whsp-wh soul pattinson & co

What whsp-wh soul pattinson & co does

Washington H. Soul Pattinson and Company Limited (ASX: SOL, branded 'Soul Patts') is an ASX50-listed Australian investment company founded in 1903 and headquartered at Level 8, 121 Castlereagh Street, Sydney. The company manages an $11-12 billion diversified portfolio spanning four pillars: a Strategic Portfolio of large ASX-listed equities (New Hope, TPG Telecom, Brickworks, Macquarie Group), a Private Equity portfolio (including Ampcontrol, New Hope's origins, and other unlisted businesses), a Structured Credit portfolio targeting 12-15% returns from senior secured debt and unsecured bonds, and an Emerging Portfolio of small-cap and growth-stage companies. With approximately 55 employees and 60,000 shareholders, Soul Patts positions itself as a 'listed version' of a sovereign fund or family office, giving retail investors single-security access to asset classes typically reserved for institutions.

The company's revenue mechanics are those of a listed investment company: returns are generated through dividend income from portfolio companies, capital gains on listed and unlisted investments, and interest and fee income from the structured credit and private equity books. Soul Patts returns capital to shareholders via fully franked dividends (latest interim of 48 cents per share with payment date 14 May 2026; FY25 final of 59 cents per share) and operates a no-cost Dividend Reinvestment Plan managed via Computershare. The company has never missed a dividend since listing in 1903 and has grown dividends consecutively for 23+ years.

Soul Patts' GTM is investor-relations-led rather than commercial sales-led: the company distributes its shares via ASX under ticker SOL, conducts shareholder briefings across Sydney, Melbourne, Adelaide, and Brisbane hosted by Chairman Robert Millner AO, and maintains active presence on LinkedIn, YouTube, and investment podcasts. Leadership is long-tenured, including CEO Todd Barlow (approaching 20 years), CFO David Grbin, CIO Brendan O'Dea (joined via the Milton merger), and inaugural COO Jaki Virtue (hired 2023). The company's recent strategic activity — the 2021 Milton merger, the 2025 Brickworks combination, the $3 billion Perpetual bid in December 2023, and the scaling of structured credit and private equity — reflects a deliberate strategy of building a transparent, institutionally diversified LIC for Australian retail investors.

Name

whsp-wh soul pattinson & co

Legal name

Washington H. Soul Pattinson and Company Limited

Website

https://whsp.com.au

Company type

Public

Founded year

1903

Operating status

Operating

Short description

Washington H. Soul Pattinson (ASX: SOL) is an ASX50-listed Australian investment company managing an $11+ billion diversified portfolio across public equities, private equity, structured credit, and real assets for 60,000 retail shareholders, with 23+ consecutive years of dividend growth.

Ownership category

akta.pro rank

Product category

Listed Investment Company

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investors, Nec (6799)

akta.pro primary industry

Family Office Investment Platforms & Direct Investing (PE/VC/Co-Invest) (FSAAADAH)

Keywords

• Listed investment company
• Diversified investment holdings
• Private equity portfolio
• Structured credit investments
• Dividend income investing

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D

Revenue model

1. Dividend Income: As an investment holding company, Soul Patts generates returns through dividends received from its portfolio companies including New Hope, TPG Telecom, Brickworks, and other investments. The company pays dividends from this dividend income and other investment returns.
2. Capital Gains and Investment Returns: The company generates returns through capital appreciation of its investment portfolio, including both listed and unlisted investments. Returns come from the sale of investments at profits and mark-to-market gains on the portfolio.
3. Private Equity and Credit Investment Returns: Soul Patts generates returns from its private equity portfolio (nearly $1 billion deployed) and structured credit investments (over $1 billion) through interest income, fees, and capital appreciation. Structured credit investments are comprised mostly of senior secured debt with some unsecured bonds, targeting returns of 12-15%.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Soul Patts is a diversified listed investment company (LIC) that provides shareholders exposure to multiple asset classes through a single ASX-listed share. Its portfolio spans listed equities (large-cap strategic holdings in New Hope, TPG Telecom, Brickworks, Macquarie Group), private equity investments (Ampcontrol and other emerging companies), structured credit (senior secured debt and unsecured bonds targeting 12-15% returns), and real assets. The company generates returns through dividends from portfolio companies, capital appreciation, and interest income, distributing these to shareholders via regular fully franked dividends.

Product overview

Washington H. Soul Pattinson and Company (Soul Patts) is a diversified listed investment company (LIC) offering shareholders exposure to multiple asset classes including private equity, public equities, structured credit, and real assets. The company operates across strategic, large-cap, and emerging equity portfolios, along with structured credit investments. As an investment holding company, Soul Patts provides access to a model portfolio through one ASX-listed share, similar to sovereign funds or family offices.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Never missed a dividend payment since listing in 1903
• +4 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered core, major, secondary and strategic.

