SCHEDULE: Allianz SE Boosts AlTi Global Stake to 26.06%

Sentiment:

Beneficial Ownership Update 20 March 2026 9:27 PM

Allianz SE has increased its beneficial ownership in AlTi Global, Inc. to 26.06% through a combination of direct share purchases, warrants, and payment-in-kind dividends from preferred stock.

Capital raiseAllianz Strategic Investments S.a.r.l. (ASI) initially purchased $250 million of AlTi Global's capital securities, consisting of Series A Preferred Stock and Class A Common Stock.ASI has an option, under a Supplemental Investment Agreement, to purchase additional shares of Series A Preferred Stock up to an aggregate amount of $50,000,000. This option is intended to fund one or more strategic international acquisitions by AlTi Global or its subsidiaries.

Summary

Allianz SE, through its wholly-owned subsidiary Allianz Strategic Investments S.a.r.l. (ASI), beneficially owns 26,707,213.96 shares of AlTi Global, Inc.'s Class A Common Stock, representing 26.06% of the class.
The ownership includes 19,318,580.96 shares of Class A Common Stock, warrants to purchase 5,000,000 shares of Class A Common Stock, and additional shares received as payment-in-kind (PIK) dividends from Series A Preferred Stock.
ASI initially invested $250 million in AlTi Global on February 22, 2024, acquiring 140,000 shares of Series A cumulative convertible preferred stock and 19,318,580.96 shares of Class A Common Stock at $5.69 per share, along with the warrants.
Subsequent PIK dividends resulted in ASI receiving 1,523,289 Class A Common Stock shares and 6,443.13 Series A Preferred Stock shares on June 30, 2025, and 865,344 Class A Common Stock shares and 4,019.78 Series A Preferred Stock shares on January 5, 2026.
Allianz SE acquired these securities for investment purposes and may engage in discussions with AlTi Global's management and board regarding business, operations, governance, and strategic alternatives, especially given AlTi Global's December 9, 2025 announcement about considering strategic alternatives.
Allianz SE has the right to nominate two directors to AlTi Global's eight-member Board, and its investment is subject to an ownership cap of 24.9% of the aggregate Class A and Class B Common Stock, with any excess issued as non-voting Class C Common Stock.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive update. The increased stake by Allianz, a major financial institution, through contractual dividends reinforces its commitment and long-term interest in AlTi Global, providing stability and potential for future strategic collaboration, despite the inherent limitations of the ownership cap and standstill provisions.

Positives

Allianz SE's significant and growing investment, including through payment-in-kind dividends, demonstrates a strong, long-term commitment to AlTi Global.
The Series A Preferred Stock provides a stable cumulative, compounding dividend rate of 9.75% per year, offering a consistent return on a portion of the investment.
Allianz SE has board representation rights, allowing it to influence corporate activities and strategic direction, including serving on the Transaction Committee.
A Supplemental Investment Agreement allows ASI to purchase up to an additional $50 million in Series A Preferred Stock to fund AlTi Global's strategic international acquisitions, indicating potential for growth and expansion.

Negatives

An ownership cap of 24.9% on Class A and Class B Common Stock limits Allianz's direct voting power, with any shares exceeding this cap issued as non-voting Class C Common Stock.
The initial Class A Common Stock investment is subject to a multi-year lock-up period, with full transferability only after July 31, 2027, and Series A Preferred Stock is locked up until July 31, 2026.
A standstill provision restricts Allianz from certain activities, such as acquiring additional securities or soliciting proxies, until at least July 31, 2027, limiting its ability to aggressively influence the company.

Risks

There can be no assurances that any proposed terms for strategic transactions will be acceptable to Allianz SE, AlTi Global, or other parties, or that any such transaction will be announced or successfully consummated.

Future Outlook

Allianz SE continuously reviews its investment in AlTi Global and may engage in discussions with the Issuer's board, management, and other stockholders regarding strategic alternatives, including potential changes to capitalization, ownership structure, operations, or strategic transactions. This is particularly relevant given AlTi Global's December 9, 2025 announcement that it is considering its strategic alternatives. There are no assurances that any proposed terms will be acceptable or that any such transaction will be successfully consummated.

Industry Context

StockSavvy.ai notes that a significant strategic investment by a global financial services giant like Allianz SE into a company like AlTi Global, which operates in wealth management and alternative investments, reflects a broader industry trend of consolidation and strategic partnerships. Large institutional investors are increasingly seeking to gain exposure to specialized financial services firms, often through hybrid equity and preferred stock structures, to secure both yield and strategic influence. The option for Allianz to fund future strategic international acquisitions by AlTi Global suggests a potential for expansion in a competitive global market.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Composition	The size of the Board was fixed at eight (8) directors as of July 31, 2024. Allianz Strategic Investments S.a.r.l. (ASI) has the right to nominate two (2) directors (Investor Designees) as long as it owns at least 50% of its Initial Allianz Common Stock Investment.	07/31/2024	Provides Allianz SE with significant representation and influence on AlTi Global's strategic decisions and oversight.
Committee Representation	One Investor Designee will serve as a member of the Transaction Committee, and each Investor Designee will serve as a member of at least one (1) other Board committee. Investor Designees will also serve as observers on other Board committees.	07/31/2024	Ensures Allianz SE's direct involvement and oversight in key operational and strategic areas, including potential transactions.
Voting Rights (Preferred Stock)	Series A Preferred Stock does not vote on general matters, but the Issuer cannot alter or change the powers, preferences, or special rights of the Series A Preferred Stock adversely without the prior vote of a majority of Series A Preferred Stock holders.	07/31/2024	Protects the specific rights and preferences of Allianz SE's preferred stock investment, ensuring its terms are not unilaterally undermined.
Standstill Provision	Allianz Strategic Investments S.a.r.l. is subject to a customary standstill provision until at least July 31, 2027, restricting activities such as acquiring additional securities, soliciting proxies, or taking actions to change or influence the Board or management.	07/31/2024	Limits Allianz SE's ability to aggressively pursue control or significant changes to AlTi Global's corporate structure or management for a defined period, fostering a more collaborative relationship.

