Core Viewpoint - The company P10, Inc. will change its name to Ridgepost Capital, Inc. effective February 11, 2026, reflecting its integrated platform in the middle and lower-middle market segments [1][2]. Company Overview - P10, now Ridgepost Capital, is a leading private markets solutions provider with over $40 billion in assets under management as of September 30, 2025 [3]. - The company focuses on private equity, private credit, and venture capital, targeting access-constrained strategies in the middle and lower-middle market [3]. Strategic Focus - The new name symbolizes the company's upward trajectory and unification as a cohesive enterprise, emphasizing its proprietary investment focus on diversified strategies [2]. - Ridgepost Capital aims to provide shareholders with exposure to a variety of investment strategies across different asset classes [2].

Core Insights - India's industry, trade, and commerce are experiencing a significant shift in credit sourcing, with non-traditional funding sources gaining prominence amid a GDP growth averaging around 8% over the past few years [1][5]. Credit Flow Trends - The flow of bank credit in FY25 decreased by approximately ₹3.4 lakh crore, dropping from ₹21.4 lakh crore to ₹18 lakh crore, while non-bank sources compensated for this decline with an increase of ₹4.3 lakh crore, rising from ₹12.5 lakh crore in FY24 to ₹16.8 lakh crore in FY25 [2][4]. - In FY26 (up to October 31), the total flow of financial resources to the commercial sector increased to ₹20.1 lakh crore from ₹16.2 lakh crore a year ago, with non-bank sources contributing ₹8,95,813 crore, marking a 39% year-on-year increase [13]. Non-Bank Financing Sources - Non-bank financing sources include commercial papers, corporate bonds, private equity, venture capital, credit from non-banking financial companies (NBFCs), external commercial borrowings (ECBs), and foreign direct investments (FDI) [6]. - In FY25, corporate bond issuances reached ₹9.9 lakh crore, a 16.1% increase from the previous year, while investments from alternative investment funds (AIFs) grew by 32% year-on-year to ₹5,38,161 crore as of March-end 2025 [20]. Structural Changes in Financing - The shift towards non-bank financing is driven by India's rapid economic expansion and formalization, which have increased corporate financing needs, while banks face exposure limits and tighter lending norms [18]. - Companies are increasingly seeking non-bank capital as it offers faster execution, higher ticket sizes, and capital aligned with long-term growth rather than short-term debt servicing [19]. Regulatory Environment - The RBI and SEBI are encouraging diversification of corporate funding by deepening the corporate bond market and enhancing supervision of NBFCs, which reflects a regulatory nudge towards non-bank financing [21][22]. - The upcoming withdrawal of guidelines that limited bank credit to large borrowers is expected to allow banks to increase their lending to corporations, potentially balancing the shift towards non-bank sources [24][25].

Core Insights - The review of ERISA fiduciary guidelines by President Trump has led to increased interest in alternative investments among 401(k) plan advisors [1] - A significant portion of defined contribution plan advisors are likely to recommend alternative investments, with 10% already doing so [1][2] Group 1: Advisor Interest in Alternative Investments - Approximately 25% of defined contribution plan advisors are likely to recommend alternative investments in workplace plans [1] - Private equity, private real estate, and private credit are the most favored asset classes, with over one-third of advisors either recommending them or showing strong interest [2] - Hedge funds and venture capital have moderate support, while private infrastructure and secondaries have lower enthusiasm, with only about 25% of advisors expressing interest [2] Group 2: Retail vs. Institutional Interest - Interest in alternative investments is rising among retail investors, similar to trends observed in the defined contribution plan space [3] - Advisors have historically used alternatives for high-net-worth and institutional clients, but these options are becoming relevant for employees across various income levels [3] Group 3: Cryptocurrency Interest Discrepancy - Only 2% of surveyed advisors are actively recommending cryptocurrency, with an additional 17% interested in future recommendations [4] - In contrast, 9% of plan participants are already investing in cryptocurrency, and 25% express strong interest, indicating a 74% higher interest in crypto among participants compared to advisors [5] - An investment management consultant suggests that both private equity and cryptocurrency should have limited allocations in portfolios, recommending 5% for older participants and 15% for younger ones [6]

