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PACIFIC CURRENT GROUP LIMITED — Capital/Financing Update 2024
May 13, 2024
65526_rns_2024-05-13_b01b88e3-4a6f-4968-a289-80eb45eb3c21.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT
14 May 2024
Sale of Partial Interest in Pennybacker Capital Management
Pacific Current Group Limited ( ASX: PAC ), a global multi-boutique asset management firm, is pleased to announce that it has sold a portion of its interest in Pennybacker Capital Management, LLC (“Pennybacker) to Goldman Sachs Asset Management’s Petershill program.
In exchange for selling 55% of PAC’s 16.5% equity stake in Pennybacker and all of its 2.5% carried interest entitlement for Pennybacker funds launched after PAC’s initial investment, PAC will receive approximately US$35.2m (US$4.8m at closing, followed by equal payments of roughly US$15.2m on both the first and the second anniversary of the transaction). Actual proceeds could vary modestly based on final transaction costs. As at 31 December 2023, PAC’s estimate of the fair value of its Pennybacker stake was US$57.2m.
PAC CEO & CIO Paul Greenwood noted, “This is an exciting development for both Pennybacker and PAC, and it is wonderful validation of the value the Pennybacker team has created and continues to build.” He added, “We look forward to many more years of Pennybacker creating value for both its investors and its shareholders.”
This announcement was authorised for release by the Chair of Pacific Current Group Ltd.
-ENDS-
Further information
Paul Greenwood - Managing Director & CEO and CIO
E: [email protected] 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 14 May 2024, Pacific Current Group has investments in 15 boutique firms globally.
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