Africa’s largest money manager sees private capital as key to narrowing the continent’s $100 billion annual infrastructure-financing gap, critical to boosting economic growth and lifting millions out of poverty https://t.co/5TwmFlOlOo ...

Financial Data and Key Metrics Changes - The company reported record FRE of $323 million, an 18% increase year over year, with a FRE margin of 48% for the first half [7][22] - Total AUM reached a record $465 billion, with first half inflows totaling $28 billion and $51 billion over the last twelve months, reflecting a 12% organic growth rate [23][24] - Management fees for the quarter were $590 million, a 7% increase year to date, while capital market fees were $48 million in the second quarter, more than double from last year [22][23] Business Line Data and Key Metrics Changes - Carlyle Alpinvest experienced a record quarter with fee revenues up more than 50% and FRE nearly doubling over the past year [17] - Global Credit delivered strong performance with FRE of $111 million, a 37% year over year increase, and asset-backed finance AUM up 40% year over year [25][26] - The U.S. Buyout funds appreciated approximately 20% over the past twelve months, while the tenth vintage U.S. Real Estate fund closed at $9 billion, nearly 15% larger than its predecessor [13][27] Market Data and Key Metrics Changes - The macro environment showed improved sentiment, with equity markets near record highs and increased M&A activity due to reduced uncertainty from tariff negotiations and tax policy [9][10] - The company deployed $26 billion in 2025, up almost 50% year over year, indicating strong demand for private capital [10][11] Company Strategy and Development Direction - The company is focused on expanding its wealth management capabilities, with a partnership with UBS to provide private equity secondary solutions for their international wealth clients [20][110] - The strategic emphasis is on leveraging brand recognition and diversification of the platform to enhance growth in wealth management and private equity [111][112] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, expecting full year FRE growth of approximately 10%, up from a prior outlook of 6% [30] - The leadership transition is seen as a natural evolution to enhance operational scale and agility in executing the company's strategy [21][88] Other Important Information - The company returned nearly $15 billion to investors over the last twelve months, which is three times the industry average [11][29] - The firm is actively pursuing opportunities in the capital markets, generating over $230 million in fees over the last twelve months, with expectations for further growth as M&A and IPO activities increase [20][21] Q&A Session Summary Question: Drivers of FRE growth and future guidance - Management indicated that the revised outlook reflects strong momentum across the platform, with organic growth at Alpinvest being exceptional [41][42] Question: Retail commentary and fundraising potential - Management highlighted the systematic strategy for engaging wealth clients and the expected positive impact of the upcoming CPAP launch [52][56] Question: Outlook for the credit business - The company sees significant growth potential in the credit business, particularly in private credit and asset-based finance, driven by increasing demand for capital [66][67] Question: Near-term outlook for Alpenvest and Solutions business - Management noted that the business has evolved to generate consistent growth, with CAPM being a significant driver [73][76] Question: Capital markets fees growth and strategy - The company expects capital markets fees to continue growing, driven by organic opportunities and the scale of the platform [101][106] Question: Wealth products and future vision - Management emphasized the importance of brand recognition and diversification in driving success in wealth management [110][112]