Industry Overview - The Zacks Investment Management industry is experiencing growth driven by asset growth, digital transformation, evolving investment vehicles, deeper personalization, and strategic scale [1] - Investment managers, also known as asset managers, manage various financial investments for clients, providing diversification and reducing volatility impacts [3] Key Trends - Continued asset inflows are expected to drive AUM growth, with equity markets performing well and institutional interest increasing [4] - There is a notable rise in inflows into alternative investments, including index funds, private credit funds, and ETFs, alongside the growth of tokenized assets [5] - Mergers and acquisitions (M&As) are being utilized by firms to expand scale, cut costs, and enhance product diversification [6][7] - Elevated expenses due to regulatory compliance and technology upgrades are anticipated to impact profits, although investments in AI and digital platforms may improve margins in the long run [9][10] Industry Performance - The Zacks Investment Management industry ranks 58, placing it in the top 24% of 243 Zacks industries, indicating positive near-term prospects [11][12] - The industry's earnings estimates have been revised upward by 1.9% since April 2025, reflecting growing analyst confidence [13] Comparative Analysis - Over the past two years, the industry has underperformed the S&P 500 Index, gaining 33.9% compared to the S&P 500's 52% increase [15] - The industry's trailing 12-month price-to-tangible book (P/TB) ratio is 3.35X, significantly lower than the S&P 500's 12.55X, indicating a discount compared to the broader market [18][19] Company Highlights - **Ameriprise Financial (AMP)**: As of September 30, 2025, AMP's total AUM was $1.66 trillion, with a CAGR of 5.9% in net revenues over the last five years [27][28]. The company has been restructuring to improve profitability and has a Zacks Rank of 2 (Buy) [31] - **Invesco (IVZ)**: IVZ's AUM reached $2.1 trillion as of September 30, 2025, with a CAGR of 8.5% over the last five years [34]. The company has undertaken initiatives to improve efficiency and has a Zacks Rank of 1 (Strong Buy) [38] - **Affiliated Managers Group (AMG)**: AMG's total AUM was $803.6 billion as of September 30, 2025, with a recent shift towards private markets and liquid alternatives to counter revenue challenges [41][43]. The company also holds a Zacks Rank of 1 [45]

Group 1 - The article discusses the inefficacy of most active managers in adding value to investments, even in favorable market conditions, highlighting the unpredictability of market climates that may benefit active management [1] - JP Morgan is launching a new wrap-fee advisory platform named J.P. Morgan Managed Services, which will provide access to managed portfolios from both JP Morgan and third-party investment managers [2] - Business Development Companies (BDCs) are facing scrutiny as their stock prices have fallen to multi-year lows, and bond spreads have widened significantly, indicating potential challenges in the private credit market [3] Group 2 - The article explores the implications of ETF share classes for mutual funds, noting the operational challenges and potential outcomes for mutual fund companies that have not yet adopted ETF offerings [4] - Swap financing costs for certain funds have risen significantly, accounting for 6.40% to 8.60% of average daily net assets, with annual costs from spread components ranging from 3.00% to over 4.10% [5] - Private credit is projected to anchor $119 billion in alternative flows by 2026, with a year-over-year growth rate of around 6%, reflecting a substantial increase in fundraising since 2020 [6] Group 3 - Asset managers are increasing efforts to encourage the use of artificial intelligence tools among employees, with some tracking usage and incorporating it into performance evaluations [7] - A new GOP bill aims to codify a previous executive order by President Trump, facilitating retirement plans' investments in private markets [8] - The number of private equity and venture capital funds has surpassed the number of McDonald's franchises, indicating a significant rise in alternative investments, which now account for approximately 12% of US investments [9] Group 4 - The wealth management sector is experiencing a deal boom, driven by an increase in high-net-worth investors, who collectively hold an estimated $140 trillion in global private assets [10]

