11月7日，私募股权巨头KKR公布第三季度财报显示，营收55.26亿美元，截至第三季度，KKR的资产管 理规模达7230亿美元。KKR第三季度新募集资金达430亿美元，创四年多来KKR季度最高纪录。 ...

Core Points - Liaoning Securities Regulatory Bureau announced regulatory measures against Liaoning Wanyin Investment Management Co., Ltd. for non-compliance in private equity fund operations [3] - The company failed to report personnel departures and office changes to the Asset Management Association of China (AMAC) as required [3] - The firm did not submit the audited annual financial report for 2024 to AMAC [3] - There were deficiencies in the management of funds, including lack of business rights confirmation for investment targets and absence of investment decision-making and post-investment management documentation [3] - The company did not fulfill its private fund filing obligations as mandated [3] - These violations have been recorded in the securities and futures market integrity archives [3]

Core Insights - Carlyle's Q3 results fell short of Wall Street expectations, with a 12.6% year-over-year decline in revenue and weaker private equity performance [1][6] - Management attributed the underperformance to a quieter quarter for private equity exits and volatile public markets, while noting strength in credit and secondary solutions [1][6] - CEO Harvey Schwartz emphasized the long-term focus of the private equity business, acknowledging the inherent variability in deal closings [1] Financial Performance - Revenue reported at $782.5 million, significantly below analyst estimates of $987.3 million, marking a 12.6% decline year-over-year and a 20.7% miss [6] - Adjusted EPS was $0.87 compared to expectations of $1.02, reflecting a 15% miss [6] - Adjusted EBITDA was reported at -$23.4 million, missing estimates of $449.5 million, with an operating margin of -4.8%, down from 87.8% in the same quarter last year [6] Market and Business Outlook - Market capitalization stands at $18.9 billion [6] - CFO John Redett indicated strong momentum in credit and AlpInvest, expressing confidence in achieving revised full-year inflow targets [6] - CEO Harvey Schwartz highlighted growth opportunities in credit, insurance, and new wealth products, indicating broad-based momentum [6] Analyst Insights - Questions from analysts focused on inflows, growth priorities, private equity realizations, fee rate dynamics, and global wealth flows [4][5] - CFO John Redett discussed the variability of deal closings but emphasized a robust pipeline for future capital returns [6] - Plans for new flagship wealth funds in 2026 were outlined, showcasing early progress in the strategy [6]

企查查APP显示，近日，江西省数智领航私募股权投资基金合伙企业（有限合伙）成立，出资额10亿元，经营范围包含：以私募基金从事股权投资、投资管 理、资产管理等活动。企查查股权穿透显示，该企业由江西省现代产业引导基金（有限合伙）等共同出资。 | 序号 | 合伙人名称 | | 出资比例 ⇒ | 认缴出资额(万元 | | --- | --- | --- | --- | --- | | | 江西省现代产业引导基金(有限合伙) | | 30.00% | 30000 | | | 国有企业 | 私募基金 | | | | 2 | 天津海力华盖股权投资合伙企业（有限合伙） | | 27.00% | 27000 | | | 江西省创业投资管理有限公司 | | | | | 3 | | | 19.90% | 19900 | | | 国有企业 | | | | | 全国企业信用查询 | | 江西省数智领航私募股权投资基金合伙企业（7 8 | 查一下 | | --- | --- | --- | --- | | 基本信息 13 | 法律诉讼 | 经营风险 | 经营信息 | | По 执行事务合伙人 | 江西省数创领航创业投资有限公 委派代表: ...

