Financial Data and Key Metrics Changes - The company reported a 12% increase in assets under management (AUM) to $180 billion as of December 31, 2025, compared to year-end 2024 [12] - Revenues reached an all-time high of $336 million in the December quarter, up 11% from the previous quarter and up 13% year-over-year [12] - Adjusted operating income increased by 23% compared to both the prior quarter and the same quarter last year, with an adjusted operating margin of 40.2%, improving by 400 basis points from the prior quarter [15] Business Line Data and Key Metrics Changes - The credit platform's AUM grew by 29% year-over-year to $17.9 billion, with net inflows totaling $2.8 billion [8] - The alternatives platform's AUM increased by 20% to $4 billion, driven by strong organic growth [8] - The equity platform experienced outflows of $15.6 billion, primarily from Global Opportunities, U.S. Mid-Cap Growth, and Non-U.S. Small-Mid Growth strategies due to challenging short-term performance [8] Market Data and Key Metrics Changes - The company reported that 79% of AUM outperformed benchmarks over a 3-year period, 74% over 5 years, and 92% over 10 years, gross of fees [5] - The Emerging Markets Local Opportunities Strategy generated a calendar year return of over 24%, outperforming its benchmark by 527 basis points net of fees [6] Company Strategy and Development Direction - The company aims to expand its multi-asset class platform while maintaining a focus on high value-added investing and thoughtful growth [4] - The acquisition of Grandview Property Partners is part of the strategic expansion into alternative investments, establishing a foundation in private real estate [10] - The company plans to leverage its institutional and intermediated wealth relationships to further develop Grandview's business [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining and growing equity businesses despite recent outflows, emphasizing the need for differentiated investment performance [9] - The company anticipates continued growth in credit and alternatives, with a focus on expanding capabilities across its platform [10] - Management noted that the acquisition of Grandview is expected to have an immaterial impact on 2026 earnings but will be mildly accretive to earnings per share after the closing of Grandview's next flagship fund [19] Other Important Information - The board declared a quarterly dividend of $1.01 per share and a year-end special dividend of 57 cents, resulting in a total dividend of $3.87 per share for 2025, representing a 98% payout ratio relative to adjusted earnings [18] - The company ended the year with approximately $214 million in cash and a conservatively leveraged capital structure at approximately 0.4x leverage [17] Q&A Session Summary Question: Regarding Grandview's AUM and accretion guidance - Management explained that the AUM was lower due to realizations on properties in the Grandview Fund I, which is in the harvesting phase [24] - Fund III had about $150 million in committed assets, and management expects Fund IV to be significantly larger, with a first close anticipated in early to mid-summer [25][26] Question: On the International Value Strategy and recent outflows - Management indicated that outflows were primarily due to institutional reductions and not indicative of underlying issues, as the strategy continues to deliver strong absolute returns [37][38] Question: Interest in non-U.S. strategies - Management highlighted a reemergence of emerging markets allocations and strong performance in global strategies, with expectations for continued engagement in international markets [41][42][43] Question: Institutional demand by region - Management noted challenges in Europe due to regulatory changes and short-term performance but sees favorable opportunities in the U.S. marketplace, particularly in emerging markets and credit franchises [49][50]

Core Insights - BCP has successfully closed the sale of The Gray Casualty & Surety Company to Palomar Holdings, marking a significant milestone in its investment strategy [1][4] Group 1: Company Overview - BCP is a private equity management firm focused on services and infrastructure, established in 2013, with $6 billion in assets under management [6] - The Gray Casualty & Surety Company specializes in contract surety bonds for midsized and emerging contractors across the U.S., and is licensed in all 50 states [2][7] Group 2: Investment and Growth - BCP invested in Gray Surety in 2021, and since then, the company has experienced significant growth and expanded its national presence [2][4] - Gray Surety is recognized as a Top 50 surety carrier, maintaining a strong reputation among contractors [7] Group 3: Transaction Details - The sale of Gray Surety is one of three exits announced by BCP in the latter half of 2025, alongside the sales of Brown & Root Industrial Services and United Utility [3] - J.P. Morgan and Evercore acted as financial advisors for Gray Surety and Palomar, respectively, while Kirkland & Ellis LLP and DLA Piper LLP provided legal advisory services [4]

Group 1 - Monroe Capital LLC acted as the administrative agent and joint lead arranger for a senior credit facility to support the investment in Norton Packaging by Platinum Equity [1] - Norton Packaging, founded in 1901 and headquartered in Hayward, CA, provides high-performance rigid packaging solutions across various categories including paints and coatings, chemicals and cleansers, food products, and lubricants [1]

Core Insights - TPG has signed a definitive agreement to acquire a majority stake in Conservice, a leading utility management platform for the property management industry, with TPG Capital investing alongside Advent International, which will retain a significant stake [1][5] Company Overview - Conservice, founded in 2000, provides tech-enabled utility management tools to property managers across the U.S., streamlining workflows for nearly 8 million units and connecting operators with over 20,000 utility providers [2] - The company's solutions focus on metering, billing, payment, procurement, and analytics, enhancing energy efficiency and reducing costs for property managers [2] Strategic Importance - Conservice's utility management offerings integrate fragmented workflows, improving accuracy and speed for property managers in both residential and commercial sectors [3] - TPG expresses confidence in supporting Conservice's growth, emphasizing the importance of its market-leading products and technology [3] Investment Background - Advent International has partnered with Conservice since 2016, contributing to its platform expansion and solidifying its leadership in utility management [4] - TA Associates will fully exit its stake in Conservice as part of this transaction, having been involved since 2020 [1][4] Transaction Details - The acquisition is expected to be completed in the first quarter of 2026, pending customary approvals and closing conditions [5]