Investment Options Overview - The article discusses various investment options outside of the stock market, emphasizing the importance of diversification to mitigate risks associated with market volatility [6] - It highlights that investments can range from very safe to highly volatile, suggesting that investors should conduct thorough research before committing funds [6] Savings Bonds - Savings bonds, such as Series EE and Series I bonds, are low-risk investments backed by the government, with Series I bonds offering interest rates linked to inflation [1] - These bonds provide stable interest payments over a specified period, making them suitable for conservative investors [1] Peer-to-Peer Lending - Peer-to-peer lending platforms like Prosper and Lending Club allow investors to fund loans with small amounts, starting as low as $25, and earn interest as borrowers repay their loans [3] Real Estate Investment Trusts (REITs) - REITs enable investors to gain exposure to real estate without needing significant capital or extensive research, as they invest in various properties and distribute rental income to shareholders [4][5] Gold Investments - Investors can diversify their portfolios by investing in gold through various means, including bullion, coins, mining companies, and mutual funds [7] - It is crucial to ensure the reputation of companies involved in gold transactions, especially if they offer storage services [8] Certificates of Deposit (CDs) - CDs are bank accounts that provide fixed interest rates for a set term, insured by the FDIC, offering a safe investment option with predictable returns [9] Corporate Bonds - Corporate bonds are issued by companies to raise capital, paying interest over time and returning the principal at maturity, with interest rates reflecting the borrower's risk level [11][12] Commodities Futures - Investing in commodities futures involves contracts for future delivery of goods, which can be profitable but also carries significant risk due to market volatility [13] Vacation Rentals - Purchasing vacation homes for rental purposes can provide both personal enjoyment and investment returns, although liquidity may be a concern in urgent financial situations [14] Cryptocurrencies - Cryptocurrencies are highly volatile digital currencies, with Bitcoin being the most recognized, appealing primarily to risk-tolerant investors [15] Municipal Bonds - Municipal bonds, issued by state and local governments, offer tax-exempt interest, making them attractive despite typically lower rates compared to corporate bonds [16] Private Equity and Venture Capital - Private equity funds invest in privately held companies, often requiring high net worth for participation, while venture capital focuses on funding startups, typically available to accredited investors [17][19] Annuities - Annuities are contracts with insurance companies that provide a series of payments in exchange for an upfront investment, offering tax-deferred growth but potentially high fees [20][21]

Core Insights - Three alternative asset managers are increasing their dividends, indicating a strong commitment to returning capital to shareholders in a volatile market environment [3][12]. Industry Overview - Over the past 20 years, alternative assets have grown from 6% to 15% of global assets under management (AUM), with expectations of continued growth at around 10% annually through 2029 [2]. Company Summaries KKR & Co. Inc. - KKR announced a 5.7% increase in its quarterly dividend, bringing the annual dividend to $0.74, resulting in a dividend yield of 0.6% [3][4]. - The company has a diversified portfolio with credit strategies (38%), real assets (26%), and private equity (33%) [5]. - KKR aims to reach $1 trillion in AUM by 2030 and has grown its AUM by 15% and annual adjusted net income (ANI) by 37% over the last 12 months [6]. Apollo Global Management - Apollo increased its dividend by over 10% to $2.04 annually, yielding approximately 1.42% [8][10]. - The company primarily focuses on credit investments, which constituted around 88% of its nearly $600 billion in fee-bearing capital [9]. - Apollo reported record fee-related earnings of $559 million in Q1 2025 and significant AUM inflows [9][11]. Blue Owl Capital - Blue Owl raised its dividend by 25%, resulting in an annual dividend of $0.90 and a yield of 4.59% [12][14]. - The company has raised its quarterly dividend eight times since going public in 2021, with credit strategies making up 51% of its $273 billion AUM [15]. - Blue Owl's strategy includes taking minority ownership in other private equity and hedge fund companies, allowing it to benefit from their profits [16].