Life Cycle, a global equity fund manager led by Peter Rutter, was initially backed by Ironbark Asset Management, which later pulled out due to delays in the fund’s launch. However, according to Pinnacle managing director Ian Macoun, the firm has already gained momentum.

“The investment and operational infrastructure is built and tested,” Macoun announced at Pinnacle’s AGM this week, adding that Life Cycle, now a seven-person team, is actively managing the money.

The fund is poised to enter the second phase of its growth plan next year, focusing on new initiatives to expand its market presence.

While Pinnacle sharpens its focus on long-term value, the company is also actively exploring additional investment opportunities, particularly in high-demand sectors such as private lending, infrastructure, real estate and hedge funds.

Pinnacle's last major investment was in December 2021, when it secured a 25 percent stake in private equity and venture capital manager Five V.

Macoun emphasized that the firm is pursuing both domestic and international acquisitions to further diversify its portfolio.

"We look for investments that are strategically attractive and diversifying compared to the current partner mix," McCone said.

"We are willing to be patient and prudent with our capital ... but we continue to work on opportunities, both domestically and internationally."

“We are looking for internationally based opportunities, but we have also looked at select opportunities in Australia; and we look for asset classes that are in high demand, including private credit, infrastructure, real estate and hedge funds.

Despite its growth ambitions, Pinnacle remains cautious.

Macoun stressed the importance of maintaining discipline regarding valuations and investment quality.

"While the universe of potential firms is significant, we remain focused on partnering only with the highest quality founders and teams with the potential for significant growth runway," he said.

Pinnacle delivered record initial funds under management (FUM) of $110.1 billion as of June 30, 2024, up 20% from a year earlier, with retail FUM of $28.8 billion and international FUM of $18. 4 billion.