Tokenization bridges real assets and #blockchain. What would you digitize first? ...

Financial Performance - Caisse de Depot et Placement du Quebec (CDPQ) reported a 4.6% return for the first half of the year [1] Market Conditions - The return was achieved amid turmoil in equity markets and pressures on real assets [1]

Financial Data and Key Metrics Changes - The company reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for the second quarter [4] - FRE revenues grew by 29%, FRE increased by 23%, and DE rose by 20% year over year on a last twelve months basis [7] - The company raised $14 billion of new capital during the quarter, totaling a record $55 billion over the last twelve months, representing 28% of assets under management a year ago [6][7] Business Line Data and Key Metrics Changes - In alternative credit, the company closed a private offering of $850 million for a new interval fund, reflecting strong investor confidence [8] - The digital infrastructure strategy saw a final close of its third flagship fund at a $7 billion hard cap, with over half the capital already soft circled for investment [9] - The real estate credit strategy deployed over $3 billion year to date, with significant activity in the insurance channel [9] Market Data and Key Metrics Changes - Capital raised from EMEA and APAC investors increased to 23% from 14% two years ago, indicating ongoing globalization of the business [12] - The company raised $5.8 billion of equity in credit during the second quarter, marking a record quarter for the credit platform [24] - The direct lending portfolio gross returns were 3% in the second quarter and 13.5% over the last twelve months, with strong credit quality maintained [26] Company Strategy and Development Direction - The company is focused on expanding its product offerings to meet varying investor needs across the risk-return spectrum, leveraging its scale and incumbency [7] - A new strategic partnership with Voya aims to deliver private market strategies tailored for defined contribution retirement plans, broadening access to alternative investments [20] - The company plans to grow FRE management fees to over $5 billion and FRE to over $3 billion, indicating a strong long-term growth trajectory [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their investor base despite market disruptions, highlighting the secular demand for their strategies [12] - The company noted that the investments made over the past year are beginning to bear fruit, with a steady and predictable financial profile [33] - Management emphasized the importance of the current macro environment for direct lending, indicating optimism for future transaction volumes [84] Other Important Information - The company completed the listing of its technology-focused BDC, OTF, which is now the second largest publicly traded BDC by net assets [22] - The company has raised $3.5 billion of capital across strategies that did not exist two years ago, reflecting strong reception for new offerings [10] - The net lease pipeline continues to grow, with nearly $41 billion of transaction volume under letter of intent [28] Q&A Session Summary Question: Can you discuss the asset origination channel and the scaling opportunity in asset-backed finance? - Management highlighted the significant opportunity in asset-backed finance and the integration of their asset-backed business with direct lending, emphasizing their strong origination capabilities [36][40] Question: What are the thoughts on the build-out of a target date fund with Voya? - Management discussed the importance of democratizing access to alternative investments for 401(k) participants and the potential for innovation in this area [50][54] Question: What should be expected regarding the integration and scaling of recently acquired businesses? - Management indicated that integration benefits are already being realized, with strong fundraising numbers and a diversified business model [60][66] Question: Can you comment on the competitive environment in the triple net lease market? - Management stated that their leadership in the net lease market has accelerated, with a growing pipeline and strong trust built with partners [75] Question: How is the direct lending business performing, and what are the expectations for the third quarter? - Management noted strong credit quality and a positive macro environment for direct lending, with signs of increased activity in the market [84]

Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - Injective 协议将提供 SBET，一种包含质押 ETH 和国债的资产 [1] - 该协议还将提供外汇交易等服务 [1]

Injective Protocol (INJ) 2025 Vision - Injective 协议计划在 2025 年实现真实资产和真实收益的结合 [1] - 该协议计划引入代币化的苹果和亚马逊股票 [1] - 计划推出 SBET，一种包含质押 ETH 和国债的资产 [1] - 计划提供外汇交易等服务 [1]

