P10 Inc (PX) 2023 Q1 法說會逐字稿

Hello, and welcome to the P10 First Quarter 2023 Conference Call. My name is Matt, and I will be coordinating your call today. (Operator Instructions). I will now hand you over to your host, Mark Hood, EVP of Operations and Investor Relations. Mark, please go ahead.

您好，歡迎參加 P10 2023 年第一季度電話會議。我叫馬特，今天我將協調您的電話。 （操作員說明）。現在我將把您交給主持人、運營和投資者關係執行副總裁馬克·胡德 (Mark Hood)。馬克，請繼續。

Good afternoon, and welcome to the P10 First Quarter 2023 Conference Call. This is Mark Hood, EVP of Operations and Investor Relations. Today, we will be joined by Robert Alpert, Chairman and Co-CEO; Clark Webb, Co-CEO; Fritz Souder, Chief Operating Officer; and Amanda Coussens, Chief Financial Officer.

下午好，歡迎參加 P10 2023 年第一季度電話會議。我是運營和投資者關係執行副總裁馬克·胡德 (Mark Hood)。今天，董事長兼聯合首席執行官羅伯特·阿爾珀特 (Robert Alpert) 將加入我們；克拉克·韋伯，聯合首席執行官；弗里茨·蘇德爾，首席運營官；以及首席財務官阿曼達·庫森斯 (Amanda Coussens)。

Before we begin, I'd like to remind everyone that this conference call as well as the presentation slides may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain.

在開始之前，我想提醒大家，本次電話會議以及演示幻燈片可能構成 1933 年證券法第 27A 條、1934 年證券交易法第 21E 條和1995 年《私人證券訴訟改革法案》。前瞻性陳述反映了管理層當前的計劃、估計和預期，具有內在的不確定性。

Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in greater detail under Risk Factors in our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 27, 2023, and in our subsequent reports filed from time to time with the SEC.

由於許多風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述中明示或暗示的結果存在重大差異，這些風險或其他因素在我們截至年度的10-K 表格年度報告的風險因素中進行了更詳細的描述。 2022 年 12 月 31 日，2023 年 3 月 27 日向 SEC 提交，以及我們隨後不時向 SEC 提交的報告。

The forward-looking statements included are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as otherwise required by law.

所包含的前瞻性陳述僅在本協議發布之日作出。我們不承擔因新信息或未來事件而更新或修改任何前瞻性陳述的義務，除非法律另有要求。

I will now turn the call over to Robert.

我現在將把電話轉給羅伯特。

Good afternoon, and thank you for joining the call. I'm pleased to report that P10 delivered another excellent quarter of financial performance, meeting or exceeding all our key metrics. We are particularly proud that we were able to raise and deploy over $900 million of fee-paying AUM in the first quarter. The macroeconomic backdrop continues to be challenging.

下午好，感謝您加入通話。我很高興地向大家報告，P10 又實現了出色的季度財務業績，達到或超過了我們的所有關鍵指標。我們特別自豪的是，我們能夠在第一季度籌集和部署超過 9 億美元的付費資產管理規模。宏觀經濟背景仍然充滿挑戰。

Nonetheless, we delivered double-digit growth in revenue, adjusted EBITDA and adjusted net income. Since going public in October of 2021, we've proven the value of our model by demonstrating a differentiated business characterized by durability, resiliency and predictability. Because P10 has a diverse set of strategies, we have multiple tools to achieve our organic growth plans.

儘管如此，我們的收入、調整後 EBITDA 和調整後淨利潤均實現了兩位數增長。自 2021 年 10 月上市以來，我們通過展示以耐用性、彈性和可預測性為特徵的差異化業務，證明了我們模型的價值。由於 P10 擁有多樣化的戰略，因此我們擁有多種工具來實現我們的有機增長計劃。

Shortly after our IPO, we gave guidance that we expected to raise $5 billion in fee-paying AUM over the course of 2022 and 2023. With this quarter's performance, we have raised over $4.3 billion with 3 quarters remaining to achieve our target. Last quarter, we laid out our objectives for 2023 that included double-digit revenue, adjusted EBITDA and adjusted net income growth. We remain confident in our ability to skillfully navigate difficult market conditions while delivering on our objectives.

首次公開募股後不久，我們給出了指導，預計在2022 年和2023 年期間籌集50 億美元的付費資產管理規模。根據本季度的業績，我們已籌集了超過43 億美元，距離實現我們的目標還有3 個季度。上季度，我們制定了 2023 年的目標，其中包括兩位數的收入、調整後的 EBITDA 和調整後的淨利潤增長。我們仍然相信自己有能力在實現目標的同時巧妙應對困難的市場條件。

Later in the call, Clark will discuss steps we are taking to strengthen our executive team as we continue to grow. Although we like to highlight our organic growth, we continue to evaluate M&A opportunities in new and existing strategies domestically as well as internationally. We don't feel any pressure to do a deal, but instead want to ensure we find the right partner.

在稍後的電話會議中，克拉克將討論我們在不斷發展的過程中為加強執行團隊而採取的措施。儘管我們喜歡強調我們的有機增長，但我們仍繼續評估國內外新戰略和現有戰略的併購機會。我們並不感到有任何達成協議的壓力，而是希望確保我們找到合適的合作夥伴。

As Clark likes to say, these are marriages. In the first quarter, we repurchased 100,000 shares and retained $18.9 million under our buyback program announced in December of 2022. We continue to believe our stock is undervalued, and we will be opportunistic with repurchases to take advantage of market dislocations. Finally, our Board of Directors approved a $0.01 per share or 8% increase in our annual dividend from $0.12 a share to $0.13 a share.

正如克拉克喜歡說的，這就是婚姻。第一季度，我們回購了 100,000 股股票，並根據 2022 年 12 月宣布的回購計劃保留了 1,890 萬美元。我們仍然認為我們的股票被低估，我們將趁市場混亂的機會進行回購。最後，我們的董事會批准將年度股息從每股 0.12 美元增加到每股 0.13 美元，即每股 0.01 美元，即增加 8%。

Our stable and growing business model gives us great comfort in increasing our dividend without the concern of limiting capital flexibility to continue to reinvest in our business and achieve our goals. With that, I will now hand the call over to Fritz to share some thoughts on the fundraising and deployment environment. I'm proud of our results and appreciate the hard work of our team. Fritz?

我們穩定且不斷增長的業務模式使我們在增加股息方面感到非常放心，而不必擔心限制資本靈活性，繼續對我們的業務進行再投資並實現我們的目標。現在，我將把電話轉交給弗里茨，分享一些關於籌款和部署環境的想法。我對我們的成果感到自豪，並感謝我們團隊的辛勤工作。弗里茨？

Thank you, Robert. I think this quarter's fundraising and deployment performance demonstrates the attractiveness of our business model. Since 2017, we've assembled 7 premier strategies in their respective verticals, all of which focused on the middle and lower middle market. In our private equity vertical, despite headwinds, we added gross fee-paying AUM of $610 million during the quarter. While the denominator effect is still present and this continues to slow investors' decisions for allocations, we have every reason to retain our confidence, as we've been at this for over 2 decades with proven investment performance that wins and retains clients.

