Janus Henderson Acquisition, Valuation & Financials

ICG Plc is an asset management firm that divides its business model into two segments: a fund management company and an investment company. The fund management company is the operating business of the group that sources and manages investments in the European, Asia-Pacific, and North American markets. It allocates capital to corporate investments, capital market investments, real assets, and private equity secondary market transactions. The investment company co-invests alongside third parties in new or existing funds. Its plan emphasizes a growth-oriented, activist, and long-term approach to investing. It generates revenue through interest income and, secondarily, through management fees.

Infratil is a New Zealand listed infrastructure investment company headquartered in Wellington and established in 1994. Morrison & Co manages the company under an external management agreement. Infratil invests in renewable energy, digital infrastructure, healthcare and airport platforms, generally taking influential or controlling positions and supplying follow-on capital for growth. Its portfolio has included Longroad Energy, CDC Data Centres, One NZ, Wellington Airport and RetireAustralia. Returns to shareholders come from dividends, distributions, asset revaluations and realised gains across the investment portfolio. In the transactions recorded here, Infratil invested alongside NZ Super Fund in Z Energy, Longroad and RetireAustralia rather than acting as a passive public-market holder.

Jardine Cycle & Carriage is a Singapore-listed regional investment holding company within the Jardine Matheson group. Founded in 1899, it owns strategic interests in automotive distribution, financial services, consumer goods, agribusiness and industrial companies across Southeast Asia. The group earns dividends, share of associate profits and operating income from controlled businesses. It serves regional consumers and enterprises through portfolio companies rather than offering an external retail investment fund. In November 2017 JC&C built a 10% Vinamilk position for approximately USD1.15 billion through market purchases and successful participation in SCIC's auction. The retained event isolates the 3.33% SCIC block, which Vietnamese government reporting says generated VND8.99 trillion of proceeds.

Blue Owl Capital Inc. is an American alternative asset manager headquartered at 399 Park Avenue in New York City and listed on the New York Stock Exchange under the ticker OWL. It manages credit, GP strategic capital and real assets strategies: direct loans to middle-market companies, minority equity stakes in private equity and other alternative asset managers, and net lease real estate, for institutional and retail investors. At the end of 2025 it had $307.5 billion of assets under management, revenue of $2.9 billion and about 1,365 employees. The firm was created in May 2021 when Owl Rock Capital Group, a middle-market direct lender founded in 2016, and Dyal Capital Partners, a GP-stakes investor formed in 2011 by Michael Rees, combined with the SPAC Altimar Acquisition Corp in a deal valued at $12.2 billion; its founders include Doug Ostrover, Marc Lipschultz, Craig Packer and Rees. Blue Owl then bought net lease real estate manager Oak Street for $950 million in 2021 and agreed to buy private credit firm Atalaya Capital Management in 2024. In October 2025 it formed a $27 billion joint venture with Meta Platforms to develop the Hyperion AI data center in Richland Parish, Louisiana.

Fibra Uno Administracion SA de CV is a Mexico-based company engaged in the operation of real estate investment trust (REIT). It acquires, owns, develops, and operates real estate properties, including industrial, commercial, and office properties. Revenue for the group is derived from the source of a lease, maintenance, dividend from beneficiary rights, and administration fees. Business activity is functioned from various regions of Mexico such as Jalisco, Guerrero, Hidalgo, Guanajuato, and others.

NYDIG is a New York-headquartered platform offering Bitcoin financial services to institutions, high-net-worth individuals, and banks. Services encompass asset management, custody, trading execution, derivatives, and lending secured by Bitcoin collateral. Compliant with SOC 2 standards, NYDIG provides OTC desks and research reports on network metrics. Launched in 2017 as a Stone Ridge affiliate, it custodies billions in Bitcoin across global clients.

Remgro Ltd is an investment holding company with investments in the healthcare, consumer products, financial services, infrastructure, industrial, and media industries. Its segments include Consumer Products and Industrial and Other. It derives the majority of its revenue from Consumer Products.

China Industrial Securities (Industrial Securities Co., Ltd., 兴业证券) is a Chinese securities firm headquartered in Fuzhou, Fujian province, and listed on the Shanghai Stock Exchange under the code 601377. It operates through wealth management, institutional services, proprietary investment and trading, and asset management businesses, serving retail and institutional clients in China and internationally. Its services cover securities and futures brokerage, margin financing and securities lending, investment banking including equity and bond underwriting and financial advisory, securities research, asset custody, fund and asset management, and proprietary investment in stocks, bonds, derivatives and alternative assets. The company had about 8,279 employees and is led by chief executive Liu Zhihui. It reports that its brokerage income growth ranked fourth among listed brokers and that it has combined investment banking and cross-border services to support science and technology companies. Through its investment subsidiaries it has invested in companies including the electric-car maker Leapmotor (2018), AI X Tech, NETSTORE, YL Entertainment & Sports (2016), China Securities Credit Investment (2015), Lantern and HongQing Technology (2026). It earns brokerage commissions, underwriting and advisory fees, management fees and investment income.

