Highlights

  • Regal Partners’ FUM rose 13.1% to AUD 20.0 billion in the September 2025 quarter.
  • Positive investment performance contributed AUD 1.76 billion, representing 9.9% of FUM growth.
  • Performance fee-eligible FUM of AUD 13.7 billion sits at or within 5% of its high-water mark.

Regal Partners Limited (ASX:RPL) announced an increase in funds under management (FUM) to AUD 20.0 billion for the September 2025 quarter, a 13.1% rise from AUD 17.7 billion at 30 June 2025. Including non-fee-earning commitments, total FUM and commitments reached AUD 21.2 billion, representing a 12.0% quarterly gain.

The rise in FUM was driven by net client inflows of about AUD 0.7 billion and positive investment performance across multiple strategies. Significant contributions came from the PM Capital Global Companies Fund, Regal Tactical Opportunities strategy, and the Regal Resources Royalties Fund, along with inflows into the Taurus Mining Finance Fund II, Merricks Capital co-investments, and the Ark Capital Partners Hotel Opportunities Fund. The Regal Global Small Companies Fund, launched in April 2025, continues to attract investor interest following encouraging performance.

Investment Performance Adds AUD 1.76 Billion

Positive investment performance contributed approximately AUD 1.76 billion, or 9.9% of FUM growth, reflecting solid returns across various strategies. Hedge Funds and Multi-Strategy asset classes performed particularly well. Additional influences on FUM included dividend and distribution payments, buy-backs, and currency movements resulting from a modestly stronger Australian dollar.
Net flows across asset strategies showed diversity: Hedge Funds increased from AUD 8.29 billion to AUD 9.95 billion, Growth Equity rose to AUD 796 million, Real & Natural Assets reached AUD 1.88 billion, Credit & Royalties grew to AUD 6.02 billion, and Multi-Strategy expanded to AUD 1.37 billion.

Performance Fee Update Surpasses Broker Expectations

As of 30 September 2025, AUD 13.7 billion of performance fee-eligible FUM was at or within 5% of its high water mark, representing 85% of total eligible FUM. Crystallised and uncrystallised performance fees for the second half of 2025 are now significantly above the upper range of current broker forecasts, estimated between AUD 22 million and AUD 52 million.
Accumulated fees include around AUD 5 million in crystallised fees from funds with monthly performance fee schedules, as well as fees from funds with semi-annual and annual schedules. Uncrystallised performance fees remain subject to change depending on investment performance through the rest of 2H25.

About Regal Partners

Regal Partners is an ASX-listed specialist alternative investment manager with over 20 years of history. The firm manages diverse investment strategies, including hedge funds, growth equity, real and natural assets, and credit and royalties. Operating through nine alternative investment management brands, Regal employs around 190 staff, including 90 investment professionals, across offices in Australia and abroad.