謝謝你，羅伯特。我認為本季度的籌款和部署表現證明了我們商業模式的吸引力。自2017年以來，我們在各自的垂直領域整合了7個首要策略，所有這些策略都專注於中低端市場。在我們的私募股權垂直領域，儘管面臨阻力，本季度我們的總付費資產管理規模仍增加了 6.1 億美元。儘管分母效應仍然存在，並且這繼續減緩投資者的配置決策，但我們完全有理由保持信心，因為我們已經在這方面投入了二十多年，並以經過驗證的投資業績贏得併留住了客戶。

We also believe in innovation around our verticals, identifying new ways to package our investment manufacturing for clients. One of the new products you will see in our performance table is what we call Multi-Strat within private equity. It is a combination fund that blends our primary fund to funds with secondaries and co-invest. The result is a product that shortens the J-Curve and has the opportunity to deliver strong returns.

我們還相信圍繞垂直行業的創新，尋找新的方法來為客戶打包我們的投資製造。您將在我們的業績表中看到的新產品之一是我們在私募股權中所說的 Multi-Strat。它是一種組合基金，將我們的主要基金與二級基金和共同投資基金混合在一起。其結果是產品能夠縮短 J ​​曲線並有機會帶來豐厚的回報。

In the first quarter, we launched Multi-Strat II and is off to a good start with over $64 million in capital raised. RCP's Secondary Fund IV is also seeing good demand, and we've now raised almost $600 million. In our venture equity business, we believe we benefit from a flight to quality. There appears to be enthusiasm for venture equity with institutional investors, as high-quality managers continue to grow and raise capital.

第一季度，我們推出了 Multi-Strat II，並取得了良好的開端，籌集了超過 6400 萬美元的資金。 RCP 的二級基金 IV 也看到了良好的需求，我們現在已經籌集了近 6 億美元。在我們的風險投資業務中，我們相信我們會從追求質量中受益。隨著高素質管理人不斷成長和籌集資金，機構投資者似乎對風險投資充滿熱情。

In fact, according to a venture capital journal survey, roughly 80% of institutional investors intend to maintain or increase their exposure to the venture asset class in 2023. Although fundraising is happening more slowly because of market uncertainty, it is happening nonetheless, and we think the current market plays to our strength with a long track record of excellent investment performance in a variety of market cycles, we are optimistic.

事實上，根據一份風險投資期刊調查，大約 80% 的機構投資者打算在 2023 年維持或增加對風險資產類別的投資。儘管由於市場不確定性，融資進展緩慢，但它仍在發生，我們考慮到當前的市場發揮了我們的優勢，我們在各種市場週期中都擁有長期出色的投資業績記錄，因此我們感到樂觀。

In the quarter, we added $144 million in gross fee paying AUM spread across several products. Turning to our credit fleet. We continue to feel the wind at our backs. Hark, our NAV lending strategy has never been busier as the product is becoming more acceptable by GPs as a viable financing alternative. Deal flow is extraordinary as PE firms need more time and capital to achieve success in a market where exits are challenging.

本季度，我們在多種產品中的總費用支付資產管理規模增加了 1.44 億美元。轉向我們的信貸車隊。我們繼續感受到背後的風。聽著，我們的資產淨值貸款策略從未如此繁忙，因為該產品作為一種可行的融資選擇越來越被全科醫生接受。私募股權公司需要更多的時間和資金才能在退出具有挑戰性的市場中取得成功，因此交易量非常大。

We believe NAV lending is rapidly becoming an established asset class, and we're in the right place at the right time. For WTI, we're seeing excellent deal flow as a result of the Silicon Valley Bank exiting the market. Clark will speak more about this in a moment. Overall, the credit part of our business added $68 million of gross fee-paying AUM, and we are excited about our market position, as banks go risk off and prepare for more regulations.

我們相信資產淨值貸款正在迅速成為一種既定的資產類別，而且我們在正確的時間處於正確的地點。對於 WTI，由於矽谷銀行退出市場，我們看到了出色的交易流。克拉克稍後將詳細討論這一點。總體而言，我們業務的信貸部分增加了 6800 萬美元的總付費資產管理規模，隨著銀行規避風險並為更多監管做好準備，我們對我們的市場地位感到興奮。

We also see the potential for improved returns as a result of favorable market conditions. Turning to our Impact business. It continues to grow with secular tailwinds driving small business lending, climate finance and impact real estate. In the first quarter, the team added $89 million in gross fee-paying AUM. I'm proud of the efforts from all of our strategies, and it is exciting to see success across a wide range of investment products and strategies.

我們還看到由於有利的市場條件而有可能提高回報。轉向我們的影響力業務。隨著小企業貸款、氣候融資和影響力房地產的長期推動，它繼續增長。第一季度，該團隊的付費資產管理規模總額增加了 8900 萬美元。我為我們所有策略所付出的努力感到自豪，並且很高興看到各種投資產品和策略取得成功。

I will now turn the call over to Clark.

我現在將把電話轉給克拉克。

Thank you, Fritz. I too have confidence in our ability to maneuver through what has become a challenging set of macroeconomic forces, including the recent upheaval in the banking sector broadly and SVB in particular. For much of the recent past, SVB was our largest competitor in venture debt. Their failure, combined with the pullback we're seeing from smaller banks, has created exceptionally favorable market conditions for our venture debt solution. WTI has been operating for over 40 years and has a business model that is time tested across market cycles. Our portfolio companies are in good condition and our pipeline of new high-quality opportunities is robust. We are working on WTI's Fund XI and hope to see strong demand, as we plan to launch early next year.

謝謝你，弗里茨。我也對我們應對一系列具有挑戰性的宏觀經濟力量的能力充滿信心，包括最近銀行業、特別是矽谷銀行的動盪。在最近的大部分時間裡，SVB 都是我們在風險債務領域最大的競爭對手。他們的失敗，加上我們看到的小型銀行的撤資，為我們的風險債務解決方案創造了異常有利的市場條件。 WTI 已運營 40 多年，其商業模式經過了市場週期的時間考驗。我們的投資組合公司狀況良好，我們的優質新機會渠道也很強勁。我們正在開發 WTI 的 Fund XI，並希望看到強勁的需求，因為我們計劃明年初推出。

We like the WTI strategy as it combines a 40-year loss record that mirrors high-yield bonds with the ability to produce private equity-like returns. In other words, liquid high-yield credit risk alongside private equity-like returns. We look forward to telling the WTI narrative to our clients over the coming quarters. Despite a challenging global picture, we believe P10 is positioned to prosper with investment strategies that have performed well over decades.

我們喜歡 WTI 策略，因為它結合了 40 年的虧損記錄，反映了高收益債券與產生類似私募股權回報的能力。換句話說，流動性高收益信用風險與私募股權類似的回報一起存在。我們期待在未來幾個季度向客戶講述 WTI 的情況。儘管全球形勢充滿挑戰，但我們相信 P10 憑藉數十年來表現良好的投資策略能夠繁榮發展。

Looking back when we went public 18 months ago, we laid out an intermediate 24-month target to raise $5 billion in new gross fee-paying assets under management. At that time, on a base of $17.3 billion, committing to a $5 billion target was no small ambition. Few would have envisioned what the ensuing 15 months would bring, with a global war, a record rise in interest rates, a 30% drop in the Russell 3000 and multiple bank failures.

回顧 18 個月前上市時，我們制定了 24 個月的中期目標，即在管理的新收費資產總額中籌集 50 億美元。當時，在 173 億美元的基礎上，承諾 50 億美元的目標是一個不小的野心。很少有人會預見到接下來的 15 個月會發生什麼：全球戰爭、創紀錄的利率上升、羅素 3000 指數下跌 30% 以及多家銀行倒閉。

Despite these conditions and with 9 months left to go, we are already standing today at $4.3 billion raised across our platform. And as Robert mentioned earlier, we expect to exceed our $5 billion target. This is quite an accomplishment, and we would like to publicly commend our team and thank them for their outstanding performance. But even with our success, we continue to believe that cross-sell across P10 is in its mere infancy, and we intend to continue investing in P10 marketing in the coming quarters.

