Core Insights - BlackRock is advocating for a shift in retirement investment strategies, suggesting that portfolios should focus on generating a steady income rather than solely building wealth through traditional index funds [1][3][29] Group 1: Investment Strategy Evolution - The firm proposes expanding access to private-market investments within retirement plans to address longevity risk, as the average American life expectancy is 79 years [1][3] - BlackRock emphasizes that the next generation of retirement investing will differ from the classic strategy of simply investing in S&P 500 index funds [3][29] - The firm suggests that future target-date funds could include private credit, infrastructure investments, and private equity alongside traditional stocks and bonds [5] Group 2: Market Conditions and Challenges - Increased global volatility, including geopolitical tensions and inflation cycles, has created unpredictable market conditions [2] - Market concentration has become a significant issue, with a few large technology companies dominating stock market gains, leading to top-heavy major indexes [2][3] Group 3: Active vs. Passive Management - BlackRock warns that relying solely on index funds may no longer suffice, as most Americans earn low interest rates on cash at banks [4][29] - The firm highlights that actively managed funds typically charge higher fees than index funds, which can significantly impact long-term returns [8][9] - Research indicates that most actively managed funds fail to outperform comparable index funds after fees, with a performance gap largely due to cost differences [9][10] Group 4: Diversification and Alternative Investments - As retirement periods lengthen and market conditions evolve, investors are encouraged to explore new portfolio frameworks that include alternative assets [12][29] - Some investors are considering a 50/30/20 allocation model, which includes 50% stocks, 30% bonds, and 20% alternative investments [12] - The rise of private markets, with global private equity assets reaching approximately $9.9 trillion, indicates a growing interest in incorporating these investments into retirement products [6]

Group 1 - Fidelity Investments launched two new suites of turnkey model portfolios focused on private market investments, providing exposure to private equity, private credit, and private real estate [1][2] - The portfolios are available to eligible RIAs and broker/dealers through the Envestnet platform, with plans to expand availability to additional platforms in the coming months [2] - The launch is in response to increasing individual investor interest in private market allocations, prompting asset managers to create various products for private wealth and retirement spaces [3] Group 2 - Wealth managers are recognizing the potential of private markets to differentiate their practices and diversify portfolios, although they often face challenges with research and due diligence [3] - Fidelity's new turnkey portfolios complement previous launches of custom portfolios that combined traditional investments with private market assets [3] - Concurrently, Fidelity introduced Alternative NavigatorSM, an education program for advisors to learn about alternative investments, featuring sessions with portfolio construction and alternative investment strategists [4]

Core Insights - Invesco has launched the Invesco Core Plus Real Estate Trust, a collective investment trust aimed at providing private real estate exposure for defined contribution plans, combining core plus private real estate with passive U.S. REITs for daily liquidity [2][3] - The launch aligns with a broader industry trend to expand private-market options in retirement plans, supported by regulatory changes from the Trump administration to facilitate their inclusion [4] - A survey by Cerulli Associates indicates that 37% of DC plan sponsors are interested in private market investments, with projections suggesting that by 2035, up to 17% of sponsors will allocate to private markets through target-date funds or managed accounts [5] Industry Trends - Private market strategies are increasingly gaining traction among retirement plan sponsors, with Invesco's offering providing a scalable solution for integrating core plus real estate into DC plans [6] - Other asset managers are also responding to this demand; for instance, Goldman Sachs launched a private credit CIT, and State Street Global Advisors introduced target-date funds with private market exposure [6][7] - Empower has partnered with private investment fund managers to offer investments through collective investment trusts, while Blackstone has established a new group focused on retirement account funds [7]

RT Bloomberg Live (@BloombergLive)At #BloombergInvest, Yie-Hsin Hung, President & CEO of @StateStreetIM, discusses the evolving role of private market investments in retail portfolios—and what comes next.Join us 3/4 at 10:30 AM ET!https://t.co/eeTrczfbKe https://t.co/BBrHGQGYIM ...

