PX - Earnings call transcript Q1 2024

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Operator

Hello, and welcome to the P10 First Quarter 2024 Conference Call. My name is Latif, and I will be coordinating your call today. At this time, all participants are in listen-only mode. After the speaker presentation, there will be a question-and-answer session.

As a reminder, today's conference is being recorded. the Operations to and hand Hood, host, now of EVP Chief will call your over Mark I Administrative Officer. ahead. go please Mark,

Mark Hood

Good Chief be the Call. to Amanda Coussens, Chief afternoon, Quarter Financial and and Conference Officer Chief XXXX and Executive PXX Officer; Today, Officer. by joined First will EVP, Luke Compliance Sarsfield, we welcome

in Strategy and of the EVP, Jensen, Head room Additionally, with Arjay us today is M&A.

slides well may to remind forward-looking everyone this as Before the meaning begin, as presentation Private Securities the securities I'd like within of Litigation we federal Reform laws, constitute the conference statements that the Act call of XXXX. including

Forward-looking to our The time periodic for in implied otherwise undertake forward-looking in statements the statements earnings included and results future result as revise hereof. expectations to periods of and due to date of no may release reports law. our by and these a from plans, or statements and by any made described reflect We or are obligation management's SEC. number uncertainties information as events, differ update that future forward-looking estimates filed expressed greater Actual are inherently risks in uncertain. materially detail current those only of a statements the required except or as from time forward-looking with new are

to these I our A of the which release can be measure earnings with now believe reconciliation we useful filings GAAP available to call, the over measures, directly in the discuss will our the we company's evaluating non-GAAP During SEC. call turn is the and comparable performance. Luke. certain also in will most measures

Luke A. Sarsfield

thank afternoon, everyone, you today. joining you, for Thank Good us and Mark.

call the results generated late first of in on strategic last February. quarter our importantly, advance During PXX strong we laid out initiatives the financial XXXX, and

an QX we building we provides marking access core this LPs, gross today, solid Our strong With to first this consistent in providing quarter platform perspectives middle full overview. as the quarter AUM environment new made my results, to a and our XX% can fee-paying in to by strategies financial quarter first on record $XXX provide markets. say $XX and returns On clients operational some top of million progress offer financial the for are lower across and year-over-year. I'm start overview well, of in revenues quarter, perform a nearly going year. conviction call alone. market our CEO, unrivaled growth opportunities brief raised I the that world-class representing and PXX continue delivered discuss with our I'll the generating first million line we've with that

to enhanced we period. $X Additionally, in bottom-line the income year net $XXX,XXX earning million in our performance, compared prior

our key of new As of we is last one transparency. call, mentioned the pillars our strategy greater on

believe or period, FRE, As prior XX% delivered of introduce compare it FRE X% from represents alternative that an to approximately of to other Earnings, we community Revenue of a such, is end, important we asset more generated million compared easily new us a To that we million, metrics managers. FRR, $XX $XX This investment allow the year or Fee-Related increase Fee-Related XXXX. the to increase QX to XX%. and margin

ahead in anticipate the the which of continue slightly this margins puts ahead, We performance expectations. remain annual to to mid-XXs for year

that term. strong results medium to accelerate as We in strategic the are implement to pleased with our seek initiatives we growth ability transformative to generate near

call. our us fourth confidence quarter Our reiterate laid first to we quarter out performance gives on the guidance

to a and we assets. As than billion new $X.X more reminder, organically of deploy raise expect gross

a slightly, we rate calendar PXX in as the well middle strategic Zooming from by to year. both lower transaction focus as positive growth the expect dynamics, and revenue double-digit benefit a this markets. and We on that expect out activity fee driven announce continues is core to fundraising

