PX - Earnings call transcript Q4 2024

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Operator

Hello, and welcome to the P10 Fourth 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 and Chief Administrative Officer. Mark, please go ahead.

Mark Hood

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

in EVP, Global Arjay of Client today Strategy Additionally, M&A; Head with Head and Jairath, EVP, of are Sarita and Solutions. room the Jensen, us

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

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

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

Luke A. Sarsfield

call. and and fourth full earnings thank XXXX Mark. you you, for quarter everyone, Thank our morning, year Good joining

our to XXXX, year M&A strength, operating AUM reinvigorated financial we interest speaks and by billion market It by $X attract GP XX%, our Fund believe $X.X generated which position committed revenue in $X.X range Partners, to billion. we XXXX, mid-XX% billion our Capital growth, for to fundraising. we $X.X in fundraising, gross and billion II adjusted full in differentiated the LP rose of revenues stake XX%, by increased the we outperformance, exceeding increased deliver attractiveness and February more closed capital, in some for numbers Qualitas our quarters update a well-positioned are review guidance around a quarter year strategy in in our EBITDA and provide performance, Funds outlook, year, further advance in on extremely overview XXXX I financial encouraged for and also imperatives quarter are year reflect the by We on key call, today's to performance meaningful considerations to share position including the our our financial to fourth accomplished made highlights initiatives, the and you our our record will plan. Amanda quarter, PXX our our the detail that strategic team key of to ongoing X-year the adding ahead. On support demonstrable our an growth around the drive our will strategic the XXXX, record in a and Bonaccord with over guidance, we of members fund in middle and fee-paying very progress for the acquisition will what the PXX the than ahead. In and provided discuss gross leadership on XX%, first We put provide of is the team additional growth. the and Notably, strategy, ended margins process. To focus. double-digit year

the opportunities and on transaction We our to firm provides direct XX%, middle of in to quarter. based year the effects track excluding manager by secondary of market. XXXX, we fund-to-funds, direct September, full we European M&A remain Funds, XX.X%. our NAV and fees, financing committed leading the grew reinvigorate revenue a while first margins announced lower in And Qualitas engine. In private in close early The co-investing fund-to-funds fee-related European in acquisition were equity Additionally, the FRE Madrid. catch-up

vision, years target billion from our billion at equates Day, shared we XXXX. included of which to the Investor our X through next $XX XXXX of $XX.X our This fee-paying fee-paying to more September growth Additionally, longer-term AUM. AUM than over doubling

we majority we be that on fee-paying the execute of and advances value-creating expect also While to expect to AUM. M&A vast growth strategy additional meaningfully our organic, delivers

to dynamics Turning that are to There our FRE margins. X impact key are outlook. margin going

areas the like making business, which focused human capital in key are the are investments distribution. we First, largely on in

drive We accelerating a expect growth and to high ROI. provide these investments

Second, strategies. within the ongoing portfolio our of shift mix

over more business. And particularly Some of as is and net to some the these our lower term. out a XX% of the see attractive the of in near from dynamics, closer in we our established any really intermediate-term and percent X that that impact newer faster-growing The our excluding the years. M&A, of revenues leverage aggregate and from model, FRE than think assets expanding is mid-XXs current target dynamic scale of inherent longer effect the to strategies third, we core margins is larger our margins parts operating and FRE have we

XXXX, goals. our strong meet on or momentum in track exceed we to Looking remain at our X-year

to guidance the expect XXXX, at billion of XXXX of billion. the excludes fee-paying transaction. least the guidance Funds we assets fundraising $X Qualitas This our following increase guidance close $X.X XX% reflects of receive we of For billion. incremental approximately XXXX over expect a gross The $X

commingled have in XX we times addition, This commingled Qualitas X to XXXX. funds plan in the market funds. various includes In at

X% line XXXX and AUM. We be expect to X% expirations and with between in numbers of fee-paying step-downs

the put core pressure mid-XXs guidance is relates outlook, for be to finally, from FRE including to revenue closes. And once margins, expect Funds direct it our excluding which Qualitas business with expect percent. transaction the downward we in fees margins, into FRE with M&A, Investor organic mid-XXs and line contribution XXXX margins our XXXX, double-digit we on already percent modest Day catch-up our in will baked The growth, Qualitas Funds excluding As guidance. and revenue secondary some

our performance factors. execute rooted of in and to is compelling ability a our confidence number future Our in

elite of strategies track records underlying Our long with of durable platform high-quality composed alpha. delivering is

platform trusted offerings. With very to middle unique middle serve is engage lower clients in set world-class our competitive addition as And We can the approximately vast which investor funds European while growing product our further of X X,XXX Qualitas high with and the anticipate X,XXX, ways advantage with expanding to expanding the have base believe in investment from our continue decades PXX a data platform. robust to channel. We number and through are we LP market, a net platform, a partner well-positioned proprietary we increase to that our and base global we our will and with LPs over a worth over relationships.

