PX - Earnings call transcript Q2 2024

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Operator

Hello, and welcome to the P10 Second Quarter 2024 Conference Call. My name is Latif, and I will be coordinating your call today. [Operator Instructions] As a reminder, today's conference call is being recorded. I will now hand the call over to your host, Mark Hood, EVP, Chief Administrative Officer. Mark, please go ahead.

Mark Hood

operator. you, Thank we and call, Financial joined Luke by and On Executive will Officer; Chairman Chief Compliance Chief Amanda Sarsfield Chief today's Officer. be Coussens, Officer EVP,

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

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

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

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

Luke A. Sarsfield

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

beyond. we positions for laid of $XX.X revenue of raised margin gross at underscores of and from or generated AUM our $XXX Amanda year, to fee-related in new or the will performance we momentum strategic the and increase XX%. fee-paying Our quarter business, We QX beginning deployed the on delivered additional We of ability our plan the X% million, of second and XX% period second the quarter strong demonstrates earnings, half detail XXXX well record believe, compared in delivered performance to million year-over-year PXX FRE second out our shortly. execute million FRR, $XX represents we fee-related the have growth. million, a prior $XX.X an of a FRE, representing and revenue financial This year XX% provide XXXX. approximately decrease and

We clients with goals. market, to our achieve have organic in investment the second highlight and take on want gain XX front. some clients continued minute traction to the our We objectives avenues I fundraising commingled growth the funds multiple quarter. a the our had meet particular in to providing momentum of of to

as target strategy, well Capital, to existing its at predecessor re-ups received investors NAV fund. $XXX $XXX as Park commitments million. a exceeding increase and represented fund meaningfully new of Our more than Fund million, from lending IV closed strong its XX% The significant compared

a credit are generated capital time. As the we contribution means over which see as will is deployed, strategy, revenue fees part

to the of $XXX provides closed with market paying II, million that $XXX which growth managers our through capital to noncontrolling capital raised strategy ended for we in equity and assets lending BCP II, alternative the manager, the in second venture to WTI, second in which interest asset expect year. quarter later Fund this close Vanacore, Fund million remains with Our capital. continues raise quarter fee

flagship later strong at anticipate Fund is million, year. robust business, we performance launch the X of VIII that to the to this to in closed launched Trowbridge, its and Trowbridge They target its capital our Fund seeing Fund expect in secondaries deliver Fund and III we year. expects positioned this RCP to additional of Direct the are $XXX recently venture V strategy second opportunities year, continue Given V this blockchain exceeding funds into investing launch heading $XXX including BCP X. launching half XXXX. secondary million.

opportunities that XXXX achieved remain the goal new billion raise seeing and gross February. we've to and in about organically and confident this anticipate our provided guidance market X excited are we deploy or We we strong are the investing $X.X Through of exceeding target LP assets. the of financial XX% in demand. We meeting quarters,

scheduled in the strength half number the goes the the back to in we on, of With funds expect year. the as year continued market of increase

down to strategic doubling ongoing creating We the We're progress through to steadfast the remain focus value ancillary I second systems some key our imperatives quarter we've implementing eliminating in want Next, performing, will highlights around progress I corporate results. are the processes yield we areas world-class now key and on commitment February. in comment of and the initiatives. set to our that tangible through out that are highlight made. our laid run

Head Blackstone, that week, decades to Narson President First, more Global share of we announced Jairath brings expanding and serve client-facing at as of space forward JPMorgan products in last Sarita platform's mid-September. integral effective Solutions, execution long-term firms advance than firm investor Sarita our strategy the and base. to the She I'm comprehensive Goldman help look Client will Sachs. strategy. we Vice at thrilled a leadership our client the in developing be our the growth and the experience to as Executive offerings. X relationships such of in and appointment organic Further, We new growing Sarita alternative as initiatives of growth define and developing framework her will by

when that compliance; solutions four, X two, and led directly and administration on to one, steady-state our critical strategy X reporting formation. President me a corporate Vice As and and three, finance out and you will operations roles level senior February, focused and have capital organizational vectors: in recall, PTN Executive structure structure contemplated development; I would I client

level. senior Independent next Director. I Sarita, as new the support these have Board. to opportunity we also to extraordinary really take of our want additional PXX partner that I'm Tracy Lead role appointment our to oversight established named now This the enables world-class the excited and Bedford effective have highlight from With a experienced team. to with diverse professionals we