As core the upper macro deals. returns such the offer a markets our mitigation dynamics market environment insulated view, and from despite rate been equally as trends more and pressures. these cycles. at track levels, have sustained markets current for of the we middle leverage economic exceptional reliance have competitive record In lower have the M&A have middle environment, backdrop some previously, strategies our inflationary of Further, and risk shown and greater resilience a on said these meaningfully from delivering an across slower

portfolio established strong long mistrust PXX's the chain, launching on with want term. initiatives, optimizing level have underpins progress laid investment robust for establishing initiatives trust I call. last some investment managers better value even platform the portfolio fundraisers or of of earned in our reputation it's relationships share clients, strategic out and whether institutionalizing industry-leading and and the managers made companies, underlying to managers, are GPs we that have our a at through pipeline strategies and differentiated a the driving Our our intermediaries. strategic with growth every products we've forging organic M&A Today, and

growth to around see First, $XXX the achieve franchise. the compelling its our growth. interest we first front. WTI strong moment quarter, In is final its surpassing fundraising in fund the close the producing the I putting the investment to in it our In second in drive achieved year, private robust XX to first a on second $XXX to particular making final In million. strategy and of its achieved the over in the market, we $XXX a excess We the are to size half are its million a Fund opportunity VC has credit, VIII. now Park momentum IV goals. we our to for co-mingled hold client the positioned and strides target Today, hold million, want is portfolio. funds quarter. on already Fund objectives TrueBridge deepen and of total share fees clients clearly track providing on to in multiple the Staying organic some pace meet the quarter are and we at expand of take organic in credit, avenues had to fund target second in a and of on seeing turn close XI quarter,

equity. look hold we will private this year, launch of and BCP Fund a to will in Fund Bonaccord in close succession. later final to BCP II Moving III short

today. momentum a in in solutions following strong the fund historically is Finally, Fund the launch demand will have XXXX. weeks. in only RCP V but we expect RCP of late which to launch market LPs, Further, SOFX, because track Direct XXXX, these a not in the set funds to coming stage on secondary strong for performance, from for for their These garnered the

are quarter. resulted the gross million fundraising raise in We of efforts, the first totality pleased our with $XXX in of which approximately have a

will be base. and core Our demonstrate always strategies, organic demand fundraising enabled our levels these the diversity by growth our client from of

appointment I charge are of for few on the working our strategy. at to are Head observations announced call, has last opportunities a us as the the on leading situations level in Since been well then, that M&A we as Arjay high-level about are and the of inorganic to market. growth provide leadership want Moving our doing to our work the team developing activity we as our hard Arjay seeing. seeing we we infrastructure, On to now Jensen of work Strategy M&A. advance

has up. picked market asset management say would M&A sector the the alternative and I First,

represent and both the that international see generally, PXX transaction potential investments feedback transactions, opportunities prospective opportunities. we framework the is business more around from we most likely who The be a and distribution-oriented to number I it string also it credit in between we in that a this diverse we announcements and think find are and deal in We term reasonably and have deals. dialogue balanced directly. received standpoint date anticipate the You pearls model our the and have and will are marketplace These of domestic positive partners near-term nature. to see differentiating Throughout a all announcing be in across compelling. from successes we our geographic actionable see year, pipeline mix that developed in the equity, is of private believe near

potential to think strategies that well geographic continue natural smaller we expansion would sense. have adjacencies larger tuck-ins We as and where as make

component focused seeking long-term we value accretive will have for valuation disciplined distribution unlock to on shareholders. our Please positioned we around them. opportunities note situations be that that Additionally, an interesting are to

structure. Turning now to our organizational our focus level corporate on optimizing

