在某种意义上，管理费是一众中小GP在下行周期中的"生存线"。募不到新基金，没钱做新投 资，也没有退出回报，许多中小GP只能靠管理费过活。 对GP来说，管理费是最稳定的收入。不过，这部分收入也正在发生"变化"。 " 我们没有完成去年的返投任务，被扣管理费了 。按照要求，上年度的考核结果不合格，扣除 了我们2 0%的管理费。"某VC机构合伙人王东（化名）告诉母基金研究中心。 01 国资LP"拿捏"住了管理费 不仅是管理费可能会因考核结果而扣除， 已经收到手的管理费，也可能需要"返还" ——上述 合伙人告诉母基金研究中心，现在有许多国资LP约定，如不满足业绩指标或返投等要求，后续 GP需要将部分管理费退还给LP。 并且，在管理费支付方式上， 一次性支付的LP变得越来越少 。某母基金招募子基金管理人的 公告对管理费支付的规定为：子基金当年实际支付管理费金额按照提取管理费的7 0%给付；次 年上半年根据上一年度考核结果确认合格后，再给付1 5%；余下的1 5%在基金清算时给付。 采取这种形式的母基金越来越多。日前某子基金管理机构遴选公告中指出："母基金管理机构 每年度对产业子基金进行考核评价。产业子基金每年实际计提管理 ...

Core Insights - KKR's shares have experienced a challenging start to 2025, with a decline of over 25% from January highs, yet the stock remains up 21% compared to the previous year due to strong financial results reported in 2025 [1] Group 1 - KKR's stock performance reflects a significant pullback in early 2025, despite a year-over-year increase [1] - The company reported stellar financial results for 2025, contributing to the overall positive performance compared to last year [1]

Core Insights - Parexel, a leading clinical research organization (CRO), appointed Jeff Bernstein to its Board of Directors effective March 5, 2025, succeeding Michael Bruun as part of a planned rotation [1][5] - Bernstein's extensive experience in healthcare investment and public company board service is expected to enhance Parexel's strategic roadmap and growth objectives [2][3] Company Overview - Parexel is among the largest CROs globally, providing comprehensive Phase I to IV clinical development services aimed at expediting life-saving treatments to patients [4] - The company employs over 21,000 professionals and collaborates with biopharmaceutical leaders and emerging innovators to design and deliver clinical trials [4] - Parexel has received multiple industry recognitions, including the 2024 and 2023 SCRS Eagle Award and being named "Best Contract Research Organization" in November 2023 [4] Leadership Transition - Michael Bruun, who served on the board for two years, is recognized for his contributions, and the company expresses gratitude for his leadership [2] - Jeff Bernstein's background includes serving on various healthcare boards and a strong educational foundation in Economics and Finance from Princeton University [3] Strategic Focus - The appointment of Bernstein aligns with Parexel's commitment to leveraging unique insights and driving best-in-class delivery to achieve market-leading growth in 2025 [2][5] - The company aims to innovate and differentiate itself in the CRO space, enhancing its position and accelerating the delivery of new therapies to patients globally [4]

Core Insights - TPG Inc. has transitioned from a leading private equity firm to a fully diversified alternative asset manager with a total AUM of $246 billion and aims to double this figure [1] Company Overview - TPG Inc. is recognized for its rich history in private equity and has expanded its operations to encompass a broader range of alternative assets [1] Market Perspective - Joseph Jones, a professor with over fifteen years of market study experience, emphasizes portfolio construction from a dividend growth investor's viewpoint, although his insights are independent and do not reflect any employer's views [1]

As filed with the Securities and Exchange Commission on January 28, 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 CARTESIAN GROWTH CORPORATION III (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Name, address, including zip code, and telephone number, including area code, of agent for service) Cop ...