more work cannot excited the about with be I PXXs As to opportunity Tracy. Chairman,

on we to are fantastic inorganic pipeline. Next, a inorganic a and as RJ growth. team build to growth Jensen job disciplined engine doing and an continue approach and they process-driven his execute

by We are opportunities the track we the are evaluating, calendar and strategic encouraged in we a transaction remain announce on year. to

announced August we $XXX thank million terms. million. their increased our course, financial extends Of want our as and and week, right selective existing to from greater provide will our is this as XXXX. we We at we total many earlier remain the larger borrowing the right that on our to from to transaction seek we us $XXX On and front, capacity facilities The credit facilities to of financial importantly, syndicate, up of partners which upsized commitment. strategic and bank whom lenders, new flexibility maturities made execute

summary are around addressed pleased reception with of we I new our structure. QX the as reporting in results, introduced KPIs the our to we Finally,

As our Investor additional transparency Day will approaches to the for we community. in investment look opportunities for September, increase

I off shareholders. capital allocation to I want touch for hand on the remain Before Amanda, efforts, focused to call value which creating on our

repurchase In to quantum inception quarter, average beginning million a of on we have in X,XXX,XXX our total shares an a $XX.X price middle million. of second believe access to platform investors compelling X.X to for are the We diversified focused at stock the the for repurchased we takes market. total continue a at of alternatives of repurchased shares the entry shares of looking the point and an $X.XX. our presents lower Since of $X.XX. XXXX XXXX, program repurchased That who price core since average

the on for I'll the XX, million $XX of repurchases of our to available After As With an quarter, XXXX, the Directors in bringing million, June authorized approximately we approximately million. remaining of repurchase program. the amount had to Board call Amanda. additional over total that, hand the $X $XX

Amanda Coussens

our Thank second results you, level continue improvements benefit strong the ongoing corporate PXX from as to financial in our structure. to strategies organizational Luke. delivered quarter

second step offset assets quarter, downs fundraising year-over-year In an billion, management million the was the basis. capital expirations. $XX.X quarter, $XXX increase deployment During by second a $XXX fee-paying in and under of million in on X% were

be mentioned QX. and expirations having at million distributed remaining across the $XXX step-downs QX the the step-downs expirations of start we full the most year, of $X.X with we year and QX occurred in approximately expect and approximately As in to the for billion,

which second fees. was a Average quarter in points, rates basis fee driven As XXXX vintage the a RCP most second quarter TruBridge and was of of XXX XX% strategies mix are attributable anticipated, quarter higher quarter as Fund, becoming from XXXX of II, well we by to step-downs vintage. $XX.X AUM a was second our as fee-paying a direct larger increase and the Fund expirations first over the higher the million, part fee catch-up XXXX. in Revenue rate

As our commingled platform. market Luke participation saw broad mentioned, we had in the funds XX across and investment

and raised deployed strategies million. equity $XXX private Our

raised Our million. venture and $XXX solution deployed

to period assets of strategy a strategies reflective catch-up II. and alpha. ago. and The management, increase Our income the our comprised over for the continue primarily in second X% credit offices by Adjusted Operating driven of public XXXX. of strategies the fees year fees our best-in-class management. second may projected fund of EBITDA the annual to of guidance and quarter million, BonacordII, Multi-Strat II million the were expense well the half added the million, stated PXX $XXX second compensation year the quarter RCP the X% the second wealth quarter and in second as our $X.X million the family could that to and million, fee second increase in as Fund are to GAAP by Adamason and $XX.X total paying fees sunlit generate of under catch-up million. our $XX of to million. closing. durable primarily quarter, million, diverse to in million year Based the XXXX, increase added timing RCP $XX.X an placement ago. managers, from same second exceed a the were driven $X.X performance fees. our team quarter was a impact related was pensions assets closings an $XX.X were expenses investor investment occur the is increase in comparable period In execute previously of $X in deal day on on The was attributable fee-paying bringing under net global compared Catch-up seasoned to $XX to And Foundation quarter,