儘管存在這些條件，而且還剩 9 個月的時間，我們的平台目前已經籌集了 43 億美元。正如羅伯特之前提到的，我們預計將超過 50 億美元的目標。這是一項相當大的成就，我們要公開讚揚我們的團隊並感謝他們的出色表現。但即使我們取得了成功，我們仍然相信 P10 的交叉銷售還處於起步階段，我們打算在未來幾個季度繼續投資於 P10 營銷。

As part of that process and as we lay the groundwork for our next intermediate fundraising target in 2024 and beyond, Jeff Gehl, our Head of P10 Fundraising, notified us of his decision to retire from his formal role at P10 after an incredible 22-year career. Jeff co-founded our private equity solution over 2 decades ago, and his contribution to P10 has been invaluable. Jeff is a large P10 shareholder, a large investor across P10 funds and a large owner of carried interest. While his retirement marks the end of his executive leadership with the firm and concludes his tenure in a formal role with P10, his allegiance to and support of P10 is expected to endure, and we're hopeful he'll find ways to be helpful to P10 in a new informal way in the future.

作為該流程的一部分，當我們為2024 年及以後的下一個中期籌款目標奠定基礎時，我們的P10 籌款主管傑夫·格爾(Jeff Gehl) 通知我們，他決定從P10 的正式職位退休，此前他在P10 度過了令人難以置信的22 年時光職業。 Jeff 在 20 多年前共同創立了我們的私募股權解決方案，他對 P10 的貢獻是無價的。 Jeff 是 P10 的大股東、P10 基金的大投資者以及附帶權益的大股東。雖然他的退休標誌著他在公司執行領導職務的結束，並結束了他在 P10 的正式職務，但他對 P10 的忠誠和支持預計將持續下去，我們希望他能找到方法幫助未來以一種新的非正式方式P10。

As a result, we are actively searching with the help of a professional firm to bolster the P10 executive team with a specific focus around fundraising and raising the P10 profile globally. We believe our investment manufacturing is second to none across asset classes and high demand. In short, we expect significant interest from outside parties. Jeff, on behalf of the P10 family, we want to thank you for your continued support at P10, and we wish you and your family all the best.

因此，我們正在積極尋找一家專業公司的幫助來加強 P10 執行團隊，特別關注籌款和提高 P10 在全球的形象。我們相信，我們的投資製造業在資產類別和高需求方面都是首屈一指的。簡而言之，我們預計外部各方會產生濃厚的興趣。 Jeff，我謹代表 P10 家族感謝您對 P10 的持續支持，並祝您和您的家人一切順利。

With that, let me hand the call over to Amanda.

現在，讓我把電話轉給阿曼達。

Thank you, Clark. Fee-paying assets under management were $21.6 billion, a 23% increase on a year-over-year basis. In the first quarter, $911 million of fundraising and capital deployment was offset by $516 million in step downs in expiration. Most of the expirations during the quarter related to WTI Fund VII, which stopped charging fees on $362 million of fee-paying AUM.

謝謝你，克拉克。管理的付費資產為216億美元，同比增長23%。第一季度，9.11 億美元的融資和資本部署被到期時的 5.16 億美元的削減所抵消。本季度大部分到期都與 WTI Fund VII 有關，該基金停止對 3.62 億美元的收費資產管理規模收取費用。

For the remainder of 2023, we expect $830 million in additional step-downs in expirations. Step-downs in expirations are a normal part of our business and typically takes place at the end of a fund's life or when a fund has reduced fees after a period of full fees. Revenue in the first quarter was $57 million, a 32% increase over the first quarter of 2022. Average fee rate in the quarter was 106 basis points, driven by continued expansion of our direct strategies, such as WTI, Bonaccord, Hark.

在 2023 年剩餘時間內，我們預計到期時將額外減少 8.3 億美元。到期時降價是我們業務的正常組成部分，通常發生在基金生命週期結束時或基金在一段時間的全額費用後降低費用時。第一季度收入為 5700 萬美元，比 2022 年第一季度增長 32%。在 WTI、Bonaccord、Hark 等直接策略持續擴張的推動下，該季度平均費率為 106 個基點。

Operating expenses in the first quarter were $52 million, a 65% increase over the same period a year ago. The increase is primarily attributable to additional compensation, benefits and noncash stock-based compensation expense related to the acquisitions of WTI, Bonaccord and Hark. GAAP net income in the quarter was $769,000. Adjusted EBITDA in the first quarter was $28.4 million, a 27% increase over what we reported in the first quarter of 2022. As we have discussed on prior calls, the acquisition of WTI brought a higher average fee rate and a lower operating margin.

第一季度運營費用為5200萬美元，比去年同期增長65%。這一增長主要歸因於與收購 WTI、Bonaccord 和 Hark 相關的額外薪酬、福利和非現金股票薪酬費用。該季度 GAAP 淨利潤為 769,000 美元。第一季度調整後EBITDA 為2840 萬美元，比我們在2022 年第一季度報告的數據增長27%。正如我們在之前的電話會議中討論的那樣，收購WTI 帶來了更高的平均費率和更低的營業利潤率。

Moreover, we continue to generate strong growth in our direct strategies, which share a similar financial profile. Ultimately, this should lead to more revenue and adjusted EBITDA dollars with margins in the low 50% range on an annual basis. For the first quarter, adjusted net income or ANI, was $25.5 million, a 14% increase over the $22 million reported in the first quarter of 2022.

此外，我們的直接戰略繼續實現強勁增長，這些戰略具有相似的財務狀況。最終，這應該會帶來更多的收入和調整後的 EBITDA 美元，年利潤率將在 50% 左右。第一季度調整後淨利潤或 ANI 為 2550 萬美元，比 2022 年第一季度報告的 2200 萬美元增長 14%。

We continue to efficiently convert $1 of adjusted EBITDA to adjusted net income due to small amounts of capital expenditures, cash interest and minimal tax leakage due to our tax assets. As a reminder, our tax assets are composed of 2 distinct assets, a $177 million net operating loss and $388 million in tax amortization. Cash and cash equivalents at the end of the first quarter were $25 million.

由於少量的資本支出、現金利息以及我們的稅務資產帶來的最小稅收洩漏，我們繼續有效地將 1 美元的調整後 EBITDA 轉換為調整後的淨利潤。提醒一下，我們的稅務資產由兩項不同的資產組成：1.77 億美元的淨營業虧損和 3.88 億美元的稅務攤銷。第一季度末現金和現金等價物為2500萬美元。

At quarter end, we had an outstanding debt balance of $275 million and $98 million available on the current credit facility. Since quarter end, we paid down an additional $12.9 million of debt. In the first quarter, we repurchased 100,000 shares of stock at an average price of $8.51 per share. We had $18.9 million available under the buyback program for additional repurchases.

截至季度末，我們的未償債務餘額為 2.75 億美元，當前信貸額度為 9800 萬美元。自季度末以來，我們又償還了 1,290 萬美元的債務。第一季度，我們以每股 8.51 美元的平均價格回購了 10 萬股股票。根據回購計劃，我們有 1890 萬美元可用於額外回購。

We also continue to pay our quarterly dividend. As Robert mentioned, we are increasing our annual dividend by 8%, taking the dividend from $0.12 per share to $0.13 per share annually. We declared a dividend of $0.0325 per share on May 15, 2023, to stockholders of record as of the close of business on May 30, 2023, and payable on June 20, 2023. Finally, at March 31, 2023, our Class A shares outstanding were 43,088,962 and Class B shares outstanding were 72,831,689 shares.