through also with hold. with deep of transition, enhanced up profile in sector. institutions time transition can taking our an stewarding and help appoint lead now a to to him to Tracey senior feels since in and continuing first for April, effective impressive alternative talent team end, asset financial Executive see year. director. our for a to to want to pleased Board Chairman To his that forward leader we meeting. we independent, Independent General has to and made in iconic institutionalize to at intended already and on PXX. ourselves serve of Robert Chairman all as on to look as processes committees. XX She with XX, I As our is diverse Chairman Her Counsel the expertise for record date effective Board bolster Board. the activities. next traction leadership work meeting. Since as an report requisite our his half Director Benford annual successful his brought effective senior senior-level M&A XXXX. the October time Alpert and our Arjay are director intends independent are am Board. stockholder governance leadership longer rights that set the is Board deep he to The team growth. also of key continue me Board we founding with achieved, Federal no several Craft the experience perfectly efforts determined set of track goals He of long-standing operational the and you the I call, legal our for The sector management to and an in remarkable the to the a Melodie today. Board that plan decision thank company's In as beneficial to transactions as benefits to Tracey our and we me appointments, is I voted a that leader the Robert embark and June parallel, terminate our future team. in plan appointed informed our asset will our in Executive of augmenting services we leadership of plan governance experience In was our be to who step on the PXX Melodie integration search conclude preservation to voted post-close financial impact to the complete. of aligns our participate chapter growth. management and of platform will as leading as annual with rights on expire our expertise The X has necessary PXX as June will have last Directors experience role effective alternative perspective was down to brings the the the Executive This appoint Chairman

While across $XX share remaining capital we currently the approximately initiatives, back shares $X.X seeing examples on to per we're repurchase total we we return $X.XX average In coming managers. through million forward extremely with we've allocation. quarter, our these remain the I'll million. immense in shared Last partnership million is at update been strategic first shareholders have $XX an of pleased specific efforts close over quarter, in price look of early sharing our platform, in bought a on we and that There the strategies our authorization about We innings we existing an of to and authorization. value share. opportunity quarters. with to the had

today, Additionally, X% we dividends pay an increase. distribution to to cash a continue declaring shareholders, represents $X.XXX quarterly which

annual dividend share. $X.XX at stands per now Our

underscore stake face a As of indicative the market. the which This we up the employees position the the alignment register, dissatisfaction value PXX our our our largest in ownership broader in our demonstrates shareholder valuation pressure of should in reminder, is current and with business. intrinsic make base with our shareholder ownership conviction collective public

We entry our stock have in shares that been for the and compelling believe investors. current opportunistic trading present a repurchasing point of levels

will We As continues Fundamentals exceptionally PXX strong. gain our of remain this momentum, accelerates. growth of business time. appreciate the the and to in our potential market profile due expands believe strategy

shareholders. We in deliver to have to strategy the right value place long-term

deep will in over invite The call be date. a sharing on the over approaches. want Day, event New to turn hand look our you to forward XX I details take will for the as on City. day details York that, our more Amanda. With various I I'll on to Before to dive strategic We we to offer serve as moment all your to mark held more our inaugural September call Amanda, strategies, progress calendars which a Thursday, Investor will to the and

Amanda Coussens

billion, Luke. the the $XXX on and first initiatives deliver In transformative Thank capital strong quarter, and XX% a the year-over-year management in call. PXX of quarter fee-paying $XX fourth continues million basis. results the earnings were $XX.X you, quarter, downs strategic to management laid implementing under the out offset fundraising and on increase deployment expirations. In million was by step assets team a first

across occur was first and million Most to XXXX fee higher for of than be Fund be points As quarter rate expirations XXXX we XXXX. leaving million, we AUM in $X our over direct in expect attributable higher RCP call, XX% was split less strategies step-downs $X.X expirations in rate fees. by a and quarter the to XXXX the the of driven $XX.X the the as we the will expected XXXX. increase mentioned first step-downs expect part becoming where quarter of as a a TrueBridge XXX $XXX catch-up on the quarter mix of IX, expirations fee step-downs basis in Fund Average Record vintage key well second first third billion, larger revenue II, QX vintage. plan a evenly Most in to million quarters. $XXX approximately generally fourth are QX, billion, in

Turning to broad platform. In funds the saw market strategy. quarter, had we and participation across in XX our our now investment the

PXX million, quarter. strategies raised credit raised note our quarter, fee-paying track the Our a our our stock-based private Bonaccord offering The and compensation million. of million driven additional the of related venture continues to the in same increase net year opportunities the in generating was GAAP raised investment expense and TrueBridge a million, benefit over Catch-up EBITDA long best-in-class XXXX. strategies X% comparable and $XX million, an million equity the period $XX was and under $X.X a first in increase and benefits $XXX and deployed an $XXX,XXX Park from income primarily management. compensation was of solution with to increase quarter quarter records $XXX were year first clients. by ago. period first million, Adjusted alpha noncash first quarter strategies $X.X $XXX deployed added ago. expenses in to compared the durable assets in million, to $XX.X the X% of the the from quarter Of in first WTI. were increase acquisitions global to fees Operating

was adjusted EBITDA the our For margin quarter, XX%.

