Navigator Global Investments (NGI) Investor Day 2025 Presentation summary

Business model and strategy

• Focuses on partnering with leading alternative asset managers globally, providing growth capital and strategic advice while preserving partner independence and aligning incentives.

• Operates a diversified portfolio with recurring cashflows and growing earnings, targeting both private markets and liquid alternatives.

• Utilizes a decentralized distribution model, enabling each partner firm to build specialized sales teams and maintain business autonomy, supplemented by Blue Owl's advisory and capital services.

• Value creation is driven by affiliate synergies, strategic advice, operational support, and access to Blue Owl's Business Services Platform.

• Growth is propelled by partner firm performance, net inflows, addition of new partner firms, and a permanent, flexible capital structure.

Strategic partnerships and portfolio

• Partners with prominent alternative investment firms such as Blue Owl, 1315 Capital, Waterfall, Lighthouse, and others, covering a range of asset classes and strategies.

• Blue Owl, with $295 billion AUM, provides support on growth initiatives and access to its business services platform.

• The portfolio includes firms specializing in healthcare, real estate, asset-backed finance, and multi-strategy alternatives.

• The partnership model emphasizes minority equity stakes, offering alignment, autonomy, and access to long-term enterprise value growth.

• The opportunity set includes thousands of alternative asset management firms globally, particularly those with $1–10 billion AUM.

Financial performance and metrics

• Ownership adjusted AUM grew 2.3x, revenues 2.2x, and adjusted EBITDA 4.0x since 2020, with partner firms increasing from 1 to 11.

• Underlying performance fee revenues have shown consistent growth, with a high distribution payout ratio of 90–95% of partner firm earnings.

• FY25 estimated group AUM is $26.4 billion, with management fees of $208.3 million and performance fees of $123.7 million.

• EBITDA for FY25 is estimated at $113.6 million, with partner firm operating margins ranging from 27–44%.

• Performance fee variability is lower compared to peers, supporting more stable revenue streams.