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Asset/Investment Management
paccurrent.com

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Investments

5

Portfolio Exits

1

About Pacific Current Group

Pacific Current Group is a multi-boutique asset management business committed to seeking out and partnering with investment managers. It combines capital - offered through economic structures - with strategic business development and a network of consultant and client relationships to help businesses climb higher.

Pacific Current Group Headquarter Location

Level 29 259 George Street

Sydney, New South Wales, 2000,

Australia

+61 2 8243 0400

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Latest Pacific Current Group News

Global fund manager GQG Partners targets ASX for $1b plus IPO

Aug 31, 2021

Share Global equities tearaway GQG Partners is set to make a stunning pitch to Australian investors for a $5 billion-plus listing on the ASX, in a deal that could also help it take on Hamish Douglass’ Magellan Financial Group. Street Talk can reveal GQG Partners will tell its high-octane story to Australian fund managers for the first time next week, ahead of an initial public offering slated for the December quarter. GQG Partners chairman and CIO Rajiv Jain is expected to make his maiden pitch to potential Australian investors next week. Pat Scala The stockpicker, which runs four global equities investment strategies from its headquarters in Florida, was set up by Rajiv Jain, a former money manager at Swiss firm Vontobel Asset Management, in 2016. In the five years since, Jain’s GQG Partners has grown its funds under management to $US84.7 billion ($116 billion). It has picked up money from more than 1000 institutions globally, including Australia’s AustalianSuper, Rest Super and Cbus, and would use an ASX-listing to try to build its brand with Australian financial advisers and retail investors. GQG Partners’ deliberations come after it almost doubled funds under management in the past 12-months, to be of a similar size to Australia’s Magellan, which was founded 15-years ago by former investment bankers Douglass and Chris Mackay. Related Quotes Advertisement The manager recorded $US250 million ($342.5 million) EBITDA in the past 12-months with about a 75 per cent EBITDA margin, maintained by the fact it’s majority owned by founders and staff who are remunerated via their ownership, rather than with big cash bonuses. Pacific Current connection GQG Partners’ other Australian connection, in addition to AustralianSuper and co, is the group’s CEO Tim Carver. Carver formerly ran ASX-listed boutique funds investor Pacific Current Group. (Pacific Current is also one of GQG Partners’ few external shareholders, owning a 5 per cent stake). Former Pacific Current boss Tim Carver now runs GQG Partners. AFR The big question for potential investors is why GQG Partners wants to list on the ASX. It’s expected to argue its management team, headed by Carver, knows the ASX regulatory/compliance regime, as well as some of the Australian market’s biggest investors, who are clients. The ASX could also help boost GQG Partners’ profile in Australia, at a time when it wants to substantially increase its Australian retail investor base and brand profile. GQG Partners is expected to be pitched as a global equities disruptor, which had the chance to start with a blank sheet of paper mid last decade and design products and a team that were fit for the times. Its strategies include emerging markets equities, international equities (all markets except the US), global equities (all markets including the US) and US equities. Advertisement Jain oversees each of the strategies. Next week’s meetings are understood to be non-deal in nature, meaning GQG Partners would have to come back and put a proposed offer to potential investors later this year. UBS and Goldman Sachs are joint lead managers to the IPO. GQG Partners would need to sell shares worth at least 20 per cent of the company to be included in the benchmark S&P/ASX 200 index, which would imply a $1 billion-plus raising. Potential investors would be expected to compare it to Magellan, whose shares are trading at 16-times historical EBITDA. GQG Partners would argue it’s much more valuable, given its growth profile. Similar growth stocks could include Pinnacle Investment Management and Netwealth, which is not an asset manager but has similar exposures and growth. They trade at 32.5-times and 40-times EBITDA respectively, according S&P Global Markets Research data. Get a first look at tomorrow's headlines Sign up to the Street Talk First Look newsletter

Pacific Current Group Investments

5 Investments

Pacific Current Group has made 5 investments. Their latest investment was in Astarte Capital Partners as part of their Corporate Minority on January 1, 2021.

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Pacific Current Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/9/2021

Corporate Minority

Astarte Capital Partners

$5.38M

Yes

1

12/17/2019

Corporate Minority

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$99M

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10

9/24/2019

Unattributed

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$99M

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10

4/18/2019

Unattributed

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$99M

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10

1/31/2019

Corporate Minority

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$99M

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10

Date

1/9/2021

12/17/2019

9/24/2019

4/18/2019

1/31/2019

Round

Corporate Minority

Corporate Minority

Unattributed

Unattributed

Corporate Minority

Company

Astarte Capital Partners

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Amount

$5.38M

$99M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

1

10

10

10

10

Pacific Current Group Portfolio Exits

1 Portfolio Exit

Pacific Current Group has 1 portfolio exit. Their latest portfolio exit was Aperio Group on November 23, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/23/2020

Acq - Fin - II

$991

11

Date

11/23/2020

Exit

Acq - Fin - II

Companies

Valuation

$991

Acquirer

Sources

11

Pacific Current Group Acquisitions

1 Acquisition

Pacific Current Group acquired 1 company. Their latest acquisition was Aperio Group on October 12, 2018.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/12/2018

Shareholder Liquidity

Shareholder Liquidity

1

Date

10/12/2018

Investment Stage

Shareholder Liquidity

Companies

Valuation

Total Funding

Note

Shareholder Liquidity

Sources

1

Pacific Current Group Team

1 Team Member

Pacific Current Group has 1 team member, including former Managing Director, Jack Swift.

Name

Work History

Title

Status

Jack Swift

Crestone Capital, Janus Henderson Investors, Berger Financial Group, U.S. Army, and Echelon Capital

Managing Director

Former

Name

Jack Swift

Work History

Crestone Capital, Janus Henderson Investors, Berger Financial Group, U.S. Army, and Echelon Capital

Title

Managing Director

Status

Former

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