a an to an of join have strategies are we conviction also choice firm that platform. to We and looking acquirer larger excellent a partner

year in last how about the are the would our that we XXXX we like functions we Finally, as put what actions. I plan to thinking unpack XXXX. each and guides imperatives, in achieved North Star of place these

First, Chief Counsel and top-level we General Craft, leadership Information Jairath, and as professionals, our M&A; Arjay committed Jensen, in Head Officer; to Global such and Melodie Chief corporate optimizing by Strategy We Officer. hiring of structure. organizational Client key Goodwin, of team and progress made Mike Solutions; Compliance corporate XXXX tremendous Head Sarita

Tracy appointed We Benford also June. framework and Independent Director our governance in first as elevated Lead our

organization. by XXXX, strengthen working skills about organization enhancing across all-important our capabilities the we layers and think middle our to our the and of are we platform As institutionalize

are growth. Second, driving organic committed we to increased

and our depth existing ways franchise to delivering our We accelerate will and innovative solutions. and find by services the trajectory client expanding of and increase breadth products our

underway continues Qualitas transactions franchises and The approach Funds committed look that to acquisition and We through committed and complement are robust, strategic commitment evaluating a to be a on inorganic to our focus leveraging to operational earnest, reaccelerating we beyond. growth. host inorganic strategic key in attractive have data disciplined built right we and growth value-creating Third, in incentivizing insights. processes, process-driven believe collaboration to M&A with generating we we to our a this team execute by work of and the This and and opportunities. efficiencies implementing demonstrates we will XXXX platform. Fourth, is pillar

efficiencies Our will cost one to the mission position operate as success. teams that savings our requisite and and cohesive for enterprise more remains generate

insights XXXX, additional our and our the a to we investors, middle that clear will communicate and a In lower [ our upon make X way financial to PXX's this shareholder KPIs We and competitive Investor highlight to community draw data to established our and eye to it the enhancing to key comparison leveraging investment build held plan appropriate more guidance be middle killer] in tremendous on we XXXX, and peers. the capabilities category our LPs others aspiration of broadly committed market. and the strategic the transparency. an to to we efforts in In disclosed greater visibility an for easier a we Our with advantage, are clients. Fifth, progress. communications benefit pillars, and offered thoughtful made Day,

an I the leaving want who looking a diversified market. In million authorization. of we hand alternatives touch capital shares middle represents $X.X the for repurchased lower entry fourth current off on and price quarter, the on core point buyback for average allocation efforts. investors, Before XXX,XXX compelling platform stock available the We to believe to focused at access a $XX.XX, our are on I Amanda, call to our

of full price the an amounted to we total, at $X.XX. shares repurchased year XXXX buyback For XXXX, the million. of In X,XXX,XXX average $XX.X

Board return repurchases to repurchases share to look financials. shareholders. for at capital We Amanda to million. With today's the With million for as share additional hand call I'll deeper the see to $XX.X our tool the authorized has for an continue approximately a repurchases, to important available total an bringing provide that, $XX announcement, over to us

Amanda Coussens

Thank you, Luke.

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

$XXX excludes driven the everyone, XIX, it's RCP million expected added fourth close that of added commitments than gross worth Multi-Strat financials. Fundraising reminding the earlier total by were fundraising in our Bonaccord and quarter successful million third quarter of and think $XX II, million $XX closed II, our $XXX approximately quarter which the in during quarter; raised million. Fund RCP fourth fee-paying I which which was included

quarter revenue management, $XX increased of in of basis the points occur and catch-up in quarter rate be we historical excluding increase $XXX.X points, to for expirations the of As rate numbers. the to quarter Luke was our In an total X/X secondary over Year-over-year, in direct impact assets range in with a XXXX, fourth we to the under the and fees. Average earlier half first expect XXXX, fee XX%. expirations up with XXXX. basis XXX million was million, of $XXX.X in the XX% million, XXX fourth from of average fee line fourth and in X% the in year. Revenue about to mentioned of step-downs the the call, expect X% fee-paying step-downs of

was rate For rate full with our rate fee of XXX an XXXX, for basis points, a to we platform. and secondary market XXX catch-up participation broad catch-up In basis year, the the the excluding the average core and average reflecting of fee fee had basis XXX in average expect our fees. direct we year. In expectation impact funds points fees XX across saw commingled points, quarter, fourth the fewer in investment the

strategies equity $XXX and private raised Our deployed million.

