Core Insights - The fifth annual Palm Beach CorpGov Forum took place on November 5-6, featuring discussions on corporate governance, activism, IPOs, private equity, and venture capital [1] - The event included a panel focused on private equity investment in sports teams, emphasizing accountability and integrity within the sports business [2] Event Overview - The forum attracted over 300 attendees, including institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [3] - A diverse lineup of speakers participated, including notable figures from various sectors such as finance, sports, and corporate governance [4][5][6] Panel Discussions - Key topics discussed included the role of private equity in sports team ownership and the future of college athletics [2] - The importance of maintaining integrity and accountability in the sports business was highlighted during the discussions [2]

Core Insights - The fifth annual Palm Beach CorpGov Forum took place on November 5-6, featuring discussions on corporate governance, activism, IPOs, private equity, and venture capital [1][2] Group 1: Event Overview - The forum included panels, fireside chats, and networking receptions, attracting over 300 attendees such as institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [1][3] - Keynote speakers included notable figures from various sectors, emphasizing the importance of transparency and trust in family-owned businesses [2][4][5] Group 2: Discussion Topics - Panelists highlighted the significance of transparency, certainty, and trust in investments related to family-owned businesses, as well as strategies for engaging boards and employees when introducing new capital partners [2][4] - The discussions also covered the balance between short-term and long-term priorities for shareholders and the potential benefits of public visibility for companies [2][4]

Core Insights - The fifth annual Palm Beach CorpGov Forum took place on November 5-6, featuring discussions on corporate governance, activism, IPOs, private equity, and venture capital [1] - The event attracted over 300 attendees, including institutional investors, board directors, family offices, attorneys, investment bankers, and key advisors [2] Speaker Highlights - Keynote speaker was Josh Frank, Partner and Co-Investment Officer at Trian Fund Management [3] - Other notable speakers included Andrew Keys from The Ether Machine, Ken Traub from Comtech Telecommunications, and various leaders from law firms and investment groups [3][4][5] Panel Discussions - Panels focused on the impact of market conditions on M&A, shareholder activism, and the role of one-time activists [1]

Applicants for an entry-level role at Blackstone have a 0.2% chance of getting a full-time job. Hiring is up, but the number of applicants has doubled since 2021. We spoke to a 2025 analyst about their path to the program and how it feels to be selected. Blackstone, unlike some of its private markets competitors, has a long history of hiring straight out of college. Jon Gray, the firm's president and CEO Steve Schwarzman's heir apparent, started in 1992 after graduating from the University of Penns ...

Core Idea - The concept of employee ownership is being promoted as a means to enhance worker engagement and retention while allowing employees to build wealth, addressing issues such as high quit rates and low job satisfaction in the workforce [3][4][15]. Employee Ownership Model - Employee ownership is structured to provide workers with stock or options without requiring them to invest out of pocket, aiming to offer a year’s worth of income as a benefit [5][8]. - The model involves placing a block of ownership in a trust, which is liquidated upon a company sale or IPO, allowing employees to receive cash or tradable stock [6][11]. Case Study: Ingersoll Rand - Ingersoll Rand serves as a case study where employee ownership transformed the company culture, increasing stock ownership from 86 senior executives to 20,000 employees, resulting in workers earning approximately $1 billion and reducing the quit rate by 90% [7][19]. Challenges and Transparency - Implementing employee ownership is complex, requiring education on business operations and financial transparency to ensure employees understand their contributions and the value of their ownership [16][12]. - Regular updates on company performance and valuations are provided to employees to maintain transparency and engagement [12][13]. Policy and Future Aspirations - The initiative aims to modernize existing policies like the Employee Stock Ownership Plan (ESOP) to encourage broader participation in employee ownership, with aspirations to expand this model to more companies and workers [20][21]. - There is bipartisan support for the idea of employee ownership, indicating a potential for policy changes that could incentivize companies to adopt this model [19][20].

Core Insights - Clearlake Capital Group is acquiring Pathway Capital Management for nearly $1 billion, which will approximately double its assets under management to $185 billion, positioning it among the largest private-equity firms [2][3][6] Group 1: Acquisition Details - The acquisition will bring Clearlake's assets under management to $185 billion, establishing it just below the top 10 firms by assets [3] - Pathway Capital Management has about $95 billion in assets under management, with a portion generating lower fees than traditional private equity or credit [3] - The deal will allow Clearlake to enter new business areas, including secondaries and infrastructure, and potentially reach the private-wealth market [4] Group 2: Market Context - Institutional investors are slowing allocations to private equity, prompting firms to either scale up or remain focused to compete effectively [5] - Clearlake's strategy to grow is aimed at catering to large sovereign-wealth funds that prefer to invest across various asset classes [6] Group 3: Company Background - Clearlake Capital Group, founded in 2006, focuses on investments in technology, industrial, and consumer sectors, and has returned over $20 billion to investors since 2021 [7] - Pathway Capital Management, established in 1991, provides customized portfolios for institutional investors and wealth advisers, and operates funds for co-investing and secondary market private-equity stakes [8]

“They've gotten comfortable enough that this is an environment that they can operate in and do deals in. I don't know that they're fully comfortable that they can really forecast everything,” said Todd Dubner, a principal and deal advisory and strategy leader for industrial manufacturing at KPMG US. “But that's not dissuading them from starting down the deal path.”KPMG’s report noted that aerospace and defense deals were notably down earlier in the year, while sectors such as automotive continued to be acti ...

