Group 1 - Shares of Croda International Plc increased by 4.7% on Thursday, representing the company's strongest daily gain since April 23 [1] - The surge in share price followed a filing that disclosed information regarding Standard Latitude M [1]

Core Insights - Hamilton Lane has launched the Hamilton Lane Global Private Secondary Fund (HLGPS), an evergreen investment vehicle focused on the secondary market, which has already secured over $365 million in assets under management, nearly doubling its launch target size [1][2][6] Fund Strategy - HLGPS aims to provide long-term capital appreciation by building a diversified portfolio of secondary investments, focusing on high-quality middle market buyout funds and assets with significant near-term distribution potential [2][4] - The fund offers access to a variety of private market investments diversified across strategies, industries, vintages, and geography, with quarterly limited liquidity [2] Market Context - The secondary market is recognized as one of the fastest-growing strategies in private markets, with increasing demand for evergreen funds globally [4] - Secondary investments typically offer benefits such as diversification, J-curve mitigation, knowledge of underlying assets, increased pace of capital deployment, and value through discounts compared to primary investments [3] Company Background - Hamilton Lane is one of the largest private markets investment firms globally, with approximately $986 billion in assets under management and supervision, including nearly $141 billion in discretionary assets as of June 30, 2025 [5] - The firm has over 30 years of experience in private markets investing and employs around 750 professionals across various regions [5]

Core Insights - Flexential has secured approximately $1 billion in capital investment to enhance its data center development and meet rising demand from enterprise and AI customers [1][2][4] Group 1: Investment Details - The investment includes contributions from an oversubscribed continuation vehicle and GI Data Infrastructure, allowing existing limited partners to receive liquidity while providing Flexential with additional equity [1][2] - This funding will accelerate the development of next-generation data centers and strengthen Flexential's high-density colocation presence across the United States [2][4] Group 2: Market Position and Strategy - Flexential is recognized for its leadership in the data center market, supporting latency-sensitive enterprise, AI, and cloud workloads for a diverse base of blue-chip customers [3][4] - The company is addressing challenges such as low vacancy rates and high data center pricing by expanding its facilities and capabilities, including the FlexAnywhere® platform [4][5] Group 3: Future Growth and Operations - The new capital will enable Flexential to accelerate site acquisition, guarantee power commitments, and expedite project timelines, particularly in capacity-constrained markets [6] - Flexential's strategy is focused on delivering scalable, reliable, and interconnected services to meet the complex needs of organizations across the country [4][6]

Core Insights - The article does not provide specific company or industry insights, focusing instead on disclosures and disclaimers related to investment positions and advice [1][2] Group 1 - There are no stock, option, or similar derivative positions held by the analyst in any mentioned companies [1] - The article expresses personal opinions and is not compensated beyond Seeking Alpha [1] - The views may not reflect those of Seeking Alpha as a whole, and the analysts may not be licensed or certified [2]

Core Viewpoint - PennantPark Floating Rate Capital Ltd. has formed a joint venture, PennantPark Senior Secured Loan Fund II, LLC, with Hamilton Lane to invest primarily in middle market loans, enhancing its position as a direct lender in this sector [1][3]. Company Overview - PennantPark Floating Rate Capital Ltd. is a business development company that primarily invests in U.S. middle-market private companies through floating rate senior secured loans, including first lien, second lien, and subordinated debt [4]. - The company is managed by PennantPark Investment Advisers, LLC, which has approximately $10 billion of investable capital [5]. Joint Venture Details - The joint venture, PSSL II, will have a combined commitment of $200 million, with PennantPark contributing $150 million and Hamilton Lane contributing $50 million [2]. - PSSL II plans to establish a financing facility of $300 million, allowing the portfolio to grow to an initial size of $500 million [2]. - Investments in PSSL II's portfolio are expected to commence in late September or early October [2]. Strategic Importance - The joint venture is seen as a strategic move to broaden the impact of PennantPark as a core middle market direct lender, aiming to provide senior loan solutions to middle market sponsors and borrowers [3]. - The CEO of PennantPark anticipates that growing PSSL II will lead to higher returns on equity and net investment income per share [3]. Hamilton Lane Overview - Hamilton Lane is a leading private markets investment firm with approximately $986 billion in assets under management, specializing in providing access to a wide range of private market strategies [6].