fourth our $XX reflective fees comprised Our alpha. In and diverse the as assets for $XX.X credit over $XX.X the million. investor PXX wealth direct and the and fees durable venture an $X.XX million fourth do to fees offices II. year of year expect share. an the continue who is and increase timing and closings public quarter, of period teams, Operating to the the to managers, increased $XX.X our around quarter to of secondary that share fourth capital strategies fourth fee-paying on best-in-class investments million in endowments the attributable incrementally catch-up added be of we fund event ago. same execute X% primarily the Bonaccord and future. In to as foundations million, of in management. The II's seasoned catch-up are base solution closing extraordinary well million, fees Catch-up strategies under fees repeated by Bonaccord quarter, bringing outsized expenses and $XXX were per raised ANI a were quarter, family by and performance driven the the per catch-up deployed total our final global the generate were deal were pensions not private in

fundraising year strategies. GAAP in quarter. $X.X II $X.X were primarily net fees fourth associated at the compared to expenses with prior the closing an compensation quarter a and was increase year the million, X% Bonaccord over full the million, was other XXXX, XXXX. income expense increase For million with in a The driven increase loss net associated successful GAAP of by operating placement of $XXX.X

fourth For Adjusted to loss of increase income $XX.X compared $X.X EBITDA the net net million year of quarter XXXX. GAAP of the was a million, in GAAP the full from XX% in $XX.X increase fourth XXXX, an was an million, quarter XXXX.

year, adjusted $XXX.X $XXX.X XX% EBITDA million For million, the to a from increase. grew

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

the Our mix. product margin due quarter was strength higher of our to strategies in and the direct

the margin XX.X%. For was year, full adjusted EBITDA

For the XXXX. XX% quarter, over adjusted was of net ANI, increase fourth $XX.X or quarter fourth a million, income, the

year, increased the $XXX representing to ANI from For million million, XX% $XXX.X increase. full an

the quarter, For per $X.XX diluted ANI share, XX%. of increase was fully an

XX% For the representing the ANI quarter and million, was a $XX full a FRE diluted in $XX.X million, representing increase year, $X share. FRR fully was was XX% per increase.

margin Our FRE was fourth in the XX.X% quarter.

quarter cash fourth equivalents debt There on million, were balance $XXX.X and million. $XXX facilities. was the on million the $XXX.X was had the $XXX At an million margin available million, of end, and quarter was $XX.X end FRE and revolver. no FRE FRR the XX.X%. Cash we at the of outstanding balance credit year, full is the For

at reviewed with to Day, investment draw I fully comparison community apples-to-apples ANI peers. taxed this enable our As in Investor XXXX. believe further per to We we will the begin metric share reporting an plan

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

you shares time were Finally, I'll session. for to today. were operator A call over XX, outstanding pass B now as Class of the your begin Class and XX,XXX,XXX. Thank XXXX, to the outstanding December the our shares Q&A XX,XXX,XXX

Operator

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

Kenneth Worthington

-- market your where focusing? are As So we for team most I'll are look in XX sales bigger exceed, funds your $X sort mentioned $X those hit that say, important in team quarters, is of marketing biggest hit to think, of of Which So and what ahead to XXXX. the your I funds, the you right next billion kind of get the and couple market? sales to in target? the billion or

