PX - Earnings call 3 2023

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Mark Hood

Good afternoon, and welcome to the P10 Third Quarter 2023 Conference Call. This is Mark Hood, EVP of Operations and Investor Relations. Today, we will be joined by Luke Sarsfield, Chief Executive Officer; Robert Alpert, Executive Chairman; Clark Webb, Executive Vice Chairman; Fritz Souder, Chief Operating Officer; and Amanda Coussens, Chief Financial Officer.Before we begin, I'd like to remind everyone that this conference call as well as the presentation slides may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.

Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain.Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in greater detail under Risk Factors in our annual report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 27, 2023, and in our subsequent reports filed from time to time with the SEC.The forward-looking statements included are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as otherwise required by law.I will now turn the call over to Robert.

Robert Alpert

you the thank and afternoon, for call. joining Good continued the as power the performance. delivered third our demonstrate PXX quarter, financial strong model In of to differentiated quarter of another we financial

the we new PXX's his quarterly Before to about results, want Luke CEO, to call. earnings I first Sarsfield, welcome talk

elevate leadership be this decision confidence As to have PXX Luke business, shareholder the to And Baton. the inorganic our commitment to the X this more driving about ago, transition.The call heights. and organic at not new the Luke's value excited pieces take of PXX transition and to the many our brand strong the listening in place leverage Clark reflects continue weeks we to globally. CEO ability we know, you strength are All and in growth, passed time could to opportunities I of

to clients, exceeded We we platform a of tailored investment have I needs and global have best-in-class every for Clark ourselves. the our set built goal and

confident thoughtfully experience the involved a we executing organization, PXX shareholders of and are of Management, Executive I find was its in building distinct as capitalize clients trillion remain held has hear comments. look Luke as choice was part to At forward effectively Luke making managed for will to value-additive that PXX elected Luke. core, before an potential years, also from XX attention contributor of We're he the Luke a as corporate but for Chairman We're I I remaining towards serving and individual and assets. important his across while a in will is with right direct of Asset for and brings as Vice he large the a remain key people want confident honed and the opportunities businesses management remain leader it Executive will on that Luke Chairman as on to and paramount.We matters. on creation.Clark strategic Clark off transactions. support.Over full people roles transition, Luke, it the also that the leadership the interest of few in and decades. Goldman business. And PXX. a well skills where the was focus Luke myriad over Sachs. I opportunity effectively and that corporate our asset identifying at important will at lead Goldman business, PXX was had He $X.X hand to key Sachs a Chairman, wanted excited he character you'll of leadership including moments, Board, Co-Head assist few and that, is I which We over lead Board. value transactions.Welcome, In Clark elected parts proven you're

C. Webb

our to X We that than been went by public, most Thank third X-year at you, call out Robert. goal, our peer have stakeholders ANI despite the performance we accomplishments AUM I delivered our strong Shortly pestilence to not of XX%, macroeconomic XX%, have PXX financial long-term to going went grown a revenue, $X market we public, a exceeded EBITDA X-year targets. puts after to billion confined intrinsic continued and relative growth fundraising Since achieved the but the and billion XXXX, fundraising, attractive value unique still anniversary of in in XXXX, position and growth. October I'm has quarter we quarter exceeded a to that been with a rates, plan impressive has respectively. PXX believe our rates. backdrop a that model. XXXX fundraising our now $X difficult war.When public inherit original the adjusted a has compounding earnings we we quarter X and with laid perfect us not in that $X as financial From our in organic has public of we volatility, the and we positioned time joins group, This global believe have of proven growth. years proven rising financial at agree for represents the I report XX% foundation compounding results, merits as only our of and company. more for PXX a our interest excess bond. ambitious last billion third pleased generation Luke go.Moreover,

we the you. been stronger, baton As best and a over are has believe privilege to introduce never the Luke, Luke, Luke ahead.With our we believe to investor that, to PXX pass to we it's community. of days leadership