Financial Data and Key Metrics Changes - The company reported record FRE of $323 million, an 18% increase year over year, with a FRE margin of 48% for the first half [6][19] - Total DE for the first six months was $2.5 per share, marking a record start for the firm [19] - Management fees reached $590 million for the quarter, a 7% increase year over year, while capital market fees were $48 million, more than double last year [20][19] - Firm-wide AUM ended the quarter at $465 billion, with inflows totaling $28 billion for the first half and $51 billion over the last twelve months, reflecting a 12% organic growth rate [20][6] Business Line Data and Key Metrics Changes - Global Credit and Carlyle Alpinvest delivered record FRE, together accounting for 55% of firm-wide FRE, up from less than 30% two years ago [21] - Carlyle Alpinvest FRE reached a record $68 million for the second quarter, with year-to-date FRE of $134 million, up more than 80% [21] - Global Credit FRE was $111 million for the quarter, a 37% year-over-year increase, with strong capital markets activity driving performance [22][23] - The U.S. Buyout funds appreciated approximately 20% over the past twelve months, with the tenth vintage U.S. Real Estate fund closing at $9 billion, nearly 15% larger than its predecessor [11][24] Market Data and Key Metrics Changes - The macro environment showed improved sentiment, with markets functioning well and activity accelerating, particularly in M&A and deal activity [7][8] - The company deployed $26 billion in 2025, up almost 50% year over year, indicating strong demand for private capital [8] - Asset-backed finance AUM increased by 40% year over year, reflecting significant growth in this area [14] Company Strategy and Development Direction - The company is focused on leveraging its global brand and diversified investment platform to drive growth, particularly in wealth management and capital markets [16][17] - A partnership with UBS was launched to provide private equity secondary solutions for their international wealth clients, expected to be a strong growth driver [17] - The company aims to enhance its capabilities in credit and private equity, with a focus on organic growth and strategic partnerships [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's momentum and performance, expecting full-year FRE growth of approximately 10%, up from a prior outlook of 6% [26] - The company anticipates full-year inflows of $50 billion, compared to a previous estimate of $40 billion, indicating strong fundraising momentum [26] - Management highlighted the importance of collaboration across the Carlyle platform to drive better outcomes and performance [78] Other Important Information - The company returned nearly $15 billion to investors over the last twelve months, significantly exceeding the industry average [10][25] - Leadership appointments were announced, including John Ruddett as Co-President and Justin Bluff as the new CFO, aimed at enhancing operational scale and agility [18][26] Q&A Session All Questions and Answers Question: Drivers of FRE growth and outlook for 2026 - Management noted that the revised outlook reflects strong momentum across the platform, with organic growth at Alpinvest being exceptional [39][40] - They acknowledged the desire for longer-term guidance but emphasized the unpredictability of forecasting five years ahead [36][41] Question: Retail commentary and fundraising potential - Management discussed the systematic strategy for engaging wealth globally, highlighting the importance of brand recognition and partnerships [48][49] Question: Credit business growth outlook - Management emphasized the convergence of insurance and private credit as a significant growth opportunity, with a focus on collaborative partnerships [58][60] Question: Near-term outlook for Alpenvest and Solutions business - Management expressed confidence in consistent growth for Alpenvest, driven by new fund launches and partnerships [71][73] Question: Transition back to global private equity and collaboration - Management highlighted the strong collaborative culture within Carlyle and the exceptional performance of the corporate private equity business [78][81] Question: Net IRR of CP7 and realization performance - Management indicated that CP7 is not expected to be the best fund, but performance improvements are being made, with a focus on driving realizations [91][92] Question: Capital markets fees growth and strategy - Management discussed the strategic development of capital markets fees, emphasizing high-quality revenue streams and organic growth opportunities [98][102] Question: Wealth products and future product development - Management outlined the importance of client-centric solutions in the wealth space, with a focus on developing products that meet long-term needs [127][128]

Financial Data and Key Metrics Changes - Evercore reported adjusted net revenues of $839 million for Q2 2025, an increase of nearly 21% year over year, marking record revenues for both the second quarter and the first half of the year [10][11][22] - Adjusted operating income for Q2 2025 was $157 million, up 37% compared to the previous year, with adjusted earnings per share increasing 34% to $2.42 [22][23] - The adjusted operating margin improved to 18.7% from 16.4% in the prior year period [22] Business Line Data and Key Metrics Changes - Adjusted advisory fees reached $698 million in Q2 2025, a 23% increase year over year, also a record for the second quarter [23] - Underwriting revenues were $32 million, up 4% from a year ago, while commissions and related revenue increased 10% to $58 million [24] - Adjusted asset management and administration fees rose 3% year over year to $21 million, driven by market appreciation and net inflows [24] Market Data and Key Metrics Changes - Year-to-date global M&A volumes were 30% higher than the previous year, with steady monthly increases [12] - The European business saw growth with increased activity across most sectors, and financial sponsors' activity levels strengthened [15] Company Strategy and Development Direction - The acquisition of Roby Warshaw is aimed at enhancing Evercore's capabilities and expanding its global presence, particularly in the UK and EMEA regions [6][8][10] - The company continues to focus on recruiting high-quality talent as a primary growth strategy, alongside potential acquisitions [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving market conditions and increasing CEO confidence levels, anticipating continued growth in the investment banking environment [11][12] - Despite uncertainties, management believes that the merger business will strengthen, contributing significantly to overall revenues [47] Other Important Information - Evercore's cash and investment securities totaled over $1.7 billion as of June 30, and the company returned $532 million to shareholders through share repurchases and dividends in the first half of the year [29][31] - The company maintains a strong liquidity position and conservative debt levels, with plans to continue investing in strategic initiatives [31] Q&A Session Summary Question: Additional details on the Roby Warshaw transaction - Management highlighted Roby Warshaw's strong client relationships and strategic advisory capabilities, which will complement Evercore's offerings [33][34] Question: Impact of tariffs on M&A activity - Management noted that while full merger activity has not returned, there is growing comfort and certainty among boards, leading to increased backlog and potential future activity [36][37] Question: Future acquisitions for growth - Management emphasized that organic growth through hiring high-quality talent remains the primary strategy, with acquisitions considered on a case-by-case basis [41][42] Question: Diversification of business and revenue mix - Management indicated that while M&A activity is expected to grow, non-M&A businesses will also continue to thrive, aiming for a balanced revenue mix [46][47] Question: Outlook for secondary market volumes - Management expressed confidence in maintaining strong activity levels in the secondary market, despite increased competition [51][55] Question: Cost synergies and margin outlook - Management discussed ongoing efforts to manage compensation and non-compensation expenses, with a focus on achieving a lower compensation ratio over time [58][60] Question: Financing details for the Roby Warshaw deal - Management clarified the structure of the transaction, including the use of stock for the first tranche and potential future performance-based considerations [66][70]

