Grupo Aeroportuario del Pacifico, S.A.B. de C.V. Business Summary

Pacific Current Group Ltd (PAC) operates as a global multi-boutique asset management firm, primarily generating revenue through management fees, performance fees, and equity distributions derived from its minority stakes in specialist investment managers. The company’s business is divided into two primary segments: Boutique Investments, which focuses on unlisted specialist firms across private equity, infrastructure, and real assets, and Corporate Investments, which manages listed securities and liquid capital reserves. Following the strategic divestment of its GQG Partners stake and a significant AU$264.5 million share buyback in late 2025, PAC has pivoted toward a leaner, high-liquidity model focused on scaling its remaining eight boutique partners while re-engaging with the Australian financial services landscape. Within the competitive landscape, PAC competes with other listed investment vehicles and multi-affiliate managers such as Spheria Emerging Companies (SEC), Tribeca Global Natural Resources (TGF), and Hearts and Minds Investments (HM1), positioning itself as a provider of permanent, flexible capital and institutional distribution capabilities for mid-market alternative managers. The leadership team is currently headed by Managing Director and CEO Michael Clarke, an industry veteran appointed in November 2025 who previously held senior leadership roles at Challenger Funds Management, Russell Investments, and Goldman Sachs JBWere. He is supported by Acting CFO Ron Patel, a long-tenured executive with the firm since 2008, and Independent Non-Executive Chairman Justin Arter, whose pedigree includes serving as CEO of Cbus and Country Head of Australia for BlackRock. The company’s strategic direction is further guided by a board featuring Joanne Dawson, former Chair of EL&C Baillieu. PAC was fundamentally shaped by the 2014 merger of the Treasury Group (est. 1987) and Northern Lights Capital Group (est. 2006), the latter co-founded by former executives Paul Greenwood and Tim Carver. Notable institutional backing remains concentrated, with River Capital holding a dominant 19% stake and Regal Partners maintaining a significant 12% interest following previous consolidation attempts.