(Bloomberg) -- Australian wealth manager Insignia Financial Ltd. has received a A$2.9 billion ($1.8 billion) takeover offer from CC Capital Partners, the fast-emerging family office set up by former Blackstone Inc. dealmaker Chinh Chu.
The preliminary A$4.30 per share cash bid is a 7.5% premium to an earlier A$4 per share offer bid from private equity firm Bain Capital — which Insignia rejected last month — according to a statement from the Australian funds manager on Monday.
The proposal is subject to Insignia giving CC Capital exclusive due diligence, a move the company said it will consider but has made no decision yet. The offer is non-binding and may not result in a final proposal, Insignia said. Any deal would also need foreign investment and regulatory approval.
Insignia shares jumped around 11% in early Sydney trading on Monday to A$3.93.
CC Capital is an insurance and asset management firm that Chu, who left Blackstone in 2015, has begun to assemble in the mold of Apollo Global Management Inc. He has created at least five blank-check vehicles that struck deals to take a number of companies public, including Getty Images and snackmaker Utz Brands.
The new pursuit by CC Capital, which manages Chu’s personal wealth, is further evidence of the growing interest from overseas private equity players in acquiring Australian wealth managers for their exposure to one of the fastest growing pension pools in the world, with assets of A$4.1 trillion.
(Adds share price reaction in fourth paragraph.)
©2025 Bloomberg L.P.