Michael Brown from UBS sets a price target of $186 for NYSE:APO, indicating a potential upside of 24.79%.Apollo Global Management identified as a top stock to watch, highlighting its competitive position in the alternative investment sector.Recent stock performance shows a 3.59% increase, with significant volatility observed over the past year.Apollo Global Management (NYSE:APO) is a leading global alternative investment manager. It specializes in private equity, credit, and real estate investments. The com ...

Biggest names in banking are convening here in New York City for Goldman Sachs annual financial services conference. Been a busy week already, including Aries management co-founder and CEO Michael Aragetti, who joins us now with Leslie Picker. Hey, Leslie. >> Hey, Carl.Thank you. And thank you, Michael. >> Hey, Leslie.It's good to be here. Good to have you. Um, so your stock was up about 7% yesterday on the inclusion into the S&P 500.Uh, what do you think that moment says about Aries in the industry in whic ...

Group 1: Bill Ackman's Portfolio - Bill Ackman has nearly 50% of his portfolio invested in three stocks: Uber Technologies, Brookfield Corp, and Howard Hughes Holdings [1][2][4][6] - Ackman's largest investment is in Uber Technologies, valued at approximately $3 billion, which constitutes around 20% of his total portfolio [2] - Ackman is a relatively new investor in Uber, having acquired shares in the first quarter of 2025, with the stock price increasing over 40% year to date due to AI and self-driving car hype [3] Group 2: Uber Technologies - Uber Technologies has a current market capitalization of $173 billion, with a gross margin of 32.74% and no dividend yield [1] - The stock price of Uber has fluctuated between $59.33 and $101.99 over the past 52 weeks, with a current price of $83.36 [1] - The potential for the robotaxi market, which could be valued at $10 trillion globally, makes Uber an attractive investment option [3] Group 3: Brookfield Corp - Brookfield Corp is a global alternative investments manager focusing on non-traditional assets such as renewable energy and infrastructure projects [4] - Ackman first purchased shares in Brookfield in early 2024, with the stock rising 13% year to date and achieving a 101% return over the last five years [5] Group 4: Howard Hughes Holdings - Howard Hughes Holdings is a real estate company with projects across multiple states, focusing on Master Planned Communities [6] - Ackman has a historical connection to Howard Hughes Holdings, having helped found the company in 2010 as a spinoff from General Growth Properties [7] - The stock price of Howard Hughes Holdings has only increased by 20% over the past five years, indicating potential value [7]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $288.9 million for the quarter ended September 30, 2025[1] - After-tax realized income was $425.8 million for the quarter ended September 30, 2025[2] - Fee related earnings were $471.2 million for the quarter ended September 30, 2025[2] - Total assets under management reached $595.7 billion as of September 30, 2025, a 28% year-over-year increase[9,3] - Total fee paying AUM was $367.6 billion as of September 30, 2025, a 28% year-over-year increase[3,37] Fundraising and Capital Deployment - Ares expects to exceed its previous annual fundraising record of $93 billion this year[3] - The company raised $30.9 billion in Q3 2025, with net inflows of capital of $28.5 billion[25] - Capital deployment reached $41.7 billion, including $20.2 billion by drawdown funds[25] - Available capital stood at $150 billion at the end of the third quarter[3] Dividends - Ares declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock[4] - Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock[5]

Core Insights - Bridge Investment Group Holdings LLC has successfully completed fundraising for Bridge Debt Strategies Fund V LP, raising $2.15 billion in equity commitments [1] Group 1: Fund Overview - BDS V employs a diversified strategy focusing on originating first mortgage direct loans, issuing CRE CLOs, purchasing Freddie Mac K-Series B-Pieces, and investing in other CRE-backed debt [2] - The Fund leverages Bridge's vertically-integrated platform and in-house expertise to invest in underserved areas of the debt market with high barriers to entry and limited competition [2] Group 2: Market Positioning - The Fund's emphasis on recession-resistant multifamily collateral and floating-rate debt positions it favorably in the current market environment [3] - BDS V targets the residential rental market in the US, utilizing specialized expertise to create attractive exposure to a high-performing asset class [3] Group 3: Company Background - Bridge Investment Group is an affiliate of Apollo and operates as a leading alternative investment manager, diversified across specialized asset classes [4] - The company combines a nationwide operating platform with dedicated teams of investment professionals focused on select real estate verticals [4]

Core Insights - Altamirano PLLC is investigating brokerage firms involved in selling Inspired Healthcare Capital (IHC) investments [1] - IHC has suspended all investment offerings and distributions amid a review by the U.S. Securities and Exchange Commission (SEC) [2] - A complaint has been filed against IHC and its CEO for default and misrepresentation regarding the company's financial status [3] Group 1: Company Overview - IHC is an Arizona-based alternative investment sponsor that aimed to raise over $1.06 billion through various real estate investment programs [2] - The firm has sponsored Delaware Statutory Trusts (DSTs) and other investment programs distributed via broker-dealers and financial advisors [2] Group 2: Legal and Regulatory Actions - The SEC is currently reviewing IHC, leading to the suspension of its investment offerings and distributions [2] - A legal complaint was filed in California Superior Court against IHC and its CEO, alleging default on a promissory note and misrepresentation of financial conditions [3] Group 3: Investor Support and Recovery Options - Altamirano PLLC is focused on helping investors understand their recovery options if brokerage firms failed to meet their due diligence responsibilities [4] - The firm is evaluating potential claims for investors in IHC-sponsored offerings, including issues related to unsuitable investment recommendations and misrepresentation of risks [4]