Core Insights - Hamilton Lane reported mixed results for Q1 FY2026, with Non-GAAP EPS at $1.31, below the consensus estimate of $1.34, and GAAP revenue at $175.958 million, missing the projected $186.65 million [1][5] - The company experienced a 13% year-over-year decline in Non-GAAP EPS and a 14% drop in GAAP EPS, attributed to unpredictable incentive fee flows and lower revenue [1][5] - Despite the revenue shortfall, management highlighted growth in key asset metrics and strong Fee Related Earnings, which increased by 31% year-over-year to $83.7 million [1][6] Financial Performance - Non-GAAP EPS for Q1 FY2026 was $1.31, down 13% from $1.51 in Q1 FY2025 [2] - GAAP revenue fell to $175.958 million, a 5% decrease from $197 million in the previous year [2] - Fee Related Earnings margin improved to 51%, up from 45% a year ago, despite a 26% decrease in incentive fees [6] Asset Management - Assets under management (AUM) reached $140.9 billion, a 9% increase from the previous year, while assets under advisement (AUA) grew to $845.3 billion, a 4% increase [8] - Fee-earning assets under management increased by 10% to $74.4 billion, with specialized funds growing by 16% [8] Business Strategy - Hamilton Lane focuses on building long-term, fee-earning relationships, with management and advisory fees constituting the majority of recurring revenue [4] - The company has launched new products, including Evergreen funds and expanded its proprietary analytics platform, Cobalt LP [4][9] Segment Performance - Specialized funds saw a decline in fees year-over-year, while customized separate accounts posted modest fee growth of 3% [7] - Reporting, monitoring, data, and analytics fees increased by 20%, indicating a growing demand for technology-driven services [7] Future Outlook - Management emphasized a healthy fundraising pipeline and plans for growth in assets, although they did not provide explicit revenue or earnings guidance [12] - Key items for investors to monitor include trends in incentive and retroactive fee realization, which can impact quarterly performance [13]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three months ended June 30, 2025, compared to the same period in 2024, including balance sheets, statements of income, stockholders' equity, cash flows, and comprehensive notes detailing accounting policies and financial positions [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $1.80 billion from $1.69 billion at March 31, 2025, primarily driven by growth in cash and investments, with total liabilities rising to $807.0 million and total equity growing to $995.0 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | **Total Assets** | **$1,802,038** | **$1,690,355** | | Cash and cash equivalents | $263,347 | $229,161 | | Investments | $674,453 | $664,354 | | **Total Liabilities** | **$806,992** | **$766,460** | | Debt | $288,582 | $290,303 | | **Total Equity** | **$995,046** | **$923,895** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the three months ended June 30, 2025, total revenues decreased to $176.0 million from $196.7 million in the prior-year period, primarily due to lower incentive fees, resulting in net income attributable to Hamilton Lane Incorporated of $53.7 million, or $1.28 per diluted share Condensed Consolidated Statements of Income (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | **$175,958** | **$196,731** | | Management and advisory fees | $133,696 | $139,962 | | Incentive fees | $42,262 | $56,769 | | **Total Expenses** | **$98,983** | **$107,120** | | **Net Income** | **$77,070** | **$87,087** | | Net income attributable to HLI | $53,745 | $58,964 | | Diluted EPS | $1.28 | $1.47 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended June 30, 2025, net cash provided by operating activities significantly increased to $128.9 million, while net cash used in investing activities was $93.8 million, mainly due to higher contributions to funds, and net cash from financing activities was $3.3 million Cash Flow Summary (in thousands) | Activity | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $128,932 | $79,743 | | Net cash (used in) provided by investing activities | $(93,807) | $2,132 | | Net cash provided by (used in) financing activities | $3,261 | $(30,418) | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and financial statement items, including revenue disaggregation, investments, debt structure, equity-based compensation, and commitments, with unrecognized carried interest subject to contingencies amounting to approximately $1.31 billion as of June 30, 2025 Revenue Disaggregation (in thousands) | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Management & Advisory Fees** | **$133,696** | **$139,962** | | Specialized funds | $82,745 | $89,792 | | Customized separate accounts | $34,575 | $33,453 | | **Incentive Fees** | **$42,262** | **$56,769** | | Specialized funds | $38,209 | $52,054 | | Customized separate accounts | $4,053 | $4,715 | - As of June 30, 2025, the company had allocated carried interest still subject to contingencies (unrecognized) of **$1,309,480,000**, net of amounts attributable to NCI[90](index=90&type=chunk) - The company's aggregate unfunded commitment to its Funds was **$264.7 million** as of June 30, 2025[95](index=95&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for the quarter ended June 30, 