Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening capital market regulation and risk prevention during the "14th Five-Year Plan" period, highlighting the need for a safe, standardized, transparent, open, vibrant, and resilient capital market [1] Group 1: Regulatory Actions and Market Environment - The capital market has faced complex changes and external risks over the past five years, with the CSRC focusing on balancing development and safety while reinforcing regulatory measures [1] - Approximately 7,000 zombie private equity firms have been cleared, and the growth of "pseudo-private equity" risks has been effectively curtailed [1] Group 2: Private Fund Developments - As of September 22, 2023, 853 private equity firms have completed deregistration this year, including 375 private securities investment funds [1] - The number of actively deregistered private equity firms has surpassed those deregistered by the association for the first time, indicating a shift from passive clearing to active optimization within the industry [3] Group 3: Compliance and Risk Management - The CSRC has implemented measures against "pseudo-private equity" firms that violate regulations and harm investor interests, collaborating with law enforcement to address private fund crimes [3] - The China Securities Investment Fund Industry Association (AMAC) has been actively improving the integrity record-keeping mechanism for private equity firms to promote compliance and healthy industry development [3]

Core Insights - The article discusses the investment strategy of MMMT Wealth, which is focused on high-growth investments while preparing for a potential market pullback in 2025 or 2026 [1] - MMMT Wealth was founded in 2023 by Oliver, a CPA with experience in private equity, hedge funds, and asset management, who aims to provide insights on investment strategies and stocks [1] - The investment approach emphasizes gathering insights from various sources, including investor calls, presentations, and financials, with a focus on a 3-5 year time horizon [1] Company Overview - MMMT Wealth is primarily managed by Oliver, who has 5 years of investing experience and 4 years as a CPA [1] - The company started as an online platform where Oliver shares his investment strategies and insights through X and Substack [1] - The goal of MMMT Wealth is to identify the best businesses globally, recognizing that a few key investments can significantly impact financial outcomes [1]

Core Insights - The internal rate of return (IRR) is often misrepresented in the private equity industry, leading to inflated performance claims that do not reflect actual cash returns [3][7][10] - The complexity and opacity of private market returns pose challenges for individual investors trying to assess fund performance [4][12][14] Investment Metrics - The IRR can be easily manipulated and does not equate to actual cash returns, which can mislead investors [2][3][10] - Alternative metrics like Public Market Equivalent (PME) and Distribution to Paid-In Capital (DPI) are being adopted to provide clearer comparisons to public market returns [8][9][10] Market Access and Regulation - A small percentage of plan sponsors have begun to offer alternative assets in retirement plans, a trend likely to increase due to regulatory changes [5][16] - The introduction of private equity and alternative investments into 401(k) plans may provide new opportunities for individual investors, albeit with limited options [6][17] Performance Comparison - Private equity returns are often compared to underperforming indices, which can skew perceptions of their performance [11][12] - The valuation of private assets relies heavily on subjective assessments, making it difficult to ascertain true performance without actual sales [13][14] Fiduciary Responsibilities - Professionals managing 401(k) plans have a fiduciary duty to act in the best interests of participants, which includes evaluating private fund options responsibly [15][16]

Core Insights - Private markets are increasingly attracting interest from financial advisors due to their potential for diversification and performance that exceeds traditional stock and bond allocations [1][2] - The appeal of private assets is linked to their lower correlation with public debt and equity, which can lead to higher returns or lower risks for investors [2] - However, challenges such as reduced liquidity and higher fees associated with private investments need to be carefully considered by advisors [2] Investment Trends - The number of publicly traded companies has decreased by half over the past 20 years, prompting firms to seek opportunities in private markets [3] - Investment firms are launching funds focused on private companies, particularly those within two to four years of going public or being acquired [3] Performance Expectations - Venture capital funds are targeting returns in the range of 20% to 30%, but these investments are characterized by a 7-year lifespan with no redemption options during that period [4] Market Participation - Financial advisors are increasingly looking to build diversified portfolios that include private credit, private equity, and real estate to enhance client offerings [5]

Mergers and Acquisitions - FountainVest 和 CPE 接近达成协议，将联合收购 SML [1] - 该交易对 RFID 和品牌识别提供商 SML 的估值可能超过 6 亿美元 [1]

Core Insights - The increasing trend of private equity (PE) ownership across various industries, particularly in accounting, is notable, with projections indicating that over half of the top 30 accounting firms could be under PE ownership by the end of 2025 [2][3]. Industry Trends - From 2020 to September 2025, there have been at least 90 private equity-related transactions and firm mergers in the accounting sector, with 52 occurring in 2025 alone, highlighting the rapid growth of PE influence [2]. - Private equity firms are estimated to own about 10% of all apartment stock in the United States, indicating that few industries are immune to PE's reach [3]. Company Dynamics - Companies often view PE investments as a means to increase capital access and facilitate growth, as seen in the case of Milwaukee-based accounting firm Wipfli, which announced a minority investment from New Mountain Capital to accelerate its growth [5]. - The tension between founders' long-term visions and private equity firms' goals of quick returns can create challenges in company direction and strategy [5]. CFO Strategies - CFOs are advised to build trusted relationships with new ownership to navigate the complexities of private equity situations effectively [7]. - The importance of storytelling and relationship management is emphasized for CFOs in private equity contexts, as they need to be more relationship savvy than in previous roles [8].