basis. or $X.XX the For the income, XXXX. million of to at year-over-year first compared ANI, net adjusted ANI held quarter, Fully flat a remained quarter first at share on diluted $XX.X EPS when per

FRR, quarter and annual was fee-related complementary representing FRE million, representing increase. X% revenue following As Luke FRR have the are noted, quarter in was or we XX% million, earnings, a in $XX the FRE or margin. transparency increase fee-related a and introducing and added metrics: $XX.X the FRE,

measure this Our total reported quarter. broader management term. and less baseline help to any want this we with fees. expenses. excluding the FRE margin used provide comparison investment landscape. performance more earnings in incentive non-GAAP earnings believe will a fee-related as incentive apples-to-apples time first additional community to calculated We fee alternative any we disclosure Fee-related is better the these revenue is is asset draw monitor metrics, incentive the have the was each our revenue XX% I any information first revenue Fee-related on define less how Since

earnings end in Investor cash on definitions at our Cash balance website. debt and million our and were on presentation the an details additional the we first find quarter of end, million available $XX had of and quarter Relations the can $XXX $XX equivalents At outstanding You million. revolver.

on and million $XX we today, of of the debt balance $XXX have million revolver. available As an outstanding

pay We continue and B A stock. common Class to for dividend our Class also quarterly

June mentioned, business XXXX. we payable quarterly dividend of XXXX, As $X.XXX dividend of our of on the cash close Luke declared to share, on increasing X%. are we Today, XX, May of XX, record per by a as stockholders

XX,XXX,XXX Finally, A XX,XXX,XXX. B were shares as of outstanding March shares XX, XXXX, and were Class our outstanding Class

for not highlight to expect the close, is I'd shares be to company raise of building week, stock's We These the XXXX file statement pass take the I you I'll purchased to the Q&A issued registers the now with registration selling capital today. to we X We a growth next on time accelerate operator that we view is like shares founders million that part owned momentum Before the and want to as shares begin quarter, look to Thank your process. value insiders. we were required in the to last in to intrinsic seek clear. shares by IPO management's clear, session. over call strong over shares XXXX. during forward

Operator

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

Alexander Bernstein

on Bernstein for on the Congratulations Ken. Alex is This quarter.

you quarter, X that we're while. cash noticed seeing the handle on Just least if this fees, a like the in the time at looks first it impact fee a rate remove of for

have rate perspective? that more appreciate wanted think explanations the drove any that about we And around could Just if broadly? and moving click and is then fee it. from double ex-catcher what forward fee see how also I on what the to you an framework

Amanda Coussens

started This we occur mentioned mentioned, the guidance for we annual second our step-down the basis change to step-downs will we year that quarter. does impact not revenue ago. of points that that yes, expirations seeing XXX the Alex, of in the the in

Alexander Bernstein

second question, a this And Got it. Appreciate more ask time broadly. it. to maybe speaking

your the some and larger and and there's disclose to the target via not report did number seeing M&A robust you insurance I now, markets appreciate definitely and the distribution really to it. a AUM lot a of noticed a look you the folks large of market part that an come you areas makeup insurance the mind. or size factor area from specific a of of also you peer's about And benefit that retail namely current to distribution. M&A some is of potentially more it. spoke play that that had are a pointed of opportunities, Is perspective something Having You like in? I is after, your of otherwise?

