Australian wealth manager Insignia Financial Ltd. has received a A$2.9 billion ($1.8 billion) takeover proposal from CC Capital Partners, a family office led by former Blackstone executive Chinh Chu. The A$4.30 per share offer represents a 7.5% premium over an earlier A$4 bid from Bain Capital, which Insignia rejected last month.
The offer, conditional on granting CC Capital exclusive due diligence, remains non-binding and subject to regulatory and foreign investment approvals. Insignia has yet to decide on the proposal.
Shares of Insignia rose 11% in early Sydney trading on Monday, reaching A$3.93.
CC Capital, modeled after Apollo Global Management, is expanding into insurance and asset management. Its interest underscores growing international private equity focus on Australian wealth managers, drawn to the country’s A$4.1 trillion pension pool — one of the fastest-growing globally.