Group 1: Ares Capital - Ares Capital is the largest publicly traded business development company (BDC) with over $17 billion invested since 2004, focusing on middle-market companies with annual revenues between $10 million and $1 billion [3][4] - The company offers a forward dividend yield of 8.63% and has maintained or grown its dividend for 63 consecutive quarters [3][4] - Ares Capital targets a total addressable market of approximately $5.4 trillion, benefiting from a shift towards private capital, and has a diversified portfolio with strong industry relationships and risk management [4][5] Group 2: Enterprise Products Partners - Enterprise Products Partners is a master limited partnership (MLP) leading the North American midstream energy industry, operating over 50,000 miles of pipeline [6][7] - The company has a forward distribution yield of 6.81% and has increased its distribution for 26 consecutive years [7][8] - Demand for oil and gas, particularly natural gas, is expected to grow for decades, ensuring strong demand for Enterprise Products Partners' pipelines [8][9] Group 3: Verizon Communications - Verizon Communications is a major telecommunications company serving millions globally, with a forward dividend yield of 6.22% and a history of increasing dividends for 18 consecutive years [10][11] - The company is expected to maintain its relevance in the market due to the high capital requirements for new competition in wireless services [11][12] - With the upcoming 6G technology, Verizon is anticipated to be a significant player, potentially leading to impressive growth opportunities in the future [12]

Your founder, Ken Moelis, has told me that this isn't the end of an era. It's the start of a new one. What does that mean.Well, first of all, I'm really honored and excited to take over as CEO. The firm is in an incredible spot given our talent base. A lot of the investments we've made in making sure we're staying, cutting edge, the culture, which is phenomenal at the firm.And I think Ken looked at it and said, this is a great time to to hand over the firm to the next generation of leaders. And I know there ...

Summary of The Carlyle Group (CG) FY Conference Call - May 28, 2025 Company Overview - **Company**: The Carlyle Group (CG) - **CEO**: Harvey Schwartz - **Date of Conference**: May 28, 2025 Key Takeaways from the Conference Call Strategic Growth Initiatives - Carlyle has focused on implementing strategic growth initiatives and operational improvements over the past two years [4][10] - Key areas identified for growth include: - Secondaries business (Carlyle Alp Invest) with a 25-year history and $90 billion in assets [5] - Capital markets, insurance, and credit platforms [5] - Capital markets revenue reached $150 million in a six-month period, surpassing any previous full-year revenue [6] - Potential peak operating environment could yield over $300 million in capital markets revenue [7] Operational Improvements - Fee-Related Earnings (FRE) increased by nearly 40% since the CEO's tenure began, with operating margins up 900 basis points [8] - A complete overhaul of the compensation strategy has aligned interests among LPs, shareholders, and teams [9] - Share repurchase program is over 50% complete [9] Market and Economic Outlook - Concerns about sticky inflation, higher interest rates, and slowing economic growth were acknowledged [11][12] - Current economic conditions are viewed as unique due to a global policy shift, influenced by tariff policies and geopolitical tensions [12][13] - The uncertainty in policy is causing a chilling effect on business decision-making, leading to delayed capital market activities [20][19] - Carlyle's data indicates that while there is uncertainty, EBITDA is growing, and companies are not drastically adjusting hiring [22] Trade Relations and Global Investments - Carlyle has a long-standing commitment to Asia, particularly Japan and China, with positive discussions regarding trade negotiations [31][36] - The firm has a history of successful investments in China and is optimistic about future opportunities [37][38] Realizations and Capital Deployment - Carlyle's platform currently manages $453 billion in assets, with a significant focus on credit insurance [42] - The firm returned approximately €20 billion in capital over the past year, significantly outperforming the industry average [46] - Carlyle's U.S. buyout business is performing well, with the current fund tracking exceptionally [49] Fundraising and Growth Outlook - Carlyle maintains its 2025 guidance of $40 billion in flows and 6% FRE growth, despite recent market volatility [70] - There is a shift in LP conversations towards national security and local investments, with a focus on defense and energy sectors [72][74] Secondaries Business - The secondaries business is growing rapidly, with Carlyle positioned as a dominant player in this space [57][64] - The firm is focusing on providing integrated solutions across various client channels [59][62] Insurance and Reinsurance Opportunities - Carlyle's Fortitude insurance business is seen as a valuable asset, with ongoing opportunities in reinsurance transactions [93][94] - The firm is open to inorganic growth opportunities in the insurance sector, provided they align with strategic goals [98][99] Capital Markets Strategy - Carlyle is restructuring its capital markets team to enhance revenue generation capabilities [102] - The firm aims to leverage its well-developed capital markets team for monetization opportunities [102][104] Additional Insights - Carlyle's competitive advantage lies in its global brand recognition and established track record in various markets [84] - The firm is actively exploring new product offerings and partnerships to meet evolving client needs [90][91] This summary encapsulates the key points discussed during the conference call, highlighting Carlyle's strategic initiatives, market outlook, and operational improvements.