Luke A. Sarsfield

think a committed momentum late that is seen we products relevant is focused the for in some though, we've product in And I do lending NAV capital. question. Great kind it's mix. I Alex. channel. we I remained channel. terms To on quarter, where exactly do It LP I we in see, product is type. deployed things. for think say not deployed Thanks, the say can very think insurance. have And I right. of I channel Hark Remember, we recognize we think at of your by increasingly, generally on And on are retail penetration space every retail, the revenue our wealth Hark do a do managers, kind instance, is of as offices, terms cycle. your We you opportunity. insurance defined that's actually a Hark, would way channel. few disclose, we that really question on in would across you a traction offering in broadly meaningful pretty when incredibly big with family on momentum distribution have-- of very look note, question think you're of real Number capital, very, that I'd few And question one, in have to And a things. for insurance, consistent nice as and channel that meaningful are of the relevant

come the us focused So we're for longer think with P&L. that broad of footprint. increasing insurance it with takes to particular a our it's on and a little incredibly range offerings But I our a in is through Park, place opportunity real credit

Operator

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

Benjamin Budish

XX% the ask about a raised It fundraising for full to in you trajectory wanted little like year year. over target. of QX, the looks the I

plus billion or than Now more I know it's $X.X billion. $X.X

wondering slow. be alts. publicly have what QX you So other traded any I to of tends if of some was the color, That's other sort from we've seasonally heard

funds a of back different have guys market that You bit come are frequently sort many, the you rather that years. in every than many

the around mean in So this might compared closes, million upcoming just nearly quarters-- about what the be help us $XXX you like plus but the wondering, helpful. the you does expect how to talked can you some what quarter would any next of several give

Luke A. Sarsfield

in be number funds talked to how quarterly giving we I get Thanks, want-- want don't we because would we referenced thought the little but XX course about one, the funds I here we time to Ben. market quarter. into things. careful a don't guidance, want a I I'll in we've kind market had say the in I few the of that And have the year. first last think over XX of

the that the more into back year. of market we obviously, funds and of will So as half year the the in go we mid the have

The some in mentioned momentum second momentum I seeing of I terms Hark. TrueBridge of note we're of we're in thing would great the terms the is seeing.

some are our your closes think of going more at are people, then number the I of starting that that have of feels of notably broad little do I very to Bonaccord. dialogue I lean and mentioned, funds a in with And seeing RCP, clearly macro increasing some generally pressures in this of some the even following, say think, launched the terms think I with light to I be our We are like strategies later coming up momentum we year, point, in a bit as big of good. to swath would

very we with than quarter we that organically strong the we new think gross reiterating of more will again, We deploy we're We this think have really and about And we're billion the activity. good momentum. said, assets really pleased And raise that. feel so, as $X.X I year. first guidance

Benjamin Budish

on appreciate capital that. one Maybe question allocation. more I

in performance, stock your share a quarter. based is surprising what based especially you've of the indicated lot not business. on why So conviction the the it's price on in you bought back And

being in What's it that Just a appetite raiser, remind a can't side, can authorization? And any Is the communicated any continue on you or you've the us-- remind I happen like could shares? repurchase track past. dividend past, take you what raise if just to to the then your regular of having you quickly? FRE like color, around would repurchasing that to something remember there sort what but philosophy that? higher-level in communicated us Could anything just the dividend

Amanda Coussens

Sure.

In terms of our same buyback. just last general about the capital million allocation, we increase for is dividend increased at by available the still per did we which pace have $X.XX the share, dividend $X.X year. the We that

to $X.X dividend M&A. expect buyback policy for likely will the overall free priority. the to be future on And capital with million speaks that then to allocation to capital to is towards intend the I dividend, down that a So remaining would addition capital be in part the continue of a our allocate policy. And revolver will pay remainder M&A. really on we our

So obviously, really priorities policy changed not last allocation have our capital the changed or from quarter. has not

Luke A. Sarsfield

add is are the the laser-focused around to think and lot assuming executing we ought share plan, where we we a I be. have only The continue thing execute on on that of where to think, we price conviction we would

we where our game. in inside have the in skin ownership, see substantial or You that

that see roughly million in we deployed $XX repurchase to You last the share quarter.

here, allocation an part shares we'll capital account the take right that I And philosophy. think overall big of fans obviously and of into so, as we're

Operator

Thank you.

