The VanEck BDC Income ETF (BIZD) is currently living out the tension of an anthem from the popular rock band Queen. And it is overdue, owing to what I call the process of “pulling returns forward.” That’s where a good concept in an exchange-traded fund (ETF) is the target of a rush of demand for the theme it invests in — to the point where it cannot possibly keep up with expectations. That leaves a lot of proverbial bag-holders. While the ETF provides a massive yield, it is operating in the shadow of the ...

Core Viewpoint - Ares Management's CEO Michael Arougheti expressed optimism regarding transaction activity and highlighted the potential of AI as both an opportunity and a risk, emphasizing the importance of a diversified pipeline and strategic priorities for future growth [3][5][6]. Transaction Activity and Market Outlook - Ares' pipeline across all businesses reached a record high by the end of January, which is seen as a strong predictor for transaction volumes in the next six months [2][5]. - Arougheti expects transaction volumes to remain "pretty healthy" barring any unforeseen macro events, citing a constructive rate backdrop and a pro-business administration as key factors [2][5]. - The firm deployed approximately $46 billion of capital in Q4, marking a record for the company [2][5]. Strategic Priorities - Ares is focusing on expanding digital infrastructure, particularly through data centers and the GCP deal, as well as growing its presence in Japan and building a vertically integrated real estate platform [4][10]. - The company aims to capture margin upside through middle-office consolidation and technology investments, while reaffirming its growth targets for fee-related earnings (FRE) and realized income (RI) [4][11][15]. AI Strategy - Arougheti cautioned against viewing AI disruption solely as a software issue, noting that software constitutes only about 6% of Ares' exposures [5][7]. - Ares has evaluated around 160 AI use cases and is currently deploying about 25 across various functions, indicating a proactive approach to leveraging AI for operational efficiency [5][19]. - The firm is optimistic about the opportunities AI may create in sectors like digital infrastructure and renewable energy [6][7]. Private Equity Positioning - While private equity is not a top priority, Ares remains open-minded about expanding in this area, citing potential benefits such as alignment with institutional clients and leveraging value-creation skills across the platform [12][13]. - Arougheti emphasized that any expansion in private equity would need to reflect its slower growth profile compared to other segments of the firm [14]. Financial Guidance - Ares reaffirmed its targets for organic growth in FRE by 16% to 20%+ per year and RI by 20%+ per year, alongside a 20% increase in its first-quarter dividend [15]. - The firm aims to align dividend growth with expected FRE growth, indicating a commitment to returning value to shareholders [15].

Group 1 - Brett Ashcroft-Green is a CERTIFIED FINANCIAL PLANNER™ and the founder of Ashcroft Green Advisors, a registered investment advisory firm based in Nevada [1] - The firm specializes in working with high-net-worth and ultra-high-net-worth families, leveraging Brett's extensive experience in private credit and commercial real estate mezzanine financing [1] - Brett has a professional background that spans the U.S. and Asia, including significant experience in China, and is fluent in Mandarin Chinese [1] Group 2 - The article does not provide any specific financial, investment, tax, or legal advice, emphasizing the importance of consulting with a qualified financial professional [3] - It highlights that the author's views are based on independent research and professional experience, without any compensation from companies mentioned [2][3]

Anthropic, the strongest rival to OpenAI, has officially announced a record-breaking $30 billion fundraising round. The deal lifts the company’s post-money valuation to $380 billion, highlighting the powerful pull of capital into the artificial intelligence sector. Behind the headline number, however, lie complex second-order effects that could increase pressure on the cryptocurrency market. Why Anthropic’s $30 Billion Raise Could Be a Problem for Bitcoin Anthropic confirmed it raised $30 billion in a S ...

A group of private credit firms led by Goldman Sachs Alternatives is providing $3.5 billion to support the buyout of Clearwater, the latest instance of direct lenders funding software acquisitions https://t.co/B23f5nxjDV ...

Moelis has hired Kyle Reidy to lead its private credit secondaries business, as slower activity in dealmaking has led to surging interest in this corner of the market https://t.co/F4htzcgDLh ...

