Business Model & Regulatory Landscape - Republic launched a SpaceX token mirroring the performance of private shares, aiming to provide retail investors access to pre-IPO opportunities [1] - The company acknowledges active conversations with the SEC regarding the tokenization of private assets and operates within existing US structures [9] - Republic uses Reg CF, which has a $5 million limit for US retail, along with Reg D and Reg S exemptions to facilitate transactions [14] - The company emphasizes that it either possesses the underlying asset or has direct access to it before selling tokens [6][14] Risk & Compliance - A key risk involves potential SEC disapproval of tokenizing foreign assets for non-accredited investors, though Republic aims to avoid this by filing Form C and awaiting approval before distributions [10][11] - Republic argues that the existing accreditation system, designed to protect consumers, is outdated and limits access to investment opportunities [7] - The company limits individual investment in the SpaceX offering to a maximum of $5,000 [17] Revenue & Fees - Republic's primary revenue source will be from secondary trading on its digital asset trading system (ATS) [18][19] - Currently, there are no direct fees for purchasing the tokens, potentially offering a more favorable deal compared to traditional platforms [19][20] Market Perspective - The company differentiates its approach from SPACs, highlighting the risk of forward-looking statements and overconfidence in public markets, while emphasizing the inherent risks in private markets [22][23][24] - Republic positions its offering as a way to provide access to opportunities previously limited to accredited investors, albeit in a limited capacity [17]

Who is Mark Walter. I mean, he's he doesn't have the kind of lore or legend of of Jerry Buzz, certainly. And he's now kind of fashioned himself as this kind of king of of LA sports.Well, he's an extremely rich guy. Let's start there. He started at uh Guggenheim Partners, which made all his money there and then eventually purchased the Dodgers.And for LA natives, this is a great sign because Mark Walter has spared no expense to spend on the Dodgers. So now you bring someone like him into the Lakers and what ...

It's a common misunderstanding that my industry is sleepy, boring and just, you know, aiming for those doubles over 5 years. If we do that, we don't do our job really. You need to have some real winners because you always will have one or two which are not. ...

Market Trends & Investment Opportunities - Washington and Wall Street are pushing to bring private assets to 401(k)s, potentially opening up a new frontier for alternative asset managers [1][2] - Blackrock plans to offer a target date fund with up to 20% allocated to private assets by early next year [2] - Incorporating private equity and private credit into a 401(k) could deliver 15% more income over four decades, before fees [3] - The House advanced a bill broadening the accredited investor status, allowing more people to invest in private markets through their 401(k)s [3] - The Trump administration is expected to issue an executive order directing federal agencies to study and propose rule changes involving private assets in retirement plans [4] - Blackrock acquired a private credit manager with $14 billion in assets, indicating a strategic move to capitalize on this potential new market [5] Risks & Challenges - Sizable hurdles remain among plan providers, including high fees, illiquidity, opacity, and litigation risk [4] - Over half of defined contribution plans with more than $1 billion in assets have been sued for excess fees, highlighting litigation concerns [5] - Structuring products specifically for 401(k)s is required to address concerns about fees, liquidity, and transparency [4]

M&A Trends in Tech - Acqui-hires are increasingly common in AI, with companies valuing the talent and expertise of acquired teams [2][3][4] - Smaller investments and acqui-hires can be viewed more favorably by regulators from an antitrust perspective [5] - M&A activity is picking up, with buyers in AI and digital infrastructure becoming more active [8] - Private equity firms have significant dry powder and are looking for deals [9] Factors Influencing M&A - Geopolitical conditions, tariffs, and events in Ukraine and the Middle East are key factors [10] - Interest rates are a key determinant of M&A activity; stabilization or improvement in the forward curve could boost deals [10] - Predictability in antitrust regulations is adding positive momentum to the M&A outlook [11] - Improvement in IPO markets is needed to provide private equity firms with exit opportunities [12] - A disconnect between buyers and sellers on valuation, influenced by interest rates, remains a challenge [14] Specific Areas of Activity - Traditional media companies are restructuring and reevaluating their portfolios due to the disruption of streaming [16] - Sports have become an area of growth and interest, driving up sports franchise values [17] - AI is a dynamic force in M&A, particularly in specialized hardware and hardware integration (software meeting silicon) [18] - Data center deals have doubled in 2024 compared to 2023, driven by the need for greater infrastructure and cloud services [21] Regulatory and Political Environment - The DOJ and FTC are signaling an openness to considering transactions with remedies [24] - The administration is focused on "America First" initiatives and ensuring equality of messaging, particularly for conservative viewpoints [26] - Companies need to understand the administration's objectives and incorporate government relations early in the deal planning [27] - Regulators are focused on tech, particularly regarding free speech issues, but are showing optimism by considering remedies [30]

