2023 Financial Results

22 Feb 2024

Regal Partners Limited, a specialist alternative investment manager, is pleased to report its financial results for the six months ended 31 December 2023.


  • Total funds under management (“FUM”)1 as at 31 December 2023 of $11.0bn, up 113% since 31 December 2022 and up 91% on 30 June 2023
  • Acquired $2.2bn of Taurus Funds Management FUM and $2.8bn of PM Capital FUM in late 20231
  • Net client inflows of +$0.5bn received for the year to 31 December 2023
  • $0.4bn of additional FUM commitments received in 2024 calendar year-to-date, not currently reflected in the numbers above
  • Statutory 2023 Net Profit after Tax (“NPAT”)2 of $1.6m
  • Normalised NPAT3 of $32.7m, up 31.9% on pcp, driven by revenues of $111.9m, up 16.9% on pcp and expenses of $65.0m, up 11.1% on pcp
  • Fully franked final dividend of 5c per share announced; Dividend Reinvestment Plan (“DRP”) available
  • Strong balance sheet, with over $200m in net cash, short-dated fee receivables and investments at 31 December 2023

Read the announcement here


1 Based on unaudited Management estimates of FUM. FUM (including 100% of Taurus Funds Management, Attunga Capital and Kilter Rural) includes non-fee-earning FUM. FUM quoted for PM Capital and Taurus Funds Management relates to FUM at time of completion of each acquisition.

2 All NPATs refer to NPAT attributable to RPL shareholders.

3 Normalised NPAT has been calculated by adding back certain non-cash items (e.g. amortisation of intangible assets, long-term variable remuneration) and one-off strategic initiatives (all tax-effected where appropriate). Normalised NPAT includes fair value movements on seed investments. Normalised NPAT for 2023 includes RPL’s share of the Taurus Funds Management business’ earnings from 5 November 2023 and 100% of PM Capital Limited (PM Capital) earnings from 21 December 2023. Prior corresponding period (pcp) relates to the twelve months to December 2022 where the 2022 profit or loss statement is pro forma for the merger between VGI Partners Limited and Regal Funds Management Pty Limited and was prepared on the basis that the merger completed on 1 January 2022.