Financial Data and Key Metrics Changes - Earnings per share for Q2 was reported at $0.73, a decrease from $0.75 sequentially [5] - Revenue for Q2 increased by 1.1% from the prior quarter to $135 million [5] - Ending assets under management (AUM) rose to $88.9 billion from $87.6 billion in the previous quarter [6] - The effective fee rate remained stable at 59 basis points, while the operating margin decreased to 33.6% from 34.7% [6] Business Line Data and Key Metrics Changes - Net inflows into open-end funds were positive for the last four consecutive quarters, although institutional net outflows offset these gains [7] - Total expenses increased by 2.9% compared to the prior quarter, driven by higher compensation and benefits [8] - Compensation ratio remained at 40.5%, consistent with previous guidance [10] Market Data and Key Metrics Changes - The second quarter saw 89% of AUM outperforming benchmarks, with 94% outperforming on a one-year basis [14] - Global equities and listed infrastructure outperformed U.S. equities, with global strategies showing stronger performance [30][31] Company Strategy and Development Direction - The company is focused on launching active ETFs and expanding its wealth management channel, particularly in the independent RIA segment [49][50] - A new tactical listed and private real estate strategy was launched, aimed at integrating listed and private real estate allocations [24][42] - The company plans to continue investing in talent acquisition and data analysis to support growth initiatives [44] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment has been resilient, with strong private sector balance sheets and liquidity [31] - The outlook for real estate is favorable, with valuations seen as attractive for new investors [19][22] - The company expects G&A expenses to increase by 7% to 8% for the full year 2025 compared to 2024 [11] Other Important Information - The company moved into a new Hong Kong office, completing its planned foreign office upgrades [12] - Liquidity at the end of Q2 was reported at $323 million, an increase from $295 million in the prior quarter [11] Q&A Session Summary Question: What is the temperature of the wealth management channel? - The wealth channel is important, with progress in gaining allocations from sophisticated RIAs, although gross sales were about 10% lower than recent trends [48][49] Question: How are active ETFs performing? - Early results show good flows, with RIAs who only allocate to ETFs making allocations, indicating a positive start for the active ETFs [51][52] Question: What drove the outflows in global listed infrastructure? - Outflows were driven by institutional investors rebalancing their portfolios, although the strategy remains popular [55] Question: What is the demand for global real estate? - There has been stronger demand for global real estate, with more global allocators in the pipeline, although U.S. real estate remains the largest market [58][59] Question: Any geographical differences in advisory demand? - The U.S. remains the largest market, with growing activity in Asia, while Europe is slower and the Middle East has seen reduced activity [63]

Group 1 - Eric specializes in real assets within a Canadian bank, indicating a focus on tangible investments [1] - He holds a Master's degree in Financial Economics and is a CFA charterholder, showcasing a strong educational background [1] - Eric has a deep understanding of the Canadian investment universe, particularly in real assets, financials, and insurance [1]

Core Insights - The 2025 Specialty Asset Management (SAM) Outlook by Bank of America highlights the increasing importance of real assets in diversifying investment portfolios amid high long-term interest rates and persistent inflation [1][2] - Real assets are characterized by their low correlation with traditional investments and their role as a hedge against inflation, making them particularly relevant for long-term investors in 2025 [2] Group 1: Commercial Real Estate (CRE) - CRE is showing positive momentum with growing investor confidence, indicated by rebalancing supply and demand, stabilizing valuations, and increasing liquidity [6] Group 2: Farmland - The 2025 crop year presents opportunities for knowledgeable investors as competitive pressures ease and farmland values remain stable to slightly lower, allowing for strategic maneuvering [6] Group 3: Timberland - Timberland is viewed as an attractive investment for long-term investors with lower risk profiles, as its biological growth is largely insulated from market cycles and geopolitical risks [6] Group 4: Energy Assets - Global energy usage is expected to increase due to factors such as population growth, expanding manufacturing, and rising living standards in emerging economies, with a domestic energy supply favoring natural gas, renewables, and other carbon-friendly sources [6]