Core Viewpoint - Blackstone Inc. (BX) stock is currently trading at a premium compared to the industry average, with a forward 12-month price/earnings (P/E) ratio of 30.30, exceeding the industry average of 25.69, indicating potential overvaluation [1][2][5] Valuation Comparison - BX's P/E ratio is significantly higher than its closest peers, Apollo Global Management, Inc. (APO) at 15.73 and The Carlyle Group Inc. (CG) at 14.42, suggesting that BX may be relatively overvalued [2][5] Growth Factors - Blackstone's total Assets Under Management (AUM) reached $1.21 trillion as of June 30, 2025, driven by strong capital inflows and strategic investments in private credit and high-growth sectors [9][10][11] - The company has seen a compound annual growth rate (CAGR) of 16.2% in total AUM and 15.3% in fee-earning AUM over the past four years [10] - Blackstone's focus on private credit and investments in sectors like digital infrastructure, AI, and life sciences are expected to support continued AUM growth [12][13] Fundraising and Capital Deployment - Despite a challenging fundraising environment, Blackstone has raised significant capital, with $181.2 billion available as of June 30, 2025, allowing for opportunistic investments [14] - The company deployed $133.9 billion in 2024 and $69.5 billion in the first half of 2025, positioning itself well to capitalize on market dislocations [15] Strategic Alliances - Blackstone formed an alliance with Wellington and Vanguard to develop multi-asset investment solutions, aiming to enhance investor access to institutional-quality portfolios [16] Price Performance - Over the past three months, BX shares have increased by 33.6%, outperforming the industry and the S&P 500 Index, although it lagged behind Carlyle Group's 42.3% gain [17] Earnings Estimates - Analysts have revised earnings estimates upward for 2025 and 2026, indicating expected year-over-year growth rates of 7.8% and 29.9%, respectively [20] Long-term Outlook - Blackstone is positioned for long-term growth due to high inflows and substantial capital for investments, although its premium valuation raises concerns for more conservative investors [19][23]

Group 1 - Alternative asset manager Rithm Capital announced a definitive agreement to acquire the REIT Paramount Group for approximately $1.6 billion [2] - Following the announcement, Rithm Capital shares increased by 0.66% to $12.15 in pre-market trading, while Paramount Group shares fell by 11.50% to $6.54 [2]

Core Insights - Founder-run companies, while representing less than 5% of the S&P 500 index, contribute nearly 15% of the total index's market capitalization, particularly in the technology sector [2] - Founder-led companies tend to outperform others, with a market-adjusted return of 12% over three years compared to a negative 26% for companies with professional CEOs [5] Company Highlights - **AppLovin**: - Market capitalization of $129.7 billion, leading in mobile advertising with its AI engine, Axon 2 [7] - Transitioned to a software-centric model, improving margins and financial performance [9] - Positioned to capture market share through scalable, AI-enabled technologies [8] - **Palantir Technologies**: - Market capitalization of $406.2 billion, focusing on software platforms for the intelligence community [11] - Strong AI strategy with a revenue guidance midpoint of $4.146 billion for 2025, indicating 45% year-over-year growth [14] - Modular sales approach expanding its U.S. commercial customer base [13] - **Blackstone**: - Largest alternative asset manager with a market capitalization of $225.7 billion and over $1.1 trillion in total assets under management [15] - Strong inflows and a capital base of $181.2 billion, positioning it to capitalize on market dislocations [17] - Focus on areas like digital infrastructure and life sciences for long-term growth [17] - **CrowdStrike**: - Market capitalization of $111.6 billion, transforming cybersecurity with its AI-native Falcon platform [18] - Expected revenues for fiscal 2026 between $4.749 billion and $4.805 billion, with adjusted operating income projected at $1-$1.04 billion for fiscal 2025 [21][22] - Leveraging AI to enhance security outcomes and operational efficiency [20]

Core Insights - Trinity Capital Inc. has committed up to $50 million in growth funding to Nalu Medical, Inc., a company focused on neurostimulation solutions for chronic neuropathic pain [1][3] Company Overview - Trinity Capital Inc. is an alternative asset manager that aims to deliver consistent returns through private credit markets, with a focus on growth-oriented companies [4] - Nalu Medical, Inc. is a medical technology company based in Carlsbad, California, specializing in minimally invasive solutions for chronic neuropathic pain [5] Product and Technology - Nalu's Neurostimulation System utilizes a proprietary implantable pulse generator (IPG) to modulate pain signals before they reach the brain, featuring a small, battery-free device controlled via smartphone [2][5] - The system has received FDA clearance for implantation and expanded labeling for whole-body MRI-conditional use [2] Strategic Partnership - Trinity Capital expresses confidence in Nalu's leadership in peripheral nerve stimulation (PNS) and its innovative technology, which is reshaping pain management [3] - Nalu's CEO highlights the importance of this financial partnership for the commercial expansion of their next-generation Therapy Disc and the publication of significant long-term real-world data supporting their device's efficacy [3]

Core Insights - Ares Management is planning a credit secondaries transaction valued at approximately €1.5 billion [1] Group 1: Company Overview - Ares Management is an alternative asset manager with direct lending activities in Europe [1] Group 2: Transaction Details - The planned transaction involves trading existing stakes in private credit funds [1]

