Core Viewpoint - Apollo has successfully completed the acquisition of Bridge Investment Group in an all-stock transaction, enhancing its real estate business and investment capabilities [1][2]. Company Overview - Apollo is a global alternative asset manager with approximately $840 billion in assets under management as of June 30, 2025, focusing on providing excess returns across various risk-reward spectrums [7]. - Bridge Investment Group, now an affiliate of Apollo, manages around $50 billion in assets as of June 30, 2025, specializing in alternative investments across various asset classes [8]. Transaction Details - Bridge stockholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock, valued at $11.50 per share [3]. - Following the acquisition, Bridge's common stock has ceased trading on the New York Stock Exchange [3]. Strategic Implications - The acquisition is expected to provide Apollo with immediate scale in real estate equity and enhance its ability to originate investments in growth areas of the market [2]. - Bridge's management believes that joining Apollo will allow for significant opportunities to expand and diversify investment verticals and enhance capital formation capabilities [2].

TPG is among large alternative asset managers now seeking money to back mid-sized investments in Asia, a move away from its traditional focus on bigger deals https://t.co/WSKl5MCbB0 ...

Core Viewpoint - Abacus Global Management has made a minority investment in Dynasty Financial Partners, highlighting a strategic partnership aimed at enhancing service offerings and expanding market presence in the wealth management sector [2][3][4]. Company Overview - Abacus Global Management specializes in alternative asset management, data-driven wealth solutions, and technology innovations, focusing on longevity-based assets and personalized financial planning [4]. - Dynasty Financial Partners provides technology-enabled wealth management solutions for independent financial advisory firms, primarily targeting high net worth and ultra-high net worth clients [5][6]. Investment Details - The investment by Abacus is seen as a continuation of a long-term strategic relationship with Dynasty, which has 57 Network Partner firms and manages over $105 billion in platform assets [3][4]. - The partnership is expected to support both companies' growth plans and enhance their service capabilities in the independent wealth management space [4][6]. Industry Context - The independent wealth management sector has experienced significant growth, with increasing opportunities for firms that leverage technology and provide comprehensive services [4][6]. - Dynasty has played a pivotal role in shifting assets from traditional brokerage channels to independent wealth management, emphasizing the benefits of independence for advisory firms [6].

Core Points - GCM Grosvenor will host an Investor Day in New York City on October 15, 2025, starting at 8:00 a.m. ET [1] - The event will feature presentations from senior management, including the long-term strategy, key business drivers, investment initiatives, and financial outlook [2] - Attendance will be both virtual and in-person, with in-person attendance by invitation only and advance registration required [3] Company Overview - GCM Grosvenor is a global alternative asset management solutions provider with approximately $86 billion in assets under management across various investment strategies [5] - The firm has over 50 years of experience in alternatives and aims to deliver value for clients through a flexible investment platform [5] - GCM Grosvenor employs around 550 professionals and serves a global client base of institutional and individual investors [5]

Financial Performance - GCM Grosvenor reported GAAP net income attributable to GCM Grosvenor Inc of $15437 thousand for the three months ended June 30, 2025[50] - GCM Grosvenor reported GAAP net income attributable to GCM Grosvenor Inc of $15900 thousand for the six months ended June 30, 2025[50] - Adjusted EBITDA increased by 9% to $49516 thousand for the three months ended June 30, 2025, compared to the same period in 2024[51] - Adjusted EBITDA increased by 17% to $102892 thousand for the six months ended June 30, 2025, compared to the same period in 2024[51] - Adjusted Net Income increased by 9% to $32090 thousand for the three months ended June 30, 2025, compared to the same period in 2024[51] - Adjusted Net Income increased by 19% to $67364 thousand for the six months ended June 30, 2025, compared to the same period in 2024[51] - The Board of Directors approved a dividend of $011 per share, payable on September 16, 2025[3,46] Assets Under Management (AUM) and Fundraising - Assets Under Management (AUM) reached approximately $86 billion[6,19] - Fee-Paying AUM (FPAUM) increased by 9% to $691 billion as of June 30, 2025, compared to June 30, 2024[12] - Private Markets FPAUM increased by 9% to $455 billion as of June 30, 2025, compared to June 30, 2024[12] - Absolute Return Strategies FPAUM increased by 10% to $236 billion as of June 30, 2025, compared to June 30, 2024[12] - CNYFPAUM increased by 19% to $87 billion as of June 30, 2025, compared to June 30, 2024[12] - The company raised $24 billion of new capital in the second quarter of 2025[13,27] - The company raised $53 billion year-to-date, an increase of 52% compared to prior year-to-date[8,13] Strategic Shifts and Growth Drivers - Private Markets represented 71% of AUM[16,17,34] - Direct-Oriented Strategies accounted for 53% of Private Markets AUM[16,17,34] - The firm share of unrealized carried interest balance was $451 million[13,16]

