Key Takeaways Citigroup expanded its private credit reach via alliances with BlackRock, Carlyle and Apollo.These deals enhance Citigroup's access to private credit and alternative investment opportunities. Private bank and wealth revenues rose in the double digits in 2025, lifting profitability prospects. Citigroup Inc. (C) is broadening its presence in the fast-growing private lending sector through a series of high-profile partnerships aimed at diversifying revenues and enhancing client engagement across ...

Charles Schwab is the latest Wall Street firm to take a big step into the world of private markets with its Forge Global deal https://t.co/IajIZQInrb ...

Welcome back. Charles Schwab announcing this morning it will buy private markets platform Forge Global. It's a $600 million deal that values Forge at $45 a share.Forge's stock skyrocketing of course on the news, up nearly 70% today. The acquisition comes just one week after Morgan Stanley announced it was buying Equity Zen, a private markets trading platform that competes with Forge. We should also note that Forge Global does have a partnership with CNBC to provide private market data.Joining us here first ...

Core Insights - The research focus is shifting from equities to alternative investments such as crypto, commodities, and private markets, indicating a diversification in investment strategies [1] Group 1 - The trend towards alternatives does not imply that equities have lost their appeal, suggesting that equities remain a relevant investment option [1]

Financial Performance - GCM Grosvenor reported $87 billion in Assets Under Management (AUM) as of September 30, 2025, a 9% increase compared to Q3 2024[6] - Fee-Paying AUM (FPAUM) reached $702 billion, up 10% from the same period last year[12] - GAAP Revenue for the third quarter was $135 million, a 10% increase year-over-year, and $3805 million for the nine months ended, a 9% increase year-over-year[12] - GAAP net income attributable to GCM Grosvenor Inc increased 153% to $105 million for the quarter and 138% to $264 million year-to-date[12] - Adjusted Net Income increased 18% to $372 million for the quarter and 19% to $1046 million year-to-date[12] Fundraising and Capital Deployment - The company raised $95 billion over the last twelve months, a 52% increase compared to the prior year twelve-month period[13] - $19 billion of new capital was raised in Q3 2025, and $72 billion year-to-date, a 49% increase compared to prior year-to-date[13] Dividend - GCM Grosvenor's Board of Directors approved a $012 per share dividend payable on December 15, 2025 to shareholders on record December 1, 2025[3] Asset Allocation - Private Markets accounted for 71% of total AUM[16] - Direct-Oriented Strategies represented 53% of Private Markets AUM[16]

State Street’s asset-management arm acquired a minority holding in Coller Capital to tap the growing market for secondhand stakes in private markets https://t.co/d3y34WyrqF ...

Hamilton Lane will manage Guardian Life’s $5 billion buyout portfolio as part of a long-term agreement, marking the latest such partnership as private markets firms and insurers deepen their ties https://t.co/4Ri8d2ZmTR ...

Financial Data and Key Metrics Changes - For Q3 2025, the company reported Fee-Related Earnings (FRE) of $312 million, a 12% increase year-over-year, and year-to-date FRE reached $946 million, up 16% [4][12] - Total assets under management (AUM) reached a record $474 billion, reflecting a 7% increase year-to-date [4] - Distributable earnings for Q3 were $368 million, or $0.96 per share, with year-to-date distributable earnings totaling $1.3 billion, or just over $3 per share, marking a 10% increase from the previous year [12] Business Line Data and Key Metrics Changes - Carlyle Alpha Invest raised $6.3 billion in Q3, bringing year-to-date capital raised to over $15 billion, with AUM at Alpha Invest now at $102 billion, up more than 20% year-to-date [13][14] - Global credit generated nearly $10 billion in inflows during the quarter, totaling $31 billion over the last 12 months, with AUM in global credit now comprising 45% of firm-wide assets [15] - The insurance solutions platform, anchored by a partnership with Fortitude Re, has been active, closing a $4 billion reinsurance agreement and launching a reinsurance sidecar focused on Asia [16] Market Data and Key Metrics Changes - The company noted a 40% year-over-year increase in announced M&A volume and a 60% increase in IPO volumes year-to-date [6] - The credit market remains resilient, with no broad deterioration in credit quality or systemic risk observed [5][6] Company Strategy and Development Direction - The company is focused on exceeding financial targets, with updated guidance for full-year FRE growth of approximately 10% and inflows of $50 billion [4] - The strategy includes significant investments in private markets and retail, with a strong emphasis on partnerships, such as the collaboration with Oracle Red Bull Racing [10][11] - The company aims to leverage its unique operating skill set in industrial corporate carve-outs, with a historical average IRR of 25% [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying health of the global economy, citing steady EBITDA growth and resilient consumer demand [5] - The outlook for inflows remains positive, with strong momentum heading into 2026, particularly in credit and wealth management [26][33] Other Important Information - The company returned $19 billion in capital to investors in global private equity over the past year, significantly exceeding the industry average [7] - The company repurchased over $200 million of stock in the quarter, reflecting confidence in its share value [19] Q&A Session Summary Question: Outlook for inflows by business into year-end and 2026 - Management expressed strong confidence in inflows, highlighting $17 billion in Q3 and a total of $60 billion over the last 12 months, with a revised guidance of $50 billion for the year [26] Question: Key priorities for growth in 2026 - Management noted strong client engagement and strategic execution across all business areas, with a focus on credit, insurance, and wealth management [30][33] Question: Timing of announced transactions and realization pipeline - Management indicated that the realization pipeline is robust, with $5 billion in announced transactions expected to close, including the Medline IPO [39][40] Question: Capital management priorities and stock valuation - Management emphasized a focus on growth investments as the top priority, while also considering share repurchases as an attractive option [45] Question: Diversity of wealth flows and product roadmap - Management highlighted a 10X increase in wealth inflows since the new management team took over, with a strong product roadmap including flagship funds [56][57]