01 同比增幅达 205.85% ！私募备案展现极强韧性 尽管10月因国庆长假缺少一周工作日，但私募产品备案仍展现出极强的韧性。私募排排网最新数据显示，截至2025年10月31日，全市场当月完 成备案的私募证券产品数量达994只 （包含自主发行和担任投顾的产品） ，较9月全月的1038只仅环比小幅下降4.24%，若与9月同期的829只相 比，反而环比增幅达19.90%。若纵向对比去年10月的325只，同比增幅更是飙升至205.85%，这一系列数据清晰印证了当前私募证券产品市场依 旧延续今年以来的火热态势。 排排网集团旗下 融智投资 的FOF基金经理李春瑜表示，10月份私募证券产品备案热度上升，是多方因素共同推动的结果。从投资者角度来看， 随着沪指突破4000点，市场结构性机会凸显，再加上私募产品今年以来的收益表现亮眼，投资者的配置需求持续走高。销售方面，以第三方为 主的销售机构在营销上持续发力，通过多样化的推广方式进一步点燃了投资者的认购热情。市场环境上，北向资金稳步流入，资金面保持宽松， 为私募机构的运作提供了有利条件。同时私募机构也积极把握市场机遇，一方面努力提升产品收益，另一方面加强策略和产品创新，更精 ...

Financial Data and Key Metrics Changes - The company generated over $2 billion from its capital recycling program and repaid $1 billion of borrowings on its corporate credit facility [4] - Adjusted EBITDA for the third quarter was $575 million, down from $844 million in the prior period, reflecting lower ownership in three businesses [15] - Adjusted EFO for the quarter was $284 million, benefiting from lower current tax expenses and interest expenses [15] Business Line Data and Key Metrics Changes - The industrial segment generated adjusted EBITDA of $316 million, down from $500 million in the prior period, but increased 17% year-over-year when including tax benefits [16] - The business services segment's adjusted EBITDA was $188 million, down from $228 million last year, impacted by the sale of a partial interest in dealer software services [17] - The infrastructure services segment's adjusted EBITDA was $104 million, down from $146 million in the same quarter last year, reflecting the sale of offshore oil services [18] Market Data and Key Metrics Changes - The company noted that public markets are at record highs and transaction activity is increasing, supported by declining global interest rates [7] - The feedback from the market regarding the corporate structure reorganization has been positive, with a nearly $1 billion increase in market cap since the announcement [5] Company Strategy and Development Direction - The company plans to simplify its corporate structure by converting all units and shares into a new publicly traded Canadian corporation to improve trading liquidity and accessibility for investors [5] - The focus remains on acquiring high-quality businesses and operationally transforming them into market leaders [6] - The company is leveraging AI to enhance operational capabilities and drive value creation [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism heading into the fourth quarter, noting the resilience of the global economy despite challenges [7] - The company is excited about the potential of AI to drive productivity improvements and is well-positioned to capitalize on these changes [6] Other Important Information - The company has repurchased just over $160 million of its units and shares as part of its buyback program [4] - The company ended the quarter with approximately $2.9 billion of pro forma liquidity at the corporate level [19] Q&A Session Summary Question: Is an IPO still the most likely path for BRK? - Management confirmed that an IPO is one option for monetizing BRK, but the capital markets environment in Brazil remains challenging [22] Question: Will BRK be more active in pursuing new concessions? - Management indicated that the focus has been on operational initiatives to increase margins and EBITDA rather than seeking new concessions [23] Question: Can you provide context on Latrobe's regulatory issues? - Management clarified that the issues are primarily disclosure-related and have not impacted the underlying fundamentals of the business [26] Question: What are the AI benefits across other large investments? - Management highlighted the potential of AI to improve operational performance and inventory management across various businesses [50] Question: What is the outlook for Dexco? - Management expressed optimism about Dexco's performance, noting signs of recovery in market demand [46]

Core Insights - P10, Inc. reported strong financial results for Q3 2025, highlighting a diversified platform and solid fundamentals in the middle and lower middle markets, with an expectation to exceed $5 billion in organic gross fundraising for the year [2][4]. Financial Performance - Revenue for Q3 2025 reached $75.9 million, marking a 2% increase year over year [11]. - Fee-Related Revenue also increased by 4% year over year to $75.9 million [11]. - Fee-Paying Assets Under Management (AUM) grew by 17% year over year, totaling $29.1 billion [11]. - GAAP Net Income was reported at $3.0 million, a significant increase from $1.3 million in the prior year, reflecting a 128% growth [11][17]. - Adjusted Net Income decreased to $28.6 million from $30.8 million in the previous year, representing a 7% decline [11][17]. Shareholder Returns - The Company repurchased 110,032 shares at an average price of $11.34 per share, with approximately $26 million remaining under the share repurchase authorization [5]. - A quarterly cash dividend of $0.0375 per share has been declared, payable on December 19, 2025 [6]. Market Position - As of September 30, 2025, P10 managed over $40 billion in assets, focusing on Private Equity, Private Credit, and Venture Capital in access-constrained strategies [9].