OBDC Highlights - OBDC's portfolio has a size of $169 billion across 233 portfolio companies[2] - The asset mix is heavily weighted towards senior secured debt, with 81% senior secured and 76% first lien investments[2] - The portfolio yield is 106% and the dividend yield is 104%[2] - OBDC's net debt-to-equity leverage is 117x[2] - The company's market capitalization is $72 billion[2] Blue Owl's Credit Platform - Blue Owl manages a market-leading credit business with $146 billion in AUM[3,10] - Diversified lending accounts for $75 billion of the credit platform's AUM[10] - BDCs make up more than half of Blue Owl's Credit platform AUM[10] Investment Strategy and Portfolio - Blue Owl primarily focuses on making debt and equity investments in U S upper middle-market companies[3] - The company's direct lending platform has extensive sponsor relationships with 800+ financial sponsors[3,13,35] - The average annual net loss rate is 7 basis points since the inception of the direct lending business in 2016[3] Financial Performance - The company has a total return of 92% since inception[32,35] - The portfolio is downside protected, with 81% senior secured and 98% floating rate investments[32] - The company's Q2 2025 net asset value per share was $1503[38]

Financial Performance - GAAP Net Income Attributable to Apollo Global Management, Inc Common Stockholders was $605 million, or $100 per share[16] - Adjusted Net Income totaled $12 billion, or $192 per share[16] - Fee Related Earnings reached a record $627 million[22] - Spread Related Earnings amounted to $821 million[22] - Combined Fee and Spread Related Earnings hit a record $14 billion[22] Assets Under Management (AUM) - Total AUM reached $840 billion, benefiting from inflows of $61 billion in the second quarter and $179 billion over the last twelve months, driving a 21% increase year-over-year[22] - Fee-Generating AUM increased to $638 billion[15] - Perpetual Capital AUM increased to $498 billion[31] Business Growth & Capital Allocation - Record quarterly origination activity of $81 billion[22] - Strong quarterly inflows of $4 billion driven by continued expansion in signature semi-liquid products and continued education and momentum surrounding fixed income replacement-focused products[22] - Record quarterly capital solutions fee revenue of $216 million[22] - Repurchased more than $13 billion of common stock over the last twelve months, including $557 million of opportunistic share repurchases[22] - Distributed more than $1 billion of common stock dividends over the last twelve months[22]

