Billionaire Angela Bennett’s AMB sells Coolabah stake to ASX-listed Pinnacle Investment Management

The deal would represent a substantial profit for billionaire Angela Bennett’s AMB Capital Partners.

Ms Bennett’s wealth, recorded at $1.98bn on The List — Australia’s Richest 250 published by The Australian earlier this year, mainly derives from iron ore royalty streams and profits that flow from Wright Prospecting. Picture: Bloomberg News

Billionaire Angela Bennett has made a successful exit from an investment in Sydney active credit manager Coolabah Capital, with her private investment company selling a 25 per cent stake for up to $34.1m.

The deal would represent a substantial profit for Ms Bennett’s AMB Capital Partners, which the mining heiress established to invest in a diverse range of property and equity assets.

AMB is selling the stake in Coolabah to the ASX-listed Pinnacle Investment Management, which revealed the transaction in a recent announcement to the market.

Pinnacle will pay an initial $29.1m for the 25 per cent interest, together with a further $5m upon Coolabah achieving certain milestones over the next few years.

Billionaire Angela Bennett with Terri Ann McLarty. Supplied.

Coolabah, co-founded by prominent Sydney investor and commentator Christopher Joye, manages about $3bn of institutional and retail investments across several long-only and long-short active funds. Before milestone payments, the deal values Coolabah at $116m.

The firm has 21 staff spread across three offices, including four portfolio managers and nine analysts.

Ms Bennett’s wealth, recorded at $1.98bn on The List — Australia’s Richest 250 published by The Australian earlier this year, mainly derives from iron ore royalty streams and profits that flow from Wright Prospecting.

A mining investment company established by Peter Wright, Ms Bennett’s late father and one time business partner of Gina Rinehart’s late father Lang Hancock, Wright Prospecting receives income from two huge mines developed by Rio Tinto.

Bennett shares ownership of Wright Prospecting with Alexandra Burt and Leonie Baldock, daughters of Bennett’s late brother Michael Wright.

Wright Prospecting’s latest financial accounts lodged with the corporate regulator for 2019 showed both sides of the family sharing in $172m dividends this year.

Ms Bennett has poured some of her wealth into AMB Capital Partners, an investments business with assets in property, financial services, energy and resources.

Among AMB’s investments is Arrow Capital Partners, a private real estate platform which has acquired, managed or brokered more than $US1bn worth of property deals in Europe and Asia in the past year.