Bentley Capital

What Bentley Capital does

Bentley Capital Limited (ASX: BEL) is a Perth, Australia-domiciled strategic investment company founded in 2003 and led by Executive Chairman Farooq Khan since 2004. It invests its own balance-sheet capital into ASX-listed small-cap companies (sub-$100m market capitalisation, with a 'sweet spot' up to $30m), ASX shells and restructuring situations under $10m, and unlisted companies with enterprise value under $20m where an ASX listing is planned. The mandate also extends to corporate finance, sponsoring new listed vehicles, distressed/turnaround situations, and seed-capital deals in resources, energy, metals, mining services technologies, and creative/information-based businesses.

The core 'product' is not a technology platform but an activist investment process: Bentley targets $2m-$7m per investment, translating to 5%-25% equity positions, frequently with board representation and direct input into strategic direction. There is no proprietary technology stack, AI capability, or developer-facing surface; supporting infrastructure is limited to a corporate website (bel.com.au), ASX market announcement disclosures, monthly NTA backing reports, and third-party share registry services provided by Automic. Capital not deployed directly is managed externally by CBG Asset Management Limited in the CBG Fund, which Bentley is progressively drawing down as direct investments are made.

Bentley generates returns for shareholders via dividends, interest income, and realized and unrealized gains on its portfolio rather than operating revenue. The Investment Committee comprises Farooq Khan, William Johnson (Executive Director since 2016), and Victor Ho (Executive Director since October 2025, Company Secretary since 2004), with a Performance Bonus Scheme aligning 20% of any outperformance above $250,000 to committee members. As at 30 June 2026, NTA backing was $0.0982 per share on 76,127,918 fully paid ordinary shares, implying a tangible asset base of approximately $7.5M AUD. The company has undergone multiple trading suspensions and reinstatements (notably in 2018 and again in late 2025).

Name

Bentley Capital

Legal name

Bentley Capital Limited

Website

https://bel.com.au

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

Bentley Capital Limited (ASX: BEL) is a Perth-based strategic investment company that takes activist, cornerstone equity stakes of $2m-$7m in ASX-listed small-cap companies, ASX shells, and select unlisted businesses with planned listings, targeting resources, energy, and technology-enabled services.

Ownership category

akta.pro rank

Product category

Strategic Investment Services

NAICS

All Other Financial Investment Activities (52399), Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Strategic investment
• Small-cap equity
• Activist investing
• Corporate finance
• ASX-listed investments

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Distribution channels1 record

Marketing channels1 record

Core offering

Bentley Capital Limited deploys its own balance sheet capital into strategic activist and cornerstone equity stakes in ASX small-cap listed companies with market capitalisation under $100m (sweet spot up to $30m). Investment sizes typically range from $2m to $7m per opportunity, translating into 5%-25% equity positions, often with board representation and active involvement in strategic direction. The company also provides corporate finance to projects, sponsors new listed companies by financing ASX shells, and maintains exposure via the CBG Fund managed by CBG Asset Management.

Product overview

Bentley Capital Limited is a strategic investment company (ASX: BEL) that operates as a single unified investment offering rather than a platform-plus-modules architecture. Its core business comprises three interconnected investment services: (1) Strategic Investment Services - taking substantial equity stakes in ASX small-cap companies with deep value at entry and capital growth potential; (2) Corporate Financing - providing capital to projects, sponsoring new listed companies, and investing in turnaround/distress situations; and (3) CBG Fund Investment - funds managed externally by CBG Asset Management to maintain market exposure while deploying capital into direct investments. The investment strategy focuses on resources, energy, technology and services sectors with a global mandate, targeting investments of $2m-$7m per opportunity.

Differentiator

Problem solved

Functional benefit

Products and services

• Strategic Investment Services
• Corporate Financing
• CBG Fund Investment

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Share Gift AustraliaminorStrategic or Co-development PartnerCharitable organization partnered with Bentley to enable shareholders to donate shares to charity without brokerage fees. Part of Bentley's Share Donation Scheme, allowing tax-deductible donations to Australian charities with DGR status.
• AutomiccoreOthersShare registry service provider for Bentley Capital Limited. Located at Level 5, Phillip Street, Sydney NSW 2001. Provides share registry, dividend payment processing, and investor communication services.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Orion Equities Limited: ASX-listed (OEQ) strategic investment company also chaired by Farooq Khan with the same activist micro-cap investment mandate, board representation approach and overlapping management team. Effectively a sister entity pursuing an identical strategy.
• Strike Resources Limited: ASX-listed (SRK) resources company chaired by Farooq Khan and with William Johnson as Managing Director. A related entity operating in metals/mineral resources, one of Bentley's stated core investment sectors.
• Queste Communications Ltd: ASX-listed (QUE) investment company chaired by Farooq Khan and operated by the same executive team (Victor Ho and William Johnson). Direct comparable given shared investment approach, resources/services sector focus and overlapping board.
• WAM Microcap Limited: ASX-listed (WMI) micro-cap focused listed investment company from Wilson Asset Management with a similar deep-value, small-cap Australian equities mandate, though pursuing a fund-management rather than activist approach.
• Spheria Emerging Companies Limited: ASX-listed (SEC) LIC specialising in emerging and small-cap Australian equities, comparable in market-cap profile and stock-selection universe to Bentley, though structured as a managed fund rather than an activist investor.
• Lion Selection Group Limited: ASX-listed (LSG) LIC investing primarily in small-cap resource and mining companies globally. Closely comparable given its resource-sector focus and micro-cap specialisation, though portfolio construction is more passive.

Broad incumbents

• Plato Investment Management (Plato Income Maximizer): Established Australian LIC/active equity manager offering listed-income strategies including Plato Income Maximizer (ASX:PL8). Comparable as an Australian listed investment company vehicle but with broader, more institutional mandate.

Emerging players

• Lithium Energy Limited: ASX-listed (LEL) resources company with shared directors (Farooq Khan, William Johnson, Victor Ho). Operates in the same broader stable of Khan-led ASX entities and represents the type of emerging-company target Bentley invests in.
• CBG Asset Management Limited: Sydney-based fund manager that runs the CBG Fund on behalf of Bentley Capital. Highly comparable given its prior role managing Bentley's externally-managed portfolio sleeve and stated S&P/ASX 200 Accumulation Index benchmark.
• Forager Australian Shares Fund: Australian small/micro-cap focused investment fund that targets overlooked listed companies with a value tilt — overlapping with Bentley's universe though operating as an unlisted managed fund rather than an ASX-listed activist.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bentley-capital-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bentley Capital