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]

P10 (PX) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Company Participants Mark Hood - EVP & Chief Administrative OfficerLuke Sarsfield - Chairman of Board, Director & CEOAmanda Coussens - EVP and CFOChris Kotowski - Managing DirectorSarita Narson Jairath - EVP, Global Head of Client SolutionsBenjamin Rubin - Director, Equity Research Conference Call Participants Alexander Bernstein - Equity Research AnalystStephanie Ma - Analyst Operator Hello and welcome to the PTEN First Quarter twenty twenty five Conf ...

Financial Data and Key Metrics Changes - The company reported record fee-related earnings (FRE) of $311 million, up 17% year over year [5][20] - FRE margin reached 48%, the highest level in several years [5][20] - Distributable earnings (DE) were $455 million, marking a record start to the year [18] - Assets under management (AUM) increased to $453 billion, up 6% year over year, driven by $50 billion of inflows over the past year [19][20] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated record FRE in the first quarter, nearly double from the same period last year, with AUM growing 12% to a record $89 billion [11] - Global Credit saw quarterly fee-related earnings surpassing $100 million for the first time, an increase of nearly 50% from last year [12] - Global Private Equity results were in line with expectations, with significant capital returned to investors, totaling nearly $8 billion over the past year [23] Market Data and Key Metrics Changes - The company noted strong momentum in private credit solutions, particularly in European lending, where deployment increased by 150% year over year [12] - The number of public companies in the U.S. has decreased nearly by half over the past two decades, while the number of private companies has increased more than fivefold, indicating a shift towards private market access [10] Company Strategy and Development Direction - The company is well-positioned to capitalize on new investment opportunities with $84 billion of dry powder available [8] - Carlyle is focusing on diversifying its business lines and leveraging its global brand to drive growth, particularly in wealth management and private equity [14][55] - The strategic initiative to grow capital markets is accelerating, with a record $150 million in fees generated over the past six months [13] 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 [9][19] - The impact of recent trade policies on investor sentiment and risk appetite was discussed, with management indicating that the majority of their portfolio is U.S.-based and less affected by tariffs [6][7] Other Important Information - The company has seen a doubling of evergreen inflows over the past year, indicating strong performance in its global wealth strategy [14] - Carlyle's diversified platform allows it to mobilize resources effectively during periods of market volatility [16] Q&A Session Summary Question: Impact of trade policy and tariffs on investment activity - Management noted that while there is a cautious approach among investors, there remains a willingness to deploy capital as long as policy implementation progresses positively [30][32] Question: Future of private equity franchise and fundraising - Management indicated no major adjustments to the timing of Fund IX, with a focus on performance and deployment in Fund VIII [36][91] Question: Insurance wins and fundraising guidance - The $40 billion flow guidance includes the recent insurance transactions, with strong performance in wealth products noted [45][96] Question: Endowment sector stress and its implications - Management does not foresee a significant decline in allocations to private capital from endowments, viewing potential opportunities for capital deployment [61][62] Question: Strategic alternatives in the insurance space - Management expressed a preference for organic growth but remains open to accretive acquisitions if they make sense [68][72] Question: Opportunities in Japan - The company highlighted a strong position in Japan, with expectations for continued growth in the market due to evolving corporate stewardship and asset management capabilities [76][78]