Financial Data and Key Metrics Changes - The company raised its net profit forecast from JPY 380 billion to JPY 440 billion, reflecting strong performance across all business categories [4][14] - Net income for the first half reached JPY 271.1 billion, a record high and an increase of 48% year-on-year [13][14] - ROE for the first half was annualized at 12.7%, up from 8.8% in the previous fiscal year [20][14] - The four-year ROE forecast was increased to 10.3%, up by 1.3% compared to the previous year [16][14] Business Line Data and Key Metrics Changes - Finance segment profit increased by 8% year-on-year to JPY 99.6 billion, driven by strong gross investment income [18][14] - Operation segment profit rose by 9% year-on-year to JPY 114.9 billion, benefiting from inbound tourism demand [18][14] - Investment segment profit surged by 117% year-on-year to JPY 194.9 billion, largely due to the sale of Greenko Energy and other assets [19][14] Market Data and Key Metrics Changes - Total group AUM reached JPY 88 trillion, moving closer to the medium-term target of JPY 100 trillion [10][16] - The company reported a significant increase in financial income from leases and loans in Asia and Australia [18][14] Company Strategy and Development Direction - The company aims to achieve a long-term vision of 15% ROE and JPY 1 trillion in net profit by March 2035 [3][4] - A new PE fund was established in collaboration with the Qatar Investment Authority, targeting investments in Japanese companies [5][4] - The Osaka Integrated Resort project is set to open around fall 2030, with construction costs revised upwards due to inflation [8][4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving midterm business plans and long-term vision through disciplined portfolio management and capital recycling [11][4] - The company is closely monitoring the impact of rising interest rates and inflation on its operations and asset management [52][14] Other Important Information - The share buyback program was expanded from JPY 100 billion to JPY 150 billion, with JPY 78 billion already repurchased [15][14] - The company is transitioning to an asset-light portfolio to enhance corporate value and improve capital efficiency [10][14] Q&A Session Summary Question: Inquiry about joint investment with QIA - Management explained that the joint PE fund with QIA was established after two years of negotiation, aiming to leverage third-party funds for larger projects without significantly bloating the balance sheet [40][42][44] Question: ROE target and initiatives to achieve it - Management acknowledged the need for initiatives to achieve the 11% ROE target, emphasizing the importance of monitoring interest rates and capital management [49][52] Question: Outlook for next year's profit forecast - Management indicated that while the current year has seen significant one-off gains, they expect to maintain a steady profit growth trajectory moving forward [56][60][75] Question: Capital recycling forecast and segment profit balance - Management clarified that the capital gain forecast for the year is on track, with expectations for solid performance in the real estate market and private equity portfolio [64][66] Question: Concerns about potential impairments and next year's business plan - Management reassured that while there may be fluctuations in profit, they do not foresee significant impairments and are optimistic about next year's performance [70][72][75]

Group 1 - The event "Xiangmi Lake Finance+" focused on discussing the policy benefits and practical paths of mergers and acquisitions, attended by over 180 representatives from listed companies, brokerage investment banks, private equity institutions, and regulatory bodies in Shenzhen [1][3] - The Shenzhen Municipal Financial Office provided an in-depth interpretation of the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" [3] - Experts from the Shenzhen Securities Regulatory Bureau and Shenzhen Stock Exchange analyzed the regulatory policies, latest cases, and review points since the implementation of the "Six Guidelines for Mergers and Acquisitions" [3] Group 2 - The Shenzhen Financial Regulatory Bureau explained the arrangements for merger loan systems, while招商证券 and Postal Savings Bank shared key points on designing merger transaction plans and financial service solutions [3] - A "Xiangmi Lake Merger Service Workstation" was inaugurated, and a comprehensive merger financial service product system was launched, providing full-process, multi-level financial services to support strategic integration and industrial upgrading for real enterprises [3][5] - This event marks the beginning of a series of merger service activities organized by the Shenzhen Listed Companies Association, which will include various salons, small matchmaking meetings, and specialized lectures to meet the merger needs of Shenzhen enterprises [5]

Qatar’s sovereign wealth fund is teaming up with Orix to start a $2.5 billion private equity fund targeting Japanese companies, sources say https://t.co/cUjThvKPZB ...