我們還繼續支付季度股息。正如 Robert 提到的，我們將年度股息提高 8%，將股息從每股 0.12 美元提高到每股 0.13 美元。我們於2023 年5 月15 日宣布向截至2023 年5 月30 日營業結束時登記在冊的股東派發每股0.0325 美元的股息，並於2023 年6 月20 日支付。最後，於2023 年3 月31日，我們的A 類股票已發行股數為 43,088,962 股，已發行 B 類股為 72,831,689 股。

Finally, as Robert noted, we reaffirm our guidance and continue to expect double-digit growth in revenue, adjusted EBITDA and adjusted net income for the calendar year 2023, all the while achieving our $5 billion group fee-paying AUM fundraising target. We believe this puts us in a distinct class among our peers, showing strong growth in the face of a difficult market environment. We also expect to lay out our next intermediate fundraising targets for 2024 and 2025, alongside our Q4 earnings call early next year.

最後，正如羅伯特指出的那樣，我們重申了我們的指導意見，並繼續預計2023 年的收入、調整後EBITDA 和調整後淨利潤將實現兩位數增長，同時實現我們50 億美元的集團付費AUM 籌款目標。我們相信，這使我們在同行中脫穎而出，在困難的市場環境中表現出強勁的增長。我們還預計將在明年初的第四季度財報電話會議上製定 2024 年和 2025 年的下一個中期籌款目標。

I will now pass the call back to Robert for closing remarks.

我現在將把電話轉給羅伯特，讓他發表結束語。

Thank you, Amanda. Now let's turn it over to the operator for a few questions.

謝謝你，阿曼達。現在讓我們將其轉交給操作員詢問幾個問題。

(Operator Instructions) The first question is from the line of Kenneth Worthington with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Kenneth Worthington。

Maybe first on Hark and WTI, as we think about the banking crisis, how are the opportunities playing out in terms of both deployment as well as getting the message to investment clients? So in terms of deployment, what sort of lead time is needed for Hark and WTI to reach the maximum deployment from the benefit from the banking crisis? And then in terms of fundraising, how is the message on the opportunities from the banking crisis sort of being received by your investors? And does the retirement of Jeff Gehl impact your ability to capitalize here?

也許首先是關於 Hark 和 WTI，當我們思考銀行業危機時，在部署以及向投資客戶傳達信息方面的機會如何發揮？那麼在部署方面，Hark和WTI需要什麼樣的準備時間才能從銀行危機中獲益達到最大部署呢？那麼在融資方面，您的投資者如何看待銀行業危機帶來的機遇信息？傑夫·蓋爾 (Jeff Gehl) 的退休是否會影響您在這裡獲利的能力？

Ken, those are great questions. And it's one question, which is impressive. So we'll take each one...

肯，這些都是很好的問題。這是一個令人印象深刻的問題。所以我們將每一個...

And in 1 breath. I didn't breath the entire time, sorry.

一口氣。我全程都沒有呼吸，抱歉。

The express version, I love that, yes. So let's take it. So Hark is lending to private equity GPs who have a lower middle market private equity fund. They have deployed most of the capital in that fund. They are not ready to harvest those investments and they would like to raise additional capital to make add-on investments or to play defense.

快速版本，我喜歡，是的。所以讓我們接受吧。因此，Hark 向擁有中低端市場私募股權基金的私募股權普通合夥人提供貸款。他們已將大部分資金投入該基金。他們還沒有準備好收穫這些投資，他們希望籌集額外的資金來進行附加投資或進行防禦。

This environment is perfect for that kind of capital stack and because we are focused on the lower middle market, there are not a whole lot of players that are sourcing the way we source and doing what we do. We would occasionally see a bank in the competitive arena. I would say that was occasional. I think that's probably going to be even less occasional than it was.

這種環境非常適合這種資本堆棧，而且由於我們專注於中低端市場，因此沒有很多參與者採用我們的採購方式並做我們所做的事情。我們偶爾會在競爭舞台上看到銀行。我想說那是偶爾的。我認為這種情況可能會比以前更加罕見。

But right now, our pipeline is as full as it's been. And as you said, the key really is bringing in more LP dollars relative to the deployment of capital. Our Fund IV, you can see in the table, I think we've closed on just over $300 million of capital, of which $100 million has been deployed. So we do have dry powder there. We also have a capital call line facility, but that is an open fund, and we are actively spreading the message because it is a very unique risk-adjusted return with investment-grade type risk yet generating a low double-digit to mid-teens type return.

但現在，我們的渠道和以前一樣滿了。正如您所說，關鍵實際上是引入相對於資本部署而言更多的有限合夥人資金。我們的第四號基金，你可以在表格中看到，我認為我們已經籌集了超過 3 億美元的資金，其中 1 億美元已經部署。所以我們那裡確實有乾粉。我們還有一個資本呼叫線工具，但這是一隻開放式基金，我們正在積極傳播這一信息，因為它是一種非常獨特的風險調整回報，具有投資級類型的風險，但產生的低兩位數到中位數的回報類型返回。

So that's the opportunity there. On the WTI side, SVB was the primary competitor, and we believe that, that has been a -- that's a structural shift in the market. We are still deploying Fund X. The pipeline has expanded since SVB's downturn. And so we are actively getting everything ready for Fund XI. If you think about what WTI does, they are deploying capital across hundreds of portfolio companies per fund.

這就是機會。在 WTI 方面，SVB 是主要競爭對手，我們相信，這是市場的結構性轉變。我們仍在部署 X 基金。自 SVB 低迷以來，該基金的渠道已擴大。因此，我們正在積極為第十一基金做好一切準備。如果你想一想 WTI 的做法，就會發現他們在每個基金的數百家投資組合公司中部署了資金。

And so we are constantly drinking from a fire hose. It's one of the reasons why we think we do something that most people can't do. It is hard to populate a fund with a few hundred positions and do it well. And as I think we talked about in last quarter's call, this is a 40-year track record that has a loss rate that literally mirrors high-yield credit. So we're very excited about that fund. It is early days on getting the message out. We're still getting all the documents ready.

所以我們不斷地從消防水帶裡喝水。這就是為什麼我們認為我們能做到大多數人做不到的事情的原因之一。很難用幾百個頭寸來填充一隻基金並把它做好。正如我認為我們在上個季度的電話會議中談到的那樣，這是一個 40 年的記錄，其損失率實際上反映了高收益信貸。所以我們對該基金感到非常興奮。現在傳達信息還為時過早。我們仍在準備所有文件。

We are on pace for an early next year launch, and we do believe that there is real front end demand. As it relates to fundraising, first of all, Jeff was -- I mean, he cofounded our private equity solution in 2001. He has had an extraordinary 22-year career. We owe him nothing but thanks for all that he's done on behalf of P10. We love the alignment that the P10 model brings.

我們正計劃於明年初推出，並且我們確實相信存在真正的前端需求。就籌款而言，首先，傑夫——我的意思是，他於 2001 年共同創立了我們的私募股權解決方案。他擁有 22 年非凡的職業生涯。我們不欠他什麼，只是感謝他為 P10 所做的一切。我們喜歡 P10 型號帶來的一致性。

Jeff is a large shareholder. Jeff has a lot of accrued carry that would be paid out over the next 10 years. These are not hedge funds, these are long-term locked-up vehicles. And Jeff is a large owner of LP interest in the funds because as you guys know, we -- the P10 does not seed the funds in terms of GP commit, it comes from the operating partners. So Jeff has a ton of financial reasons to continue to help us. I was on a fundraising call with him today.

