Navigator Reports 7% Year-on-Year AUM Growth, Lighthouse Hits USD17.3B

Steady Assets Under Management Despite Market Headwinds

Navigator Global Investments Limited (ASX – NGI) has released its December 2025 quarterly update, revealing a steady ownership-adjusted assets under management (AUM) position of USD29 billion. This figure marks a 7.0% increase over the past 12 months, underscoring the company’s resilience in a challenging investment environment marked by geopolitical tensions and interest rate uncertainties.

While total firm-level AUM declined by 3.2% to USD83.7 billion during the quarter, this was largely influenced by the strategic sale of Bardin Hill, a US private credit manager with approximately USD3 billion in AUM. Excluding Bardin Hill, firm-level AUM showed a modest increase of 0.3%, reflecting underlying stability across Navigator’s portfolio of partner firms.

Lighthouse Partners Drives Growth with Strong Hedge Fund Performance

Lighthouse Partners (LHP), one of NGI’s key investment platforms, saw its AUM climb 1.8% during the quarter to a record USD17.3 billion, representing a 7.5% rise year-on-year. This growth was fuelled by robust investment performance across LHP’s strategies, particularly in higher fee-yielding direct hedge funds. These funds have benefited from the current market volatility, delivering strong risk-adjusted returns and maintaining performance fee high watermarks.

The positive momentum in Lighthouse’s hedge fund solutions highlights investor appetite for alternative strategies that can navigate uncertain markets, with all major strategies outperforming their three- and five-year averages over the past 12 months.

NGI Strategic Portfolio Navigates Transition

The NGI Strategic Partner Firms’ ownership-adjusted AUM declined by 2.5% in the quarter, primarily due to the Bardin Hill sale. However, excluding this transaction, the Strategic AUM actually increased by 1.9%. Over the past year, NGI Strategic AUM grew 6.4%, supported by a 7.1% increase in private markets assets under management.

Notably, NGI’s private markets segment has demonstrated significant growth, including the impact of the recent partnership with 1315 Capital. This segment’s 50% growth over 12 months signals strong investor demand for private market exposure, which is often seen as a diversification tool amid volatile public markets.

Outlook and Strategic Focus

Navigator’s management emphasises the ongoing demand from institutional investors and global private wealth channels for alternative investment strategies. The company’s partner firms remain focused on delivering strong risk-adjusted returns, which underpin their capacity to attract and retain clients, generate fee revenue, and sustain business momentum.

Investors and analysts will be watching closely for further financial details and strategic insights at NGI’s interim results announcement scheduled for 23 February 2026. The update is expected to shed light on the company’s financial performance, strategy execution, and outlook amid a complex market backdrop.