Core Insights - Caliber has appointed Peter Dorrius to its newly established Caliber Crypto Advisory Board (CCAB) to provide strategic oversight for its Digital Asset Treasury (DAT) Strategy focused on LINK tokens [1][3] - The DAT strategy aims to build a treasury of LINK tokens for long-term value and yield, bridging traditional real estate markets with the digital financial ecosystem [3][4] Company Overview - Caliber (NASDAQ: CWD) is a diversified alternative asset manager with over $2.9 billion in managed assets, specializing in private equity real estate investments across various sectors including hospitality, multi-family residential, and industrial real estate [4] - The company has been operational for over 16 years and has launched a Digital Asset Treasury strategy in 2025, anchored in Chainlink (LINK) [4] Advisory Board Insights - Peter Dorrius brings extensive experience in finance and digital assets, having served as CFO for companies like Blackline Safety and Blockcap, where he was involved in a $1.46 billion merger [2] - His expertise will assist Caliber in developing institutional-grade infrastructure, controls, and security for its DAT strategy [3]

Core Insights - Trinity Capital Inc. has committed $26 million in growth capital to Unmind, a workplace mental health platform that integrates AI to provide comprehensive mental health care solutions [1][4]. - Unmind's platform combines human expertise, digital innovation, and proven science to offer a range of services including proactive AI guidance, therapy, coaching, crisis care, and wellbeing tracking [2][6]. - The funding will enable Unmind to scale operations, enhance its AI agent "Nova," attract talent, and invest in further innovation, bringing Unmind's total capital raised to over $100 million since its inception [4][5]. Company Overview - Trinity Capital Inc. is an alternative asset manager focused on delivering consistent returns through private credit markets, having deployed over $4.7 billion across more than 420 investments since 2008 [5]. - Unmind supports nearly 3 million employees globally, including major brands like Uber, Disney, and Major League Baseball, emphasizing the importance of mental health in the workplace [3][6].

Group 1: Business Ties and Investment Opportunities - Business ties between mainland China and the Middle East are deepening, with Hong Kong serving as a crucial "superconnector" [1] - The Oman Investment Authority has invested over US$2 billion in Greater China, focusing on sectors such as healthcare, biotechnology, and technology [2] - Bilateral trade between China and Oman reached US$36.73 billion last year, with Chinese exports primarily consisting of mechanical and electrical products and hi-tech goods [3] Group 2: Trade and Economic Cooperation - Trade between China and the Gulf Cooperation Council (GCC) countries exceeded US$288 billion last year, with growing cooperation in energy and green transformation [4] - Hong Kong is positioned as a primary platform for capital and innovation, facilitating collaboration between Oman and mainland China [5][6] Group 3: Connectivity and Travel - There has been an increase in connectivity between Hong Kong and the Middle East, driven by the demand from business travelers [7]

Market Overview - Small cap stocks showed volatile performance in Q2, with the Russell 2000 Index recovering to within 10% of its record highs in just 55 days, primarily driven by growth, momentum, high-beta, and low-quality stocks [2] - The Russell 2000 returned 8.5% for the quarter, underperforming the Russell 1000 Index's 11.1%, marking the widest annual performance gap since 1935 [3] - Growth stocks regained leadership due to strong demand for AI beneficiaries, with the Russell 2000 Growth Index returning 12.0%, significantly outperforming the Russell 2000 Value Index by 700 basis points [3] Retail Investor Activity - Retail trading volumes have more than doubled since 2010, now accounting for nearly 21% of total market volume, while traditional long-only managers and hedge funds are losing market share [4] - Retail investors are focusing on companies with an average market cap about half that of the Russell 3000, with nearly 45% of their purchases being "zombie" companies with no earnings [10] - Notable examples include Regencell Bioscience, which saw a 7,000% increase in market cap despite having no revenue or regulatory approval [10] Portfolio Performance - The ClearBridge Small Cap Strategy underperformed its benchmark in Q2, with detractors in consumer discretionary and communication services sectors outweighing positive contributions from utilities and select healthcare companies [12] - Stock selection in the consumer discretionary sector faced challenges, particularly for Murphy USA and Oxford Industries, due to idiosyncratic headwinds and increased tariff costs [13][14] - Communication services sector detractors included Criteo and Anterix, with concerns over long-term growth and profitability impacting performance [15] Sector Contributions - Utilities sector performance was led by Talen Energy, benefiting from rising demand for power due to AI data centers [16] - Verona Pharma rebounded after receiving favorable FDA designation, leading to its acquisition by Merck at a premium [17] - Overall, the strategy had gains in six of the 11 sectors, with industrials and IT sectors being the leading contributors [21] Portfolio Positioning - The company actively adjusted its financial sector positioning, exiting Home BancShares for UMB Financial to enhance quality exposure [18] - New positions were initiated in AGCO within the industrials sector, expected to benefit from trade and tariff policies [19] - Exited positions included Abacus Global due to declining conviction and performance concerns [18] Outlook - The market shows signs of euphoria reminiscent of previous speculative bubbles, with a focus on low-quality stocks [4][20] - Economic uncertainties, including tariff impacts and potential inflation, suggest a need for a cautious approach [20] - The company continues to prioritize high-quality stocks with strong fundamentals, anticipating that these will be favored when market conditions shift [20]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 9, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Bain Capital GSS Investment Corp. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 6770 98-1853296 (Primary Standard Industrial Classification Code Number) (I.R.S. Employe ...