傑夫是大股東。傑夫有大量應計利息，將在未來 10 年內支付。這些不是對沖基金，而是長期鎖定工具。 Jeff 是基金中 LP 權益的大股東，因為正如你們所知，我們 - P10 並不以 GP 承諾的形式提供資金，而是來自運營合作夥伴。因此，傑夫有很多經濟理由繼續幫助我們。今天我和他一起參加籌款電話。

So we think he will continue to be helpful, but as we talk about our next intermediate fundraising target, again, we went public, we laid out a $5 billion target. We are $4.3 billion of the way there in 5 quarters, and that's despite a macro environment that is quite difficult.

因此，我們認為他將繼續提供幫助，但當我們談論下一個中期籌款目標時，我們再次公開，制定了 50 億美元的目標。儘管宏觀環境相當困難，我們還是在 5 個季度內實現了 43 億美元的目標。

As we look to the next iteration of our intermediate fundraising goals for 2024 and 2025, and we're prepping for that, Jeff, and we all agreed that it was the right step. He had laid a great foundation, let's bring some other folks in and continue to plant seeds. So we wish him all the best. He is a friend of the firm, and we think this is a net win for Jeff and also a win for P10.

當我們展望 2024 年和 2025 年中期籌款目標的下一個迭代時，我們正在為此做好準備，傑夫，我們都同意這是正確的一步。他已經打下了很好的基礎，讓我們帶一些其他人進來，繼續播種。所以我們祝他一切順利。他是公司的朋友，我們認為這對 Jeff 來說是一次淨胜利，對 P10 來說也是一次勝利。

Great. And then I guess, a quicker one. You have a $5 billion target for '22 and '23, you're $4.3 billion so far. To get $5 billion -- to get to just $5 billion, it would suggest a pretty big slowdown in the next 3 quarters. Should we feel confident that the pace that you've been raising can continue and that your target of $5 billion is pretty conservative? Or should we really expect a big slowdown?

偉大的。然後我想，更快的。 22 年和 23 年的目標是 50 億美元，到目前為止，目標是 43 億美元。如果達到 50 億美元——僅僅達到 50 億美元，就意味著未來 3 個季度經濟將出現相當大的放緩。我們是否應該相信您一直在提高的步伐可以繼續下去，並且您的 50 億美元目標相當保守？或者我們真的應該期待經濟大幅放緩嗎？

So I wouldn't read anything into the comment other than we do expect to exceed the $5 billion target. When you look at -- I think we said in the script, we had roughly a dozen funds in the market. And these are lots of -- we have a Fund XVIII in the market. We talked about a Fund XI that we think will be coming to market. We've got Fund IVs, Fund Vs, Fund VIIIs. These are funds that have a lot of re-up and are well known in the market.

因此，除了我們確實預計會超過 50 億美元的目標之外，我不會在評論中讀到任何內容。當你看時——我想我們在劇本中說過，我們在市場上有大約十幾隻基金。我們在市場上有一支基金 XVIII。我們討論了我們認為即將上市的基金 XI。我們有基金 IV、基金 V、基金 VIII。這些基金的漲幅很大，並且在市場上廣為人知。

And so we really don't think about our business in terms of quarterly fundraising. We think of it as an engine that is constantly going to the next iteration of a flagship series that's been very successful over 10, 15 and 20 years. We feel really good about our business, but we also recognize that there are headwinds out there. I think our view is we've got a great slugging percentage, if we can increase the number of it fast, when we go sit in front of LP, there are not a lot of folks that offer what we offer, and we do believe that our 20-year track records are second to none.

因此，我們確實不會從季度籌款的角度來考慮我們的業務。我們認為它是一個不斷迭代的旗艦系列的引擎，該系列在 10 年、15 年和 20 年來都非常成功。我們對我們的業務感覺非常好，但我們也認識到存在一些阻力。我認為我們的觀點是我們已經獲得了很高的重擊率，如果我們能夠快速增加它的數量，當我們坐在LP面前時，沒有很多人提供我們所提供的服務，我們確實相信我們20 年的業績記錄是首屈一指的。

So we recognize it's a tough macro environment out there. We continue to put up results. We are going to be investing in the marketing engine because we think we've got a great story to tell. And we'll see when the money comes in, whether it's Q2, Q3, Q4, but we do believe that it is business as usual at P10.

因此，我們認識到當前的宏觀環境非常嚴峻。我們繼續公佈結果。我們將投資於營銷引擎，因為我們認為我們有一個很棒的故事要講。我們將看看資金何時到位，無論是第二季度、第三季度還是第四季度，但我們確實相信 P10 的業務一切如常。

The next question is from the line of Michael Cyprys with Morgan Stanley.

下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

Maybe just to dig a little further into the bank retrenching. I guess, how would you sort of size the opportunity? How much capacity would you say you have within your investment strategy? And how much bigger could those strategies be in 3 or 5 years' time as banks pullback? And then the second part to that question would be, clearly, the banks also provide lending into parts of your business so maybe you can remind us where and to what extent you guys borrow from the banks and parts of your business? And how do you navigate to what extent banks will be retrenching from pulling back from the sponsors?

也許只是為了進一步了解銀行緊縮政策。我想，你會如何衡量這個機會？您認為您的投資策略有多少容量？隨著銀行的撤退，這些策略在 3 到 5 年後會擴大多少？那麼這個問題的第二部分顯然是，銀行也向你們的部分業務提供貸款，所以也許您可以提醒我們，你們從銀行和部分業務中藉款的地點和程度？您如何判斷銀行將在多大程度上退出贊助商？

Yes, great questions. I'll start and then others feel free to jump in. There are 4 buckets within P10 that I would argue are benefiting from what's going on in the bank retrenchment. We talked about our NAV lending franchise. We talked about venture debt, and we do believe both of those are significant beneficiaries in Impact credit because we are in the lower middle market, and we are doing things like climate finance, Impact real estate and small business lending to women and minority-owned businesses.

是的，很好的問題。我將開始，然後其他人可以隨意加入。我認為 P10 中有 4 個桶受益於銀行緊縮的情況。我們討論了我們的資產淨值貸款特許經營權。我們談到了風險債務，我們確實相信這兩者都是影響力信貸的重要受益者，因為我們處於中低端市場，我們正在做氣候金融、影響力房地產和向女性和少數族裔擁有的小企業貸款等事情企業。

We do believe that, that is a direct beneficiary of the banking pullback. And then we do have an SBIC credit fund where our primary competition is actually -- are actually banks. So we have 4 business lines that are direct beneficiaries of the banking pullback, the question on how big could it be? I think we'd rather see as opposed to project. All 4 are humming. They are getting bigger by the day.

我們確實相信，這是銀行業回調的直接受益者。然後我們確實有一個 SBIC 信貸基金，我們的主要競爭對手實際上是銀行。因此，我們有 4 個業務線是銀行業回調的直接受益者，問題是它能有多大？我認為我們更願意看到而不是項目。 4 個都在嗡嗡作響。它們一天比一天大。

And we actually do believe there's a great narrative around it. I think the real determinant on how big those can be or how well we deliver the message of what we do to prospects around the world because it does feel like there's a good runway. It's incumbent upon us to get the message out. And that's why we're talking about investing in our marketing engine because we do believe these verticals, the things I'm talking about, most institutional GPs do not have these kinds of products. And so we think it's a unique message.

