A proposal to allow the Social Security trust fund to invest in the market has some merit, says @allisonschrager, but make no mistake: it would be a huge leveraged bet on behalf of the taxpayer (via @opinion) https://t.co/TjStlKf3rC ...

Core Insights - The Invesco S&P 500® Momentum ETF (SPMO) is highlighted as a strong investment option for those looking for significant returns over both short and long-term periods [1]. Group 1 - The current portfolio structure of SPMO is aligned with future market trends, suggesting potential for growth [1]. - The analysis emphasizes a combination of fundamental and technical approaches to forecast market trends [1]. - The intent is to provide unbiased analysis to help investors choose effective investment strategies [1].

Core Viewpoint - Hamilton Lane has launched the Asia Private Assets Fund (HLAPA), a semi-liquid investment vehicle aimed at providing diversified access to Asia's private markets for private wealth and institutional investors [1][2]. Fund Overview - HLAPA focuses on private equity through direct investments and secondaries, leveraging Hamilton Lane's 15 years of experience in Asia and its extensive regional network [2][3]. - The Fund aims to capitalize on Asia's macroeconomic growth, which drives 60% of global GDP growth, and deliver quality risk-adjusted returns [3][6]. Fund Features - The Fund offers flexible portfolio construction to adapt to market dynamics, optimizing risk-adjusted returns across growth investments and mature buyout deals [7]. - Investors will have access to top-tier fund managers across Asia, including strong relationships with premier general partners in Australia, Japan, Korea, India, Southeast Asia, and China [7]. - HLAPA features an open-ended structure that allows for immediate capital deployment without capital calls, lower minimum investments compared to traditional funds, monthly subscriptions, and potential limited quarterly liquidity [7]. Company Background - Hamilton Lane is a leading private markets investment firm with approximately $958 billion in assets under management as of March 31, 2025, and has been dedicated to private markets investing for over 30 years [5][6]. - The Asia Private Assets Fund is part of Hamilton Lane's broader $11 billion Evergreen Platform, which includes nine funds across multiple strategies [4][6].

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 ...

Company Overview - StepStone Group has opened a new office in Dublin, Ireland, under its subsidiary StepStone Group Europe Alternative Investment Limited, which is regulated by the Central Bank of Ireland [2] - The firm has been operating in Dublin since 2005 and provides EU-based clients access to private market investment solutions across various asset classes [3] Financial Performance - As of December 31, 2024, StepStone Group Europe Alternative Investment Limited oversees €29.1 billion in assets under management (AUM), a significant increase from €20.6 billion in December 2022, reflecting a growth of approximately 41% [3] Workforce Expansion - The number of employees in StepStone's Dublin office has doubled since 2021, reaching 110 employees, which constitutes about 10% of the firm's global workforce [4] - The new office spans 12,000 square feet and is designed to foster teamwork, brand pride, wellness, and sustainability [4] Market Position - The expansion in Dublin is seen as a positive development for Ireland's financial services sector, reinforcing the country's status as a prime location for global investment firms seeking access to the European market [5][6] - StepStone's growth in Ireland is attributed to the increasing demand for private market solutions among EU-based institutional and private wealth clients [4] Strategic Initiatives - StepStone has recently launched its first European Long-Term Investment Fund (ELTIF) focused on the private debt market and has converted existing RAIF funds into UCI Part II vehicles [6]

Capital Southwest (CSWC) Q4 2025 Earnings Call May 15, 2025 11:00 AM ET Company Participants Amy Baker - EVP - AccountingMichael Sarner - President & CEOJosh Weinstein - Senior MD & Chief Investment OfficerChris Rehberger - CFO, Treasure & SecretaryMickey Schleien - MD - Equity ResearchErik Zwick - Managing Director, Equity ResearchRobert Dodd - Director - Finance Conference Call Participants Cory Johnson - Associate Analyst Operator Thank you for joining today's Capital Southwest Fourth Quarter Fiscal Year ...