2025, highlighting a $20.8 million year-over-year revenue decrease primarily from lower incentive and management fees, an $8.3 million decrease in total expenses, $2.4 billion growth in fee-earning AUM, and a strong liquidity position [Consolidated Results of Operations](index=32&type=section&id=Consolidated%20Results%20of%20Operations) For the quarter ended June 30, 2025, total revenues decreased to $176.0 million from $196.7 million YoY, driven by a $14.5 million decrease in incentive fees and a $6.3 million decrease in management fees, while total expenses fell by $8.3 million to $98.5 million, mainly from an $11.0 million decrease in incentive fee compensation - Total revenues decreased by **$20.8 million** YoY, driven by decreases in both management and advisory fees (**-$6.3 million**) and incentive fees (**-$14.5 million**)[138](index=138&type=chunk)[139](index=139&type=chunk) - The decrease in management fees was primarily due to a **$20.4 million reduction** in retroactive fees from specialized funds compared to the prior-year period[140](index=140&type=chunk) - The decrease in incentive fees was mainly due to a **$24.5 million drop** in tax-related carried interest distributions and a significant realization event in the prior-year quarter[141](index=141&type=chunk) - Total expenses decreased by **$8.3 million** YoY, largely due to an **$11.0 million reduction** in incentive fee compensation, which was partially offset by a **$9.6 million increase** in equity-based compensation[142](index=142&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) [Fee-Earning AUM](index=37&type=section&id=Fee-Earning%20AUM) Fee-earning Assets Under Management (AUM) increased by $2.4 billion during the three months ended June 30, 2025, reaching a total of $74.4 billion, driven by $3.4 billion in contributions from customized separate accounts and specialized funds, partially offset by $1.6 billion in distributions Fee-Earning AUM Roll-Forward (in millions) | Period | Balance, beginning of period | Contributions | Distributions | FX, market value, other | Balance, end of period | | :--- | :--- | :--- | :--- | :--- | :--- | | **Q1 FY26** | **$72,047** | **$3,370** | **$(1,575)** | **$557** | **$74,399** | | Q1 FY25 | $65,749 | $4,256 | $(2,292) | $(3) | $67,710 | [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) The company reported non-GAAP financial measures, with Fee Related Earnings (FRE) increasing to $83.7 million from $64.0 million YoY, Adjusted EBITDA remaining stable at $95.8 million, and Non-GAAP EPS decreasing to $1.31 from $1.51, reflecting a modified FRE definition for comparability Non-GAAP Financial Highlights (in thousands, except per-share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Fee Related Earnings (FRE) | $83,710 | $63,974 | | Adjusted EBITDA | $95,839 | $96,224 | | Adjusted Net Income | $71,604 | $81,423 | | Non-GAAP EPS | $1.31 | $1.51 | - The definition of FRE was modified beginning in Q4 FY25 to exclude equity-based compensation and include fee related performance revenues (FRPR), with prior periods recast to reflect this change[167](index=167&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position with $263.3 million in cash and cash equivalents as of June 30, 2025, total debt outstanding of $291.3 million, and $133.8 million available under loan agreements, ensuring sufficient capital for short-term and long-term needs - As of June 30, 2025, cash and cash equivalents were **$263.3 million**[186](index=186&type=chunk) - Total debt outstanding was **$291.3 million**, with **$133.8 million** in availability under existing loan agreements[196](index=196&type=chunk) - On August 5, 2025, the company announced a quarterly dividend of **$0.54 per share** of Class A common stock[99](index=99&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk stems from the fair value of fund investments impacting 'equity in income of investees', while management fees are largely insulated from market volatility, and a 100 basis point increase in interest rates would raise annual interest expense by approximately $0.9 million - The company's main market risk is the impact of investment valuations on its 'equity in income of investees', while management fees are not significantly affected by market value changes[221](index=221&type=chunk)[223](index=223&type=chunk) - A **100 basis point increase** in interest rates is estimated to increase annual interest expense by approximately **$0.9 million** based on the floating rate debt outstanding as of June 30, 2025[227](index=227&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, management concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of June 30, 2025[231](index=231&type=chunk) - No material changes were made to internal control over financial reporting during the quarter ended June 30, 2025[232](index=232&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings that management believes would have a material adverse effect on its consolidated financial statements - In the opinion of management, there are no pending or threatened legal proceedings that would materially affect the company's financial statements[234](index=234&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025 - No material changes from the risk factors disclosed in the 2025 Form 10-K were reported[235](index=235&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter, the