Luke A. Sarsfield

close market we'll Sarsfield. offering not in continue Luke We're things focus to those excited year. Qualitas. we'll And as XXXX obviously, particular, And those in question. XXXX, right, the different come we acquisition Thanks And will acquisition. X as we the in be we same It's here times close we the for the from at expect in we the all really XX total we time, on necessarily to strategy. our you're have funds said, once mentioned, in have of And will product the RCP in that market times the different but later quarter. think at and at the first in throughout about

co-investment fund-of-funds equity of private managers, we in probably secondary We momentum have I momentum that's generally the our strategy, the emerging strategy, across our of a space. reflective and some we're funds in market, see that. seeing primary including And including of including small and real the number think our strategy,

as we in to the we'll of announce I other mentioned, to in finally, on Five then business strategies number really as get the We're we're the back new that. And in the that. excited market TrueBridge, excited this probably later we're out a has that is number Bonaccord, have really be a be credit We'll we in about out going market seed news the Our and strategies, momentum come with Points particularly there credit some excited about a more to micro raising that year and blockchain year. later news about, think the on business, strategy. strategy. of

the interesting things in are So, market. there a we of lot really think

of everybody, the the about compelling and think think really to excited is things platform we're one I Just about of And the diversity of our for our XXXX. outlook remind the fundraising. business, the we diversification really momentum our really,

Operator

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

Unknown Analyst

morning. call This Ben is for on Nick the ] this Benoy [

wanted being going different made on are your that quarter, we channels just last I too broad ] I across provided fundraising. new the be [ So vehicles you some investments made to ask the to about XXXX? know progress And think color on in should and and maybe goals about how SMA

maybe just then updates on progress SMA any on what quarter? was vehicle? on made maybe in And an So fundraising of update that the being kind

Luke A. Sarsfield

terms and it's a meeting is Luke in are to mentioned where they Nick, where go, we've it That's part they our really as be. also again. is of areas the solution-oriented being offerings and Thanks, to to of to a as meet product a have question. great be to diversification one in And we to but And broadest continuing always, certainly, Investor about want that wrappers. of provider aspired Day, clients to the have them our at of them frankly, key focus right going

of we funds, an some some kind the And are that clients, achieve rated we of exciting helping various think had of so our right, goals to of we past We've different for and and pooled in that's at vehicles you're number and place. our use. can feeder about SMAs think looked product point kinds potential offerings our different strategies single about that, of We into their different opportunity. that's a clients alternatives from co-mingling think an kind

different And net whether Sarita's channel, worth the would I institutional access earnest, say. are so to it's ways the whether we high to under in whether And in of looking clients, channel, different in continues RIA channel. leadership, that in a it's access of it's that, at number the work kinds

right, some You're momentum parts in of had talk about of we we SMA quarter, the business. did last the the

every we notable obviously, point, it disclosing, to have we're we you just see we necessarily do Day. Investor progress kind do going make when progress But that into get a that against and success, to going so to product those not of, note type thing for out you at is notable our can we're laid one think quarter. I by initiatives

so will my these be SMAs. is, hear XXXX, of us not talk very which around guess of the you'll initiatives, And as our about get specifically we some progress into least

Unknown Analyst

If the to Great. about in a I ask wanted question. could follow-up M&A pipeline. sneak I also

So the of, in expected But some in Arjay through attractive 'XX, close later Qualitas kind of come year? the the in year to and quarter. What just under of have in we here do are the looks initiatives like M&A terms pipeline? you in how what obviously, current looking this come then starting recurring of pricing? through to these terms see And more acquisition in

Luke A. Sarsfield

Thanks, Nick.

a successful So start maybe Investor opportunities is to disciplined what as And to executing very I at think that is would building of about what we have one approach one it talked thoughts. seeing give different monitoring, things it a key programmatic the that me, one over building and at been different is consistently on, few prosecuting I'll frame I'll we and call look, next of that and turn part in is I do are funnel. would are one sitting potential and will to here say, is out that to him M&A. we the I that consistently a we Arjay Day, of pipeline But we've a stages right I

that, important. so And think really that's I

to as from we think where the they to but attractiveness work they good our partner want potential the with. around feedback to want feel about also be, we're a place they state hearing and the I want of really both partners pipeline,

And maybe to add so few you a Arjay, thoughts? with want that,

Richard Jensen

that, lending, Investor classes We working on we Yes. you, an would interesting active Day, Luke. would across areas thank we out that I pipeline. opportunities private working we're very and direct laid at just at focusing credit, say just asset-backed. hard including -- the asset think have say look, I

think those areas really us. for I are important

opens and think X direct Europe I in asset we the step, talked about that Day, to step, with think interestingly, lending backed. X at we Qualitas respect Investor interest now with up

We optimistic we're at, on things. focused and there we're the we're things think So forward. are those very about interesting looking

