Pinnacle, National Pension Service of Korea up stake in Metrics

Pinnacle Investment Management and South Korea's public pension fund have bumped up their stakes in private credit specialist Metrics Credit Holdings.

Pinnacle will acquire an additional 6.8% in Metrics to take its total ownership to 35%.

The total outlay comes to about $100.5 million, with 75% payable on completion and the remaining 25% paid out 12 months from the date of the agreement.

Founded in 2011, Pinnacle first took a stake in Metrics in 2018. At the end of 2025, Metrics had $36.7 billion in funds under management.

The National Pension Service of Korea (NPS), via a partnership with Townsend Holdings, will purchase a further 6.37% in Metrics. This will take its total ownership to 9.9%, should it be approved by the Foreign Investment Review Board.

Former Metrics managing partner Graham McNamara, who officially retired on March 31, sold his shares via HRM Holdings - the trustee of the McNamara Family Trust. Other Metrics executives retained their equity stakes.

McNamara was also a founding shareholder of Metrics and remains in the business in an advisory capacity.

Pinnacle said the two equity purchases are interdependent and are expected to complete within the 2026 calendar year.

Metrics managing partner and chief executive Andrew Lockhart said: "We are pleased to confirm the agreed transition of equity in the business to our existing strategic shareholder partners, Pinnacle and the NPS/Townsend partnership, who continue to demonstrate strong support for Metrics' future growth and success."

Pinnacle managing director Ian Macoun said Pinnacle is proud to have worked alongside the Metrics team over the past decade as the group has grown to become one of the Asia Pacific region's largest alternative investment managers.

"We continue to have enormous confidence in the ongoing domestic and international growth of Metrics, particularly as more investors recognise the benefits that can be delivered by experienced, highly diversified and large-scale private markets managers," Macoun said.

On April 24, Pinnacle finalised the acquisition of an outstanding stake in Pacific Asset Management (PAM) for $418.8 million.

This was an additional 79.2% interest in PAM after Pinnacle first acquired its stake in 2024.