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

still to strength continue of came direct year and we in expected bit a than we the will margin the We the be ROI. as that make Our to strategies in product key investments higher due deliver clear mid-XXs believe for mix. expect margins our to

on X% net Fully or quarter $X.XX second EPS increase For the income over a share, increase the basis. an XXXX. X% million, year-over-year was ANI of an ANI second of adjusted quarter, was $XX.X diluted per

our in asset first at we've and large. revenue earnings discussed As with landscape metrics investment help the results, draw for better increased transparency apples-to-apples community following to included the quarter XXXX the comparison management X% and decrease. or and in was representing FRR, or $XX.X FRE FRE, representing FRE complementary million, was a margins. fee-related the a $XX.X Fee-related quarter earnings, XX% increase annual million, FRR

FRE balance we balance had an margin Cash cash of at Our were revolver. an revolver. second and million have on available second the equivalents At million we $XXX of quarter and outstanding and outstanding quarter. available the Today, the debt debt in $XXX XX% end, $XX end of on million. $XX was $XXX million the the million quarter

potential as and to we which flexibility We amended in extended facility, the transactions credit are our market. evaluate enhanced have PXX positions continue to pleased for

exceptionally XX KeyBank to the maintaining Capital many plan. Markets while our our years Our with to syndicate especially I worked banks balance JPMorgan which their lead of participated, the many and company's of We've relatively arrangers, am leverage is strengthened execute year our strategic upsizing confidence the appreciate our thankful to increased Texas the environment. with Chase with their second on commitment. levels, modest and current We enter lenders we in who for all believe a lenders ability half Bank. growth Bank, in Capital prudent sheet, joint

August stock. common to We payable Class pay B the as on per quarterly share and for XXXX, also XXXX. a quarterly dividend XX, we $X.XXX record on A cash declared stockholders of Today, of of dividend business to continue our Class close XX, September of

XX,XXX,XXX. Last Exchange. B of A will September outstanding XX, as New taking be at on we our Class June XX, place Day month, outstanding were and XXXX, our Finally, announced were Stock Class the York XXXX Investor XX,XXX,XXX shares shares

levers, Additional details investment invite managers Investor join strategic team Relations can of growth be website. directly and thesis. found vision from on our and page to us We you on our outlook, the hear and our financial management affiliated

today. all session, Street website. in Q&A updating plan a time progress the to forward our in we investment the on by half which the in year community on against initiatives. call over our followed continued look growth be with the our look of on Relations will forward now session. will pass your you Thank for our as September. Investor presentations to and our operator second Q&A updating you I'll Formal We meeting the to begin to execute person be growth the webcast of We

Operator

Instructions]. [Operator

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

Benjamin Budish

there's give upside the maybe a guess if like could just couple more the that I messaging quarters the you full perspective, XX% curious there's feel why of start any momentum not of still color sounds left from your look to way to a lot I raise might guess year fundraising, of mentioned report, there. a good just I just like but what the on we guess to Luke, you about about. target. to there's your It target?

Luke A. Sarsfield

recall, think $X.X feeling obviously really the Thanks, Ben. that when or $X.X think about more. you we off more. I billion the as Well, or And good as guidance you I was, recall, XX%, the but did we're our was billion,

really to able momentum organically raise $X.X deploy billion and we be to have or more. think I clear

get half. had up we get look target quarter. mentioned, you numbers flagship And of from are strategies, as going market expand of in So we We we into we of when XXX the closing momentum, at As those the into lot XX right? we the funds second TruBridge XXX. to the we as the have look it at individual last fund some you think think a

heart target. at look ahead You at XXX closing Fund XXX the IV of

the still You look raising. at we're in and the initial success of WTI, market

fundraising the Bonacord we're in at think and exciting really we're RCP. ongoing cycle into look You an going then in still that that I And momentum raising.

longer-term we in the feel feel really to and that our half about out. good the I think good Investor we're lot exceed But back laid activity client our really I we targets beyond. frankly, the fundraising we number a We're more the going So and the talk think meet obviously about about and to at seeing ability momentum Day. really,

Benjamin Budish

them sort thinking maybe step-ups little of of like showed And Helpful. cap in mix it. very environment, of about but just your of stepped Got quarter-over-quarter. deployment a then number performance the meaningful deployment. your quarter-over-quarter some larger bit saw from peers, a we a And down

and you go probably head bit in to operate I head think Now different a markets than to some less some might expect.

the on comment of we're be you from of back operate you from expect would that you could just what obvious sort So your for the of some there? seeing Any the which less year about what nuances in half peers? markets

