Financial Data and Key Metrics Changes - Fundraising in Q2 2025 was $1.3 billion, contributing to a total of approximately $4.5 billion for the first half of the year, which is 75% of the original $6 billion target for 2025 [6][14] - Fee-related earnings for Q2 2025 were $46.1 million, reflecting an 8% sequential increase and a 17% year-over-year growth [6][29] - Total AUM reached $48.7 billion, with fee-earning AUM growing 6% sequentially and 20% year-over-year [7][11] - The company generated over $600 million in organic net inflows into fee-earning AUM in Q2 2025, totaling $1.3 billion year-to-date [7][11] Business Line Data and Key Metrics Changes - Fee-earning AUM rose to $37.2 billion, with a 20% year-over-year increase and a 6% sequential increase [11][25] - The company reported a 34% year-over-year reduction in redemptions, indicating improved organic growth [12] - Infrastructure fundraising in 2025 was approximately three times greater than in all of 2024, driven by strong demand for Infrastructure Fund V [15] Market Data and Key Metrics Changes - The company noted a shift in investor interest towards Latin America and Europe due to geopolitical uncertainties and high inflation concerns in the U.S. [17][20] - Local investors accounted for approximately 55% of fundraising in 2025, up from 68% in 2024 [21] Company Strategy and Development Direction - The company aims to achieve a full-year fundraising target of $6.3 billion to $6.6 billion, reflecting a 5% to 10% increase from the original target [6][22] - The strategy includes leveraging acquisitions to enhance fee-earning AUM, as demonstrated by the acquisition of seven listed REITs in Brazil [13][70] - The company is focusing on expanding its presence in Mexico, particularly in real estate and credit sectors, while maintaining a cautious approach to growth [37][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 fee-related earnings target of $200 million to $225 million, with a strong start to the year [22][30] - The company highlighted the resilience of its business model, which is designed to grow regardless of macroeconomic conditions [12][20] - Management noted that the current high interest rate environment is driving demand for credit and infrastructure investments [12][18] Other Important Information - The company reported a net accrued performance fee balance of $394 million, which rose approximately 7% from the previous quarter [9] - The effective tax rate for Q2 2025 was 8%, with expectations to hover around 10% annually [31] Q&A Session Summary Question: Expansion in Mexico - The company sees Mexico as an attractive long-term market and is looking for local partners in real estate, credit, and infrastructure [36][37] - A small acquisition of a Mexican real estate fund was made, with plans to expand into logistics real estate [38][39] Question: Deployment Pipeline in Infrastructure - The company has a significant pipeline in infrastructure, particularly in Brazil and Colombia, focusing on toll roads and energy projects [45][46] Question: Fundraising Guidance Clarification - The increase in fundraising guidance is separate from the REIT acquisitions, with strong interest from Asian, Middle Eastern, and local investors [52][54] - The company is experiencing a shift in capital allocation towards Latin America due to geopolitical uncertainties [56] Question: Timeline for REIT Consolidation - The acquisition of REITs is already closed, and the numbers will be reflected in Q3 results [70]

Financial Performance - Patria reported IFRS net income attributable to shareholders of the parent company of $12.9 million for 2Q25[24] - Fee Related Earnings (FRE) reached $46.1 million in 2Q25, a 17% increase compared to 2Q24, with FRE per share at $0.29, up 11% year-over-year[39] - Distributable Earnings (DE) were $38.8 million in 2Q25, a 15% increase compared to 2Q24, with DE per share at $0.24, up 9% year-over-year[40] - Management fees totaled $81.0 million in 2Q25, up 15% compared to 2Q24[39] - Total fee revenues reached $81.1 million in 2Q25, reflecting a 14% increase from $71.1 million in 2Q24[40] Assets Under Management (AUM) - Total Assets Under Management (AUM) reached $48.7 billion as of quarter end, up 21% from $40.3 billion in 2Q24[39, 59] - Fee Earning AUM (FEAUM) totaled $37.2 billion, up 20% from $31.1 billion in 2Q24[39, 63] - The company has $3.3 billion in pending FEAUM as of quarter end[39] Fundraising and Deployment - Total fundraising amounted to $1.3 billion in 2Q25[39] - Total deployment in drawdown funds was $674 million in 2Q25[39] - The company expects full-year fundraising to be 5%-10% higher than the initial $6 billion target[28] Dividends and Corporate Actions - Patria declared a quarterly dividend of $0.15 per common share, payable on September 15, 2025[39] - The board approved a new 3 million share repurchase authorization[39]