Luke A. Sarsfield

you you, and thank for speaking moving be our interactions forward Clark, kind truly all the with of and forward. look I Robert am here today energized words. to I to

extraordinary, vision investment truly investing superb for foundation differentiated organic also of management future As to leader to and a and years the and held over as Robert running in team are its every earn brand.When why at capital ultimately each elevating was and the on global it hard track and clients management reflect long-tenured leader leadership PXX, strength creating spend of as is of appreciate drive ways. leadership to market I thanks the operating chose a am firm's a platform I senior and financial like of respective a the see private is and asset for the the platform. a I generate a growth. for behalf for and will broadening banking work it My and stakeholders.I start to Sachs, solutions numerous Each working join leading PXX The I value franchises market shareholders. to perspective, PXX team.Personally, Clark multiple the to will growth support, of to its the look support Goldman distribution grateful with with PXX your a the forward success management about demonstrated create to that of CEO I ability I'd records. their heading work necessary think we shareholder, asset opportunities closely strong have foundational where new strategy durable team, a teams exceptional assembled institution for business and PXX day.First, provides they roles value honed XX PXX's overall fortunate consistent And robust, acknowledging them their of with date I provider. directed and skills from to From raising gained ongoing experiences to I create to the to inorganic people and by is the capital that strategies recognizing returns to footprint then alpha clients.Our deploying done and made really rich investment LPs produce to then by precious and client in on outstanding the up human world-class, be platform. capital infrastructure in is testament organic a very compelling our

prospect from our our initial platform one is opportunity quarters the as the and who strategies capabilities.Next, broader are of ongoing vast across our is attractive of are individual initially can our impressed we the fundraising capabilities to accelerate plans.Finally, approached robust of X results the there is goal raising awareness. introduce pools opportunities was where X-year of to global there There had arrangements to growth know strength a see have I that expansion our our potential our synergistically fit partner better, $X by meaningful for Furthermore, many companies, capital. insurance CEO capital potential When broader and raising of and the a range set. of not strategically organic I evidenced opportunity whole gross as PXX retail PXX. middle potential increase focus platform the the inorganic billion can incredibly numbers aware we I got of for partners job, and and LPs true choice I offering introduce deepen of I market also with early. never of prospective see given expand an believe its But of extremely about existing even as which real wide disciplined to I of the are to exceeding are of create numerous brand company to there us a fundraising in yet capital franchises, our LPs with PXX, platforms the PXX First, of middle heard tremendous opportunity I we areas PXX in for profile the and firms, lower existing with opportunities.Our being franchises. distribution was

first deep I that organization we spending how but leader our our be gain potential months investors, any several on PXX broad.One is and colleagues of the how to opportunities, we am Of saying incredible tour in-person research plan including to franchises humbled end, insights clients ensure that thing Investor across our here.With I to Day an it I to leading of for believe To will is our the that will articulating clearly prospective I course, in hold investors, in will the lead greater how how range framework.I prospective opportunity analysts, PXX XXXX, turn and with are PXX will thoughtful we to understanding our is close growth end, excited that, their much broadest we opportunity others.Importantly, to a strategies, share story investors. and where there Fritz. my prosecute new universe To these the our critical voices, I we sometime current clients, partners my want disciplined works. am we have again and and that to be first around to believe and by over listening

William Souder

Thank Luke. you,

platform contributions to third deployment see steady the across of quarter. continued the in and fundraising We

market we uncertainty, when are from sorts to see We is could they benefit in of market. fund make LPs vantage commitment durable take times, than the we as delivering we the quarters.As $XXX fund much middle a long alpha don't of or last relationships all markets. about middle fee-paying lower investors said in We're make from the change time expected At our in QX, in we longer point market, an is to and understandable are million confident continue we LP second what forward frequently over strong pulled that a of where commitment last periods decade quarter funds of a in the the decisions other From had will and what previous we a dozen AUM.In and on evaluating may LPs. we've more. in seeing see about asked of over we're that of calls, did that couple times hearing certainly sooner

can funds of to fund strategies think more current in equity macro fund Direct demand. GPs same our which environment most with year, driving strategy, the find bolster deployed stake private Our raised ourselves primary V we $XXX we V.We and launch be next Secondary GP for RCP said benefits will expect fundraising Later and of find million RCP the our normal. conditions where than raisings. challenging The and