line the Adam Beatty of from comes UBS. question next Our of

Adam Beatty

the Just and expense this you a the in future in business wanted outlook an for I clear year. around next to year, on growth reinvesting get have Luke, maybe building pretty know, growth. update for idea

of or next, the has you know this year expenses, that at to the wanted for if be. just kind of what trajectory So changed expect of and all again cadence to

Amanda Coussens

that I'll question. Adam, take

ability So still confident performance. financial say, general, in expenses in our while would to strong manage delivering we're I

year-over-year. believe expenses are If $XX record $XX million, XX% our the that was We financial was enhance compared value to year-over-year and of which a million, our which increase you right operating increase hires revenue a performance of we X% look incrementally at demonstrate our creating. will

in of do margins the terms expect of overall In excluding margin, mid-XXs, acquisitions. the our to we average effect

quarter, in this existing our with the prior strategies. of an we As portfolio is said mix ongoing shift

newer Bonaccord, lower of and have business. faster-growing other of parts Hark our WTI Some businesses, than such adjusted and as core EBITDA our margins.

continue foundational in the influence on And and to so will human the would second overall that reflect our the margins capital making critical investments evolution. I business. this is we're margin say

We expect provide the ROI investors. our to drive investments a and core growth for high

Adam Beatty

Okay.

Sounds of the the angling which kind and opportunities generation. I portfolio I appreciate basically for companies, of turning good. investment maybe No, the mid-market And then has was is to investments margin, different the through and what after. some look ways the alpha to underlying obviously environment great of

there. chasing in chart mid-market. good how capital that have much about You is larger versus companies

vulnerable the are So companies kind mid-market there's clearly to were an economic of concerned folks opportunity more it sometimes being there. as But just times, wondering, in about uncertain environment.

maybe growth any kinds great. the there's other the across fundamentals updates or portfolio, if revenue So that would under seen be of you've on

Luke A. Sarsfield

know and a to quite market us number and the are to Yes. of mid-market conventional market really are And something things. we competitive focused live one, the in a we just leaders, our I the due great noted it's I large there's-- Number sneezes, differentiated market cold, the question contrary And actually. is dialogue, think experience one opportunity. that environment. is of as I think a clear we that wisdom you're Look, it's the less gives right. And The when catches that on.

and after of would unlike I middle the number you, set, capital that would I safety. there The market, large are in of margin a pools a in opportunity where it's the opportunity say, market second simply of tell large the more is large think going competitors provides, limited I and

obviously, third The And the in the much lower. market that has much, part are a leverage the consequence. utilization reality in environment, like higher generally real part of utilization. levels Leverage upper in the market. rate Leverage is much is our rising of things of

so will companies, rates a expense interest impact degree. so on much portfolio do rising the overall And to though they smaller even

when be. unbelievably is put effect think the we market and I attractive think the that to when continue place lower And to we middle middle all so, an net together, is

We continue immune some the emblematic to trends think differentiated of alpha cycle. generate ability not the it we is on. that investment And going think larger macro to but from insulated across has that been our of

Operator

Thank you.

Our Ma line Stanley. of of next the comes from Stephanie question Morgan

Stephanie Ma

This Stephanie for Michael Cyprys. is on

Our for Luke. question is first

reflect in that spent just made expanded you if versus now? the progress attention the and us PXX Now far, months in turning an be may so and you've months the the that on curious on you few maybe to at role, now first on focused you've strategy where give with update some what first your you CEOC your few can the of

