68%的大型GP和52%的小型GP将管理投资者预期和报告要求列为五大挑战之一。关键压力点包括：1) 客户定制化报告：41%的大型GP和33%的小型GP指出，最大挑战来自不同客户和司法管辖区之间的差 异化要求；2)基准设定困难：40%的大型GP表示难以选择合适的基准，而57%的小型GP则表示存在报 告数据准确性和可信度问题；3)即时资讯透明度：18%的大型GP和17%的小型GP指出，在实现资讯的 及时更新与披露方面面临困难。 逾半数GP认为寻找有吸引力的交易标的变得日益困难，47%的受访者将交易品质下降视为他们无法获 得合适交易的首要原因；60%的受访者表示，更多元化的地域和行业使尽职调查程序变得更加复杂。 三分之一的GP表示缺乏管道获取可信的私募资产数据；26%的受访GP表示，他们在绩效管理过程中， 需要实现更佳的统一标准、数据整合和定制；很多GP仍依赖碎片化和手动操作的资料基础设施，限制 了业务的可扩展性 MSCI《2025年普通合伙人调查》显示，随着资本日益收紧，私募股权、私募信贷和基础设施领域的基 金管理公司表示，越来越难满足机构投资者日益提高的预期。该报告访问了全球近100家管理私募市场 投资的普通合 ...

Summary of Conference Call Company Overview - **Company**: MannKind Corporation - **Core Product**: Afrezza, an inhaled insulin product - **Key Partnerships**: United Therapeutics Key Points and Arguments Financial Performance - MannKind has reduced its debt significantly, paying down over $250 million, leaving $35 million remaining on the balance sheet [3] - The company reported a 20% growth in new prescriptions (NRx) for diabetes in Q1 [4] - Cash equivalents stood at nearly $200 million [6] - Revenue growth year-over-year was 18%, with royalties up 32% [37] Product Development and Pipeline - **Afrezza**: - Expected label change in Q4, which is anticipated to drive growth [5] - Pediatric data submission to the FDA is planned for late June to early July, with hopes for approval next year [5][9] - The company is focusing on expanding Afrezza's use in gestational diabetes, with ongoing studies and published data [10][19] - The company aims to achieve a run rate of $203 million for Afrezza sales in the near term [20] - **Tyvaso DPI**: - Licensed to United Therapeutics, showing strong year-over-year growth [20] - Anticipated readout from the TETON-two study in the second half of the year [21] - **Clofazamine**: - Enrollment targets for the trial are ahead of schedule, with a focus on non-tuberculous mycobacterial (NTM) disease [6][24] - The inhaled formulation aims to mitigate risks associated with the oral version of the drug [25] - **02/2001 (IPF Asset)**: - Development is ongoing, with plans to initiate a Phase 2 study [33][34] Market Dynamics - The inhaled insulin market is becoming competitive with insulin pumps, but Afrezza offers unique advantages such as fixed dosing without the need for carb counting [8][9] - The pediatric market is seen as a pivotal opportunity for growth, with a focus on improving A1C levels in children with diabetes [44][45] Strategic Outlook - The company is optimistic about its growth trajectory, with multiple label changes and product approvals expected in the coming year [42] - MannKind is positioning itself to capture a significant share of the diabetes market, particularly among children and pregnant women [44][45] - The company anticipates that every 10% market share in pediatrics could yield approximately $150 million in net revenue [44] Risks and Considerations - The company acknowledges the challenges in scaling Afrezza's growth and the need for effective marketing strategies to overcome competition [4][39] - There are concerns regarding the variability in trial results and the need for proper dosing to achieve better control for patients [18] Additional Important Information - MannKind has a strong focus on improving patient outcomes and providing alternatives to traditional insulin delivery methods [12][19] - The company is actively engaging with the FDA and other stakeholders to ensure successful product development and market entry [5][42] - The potential market for NTM is estimated to be a billion-dollar market, with significant unmet needs [22][23]