我們確實相信圍繞它有一個很棒的故事。我認為真正的決定因素是這些規模有多大，或者我們如何向世界各地的潛在客戶傳遞我們所做的事情的信息，因為它確實感覺有一條良好的跑道。我們有責任將這一信息傳達出去。這就是為什麼我們正在談論投資我們的營銷引擎，因為我們確實相信這些垂直領域，我正在談論的事情，大多數機構全科醫生沒有此類產品。所以我們認為這是一個獨特的信息。

On the leverage part, it's actually -- I think it highlights our benefit in the lower middle market. Our average portfolio company in private equity is levered at 3 to 3.5x. That's a far cry from what we read about in the larger part of the market, where leverage can be double that or more. We think that actually provides a great ballast when you have rate rises and when you have a downturn in the economy.

在槓桿部分，我認為它實際上凸顯了我們在中低端市場的優勢。我們私募股權投資組合公司的平均槓桿率為 3 至 3.5 倍。這與我們在大部分市場中讀到的情況相去甚遠，那裡的槓桿率可能是兩倍或更多。我們認為，當利率上升和經濟低迷時，這實際上提供了很好的鎮流器。

The other thing is because we are North American-focused in lower middle market businesses, we can really focus on [seems] of growth, structural changes within a large domestic economy. We don't have as much macro risk. I would argue from things that are going on in Europe or Asia or whatever it might be. So we actually think that the business, you can look at our 20-plus year track record across private equity, and you can see how we do through cycles, but it's pretty consistent.

另一件事是，因為我們專注於北美中低端市場業務，所以我們可以真正關注國內大型經濟體的增長和結構性變化。我們沒有那麼多的宏觀風險。我會根據歐洲或亞洲或其他地方正在發生的事情來爭論。所以我們實際上認為，你可以看看我們在私募股權領域 20 多年的業績記錄，你可以看到我們在各個週期中的表現，但它是相當一致的。

And then in venture equity, there's really not a lot of debt used. And if there is debt used, that's in our venture debt platform. So we don't feel like we have the same kind of exposure on the venture equity side that your question pertains to.

然後在風險投資領域，實際上並沒有使用很多債務。如果使用了債務，那是在我們的風險債務平台中。因此，我們認為我們在風險投資方面的敞口與您的問題並不相同。

On GP stakes, we have a very diversified portfolio. We -- if you think about Fund I and Fund II, we are in private equity, we are in private credit, we're in real estate, and we're in infrastructure. And so we think we've got as many pluses as we might have minuses. And we're with great GPs. And again, we feel like this is a very rare group of folks, who can even do a deal like this. So I would say across the board, in times of stress, a model like this should shine, and I think Q1 is an indication of that.

在普通合夥人股權方面，我們擁有非常多元化的投資組合。如果你想想基金一和基金二，我們在私募股權、私人信貸、房地產和基礎設施領域。因此，我們認為我們的優點和缺點一樣多。我們有很棒的全科醫生。再說一次，我們覺得這是一個非常罕見的群體，他們甚至可以做這樣的交易。所以我想說，在壓力時期，像這樣的模型應該大放異彩，我認為第一季度就是一個跡象。

And just to follow up there on those 4 buckets, I think you mentioned areas where you guys could benefit from bank retrenchment at lending, venture debt, the Impact credit and the SBIC credit strategy. Can you just maybe quantify what sort of pace of deployment you guys have been putting capital out against like over the last 12 months? Any sort of commentary, color on how those pipelines look today? How do you sort of expect that to trend? And if you're successful, would you be surprised if that deployment could triple or quadruple in, call it, 3 or 5 years' time?

為了跟進這 4 個方面，我認為你們提到了你們可以從銀行緊縮貸款、風險債務、影響信貸和 SBIC 信貸策略中受益的領域。您能否量化一下你們在過去 12 個月中投入資金的部署速度？對這些管道今天的樣子有什麼評論或評論嗎？您預計這種趨勢會如何？如果您成功了，如果 3 或 5 年後部署量可以增加三倍或四倍，您會感到驚訝嗎？

Yes. The pipelines are as robust as they've been. That is both structural and cyclical. I think that looking at our published financials is probably the closest that you'll get in terms of incremental growth, but it is -- if you put all 4 together, it is certainly in the billions of dollars in terms of. Whether it can triple or quadruple, we would say the market opportunity is there. It's incumbent upon us to get the message out and raise the capital behind it. But we're -- every day we're in the market, and we think we have something unique to offer.

是的。管道一如既往地強大。這既是結構性的，也是周期性的。我認為，從增量增長的角度來看，我們發布的財務數據可能是最接近的，但事實是——如果將所有 4 個因素加在一起，那麼肯定是數十億美元。無論是三倍還是四倍，我們都會說市場機會就在那裡。我們有責任傳達信息並籌集其背後的資金。但我們每天都在市場上，我們認為我們可以提供獨特的東西。

Next question is from the line of Chris Kotowski with Oppenheimer.

下一個問題來自克里斯·科托夫斯基和奧本海默。

Amanda, you were going just a little fast on all your guidance. I wonder just -- I missed the amount of the step-downs coming at us for the remainder of the year. And I was wondering also, did it have any implications for fee rate because fee rate was a little higher this quarter than I thought. And then I was also wondering if there are still any further merger costs or earnouts to be to be recognized in either '23 or early '24, from the acquisitions that have already been closed?

阿曼達，你的指導有點快了。我只是想知道——我錯過了今年剩餘時間裡我們將面臨的降級數量。我還想知道，這對費率是否有任何影響，因為本季度的費率比我想像的要高一些。然後我還想知道是否還有任何進一步的合併成本或收益需要在 23 年或 24 年初從已經完成的收購中得到確認？

Okay, yes. The additional step downs were $830 million for the year, step downs in exploration.

好吧，是的。今年額外減少了 8.3 億美元，用於勘探。

Okay. And does that have any effect -- come on. I was just -- what should we expect from fee rates? Does that impact it? And then also the -- your guidance on the EBITDA margin, I think you said this time, low 50s or previously, it was 51% to 52% million. Is that new or different?

好的。這有什麼影響嗎——來吧。我只是——我們應該對費率有何期望？這有影響嗎？然後還有——您對 EBITDA 利潤率的指導，我想您說過，這一次，低 50 或之前，它是 51% 至 52% 百萬。這是新的還是不同的？

Right. No change on margin. So we're still expecting 51% to 52%. That's correct.

正確的。保證金沒有變化。所以我們仍然預計 51% 到 52%。這是正確的。

And then on the fee rate, yes, there was -- I think we've guided to 105 basis points for the year. Obviously, we're trying to give you a specific number, but as I think we noted, we've got a dozen funds in the market, and some have fee rates well north. Not many have any well south, but we guided to 105 basis points on the year.

然後就費率而言，是的，我認為我們今年的指導價為 105 個基點。顯然，我們試圖給你一個具體的數字，但正如我認為我們注意到的，我們市場上有十幾隻基金，其中一些的費率很高。南邊的油井並不多，但我們今年的指導價為 105 個基點。

There was a large roll off of an old WTI fund in Q1. That was baked into the guidance when we purchased WTI, when we talked about what their contribution would be in calendar year 2023. So we're sticking to the 51% to 52%. We are sticking to the 105 basis points of an average fee rate. And in terms of future earn-outs, we do have the potential earnout of WTI flowing through this number.

