Core Viewpoint - Hamilton Lane reported strong growth in assets and fee-related results during its fiscal third-quarter 2026 earnings call, highlighting a strategic partnership with Guardian and the performance of its Evergreen platform. Financial Performance - The company declared a quarterly dividend of $0.54 per share, targeting $2.16 per share for fiscal year 2026, representing a planned 10% increase over the prior fiscal year [1] - GAAP EPS was $4.35 on $183 million of GAAP net income, while non-GAAP EPS was $4.41 on $240.1 million of adjusted net income [1] Asset Management - Hamilton Lane ended the quarter with a total asset footprint of over $1 trillion, up 6% year-over-year [2][6] - Assets under management (AUM) were $146 billion, an increase of $11 billion or 8%, driven by specialized funds and customized separate accounts [2] - Assets under advisement (AUA) totaled $871 billion, up $50 billion or 6%, attributed to market value growth and technology solutions [2] Growth Drivers - Fee-earning AUM rose to $79.1 billion, an increase of 11%, with specialized fund fee-earning AUM reaching $38.1 billion, up 22% [4][9] - The Evergreen platform surpassed $16 billion in AUM with over $1.2 billion of net inflows this quarter, contributing to a blended fee rate of 67 basis points [4][16] Strategic Partnership - The strategic partnership with Guardian has closed, with Hamilton Lane overseeing nearly $5 billion of Guardian's private equity portfolio and expecting approximately $500 million in annual commitments for at least 10 years [5][7] - Initial economic impacts from the partnership are expected in fiscal Q4 2026, with warrant dilution anticipated to be under 1% [8] Fundraising and Product Development - The firm expects first closes for its seventh secondary fund and second venture access product in the second calendar quarter of 2026 [12] - The sixth Equity Opportunities Fund raised nearly $300 million during the quarter, with a total exceeding $2.3 billion [13] - The second infrastructure fund raised nearly $2 billion, with over $1.5 billion committed to the fund [14] Market Outlook - Distribution activity is increasing as buyers and sellers approach price equilibrium, with expectations for a stronger exit environment in 2026 compared to 2025 [18] - The secondaries market is characterized as undercapitalized relative to transaction demand, indicating growth potential for Hamilton Lane [18] Technology Investment - Hamilton Lane made an investment in Pluto Financial Technologies, an AI-driven platform aimed at enhancing access to private market portfolios and providing liquidity solutions for investors [19]

Core Viewpoint - Hamilton Lane Incorporated is set to release its financial results for the third fiscal quarter on February 3, 2026, before market opening [1] Group 1: Financial Results Announcement - The financial results for the third fiscal quarter ended December 31, 2025, will be available before the market opens on February 3, 2026 [1] - A conference call via webcast will be held at 11:00 a.m. ET on February 3 to discuss these results [2] - A replay of the webcast will be accessible approximately two hours after the live broadcast for one year [3] Group 2: Company Overview - Hamilton Lane is one of the largest private markets investment firms globally, with over 30 years of exclusive focus on private markets investing [4] - The firm employs around 770 professionals across North America, Europe, Asia Pacific, and the Middle East [4] - As of September 30, 2025, Hamilton Lane has $1.0 trillion in assets under management, including $145.4 billion in discretionary assets and $859.8 billion in non-discretionary assets [4] - The company specializes in creating flexible investment programs that provide clients access to a wide range of private markets strategies, sectors, and geographies [4]