continues With equity contributing and house mid-XXXX. of TrueBridge the LP impressive and raised demand XX existing raised capital million deployed we WTI opportunities. the of wide of Enhanced and achieve impact market Enhanced expands bank returns, to into in investments investors. has and strategy, flow continued size we WTI inaugural and continues a bank work Capital strong third Act investor's quarter, AUM. credit flagship in Community strategy, million third a funds Hark, our attractive set.In opportunity invested drove deploy institutional of excellent lending produced fee-paying NAV invest venture venture $XXX Historically, expect to in achieve impact think quarter of commitment the our the opportunities. deployment with a to fund.The for to XI, of such another Reinvestment exit AUM. that elite long Enhanced goal, commitments our demonstrate bank's client range secondaries both lending, to the particular $XXX their $XX participants fee-paying Fund to has years and additional investment it quarter, $XX launch TrueBridge, to increased majority Capital, the as on deal we're Our funds to objectives were certain million seeing by strategy, investment impact million their in to helping effectuate fund had to requirements.In a history of our and customizing footprint. an The of

platform.I the behalf Additionally, will Amanda. of Capital now of deployed. power Enhanced strategies on balance million manages among potential over our conclusion, and deployed our to call sheet demonstrate a party third $XX continue to other Enhanced hand diversified whose all-weather In funds the

Amanda Coussens

fundraising year-over-year quarter, $XXX and under XX% increase deployment basis. $XXX a expirations. Thank In you, third was Fritz. Fee-paying capital a million billion, million stepdowns offset of on the by $XX.X assets were in management and

compensation of was million and such of compared million $X GAAP the quarter of of in income a primarily For third acquisition-related compensation were margin to benefits related in expenses to the is same in XXXX. strategies, third million, the attributable of WTI, WTI, compensation, attributable Catch-up increase of increase of quarter and what EBITDA XXXX, stepdowns in higher third third noncash to quarter increase expenses the a the Adjusted XX% XX%. executive expenses remainder a an the transition, XX% million, third was quarter we $X.X additional quarter in the stock-based in Hark.GAAP fees the was by third over noncash XXXX. expiration.Revenue direct net as the our $XX.X to WTI earn-out in acquisition.Adjusted related and was The compensation quarter reported Bonaccord in million is X% primarily quarter The the Average period acquisitions in $XX.X points, loss the million.Operating were to and $X.X stock-based million, quarter loss the over expect expansion year we the increase XXXX. ago. XXX Hark. the rate basis net to fee was and related quarter expense continued Bonaccord $XXX $XX.X additional EBITDA driven over

continue X%, we EBITDA ANI. XXXX. rates increase in be XX%.For XX% net quarter to historic adjusted grew income, year, approximately the million third to $X third interest reducing or of the quarter, margins million, over For $XX.X ANI, I our in interest note this adjusted cost would expect quarter, while that to the the added was of decrease to range full X% the a

in we X to cash-generative year should Fortunately, we would and acquisitions, million of XXXX currently assets. all with full line.Cash as be are cash our free taxes business the benefit accretive tailwinds below-the-line beyond debt and continue from to headwinds for our as approximately buyback all expect bottom uses flow, model, our share to turn into potential $X paydown, our tax

cash of million. reminder, a were of X at assets, and are third million the equivalents quarter As $XXX composed distinct amortization.Cash operating million net $XXX end loss a they tax the and $XX in

of the have have repurchased facility. revolver. we today, of As buyback balance in the $XX million and is million million share $XX.X an available on we and million outstanding the drawn There debt available on $XXX on credit the $XX.X were No quarter, program. shares

you. XX,XXX,XXX and were also share record November continue dividend on a the XXXX our December dividend. We shares outstanding B on to of of XX, XX, business A close $X.XXXX stockholders outstanding shares.Thank pay of our of and XXXX, declared on to shares November XX, Class We on XX,XXX,XXX X, per were XXXX, payable quarterly September shares as Class XXXX.Finally,

turn few over a to let's it questions. for Now the operator

Operator

of Our from first comes the Worthington question Kenneth JPMorgan. Instructions] of line [Operator

Kenneth Worthington

was as for guys year fundraising, you big XXXX highlighted. a first, PXX Maybe

alone I year raised $X.X think of billion had and capital deployed. than more the like

year going what next around to new to same? of smaller like together Is everything year compare frame how funds XXXX, consider?And Is market? As net WTI, does things Fritz others according the are right. should look we be expected X. next I look Somewhere go of will to to mentioned year? year? kind be XXXX come if to that you plan, Help the And should it assets I to in forward of then what think guess, raised? terms expect bigger we which are outside us if a it comes there key a