第一季度，舊的 WTI 基金大幅減持。當我們購買 WTI 時，當我們談論他們在 2023 年的貢獻時，這一點就被納入了指導中。所以我們堅持 51% 到 52%。我們堅持 105 個基點的平均費率。就未來的盈利而言，我們確實有 WTI 的潛在盈利流過這個數字。

I think you can read what that hurdle is, but it's a very [early hit ahead] and ruling for that current quarter and future, even though it hasn't been hit yet, but we think it's a win for everybody if and when that's hit.

我想你可以讀到這個障礙是什麼，但這是一個非常[早期的打擊]，並且對當前季度和未來做出裁決，即使它還沒有被擊中，但我們認為，如果並且當它發生時，這對每個人來說都是一場胜利打。

And, Chris, sorry, just to add to Clark's comments, the earnout is shown on our adjustments page, on a reconciliation. So you should be able to see the impact of that at earnout related compensation. And we actually will not end, we will continue, Chris.

而且，克里斯，抱歉，只是為了補充克拉克的評論，收益顯示在我們的調整頁面上的對賬上。因此，您應該能夠看到這對與薪酬相關的薪酬的影響。事實上我們不會結束，我們會繼續，克里斯。

Your question, the next question is from the line of Ben Budish with Barclays.

你的問題，下一個問題來自巴克萊銀行的本·布迪什（Ben Budish）。

Clark, you talked about cross-sell sort of being in its early infancy and that you expect to keep investing a lot in marketing. Can you maybe talk salesforce productivity and sort of how that's evolved over the last couple of years? And how much more do you think is there to go? What are the sort of step function changes that we might see over the next couple of years as the efforts you're kind of putting in start to pay off?

克拉克，您談到交叉銷售還處於起步階段，您希望繼續在營銷方面進行大量投資。您能否談談銷售人員的生產力以及過去幾年的發展情況？您認為還有多少事情要做？當您付出的努力開始得到回報時，我們可能會在未來幾年看到什麼樣的階躍功能變化？

Yes. Great question. So I would say that the beautiful thing about our 20-year track records that are, we think, second to none, is the re-up rate is very high. And so we hold on to most of the capital that comes into the funds, which just gives us a lot of confidence as we launch the next vintage.

是的。很好的問題。所以我想說，我們 20 年業績記錄的美妙之處在於，我們認為，這是首屈一指的，那就是恢復率非常高。因此，我們保留了進入基金的大部分資金，這讓我們在推出下一個年份時充滿信心。

And we're also always giving money back to LPs at a good return. So I think the core fundamental basis of P10 is we've got great verticals with high re-up rates. As we look at our LP base, I think we've said publicly, fundraising, it really is a barbell. They're the large LPs on one end, and then there's retail on the other. Those are the 2 deepest pools. And then there is the skinny part of the barbell, which is the endowment foundation, family office, small pensions.

我們也總是以良好的回報將資金返還給有限合夥人。所以我認為 P10 的核心基礎是我們擁有出色的垂直領域和高再提升率。當我們審視我們的有限合夥人基礎時，我認為我們已經公開說過，籌款，這確實是一個槓鈴。一方面是大型有限合夥人，另一方面是零售業。這是兩個最深的水池。然後是槓鈴的瘦身部分，那就是捐贈基金會、家族辦公室、小額養老金。

We actually think we do really well on the skinny part of the barbell, and we are focused on planting our flags in the deeper parts of the pool. On both cases, those are long sales cycles, and that's without a cyclical downturn. And so we are out trying to tell our story to the large pools of capital and retail platforms, as we do believe if we can get our products and our returns in front of them that it will be hard to say no.

事實上，我們認為我們在槓鈴的瘦部分做得很好，我們專注於將我們的旗幟插在泳池的較深部分。在這兩種情況下，銷售週期都很長，而且沒有周期性衰退。因此，我們試圖向大量資本和零售平台講述我們的故事，因為我們確實相信，如果我們能夠將我們的產品和回報擺在他們面前，那麼就很難拒絕。

We have invested in the P10 team. I think you saw a year ago, we made a strategic hire internationally in the Middle East, and that's a seed that we planted 12 months ago, and we do think that's going to start bearing fruit here in the next 6 to 12 months, and we are looking at planning additional flags. The ramp is a 12- to 24-month ramp. So nothing we do today is presumably going to move the needle for a while, but we are benefiting from the seeds we planted 12 and 24 months ago.

我們投資了P10團隊。我想你一年前就看到了，我們在中東進行了一次國際戰略招聘，這是我們 12 個月前種下的種子，我們確實認為這將在未來 6 到 12 個月內開始結出果實，我們正在考慮規劃更多旗幟。該斜坡是 12 至 24 個月的斜坡。因此，我們今天所做的任何事情可能都不會在一段時間內起到任何作用，但我們正在從 12 和 24 個月前播下的種子中受益。

And then there's also just the plain and simple cross-sell. We've got 3,300 LPs around the firm. A lot of these are $3 million, $4 million, $5 million type LPs, and they love one of our verticals. And as we have additional verticals come to market, we are gingerly trying to introduce them to our other verticals. We do track that number internally.

然後還有簡單明了的交叉銷售。我們公司有 3,300 名有限合夥人。其中很多是 300 萬美元、400 萬美元、500 萬美元類型的 LP，他們喜歡我們的某一垂直領域。隨著我們有更多的垂直市場進入市場，我們正在小心翼翼地嘗試將它們引入我們的其他垂直市場。我們確實在內部追踪這個數字。

It is in the hundreds of millions of dollars of cross-sell. But as we noted in the script, we think that we're in the bottom of the first inning. We think there's a long way to go. And it's one of the reasons why we are focused on building out the marketing function within P10. It's -- we believe we have something very unique. And the more at bats we get, we think that, that will benefit the firm over the long term.

這是數億美元的交叉銷售。但正如我們在劇本中指出的那樣，我們認為我們處於第一局的底部。我們認為還有很長的路要走。這也是我們專注於在 P10 中構建營銷功能的原因之一。我們相信我們擁有一些非常獨特的東西。我們認為，我們獲得的擊球數越多，從長遠來看，這將使公司受益。

Great. And then a follow-up. It looks like a lot of the fund families are scaling pretty nicely, but I wanted to ask about RCP advisers. It looks like the most recent fund is kind of a bit smaller than the predecessor fund. So I'm wondering if there's any kind of color you can share. How should we think about like the longer-term trajectory of kind of the core fund-to-funds offering from RCP?

偉大的。然後是後續行動。看起來很多基金家族的規模都相當不錯，但我想詢問一下 RCP 顧問的情況。看起來最新的基金比之前的基金要小一些。所以我想知道你是否可以分享某種顏色。我們應該如何思考 RCP 核心基金對基金發行的長期軌跡？

Yes. This is Fritz. I can handle that. You're correct, the Fund XVII was a little bit smaller than the other funds. Most of that has to do, though, with this launching of a Multi-Strat fund, which, as we talked about, includes the primary funds. And what you're seeing is a lot of sort of line item consolidation is what I call it, in the LP universe in wanting to have one fund that will give them primary, secondary and co-investment.

是的。這是弗里茨。我能處理好。你是對的，Fund XVII 的規模比其他基金要小一些。不過，這大部分與推出多策略基金有關，正如我們所討論的，其中包括主要基金。你所看到的是我所說的很多類型的項目整合，在有限合夥人領域中，他們希望擁有一隻基金來為他們提供主要、次要和共同投資。

So you're not actually seeing the number of investors investing in our primary funds go down, you're just seeing them now spread out into 2 different vehicles. And I think that will continue. We're seeing a lot of interest in the marketplace as we're in with Multi-Strat II and we're in with primary Fund XVIII. We are seeing a lot of interest now in this multi-strategy vehicles.

