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01/11 16:21
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reveals strong financial performance with significant growth in fundraising, AUM, and earnings. Additionally, the company maintains a steady dividend and share repurchase program, both positive indicators. While some questions in the Q&A highlighted uncertainties, such as market volatility and fee growth dynamics, management's responses indicated resilience and strategic opportunities. The overall sentiment leans positive due to robust financial metrics and optimistic future fundraising expectations, suggesting a likely 2% to 8% stock price increase over the next two weeks.
Total Fundraising $2,900,000,000, an increase from previous quarters, marking the highest quarterly fundraising level in over two years.
Infrastructure Fund Size (IAF 2) $1,300,000,000, nearly 50% larger than its predecessor fund.
Private Equity Fundraising Over $720,000,000 raised, contributing to a total AUM of $9,600,000,000 for private equity co-invest.
Private Markets Management Fees Increased by 20% year over year, driven by strong fundraising and $7,600,000 in catch-up fees.
Fee Related Revenue Grew 12% year over year.
Fee Related Earnings Grew 22% year over year.
Adjusted EBITDA Grew 26% year over year.
Adjusted Net Income Grew 30% year over year.
Carried Interest Balance $865,000,000, an 11% increase from a year ago.
Firm's Share of Carry Grew by 12.5% to $415,000,000.
Assets Under Management (AUM) Grew to $82,000,000,000.
Fee Paying AUM Grew to $66,000,000,000.
Contracted Not Yet Fee Paying AUM Grew 16% year over year to $8,200,000,000.
FRE Compensation $38,000,000, consistent with the quarterly average.
Incentive Fees Realized $15,000,000, comprised of $4,000,000 of annual performance fees and $11,000,000 of carried interest.
Gross Unrealized Carried Interest Increased to $865,000,000 from $836,000,000 last quarter.
Run Rate Annual Performance Fees Stand at $31,000,000 as of Q1.
Quarterly Dividend Maintained at $0.11 per share, with a 3.5% dividend yield.
Share Repurchase Authorization $63,000,000 remaining in the program as of May 1.
New Product Launches: Launched the next vintage of the global diversified infrastructure fund, CIS four, expected later this year.
Private Equity Co-Invest Fund: Final close of private equity co-invest fund, GCF three, totaling approximately $615,000,000.
Infrastructure Advantage Fund: Final close of the second infrastructure advantage fund, IAF two, at $1,300,000,000, nearly 50% larger than its predecessor.
Market Expansion: Announced a joint venture called Grove Lane targeting individual investors in the U.S. and a strategic partnership in Japan aiming to raise at least $1,500,000,000 by 02/1930.
International Fundraising: Raised over $3,000,000,000 from Asia over the last two years, with a focus on private market strategies.
Fundraising Performance: First quarter fundraising totaled $2,900,000,000, the highest quarterly level in over two years.
Management Fees Growth: Total private markets management fees increased 20% year over year.
Fee Related Revenue Growth: First quarter fee related revenue grew 12% year over year.
Strategic Initiatives: Launched a joint venture with Grove Lane and a partnership in Japan to enhance distribution capabilities.
Focus on Individual Investors: Targeting the individual investor channel, which represents a significant growth opportunity.
Market Volatility: The company acknowledged that market volatility through April has created uncertainty, which may affect the performance of their Absolute Return Strategies (ARS) business and overall incentive fee levels.
Trade and Tax Policy Uncertainty: Uncertainty related to trade and tax policy is expected to keep deployment and transaction levels depressed, impacting the overall business environment.
Challenging Equity Markets: The challenging equity markets may hinder the ARS business from achieving the same level of returns as the previous year, affecting incentive fee levels.
Deployment of Capital: There is a cautious outlook on capital deployment due to visibility issues around tariff and tax policies, which may slow down transaction activity.
Endowment Pullback: The company is insulated from potential endowment pullbacks in private markets commitments, as it represents a small part of their AUM.
Incentive Fee Realizations: Market conditions are likely to result in muted incentive fee realizations in the near term, affecting overall revenue.
Flat ARS Management Fees: The company expects ARS management fees to remain flat compared to the previous year due to the tough market environment.
Limited Catch-Up Fees: Limited additional catch-up fees are anticipated for the remainder of the year due to the mix of offerings in the market.
Fundraising Initiatives: Achieved $2.9 billion in fundraising, the highest quarterly level in over two years, with significant contributions from infrastructure and private equity.
Joint Venture - Grove Lane: Launched a joint venture focused on individual investor distribution in the U.S., enhancing distribution capabilities.
Strategic Partnership in Japan: Established a non-exclusive partnership in Japan aiming to raise at least $1.5 billion in additional assets by 2030.
2025 Fundraising Expectations: Forecasting 2025 fundraising to exceed 2024's total of $7.1 billion.
Private Markets Fee Growth: Expecting full year private markets fee-related revenue to grow in the mid-single digit range (5-8%) compared to 2024.
Fee-Related Earnings Goal: Confident in achieving the goal to double fee-related earnings from 2023 levels by the end of 2028.
ARS Management Fees: Expect ARS management fees in 2025 to be about the same as 2024 due to market conditions.
Quarterly Dividend: The company maintains a quarterly dividend of $0.11 per share, with a current dividend yield of 3.5%.
Share Repurchase Program: The company continues to repurchase shares under its repurchase authorization plan, with $63,000,000 remaining in the program as of May 1, 2025.
The earnings call reflects strong financial performance with record fundraising, high returns, and increased dividends. The Q&A indicates recurring revenue streams and optimism about future fund obligations, despite some uncertainty in timing of carry realizations. While ARS flows are slightly positive, the company's guidance remains cautious. Overall, the financial metrics and shareholder returns are positive, indicating a likely stock price increase.
The earnings call summary shows strong financial performance, with significant growth in unrealized carried interest and fee-paying AUM. The Q&A section revealed positive sentiments towards strategic initiatives, strong re-ups, and no significant fee pressures, although some uncertainties in AI's financial impact were noted. The overall positive outlook, including robust fundraising expectations and consistent fee growth guidance, suggests a likely positive stock price movement.
The earnings call highlights strong financial performance, including record fundraising, increased management fees, and robust earnings growth. Optimistic guidance for future fundraising and fee-related earnings, along with a stable dividend and share repurchase plan, further boosts sentiment. Although management was vague on some specifics, the overall tone remains positive, especially with international opportunities and partnerships. The absence of major negative factors and strong financial metrics suggest a positive stock price movement over the next two weeks.
The earnings call reveals strong financial performance with significant growth in fundraising, AUM, and earnings. Additionally, the company maintains a steady dividend and share repurchase program, both positive indicators. While some questions in the Q&A highlighted uncertainties, such as market volatility and fee growth dynamics, management's responses indicated resilience and strategic opportunities. The overall sentiment leans positive due to robust financial metrics and optimistic future fundraising expectations, suggesting a likely 2% to 8% stock price increase over the next two weeks.
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