Luke A. Sarsfield

capital. a to on committed many I I No. can't just we attractive we again, on continue report that peers, comment Look, I us, really our on and but report, Recall environment think we where across our businesses. investing our see lot businesses think a of of

what And there. is raised big NAV opportunities I so undeployed in The really we're our larger really, I seeing you're some And seeing place, lending we're We where really robust think, fundraising. a strategy. charging fund. that's deploy to in capital think just the

stretch whether I able given and portfolio it's really add-ons, lender of strains -- We're of the strategic be buyout able think to a obviously, within of it's some be whether stresses we're and funds, market where strategy. a very new credit the sort continues that We're generate to prudent those -- we're do going for transactions is to to the many under about funds. clients to returns be environment. think And we a affording want it credit to strategies, going to obviously is Obviously, that do underwriting. we're that, in do great robust to our LPs. the be that risk to our be ability really underlying we to

of with balanced. be to be to in, going very lean think going an we're in, we're our measured so there's comfortable opportunity when but pace And now. We're lean to right we'll deployment we

Benjamin Budish

half And is higher year versus this a years squeeze of revenue your the bit kind higher one has of just quite -- if and detailed Understood. other question, more, a could that in first like prior And I QX been in is about QX. rest for Could it been us in to remind why And an think this what's exactly? up? you okay the of run the just has year? than rate going in

Luke A. Sarsfield

to want you that? take do Amanda,

Amanda Coussens

Yes.

incentive in these the our results fees model one incentive our particular, client think seeing start you're I general, the aware. of the And in RCT. quarter of particular, in quarter, the earned in in a and for structure incentive you're revenue as second came not really, specific on get typical are we at fees fees bit that based financials performance had is the investments, just other this that -- of through

And is as easier bit nature make it revenue, feel a business carry minimal. so of FRE we built is in disclosing but past. There it's seen and strategies ongoing with FRE leading FRR, the I in fairly we've to of margin appreciate certainly our on the underlying like the say, the which would model, upon general,

Luke A. Sarsfield

And that. and give times one the add a That maybe more to comparison these is thing are you I just reason easy with I call to could we would wanted peers. our if apt what like expressly

we're to comparison, FRR we sure that why really that's them, sort we did like that ultimately But long out really we've to that happy that we're FRE. giving you apples-to-apples case, move for about relationship run, positive the and is we we volatility on quarter, KPIs volatility And generated of have We're any we incentive you and given any revenue. the FRR success rolled the and have and like this and why have excited which fee take FRE so this in to in client the so obviously, out that want make had the it. there incremental could and

Operator

comes next Kenneth the JPMorgan. of Our question from of line Worthington

Alexander Bernstein

for Bernstein Ken. Alex It's on

stepped FREs. a For question, bit I an even cash when double-click we're fee basis. of on I they on ex quite my first know up wanted to comparing

should you're a strategies You are How the comment? line, and maybe for next to rest mentioned year, year about of go-forward some this time reasonable these. think for there on are and that coming driving online direct we say basis able a

Amanda Coussens

Yes. you the question. Thank for

should as core fee fees for approximately catch-up past. ex rate points XXXX XXX in basis Our we've guided be the

driven quarter. part XXX really mix basis second a fee all-in of AUM strategy our catch-up to our VP of dynamics by higher rate larger as fees as quarter growth our catch-up average well around in the Our becoming fees and was direct rate in forward higher points fee across the Investor look We strategies Day. our fee unpacking our at framework upcoming rate, various

Alexander Bernstein

Maybe a to picture bigger ask question.

of seems You mentioned the again, area M&A focus. topic like an definitely

been You a mentioned M&A announcing this where quite at interesting that point seeing a currently bit alternative some there you What are on want more thinking Are year. you missing you you're a of There's deal Would specifically? obviously to looking you asset planning opportunities. at that management areas Just potentially on expansion? to commentary strategy broader are Or type space. in geographic the your of that you can fold? strategy the about it you're add certain be provide.