Operator

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

Christoph Kotowski

why XXX Amanda magnitude? fees, the was a heard I just think but average down basis I say, an XXX. wondering, small just quite I expected would catch-up points fee by was but ex rate go that wondering you for it's difference, it year last know of I little

Amanda Coussens

you, for Thank the question. Chris,

my around frame So fees I'm going general. to catch-up first in response

a distinct So categories. view as fees we X reminder, catch-up our in

a fees on primary core in from occur regular the tend basis. duration be have rate our to smaller nature shorter the of which funds, They We given more fundraise.

secondary and nature. and size frequency. episodic fund less that We predict they funds difficult frequently, because can also And have bigger it to are raise be in fees direct catch-up in

future, extraordinary not during funds as our XXXX, a catch-up do elevated million significantly should catch-up that expect So ex rate in in about particularly our $X XXX that basis approximately Bonaccord points result in we for to remain be expect II's were repeated had relative fundraise the fee million to levels market, core the our $X including be fees said. to we of the historical at we XXXX, within fees fees to We stable which as do catch-up secondary XXXX. results

Luke A. Sarsfield

And to over note, consistently at that it's just our think back history core Chris, look important we've been of the that pretty fee you -- rate. business, if at I

we points. show XXX. XXXX XXXX, we quarter, the bit a at we you were were see higher at slide rate of basis every If in little were put out XXXX, you XXX a look XXX. was kind XXXX, at we of XXX. at

XXX so trajectory very that's fee rate we kind the in for look reflects -- in the the with of in of the kind guidance at the And and think level, of kind line when XXXX of the momentum. business, much we in historical the

Operator

Hall Our of next question KBW. from the comes line Aidan of

Aidan Hall

heard tailwind headwind. to a with you at margin. your just funds largest time, But the scaled usually less also coming around 'XX managers fundraising a the incremental the in I mid-XXs to of one closed of the of bit margin little the wanted thoughts some on and just the guys same FRE a Bonaccord I for is II, follow-up and remaining commentary. from which

remain in thinking be Is maybe at to laid takes 'XX? 'XX that kind towards you're the we should here longer your near and or in still before you term So it out Investor stable? from trajectory goals about there it the about it contracting just going for Is term thinking wanted striving how puts expansion hear, of Day?

Luke A. Sarsfield

Investor I'd just is And mid-XXs. question. continue in saying We guidance margin kind to in the good unchanged, the start to Day see at believe out the the to the gave will right? XX% we FRE years. by So expand given our intermediate we be closer business, the And rate of, we dynamics term, near core, in think that will in

that today. I'd absolutely margin that from guidance, So in observations. that believe momentum and make we here continue what trajectory, a to we few thinking, of that is back unchanged what September thought

transitory it's of is, can some on will impact way business, margin. Those to think first at it's focused momentum continuing Amanda done September. I'd when be build we result, to XXXX. a some about, our margin that about would come and meaningful then but they a as from and particularly we have of of ROI. it, what have accretion in think really and at in driver just right? the you solutions as higher. But it started is benefit FRR accretive and out, look call said, things. we The tend you intermediate catch-up really there. team Remember, those, the get kind yet, the think mid-XXs And see a positive of for core I going We great, they higher that only positive and fees. a to X We will seeing we're driving you'll fees One, And still we will and there Sarita creator as we've client have had talked term will being on talked management than about as margin say in in when not it, imagine, near our in business, work growth the regular distribution.

and And that so balanced going Obviously, early on do in days very a still we're way. to this. prudent we're

into our is everything margin factored so And guidance.

second note shift business about talked I our of margin. The the would thing is we've this, and is, mix it the impact in impacting

tend did mention that strategies our of part we kind kind downward businesses again, margin the acquiring that shift some growing impact lower nature that so of, into -- are this as margins that's some our But to it guidance guidance. a nature again, XXXX, pressure of core now. this we higher-margin factored that script, of relative we're some guidance, I would then different of, at factored factored right still which whole of And profiles, will well, that the on again, my inherent of Qualitas, But and bit be our to heard into you kind margin of, we have that that out because part to mid-XXs mix conversation have faster, slower. And margin businesses, and margin into having core of in we're of strategies we on a tend I think just their different will vein that larger, in grow in core little point have modest, think having.