Strategic Partnership - Great Elm Group (GEG) and Kennedy Lewis Investment Management (KLIM) have formed a strategic partnership to accelerate the growth of the Monomoy real estate platform[3] - KLIM is making a 4.9% investment in GEG's outstanding common stock at approximately $2.11 per share[4] - KLIM is providing a $100 million term loan to Monomoy Properties REIT, LLC, with an option for an additional $50 million[4] - KLIM will receive a 15% profits interest in the newly formed Great Elm Real Estate Ventures, LLC[4] Real Estate Platform - Great Elm Real Estate Ventures (GEREV) unifies GEG's vertically-integrated real estate platform[7] - Monomoy REIT has approximately $400 million in Assets Under Management (AUM) as of June 30, 2025[10, 11] - Monomoy REIT's portfolio consists of 150 properties across 29 states with 49 unique tenants[10] - The portfolio composition of Monomoy REIT is 58% Equipment Rental, 28% Oil Field & Energy Services, and 10% Construction Supply[10] Future Growth - The real estate platform is targeting revenue growth from approximately $5 million in fiscal year 2025 to $20 million in fiscal year 2026, and to over $100 million in fiscal year 2030[19] - The goal is to grow Monomoy REIT's assets to over $1 billion by 2030, targeting a potential IPO[20]

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 [3] - FRE revenues grew by 29%, FRE increased by 23%, and DE rose by 20% year over year on a last twelve months basis [6] - The company raised $14 billion of new capital during the quarter, totaling a record $55 billion over the last twelve months, which is 28% of assets under management a year ago [5][6] 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 [7] - 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 [8] - The real estate credit strategy deployed over $3 billion year to date, with significant activity in the insurance channel [8] 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 [11] - The company raised $5.8 billion of equity in credit during the second quarter, marking a record quarter for the credit platform [21] - The net lease strategy raised over $2.1 billion ahead of schedule, with total commitments in the net lease business reaching $12 billion [10] Company Strategy and Development Direction - The company aims to grow FRE management fees to over $5 billion and FRE to over $3 billion, feeling on track with these long-term goals [30] - A new strategic partnership with Voya was announced to deliver private market strategies tailored for defined contribution retirement plans, reflecting a focus on broadening access to alternative investments [19] - The company is positioned to leverage its scale and incumbency in respective markets to drive differentiated results and create bespoke solutions for capital users [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the fundraising and deployment activities, despite market disruptions [6] - The company noted that the investments made over the past year are beginning to bear fruit, with a steady and predictable financial profile [30] - Management highlighted the exceptional credit quality in direct lending and the positive outlook for deployment opportunities in the current macro environment [12][78] 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 [20] - The company has raised $3.5 billion across strategies that did not exist two years ago, indicating strong reception for new offerings [9] - The company maintained a leadership position in CMBS deals, anchoring roughly 40% of single asset single borrower deals priced during the period [27] 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 pipeline and expertise in the market [33][36] Question: What are the thoughts on the build-out of a target date fund with Voya? - Management expressed optimism about bringing alternative investment solutions to the 401(k) market, emphasizing the importance of democratizing access to these products [41][44] 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 [52][58] Question: Can you comment on the competitive environment in the triple net lease market? - Management noted that their leadership in the net lease market has accelerated, with a growing pipeline and strong trust built with partners [67][70] Question: What is the outlook for direct lending activity and spreads on incremental capital deployed? - Management reported high credit quality and a positive outlook for direct lending, with signs of increased activity in the market [74][78]