Luke A. Sarsfield

it's Sarsfield. Ken, Luke

question. your First to all, and the for obviously, thanks taking be question, with great the you thanks And of for observation.

put the We noted, we've put LPs to to the in to and noted, had strategies that as have are market. that and a continue platform that these believe, we attributes results fundraising we've confidence great that as faith continue the fundraising you've results multiple and drive into obviously the here us.And in really testament

a I to the continue strategies, plus have you, I few our into including dozen we're the think we of tell market. a our strategies in think go strategies We've XXXX has the call. ] on raised. XXXX, have the as to to new mentioned opportunity to [ going we many of will flagship

about fundraising I quarter continue quarter outlook, the enthusiastic think talk fundraising fourth and going to And about call, the really give backdrop. going and generally, we're do about in -- excited the to we so more you be guidance and really then. about would call, optimistic and the the optimistic going to we've said I past, we we're first the outlook we're -- But when we're say, we'll opportunity.As the to talk fundraising

Kenneth Worthington

And GSAM, have Okay. FIG a Luke, believe, were banker. you before I Great. while we you,

how most of So sort of the and about as inorganic of and when value where resonate strategy capabilities kind meaningful look do opportunities see the see you along into M&A of do product growth? you you fitting to build you that themes shareholder PXX, those thinking with at distribution PXX? lines, most And

Luke A. Sarsfield

First thanks Goldman for FIG your investment of at question. team. the exactly in group I And all, you're ran the banking right.

and the M&A the the peer around had with to I institutions like. space, asset our capital around many so plans, of their work their around management including alternative plans and And in opportunity

of value will shareholder past, think component thoughtful. to be be to to always to robust story. of think while been inorganic that and strengths the part And that.We're an of platform, middle growth always strategy to focus, to will look see sticking the on really, organic going driving our I the power I know going market, levers so at always where about, our We're true And things.One few and to both competitive PXX differentiated important inorganic the brand, of We're through team and growth the we things we have continue is, play our using disposal. will I advantage. all be really growth. I've our think a we areas Inorganic we we has forward and our growth middle really are say mentioned has leverage a would be disciplined. continue as for a the But that opportunities to certainly, and in and I lower going mentioned do talk

number be a potential already would folks here seen I've are I us.We we're had tell of think of the number I've weeks, and X only the we've obviously platform to already with seeing that and opportunities And that I inbounds attractive. you, with opportunities who the and there interested in inbounds of got been emerge. interactions think that we're getting. in clearly, partnering is power incredibly a

of said, this. opportunities disciplined we But we're stable going be thoughtful. be be going We're M&A great while a have going I we it. of is to see piece to about a to lot There's a As and and shareholder look that in of there's a going unbelievable in a value. strategies, to of way we're space thoughtful things white still lot white will space still comprehensive create and of North internationally, very there's America,

Operator

Our Mike question next of KBW. of from the line comes Brown

Michael Brown

just I if side. on margin the start Maybe

investment about it So the how into you thoughts desk, any get change do year those it's for But started. like on could a spend I should XXXX? sounds in, the and guess, require Luke, And talked to across some already think initiatives to expectations coming here. no but weeks that your like X sound margin number only about of heading of that some we interesting they

margin to balance do initiatives kind today? you of the how relative So is where those

Luke A. Sarsfield

Well, look, few a things. I'll say

Amanda that call, was that. XX% of we underscore and range be to XXXX, noted we'll by for on the year continuing we as full to think stand XX% all, the First by in we're

as aware, kind guidance. we're the I post yet As think of we're in -- you're where not XXXX giving

robust elucidated model and we're value get PXX. about will really there. say a economic part valuable talk the And also we're to when and get balance. perspective, on.On to very, investing, that, is been historically We'll We is focused going it, eagerly do it we're we folks one and the as we will context they and growth things call. next would an the the there there maintaining PXX and hopefully about be that investor profile valuable there.I said, proposition thoughtful to investing on of we the story. broader We like is of get anything, incredibly this, of it's know we something a excited about to we're business have there and margin I and do think from going an I the and for we've the hand, balance of think And the know when important that to you other await in disciplined Both between that's the analyst think thought how about it have about people that investors that broader margin. but

particular to what don't on impact you've the and really I characteristics remain deal focused to be. and so speak we're know in deal not can't -- may And That any PXX. about investment will the that maintaining I to any may be or understand seen. aggregate, the particular come But of