Luke A. Sarsfield

Thanks, about it. question. that's I talking Stephanie, a great and love

So came as a doing focus real of things. kind strategic with mentioned, few a on in I I

our everybody, organic profitability inorganic was partnerships. our franchise X growth. growth optimize we to our X of efficiencies institutionalize and and shareholder disciplined tell we The And through Then growth this. the talked really operational was understanding data to X think call was greater organizational out recall pillar Pillar our collaboration call, implementing beyond. as in the I through of communications recall, February robust in to drive process-driven was accelerating leveraging a eye and fourth enhancing Pillar our and client you, XXXX with strategic X M&A talked and I pillars. about approach will how you was an tail And spent and call, you'll to and the end platform. first incentivizing Pillar on the started tour. to and And XXXX business. platform strategic I and quarter X just remind Pillar generating the visibility a the X kind structure. on increased was about listening I on strategic

so against we in real environment progress pillar, every I seeing funds. those, instance, we've fundraising think the made you we're with right? organic take the our momentum about And if growth the and talked

of terms the on of new we've continue M&A, our the progress is growth that about. lead leadership some to and take I about a and fee-related swath in terms We about work out drive around and relentless focus terms now execute of in And the the mentioned, advance conversations data to of about focus and GC you the earnings, introduced the talked very the pillar, right partners. we'll structure lot me some press think a of obviously, broad on feel Craft that We've and to We clients. head in initiatives shareholder distribution the releases detail heard really, would fact moves and analytical we've go continue Investor market that, is got more looking going we of the talk talked insight. execution. place. about a the building we how and fee-related world-class to model adding pipeline, we potential processes, AI then execute be as And great team data good to fundraising. greater to plan FRE more. team, way. Board in our resonating greater on call, adding you and now and of If strategy and say then that the we for Melodie seen talk you've seen Jensen inorganic we're we're through doing made the a my our you've we share as aggressively obviously, Arjay of including and level systems a put revenue, Day, momentum transparency. can where fund data utilization And we're building and we're given and this really on the in And really enhanced I I We even focused to in margins. continue

we're accountability. be on KPIs on focused that related one you would execution. watch so on to tracking really focused execution. word, I it really give But if We're We're execution. had to And focused that really

Stephanie Ma

then more And from just great. us. one maybe That's

area Turning BC. an been to seems It favor latest with the reinvigorated and to could be that's trends. out of be AI perhaps

can that does lately? So update just in you space evolves support And us maybe portfolio your way? the performance AI around appetite BC help investor that how any has or on an in business, demand give maybe

Luke A. Sarsfield

Great momentum Obviously, few TrueBridge core recall actually say a strategy. our things. venture in I'd think capital we'd one, see question. I their I real fundraising and Number core around noted marquee that's that our you'll fund.

venture very we is that top an really few side venture. and returns, And AI I not TrueBridge, good it's we're access. is our our thing with our their the I fact to into Clearly, profound you XX-X hard generation our of top, mentioned, the say both of investing track platform. management And really and And XX-XX I portfolio a venture to accelerating LPs to on I business, that two It's gain into for think landscape that the emblematic one like in rule as always great in really dealings things. that. think many access-constrained our access think we've to find of believers with strategy greater would dispersion outside data if are use provide managers insights artificial access is alpha news a and capabilities place where can managers. in is Number analytics across I the record there's-- capabilities investment kind But a intelligence trying look the rule. into consistent lot world-class trend data a of seeing last it's of Number investing across our the markets. at into cycles, we're and that's they ultimately, of been clients. then of across right of is we're an a lot

venture. And in our personally, I about so in tell the going that's would excited I'm pervade opportunities business to way. you, every incredibly But

excited of franchise. what really was cycle a coming about that off and into think cycle now going and opportunity, last I growth the we're new

Operator

closing Thank you. like Sarsfield I conference Luke to remarks. would to for the Sir? now back turn

Luke A. Sarsfield

all us you thanks of joining today. for Thank you, and

pursuing to team deliver provides our August has returns Moreover, solution long-term aligned all is forward build We're up and you've seeing critical for inaugural with strategies. listening operating community speaking that in team evening. for all we're investment asset with enhanced heard a partners the know on management come positioned Investor September our New we're confident look managers to XX a PXX and business and upon PXX are to to of world-class York you, made We fellow good overlaying that the shareholders. Day. today. initiatives today, will that Thursday, you with existing you and extraordinarily shareholders respect. I'm As that an you our of alternative in support to City and Thank for our all and

Operator

today's you conference call. This for Thank concludes participating.

You may now disconnect.

P10 (PX) 8 May 242024 Q1 Earnings call transcript