Pinnacle fundraising

PINNACLE Investment Management wants to raise $60 million via an institutional placement to acquire significant stakes in two companies, it announced yesterday.

Much of the funds would be used to acquire a 35 per cent slice of Sydney-based Metrics Credit Partners, in a deal worth $46 million.

The company was also set to acquire a 40 per cent stake in Melbourne investment firm Omega Partners.

As part of its statements to the market, Pinnacle also released an early look at its FY18 results, stating it expected a net profit after tax result of $23.1 million, an increase of 92.5 per cent for the year.