• BrickworkscoreStrategic or Co-development Partner · 2 June 2025Soul Patts completed a combination with Brickworks in 2025, removing a long-standing cross-shareholding structure. This created a simpler, more transparent investment vehicle for shareholders with improved liquidity and a clearer picture of operations and strategy. The merger supports greater capacity for long-term value creation.
• PerpetualmajorStrategic or Co-development Partner · 1 December 2023Soul Patts made a $3 billion bid for Perpetual funds manager in December 2023, demonstrating appetite for further M&A activity. The bid represents the company's strategic expansion ambitions in the funds management sector.
• Milton CorporationcoreStrategic or Co-development Partner · 1 October 2021Soul Patts merged with Milton Corporation in October 2021, creating an $11+ billion investment conglomerate. The merger brought 30,000 new shareholders, an experienced investment team led by Brendan O'Dea (now CIO), and a $3.7 billion large-cap portfolio. This was the third-largest listed investment company merger in Australia, significantly expanding Soul Patts' scale and capabilities.
• New Hope GroupcoreOthersSoul Patts holds a significant stake in New Hope Group, an Australian coal mining company. New Hope was originally a private equity investment by Soul Patts that provided growth capital for an Indonesian coal mine. New Hope is recognised as best-in-class in environmental rehabilitation and workplace safety in the coal industry.
• TPG TelecomcoreOthersSoul Patts invested in TPG Telecom when it was a distressed television station, representing the company's approach to incubating and growing companies over the long term. TPG has since grown into a major Australian telecommunications company.
• Pengana CapitalsecondaryOthersSoul Patts holds investments in Pengana Capital, a wealth management company that creates products for financial adviser networks.
• IronbarksecondaryOthersSoul Patts invests in Ironbark, which operates in wealth management and creates products for financial adviser networks. The company is looking for opportunities to significantly grow businesses within attractive long-term industries.
• AmpcontrolstrategicOthersSoul Patts' private equity portfolio includes Ampcontrol, an emerging electrical engineering business positioned to take advantage of the transition to renewable energy. The company sees significant opportunity in grid transformation, remote power, and electrification investments.
• Macquarie GroupcoreOthersSoul Patts has made a significant bet on Macquarie Group, reflecting the company's value investing approach in financial services.

Scale indicators11 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Australian Foundation Investment Company (AFIC): Australia's oldest listed investment company with a similar diversified, long-term, dividend-focused investment approach. AFIC is the most direct comparable in structure, governance philosophy, and target retail investor base.
• Argo Investments: Large ASX-listed investment company with a diversified portfolio of Australian equities and similar low-turnover, dividend-growth mandate. Directly comparable in fund structure, fee model, and shareholder demographic.
• Carlton Investments: Long-held family-influenced LIC with concentrated strategic equity portfolio. Comparable as a closely-held, dividend-disciplined LIC pursuing long-term capital growth through Australian listed equities.
• BKI Investment Company: ASX-listed investment company with a diversified Australian equity portfolio and a similar dividend reinvestment focus. Directly comparable in investor base and income mandate.
• WAM Capital (Wilson Asset Management): Listed investment company managed by Wilson Asset Management, focused on undervalued Australian listed securities with a strong dividend track record. Comparable as an ASX-listed LIC with retail investor focus.
• Milton Corporation: Historic peer LIC that merged with Soul Patts in October 2021. Pre-merger, it was the third-largest LIC in Australia and a direct competitor in retail shareholder, dividend, and large-cap Australian equity space.
• Djerriwarrh Investments: ASX-listed investment company with a similar large-cap Australian equity mandate plus an options overlay strategy. Comparable as a fellow LIC focused on income generation for retail shareholders.

Broad incumbents

• Perpetual Limited: Major Australian wealth manager and asset manager. Soul Patts made a $3B bid for Perpetual in December 2023, signalling strategic adjacency in the Australian funds management space even though Perpetual is broader in offering.
• Magellan Financial Group: Australian-focused asset manager with global equities capabilities. A comparable Australian-listed financial services firm with a diversified investment management franchise targeting institutional and retail capital.
• Pinnacle Investment Management: Multi-affiliate Australian investment management platform. Comparable as a listed Australian asset management business operating across multiple investment strategies and affiliate managers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCtY6GtHJN_vAOlDMhKSWM5g
• LinkedInlinkedin.com/company/washington-h-soul-pattinson

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 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 whsp-wh soul pattinson & co