Core Viewpoint - Apollo Global Management, Inc. has experienced a decline of approximately 20% in share value over the past year despite strong fundraising results, raising concerns about the private equity and credit sectors, as well as new issues in the software sector [1] Company Performance - The company has reported excellent fundraising results, indicating strong operational capabilities [1] - The decline in share value suggests potential underlying issues that may affect investor confidence [1] Industry Concerns - There are growing concerns regarding the private equity and credit markets, which could impact the overall performance of firms like Apollo [1] - New concerns have emerged specifically related to the software sector, which may further complicate the investment landscape [1]

Core Insights - The A-share market has shown a significant upward trend since 2025, with major indices recording gains and a noticeable profit-making effect, leading to a continuous increase in the scale of private equity management [2] - As of January 2026, there are 243 leading private equity firms in China, accounting for less than 4% of the total 7501 private equity institutions [2] Group 1: Head Private Equity Firms - The development trends and backgrounds of the actual controllers of leading private equity firms are of great interest to the market [3] - Among the leading private equity firms, 23 controllers are from Tsinghua University, representing about 9.5% of the total, with 13 being from firms managing over 10 billion [3] - The average industry experience of Tsinghua controllers is approximately 19 years, with a majority focusing on stock strategies [4] Group 2: Tsinghua University Controllers - Tsinghua University controllers predominantly operate in Beijing (9), followed by Shanghai (7) and Shenzhen (4) [5] - Notable figures include Wu Weizhi from Zhongou Ruibo, who has over 30 years of experience and emphasizes fundamental research for growth stock selection [5][6] Group 3: Peking University Controllers - There are 23 controllers from Peking University, also about 9.5%, with 15 managing over 10 billion [6] - The average industry experience for Peking University controllers is around 18 years, with a strong focus on stock strategies [7] Group 4: Fudan University Controllers - Fudan University has 21 controllers, accounting for approximately 8.6%, with 11 managing over 10 billion [8] - The average industry experience for Fudan controllers is about 23 years, with a majority focusing on stock strategies [9] Group 5: Renmin University Controllers - Renmin University has 7 controllers, representing about 2.9%, with 6 managing over 10 billion [11] - The average industry experience for Renmin controllers is around 27 years, primarily focusing on stock strategies [12] Group 6: Zhejiang University Controllers - Zhejiang University has 9 controllers, accounting for about 3.7%, with 3 managing over 10 billion [15] - The average industry experience for Zhejiang controllers is approximately 18 years, with a mix of strategies including multi-asset and stock [16] Group 7: Shanghai Jiao Tong University Controllers - Shanghai Jiao Tong University has 6 controllers, representing about 2.5%, with an equal split between those managing over and under 10 billion [18] - The average industry experience for these controllers is around 20 years, with a majority focusing on stock strategies [19] Group 8: Nankai University Controllers - Nankai University has 9 controllers, also about 3.7%, with 5 managing over 10 billion [20] - The average industry experience for Nankai controllers is approximately 22 years, with a focus on stock strategies [21]

