Market Overview - The market is experiencing volatility, with a recent rally bringing positive sentiment, particularly for those with retirement accounts [2][16] - The Dow has seen significant movement, with a 1200-point increase and a 4% jump in technology stocks, indicating strong market participation [16] Economic Indicators - Expectations for the upcoming jobs report include the addition of 55,000 new jobs, an increase from the previous period's 50,000 [11] - The unemployment rate is projected to remain at 4%, with wage inflation expected to decrease by 0.1% [12] Federal Reserve Outlook - The Federal Reserve is likely to remain data-dependent, focusing on employment and inflation metrics, with potential rate cuts anticipated later in the year [14][15] - A June rate cut of 25 basis points is considered possible, with further cuts contingent on rising unemployment and decreasing inflation [15] Sector Performance - The technology sector, while previously trading at a 62% premium, has seen its valuation cut to a 27% premium, indicating a correction [9] - Earnings in the tech sector are expected to grow by over 30% in 2026 and another 20% in 2027, suggesting a favorable outlook for investors [10] Year-End Projections - The S&P 500 is projected to end the year with a sub-7% gain, targeting around 7400, consistent with historical performance in midterm election years [18][19] - Defensive sectors such as healthcare and energy are showing signs of improvement and may be good bets for the year [21]

The firm reported a 13% increase in adjusted fourth-quarter earnings and raised a record $228 billion in new capital for the year. ...

Blackstone (NYSE:BX) has secured regulatory approval to buy a 9.99 percent stake in Federal Bank.Blackstone's investment will be conducted through a Singapore-based affiliate, Reuters first reported.It is understood that this deal would make the private equity firm the largest shareholder in the bank and will give Blackstone the right to nominate an executive director to the lenders board.In December, Blackstone received approval from the Competition Commission of India (CCI) to invest in Federal Bank throu ...

Core Viewpoint - Shares of private-asset managers, including Ares, Apollo, Blue Owl, and Blackstone, experienced a significant decline on Tuesday [1] Group 1: Company Impact - Ares and Apollo, two major players in the private-asset management sector, saw their stock prices drop sharply [1] - Blue Owl and Blackstone also faced similar declines, indicating a broader trend affecting the private-asset management industry [1] Group 2: Industry Trends - The downturn in share prices reflects growing concerns within the private-asset management industry, potentially signaling shifts in investor sentiment [1] - The decline may impact future fundraising and investment strategies for these firms, as market confidence appears to wane [1]

Financial Data and Key Metrics Changes - Total asset footprint increased to over $1 trillion, representing a 6% year-over-year growth [3] - Assets Under Management (AUM) reached $146 billion, growing by $11 billion or 8% compared to the prior year [4] - Assets Under Administration (AUA) totaled $871 billion, up $50 billion or 6% year-over-year [4] - Year-to-date total management and advisory fees increased by 11% year-over-year [27] - Fee-related revenue for the period was $507 million, reflecting a 31% growth year-over-year [4] - GAAP EPS for the fiscal year-to-date was $4.35, with non-GAAP EPS at $4.41 [5] - Total expenses increased by $40 million or 14% compared to the prior year period [30] Business Line Data and Key Metrics Changes - Fee-earning AUM for specialized funds reached $38.1 billion, growing by $6.9 billion or 22% year-over-year [11] - Customized Separate Accounts fee-earning AUM stood at $41.1 billion, growing by $1.3 billion or 3% over the last 12 months [22] - Evergreen Platform AUM reached over $16 billion, representing over 70% year-over-year growth [19] Market Data and Key Metrics Changes - Total fee-earning AUM grew to $79.1 billion, an increase of $8.1 billion or 11% year-over-year [9] - The international credit Evergreen fund surpassed $2 billion in AUM, with a strong performance and positive net inflows [20] Company Strategy and Development Direction - The partnership with Guardian has officially closed, overseeing nearly $5 billion of Guardian's existing private equity portfolio [7][8] - The company aims to expand its global reach and diversify its platform, focusing on new product lines and deeper client relationships [6] - The Evergreen Platform is seen as a multi-strategy, multi-asset growth engine for the firm over time [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating changing markets and high client expectations, highlighting strong growth and momentum [6] - The exit environment is expected to improve in 2026, with a rationalization occurring between buyers and sellers [38] - Management noted that the company is well-positioned to capitalize on opportunities in the private markets, particularly through the Evergreen Platform [19] Other Important Information - The company declared a dividend of $0.54 per share, maintaining a 10% increase over the previous fiscal year [5] - The unrealized carry balance increased by 15% year-over-year, now standing at approximately $1.5 billion [30] Q&A Session Summary Question: Product roadmap for wealth in calendar 2026 - Management indicated that while new products will be added, the volume will not match the previous year as focus shifts to scaling existing products [34] Question: Software exposure and AI risk - Management noted that their diversified portfolio mitigates concentration risks in software, and they do not see significant issues arising from AI disruptions [36] Question: Exit activity and pathways - Management observed an increase in distribution activity, with a stronger exit environment anticipated in 2026 due to improved buyer-seller equilibrium [38] Question: Opportunities from the Evergreen Platform - Management discussed the evolution of the Evergreen Platform and its potential for partnerships and model portfolios, emphasizing ease of use for institutional investors [39] Question: Institutional investor behavior regarding liquidity - Management clarified that institutional investors are using Evergreen products for portfolio construction rather than exhibiting higher redemption rates [41] Question: Secondary market sentiment and fund size expectations - Management expressed optimism about the secondary market, noting it remains undercapitalized and that they aim to grow their presence in this space [48][50]