Group 1 - The event is the third edition of PAX Talks, focusing on Patria's Global Private Market Solutions (GPMS) and its approach to generating Alpha in middle market private equity [1][2] - Andre Medina leads the Shareholder Relations at Patria and introduces the session, while Charles Keenan, with a background in public markets portfolio management, will lead the Q&A [1] - Merrick Mckay, a partner and head of Private Equity for GPMS, has over 30 years of experience in the European private equity industry and is involved in various advisory roles [2] Group 2 - The format of the event is a fireside chat Q&A, allowing participants to submit questions for discussion [3] - There is a reminder regarding forward-looking statements, indicating that the information shared may not guarantee future performance [3][4]

Group 1 - Carlyle has hired two senior executives for its direct-lending business [1] - The hiring aims to increase Carlyle's share in a growing market [1]

Core Viewpoint - The appointment of Caroline Chan as an independent non-executive Director of NB Private Equity Partners is aimed at ensuring a smooth transition in anticipation of Trudi Clark's retirement in 2026 [2]. Group 1: Appointment Details - Caroline Chan has been appointed to the Board effective from 18 September 2025, increasing the Board size from five to six directors temporarily [2]. - Ms. Chan brings over 30 years of experience as a corporate lawyer with expertise in investment funds, banking, and commercial law [2]. - She has held various senior legal and regulatory roles and directorships within leading firms and Guernsey organizations [2]. Group 2: Committee Involvement - Ms. Chan will serve on the Audit Committee, Management Engagement Committee, and the Nomination & Remuneration Committee, with all appointments effective from 18 September 2025 [3]. Group 3: Company Overview - NB Private Equity Partners invests in direct private equity investments alongside leading private equity firms globally [4]. - The Investment Manager, NB Alternatives Advisers LLC, is responsible for sourcing, execution, and management of NBPE, with a focus on fee efficiency [4]. - NBPE aims for capital appreciation through growth in net asset value over time while paying a bi-annual dividend [4]. Group 4: Neuberger Berman Overview - Neuberger Berman is an employee-owned, independent investment manager managing $538 billion across various asset classes [5]. - The firm has been recognized as one of the best places to work in money management for eleven consecutive years [5].

Summary of Patria Investments (NasdaqGS:PAX) Update / Briefing Company Overview - **Company**: Patria Investments - **Event**: Third edition of Pax Talks, focusing on Global Private Markets Solutions (GPMS) business - **Date**: September 18, 2025 - **Key Speakers**: Andrea Medina (Shareholder Relations), Merrick McKay (Partner and Head of Private Equity for GPMS), Charles Keenan (Portfolio Manager at Long Light Capital) Key Points Industry and Business Model - **Industry**: Private Equity, specifically focusing on middle-market investments - **Business Model**: GPMS invests in middle-market private equity primaries, secondaries, and co-investments primarily in Europe and to a lesser extent in the U.S. [3][4] Financial Metrics - **Assets Under Management (AUM)**: As of Q2, GPMS had $13.9 billion in AUM, with $11.4 billion being fee-earning AUM, $1.4 billion pending fee-earning AUM, and $3 billion uncalled capital [3] - **Patria Private Equity Trust (PPET)**: Represents over $1.6 billion of permanent capital fee-earning AUM and has raised over $3.5 billion since the acquisition of Aberdeen's middle-market private equity solutions business [4] Growth Strategy - **Growth Target**: Patria aims to double GPMS fee-earning AUM within the next three years [4][53] - **Focus Areas**: - Maintain and grow the separate managed account (SMA) client base - Expand successful secondaries strategy (SOF) - Develop new pooled products and explore opportunities in LATAM [54][55] Market Dynamics - **Middle-Market Focus**: The mid-market has historically generated superior returns compared to large-cap investments due to lower pricing, more growth opportunities, and lower correlation with public markets [23][24] - **Investor Sentiment**: There has been a shift in focus from large mega-cap investments to mid-market opportunities as private equity returns have begun to decline [26][27] Client Relationships - **Client Base**: Predominantly consists of separate managed accounts (SMAs) and pooled products, with a strong emphasis on maintaining close relationships with clients [12][41] - **Investor Preferences**: Clients prefer tailored strategies that leverage Patria's expertise in specific market segments, particularly in Europe [17][18] Competitive Advantage - **Relationship-Driven**: The success of GPMS is heavily reliant on long-term relationships with both limited partners (LPs) and general partners (GPs), which are crucial for co-investment opportunities and secondary market transactions [40][42] - **Operational Efficiency**: Patria's ability to move quickly and adapt to market changes is highlighted as a significant advantage over larger, more bureaucratic institutions [70] Future Outlook - **Expansion Plans**: Patria aims to broaden its private market solutions beyond private equity to include venture capital, infrastructure, private credit, and real estate [62][63] - **LATAM Market Potential**: There is a significant opportunity for growth in the LATAM market, which is currently under-allocated to private equity compared to developed markets [55][66] Challenges and Considerations - **Market Conditions**: The dynamics in different LATAM countries vary significantly, affecting the pace of growth and investment opportunities [67] - **Investment Performance**: Maintaining strong performance is critical for client retention and attracting new investments [53] Additional Insights - **Historical Context**: The discussion reflects on the evolution of private equity, noting that the last decade has seen significant tailwinds that have now shifted, necessitating a focus on alpha generation rather than beta [36][38] - **Investment Philosophy**: Patria emphasizes the importance of sector specialization and operational value-add in mid-market investments, which differentiates them from larger players [24][25]