Navigator Global Investments (ASX:NGI) said New York Life Investment Management (NYLIM) will acquire a 60% stake in Invictus Capital Partners from NGI and other Invictus shareholders, with the remaining interest to be purchased in 2031, according to a Tuesday Australian bourse filing.

The company said it expects to receive net upfront proceeds of about $40 million to $43 million, with potential earn-out consideration of up to $32 million in 2030 and additional consideration to be determined by Invictus' future business growth and performance in partnership with NYLIM.

The company expects Invictus to contribute material profit distributions from fiscal 2027 to fiscal 2031 through its retained ownership interest.

The alternative asset management company's shares jumped almost 4% in recent Tuesday trade.