The funds’ management arm, which raises money for external fund managers via Ironbark-branded vehicles, is the biggest arm representing strategies like global long/short from New York-based Apis Capital and listed infrastructure at local fundie Maple-Brown Abbott.
The trustee business provides responsible entity services for funds and financial advice business, while the wealth advisory arm has been taking minority stakes in advice businesses.
Soul Patts’ capital was understood to be earmarked for use for organic growth spending, as well as acquisitions of stakes in advice businesses. Sources said Ironbark received interest from family offices, but deep-pocketed Soul Patts ended up taking the entire raising.
It follows a small re-up from Soul Patts’ 29.1 per ownership in early 2021, to 30.7 per cent a year later, with Soul Patts paying $2.82 million for the 0.2 per cent increase at the time.
Ironbark is a smaller funds management play from Soul Patts. It owns a 36.5 per cent stake in Pengana Capital Group, and last year capped off a $10.8 billion merger between itself and listed investment company Milton Corporation.
Soul Patts’ investment was overseen in-house, while Ironbark was understood to have been advised by Nelson Lam of Berkshire Global Advisors.