Luke A. Sarsfield

model. to and is obviously, really will inorganic growth valuable us. our important we be. mentioned, Alex. as to drive to. it part Happy been M&A valuable. is It's And business think Sure, an to And you continue It ability that has of

only in it's to And that want it. when just whole that's our few think accomplish. want and symbiotic think it [indiscernible] sense We really things. obviously, PXX strategic transactions both That's we important. why our make about going to One want I'd economic be LPs, for that our of to believe we say other to also One ultimately additive We is strategies. And we it to shareholders. the a for engage and we do PXX. be we and we're is valuable what to and with

you One kinds out do. to I'd highlight in to kind it. the is what evaluating we at would think And so of really I different as time. that constraints already call we what broader in environment, transactions of the we those we're think as or of existing bolt-ons are kind any point of tuck-unders areas look X M&A strategies, things about When

those. run We tuck those have things X market-leading strategies these we that they're lookout And market individual and on in or news the is them could business that under up aren't that doesn't for every other the because are some into and day, there we always of strategies. We're the also running strategies tuck doing into there our seeing good smaller institutions. mean out

And point, about would of to an so always very under opportunity some do the or add if your to investing then nicely acumen our we're our and are is capability we do to that existing X it. to something of fits and one say broadening sort there's tucks I really remitting strategies, areas footprint. our think open there

you mentioned think geography. business abling America North of execute on have some And we Europe, North in Asia. point. was very analogs American First, and predominantly our Certainly, at is business it in in we outside a the this strategies U.S., the

deliver to even our us. obviously important could being strategies, that with on would that really now. able for we is investment a clients do is something global better. if But that proprietary it right can do synthetically so PXX to be basis We And

-- there we the not the capabilities your would that and then and are broad-based LPs and capabilities to in look at really that they we loud would that we're landscape. they And our also of from like some also what way have be at have other And so like geographic may the out and might look hearing from what in we to clear us. point,

X I about to areas there. so think think And

direct whether asset-based it's have a there. the have number credit full really spectrum, a middle lending, it's of We broad-based we strategy don't the credit lending, but strategies, of vibrant private in private whether

our frankly I LP real lot assets. leverage middle place both of and inquiry ecosystem be about think there that that's is private middle we'd And credit, I do and and the great us, will platform. that. if course, market right particularly PXX our think a the many absolutely, in are for think estate And around strategy the time. and right could And real then something provide asked so looking think I that. we of help define think answer the lower But we infrastructure if you And we infrastructure. is of about would very to that yes, that they've we partner excited clients get the exposure was Is could would other something about be over a

looking on -- reacting so the that at process, but say out that's not the such a engagement top has the we're to have what just what to us we And those that's that their I decide things strategy one comes we're approach the framework of a map that at. replicable and kind of they when just come the focuses road focusing building done and an want would of job the quick RJ of structure, one evolution and his with team fantastic do to list. that on cultivation some and absolutely the be what's are for really to for right ownership in platforms own those platforms us, time and

really that on well. as And so we're focused

Operator

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

Stephanie Ma

debt your one here growing total you point? increase thinking pace debt share you M&A potential on how at as about us capital this give is about you're you of paydown just just the question. update uses are borrowing and Can capacity. follow-up on M&A How and thinking Maybe of an the balance buybacks,

Luke A. Sarsfield

Great. Well, here. let's start

remain capital same. allocation not They they will and remain And foremost, the the priorities changed, right? have first So same. our

#X, our said, our as going dividend So to over dividend presumably and pace, we're maintain historic practice. we've is our reasonable grow at time, consistent that a with always

extent share be priorities on M&A. depend think an it And did of opportunities And back it going lean are share again, we dislocated, X and it's the there. activities if again, can broader touchwood then you up second but And share and it and we taken repurchases we see, share obviously to and it the whatever to be in reason where the lean to be year. to for is obviously, $XX highlighted conditioned and saw in, strategic doesn't. continue would happen M&A do our we to next is always million. increased focused on that were very we -- us, in on will authorization run. But as talked price you our share a we the that want We want Our quarters we've market, and repurchase do we're under to first about deals, we is. to to particularly some a opportunity, but see the in And the really we've approach Frallwalk about. stock it'll then, think important time where this I've priority many deals for want our that the of do repurchase M&A of We to I be going before when talked the price, deal. over is to right them

in integrate the going about deliver we really M&A the that demand. that do, muscle we kind be on inorganic shareholders out the thoughtful right the and the to so we it way make right can on deal sure our it, in the M&A want we really that built IRR M&A and we've we're of to the so And of think or way ROI and execute then that

they're going are to relative the those positioning close. priority. be maybe to very X so last And but probably at debt obviously, then be changes, them in And time, going is of the paydown of priorities. point kind any next And the

factor this the we things upsized of facility, did that we facility. a would of the I fact credit as the new is and here note One

we'll start We it haven't yet yet hasn't that it -- pay down. to obviously started When does amortize, started to amortize.

cash. And a pay there, any it ability place is excess right now. the X We're hold debt a time a actually to put a that I to we little facility revolver nothing to just of going so at new constrained drawn that generally bit for priorities minute not for our moment on we because whenever but we our where down in our in and one may have use we're of be cash, going outlined there's

Amanda Coussens

an feature have on accordion also the We facility.

of increased accordion. additional million as we but have $XXX to also million $XXX an an $XXX million potentially So from availability,

we lot room have for So a of [indiscernible].

