[Music] Many of you in this room, you've had brilliant ideas for business, beautiful ideas you want to implement and then before you know it, there's no capital. Has that happened to you. That happened to us in 2018 when we had a beautiful idea to do a stadium and a business park. This was a 20,000 seater stadium and a business park.But we needed 50 billion Ugandan shellings. That's around $15 million. But we only had 10 billion Ugandan shellings.So where are we going to get 40 billion. The first thing whic ...

Encourage donations through handmade crafts, raising public awareness and involvement in chimpanzee conservation. Chimpanzee Conservation - Fundraising for the Jane Goodall Institute This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx ...

Market Position - Hong Kong is projected to reclaim its status as the leading global IPO fundraising location in 2025 [1] Industry Analysis - PwC consulting and accounting firm provided the analysis [1]

Catalio Capital closes over $400M Fund IV | TechCrunch https://t.co/GTtQr5k93S ...

$40 Mic To $650 Million Fund: How Harry Stebbings Is Rewiring European Venture https://t.co/jaX0wV3VAS https://t.co/yX8fquF6YG ...

Middle East borrowers are ramping up loans that are being syndicated in Asia Pacific as they look to diversify fundraising beyond global bond and domestic market https://t.co/3v5emVVCup ...

RT Johnna (@JohnnaCrider1)I’m running my FIRST EVER 5K this Oct to support St. Jude Children’s Research Hospital, & I need YOUR help!I started w/a $1K goal, hit it, & now aiming for $10K to help kids fighting cancer.Every donation gets your name on my race-day shirt!To those who donated, TYSM🙏 https://t.co/rAhCEuN34M ...

Core Viewpoint - Amaroq Minerals Ltd. successfully completed a significantly oversubscribed fundraising, raising approximately £45.0 million to support its operations in Greenland [5][6][11]. Fundraising Details - A total of 52,986,036 new common shares were conditionally placed at a price of 85.0 pence per share, raising gross proceeds of approximately £45.0 million (C$83.2 million, ISK 7.6 billion) [6]. - The net proceeds will be utilized for ongoing commissioning and production expansion at Nalunaq, technical studies, creating a new hub in West Greenland, and enhancing working capital flexibility [6][11]. - The Fundraising Shares will represent approximately 11.7% of the Company's enlarged share capital post-fundraising [7]. Investor Interest - Approximately 90% of the demand for the fundraising was secured from a diverse range of institutional investors from the UK, USA, and mainland Europe [8]. - The fundraising received considerable interest from a broad spectrum of investors globally, indicating strong market support for the Company's strategy [11]. Admission and Trading - Admission of the Fundraising Shares is expected to become effective on AIM, the Icelandic Exchange, and TSX-V on June 30, 2025 [7][14]. - The total issued share capital of Amaroq will consist of 454,106,653 common shares following the admission of the new shares [16].

Investment Rating - The report maintains a Neutral rating on StepStone Group (STEP) and raises the 12-month target price to $63 from $57, indicating a potential upside of 6.2% from the current price of $59.30 [6][8]. Core Insights - STEP reported FY4Q25 EPS of $0.68, significantly up from $0.44 in FY3Q25, driven by record Fee-Related Earnings (FRE) of $94 million and strong net performance fee contributions of $42 million [1]. - The management fee revenue benefited from $15.7 million of retroactive fees, contributing to a healthy FRE margin of 44% for the quarter, with expectations for a normalized FRE margin of approximately 37% for FY26 [1][4]. - Fee-earning Assets Under Management (AUM) increased to $121 billion, reflecting a 6% quarter-over-quarter growth, supported by record private wealth subscriptions of $1.2 billion and $9.9 billion in gross inflows [1][4]. - The report anticipates continued management fee growth in the high teens, driven by strong fundraising momentum across various strategies and a doubling of Wealth AUM year-over-year to $8.2 billion [1][4]. - The report revises EPS estimates for calendar years 2025, 2026, and 2027 to $2.18, $2.35, and $2.74 respectively, reflecting improved visibility on AUM growth and a favorable FRE mix shift [1][5]. Summary by Sections Financial Performance - STEP's FRE margin for FY4Q25 was reported at 44%, benefiting from retroactive and non-recurring advisory fees, with a normalized FRE margin expected to be around 37% for FY26 [4]. - The company completed its second tranche of Non-Controlling Interest (NCI) buy-in, issuing $161 million in equity, which is expected to be modestly accretive to EPS [4]. Wealth Management - The Wealth business achieved record subscriptions of $1.2 billion, with AUM reaching $8.2 billion, up from $6.3 billion in the previous quarter and $3.4 billion year-over-year [1][4]. - STEP's evergreen suite is now available on nearly 500 platforms, with a distribution strategy focused on Europe [1][4]. Valuation Metrics - The SOTP analysis indicates a target price of $63, with a breakdown showing 78% of value derived from FRE, 19% from carry, and 2% from balance sheet value [5][6]. - The current valuation of STEP is approximately 27 times the 2025 estimated adjusted diluted earnings, aligning with the three-year average NTM P/DE of 27-28 times [1].

Financial Data and Key Metrics Changes - The company raised and deployed over $1.4 billion in gross new fee-paying AUM, marking a record fundraising quarter [5] - Revenue for the first quarter was $67.7 million, a 2% increase year-over-year [18] - Fee-paying assets under management increased by 10% year-over-year to $26.3 billion [18] - GAAP net income decreased to $4.7 million from $5.2 million year-over-year [21] - Adjusted net income (ANI) was $23.5 million, representing an 8% decrease from the previous year [21] - The FRE margin was 45% in the first quarter [22] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $1.2 billion, while venture capital solutions raised $82 million and private credit strategies added $162 million to fee-paying AUM [19] - The average fee rate in the first quarter was 102 basis points, with expectations to average 103 basis points for the year [19] Market Data and Key Metrics Changes - The company closed the acquisition of Qualitas Funds, adding $1 billion to fee-paying AUM and expanding its global LP base [7][12] - The company expects to have more than 15 funds in the market throughout the year, indicating strong demand for its investment strategies [6] Company Strategy and Development Direction - The strategic plan focuses on optimizing organizational structure, driving organic growth, and enhancing transparency [8] - The company aims to deepen its engagement with larger institutional investors, such as insurance companies and pension funds [11] - The acquisition of Qualitas Funds is seen as a strategic fit to expand geographic footprint and asset class exposure [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential market volatility due to a robust strategic roadmap [9] - The company anticipates at least $4 billion in organic gross fundraising for 2025 and double-digit revenue growth [7] - Management highlighted the resilience of the middle and lower middle market, which is less affected by public market fluctuations [14] Other Important Information - The company announced a 7% increase in its quarterly dividend to $3.75 per share [22] - The cash tax rate for 2025 is expected to be in the low single digits, benefiting from tax assets [26] Q&A Session Summary Question: Clarification on catch-up fees related to RCP Direct fund - Management clarified that the April 10 date was the announcement date, not the close date [30] Question: Insights on cross-marketing with 5,000 LPs - Management discussed efforts to optimize data and capitalize on synergies with the Qualitas Funds team [34] Question: Guidance on step downs and expirations - Management confirmed that guidance on step downs and expirations remains unchanged [38] Question: Impact of Qualitas on tax and M&A - Management noted that the acquisition structure will not change tax amortization and highlighted a robust M&A market [44][45] Question: Sentiment from endowments and foundations - Management reported little to no impact from recent volatility on their LP base and sees opportunities for liquidity solutions [56] Question: Fund contributions to the $4 billion target - Management expressed excitement about various funds, particularly in NAV lending and secondaries, contributing to the fundraising target [58]