Financial Data and Key Metrics Changes - The company reported second quarter revenues of $155 million and first half revenues of $367 million, with first half revenues flat year-over-year [4] - Adjusted compensation margin remained at 67% of revenues, while adjusted non-compensation expense for the quarter was $36 million, a significant drop from the prior year [9][10] - Compensation expenses for the first half totaled $86 million, up 9.5% from the same period last year, with a mid-single-digit increase expected for the full year [10] Business Line Data and Key Metrics Changes - The business broadened out by industry, product, and geography, resulting in a higher average fee per engagement [4] - The acquisition of Devon Park Advisors is expected to significantly enhance the company's private funds advisory capabilities, impacting revenue mix positively [7][8] Market Data and Key Metrics Changes - The company noted that while transactions are taking longer to convert into announcements, there is a growing level of client dialogue and related mandates [5] - The restructuring business is trending toward a record year, indicating strong activity levels despite previous market uncertainties [52] Company Strategy and Development Direction - The company is focused on building its business through significant investments in senior talent, with plans to add six partners and three managing directors by year-end [6] - The acquisition of Devon Park Advisors aligns with the company's strategy to enhance its service offerings to alternative asset managers, reflecting a commitment to growth in private capital [7][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a broader acceleration in announcements, despite current challenges in closing large transactions [5] - The tone of client engagement has improved since April and May, with a return to more typical announcement cadence observed in July [18] Other Important Information - The company returned an additional $24 million to equity holders in the second quarter through various means, including dividends [10] - The company has maintained a quarterly dividend of $0.07 per share and has returned over $675 million to equity holders since going public [11] Q&A Session Summary Question: Clarification on gross fee backlog and engagement momentum - Management clarified that backlog refers to announced and pending transactions, while the pipeline includes all engagement activity, which is currently at peak levels [16][17] Question: Revenue outlook for the remainder of the year - Management refrained from providing specific revenue guidance but expressed confidence in broadening the revenue base and improving engagement levels [31][33] Question: Large cap deal outlook and restructuring activity - Management noted an increase in large-scale transactions and strong activity in the restructuring business, indicating a positive trend moving forward [48][52] Question: Hiring scale and capital return aspirations - Management indicated no limitations on hiring more partners and managing directors, focusing on cultural fit and strategic alignment [58][62]

Core Insights - Patria reported strong fundraising results of $1.3 billion in Q2 2025, bringing total fundraising for the first half of 2025 to approximately $4.5 billion, with expectations to exceed the initial full-year target of $6 billion by 5%-10% [2] - The company generated Fee Related Earnings (FRE) of $46 million in Q2 2025, reflecting a year-over-year growth of 17%, with an FRE margin of 56.8% [3] - Patria declared a quarterly dividend of $0.15 per share, payable on September 15, 2025, to shareholders of record as of August 15, 2025 [4] Financial Performance - Patria's net income attributable to the company in Q2 2025 was $12.9 million, with Distributable Earnings reported at $38.8 million, or $0.24 per share [3] - The annualized organic growth rate for the first half of 2025 exceeded 8%, with over $600 million in organic net inflows [2] Shareholder Actions - The board of directors authorized a new share repurchase program, allowing for the repurchase of up to 3 million Class A common shares over a period starting in August 2025 until August 2026, depending on market conditions [5] Company Overview - Patria is a global alternative asset management firm focused on mid-market segments, with a strong presence in Latin America and Europe, managing over $48 billion in assets [8]

Financial Performance - Fee Related Earnings (FRE) reached $887 million ($0.98/adj share) for the quarter, a 17% year-over-year increase[19] - Total Operating Earnings (TOE) amounted to $1.2 billion ($1.33/adj share) in the quarter, reflecting a 14% year-over-year growth[19] - Adjusted Net Income (ANI) was $1.1 billion ($1.18/adj share) for the quarter, up 9% year-over-year[19] - On a last-twelve-month (LTM) basis, FRE totaled $3.6 billion ($3.96/adj share), up 34% year-over-year, while TOE reached $4.7 billion ($5.19/adj share), up 26% year-over-year, and ANI was $4.5 billion ($4.98/adj share), up 27% year-over-year[19] - GAAP Net Income Attributable to KKR Common Stockholders was $0.5 billion for the quarter and $0.3 billion year-to-date[16] Assets Under Management - Assets Under Management (AUM) reached $686 billion, a 14% increase year-over-year[19] - Fee Paying Assets Under Management (FPAUM) totaled $556 billion, also up 14% year-over-year[19] - New capital raised in the quarter was $28 billion, and $109 billion for the last twelve months[19] - Capital invested during the quarter was $18 billion, and $83 billion for the last twelve months[19] Strategic Initiatives - KKR closed on a majority stake in HealthCare Royalty Partners, adding approximately $3 billion to AUM[22] - Japan Post Insurance announced a $2 billion investment in a new vehicle sponsored by Global Atlantic[62]