company repurchased 18 shares of Class A common stock at an average price of $149.51 per share to satisfy employee tax withholding obligations, with its $50 million stock repurchase program remaining fully available - **18 shares** of Class A common stock were repurchased to cover employee tax withholding on vested restricted stock[236](index=236&type=chunk) - The company has a **$50 million** stock repurchase program, which was re-approved in December 2024 and has full purchase authority remaining[237](index=237&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company reported that none of its directors or officers adopted, terminated, or modified any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025 - No directors or officers adopted, terminated, or modified any Rule 10b5-1 trading arrangements during the quarter[238](index=238&type=chunk) [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including Sarbanes-Oxley Act certifications from the Principal Executive Officers and Principal Financial Officer, as well as Inline XBRL documents - The report lists required exhibits, including CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[239](index=239&type=chunk)

Financial Data and Key Metrics Changes - Total asset footprint increased to $986 billion, representing a 5% year-over-year growth [4] - Assets Under Management (AUM) grew by $11 billion or 9% year-over-year, reaching $141 billion [5] - Assets Under Administration (AUA) rose by $35 billion or 4% year-over-year, totaling $845 billion [5] - Quarterly GAAP EPS was $1.28 based on $54 million of GAAP net income, while non-GAAP EPS was $1.31 based on $72 million of adjusted net income [6] - Fee-related earnings for the quarter increased by 31% compared to the prior year period [6] Business Line Data and Key Metrics Changes - Total fee-earning AUM stood at $74 billion, growing by $6.7 billion or 10% year-over-year [8] - Customized separate account fee-earning AUM reached $40 billion, growing by $2.1 billion or 5% year-over-year [10] - Specialized funds fee-earning AUM increased to $34 billion, reflecting a 16% growth year-over-year [12] - Evergreen platform AUM approached $12.5 billion, marking a nearly 65% growth over the last twelve months [16] Market Data and Key Metrics Changes - The company continues to see strong momentum in its semi-liquid Evergreen products, contributing to the growth of total fund net asset value [9] - The company has maintained a strong backlog of business, with significant committed and contractual dry powder available for deployment [11] Company Strategy and Development Direction - The company is focused on expanding strategic partnerships and enhancing its global distribution strategy [18] - New product offerings have been launched, including infrastructure products and a fund focused on Asian private market investments [18] - The company emphasizes a long-term growth strategy, viewing its investments alongside clients as crucial for continued growth [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, highlighting strong execution across all business fronts [8] - The company is focused on meeting diverse customer needs through various distribution channels, including digital and traditional methods [33] - Management noted that while recent quarters have seen lighter incentive fees, a positive macroeconomic environment could lead to increased exit opportunities [49] Other Important Information - Management and advisory fees decreased by 4% year-over-year, primarily due to retro fees [20] - Total expenses decreased by $8 million compared to the prior year period, with total compensation and benefits down by $9 million [23] Q&A Session Summary Question: Insights on DBS private banking relationship - Management described the relationship as an expansion of existing strategies, focusing on diverse distribution methods and meeting customer needs [31][36] Question: Status of fund secondary fund six and marketing for fund seven - Management confirmed that fund six is more than halfway invested and that marketing for fund seven has not yet started [38][39] Question: Drivers of customized separate account growth - Management indicated that growth was driven by new sales, re-ups, and increased investment activity, with a significant pipeline of business in progress [44] Question: Outlook on incentive fees and market conditions - Management agreed that a positive macro backdrop could enhance exit opportunities, with expectations for increased activity in the latter half of the year [48] Question: Institutional demand for Evergreen Fund - Management noted that approximately 15% of flows into Evergreen are from institutional investors, with the remainder from traditional retail wealth [52][55] Question: G&A expense outlook - Management projected G&A expenses to be around $33 million per quarter, with some increases expected due to revenue-related expenses [58]

