Oak and Proterra given each boutique reports FUM one quarter in arrears. The new commitment amounts for Banner Oak and Proterra for the quarter ended 30 June 2023 will be reported/included in the following quarter.

Pacific Current Group Limited (ABN 39 006 708 792)

Suite 3, Level 3, 257 Collins Street, Melbourne VIC 3000 Australia www.paccurrent.com Tel: +61 3 8375 9611

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Other Considerations

The relationship between the boutiques’ FUM and the economic benefits received by PAC can vary dramatically based on factors such as:

• the fees charged by each boutique on the assets it manages, including one-time, up-front fees;

• the varying size of PAC’s ownership interest in each boutique; and

• the unique economic terms negotiated between PAC and each boutique including the manner in which PAC expects to realize value from its investment.

Accordingly, PAC cautions against simple extrapolation of PAC’s projected results based on FUM trends.

AUTHORISED FOR LODGEMENT BY:

Paul Greenwood

Managing Director & Chief Executive Officer and Chief Investment Officer

-ENDS-

CONTACT

For Investor & Media enquiries:

• Paul Greenwood - Managing Director & CEO and CIO E: pgreenwood@paccurrent.com T: (+1) 253 617 7815

ABOUT PACIFIC CURRENT GROUP

Pacific Current Group Limited is a multi-boutique asset management firm dedicated to providing exceptional value to shareholders, investors, and partners. We apply our strategic resources, including capital, institutional distribution capabilities and operational expertise to help our partners excel. As of 31 July 2023, Pacific Current Group has investments in 16 boutique asset managers globally.

ASX ANNOUNCEMENT

Page 3 of 5

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Appendix

Funds Under Management – 30 June 2023

FUM by Pacific Current Group boutique manager in reporting currency

Open End Closed End
31 March 2023 New Investment / (Divestment) 30 June 2023 31 March 2023 New Investment / (Divestment) 30 June 2023 $m	Total FUM as at 31 March 2023	Total FUM as at 30 June 2023
Tier 1 - Boutiques reporting in USD Aether - - - 1,545 - 1,545	1,545	1,545
Banner Oak1 - - - 7,249 - 7,389 Carlisle 1,011 - 988 1,010 - 1,003 Cordillera4 - 157 158 - 1,180 1,254	7,249 2,021 -	7,389 1,991 1,412
GQG 94,500 - 104,100 - - - Proterra1 - - - 3,945 - 3,712 Victory Park2 - - - 5,566 - 5,713 Total Tier 1 95,511 157 105,246 19,315 1,180 20,615 Tier 2 - Boutiques reporting in USD Astarte3 - - - 638 - 642	94,500 3,945 5,566 114,826 638	104,100 3,712 5,713 125,861 642
EAM 1,507 - 1,478 - - -	1,507	1,478
Pennybacker5 271 - 274 2,798 - 2,691 Total Tier 2 1,778 - 1,751 3,435 - 3,333	3,069 5,214	2,964 5,084
FUM (USD) - Boutiques reporting inUSD 97,289 157 106,997 22,750 1,180 23,948	120,040	130,945
FUM (AUD) - Boutiques reporting inUSD 145,147 236 160,622 33,942 1,769 35,950	179,090	196,572
Tier 2 - Boutique reporting in AUD ROC Partners - - - 8,219 - 7,778	8,219	7,778
Total FUM (AUD) - PAC Boutiques 145,147 236 160,622 42,161 1,769 43,728	187,309	204,350

1. FUM for Banner Oak Capital Partners and Proterra Investment Partners represent regulatory FUM from one quarter in arrears.

2. Victory Park FUM includes the firm’s regulatory capital for 30 September, as well as other client FUM where VPC is paid a one-time, upfront fee.

3. Astarte FUM represents aggregate FUM of funds managed by investment managers in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte.

4. PAC invested in Cordillera on 6 April 2023.

5. Pennybacker recently launched a hybrid strategy where investors commit funds for a period of two years, then it becomes an Open-end fund. Above table is adjusted to classify it as Open-end despite the remaining committed period.

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FUM by Pacific Current Group Tier 1/Tier 2 Classification in AUD

A$m	FUM as at 31 March 2023	FUM as at 31 March 2023	New investment / (Divestment)	Net Flows6	Other7	FX movement8	FUM as at 30 June 2023
Tier-1 (Ex-GQG)		30,325	2,004	514	(367)	192	32,667
Tier-2		15,997	-	(748)	113	49	15,410
Sub-Total		46,322	2,004	(234)	(255)	241	48,078
GQG9		140,986	-	1,796	12,572	918	156,272
Total		187,309	2,004	1,562	12,317	1,159	204,350

1. For Closed End funds, Net Flows only includes additional capital commitments. Distributions to limited partners of Closed End funds will be reflected as reduction in Net Asset Value, which is included in the ‘Other’ category for PAC reporting.

2. Other includes investment performance, market movement and distributions.

3. The Australian dollar weakened against US dollar during the quarter. The AUD/USD exchange rate was 0.6703 as at 31 March 2023 compared to 0.6661 as at 30 June 2023. The Net Flows and Other items are calculated using average rates.

4. Beginning with quarter ending 31 December 2021, GQG is separated in the table above as GQG is now a listed entity, therefore PAC will only include GQG’s FUM data as it is disclosed by GQG in its quarterly FUM announcement. GQG continues to be a Tier-1 boutique in the PAC portfolio.

Tier 1 Boutique is a term used to describe an asset manager that PAC expects to produce at least an average of AUD 4m of annual earnings for PAC over the next three years, while a Tier 2 Boutique is one that PAC expects will contribute less than this amount. Although there is no guarantee any Tier 1 boutique will meet this threshold, this categorisation is intended to provide insight into which boutiques are expected to be the most economically impactful to Pacific Current Group

Open-end is a term used to indicate funds under management that are not committed for an agreed period and therefore can be redeemed by an investor on relatively short notice. Closed-end is a term used to denote funds under management where the investor has committed capital for a fixed period and redemption of these funds can only eventuate after an agreed time and in some cases at the end of the life of the fund.

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Ownership Adjusted FUM by Pacific Current Group boutique manager in USD

**Ownership Adjusted FUM by Pacific Current Group **	boutique manager in USD
US$m Private Market / Public Market Strategy	Total FUM as at 31 March 2023 Total FUM as at 30 June 2023	PAC Interest	Ownership Adjusted FUM (OAF) as at 31 March 2023 Ownership Adjusted FUM (OAF) as at 30 June 2023
Tier 1 Aether Private Banner Oak Private Carlisle Private Cordillera Private GQG Public Proterra Private Victory Park Private Tier 2 Astarte Private EAM Public Pennybacker Private ROC Partners Private	1,545 1,545 7,249 7,389 2,021 1,991 - 1,412 94,500 104,100 3,945 3,712 5,566 5,713 638 642 1,507 1,478 3,069 2,964 5,510 5,181	100.0 % 35.0 % 40.0 % 24.9 % 4.0 % 16.0 % 24.9 % 44.5 % 18.8 % 16.5 % 30.0 %	1,545 1,545 2,537 2,586 808 796 - 352 3,808 4,195 631 594 1,386 1,422 284 286 283 277 506 489 1,653 1,554
Total (USD)	125,550 136,127		13,441 14,096

Ownership Adjusted FUM (OAF) - The ownership percentage used in the calculation of OAF reflects the proportion of proceeds that PAC, absent any distribution preferences, would receive in the event of the sale or liquidation of the business. The portfolio above does not include boutiques that do not manage FUM.