Financial Data and Key Metrics Changes - Total asset footprint increased to $986 billion, representing a 5% year-over-year growth [4] - Assets Under Management (AUM) grew by $11 billion or 9% year-over-year, reaching $141 billion [5] - Assets Under Administration (AUA) rose by $35 billion or 4% year-over-year, totaling $845 billion [5] - Quarterly GAAP EPS was $1.28 based on $54 million of GAAP net income, while non-GAAP EPS was $1.31 based on $72 million of adjusted net income [6] - Fee-related earnings for the quarter increased by 31% compared to the prior year period [6] Business Line Data and Key Metrics Changes - Total fee-earning AUM stood at $74 billion, growing by $6.7 billion or 10% year-over-year [8] - Customized separate account fee-earning AUM reached $40 billion, growing by $2.1 billion or 5% year-over-year [10] - Specialized funds fee-earning AUM increased to $34 billion, reflecting a 16% growth year-over-year [12] - Evergreen platform AUM approached $12.5 billion, marking a nearly 65% growth over the last twelve months [16] Market Data and Key Metrics Changes - The company continues to see strong momentum in its semi-liquid Evergreen products, contributing to the growth of total fund net asset value [9] - The company has maintained a strong backlog of business, with significant committed and contractual dry powder available for deployment [11] Company Strategy and Development Direction - The company is focused on expanding strategic partnerships and enhancing its global distribution strategy [18] - New product offerings have been launched, including infrastructure products and a fund focused on Asian private market investments [18] - The company emphasizes a long-term growth strategy, viewing its investments alongside clients as crucial for continued growth [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, highlighting strong execution across all business fronts [8] - The company is focused on meeting diverse customer needs through various distribution channels, including digital and traditional methods [33] - Management noted that while recent quarters have seen lighter incentive fees, a positive macroeconomic environment could lead to increased exit opportunities [49] Other Important Information - Management and advisory fees decreased by 4% year-over-year, primarily due to retro fees [20] - Total expenses decreased by $8 million compared to the prior year period, with total compensation and benefits down by $9 million [23] Q&A Session Summary Question: Insights on DBS private banking relationship - Management described the relationship as an expansion of existing strategies, focusing on diverse distribution methods and meeting customer needs [31][36] Question: Status of fund secondary fund six and marketing for fund seven - Management confirmed that fund six is more than halfway invested and that marketing for fund seven has not yet started [38][39] Question: Drivers of customized separate account growth - Management indicated that growth was driven by new sales, re-ups, and increased investment activity, with a significant pipeline of business in progress [44] Question: Outlook on incentive fees and market conditions - Management agreed that a positive macro backdrop could enhance exit opportunities, with expectations for increased activity in the latter half of the year [48] Question: Institutional demand for Evergreen Fund - Management noted that approximately 15% of flows into Evergreen are from institutional investors, with the remainder from traditional retail wealth [52][55] Question: G&A expense outlook - Management projected G&A expenses to be around $33 million per quarter, with some increases expected due to revenue-related expenses [58]