RT Lisa Du (@lisadont)Our story on PE giants like Blackstone, KKR, EQT's attempt to tap Japan's wealthy retail investors for funds as institutional money wanes. Most see Japan as the largest private wealth opportunity outside of the US, but the market comes with its challenges: https://t.co/7ZpfR0iWyB ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record financial results with Distributable Earnings before realizations of $5.4 billion, representing an 11% increase over the prior year, and total Distributable Earnings of $6 billion [7][15] - The total net income for the year was $3.2 billion, with Distributable Earnings per share of $2.27 before realizations and $2.54 including realizations [15] - The company raised $112 billion of capital during the year, with fee-bearing capital increasing by 12% to over $600 billion, driving a 22% increase in Fee-Related Earnings to $3 billion [15][16] Business Line Data and Key Metrics Changes - The Asset Management business generated $2.8 billion of Distributable Earnings, or $1.17 per share, reflecting strong investor demand for fund offerings [15] - The Wealth Solutions business delivered $1.7 billion of Distributable Earnings, a 24% increase over the prior year, driven by $20 billion of annuity sales and improved profitability in the P&C business [16][24] - Operating businesses generated Distributable Earnings of $1.6 billion, supported by strong fundamentals across the platform, with Renewable Power and Transition and Infrastructure businesses seeing a 14% increase in Operating Funds from Operations [17] Market Data and Key Metrics Changes - The market environment showed strong business fundamentals, with improved capital markets and increased transaction activity, leading to expectations that real assets will continue to outperform [8][11] - In the real estate sector, nearly 17 million square feet of office leases were signed globally, with net rents averaging 18% higher than expiring leases [18] - The company’s Super Core and Core Plus portfolios finished the year with over 95% occupancy, poised for robust NOI growth in 2026 [19] Company Strategy and Development Direction - The company is focused on streamlining and consolidating its market capitalizations, with plans to merge Brookfield Corporation with its sister insurance entity, BNT, to enhance growth potential [12][13] - The strategic initiatives advanced in 2025 are expected to fuel meaningful momentum, with a strong capital base of $180 billion and significant access to capital [22][14] - The company aims to maintain a long-term focus on value creation, emphasizing the importance of avoiding disruption to the compounding process [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver financial results and compound value for shareholders, anticipating 2026 to be another strong year [14] - The company highlighted the importance of maintaining excess capital to navigate market cycles and capitalize on investment opportunities [10] - Management noted that the current market sentiment is beginning to realign with strong underlying fundamentals, particularly in real estate [11] Other Important Information - The company returned $1.6 billion to shareholders in 2025 through dividends and share buybacks, repurchasing over $1 billion of Class A shares at a significant discount to intrinsic value [21] - A 17% increase in the quarterly dividend to $0.07 per share was declared, reflecting a commitment to returning capital to shareholders while maintaining a low payout ratio [23][66] Q&A Session Summary Question: Scaling the P&C business and its profitability - Management discussed the repositioning of the P&C business to generate strong profits and the potential for M&A opportunities as markets soften, with a target of $20 billion-$25 billion of float by the end of the decade [32][35] Question: Decision to simplify the structure and collapse BNT - Management explained that the decision to streamline and simplify the structure is based on the evolution of public markets and the growth potential of the insurance business, aiming to fully benefit from the broader capital base [38][41] Question: Outlook for the Carry into 2026 - Management indicated a strong pipeline for monetizations and expects an increase in Carry realizations in the second half of the year, with good valuations for assets being brought to market [62][63] Question: Dividend increase and its implications - Management clarified that the 17% dividend increase is not a shift in strategy but a result of share splits and a low payout ratio, maintaining a focus on reinvesting capital back into the business [66][67]

PERFORMANCE UPDATE 2025 Full Year Highlights We generated $1.6 billion ($0.67/share) of Distributable Earnings ("DE") during the quarter and $6.0 billion ($2.54/share) for the year. Record Deployable Capital $6B 11% $188B Annual Growth in DE Before Realizations Distributable Earnings ("DE") DE before realizations were $1.5 billion ($0.63/share) for the quarter and $5.4 billion ($2.27/share) for the year, representing growth of 11% per share over the prior year. Asset Management Wealth Solutions Operating Bu ...

Financial Data and Key Metrics Changes - As of the end of Q4 2025, fee-paying assets under management (AUM) reached $29.4 billion, reflecting a 15% year-over-year increase [19] - For the full year 2025, fee-paying AUM increased by 15%, fee-related revenues (excluding direct and secondary catch-up fees) rose by 13%, and fee-related earnings (FRE) margins were better than expected at 47% [11][19] - GAAP net income for Q4 was $11 million, up from $5.7 million in the prior year's Q4, while for the full year 2025, net income was $23 million, an increase from $19.7 million in 2024 [25] Business Line Data and Key Metrics Changes - In Q4 2025, private equity strategies raised and deployed $325 million, venture capital solutions raised and deployed $178 million, and private credit strategies added $338 million to fee-paying AUM [24] - The average core fee rate was 109 basis points in Q4 and 104 basis points for 2025, with an expectation of averaging 103 basis points for 2026 [23] Market Data and Key Metrics Changes - The company raised and deployed a record $5.1 billion in organic gross new fee-paying AUM in 2025, exceeding initial annual fundraising guidance by over $1 billion [11] - AUM, including NAV and uncalled capital commitments, was over $43 billion across the platform as of December 31, 2025 [22] Company Strategy and Development Direction - The company aims to double fee-paying AUM to $50 billion by the end of 2029, primarily through organic growth [15] - The acquisition of Stellus, a direct lending platform, is expected to enhance capabilities in the middle and lower middle market, which is viewed as an underserved segment with significant opportunities [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory and the strategic transformation undertaken over the past two years, which has led to meaningful improvements across the platform [4][5] - The company anticipates strong fundraising in 2026 and 2027, targeting at least $10 billion of gross fee-paying AUM over the next two years, excluding acquisitions [19][16] Other Important Information - The company completed the acquisition of Qualitas Funds, establishing a presence outside the U.S. and opening a new office in Dubai [13][14] - A quarterly cash dividend of $0.0375 per share was approved, payable on March 20, 2026 [27] Q&A Session Summary Question: AI exposure and risks to private markets - Management indicated a meaningful exposure to AI through its venture portfolio, with investments performing well, while overall exposure to SaaS and software is less than 10% [30][31] Question: Private markets wealth strategy build-out - Management clarified that private wealth clients represent about 36% of their client base and emphasized a strategic approach to maximizing distribution through partnerships like CAIS [34][37] Question: Details on Stellus acquisition and its impact - Management stated that Stellus is expected to be modestly accretive to margins and ANI EPS in the first year, with further guidance to be provided closer to the acquisition closing [41][42] Question: Stellus's sourcing funnel and growth acceleration - Management highlighted the strong fit between Stellus's focus on the middle and lower middle market and the company's existing sponsor ecosystem, indicating plans to enhance sourcing and growth [49][50] Question: Capital management and allocation strategy - Management plans to buy back stock to offset dilution while also focusing on paying down debt post-acquisition, with ongoing interest in M&A opportunities in private credit and real assets [55][56]