Core Insights - StepStone Group reported Q3 CY2025 revenue of $454.2 million, exceeding analyst expectations by 71.1% and achieving a year-on-year growth of 118% [2][5][7] - The company's non-GAAP profit was $0.54 per share, which was 10.6% above the consensus estimates of $0.49 [2][7] - StepStone Group has a market capitalization of $4.92 billion and manages over $100 billion in assets [2] Revenue Growth - Over the last five years, StepStone Group has achieved a compounded annual growth rate of 31.4% in revenue, outperforming the average financials company [3] - The annualized revenue growth over the last two years stands at 42.8%, indicating a recent acceleration in demand [4] Quarterly Performance - The significant revenue growth of 118% in Q3 CY2025 reflects strong demand and effective business strategies [5][7] - The stock price remained stable at $62.24 immediately after the earnings report, suggesting market confidence in the results [7][8]

Financial Data and Key Metrics Changes - The company reported fee-related earnings of $0.98 per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share, marking some of the highest figures in its history as a public company [3][4] - Management fees increased by 18% year-over-year to $996 million, driven by fundraising initiatives and deployment activities [4] - Fee-related performance revenues rose by 45% year-over-year to $54 million, attributed to performance allocation from the offshore infrastructure K Series vehicle [4][5] - Fee-related earnings (FRE) for the quarter totaled $887 million, with a FRE margin of 69%, reflecting a 33% increase in FRE per share over the last twelve months [5] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $278 million, slightly above the previous guidance of $250 million [5] - Strategic Holdings operating earnings reached $29 million, contributing to total operating earnings of $1.33 per share [5] - Realized performance income was $419 million, while realized investment income was $154 million, driven by public secondary sales and private transactions [7] Market Data and Key Metrics Changes - The private equity portfolio increased by 5% in the quarter and 13% over the last twelve months, while the infrastructure portfolio appreciated by 3% in the quarter and 14% over the same period [8] - The alternative credit composite rose by 19% over the last twelve months, indicating strong performance in credit markets [8] Company Strategy and Development Direction - The company continues to focus on long-term investments, deploying nearly $37 billion of capital year-to-date, with a significant portion outside the U.S. [10][11] - The alternative credit ecosystem, including asset-based finance (ABF), is viewed as a growing market with significant opportunities, with AUM in ABF increasing over 20% year-over-year to $75 billion [17] - The company announced an expansion into life sciences through the acquisition of Healthcare Royalty Partners, enhancing its healthcare investment capabilities [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 guidance shared last year, citing strong fundraising momentum and healthy portfolio performance [25] - The fundraising environment remains constructive, with $28 billion raised in Q2 and a target of over $300 billion for 2024-2026 [16][45] - The company is optimistic about the potential for 401(k) retirement reform to increase access to private market investments, viewing it as a long-term opportunity [78][82] Other Important Information - The company has a record of $9.2 billion in unrealized carried interest across its global portfolio, up approximately 30% from the previous year [13] - The firm is actively working on elongating and diversifying its liabilities, with a focus on third-party capital and alternative investments [20][73] Q&A Session Summary Question: Update on K Series credit and fundraising progress - Management highlighted that K Series AUM increased from $11 billion to $25 billion year-over-year, with strong progress in infrastructure and private equity [31][32] Question: Institutional fundraising dynamics - Management noted that institutional investors are returning to business as usual, with constructive discussions and a positive outlook for fundraising [45][46] Question: Opportunities in asset-based finance (ABF) - Management indicated that the environment is favorable for ABF, with companies looking to free up capital for strategic initiatives [55][56] Question: Performance of Global Atlantic - Management reported a solid quarter for Global Atlantic with $278 million in operating earnings, driven by variable investment income [71] Question: Impact of potential 401(k) retirement reform - Management expressed optimism about the reform, viewing it as a long-term opportunity to increase access to private market investments [78][82] Question: Industry evolution with AI and blockchain - Management is exploring how AI and blockchain can enhance productivity and create new investment opportunities [90][92]

Market Expansion - Goldman Sachs is negotiating to include its private-market investments in US retirement funds [1] - The move aims to broaden access to the Wall Street firm's products for more mainstream investors as regulations become more flexible [1]

Table of Contents As filed with the Securities and Exchange Commission on May 28, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 P10, Inc. (Exact name of registrant as specified in its charter) Delaware 6282 87-2908160 (State or Other Jurisdiction of Incorporation or Organization) Classification Code No.) Dallas, Texas 75205 (214) 865-7998 (Address, including zip code, and telephone number, i ...