Joining us now to discuss the year of IPOs and his outlook for 2026 is NASDAQ President Nelson Griggs. Good morning to you. Congratulations on what was a pretty great 2025.>> Yeah. >> When you think about 2026, people are already speculating about names like Open AI and Anthropic and SpaceX. I mean, we could be in a whole new realm.So, where are we really. And is that uh pie in the sky or is that reality. >> Uh, I think there's a lot of reality there.I think this year we went in probably with higher expecta ...

Wall Street’s top prosecutor has a warning for private-market players getting creative with their numbers. https://t.co/8mFvMO1c2P ...

Financial Data and Key Metrics Changes - Total asset footprint reached just over $1 trillion, a 6% increase year over year [3] - AUM stood at $145 billion, growing by $14 billion or 11% compared to the prior year [4] - AUA came in at $860 billion, up $44 billion or 5% year over year [4] - Total fee-related revenue for the period was $321.6 million, representing a 23% growth year over year [5] - GAAP EPS for the fiscal year-to-date was $2.98, with non-GAAP EPS at $2.86 [5] Business Line Data and Key Metrics Changes - Total PR and AUM stood at $76.4 billion, growing by $6.7 billion or 10% year over year [14] - Customized separate accounts PR and AUM reached $40.8 billion, growing by $1.4 billion or 4% over the last 12 months [15] - Specialized Funds PR and AUM ended fiscal Q2 at $35.6 billion, having grown $5.3 billion or 17% year over year [16] Market Data and Key Metrics Changes - The partnership with Guardian Life Insurance Company will manage a private equity portfolio of nearly $5 billion and commit to invest approximately $500 million per year for the next 10 years [7][8] - The firm has scaled its insurance solutions platform to over $119 billion [9] Company Strategy and Development Direction - The company is focused on sustainable growth and success, expanding product offerings and launching new Evergreen products [6] - The partnership with Guardian is seen as a testament to the company's ability to provide customized solutions to leading institutions [9] - The firm aims to deepen expertise and relationships within the insurance sector through a dedicated insurance solutions team [9] Management's Comments on Operating Environment and Future Outlook - Management sees no data supporting a broader credit crisis, noting strong credit fundamentals and low default rates [10][11] - The company emphasizes the importance of data and transparency in the private market, leveraging its extensive database for insights [12] Other Important Information - The company announced a partnership with Bloomberg to provide access to Hamilton Lane Private Market Indices via the Bloomberg Terminal [24] - Securitize is set to become a publicly traded company, with Hamilton Lane having a strategic partnership in place [26] - Novata's acquisition of Atlas Metrics aims to meet the growing demand for sustainability data solutions [29] Q&A Session Summary Question: Details on the Guardian partnership fee structure - The majority of revenue will come from the $5 billion being managed, with $250 million allocated to Evergreen products [39][40] Question: Insights on the Bloomberg partnership and data monetization - The Bloomberg arrangement is a revenue share model, enhancing brand visibility and providing valuable data for private market benchmarks [40][41][42] Question: Development of the SMA business pipeline - The pipeline is robust, with billions of dollars expected to flow in over time as contracts are finalized [45] Question: Impact of Guardian team joining Hamilton Lane - The team acquisition is expected to have a minimal impact on expenses, as they will fill existing open positions [53]

Millennium Management is raising $5 billion in a new fund to invest in private market opportunities, extending the firm’s reach beyond its core business of trading mostly liquid assets https://t.co/Qu2gT6OYxu ...

Insurers overseeing $23 trillion plan to add even more to their private market holdings, according to a BlackRock survey. https://t.co/VjrcskDG2o ...

Trump Administration Considers Selling Federal Student Loan Debt To Private Market, Report Sayshttps://t.co/lFKwLiF5BQ https://t.co/pFnJkd4QZp ...

Core Viewpoint - Anthony Scaramucci criticizes SEC regulations for limiting retail investors' access to promising private companies, suggesting that these rules discourage firms from going public [2][4]. Group 1: SEC Regulations and Market Access - Scaramucci argues that the U.S. is witnessing a decline in the number of great companies available to the public, citing examples like Elon Musk's xAI and SpaceX, which have not pursued IPOs [2][4]. - He emphasizes the need for the SEC to reduce regulatory burdens to make IPOs more appealing to companies [3][5]. Group 2: Historical Context and Comparison - Scaramucci compares the current market environment to Microsoft's IPO in 1986, highlighting that early investors had significant opportunities to build wealth, which contrasts with today's market where growth is often confined to private equity and venture capital [4][5]. Group 3: Retail Investor Initiatives - Robinhood Markets has launched the Robinhood Ventures Fund I, aimed at providing retail investors access to private companies, a space traditionally dominated by wealthy individuals and institutions [6][7]. - The number of publicly traded firms in the U.S. has decreased from nearly 7,000 at the start of the millennium to about 4,000 in 2024, while private market valuations have exceeded $10 trillion [8].

Private Market Overview - The "private Mag 7" companies have a combined worth of $1.2 trillion, nearly doubling in the past year [2] - Gains of the "private Mag 7" are triple the gains of their public market counterparts [2] - Investor demand is intense, with 19 firms in Forge's AI basket raising $65 billion this year, representing 77% of all private market capital raised [3] Key Players and Market Dynamics - Anthropic has overtaken Stripe and Data Bricks to claim the number three spot behind OpenAI and SpaceX [2] - Some firms are growing revenue up to 300% on billion-dollar bases [3] - Talent and tech are being acquired by listed giants eager for AI exposure [5] Concerns and Potential Shifts - Valuations are considered "insane" and a "bubble" by some, including Sam Altman [4] - Regulation could force these companies public if they become "too big to be private" [5] - Meta is taking a 49% stake in Scale AI for almost $15 billion [7]

Private Market Valuation & Growth - The "Magnificent 7" private market companies' valuations have nearly doubled in the past year, reaching $12 trillion [1] - This growth almost triples that of their public market counterparts [1] - Since late 2022, the combined value of these companies has quadrupled from $264 billion [2] AI's Dominance - AI is identified as the defining force behind private market performance [2] - OpenAI and Anthropic have surpassed Stripe and DataBricks in valuation, highlighting AI's influence on private capital [2] - 19 AI firms in the Forge basket have raised $65 billion year-to-date [3] - This represents 77% of all private market capital raised [4] Investor Sentiment & Market Trends - Investor demand for AI exposure is intense [3] - Crossover funds are actively seeking AI exposure [4] - Median valuations across the broader private market are trending back toward pre-downturn levels following the 2022 pullback [4]

Another big part of the market is all these private companies, right. We we we talk a lot on this show, you know, in general in the journal about the number of companies that are staying private longer. Sometimes that's like a startup company that just sort of delays its IPO for a long time, but sometimes those are like big established companies that are owned by private equity funds.There's a lot of talk of exits. It's hard for those companies to get exits. We've written a lot about the the challenge that ...