Luke A. Sarsfield

But right again, she's question. answered the

Stephanie Ma

brought broader differentiated Yes. of can And leveraging preplan data a that's Maybe on in of as sets data as maybe how recent your solution value market you to acquisition just provider? the to just a data. you talk question your approach see data to the BlackRock's private private forefront. market

Luke A. Sarsfield

be Stephanie, XX, And about Investor that's give give data and on a outstanding business Day you utilize there but of a demo how talk we're in is I to going module our where to proprietary our would September answer a here, an actually very I set. going you tell we our question. will high-level data whole at

And so encourage everybody website know be and that, out that you'll really be that think I will be to afterwards. something our I that look will on for be And will but there, I exciting.

to And And we around raising really loan footprint NAV at because differentiating. that And doing think have of that almost can can our in leverage critical of middle LP actions. to our a contemplating think lucky So what it you data do that take they'll investments so the data, we're talk the folks types our is lower an to. around works to PXX our decision the a capital of But that because it what the level, we're The this is -- And and -- business capital ability frankly, longitudinally HARC, it's on in want raising. that data every how better insight really strategies, data be can kind how decades. of I to data process, the do raise lot considering in that RCP. apply it's in become a of said, our access we're inform processes, the stretches in the Day. some makes better to to best then data glean your transactions as in market, it's our middle our in deeper going actually one business. stake inform is an data Kingdom at and that we is we data able on it demo come hopefully, decision in Investor And point, and and dive execution important. to a incredibly other clients. really inform to to we'll the informs in this of inform it It right? of across what and data reasons the ability capture of next all process, platform. more across around at a presence We're currency share to we obviously, lot aspect to you foundational back minority a a use and I that data Certainly, We and really sourcing a about very make [indiscernible] investing Bonacord,

Operator

from comes question next Co. & of Our the Oppenheimer line Kotowski of Chris

Christoph Kotowski

Yes.

expecting asked, funds. of I for -- and about that? if be but we you've close? of the follow mine how the those long and final should co-investment fund shared curious give indication period Or the you target typically between can to those What I were know for As the the just don't there? most marketing wanted up if right, raisings, I'm funds? the an secondaries size And on is RCP first

Luke A. Sarsfield

say take would I I'll couple a -- questions. of Yes. so

RCP about And asked it's our X, our our co-investment it you it by fund, fund, call the observation, we direct first secondaries. we and SLF or fund direct then call way. So secondaries

of depend usually, in lot Generally, things. some similar. It I that the right? But time and quarters for And would my sense. will is guess say again, and just with these -- it X be momentum. on think will we're between would the somewhere depend X So the on strategies, a depend environment. It market obviously I will on

year the little said actually as don't I a to in a plus. to want I what publicly. of bit year think it of here. and So know little sizing I -- of a we've don't terms a be careful

both those with did very of terms core directional right, secondaries little LP we I can kind what will for so we as obviously, a in the you've thought, want I think, and are to it, and on I share. in be And But seen these of timely very tell a strategies, of careful but of bit anything base. share, the you, last strategies, we just direct can resonant

strategies, be to lead it assume think will we think in that very lot I and reasonable of there's momentum outcomes. a those successful so And that would to

Operator

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

Luke A. Sarsfield

Day for joining we we you New of the place forward Further, and extremely thoughtfully for I I so XX, of September right our of year look Well, everybody you. thank to are we've a team you long-term close, To Investor summer. the our have seeing thank you, value the for on confident to shareholders. at proud wish are structures strategy close we Latif, to made growth. and deliver as all progress that you first continued healthy much us in Thank the happy many today. the demonstrable half of platform and in York our to all the in

Operator

And this for participating. call. concludes you today's Thank conference

may now You disconnect.

P10 (PX) 8 Aug 242024 Q2 Earnings call transcript