Blackstone sold a nearly $1 billion bundle of private credit loans at one of the tightest levels this year, signaling strong investor demand despite broader concerns about the direct lending industry https://t.co/L4qCSNN7bu ...

The wipeout of a loan by BlackRock’s HPS to a telecom entrepreneur points to risks for even the most sophisticated investors in the booming private-credit business https://t.co/BurC2SNYKo ...

Core Insights - Goldman Sachs is shifting its strategy in India, moving from viewing it as a future growth market to recognizing its current potential, with stabilized inflation and strong corporate balance sheets [1][2]. Investment Strategy - Goldman Sachs has invested approximately $500 million into its India banking operations over the past three years, indicating a strong commitment to the Indian market [2]. - The firm has improved its market position, ranking fourth in Indian equity offerings last year and fifth in mergers, surpassing Morgan Stanley for the first time in a decade [3]. Market Dynamics - Despite intense competition from established players like JPMorgan and Citigroup, Goldman Sachs anticipates further growth in India's IPO market, with 10 mandates currently in hand and a record $22 billion raised by Indian firms last year [5][12]. - The bank's previous cautious approach is changing, as it has moved its operations to a more prominent location in Mumbai, reflecting its commitment to expanding its presence in the market [6][7]. Competitive Landscape - Goldman Sachs aims to build scale across various financial services, including equity underwriting and mergers, while accepting thinner margins initially to establish a market presence [8]. - The firm is focusing on long-term client relationships, recognizing that success in India requires a broader approach beyond just fee-driven investment banking [9][16]. Recent Developments - Goldman has been involved in significant transactions, including over $4 billion in stock sales across 23 deals last year, highlighting its growing influence in the market [14]. - The bank's private credit business has also been active, with investments exceeding $8.5 billion in India since 2006, showcasing its diversified approach [17]. Organizational Changes - Goldman Sachs has restructured its leadership in India to support its growth strategy, promoting key individuals and expanding its team significantly [19]. - The firm's technology center in India has grown to about 8,000 employees, indicating its commitment to leveraging technology in its operations [20].

Core Viewpoint - Goldman Sachs is shifting its strategy in India from viewing it as a future growth story to recognizing its current potential, with stabilized inflation, reduced bad loans, and strong corporate balance sheets [1] Investment Commitment - Goldman Sachs has invested approximately $500 million into its India banking operations over the past three years, indicating a strong commitment to the Indian market [2] Market Positioning - The firm has significantly improved its standing in Indian equity offerings, ranking fourth last year after never being in the top five for the past decade, and finished fifth in mergers, surpassing Morgan Stanley for the first time in ten years [3] Competitive Landscape - Despite the competition from established players like JPMorgan and Citigroup, Goldman Sachs anticipates further growth in India's IPO market, with at least 10 mandates currently in hand [4][5] Office Relocation - Goldman Sachs has moved its India banking team to a new office in Mumbai's Worli business district, reflecting its commitment to expanding its presence in the market [6][7] Strategic Focus - The firm aims to build scale across various sectors including equity underwriting, mergers, private credit, and structured finance, while accepting thinner margins initially to establish a market presence [8] Client Relationship Strategy - Goldman Sachs emphasizes the importance of viewing investment banking as an entry point into a broader suite of services, rather than focusing solely on fees [9] Historical Context - The firm has historically lagged behind competitors in equity underwriting and domestic mergers, often avoiding fee-sensitive mandates and relying on overseas relationships [10][11] Growth Dynamics - India's capital markets are experiencing a boom due to regulatory changes, with Goldman Sachs participating in significant transactions, including over $4 billion in stock sales last year [15][14] Private Credit Expansion - Goldman Sachs has become a key player in India's private credit market, with significant investments and plans to expand its foreign-exchange trading capabilities [18][19] Leadership Restructuring - The firm has restructured its leadership to support its growth strategy in India, promoting several key individuals and expanding its team significantly [20] Workforce Growth - Goldman Sachs' technology center in India has grown to about 8,000 employees, making it the largest workforce outside the US [21]