Core Insights - Alaris Equity Partners has completed three investments totaling US$52.7 million, contributing an incremental US$6.6 million or 4.3% growth to its run rate partner distributions [1][2] - The Board of Trustees has approved a 9% increase in the distribution, raising the quarterly distribution to $0.37 per trust unit and the annual distribution to $1.48 [2] - Alaris has a strong track record, having invested over $2.9 billion in 43 portfolio companies since its founding in 2004, generating a 16% IRR from exited investments [3][4] Investment Details - The investments include a US$27.0 million initial investment in McCoy Roofing Holdings LLC, along with follow-on investments in Cresa LLC and Carey Electric Contracting Inc [1][10][11] - Alaris' investment in McCoy consists of US$19.0 million in preferred equity and US$8 million in common equity, with an initial annualized distribution of $2.7 million, yielding 14% [7] - If McCoy meets its growth targets, Alaris may fund an additional US$32.0 million in preferred equity [8] Partner Updates - Cresa received an additional US$20.5 million investment, increasing its annualized distribution by 69% to US$7.1 million [10] - Carey received an additional US$5.2 million investment, increasing its annualized distribution by 16% to US$2.2 million [11] - Ohana Growth Partners acquired a Planet Fitness franchisee, enhancing its competitive position and cash flow [12] Market Position and Future Outlook - Alaris is well-positioned in the $3 trillion North American private equity market, with a diversified portfolio and a strong pipeline of investment opportunities [3][14] - The company aims to continue its growth track record while returning excess cash to unitholders through potential future distribution increases and buybacks [5]

Investment Rating - The report assigns a 12-month rating of Neutral to Swiss Prime Site (SPS) with a price target of CHF104.00, while the current price is CHF113.90 [6][30]. Core Insights - Swiss Prime Site has undergone significant transformation over the past five years, focusing on a two-pillar strategy that has increased the earnings contribution from direct real estate from 45% to 87%, with EBITDA margins improving from 52% to 79% [4]. - The Swiss commercial real estate market shows a positive outlook, with prime yields widening to an attractive 200 basis points and low availability of office space in prime locations [3]. - The company has a robust acquisition pipeline of CHF600 million, expecting a rental income contribution of over CHF25 million, with most projects currently in due diligence [4]. Financial Metrics - The net rental income is projected to be CHF391 million for 2025, with EBITDA expected at CHF413 million [7]. - The forecasted EPS for 2025 is CHF3.57, with a dividend per share (DPS) of CHF3.45 [7]. - The company is trading at a 12% premium to its FY24 NAV, while the sector averages a 1% premium [11]. Growth Potential - SPS aims to grow its assets under management (AuM) from CHF13 billion to CHF16 billion by 2027, driven primarily by net contributions from pension funds [9]. - Management sees a potential for approximately 10% additional rent reversion across the portfolio, with new acquisitions expected to yield unlevered returns of 3.5-3.8% [10]. - The company anticipates around 10% growth in funds from operations (FFO) and similar dividend potential, maintaining a payout policy of 80-90% of FFO [10].