Financial Data and Key Metrics Changes - The company reported record fee-related earnings (FRE) of $311 million, up 17% year-over-year [6][20] - The FRE margin reached 48%, the highest level in several years [6][19] - Distributable earnings (DE) were at a record $455 million [6][19] - Assets under management (AUM) increased to $453 billion, a 6% year-over-year growth [20] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated record FRE in Q1, nearly double from the previous year, with AUM growing 12% to $89 billion [12] - Global Credit's quarterly FRE surpassed $100 million for the first time, a nearly 50% increase from last year [13] - Global Private Equity results were in line with expectations, with significant capital returned to investors [23][24] Market Data and Key Metrics Changes - The company noted strong inflows of $50 billion over the past year, including $14 billion in Q1 alone [20] - European private credit deployment increased by 150% year-over-year, reflecting strong demand for private credit solutions [13] Company Strategy and Development Direction - The company is well-positioned to capitalize on new investment opportunities due to its long-term investment horizon and capital-light model [10] - Carlyle is focusing on diversifying its client solutions and enhancing its global wealth strategy [15][24] - The company aims to leverage its brand and platform to drive growth in key areas, particularly in private equity and credit [56] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there are uncertainties, the long-term trends driving demand for private capital remain strong [10][11] - The company is actively engaging with limited partners (LPs) and remains open for business despite market volatility [34][36] Other Important Information - The company has $84 billion of dry powder available for investment [10] - Carlyle's diversified platform allows it to mobilize resources effectively during market volatility [17][24] Q&A Session Summary Question: Impact of trade policy and tariffs on investment activity - Management discussed the cautious optimism among LPs and the need for thoughtful capital deployment in light of trade policy changes [30][34] Question: Corporate private equity franchise outlook - Management indicated no major adjustments to the timing of CP9, driven by deployment pace [38][39] Question: Insurance wins and fundraising guidance - Management clarified that the $40 billion flow guidance includes the recent insurance wins and strong performance in wealth products [46][48] Question: FRE margin and expense outlook - Management expressed satisfaction with the 48% FRE margin and indicated that expenses are well-planned for the year [51][52] Question: Fundraising for AlpInvest and future growth - Management highlighted the strong performance of AlpInvest and the expected continuation of fundraising efforts [55][60] Question: Endowment sector stress and its implications - Management downplayed the potential impact of endowment shifts on private capital allocation, viewing it as isolated [62][64] Question: Inorganic growth opportunities in insurance - Management expressed a preference for organic growth but remains open to accretive acquisitions if they make sense [68][70] Question: Opportunities in Japan - Management noted the dynamic nature of the Japanese market and the company's strong position there [76][78] Question: Capital markets and deployment strategy - Management emphasized a capital-light approach while focusing on execution activity levels across the platform [84][86] Question: Real estate fund updates - Management confirmed that the activation of fees on the real estate fund would lead to growth in management fees in Q2 [90]