Financial Performance Highlights - P10's Fee-Paying Assets Under Management (FPAUM) reached $263 billion, a 10% increase compared to Q1 2024's $238 billion[11, 17] - Revenue increased by 2% year-over-year, reaching $677 million compared to $661 million in Q1 2024[11] - Fee-Related Revenue (FRR) grew by 4% year-over-year, amounting to $676 million versus $650 million in the same period last year[11] - Adjusted Net Income (ANI) decreased by 8% year-over-year, totaling $235 million compared to $254 million in Q1 2024[11] - Fully Diluted ANI per share decreased by 5% year-over-year, standing at $020 compared to $021 in the previous year[11] FPAUM Growth and Composition - Private Equity Solutions accounted for $150 billion of FPAUM[14] - Venture Capital Solutions held $65 billion in FPAUM[14] - Private Credit Solutions managed $48 billion in FPAUM[14] - The company experienced a record fundraise and deployment of over $14 billion in FPAUM for the first three months of 2025, which is 36% of the annual organic gross fundraising guidance of $4B[16] Capital Allocation and Recent Developments - A quarterly cash dividend of $00375 per share was declared for Class A and Class B stock, representing a 7% increase[19] - 1215106 shares were repurchased in the quarter at a weighted average per share price of $1231, representing nearly $15 million[19] - The company completed the acquisition of Qualitas Funds in April, which had $10 billion in FPAUM and $13 billion in AUM as of March 31, 2025[15, 19]

Core Viewpoint - Wendel has completed the acquisition of a controlling stake in Monroe Capital LLC, marking a significant step in its strategic roadmap to expand its asset management platform, which now manages approximately €34 billion in private assets and is projected to generate around €160 million in Fee Related Earnings (FRE) and €185 million in total pre-tax profit by 2025 [1][10][11]. Acquisition Details - Wendel has invested $1.13 billion to acquire 72% of Monroe Capital's shares, along with rights to approximately 20% of the carried interest from past and future funds, while the sellers retain a 25% stake post-transaction [2]. - The acquisition includes a partnership with AXA IM Prime, which has also acquired a minority equity stake in Monroe Capital, reflecting a strong relationship between the two firms [3]. - An earn-out mechanism is included in the transaction, allowing for a maximum payment of $255 million based on FRE performance thresholds, with potential payment in cash by 2028 [4]. Future Purchase Plans - Wendel has a structured plan to acquire the remaining 25% of Monroe Capital's shares through a series of transactions scheduled between 2028 and 2032, with the purchase price determined by realized FRE growth [5]. Monroe Capital Overview - Monroe Capital, founded in 2004, specializes in private credit solutions and manages over $20 billion in assets across more than 45 investment vehicles, focusing on various strategic verticals including Lower Middle Market Direct Lending and Alternative Credit [6][16]. - The firm has originated over 800 transactions and invested more than $47 billion, achieving a gross unlevered IRR of approximately 10% on its directly originated transactions [7]. Wendel's Strategic Goals - Wendel aims to build a substantial asset management platform that will provide recurring cash flows and exposure to high-performing asset classes, enhancing its dual business model alongside its principal investment activities [9][11]. - The partnership with Monroe Capital is expected to create operational synergies and contribute to Wendel's goal of generating double-digit Total Shareholder Return [11][14]. Leadership Commentary - Wendel's CEO emphasized the importance of this acquisition in scaling its asset management platform and highlighted Monroe Capital's strong performance and strategic positioning in the private credit market [12]. - The partnership with AXA IM Prime is viewed as a significant endorsement of Wendel's asset management model [13].