Pacific Current (PAC) has announced its statutory net profit after tax (NPAT) has almost halved in FY25.
Statutory NPAT was $58.2 million, compared to $110.1 million a year ago, which it said was impacted by an impairment recognised on an investment in US private equity firm Aether.
The news came after the firm reported statutory NPAT of $100.3 million for the first-half of the financial year in February.
However, in March, it restructured its 24.9 per cent Aether investment from an equity share into a revenue share agreement.
“On 17 March 2025, the group completed its restructuring (with effect from 1 January 2025) and sold its 100 per cent equity interest in Aether to the current Aether management team in exchange for a share in the revenue of Aether.
“The group is expected to receive 30 per cent revenue share on Aether’s existing funds under management from 1 January 2025 to 30 June 2027 and 10 per cent thereafter. The group will also be entitled to 10 per cent revenue share for new funds under management launched, sponsored or created by Aether on or prior to 31 December 2026. Further, the group will also be entitled to 24.9 per cent share in the net proceeds on sale of certain assets of Aether.”
Funds under management declined from $42.5 billion to $30 billion, a decrease of 29 per cent, as a result of disposals, while boutique management fees declined from $36 million a year ago to $15.5 million.
During the year, the firm completed asset sales of Banner Oak Capital Partners, Carlisle Management Company to Abacus Life, and a partial sale of Victory Park Capital to Janus Henderson which it said provided “significant liquidity and realisation of fair value uplift”.
Its boutiques now consist of alternative manager Northern Lights, private real estate Pennybacker Capital, private equity firm Roc Partners, private credit manager Victory Park Capital, investment advisor Independent Financial Partners, equity manager IMC, private equity firm Astarte Capital Partners, and Aether.
With these disposals completed, the asset manager said PAC’s management is now seeking new growth opportunities with a focus on leveraging its existing boutiques and assessing new investment prospects.
Pacific Current chair Justin Arter said: “PAC’s leadership has skillfully overseen our asset management, strategic divestments, and the competition of share buy-back initiatives. Their efforts have laid a robust groundwork for the company’s forthcoming expansion.”
Arter was appointed in June 2025 as a non-executive director and took over as chair the following month. He was previously the chief executive at Cbus Super for three years and the country head of Australia at BlackRock.