Core Viewpoint - The investment landscape is undergoing significant changes, with traditional norms in portfolio construction and risk management being reexamined and often overturned [2] Group 1: Investment Themes - Mercer categorizes future investment themes into three categories: regime change, supercycles, and megatrends, each presenting unique risks and opportunities [3] - Some themes may only be suitable for investors with high governance capacity and expertise, particularly in private markets [3] Group 2: Private Assets - Private assets have been promoted as a key diversifier, with a growing trend towards retail-friendly products and political discussions in New Zealand [4] - The allocation to private markets in New Zealand is expected to grow from the current 2-3% to potentially 15-20%, aligning with Australian levels [5] - Mercer NZ currently has about 8% of its diversified funds allocated to private assets, which is expected to increase [6] Group 3: Specific Investments - Mercer NZ and Australian funds jointly invested in the Highbrook Park logistics centre, acquiring a 13% stake in an asset valued at $2.1 billion [7] - The private credit asset class represents about 2% of the NZ funds, despite some regulatory concerns in jurisdictions like Australia [8] Group 4: Manager Strategy - Mercer NZ utilizes 16 private credit managers and typically aligns with the global parent’s manager pool, but has made exceptions to better suit local needs [9][10]

Core Viewpoint - Amundi has acquired a 4.6% stake in ICG and established a long-term partnership to enhance private market access for wealth clients [1] Group 1: Partnership Details - The partnership includes a ten-year agreement, joint product development, and a minority equity investment by Amundi in ICG [1] - Amundi will serve as the exclusive global distributor in the wealth channel for ICG's evergreen and select other products [1][2] - ICG will act as Amundi's exclusive provider for these products within its distribution business [2] Group 2: Investment Structure - Amundi will acquire a 9.9% economic stake in ICG, which includes 5% in non-voting shares, ensuring no dilution for existing shareholders [2] - Amundi will nominate a non-executive director to ICG's Board, allowing participation in strategic decisions [3] Group 3: Strategic Alignment - The partnership aligns with Amundi's strategic plan to strengthen leadership by expanding offerings in promising segments [4] - The private assets market is opening to wealth investors, addressing their needs for diversification and long-term savings [4] Group 4: Growth Potential - The partnership is expected to drive profitable and sustainable growth for both parties and their stakeholders [5] - ICG manages nearly €108 billion ($125 billion) in assets, primarily for institutional clients [5] - Amundi's private markets platform currently manages €70 billion, mainly in real estate and multi-management activities [6] Group 5: Future Initiatives - Amundi and ICG will focus on launching two European evergreen funds, a private equity secondaries fund, and a private debt fund in the first half of 2026 [7]

Core Insights - StepStone Group has opened a new office in Madrid, marking its ninth office in Europe and demonstrating the firm's commitment to expansion in the region [1][2] - The Madrid office aims to enhance access to high-quality global investment opportunities for clients in Southern Europe, particularly in Spain, Portugal, and Andorra [2] - StepStone Group manages approximately $771 billion in total capital, with $209 billion in assets under management as of September 30, 2025 [4] Company Expansion - The establishment of the Madrid office is part of StepStone's long-term growth strategy in Southern Europe [2] - The office will be led by Guglielmo Russo Walti, focusing on business development and client relations in the Iberian region [2] Client Focus - StepStone Group aims to combine local market understanding with global expertise to help clients capitalize on investment opportunities [2] - The firm serves a diverse client base, including large pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high-net-worth individuals [4] Global Presence - With 31 offices worldwide, StepStone is positioned to meet the rising global demand for investment opportunities that provide attractive risk-adjusted returns [3]

Core Insights - Charles Schwab announced the acquisition of Forge Global, a private markets platform, for $600 million, valuing Forge at $45 per share, leading to a nearly 70% increase in Forge's stock price [1][4] - This acquisition follows Morgan Stanley's recent purchase of Equity Zen, indicating a trend in the private markets trading space [1] - The deal aims to enhance access for retail clients to private market investments, aligning with Schwab's mission to democratize investment opportunities [3][10] Company Strategy - The acquisition is seen as a strategic move to provide retail clients with access to a growing marketplace of private companies, which have been increasingly successful in wealth creation [3][10] - Forge is recognized as a leader in the private company marketplace, with relationships with over 625 companies and the highest transactional volume in the sector [5][6] - Schwab plans to introduce a fund structure that allows investors to access a basket of private companies, with a 40-act fund expected to launch in Q1 2026 [6][10] Market Trends - The private market has seen significant growth, with companies now staying private for an average of 14 years before going public, compared to 6 years in 2000 [9][10] - The decrease in IPOs by 85% reflects this trend, as private companies have grown in size and wealth creation opportunities [10] - The acquisition is expected to create liquidity and demand in the private markets, benefiting both investors and employees of successful private companies [12][11] Client Engagement - Schwab is also focusing on expanding its offerings in the cryptocurrency space, with plans to launch spot crypto trading in the first half of next year [13][15] - Client engagement in crypto has increased, with Schwab clients owning 20% of exchange-traded products related to cryptocurrencies [14]