Core Viewpoint - NB Private Equity Partners (NBPE) has updated its Capital Allocation Framework to enhance investment performance and long-term shareholder value, emphasizing the undervaluation of its current share price and the strength of its portfolio [1][4][16]. Capital Allocation Framework - The Capital Allocation Framework consists of two main pillars: allocating capital to investment programs and returning capital to shareholders through dividends and share buybacks [6]. - The Board aims to dynamically allocate capital based on market conditions and the outlook for realizations, with a focus on new investment opportunities as the primary driver of performance and NAV growth [6][14]. Investment Activity - NBPE has announced approximately $165 million in realizations year-to-date, reflecting a 17% uplift to carrying value, with expectations for further liquidity and realizations in the coming months [8][12]. - The company plans to allocate at least $100 million to new investments over the next three to six months, targeting an investment level of 105%-110% of NAV [8][14]. - The previously announced $120 million share buyback program is being accelerated due to the Board's confidence in the portfolio and the opportunity for NAV per share accretion [8][16]. Share Buybacks - Year-to-date, NBPE has repurchased 1.9 million shares for $37.9 million at a weighted average discount to NAV of 27%, contributing $0.33 in NAV per share accretion [16]. - The remaining allocation for share buybacks as of October 31, 2025, is approximately $82 million, which could be fully utilized in the next six to nine months if the current pace continues [17][18]. Dividend Policy - Since its inception in 2013, NBPE has returned over $400 million to shareholders through dividends, with $0.94 per share returned this year, totaling approximately $43 million [21]. - The Board reaffirms its dividend policy, targeting an annualized yield on NAV of 3.0% or greater, with the current share price yielding 4.8% [22].

Investment Opportunities - Priority Gold offers a 100% free rollover for converting existing IRAs into gold IRAs, along with free shipping and storage for up to five years, and qualifying purchases can receive up to $10,000 in free silver [1] - Gold is considered a potential 'safe haven' asset to mitigate inflation impacts, having increased in value sevenfold over the last 100 years, making it a more stable investment during economic downturns [2] Retirement Income Insights - Americans aged 65 and older reported median weekly earnings of $1,198, translating to an annual income of $62,296 as of 2025, highlighting the importance of consistent contributions to retirement accounts [3] - Social Security retirement benefits averaged $1,976 per month in January 2025, amounting to $23,712 per year, which may not be sufficient for a comfortable retirement [3] Economic Challenges - Many Americans nearing retirement face challenges due to inflation, high interest rates, and a volatile stock market, which are impacting their savings and financial security [5] - The current inflation rate is at 3.0% as of September 2025, up from 2.9% in August, indicating ongoing economic pressures [4] Real Estate Investment Options - FNRP provides accredited investors access to necessity-based commercial real estate with a minimum investment of $50,000, allowing for passive income without the responsibilities of being a landlord [7] - Mogul offers fractional ownership in blue-chip rental properties, enabling investors to receive monthly rental income and tax benefits without large down payments [9] Investment Security - Each property in the Mogul platform is secured by real assets, ensuring that investors own the property through standalone LLCs, with blockchain-based fractionalization providing a verifiable record of ownership [11]

Joe Bae, co-chief executive officer of KKR & Co., during the Global Financial Leaders' Investment Summit in Hong Kong, China, on Tuesday, Nov. 4, 2025.Private equity fund managers are bracing for a wave of consolidation as investors demand higher returns and stronger governance, forcing a shakeout in an overcrowded industry, several industry veterans said at a high-level finance summit in Hong Kong on Tuesday."How is it that there are more private equity funds in North America than there are McDonald's fran ...