Related Party Transactions

The entire investment by Allianz Strategic Investments S.a.r.l. (ASI), a wholly-owned subsidiary of Allianz SE, into AlTi Global, Inc. is a related party transaction. This includes the initial purchase of $250 million in capital securities (Series A Preferred Stock and Class A Common Stock), the issuance of warrants, and subsequent payment-in-kind dividends.
The Supplemental Investment Agreement, allowing ASI to purchase up to an additional $50 million in Series A Preferred Stock, also constitutes a related party transaction.

Stakeholder Impact

Shareholders: Increased institutional ownership by Allianz SE may provide stability and strategic backing. The ownership cap and potential issuance of non-voting Class C shares could dilute voting power for other shareholders if Allianz's stake grows significantly through PIK dividends. Potential for strategic transactions could lead to value creation or changes in ownership structure.
Employees: Potential for strategic international acquisitions funded by Allianz could lead to growth opportunities and expanded operations.
Customers: Strategic acquisitions and expanded operations could lead to a broader range of services or geographic reach for AlTi Global's clients.
Creditors: The preferred stock structure and potential for additional capital from Allianz could strengthen the company's financial position, potentially improving its credit profile.

Next Steps

Allianz SE may engage in discussions with AlTi Global's board, management, and other stockholders regarding business, operations, governance, and strategic alternatives.
Allianz SE may purchase additional securities or sell/dispose of current holdings, subject to the terms of the Investor Rights Agreement.
AlTi Global is considering strategic alternatives, which Allianz SE expects to discuss and potentially influence.
Allianz Strategic Investments S.a.r.l. (ASI) may elect to convert its Series A Preferred Stock into Class A Common Stock after July 31, 2026, subject to the ownership cap.
ASI may exercise its warrants to purchase 5,000,000 shares of Class A Common Stock at an exercise price of $7.40 per share.
ASI has the option to purchase up to an additional $50 million in Series A Preferred Stock to fund AlTi Global's strategic international acquisitions.

Key Dates

Date	Description
02/22/2024	Investment Agreement and Supplemental Investment Agreement entered into between AlTi Global, Inc. and Allianz Strategic Investments S.a.r.l.
07/31/2024	Series A Certificate of Designations became effective, and the Investor Rights Agreement and Allianz Warrant Agreement were entered into.
05/13/2025	Allianz Strategic Investments S.a.r.l. acquired 18,471 shares of Series A Preferred Stock under the Supplemental Investment Agreement.
06/30/2025	Allianz Strategic Investments S.a.r.l. received 1,523,289 shares of Class A Common Stock and 6,443.13 shares of Series A Preferred Stock as payment-in-kind dividends.
07/31/2025	The lock-up period for up to 40% of the Initial Allianz Common Stock Investment ended, and demand registration rights for non-lock-up securities became active.
11/07/2025	Date on which 102,464,812 shares of Class A Common Stock were outstanding, as disclosed in the Issuer's quarterly report.
11/13/2025	Issuer's quarterly report on Form 10-Q filed with the SEC.
12/09/2025	Issuer announced it is considering its strategic alternatives.
01/05/2026	Allianz Strategic Investments S.a.r.l. received 865,344 shares of Class A Common Stock and 4,019.78 shares of Series A Preferred Stock as payment-in-kind dividends.
03/20/2026	Date of event which requires filing of this statement (Amendment No. 1 to Schedule 13D).
07/31/2026	The lock-up period for Series A Preferred Stock ends, and up to an additional 30% of the Initial Allianz Common Stock Investment becomes transferable.
07/31/2027	All remaining shares comprising the Initial Allianz Common Stock Investment become transferable, and the standstill provision ends (subject to conditions).
02/22/2029	Supplemental Investment Agreement terminates, absent mutual agreement to extend.
07/31/2054	Earliest date upon which Allianz Strategic Investments S.a.r.l. can request redemption of outstanding Series A Preferred Stock, or the Issuer may redeem it.

Recommendation

hold

The filing confirms Allianz SE's significant, long-term strategic investment in AlTi Global, evidenced by the increased beneficial ownership through PIK dividends and the comprehensive investor rights agreement. While the investment provides stability and potential for strategic growth, the ownership cap and standstill provisions limit Allianz's immediate aggressive actions. The company is also considering strategic alternatives, which introduces an element of uncertainty but also potential upside. For a seasoned investor, this suggests a 'hold' position, awaiting further clarity on the strategic direction and the impact of Allianz's continued influence.

Keywords

AlTi Global, Allianz SE, Schedule 13D, Beneficial Ownership, Preferred Stock, Warrants, Investment Agreement, Corporate Governance, Strategic Investment, Financial Services, Wealth Management

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