Transaction Overview - Federated Hermes, Inc (FHI) will acquire 80% of FCP Fund Manager, L.P (FCP) for $239 million upfront, consisting of $215.8 million in cash and $23.2 million in FHI shares [50] - There is a potential earnout consideration of up to $92 million based on achieving certain performance thresholds [50] - FHI will have the option to purchase, and Management Company Sellers will have the option to sell the remaining interest in FCP after five years through a Put/Call agreement [50] Financial Impact - FCP's expected 2025 revenue is approximately $59 million and EBITDA is approximately $30 million [50] - The upfront consideration represents 9.9x 2025 projected EBITDA less 20% minority interest [50] - The transaction is expected to be accretive to EPS, with FY2027E accretion of approximately $0.13 per share [52] - The transaction is expected to close in the first half of 2026 [50] Strategic Rationale - The acquisition significantly expands FHI's U S based private markets investment presence [10] - FCP has $3.8 billion in AUM as of June 30, 2025, which will anchor FHI's private markets growth initiative [10, 15] - FCP has invested in or financed more than $14.6 billion of residential and commercial real estate in gross asset value since inception [20, 36]

Core Viewpoint - StepStone Group Inc. is set to release its financial results for the second quarter of the fiscal year ending March 31, 2026, on November 6, 2025, after market close [1]. Group 1: Financial Results Announcement - The financial results will be for the quarter ended September 30, 2025 [1]. - A webcast and conference call will be held on the same day at 5:00 pm ET to discuss these results [2]. - The webcast will be accessible on the Shareholders section of the Company's website, with a replay available approximately two hours after the event [2]. Group 2: Company Overview - StepStone Group Inc. is a global private markets investment firm, focusing on customized investment solutions and advisory services [4]. - As of June 30, 2025, the Company managed approximately $723 billion in total capital, including $199 billion in assets under management [4]. - The client base includes large public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high-net-worth individuals [4].

Core Viewpoint - StepStone Group Inc. will release its financial results for the first quarter of the fiscal year ending March 31, 2026, on August 7, 2025, after market close [1] Group 1: Earnings Release Information - The earnings results will be available after the market closes on August 7, 2025 [1] - A webcast and conference call will be held on the same day at 5:00 pm ET to discuss the results [2] - Participants can register for the live Q&A portion of the call through a provided link [3] Group 2: Company Overview - StepStone Group Inc. is a global private markets investment firm focused on customized investment solutions and advisory services [4] - As of March 31, 2025, the company managed approximately $709 billion in total capital, including $189 billion in assets under management [4] - The client base includes large public and private pension funds, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and high-net-worth individuals [4]

Core Insights - StepStone Group has opened a new office in Jeonju, South Korea, enhancing its partnership with the National Pension Service (NPS) [1][2] - The Jeonju office is StepStone's second location in South Korea, following the Seoul office established in 2014 [1] - The opening ceremony was attended by senior leaders from both StepStone and NPS, highlighting the importance of this partnership [3] Company Overview - StepStone Group is a global private markets investment firm managing approximately $709 billion in total capital, with $189 billion in assets under management as of March 31, 2025 [4] - The firm provides customized investment solutions and advisory services to a diverse client base, including large pension funds, sovereign wealth funds, and private wealth clients [4] - StepStone focuses on developing private markets portfolios across various asset classes, including private equity, infrastructure, private debt, and real estate [4]