Financial Data and Key Metrics Changes - The company reported record revenue, operating profit, and EPS for Q3 2025, with revenue increasing by 9% year-over-year and adjusted EPS growing by 22% [6][24]. - Subscription revenue rose by 6%, contributing to a margin expansion of 180 basis points on a trailing 12-month basis [6][24]. - The company returned nearly $1.5 billion to shareholders through dividends and buybacks since the last earnings call, with an additional $2.5 billion share repurchase expected in Q4 [6][7]. Business Line Data and Key Metrics Changes - Ratings and indices businesses experienced double-digit revenue growth, highlighting the value of global franchises [7][28]. - Market Intelligence saw an acceleration in revenue growth, achieving 8% organic constant currency growth, the strongest in six quarters [29]. - Ratings revenue increased by 12% year-over-year, driven by strong investor demand and refinancing activity [31]. Market Data and Key Metrics Changes - Bond issuance increased by 13% year-over-year, particularly in high yield and structured finance [10][12]. - The equity markets performed well, contributing to a strong quarter in the Indices business [10][12]. - The company expects bond issuance growth in the mid to high teens range for Q4 2025 [12][31]. Company Strategy and Development Direction - The company is focused on strategic investments, innovation, and disciplined execution to drive growth [6][8]. - The planned acquisition of With Intelligence aims to enhance data offerings in private markets, combining unique datasets to provide essential intelligence [13][14]. - Recent partnerships with Cambridge Associates and Mercer are expected to enhance benchmarking capabilities in private markets [16][80]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions, with expectations for continued growth in ratings and issuance [10][31]. - The company anticipates a strong performance in Q4, with issuance levels expected to remain robust [60]. - Management highlighted the importance of AI innovations in driving both top-line growth and productivity improvements [70][75]. Other Important Information - The company announced the divestiture of its Enterprise Data Management and ThinkFolio businesses to streamline operations [8][9]. - Leadership changes were noted, with key executives departing and new appointments made to strengthen the management team [9][10]. Q&A Session Summary Question: Market Intelligence organic growth of 8% - Management attributed the growth to strong execution, product innovation, and alignment within sales teams, leading to competitive wins [46][49]. Question: Ratings issuance normalization and growth outlook - Management noted that issuance growth exceeded expectations, with a favorable outlook for Q4 driven by opportunistic issuance and strong maturity walls [57][60]. Question: Role of AI in Market Intelligence - Management emphasized that AI investments will enhance both growth and productivity, with ongoing innovations expected to drive commercial value [68][70]. Question: Strength of private markets growth - Management highlighted strong issuance in ratings and the positive impact of partnerships and acquisitions on private markets data offerings [78][80]. Question: Size of EDM and ThinkFolio divestiture - Management indicated that the divestitures were not material to consolidated financials but would be slightly accretive to revenue growth and margins in 2026 [84][86].

Excuse me. For more on the deal, we're joined by Morgan Stanley's head of wealth management, Jed Finn. Jed, excuse me.Thank you for being here. Tell us the rationale behind this deal. >> Thanks for having me, Leslie.It's a great day for Morgan Stanley. It's a great day for Equity Zen, and most importantly, it's a great day for the clients of both of our organizations. You asked about the rationale for it.Look, private markets is growing at an incredible cri clip. As I think you've reported on many times in ...