Macerich invests in premium mall assets. The company owns 27 regional malls in its consolidated portfolio and 10 regional malls in its unconsolidated portfolio along with a power center and seven other real estate assets. The company's total portfolio has 39.9 million square feet of gross leasable area and averaged $867 sales per square foot over the 12 months ended in September 2025.

St James's Place PLC provides investment and wealth management services to individuals, trustees, and businesses. The company operates in a single-segment wealth management business, which is a vertically integrated business providing support to its clients through the provision of financial advice and assistance through its Partner network, and financial solutions including (but not limited to) wealth management products manufactured in the Group, such as insurance bonds, pensions, unit trust, and ISA investments, and a Discretionary Fund Management (DFM) service.

KBC Ancora SA is a financial services holding company whose sole asset is a substantial participating interest in KBC Group. Its operational activities are fairly limited. The group engages in retail banking, insurance, and asset management services, deriving the vast majority of its profits from activities in Belgium. Other profit-driving markets include the Czech Republic, Bulgaria, and Ireland. Revenue is reported through net interest income, insurance premiums, and fees and commissions, reflecting a diverse range of services.

Founder Securities Co Ltd provides financial services. Its business includes securities brokerage, investment banking, consulting, QFII business, securities underwriting and sponsorship, and fund and asset management. It generates the majority of its revenue from the Wealth Management business segment.

Charter Hall Group is the umbrella group of over 40 retail and institutional unlisted funds, as well as three listed REITs: Charter Hall Long WALE REIT, Charter Hall Retail REIT, and Charter Hall Social Infrastructure REIT. Investment management fees and property services fees from these investment vehicles are the main sources of revenue for Charter Hall. The aggregate portfolio across the platform has one third exposure to office, one third to logistics, and the remainder in retail, social infrastructure and listed equities. Charter Hall co-invests in many of the vehicles, so a portion of its earnings come from rent and fund distributions. The group also earns development revenue on projects that it manages, but this income stream is relatively small.

Victory Capital Holdings Inc is an independent investment management firm. The company operates its business through franchises and solutions platform. It provides centralized distribution, marketing, and operations infrastructure to the company's franchises and solutions platform. The company operates through one business segment that is Investment management services and products to institutional, intermediary, retirement platforms, and individual investors. The franchises and solutions platform manages a variety of investment strategies for its customers. It derives majority of its revenues from asset-based fees from investment management products and services to individuals and institutions.

VZ Holding AG offers financial advisory services for individuals and companies in many areas. It provides Independent, transparent advice, a Consultation process, and wide-ranging advice such as retirement, real estate, mortgages, shareholdings, and insurance advice. It generates the majority of its revenue from management fees on assets under management.

Fourcore Capital is a Hong Kong-based alternative investment manager specializing in real assets across Asia-Pacific. The firm deploys capital into real estate, infrastructure, and private credit opportunities through commingled funds and separate accounts. It serves institutional investors including pension funds and sovereign wealth funds with strategies emphasizing downside protection and income generation. Fourcore Capital manages assets exceeding $1 billion and operates offices in Hong Kong, Singapore, and Sydney. Established in 2014, the firm partners with local developers and operators to source off-market deals in high-growth markets like Southeast Asia and Greater China.

SBI Funds Management is an asset management company that manages mutual funds and provides advisory services.

Fisher Investments is a Plano, Texas-based investment adviser that Ken Fisher founded in 1979. In June 2024 it managed more than $275 billion for over 150,000 clients worldwide (Wikipedia reports over $441 billion by June 2026) through three businesses: private-client services in the United States, an institutional group serving 185 large investors, and an international private-client arm serving about 30,000 clients in 16 countries. It earns recurring advisory fees on the assets it manages. Ken Fisher remains executive chairman and co-chief investment officer, and Damian Ornani is chief executive. In June 2024 Advent International and the Abu Dhabi Investment Authority agreed to buy a minority common-stock stake that valued the firm at $12.75 billion, with proceeds of $2.5 billion to $3.0 billion; funds managed by Lunate, Mousse Partners and Korea's National Pension Service also invested. Ken Fisher kept majority beneficial ownership and more than 70 percent of the voting shares, and the deal closed in January 2025. The firm had more than 6,000 employees in 2025.