Toys R Us was purchased for something like $6 billion and $5.2% billion of that was loans and only Toys R Us itself was responsible for paying that debt back. And Toys R Us had always been a very fiscally conservative company. They did not have a lot of debt ever.Now all of a sudden they were just buried under interest payments and their private equity owners were not helping them repay that money. And so the reason Toys R Us went out of business was not Amazon. It was the fact that they didn't have any mon ...

Private equity and hedge funds are generally structured as pass-through entities, allowing them to pass their entire tax obligation along to their investors or limited partners. Here is how private equity and hedge funds are taxed. https://t.co/7J03lZupFc ...

Overview - Private equity is an alternative investment class [1] - Private equity invests in or acquires private companies [1] Investment Focus - Target companies are not listed on a public stock exchange [1]

How This Buyout Pioneer Built A Fortune From Private Equity To Women’s Soccer https://t.co/aoCUQmAcX9 #SelfMadeWomen ...

Financial Data and Key Metrics Changes - Total asset footprint at fiscal year end 2025 was $958 billion, a 4% increase year over year [5] - Assets Under Management (AUM) stood at $138 billion, growing by $14 billion or 11% compared to the prior year [6] - Total management and advisory fees were $514 million, reflecting a 14% year-over-year growth [6] - Fee-related earnings reached $276 million, a 34% increase versus the prior year, translating into GAAP EPS of $5.41 and non-GAAP EPS of $5.40 [7][8] - The Board approved a 10% increase in the annual dividend to $2.16 per share [8] Business Line Data and Key Metrics Changes - Total fee-earning AUM was $72 billion, growing by $6 billion or 10% year over year [14] - Customized separate accounts grew to $39 billion, an increase of $1.8 billion or 5% [15] - Specialized fund fee-earning AUM reached $33 billion, growing by $4.5 billion or 16% [17] - Revenue from specialized funds increased by $54 million or 21% compared to the prior year [37] - Revenue from reporting, monitoring, data, and analytics offerings increased by $5 million or 18% [38] Market Data and Key Metrics Changes - Overall exit activity remained muted, but deal activity showed recovery in 2024 compared to 2023 [11] - Contributions and distributions from Limited Partners (LPs) remained below historical averages, although distribution activity saw a slight pickup in 2024 [12] - Record deal flow was observed in secondaries and direct investing, with strength across sub-asset classes [13] Company Strategy and Development Direction - The company is focused on delivering long-term results for clients, particularly during market volatility [13] - Continued investment in specialized fund platforms, particularly semi-liquid evergreen funds, is a key growth strategy [14] - The company is actively launching new products and expanding existing ones to capture market opportunities [21][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility and capitalizing on emerging opportunities [9] - The investment environment is characterized by political-driven changes, creating unpredictability [79] - Management anticipates a stable margin outlook despite rising G&A expenses due to ongoing investments in growth [46][47] Other Important Information - The company has implemented changes in reporting for incentive fees and fee-related earnings, including a shift to a high watermark methodology [30][31] - The company is investing in technology solutions, such as the acquisition of 73 Strings, to enhance operational efficiency [28] Q&A Session Summary Question: Margin outlook under new reporting regime - Management expects margins to remain stable despite changes in reporting methodology [46][47] Question: Changes in distribution fees for new products - Distribution fees remain predominantly upfront, with no significant changes observed [48][50] Question: Fee-related earnings margin expectations - Management anticipates FRE margins to be in the high 40% range moving forward [55] Question: Growth in separate accounts business - The separate accounts business has been impacted by macro market conditions, but management is optimistic about future growth as markets normalize [59][61] Question: Institutional interest in evergreen funds - Management believes the trend towards evergreen funds is still in its early stages, with significant potential for growth [80][82]