Core Insights - Hamilton Lane (HLNE) reported a revenue of $175.96 million for the quarter ended June 2025, reflecting a year-over-year decline of 10.6% and an EPS of $1.31 compared to $1.51 a year ago, with a revenue surprise of +6.52% over the Zacks Consensus Estimate of $165.19 million and an EPS surprise of +33.67% over the consensus estimate of $0.98 [1] Financial Performance Metrics - Fee Earning AUM - Customized Separate Accounts (CSA) reached $40.28 billion, slightly above the average estimate of $40.27 billion [4] - Total Fee Earning AUM was $74.4 billion, exceeding the average estimate of $74.12 billion [4] - Fee Earning AUM - Specialized Funds (SF) stood at $34.12 billion, surpassing the average estimate of $33.85 billion [4] - Total AUM & AUA amounted to $986.17 billion, compared to the average estimate of $978.08 billion [4] - Assets Under Management (AUM) were reported at $140.88 billion, slightly below the average estimate of $141.2 billion [4] - Assets Under Advisement (AUA) totaled $845.29 billion, exceeding the average estimate of $836.88 billion [4] Revenue Breakdown - Incentive fees revenue was $42.26 million, significantly higher than the average estimate of $29.19 million, but represented a year-over-year decline of -25.6% [4] - Management and advisory fees from Customized Separate Accounts were $34.58 million, slightly above the average estimate of $34.28 million, reflecting a +3.4% year-over-year change [4] - Total management and advisory fees were $136.7 million, slightly above the average estimate of $136 million, with a year-over-year change of -2.3% [4] - Management and advisory fees from Specialized Funds were $82.75 million, below the average estimate of $84.41 million, indicating a -7.9% year-over-year change [4] - Fund reimbursement revenue was $1.52 million, lower than the average estimate of $2.06 million, representing a -54.1% year-over-year decline [4] - Distribution management revenue was $0.98 million, below the average estimate of $1.18 million, but showed a significant +95.8% year-over-year increase [4] Stock Performance - Hamilton Lane shares returned +3.3% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The total asset footprint increased by 5% year over year, reaching $986 billion [4] - Assets Under Management (AUM) grew by $11 billion or 9% compared to the prior year, totaling $141 billion [5] - Assets Under Administration (AUA) rose by $35 billion or 4% year over year, amounting to $845 billion [5] - Quarterly GAAP EPS was $1.28, with non-GAAP EPS at $1.31 based on adjusted net income of $72 million [6] - Fee-related earnings for the quarter increased by 31% compared to the prior year [6] Business Line Data and Key Metrics Changes - Total fee-earning AUM reached $74 billion, growing by $6.7 billion or 10% year over year [7] - Customized separate account fee-earning AUM grew by $2.1 billion or 5% over the last twelve months [10] - Specialized funds fee-earning AUM increased by $4.6 billion or 16% year over year, totaling $34 billion [11] - The blended fee rate improved to 64 basis points, benefiting from a shift towards higher fee rate specialized funds [9] Market Data and Key Metrics Changes - The evergreen platform AUM approached $12.5 billion, representing a growth of nearly 65% over the last twelve months [16] - Net inflows for the evergreen platform surpassed $1 billion for the first time in a quarter [16] Company Strategy and Development Direction - The company is focused on expanding strategic partnerships and enhancing distribution channels to meet diverse customer needs [31][33] - Continued emphasis on the evergreen platform as a key growth driver, with plans to launch new products targeting various investor segments [19][20] - The company aims to maintain a long-term growth perspective, viewing its investments alongside clients as crucial for future expansion [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, citing strong performance across all business fronts [7][62] - The company anticipates increased exit activity in the second half of the year, contingent on a favorable macroeconomic environment [49] - Management highlighted the importance of educating clients on the tactical use of evergreen products as a portfolio management tool [56] Other Important Information - Management and advisory fees decreased by 4% year over year, primarily due to retro fees [21] - Total expenses decreased by $8 million compared to the prior year, with compensation and benefits down by $9 million [24] Q&A Session Summary Question: Insights on the DBS private banking relationship - Management described the relationship as an expansion of existing strategies, focusing on diverse distribution methods and technology integration [31][36] Question: Status of fund secondary fund six and marketing for fund seven - Management confirmed that fund six is more than halfway invested and that marketing for fund seven has not yet begun [38][39] Question: Drivers of growth in customized separate accounts - Management indicated that growth was driven by new sales, re-ups, and increased investment activity, with a strong pipeline of business [42][45] Question: Incentive fee trajectory and market conditions - Management noted that a positive macro backdrop could lead to increased exit opportunities and a rise in incentive fees in the latter half of the year [48][49] Question: Institutional demand for the Evergreen Fund - Management reported that approximately 15% of flows into the Evergreen product came from institutional investors, with the remainder from retail wealth [52][56] Question: Outlook for G&A expenses - Management expects G&A expenses to remain around $33 million per quarter, with some increases anticipated due to revenue-related expenses [58][59]