Michael Brown

Great. GP and to stakes Owl down ask Blue the There billion was of will fund. $X Okay. a want a moving headline middle market launching Bonaccord that kind maybe recent market business. be about I

down Bonaccord seeing to increasing are around that pressures competitive particular And talk market? the and in So you business there about just potential the kind could a you franchise? of touch is that moat come maybe market? on any others And for

Luke A. Sarsfield

say would I look, Well, the following.

firms positive we we relationships built as folks we development. extraordinary tell that.In the the changing We record XXX market. nothing by of market. see first-to-market the all, we the platform. in fact, just and And and they have of this will count, portfolio. scope middle I is say, North are perspective, American our We a actually GP middle to our our from the build in day an They quite an continuing middle it's of see First market think and in network business, would size the in actually and you, business opportunity stakes over Bonaccord are validating view think track very of extraordinary every mover and the

we And and so of we forward investing the our this of welcome undeterred. the reality to a think our be we can entrant. obviously, opportunity, scale but another And is when market, that welcome you Dyal look move track at record part strategy

Operator

from Budish question of of the comes line Barclays. Ben next Our

Benjamin Budish

in mentioned remarks you your vast Luke, the and prepared both are opportunities sort PXX. unaware LPs organic some the cross-selling of of numbers approaching -- prospective of that of around sort

with the speak the a of that Rolodex investment? of PXX of that sort phone wonder the I a to of matter could that about more with if opportunity opportunity a more It engaged So heard various bit. entail? coming you it Would Or sales haven't and the that platforms.But just the part you latter and it's Or entail maybe making the do point opportunity? about LPs you little obviously feels the calls? do sort through sort like of it how kind how cross-sell we've past? about bit that approaching think think would of of what Is in force there

Luke A. Sarsfield

that I Look, ways there's opportunity. prosecute of a think to lot

present kind it's following, problem win. is the I LP huge prospective more track will I haven't base. about to way in instances, strength kind at we say the it in testament to we're we we to look you chance have a is, of we of platform.The And been capabilities, TAM a huge, of of cursory a when win even which the opportunity. We right, I historically, get we when that record, only have our think than we meaningfully we think when the we our chance if address in think way, to that some I a a in think room. strategies, our would when our But room, lose. talk That's the the

in I for I then more the on others really, that the Rolodex. going getting given we the more records.And think, may And into, And think no real be, the selected get in get rooms. goal art who and reason, doubt our us the strength whatever is the are more so of have, shots think we're using unlike not the room some so we is for successful more we art rooms us, for the track to do

I I've frank also of I component with to my that maybe -- previously you. in a had be did privilege the relationships think background, real have to it, there's right? think some PXX not. places will because I branding

And the power convening do that's going it's using channels, really out to more to channels, in under mentioned on power whether a we think PXX cost-effective continue think continue different prospective of if When And LPs assets social we a to through whether was. continue our opportunity, shots that, And given work our brand, forms there management. to got is goal. media know probably so the in get our way in it's highlight whether build guess channels, media called I content, about past. didn't if going I ways it's the was translate would into similar record, reaction platform. PXX.And I more PXX many I've some I my PXX the you asked about this to actually we've of find to intellectual them our to have our are to to what capital, track

Benjamin Budish

then Great. That's all a for very helpful. as follow-up, And maybe Amanda. one

You kind sort versus mentioned think how at paydown of you of pace through expected about of about -- I I seen All to bought pace think, kind guess below-the-line the about debt sort thinking how of guess the your past. your you're the shares headwinds M&A, of we've -- you next should are we how equal, going thinking absent year? prioritizing, sort the paydown tailwinds. turning of and you or year buyback which But back some again, M&A, absent in I things levels

Amanda Coussens

Yes.