Investment firm Apollo is acquiring a minority stake in Canada's largest fitness club operator The GoodLife Group, according to a statement viewed by Reuters. ...

尽管有人努力将美联储理事沃勒的反对票与美联储主席任命联系起来，但Pimco分析师Richard Clarida和 Apollo的分析师Torsten Slok都对沃勒投出的反对票持字面解读，认为这一决定纯粹是由于他对劳动力市 场的担忧所驱动。 ...

Core Insights - The transition from public markets to private capital revealed significant challenges in fund administration, particularly the reliance on fragmented and manually compiled data, which contrasts sharply with the real-time data access in hedge funds [1] - The rise of private markets and advancements in AI present an opportunity for innovation in fund administration software, aimed at improving efficiency for various investment firms [2][3] Group 1: Market Opportunity - The private investment sector is experiencing rapid growth, driven by private credit and high-value companies, creating a demand for improved fund administration solutions [3] - Existing fund administration options are largely unsatisfactory, leading many firms to resort to shadow fund administration practices, indicating a gap in the market for better solutions [4] Group 2: Product Development - The new software, named Formulary, aims to bridge the gap between high-touch accounting services and software solutions by leveraging AI to enhance efficiency and accuracy in fund administration [5] - The concept of "bionic accountants" is introduced, where in-house accountants utilize advanced software to manage data without the burdens of manual entry, addressing long-standing inefficiencies in the industry [5] Group 3: Funding and Support - Formulary has successfully secured a $4.6 million seed round led by Khosla Ventures, which was three times oversubscribed, indicating strong investor interest and confidence in the product [2]

Core Insights - Private fund assets have tripled over the past decade, significantly outpacing the public market's growth rate of over 2X, indicating a strong interest in private equity and credit among investors [2] - The ETF market for private assets is limited due to structural protections, with the SEC imposing a 15% limit on illiquid holdings, which affects the allocation of ETFs in this category [3][4] - Retail investors are increasingly interested in private equity, but there are few ETFs available that hold private equity assets, leading to considerations regarding valuation and fees associated with these investments [5] ETF Market Dynamics - Interval funds and semi-liquid products have been developed to provide access to private markets, with some ETFs like the SPDR SSGA IG Public & Private Credit ETF (PRIV) and State Street Short Duration IG Public & Private Credit ETF (PRSD) offering around 20% exposure to private credit [4] - The ERShares Private-Public Crossover ETF (XOVR) has gained attention for its 10% allocation to SpaceX, but concerns exist regarding the valuation of such holdings and the potential for high undisclosed fees [5] - Asset managers are focusing on investor education in the realms of private markets and ETFs, leading to increased hiring of product and portfolio specialists [5]

Core Viewpoint - The $1.8 billion takeover of Soho House has been revived with new funding commitments, allowing the company to proceed with a take-private deal with MCR Hotels [1][2]. Funding and Financial Arrangements - Soho House has secured a new $200 million funding commitment, which is crucial for closing the deal with MCR Hotels [1]. - Under the revised terms, Morse Ventures and MCR will each commit $50 million, while Soho House has extended its debt facilities from $150 million to $220 million [2]. - Major shareholders, including Richard Caring, have agreed to roll over their stakes, reducing the funding required for the deal by $50 million [2]. Market Reaction and Share Performance - The initial announcement of MCR's inability to provide the promised $200 million led to a drop in Soho House's stock price, which later rebounded after the new funding arrangement was confirmed [3]. Company Background and Growth - Soho House, founded in 1995, has expanded to 46 locations worldwide, but has faced challenges related to overcrowding and loss of exclusivity [4][7]. - The company temporarily halted membership applications in key cities but has since resumed accepting new members and opened new venues [8][9]. Deal Context and Historical Performance - The takeover deal is priced at $9 per share, representing an 83% premium over the company's recent share price, although it is significantly lower than the $13 per share at its IPO in July 2021 [5]. - MCR's recent acquisition of the BT Tower for £275 million is part of a broader strategy to transform the landmark into a hotel [6].