Core Insights - Ridgepost Capital reported a strong financial performance for the fourth quarter and fiscal year 2025, with significant growth in fee-paying assets under management and record fundraising achievements [2][6]. Financial Highlights - Fourth Quarter 2025 Revenue was $81.0 million, a decrease of 5% compared to $85.0 million in the prior year [10]. - Fee-Related Revenue for the fourth quarter was $81.0 million, down from $85.0 million year-over-year [10]. - Fee-Paying Assets Under Management reached $29.4 billion, reflecting a 15% increase year-over-year [10]. - GAAP Net Income for the fourth quarter was $11.0 million, compared to $5.7 million in the prior year, marking a 94% increase [10]. - Fee-Related Earnings for the fourth quarter were $39.0 million, down from $42.7 million year-over-year [10]. - Adjusted Net Income for the fourth quarter was $30.2 million, compared to $35.3 million in the prior year [10]. Annual Performance - Total Revenue for the fiscal year 2025 was $297.3 million, slightly up from $296.4 million in the prior year [10]. - Fee-Related Revenue for the fiscal year was $297.3 million, an increase from $291.3 million year-over-year [10]. - GAAP Net Income for the fiscal year was $23.0 million, compared to $19.7 million in the prior year, representing a 17% increase [10]. - Fee-Related Earnings for the fiscal year were $141.1 million, down from $142.1 million year-over-year [10]. - Adjusted Net Income for the fiscal year was $108.9 million, compared to $120.2 million in the prior year [10]. Share Repurchase and Dividend - In the fourth quarter, the company repurchased approximately 522,728 shares at an average price of $9.54 per share, totaling $47.4 million for the year [7]. - The Board of Directors declared a quarterly cash dividend of $0.0375 per share, payable on March 20, 2026 [8]. Strategic Developments - The company raised and deployed a record $5.1 billion in organic gross new fee-paying assets during 2025, exceeding its initial fundraising guidance by over $1 billion [6]. - The acquisition of Stellus Capital Management was announced, enhancing the company's direct lending capabilities [6]. - The opening of a new office in Dubai and collaboration with CAIS are expected to expand the company's global footprint [6].

Group 1 - Platinum Equity has agreed to sell Urbaser, a Spanish waste management company, to Blackstone and EQT for $6.6 billion [1] - Platinum Equity will retain ownership of Urbaser's waste management business in Argentina [1]

Group 1 - Deutsche Boerse is acquiring General Atlantic's remaining 20% stake in ISS STOXX for €1.1 billion ($1.31 billion) [1] - The payment will be made in two tranches: €731 million due in February and the remainder in March [1] - The acquisition is expected to provide a low single-digit boost to Deutsche Boerse's cash earnings per share in the first year of full ownership [1]

Company Overview - P10, Inc. has been renamed to Ridgepost Capital, Inc. effective February 11, 2026, and will trade under the symbol "RPC" on the New York Stock Exchange and NYSE Texas [1] - Ridgepost Capital is a leading private markets solutions provider with over $40 billion in assets under management as of September 30, 2025 [2] - The company focuses on investments across Private Equity, Private Credit, and Venture Capital, particularly in access-constrained strategies targeting the middle and lower-middle market [2] Investment Strategy - Ridgepost Capital aims to deliver compelling risk-adjusted returns to a global investor base [2] - The company’s investment strategies are designed to capitalize on opportunities within the private markets [2]