Financial Data and Key Metrics Changes - 2025 was a record year for the company, with fee-related earnings (FRE) up 12% year-over-year, reaching a margin of 47% [5][17] - Total inflows amounted to $54 billion, significantly exceeding the original target of $40 billion, representing a 32% increase year-over-year [5][18] - Distributable earnings (DE) for 2025 were $1.7 billion, or $4.02 per share, an 11% increase from the previous year [16][17] - Total fee revenues reached a record $2.6 billion for the full year, reflecting a 10% organic growth rate [17] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated a record $274 million of FRE for the year, up nearly 60% [19] - Global Credit delivered a record $402 million of FRE for 2025, up 21% from the prior year [21] - Global private equity realized over $18 billion of proceeds in 2025, the highest level in the past three years [22] Market Data and Key Metrics Changes - The company was the number 1 private equity sponsor globally by IPO proceeds, generating approximately $10 billion of IPO issuance over the past two years [7][8] - The IPO of Medline raised over $7 billion, marking it as the largest sponsor-backed IPO of all time [8] - CLO inflows of $7 billion in 2025 were up almost 20% from the prior year, with the company being the most active CLO manager for U.S. activity [11] Company Strategy and Development Direction - The company aims to continue building on its strategy of investment performance, disciplined capital allocation, and delivering long-term value for investors [14] - There is a strong focus on expanding in global wealth, insurance solutions, and asset-backed finance, with significant opportunities identified in each area [17] - The company plans to host a shareholder update to share multi-year financial targets and insights into its strategic direction [15] Management's Comments on Operating Environment and Future Outlook - The macro environment in 2025 was resilient despite geopolitical concerns, with M&A and IPO activity accelerating [7] - Management expressed confidence in the sustainability of monetization momentum into 2026, citing strong January data from their portfolio [29] - The economic engine appears strong, with good GDP growth and EBITDA generation expected [29] Other Important Information - The company returned $18 billion of capital to investors in 2025, consistent with the previous year [9] - The balance sheet remains strong, with $2 billion in cash and over $3 billion in investments [22] Q&A Session Summary Question: Thoughts on sustainability of monetization momentum into 2026 - Management is optimistic about the sustainability of monetization momentum, citing strong January data and good economic indicators [29] Question: State of play in direct lending and credit quality - Management feels well-positioned in direct lending and has been systematic in building their credit business, which is diversified and durable [36][38] Question: Expectations for management fee growth in 2026 - Management indicated that detailed insights will be provided in the upcoming shareholder update, but they are confident in their diversified fundraising pipeline [58] Question: Exposure to software in CLOs and impact of recent volatility - Management stated that their CLO performance has been strong and does not expect recent market volatility to affect them significantly [61] Question: Steps to enhance originations in the credit business - The company has made significant hires to enhance its origination capabilities and achieved record originations in 2025 [95]

Financial Data and Key Metrics Changes - 2025 was a record year for the company, with fee-related earnings (FRE) up 12% year-over-year, reaching a margin of 47% [4][15] - Total inflows amounted to $54 billion, significantly exceeding the original target of $40 billion, and representing a 32% increase year-over-year [4][16] - Distributable earnings (DE) for 2025 were $1.7 billion, or $4.02 per share, an 11% increase from the previous year [13][15] - Total fee revenues reached a record $2.6 billion for the full year, reflecting a 10% organic growth rate [15] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated a record $274 million of FRE for the year, up nearly 60% [17] - Global Credit delivered a record $402 million of FRE for 2025, up 21% from the prior year [18] - Global private equity realized over $18 billion of proceeds in 2025, the highest level in the past three years [19] Market Data and Key Metrics Changes - The company was the number 1 private equity sponsor globally by IPO proceeds, generating approximately $10 billion of IPO issuance over the past two years [5][6] - The IPO of Medline raised more than $7 billion, marking it as the largest sponsor-backed IPO of all time [6] - Direct lending had a record quarter of originations, with CLO inflows of $7 billion in 2025, up almost 20% from the prior year [9][10] Company Strategy and Development Direction - The company continues to focus on investment performance, disciplined capital allocation, and delivering long-term value for global investors and shareholders [11] - Strategic investments have been made in global wealth, insurance solutions, and asset-backed finance, with significant opportunities for continued growth [15] - The company plans to host a shareholder update to share multi-year financial targets and insights into its strategic direction [12] Management's Comments on Operating Environment and Future Outlook - Despite recent market volatility, management remains optimistic about the economic engine, citing strong January data indicating good GDP growth and EBITDA generation [25][26] - The company expects continued growth supported by a diversified fundraising pipeline and improving capital markets conditions [20] - Management acknowledges the complexity of the macro environment but believes it is generally constructive for deployment and realization activity [20] Other Important Information - The company returned a record $1.2 billion of capital to shareholders through dividends and share buybacks during 2025 [19] - The balance sheet remains strong, with $2 billion in cash and over $3 billion in investments [19] Q&A Session Summary Question: Thoughts on sustainability of monetization momentum into 2026 - Management is cautious about extrapolating recent market volatility but notes that January data looks promising for GDP growth and margins [25][26] Question: State of play in direct lending and credit - Management feels well-positioned in direct lending and has added key leaders to enhance origination and integration across private credit strategies [32][34] Question: Expectations for management fee growth in 2026 - Management will provide more details in the upcoming shareholder update but emphasizes the diversification in business mix driving success [52][78] Question: Outlook for CLOs in 2026 - The CLO business has performed well, and management expects another active year, although it may not reach the record levels of the past two years [83] Question: Steps to enhance originations in the credit business - The company has built a strong origination team and achieved record originations in 2025, with plans to continue leveraging its capabilities [88][90]