Capital Southwest (CSWC) Q4 2025 Earnings Call May 15, 2025 11:00 AM ET Company Participants Amy Baker - EVP - AccountingMichael Sarner - President & CEOJosh Weinstein - Senior MD & Chief Investment OfficerChris Rehberger - CFO, Treasure & SecretaryMickey Schleien - MD - Equity ResearchErik Zwick - Managing Director, Equity ResearchRobert Dodd - Director - Finance Conference Call Participants Cory Johnson - Associate Analyst Operator Thank you for joining today's Capital Southwest Fourth Quarter Fiscal Year ...

Financial Data and Key Metrics Changes - For the quarter ended March 31, GAAP and core net investment income was 18¢ per share, with total distributions of 24¢ per share [14][18] - As of March 31, the adjusted NAV was $7.48 per share, down 1.2% from $7.57 per share in the prior quarter [18] - The debt to equity ratio was 1.28 times, indicating a diversified capital structure across multiple funding sources [19] Business Line Data and Key Metrics Changes - During the quarter, the company invested $177 million in three new and 52 existing portfolio companies at a weighted average yield of 10.7% [15] - The joint venture (JV) portfolio grew to $1.4 billion, with the JV investing $170 million at a weighted average yield of 10.1% [15][16] - The portfolio consisted of 46% first lien secured debt, 2% second lien secured debt, 13% subordinated notes, 7% other subordinated debt, 7% equity in PSLF, and 25% in other preferred and common equity [20] Market Data and Key Metrics Changes - Approximately 80% of originations came from existing borrowers, with 20% from new platform investments [6] - The weighted average debt to EBITDA for new portfolio company investments was 3.9 times, with a weighted average interest coverage of 2.3 times [8] - The market yield on first lien term loans stabilized in the range of plus 500 to 550 basis points for high-quality assets [8] Company Strategy and Development Direction - The company aims to generate attractive risk-adjusted returns through income while preserving capital, focusing on growing middle market companies with high free cash flow conversion [17] - The strategy includes rotating out of larger equity positions and redeploying that capital into interest-paying debt investments to increase core net investment income [14] - The company remains selective in pursuing new investments, emphasizing rigorous underwriting and maintaining a conservative orientation [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, the company had a solid quarter and expects originations to remain concentrated among existing portfolio companies [6][7] - The management expressed optimism about the upcoming vintage of loans, indicating that market volatility creates opportunities [8] - The company is closely monitoring the potential impact of tariffs across the portfolio, reporting limited exposure [9] Other Important Information - The company has a significant balance of spillover income, amounting to $58 million or 88¢ per share, which will be used to cover any shortfall in core net investment income versus dividends [15] - The credit quality of the portfolio remains strong, with three nonaccruals representing 1.6% of the portfolio at cost and 0.4% at market value as of March 31 [19] Q&A Session Summary Question: How would you characterize the current pipeline for new investments? - Management indicated that M&A deals impacted by tariffs were delayed, but there has been modest activity since April, with a growing pipeline expected for the rest of the year [24][25] Question: How much of the lower level of new deals was due to stricter underwriting? - Management stated that tariff-impacted deals are not being pursued, while the majority of their focus remains on existing borrowers in sectors not significantly affected by tariffs [28][50] Question: Can you discuss the exposure to government reimbursement and health care? - Management highlighted that the defense budget is expected to increase significantly, aligning well with their portfolio, and noted that their health care investments are performing well due to lower leverage compared to peers [39][44]

Barings BDC (BBDC) Q1 2025 Earnings Call May 09, 2025 09:00 AM ET Company Participants Joseph Mazzoli - Head of Investor Relations & Client DevelopmentEric Lloyd - Executive Chairman of the Board & CEOMatthew Freund - PresidentElizabeth Murray - CFO & COO Operator At this time, I'd like to welcome everyone to the Barings BDC, Inc. Conference Call for the Quarter Ended 03/31/2025. All participants are in a listen only mode. A question and answer session will follow the company's formal remarks. Today's call ...

Barings BDC (BBDC) Q1 2025 Earnings Call May 09, 2025 09:00 AM ET Speaker0 At this time, I'd like to welcome everyone to the Barings BDC, Inc. Conference Call for the Quarter Ended 03/31/2025. All participants are in a listen only mode. A question and answer session will follow the company's formal remarks. Today's call is being recorded and a replay will be available approximately two hours after the conclusion of the call on the company's website at www.baringsbdc.com under the Investor Relations section. ...