Highlights

• New York Life Investment Management (NYLIM) will buy a 60% stake in Invictus Capital Partners and acquire the remaining 40% in 2031.
• NGI expects net upfront proceeds of about US$40–43 million, plus a possible earn-out of up to US$32 million.
• NGI shares last traded at $2.430, up $0.160 (7.048%), on the day of the announcement.

NGI to Realise Value from Invictus Investment

Navigator Global Investments Limited (ASX: NGI) announced on 29 September 2026 that it has agreed, alongside the other Invictus shareholders, to realise the value of its interest in Invictus Capital Partners in stages. Invictus is a US-based alternative credit manager that specialises in single-family residential credit.

In the first step, NYLIM will buy a 60% ownership stake in Invictus. NYLIM, a global asset management firm, oversees approximately US$838 billion in assets under management. The remaining 40% interest will continue to be held by Invictus management and other existing shareholders, including NGI, until NYLIM acquires the stake in 2031. The initial transaction closing is anticipated in the first quarter of 2027, subject to regulatory clearances and customary completion conditions. Investors welcomed the news. NGI shares last traded at $2.430, up $0.160, or 7.048%.

How NGI Gets Paid

NGI expects to receive value from the deal in several stages:

• Upfront: About US$40–43 million in net proceeds at the initial closing, after costs, taxes and adjustments. NGI plans to use this money for new growth initiatives.
• Earn-out: Up to around US$32 million, payable in 2030 if Invictus meets agreed revenue, capital raising and deployment targets by the end of 2029.
• Deferred closing: A further payment in 2031 for NGI's remaining stake, based on Invictus's performance, including fee-related earnings.

NGI will also keep its existing carried interest and fund investments in Invictus. The company does not expect the deal to materially reduce the distributions it receives from Invictus in FY27, and it expects meaningful profit distributions to continue until 2031.

A Strong Return on a 2022 Investment

NGI first invested in Invictus in August 2022, paying about US$115 million over three years. Since then, Invictus has more than tripled its gross assets. The value implied by the new deal is materially higher than the valuation at the time of NGI's original investment. NGI says the partnership has already beaten its return targets.

Ross Zachary, NGI's Chief Investment Officer and Head of NGI Strategic, said the deal reflects the significant value created since NGI invested. He added that it gives shareholders a strong upfront result while keeping exposure to further growth, and that it shows how NGI's partnership model works.

Why the Deal Suits New York Life

The acquisition supports NYLIM's plan to expand its private markets business. It gains Invictus's US residential credit expertise and its loan sourcing affiliate, Verus Mortgage Capital. New York Life has also made a significant multi-year capital commitment to Invictus. Invictus will continue to operate under its current leadership team, which will keep a significant stake in the business.

Founded in 2008 and based in Washington, D.C., Invictus manages more than US$20 billion in gross assets. It is one of the largest asset-manager issuers in the US residential mortgage-backed securities market, having completed more than 90 securitisations worth over US$45 billion.

Note- All data presented is based on information available at the time of writing.

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