Summary of GCM Grosvenor 2025 Investor Day Company Overview - **Company**: GCM Grosvenor (NasdaqGM:GCMG) - **Date**: October 15, 2025 - **AUM**: $86 billion across five core alternative strategies: absolute return, private equity, infrastructure, credit, and real estate [15][22][24] - **Headquarters**: Chicago, with nine global offices and 546 employees [15] Industry Insights - **Alternatives Industry Growth**: Alternatives AUM is projected to grow at double-digit rates over the next five years, driven by compounding returns and a greater share of investors' wallets [43] - **Middle Market Focus**: The middle market is seen as fragmented and less efficient, providing opportunities for outperformance. GCM Grosvenor is positioned as a leader in this space [22][24] Core Business Strategies - **Client-Centric Approach**: The firm emphasizes a client-first mindset, focusing on delivering long-term value for clients, which in turn drives shareholder value [4][12][42] - **Customized Separate Accounts**: Over 70% of AUM is delivered through customized separate accounts, allowing for tailored investment strategies based on client specifications [16][47] - **Direct-Oriented Strategies**: The firm is shifting towards direct-oriented strategies, such as co-investments and secondaries, which provide better economics for clients and the firm [10][15] Financial Performance - **Growth Metrics**: The firm has achieved a 35% compound annual growth rate in specialized funds since 2014 and has seen mid-teens earnings growth over the past five years [10][25] - **Future Projections**: GCM Grosvenor expects to double its fee-related earnings by the end of 2028, with a target of $1.20 in adjusted net income per share by 2028 [30][31] Capital Deployment and Shareholder Returns - **Dividend Increase**: The quarterly dividend has been increased from $0.11 to $0.12 per share, effective December 1, 2025 [32] - **Capital-Light Business Model**: The firm operates a capital-light business with expanding margins and strong cash flow, allowing for significant operating leverage [24][31] Client Relationships and Retention - **High Client Satisfaction**: 92% of top clients have added capital since 2020, indicating strong loyalty and satisfaction [17] - **Long-Term Relationships**: The average length of relationship with top customized separate account clients is 13 years, showcasing the firm's ability to build trust and deliver value [51] Inorganic Growth Strategy - **M&A Approach**: GCM Grosvenor maintains a disciplined approach to inorganic growth, focusing on opportunities that align with client needs and accelerate growth [29][30] Individual Investor Channel - **Emerging Opportunities**: The firm is investing in capturing the individual investor market, which holds roughly half of global wealth but is under-allocated to alternatives [61][62] - **Recent Fundraising Success**: In Q3 2025, GCM Grosvenor raised $1.9 billion, bringing year-to-date fundraising to $7.2 billion, indicating strong momentum [66] Conclusion - **Future Outlook**: GCM Grosvenor is well-positioned to capitalize on growth opportunities in the alternatives space, with a strong focus on client relationships, innovative investment strategies, and a commitment to delivering value [68]

Company Overview and Strategy - GCM Grosvenor has $86 billion in Assets Under Management (AUM) [24] and a diversified open architecture investment platform [27] - The company is focused on growing its core business, scaling investment strategies, and extending into new areas [40, 41] - GCM Grosvenor aims to compound Fee-Related Earnings (FRE) and achieve Adjusted Net Income (ANI) exceeding $120 per share by 2028 [52] Client Base and Value Proposition - 92% of top clients have increased their capital investment since 2020 [30], and 56% invest in more than one strategy [30] - The company manages capital for over 675 institutional clients and thousands of individual investors [29] - GCM Grosvenor offers customized separate accounts (CSAs), which constitute 71% of its AUM [18, 73] Financial Performance and Growth - Private Markets Management Fees reached $251 million [38], with a CAGR of 12% since 2020 [38] - Fee-Related Earnings (FRE) were $177 million [38], with a margin of 44% [38], representing a 1,300 bps increase since 2020 [38] - The firm's share of unrealized carried interest is $451 million [38], reflecting a 31% CAGR since 2020 [38] Investment Platform Performance - Private Equity Primary Investments achieved a 134% IRR [122] and a TVPI of 18x [122], outperforming the S&P 500 Index by +310 bps [122] - Private Equity Co-Investments generated a 208% IRR [122] and a TVPI of 21x [122], outperforming the S&P 500 Index by +550 bps [122] - Infrastructure Primary Investments had an 114% IRR [122] and a TVPI of 17x [122], outperforming the MSCI Infrastructure Index by +510 bps [122]

Core Viewpoint - Vinci Compass Investments Ltd. will release its financial results for Q3 2025 on November 13, 2025, and will host a conference call to discuss these results [1]. Company Overview - Vinci Compass is a leading alternative investments and global solutions provider in Latin America, with nearly three decades of experience and operations in eleven offices across Latin America and the US [3]. - The company manages R$304 billion in assets under management and advisory as of June 2025 [3]. - Vinci Compass specializes in various sectors including Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory, with dedicated teams for each segment [3]. Conference Call Details - The conference call will take place via Zoom at 5:00 pm ET on the same day as the financial results release [1]. - Access to the conference call can be found in the Events section of the company's website, with a replay available for those unable to attend live [2].

Core Insights - Ares Management Corporation has successfully raised approximately $5.3 billion for its Infrastructure Secondaries strategy, which includes the final closing of its dedicated fund, Ares Secondaries Infrastructure Solutions III [1] - The fund exceeded its initial hard cap of $2 billion, indicating strong investor interest and confidence in the strategy [1] Fund Details - The capital raised includes General Partner commitments and affiliated vehicles, showcasing a broad base of support for the fund [1] - The successful closing of ASIS III reflects Ares Management's position as a leading global alternative investment manager in the infrastructure sector [1]