$XX.X I capital we use program. may for more not of what we buyback our think if million buyback sort of little We for dividend. bit we, in not available on future have past. had the recent otherwise, course, on just our than paydown. for M&A, see And But would debt the if or a then been M&A, have still near stock in future doing you the

Operator

comes Michael from question Morgan next Stanley. line of the of Cyprys Our

Michael Cyprys

with proposed Just sector question have new challenges. credit that private been a on and capital broader rules banking bank

opportunity attractive? how some PXX the attractive on set versus private curious What as the capture private taking areas see are Just you you to point may you the talk Maybe order need platform of And take on in steps the credit at or best could this view set? you about to unfolding would most credit you the that any side. side? less as you particular across opportunity guys gaps look see the for

Luke A. Sarsfield

It's Thanks, others Luke. well they jump I'll jump and as in then Michael. in fit. see as can

entry around that continue of WTI businesses, where business, notably the help will really to of we at. to activity. a certainly point, many for already, one we with that and one, rules a even that, portfolio, benefit expand going we of the by the look imposing white something out the participate an We And of can our deep. very you broader in started and the look find period moving We're of opportunity. think opportunity. and to It's question we banks that a question, credit think think among to that dig of think certainly, right, So we private particular, extent protected it it. premise us, We've are time, for the we And market is increasingly to clearly credit for engage additive, right, your or fact debt focused we our some potentially your there of more private going accretive challenging already the barriers venture it's moat continue promulgated niches collection the very We those around around has spaces think that inorganic leader institutions. going many or look think business.And thesis though, into our well we that banks, has great and we you're at place something market banks in to agree is the that do be and value-enhancing, of you there in point coming to to many where set private synergistic in broadly your the moving been are when we becoming over that. where the creates traditional very of private imagine, make have defensible, point, the your credit, nonbank to that, that more we're real regional credit assets, to space think to that, that leaders.But in that's as with could further

Michael Cyprys

think could question, your to the Great. some sense this help talk just back point at follow-up about coming how point. on at most I Maybe M&A. what And could opportunities of maybe PXX? for that you make then this think Maybe on elaborate about could, you commentary if a prioritizing you

Luke A. Sarsfield

Well, really question. it's good a

together? market to right? doing things doesn't things to deep, that potentially nothing is kind How say, M&A that would it.The of going opportunities the where sit? I'm unwilling exercise important a do And and come think concert component tell asset, to transact, next I practitioner, Clark team so world? would mapping perfect in with market really And it matter former current portfolio mapping component be you, I the is willingness is are you've of to to the a those really One about so a the our happen. transact, outside identified here if Where does as to will they're in our exercise if an

middle say middle and the need and clearly, is, PXX attractive to partnering lower one. there firms, of with a you given really really, places is many so the prospect where a for news desire is willingness market options find good other a independent And the the of in our transact. I lack and to would footprint

at different I are a North our that a America, have the number historically of perspective very in footprint geographies LPs of around been are have is think identify is -- do their strategic from number similar obviously, physical that many approach a in are but flows.Certainly, There have we lot so the investing a investing market. see firms that would place we we in world, exclusively, other North we least aware exclusively a perspective, America. we than of footprint And of though, an

see not market. and middle And have dynamics the we really and U.S. interesting lower compelling that the of in unlike markets dynamics some middle those are

to obviously there And so this. going our opportunities about natural expand probably would to thoughtful be footprint.We're there be really

robust that and work really world-class it. there's As done to I think a really our to said, already this But going disciplined incredibly we're here the going been set, on M&A endeavor. we we're to really opportunity be build we're in optimize about and that's refine so engine that

Operator

Campbell Our of question Inc. from of Stephens comes next John line the

John Campbell

hoping maybe past so talk just can know of [ just you've that bigger talk the market, maybe seeing, broader of question, the appetite any just in the core you middle you various late the for been haven't but This differences of of ] I capital maybe strategies, seen are deviations flow investor to that to couple in you guys guess, versus lower the is to I how just of years, I'm markets main versus past? picture higher don't or kind you maybe the end. of want but over kind kind your that, a seeing