Operator

Morgan of Our next question Cyprys comes Stanley. from Michael

Stephanie Ma

This is Stephanie on for Mike.

sort terms the maybe are fruits integration term, longer cross-selling, then get in update to an data of product opportunities of What what you new And or synergies? on development or maybe of sets? around potentially see hoping Qualitas. Just lower-hanging leveraging some do additional

Luke A. Sarsfield

palpable. senior team, just the partners, and us. have absolutely closed the had to So question, few actually actually join last are tell though we hasn't excited Stephanie. a spent Sergio at had transaction we Eric from Qualitas even think managing will opportunity I room and really, the the we We officially offsite enthusiasm yet, the something just was the days you -- thank Great about. and really leadership in I you, management the

they're to effectively has market, They've middle mentioned, strategy the we RCP and been a right? in years. the our core identical As for already strategy. middle fund-to-fund strategies, European Obviously, well-known is working X U.S. of closely lower Their working strategy with and strategy market. RCP our

middle And on offering we the and can a their so, market. global build vision one -- when lower basis get a for is together, the focused as on product compelling they what middle

tremendous kind around thing time is, we bring attribute of set Second and they a that a that spend have they data on analysis of their of lot data market. European

EMEA Investor very And think be similar We at clients is that through compelling. set at the the on something, North America now I really, a a basis, global saw you have least real U.S. really able in solution be for GPScout. rich and to or it Day, plus It's data to provider opportunity combine basis,

I licensed right? in private us and jurisdictions. of successfully That's have of is bring different Europe. Europe, products throwaway that They've the things. real big European They in So know-how other design to think private very in thing in The the a in one they successful on they've channel wrappers platforms. lot bank sold getting very to bank large how obviously been

been business, NAV working distribution that and sort with that closely really That's product in so incredibly also at fund a -- really, compelling. They know. Hark knowledge, lending our place business space, that of knowledge, we've a they is where strategy. in the do pioneers first the you are time, one lot that synergy raised they've building wrapper an as And that for of successfully long a

the way, Europe. in in that there And so, the and just is watching the than is advanced it's opportunity U.S., dynamic a the big but in that we're much It's in it still a by more big mature Europe. opportunity -- big, seeing is U.S.

NAV our And of really in that expertise, knowledge so GPs to relationship and years come distribution quarters market we're opportunity, their think the think, with weight, their relationships more with right lending scratching just underwriting differentiated. we the that their credit network, opportunity And lot on of that but a now is, ahead. to core we our surface throw the combine

Stephanie Ma

a pipeline just just active. pretty maybe successful investment me. for II, And I guys you for but think I had the has close and deployment been follow-up know Bonaccord Great. a

in what timing So terms can we potential to to fund, successor and for come expect of the III back and faster scale? market Bonaccord

Luke A. Sarsfield

think is Again, just there stake momentum seeing it's appetite, is GP so robust. think team in question. back, amazing there's an incredibly And focus lower middle and many to which LP play, has The Bonaccord been great that where the enormous team I I another opportunities. space. the middle different LP watch been this from stepping perspective opportunity the set really we market. The is Clearly, on and

in acceptance I the from looking perspective the given term equity strategy, and carry LP upside really compelling. long-term some is an yield, from of near GP the product, both with think participation the the attributes, invest a broad perspective, the to the of then

head seeing a we was a strength and particular, excitement opportunity, so And stakes just of middle investor start we're focused, in middle around a what real lot the market we're that and ], of of in relative stake [ broadly our which is with massive accomplished really enthusiasm highlights grid would we fundraising strategy, outcome and appetite I where think GP and competition. Obviously, that business kind and positively lower the there's was have BCP proud the II. a I momentum and of for say, to think It very unexpected, we business. any that that GP

right. absolutely You're

world. We out have a really in lot -- there attractive there are the opportunities of

of very the a of more job within portfolio roll some extraordinary of GPs positive I we team some as the -- the about for We've momentum excited really that we're has into that really, capital the our putting of developments positive we're we to creates here way. it had done an to think to I a work the your I prospects really excited point, in I think, And of think as should mentioned, about, some be XXXX. think BCP position about III. business. And talk in I

Operator

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

Luke A. Sarsfield

today. thank and operator, thanks to joining Well, call for our you, everyone

a believe place of good shareholders our strategies in to on XXXX We in and XXXX. look our updating infrastructure transformational XXXX, results in benefit efficiencies we operational accelerate morning. growth forward quarter you have for very Have and Following much truly our to May. a drive the the financial we first

Operator

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

disconnect. You may now

P10 (PX) 12 Feb 252024 Q4 Earnings call transcript