Core Viewpoint - Monroe Capital LLC has acted as the sole lead arranger and administrative agent for a senior credit facility to support the growth of Antelope Pet, backed by private equity sponsor Alpine Investors [1] Company Overview - Antelope Pet, founded in 2021 and headquartered in San Francisco, CA, specializes in all-natural pet care products, including treats, dental products, health supplements, and fresh food [1] - The company emphasizes healthy, limited ingredient offerings in its product line [1]

Core Insights - Heidrick & Struggles has successfully transitioned to a privately held company through an acquisition led by Advent International and Corvex Private Equity, supported by a consortium of strategic investors [1][2][4] - The transaction is valued at approximately $1.3 billion and aims to facilitate a multi-year growth strategy for the company, marking a significant transformation in its 70-year history [2][4] - The company will continue to operate under its current brand and maintain its commitment to helping organizations build effective leadership teams [2][4] Company Leadership and Governance - Carmine Di Sibio, Operating Partner at Advent and former Global Chair and CEO of EY, will be appointed as Chairman of the Board of Managers [3] - The board will include Heidrick & Struggles CEO Tom Monahan, representatives from Advent, Corvex, strategic investors, and independent directors with expertise in leadership and global talent markets [3] Strategic Vision and Investment - The partnership is expected to enhance Heidrick & Struggles' growth strategy and solidify its position as a global leader in talent and advisory solutions [4] - Significant co-investment from Heidrick & Struggles leaders and partners is part of the transaction, supporting a new equity plan that aligns ownership with the company's ambitions [4] Market Impact - Following the completion of the transaction, Heidrick & Struggles' common stock has ceased trading on the Nasdaq Global Select Market [5]

Group 1 - The article discusses the acquisition of Billtrust by EQT, a Swedish private equity firm, for $1.7 billion, highlighting the trend of private equity firms investing in companies to expand and eventually sell them for returns [4][3]. - Billtrust, founded in 2001, specializes in automating business-to-business commerce through cloud-based digital payments and related services [4]. - Grant Halloran has been appointed as the new CEO of Billtrust, succeeding Sunil Rajasekar, who had been in the role since December 2022 [5][7]. Group 2 - Rajasekar was expected to lead Billtrust through a growth phase, but the company has not made significant acquisitions in the past two years [6]. - In a related development, Diallo Gordon will become the CEO of Pavilion Payments, a gaming payments company, in January, succeeding Dan Connors [7].

Core Insights - Private equity firms are actively investing in energy infrastructure due to the sector's stable cash flows and strategic importance, despite some firms exiting investments in certain areas [1] Group 1: Investment Trends - The appetite for energy infrastructure among private equity firms remains strong, indicating confidence in the sector's long-term viability [1] - The stability of cash flows in energy infrastructure is a significant factor driving continued investment [1] Group 2: Market Dynamics - The strategic importance of energy infrastructure is highlighted as a key reason for ongoing investments, suggesting that firms view this sector as critical for future growth [1]

Core Viewpoint - Clairvest Group Inc. has signed an agreement to sell its minority interest in Acera Insurance Services Ltd. as part of Acera's merger with Navacord Corp, which is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals [1][3]. Company Overview - Acera Insurance Services Ltd. was formed through the merger of Rogers Insurance and CapriCMW in September 2022 and is now one of Canada's largest independent brokerages with over 750 employee shareholders [2]. - The company provides property & casualty and group benefits insurance solutions to both commercial and personal clients [2]. Financial Performance - During Clairvest's three-year partnership, Acera achieved a 70% growth in EBITDA and completed 24 tuck-in acquisitions [2]. - The sale is projected to positively impact Clairvest's book value by approximately CAD$4.00 per share upon closing [3]. Management and Partnership - The leadership team at Acera, including CEO Lee Rogers and Chairman/President Andrew Kemp, will roll a significant amount of their equity into the merged entity with Navacord [1]. - Clairvest has been a crucial partner in Acera's growth, providing support and strategic insight that has strengthened the business [5][6]. Investment Strategy - Clairvest's investment model focuses on entrepreneur-centric minority ownership, allowing management partners to retain control while achieving transformative outcomes [6]. - Clairvest has a history of successful investments in the insurance sector, building on its track record with other companies [4][7].

Core Viewpoint - The CEO of EQT, a leading Swedish private equity firm, announced plans for significant investments in the US market, highlighting the firm's ambition to expand its footprint in this region [1] Company Summary - EQT is recognized as the world's second-largest private equity group based on capital raised, indicating its substantial influence and resources within the industry [1] Industry Summary - The interest in major investments in the US reflects a broader trend among private equity firms seeking growth opportunities in one of the largest and most dynamic markets globally [1]