因此，您實際上並沒有看到投資我們的主要基金的投資者數量下降，您只是看到他們現在分散到兩種不同的工具中。我認為這種情況將會持續下去。我們看到市場對我們的 Multi-Strat II 和主要基金 XVIII 表現出了濃厚的興趣。我們現在看到人們對這種多策略車輛很感興趣。

The next question is from the line of John Campbell with Stephens Inc.

下一個問題來自 Stephens Inc. 的約翰·坎貝爾 (John Campbell)。

Amanda, on the catch-up fees, I think I might have missed that, but on my math I was getting to a little over $3 million. Is that right?

阿曼達，關於追補費用，我想我可能錯過了這一點，但根據我的計算，我的收入略高於 300 萬美元。是對的嗎？

Yes, that's correct.

對，那是正確的。

Okay. And then when you guys talk to the 105 fee rate this year, is that on an adjusted basis, basically excluding the catch-up fees?

好的。然後你們說今年105的費率，是不是調整後的，基本上不包括補補費？

That includes the catch-up fees.

這包括追趕費用。

That does include the catch-up fees. Okay. And then on the step downs in exploration, Amanda, I think you said $830 million for the balance of the year. Any rough sense for the timing or roughly how that's going to phase throughout the year?

這確實包括追趕費用。好的。然後，關於勘探工作的縮減，阿曼達，我想你說的是今年剩餘時間的 8.3 億美元。對時間安排有什麼粗略的了解，或者全年將如何進行？

Most of that will actually be next quarter.

其中大部分實際上將在下個季度進行。

Okay. Majority of it in next quarter. Okay. And then last one for me, just another housekeeping. On earn-outs. As those are paid, I guess, particularly for WTI, that's adding support to your tax assets. Is that right?

好的。大部分是在下個季度。好的。對我來說最後一個，只是另一項家政服務。關於收益。我想，隨著這些費用的支付，特別是對於 WTI，這會增加對您的稅收資產的支持。是對的嗎？

Yes, that's right. So the earn-out -- we're accruing for it. It is not being paid. And again, I'd refer to the 8-K when we signed the deal on the EBITDA threshold, where that earnout is actually paid out. And yes, as that's paid, that will add to the tax asset. And so that will be a win for P10 long term, not only in the EBITDA we get, but also in the tax shield.

恩，那就對了。因此，我們正在積累收益。它沒有被支付。再說一遍，當我們在 EBITDA 門檻上簽署協議時，我會提到 8-K，即實際支付的收益。是的，支付後，這將增加稅收資產。因此，從長遠來看，這將是 P10 的勝利，不僅在我們獲得的 EBITDA 方面，而且在稅盾方面。

The next question is from the line of Adam Beatty with UBS.

下一個問題來自瑞銀集團的 Adam Beatty。

First, just a quick follow-up on the fee step downs. I think the full year guide on that may have gone up a little bit. So just curious what might be moving around there. And also wondering whether additional step-down suggests potentially a faster cadence toward the next round of vintages. So has anything done -- happened to accelerate the overall fund rollout process?

首先，快速跟進費用下降情況。我認為全年指南可能有所上升。所以只是好奇那裡可能有什麼在移動。我還想知道額外的降級是否意味著下一輪年份的節奏可能會更快。那麼，有沒有採取什麼措施來加速整個基金的推出過程呢？

Yes, there is no change in the step down guidance. We're obviously trying to fine-tune a couple of dozen funds. And so it may be plus or minus by a couple of dozen million, but it's very much in line with the original forecast. As for the cadence of when the new funds are launched, that with the exception of a few of the ones we've talked about, the cadence is almost annually or biannually.

是的，降級指導沒有變化。顯然我們正在嘗試調整幾十隻基金。因此，它可能會增加或減少幾千萬，但與最初的預測非常一致。至於新基金推出的節奏，除了我們講到的幾隻基金之外，幾乎是每年或每兩年一次。

So I wouldn't say that anything has been accelerated other than some of the specific opportunities within credit, where we see an opportunity either to raise sooner or to raise more. Obviously, that will be incumbent upon us to go do it. But apart from some of those credit strategies that are opportunistic, it is very much in line with the original forecast.

因此，我不會說除了信貸領域的一些特定機會之外，任何事情都已加速，我們看到了更快籌集資金或籌集更多資金的機會。顯然，我們有責任去做這件事。但除了那些投機性的信貸策略之外，與原來的預測是非常符合的。

For the large part...

對於大部分...

Sorry, Amanda?

對不起，阿曼達？

I was just going to say that a large part of the step downs in expirations in this quarter was related to -- specifically to a WTI fund. And so that may be part of the -- yes.

我只是想說，本季度到期日減少的很大一部分與——特別是 WTI 基金有關。所以這可能是——是的。

Okay. Okay. I appreciate it. And then I just wanted to turn t Enhanced and the Impact franchise and just get the latest on what you're seeing around potential regulatory and law making tailwinds there? And how -- what kind of time line we should think about in terms of some of the newer legislation feeding through to deployment opportunities?

好的。好的。我很感激。然後我只想轉向增強版和影響力系列，了解您所看到的潛在監管和法律制定順風車的最新情況？以及我們應該如何考慮將一些新的立法貫穿到部署機會方面的時間表？

Yes. No, Adam, it's a great -- it's one of the few verticals where regulation really is a tailwind. The Inflation Reduction Act was a structural shift and improvement in the underlying business. But we're still waiting for some additional rulemaking around that, just to clarify exactly what some of the tax equity components are going to look like.

是的。不，亞當，這是一個偉大的——它是監管真正起到推動作用的少數幾個垂直行業之一。降低通貨膨脹法案是基礎業務的結構性轉變和改進。但我們仍在等待相關的一些額外規則制定，只是為了明確稅收公平的一些組成部分將會是什麼樣子。

But we have definitely seen a greasing of the skids with respect to things like solar finance and impact real estate. And we are certainly seeing it in our backlog in our pipeline and the opportunities that we see. Again, that was before the banking crisis. When you think about our small business vertical, we are the counter to what banks normally provide.

但我們確實看到了太陽能金融和影響力房地產等領域的滑坡。我們當然在我們的管道積壓和我們看到的機會中看到了它。同樣，那是在銀行危機之前。當您考慮我們的小型企業垂直市場時，您會發現我們與銀行通常提供的服務相反。

So we've had the additional cyclical benefit of the banking retrenchment, but we feel great about the opportunity to deploy impact credit across all 3 of our verticals. And I should say, generating very good returns, but also generating real impact. There is no white washing in terms of what we're doing. The key for us is going to be continuing to go and raise additional capital to get that done.

因此，我們獲得了銀行緊縮帶來的額外周期性好處，但我們對有機會在所有三個垂直領域部署影響力信貸感到非常高興。我應該說，產生了非常好的回報，但也產生了真正的影響。我們所做的事情沒有任何洗白行為。對我們來說，關鍵是繼續籌集更多資金來完成這項工作。

Thank you for your question. There are no additional questions waiting at this time. So I'll pass the conference back to Robert for any closing remarks.

謝謝你的問題。目前沒有其他問題等待。因此，我會將會議轉交給羅伯特，讓他發表閉幕詞。

Well, thank you. Thank you, everyone, for joining us, and we look forward to speaking with you next quarter and call if you have any questions. Thanks.

嗯，謝謝。感謝大家加入我們，我們期待下個季度與您交談，如果您有任何問題，請致電。謝謝。

That concludes the conference call. Thank you for your participation.

電話會議到此結束。感謝您的參與。