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor types [7] - Fee-bearing capital increased by 12% year-over-year to over $600 billion, with fee-related earnings reaching a record $3 billion, up 22% year-over-year [8] - Distributable earnings were $2.7 billion, an increase of 14% from the prior year [8][26] Business Line Data and Key Metrics Changes - In renewable power, significant investments included acquiring Neoen and National Grid's US renewables platform [15] - The private equity sector saw investments in Chemelex, a global industrial technology business [15] - Infrastructure investments included Hotwire Communications and Colonial Pipeline, enhancing the company's footprint in essential services [15] Market Data and Key Metrics Changes - The company entered 2026 with a favorable market backdrop, characterized by stabilized interest rates and resilient economic growth [9] - There is renewed global demand for real assets that generate stable cash flows, particularly in the context of inflation protection [9][10] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [10] - A significant focus is on expanding access to private assets for individual investors through retirement and long-duration savings vehicles [10] - The company is well-positioned to capture growth opportunities in infrastructure, private equity, and credit sectors [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting strong fundraising momentum and growth across various platforms [25] - The company anticipates a record year for fundraising, particularly in private equity and infrastructure [19][25] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [33] Other Important Information - The board of directors approved a 15% increase in the quarterly dividend to $0.50025 per share, payable on March 31, 2026 [34] - The company plans to enhance disclosure around partner managers to provide clearer insights into its evolving platform [26] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - Management acknowledged that secondaries are a growing segment and will be opportunistic in exploring this area, focusing on highly additive opportunities [37][38] Question: Can you elaborate on the growth outlook for 2026? - Management expects growth rates in the mid- to high teens, driven by strong fundraising and deployment activity, with several initiatives expected to add $200 million to fee-related earnings [40][42] Question: How does the company view AI-related disruption? - Management sees AI as a net positive, with minimal exposure to software businesses, focusing instead on long-term contracted real assets [48][49] Question: What is the company's liquidity position? - The company has over $3 billion in liquidity, which supports growth initiatives and capital deployment [52][56] Question: How is the company positioned in the credit market? - Management noted robust demand for credit, particularly in real asset and asset-backed lending, with modest redemptions in private wealth strategies [76][77] Question: What is the outlook for the wealth channel? - The company expects continued growth in the wealth channel, driven by new product launches and strong early reception [80][81]

CVC Capital Partners Plc已同意收购美国信贷管理公司Marathon Asset Management，这是另类投资公司 之间进行整合的最新例证。 据周一发布的公告，在阿姆斯特丹上市的CVC将以现金加股权的方式收购Marathon，交易基本对价最高 可达12亿美元，其中包括4亿美元现金和最高8亿美元的CVC股权。 责任编辑：李肇孚 声明称，该交易"将借助Marathon在资产型、房地产、机会型和公募信贷领域的市场领先地位，显著扩 大CVC进入庞大且快速增长美国市场的渠道。" 此次合并将使CVC信贷部门的收费资产管理规模增至约610亿欧元（720亿美元）。 据其网站，Marathon成立于1998年，管理着超过240亿美元的资产，拥有一支约190名全球专业人士组成 的团队。 责任编辑：李肇孚 CVC Capital Partners Plc已同意收购美国信贷管理公司Marathon Asset Management，这是另类投资公司 之间进行整合的最新例证。 据周一发布的公告，在阿姆斯特丹上市的CVC将以现金加股权的方式收购Marathon，交易基本对价最高 可达12亿美元，其中包括4亿美 ...

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Transaction Overview - B2 Impact ASA plans to issue a new senior unsecured floating rate bond with an expected size of EUR 100 million[34] - The bond will have a tenor of 5 years and 4 months[33, 35] - The purpose of the bond issue is for refinancing and/or general corporate purposes[35] - The maximum issue amount for the bond is EUR 350 million[35] Company Performance - B2 Impact ASA is a leading pan-European debt management company specializing in non-performing debt portfolios[34] - The company is listed on the Oslo Stock Exchange with a market capitalization of approximately NOK 65 billion[34] - As of Q2 2025, the total Estimated Remaining Collections (ERC) was NOK 260 billion, with 87% unsecured and 13% secured[44, 58] - The company has revised its investment target for 2025 to NOK 35 – 4 billion[60] - The leverage ratio has reduced to 21x[64] Financial Covenants - The bond will have financial covenants including an interest coverage ratio greater than 30x, a leverage ratio less than 40x, and a secured loan to value less than 65%[35]

Core Insights - Bectran is participating as a platinum partner in the 2025 Credit Research Foundation Forum, focusing on credit management challenges and best practices [1][2] - The company is hosting a breakout session on the impact of AI and RPA in credit management, emphasizing their role in enhancing operational efficiency and financial outcomes [2][3] Group 1: Event Details - The 2025 Credit Research Foundation Forum will take place from March 17-19 in San Diego, California, featuring expert-led sessions and networking opportunities [1] - Bectran's breakout session titled "The Current State of Automation: AI, RPA, and the Credit Department" will occur on March 17 from 9:00 – 10:00 a.m. [3] Group 2: Technology and Innovation - AI and RPA are transforming the order-to-cash process, allowing credit professionals to enhance their strategic thinking and operational speed [2][4] - The session will highlight how automation is addressing bottlenecks and improving approval processes, leading to a new era of credit management characterized by increased efficiency [3][4] Group 3: Company Overview - Bectran is recognized as a leading SaaS platform for finance departments, streamlining credit processing by over 90% and significantly reducing credit defaults and collection costs [6] - The platform is trusted by a range of organizations, from SMEs to Fortune 500 companies, achieving cost savings of 60-90% in accounts receivable and collections management [6]