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]

Core Insights - Morgan Stanley and Mitsubishi UFJ Financial Group have initiated the sale of Vena Energy India, a renewable energy platform owned by Global Infrastructure Partners, with an enterprise value of approximately $1 billion [1][2] - This sale represents Global Infrastructure Partners' complete exit from its investment in Vena Energy, which has been operational in India for over a decade [2][5] Company Overview - Vena Energy India operates 957 megawatts (MW) of renewable power assets, with an additional 59 MW under construction [2] - The company has a portfolio that includes a pipeline of 1.25 gigawatts (GW) of solar and wind projects, along with 752 megawatt-hours (MWh) of battery energy storage systems [5] - Vena Energy's projects have a weighted average residual power purchase agreement (PPA) of 17 years, with a weighted average tariff of ₹4.5 per kilowatt-hour (kWh) [4] Market Activity - India's renewable energy sector has seen significant merger and acquisition activity, accounting for about $8.5 billion worth of deals in the first half of the current fiscal year, which is roughly 80% of all power sector transactions [6] - The installed renewable energy capacity in India stands at 245 GW, with solar and wind contributing 116 GW and 52 GW, respectively [9] - India aims to add 50 GW of new capacity annually to reach 500 GW by 2030, as part of its net-zero roadmap [9] Investment Trends - There is strong investor appetite for operational and under-construction assets in the renewable energy sector, with hybrid models gaining traction [11] - Government initiatives, such as integrating biogas into the national gas grid and revising the Domestic Content Requirement policy, are expected to drive further M&A activity in the energy and infrastructure sectors [11] Recent Transactions - Notable recent transactions include ReNew Energy Global Plc's agreement to sell 300 MW of solar assets to Sembcorp Industries, valued at around $190 million [13] - Other significant moves include ONGC NTPC Green's acquisition of NIIF-backed Ayana Renewable Power and Orix Corp.'s sale of its stake in Greenko Energy Holdings [14]