Pinnacle Investment Management's successful placement

Pinnacle Investment Management (ASX:PNI) has completed a fully underwritten institutional placement, raising A$400 million. This was achieved by issuing approximately 19.7 million new shares, representing about 9.7% of the company's existing shares. The placement saw strong support from institutional investors.

Overview of Pinnacle's strategic placement

Pinnacle Investment Management (ASX:PNI) has raised A$400 million through a well-received institutional placement, issuing 19.7 million new shares at a price of $20.30 each. The funds will support strategic investments in VSS Capital and Pacific Asset Management, seed new strategies, and back growth initiatives. An additional share purchase plan aims to raise $25 million, allowing eligible shareholders to purchase new shares. Pinnacle's strategic focus includes investment in Horizon 2 and Horizon 3 initiatives, aiming for returns above cash rate yields. The strong investor response highlights confidence in Pinnacle's growth strategy.

Executive commentary on Pinnacle's placement

We are pleased with the success of the placement and the support shown by both existing and new institutional investors for Pinnacle's strategic growth initiatives.