Financial Data and Key Metrics Changes - The company reported fee-related earnings of $0.98 per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share, marking some of the highest figures in its history as a public company [3][4] - Management fees increased by 18% year-over-year to $996 million, driven by fundraising initiatives and deployment activities [4] - Fee-related performance revenues rose by 45% year-over-year to $54 million, attributed to performance allocation from the offshore infrastructure K Series vehicle [4][5] - Fee-related earnings (FRE) for the quarter totaled $887 million, with a FRE margin of 69%, reflecting a 33% increase in FRE per share over the last twelve months [5] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $278 million, slightly above the previous guidance of $250 million [5] - Strategic Holdings operating earnings reached $29 million, contributing to total operating earnings of $1.33 per share [5] - Realized performance income was $419 million, while realized investment income was $154 million, driven by public secondary sales and private transactions [7] Market Data and Key Metrics Changes - The private equity portfolio increased by 5% in the quarter and 13% over the last twelve months, while the infrastructure portfolio appreciated by 3% in the quarter and 14% over the same period [8] - The alternative credit composite rose by 19% over the last twelve months, indicating strong performance in credit markets [8] Company Strategy and Development Direction - The company continues to focus on long-term investments, deploying nearly $37 billion of capital year-to-date, with a significant portion outside the U.S. [10][11] - The alternative credit ecosystem, including asset-based finance (ABF), is viewed as a growing market with significant opportunities, with AUM in ABF increasing over 20% year-over-year to $75 billion [17] - The company announced an expansion into life sciences through the acquisition of Healthcare Royalty Partners, enhancing its healthcare investment capabilities [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 guidance shared last year, citing strong fundraising momentum and healthy portfolio performance [25] - The fundraising environment remains constructive, with $28 billion raised in Q2 and a target of over $300 billion for 2024-2026 [16][45] - The company is optimistic about the potential for 401(k) retirement reform to increase access to private market investments, viewing it as a long-term opportunity [78][82] Other Important Information - The company has a record of $9.2 billion in unrealized carried interest across its global portfolio, up approximately 30% from the previous year [13] - The firm is actively working on elongating and diversifying its liabilities, with a focus on third-party capital and alternative investments [20][73] Q&A Session Summary Question: Update on K Series credit and fundraising progress - Management highlighted that K Series AUM increased from $11 billion to $25 billion year-over-year, with strong progress in infrastructure and private equity [31][32] Question: Institutional fundraising dynamics - Management noted that institutional investors are returning to business as usual, with constructive discussions and a positive outlook for fundraising [45][46] Question: Opportunities in asset-based finance (ABF) - Management indicated that the environment is favorable for ABF, with companies looking to free up capital for strategic initiatives [55][56] Question: Performance of Global Atlantic - Management reported a solid quarter for Global Atlantic with $278 million in operating earnings, driven by variable investment income [71] Question: Impact of potential 401(k) retirement reform - Management expressed optimism about the reform, viewing it as a long-term opportunity to increase access to private market investments [78][82] Question: Industry evolution with AI and blockchain - Management is exploring how AI and blockchain can enhance productivity and create new investment opportunities [90][92]

From a pure-play private equity manager when it first IPO'd, TPG Inc ( TPG ) is now a relatively more diversified alternative asset manager, with ~$251bn of assets under management (or AUM) across private equity, real assets, and credit, among others. Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not rece ...

PHOENIX, July 31, 2025 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) (the "Company"), a leading alternative asset manager, today announced the commitment of $60 million in financing to EarthDaily Analytics ("EarthDaily"), a premier provider of end-to-end Earth observation solutions. About EarthDaily EarthDaily delivers daily, high-quality, scientifically calibrated earth observation imagery paired with powerful AI and advanced geospatial analytics solutions to transform how industries and governments ...

PHOENIX, July 30, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading alternative asset manager, today announced the commitment of $20 million in growth capital to b.well Connected Health ("b.well"). About Trinity Capital Inc. Trinity Capital Inc. (NASDAQ: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized gro ...

Company Overview - Trinity Capital Inc. is a leading alternative asset manager that has committed up to $40 million in an asset-based revolving credit facility to Alt, an online marketplace for investment-grade trading cards [1][3] - Alt, founded in 2020 and headquartered in San Francisco, operates globally in 76 countries, providing a full-service marketplace for buying, selling, vaulting, and borrowing against trading cards [2][3][6] Industry Insights - The partnership between Trinity Capital and Alt is expected to unlock significant demand for trading cards among collectors and investors, enhancing liquidity and transparency in a traditionally fragmented market [3][4] - Alt's proprietary valuation tool, "Alt Value," utilizes market data and AI analytics to provide real-time valuations and insights, which is crucial for investors in the trading card market [2][7] Financial Implications - The capital infusion from Trinity Capital will enable Alt to extend larger loans and provide instant cash advances, thereby improving liquidity for collectors and facilitating multimillion-dollar loans [4] - Since its inception in 2008, Trinity Capital has deployed over $4.3 billion across more than 400 investments, indicating a strong track record in private credit markets [5]

Group 1 - P10, Inc. will release its second quarter 2025 results on August 7, 2025, before U.S. markets open [1] - A conference call and live webcast will be held at 8:30 a.m. Eastern Time on the same day [1] - A replay of the call will be available on P10's investor relations page for those unable to participate live [2] Group 2 - P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry [3] - As of March 31, 2025, P10 has a global investor base of over 3,800 investors across 50 states and 60 countries [3] - The investor base includes some of the world's largest pension funds, endowments, foundations, corporate pensions, and financial institutions [3]