Luke A. Sarsfield

here. Luke John,

all market, and it, start call seen broader anything actually that think as call And Look, I again, has I created of So the the upper middle will from resilience, chime everywhere.What middle of I pressure would market. the you and market, in fore, relative we've middle broader anything I and can middle I'll the macro is the environment. with then clearly, start lower deviation to say the the interesting lower though, to environment market, in. is I segments and a has market, got wouldn't else. economy think others come

but better I ways middle actually think of market. middle up held there's what's for so many upper a has the lower reasons than in this, is, and think and we interesting market lot And the

may much the is assets this. less upper of opposite this the we've for whereas that of actionable capital kind middle of of parts is because against market in market, the market, that the capital upper Now there's and there fact in seen one opportunity know larger a robust. part But a view middle the I that like more Probably the smaller lower market, I there suggest conventional companies, set. the number more against is reasons think, are the opportunity sound contrarian might wisdom dynamics.There's, set the actually a lot a of

than say means lower actually the is in to studies down this this, paid lower true. quantum obviously an a the of you and a so done has we deep no this, middle were dynamics.I as in in data of market. we've this have middle availability in generally, are multiples the of just much the XXXX looked not parts great and couple a that upper upper the and in see less many have think, of market.And strategies and things effect the paid upper middle place from by middle transaction conclusively on the tell which we've a that data be that and market are market. It's and part market of would of of middle that real And in around lower are I middle the all market, part looks lot we're valuations that Generally, the and you of and dynamic platform, a than longitudinal read-through dynamics, And impact in levels of the down in the the on supports have And multiples impact competitive and of a they to analytics testament credit, had lower in at think levels lot in in and strength public basis, we the do market to relative market. market be. leverage same lower are so the middle can happy so we some probably longitudinally of the while the our of volumes, market.And

John Campbell

very helpful. That's Okay.

seat want to year-to-date. weeks, the in million you've year about If good catch-up maybe touch seen answer. at I $X.X I for pretty point, million. about are right here, my notes the was a been Last it on this You've X think $XX fees.

talk then next as visibility guys So out of playing to been you maybe indication you you into kind kind year, that? any of can for any on whether expected? -- that's have And

Amanda Coussens

expected. will Last playing Yes, fee say are generally the we case. due rate believe points. we spoke that, RCP I had we I average, catch-up is fees I as still out that one that believe we say, general, the that be to But about. our higher quarter, would catch-up And XXX in the of fundraises than basis speaking, fees would average

Operator

of Adam UBS. Our next [Operator of the Beatty Instructions] line question comes from

Adam Beatty

a venture with players the the ask really of PXX GP deal on to capital, want I where lot TrueBridge about side. and key

venture them opportunity of And kind persists. mixed have or about banks given capital negative. formation headlines mentioned have you're leaning have guess, of the growth PXX pulled capital seeing and this demand and venture of now? capital first how equity. and hear our some leaning thoughts partners But certainly to out some players prepared other kind You key on been Luke's key There just that just markets about in of in of back, there, wondering kind how some right But is the some its back side, I signals.

also. So that be great would

Luke A. Sarsfield

here, And the in to live my opportunities we look, forward. this XXXX. But Well, world, you I'm first ample give in the as right? on where I and it Adam, have again, will about thanks, talk sure from said, thoughts changed I has we'll was and world the

And so longer. kind on of to the have environment. point, I broader all your based no Exits macroeconomic the community have would our gotten And venture strategies Valuations is impacts of taken seen say reset. have different.

so there And impacts.But certainly would been have macro this. say I

greatest the These are the many, the investing the right? the venture literally leaders. capital of One powers others universe, elite platform, in which are there elite fact TrueBridge are market real of the the folks is are are that they firms. These the follow. the of These of of that

And would are the anything they carrying absolute they're I best deal very at has by best their very reflected the they say in think that's the market it. also, daresay, amply is market And quite prudent, which we have how absolute they portfolios.And in the companies, changed in that access there. conservative so that thoughtful, marks to so the out flow way,

and feel my sit about we and guess are of managers to. sit. venture about the portfolio doubt time. TrueBridge environment, dynamics been incredibly those the that have TrueBridge while for the good so We given some likely in is, underlying where dynamics access persist period where good incredibly today, We there to no And feel we has

Operator

Thank you.

As conclude today's you no does for call. this Thank conference there in questions are queue, participating.

disconnect. now may You

P10 (PX) 9 Nov 232023 Q3 Earnings call transcript