FUNDRAISING NEWS | January 10, 2025
Australian wealth management firm Insignia Financial has received a AUD 2.87B (~$1.78B) takeover offer from CC Capital Partners, rivaling an earlier bid by fellow US-based investment manager Bain Capital, according to media reports.
As previously reported by Dakota, in mid-December Bain made an AUD 2.7B (~$1.67B) bid for the Melbourne-based firm, which would mark its first foray into the Australian wealth management market. In the US, Bain has backed Carson Group since 2021 and CI Financial since 2023, though it will soon be exiting the latter investment as Mubadala Capital takes Toronto-based CI private in a $4.7B cash deal.
Access to Australia’s AUD 4.1T (~$2.54T) superannuation system, one of the world’s largest private pension markets, is driving the bidders’ interest. If successful, an acquisition of Insignia would also represent CC Capital’s entry into Australia. The firm was founded in 2015 by former Blackstone co-head of private equity Chinh Chu and focuses on investments in buyouts and take-private transactions in the financial services, technology, chemicals, and healthcare sectors.
