P10 Inc (PX) 2024 Q3 法說會逐字稿

Hello, and welcome to the P10 third-quarter 2024 Conference Call.

您好，歡迎參加 P10 2024 年第三季電話會議。

My name is Latif, and I will be coordinating your call today.

我叫拉蒂夫，今天我將協調您的電話。

(Operator Instructions) As a reminder, today's conference call is being recorded.

（操作員說明）提醒一下，今天的電話會議正在錄音。

I will now hand the call over to your host, Mark Hood, EVP and Chief Administrative Officer.

現在我將把電話轉交給主持人、執行副總裁兼首席行政官馬克‧胡德 (Mark Hood)。

Mark, please go ahead.

馬克，請繼續。

Thank you, operator, and thank you all for joining us today.

謝謝運營商，也謝謝大家今天加入我們。

On today's call, we will be joined by Luke Sarsfield, Chairman and Chief Executive Officer; and Amanda Coussens, EVP, Chief Financial Officer and Chief Compliance Officer.

董事長兼執行長盧克薩斯菲爾德 (Luke Sarsfield) 將參加今天的電話會議；以及執行副總裁、財務長兼首席合規官 Amanda Coussens。

Additionally, in the room with us today is Arjay Jensen, EVP, Head of Strategy and M&A.

此外，今天和我們在一起的還有執行副總裁兼策略與併購主管 Arjay Jensen。

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 the federal securities laws, including the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒大家，本次電話會議以及簡報投影片可能構成聯邦證券法（包括 1995 年《私人證券訴訟改革法案》）含義內的前瞻性陳述。

Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain.

前瞻性陳述反映了管理階層目前的計劃、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 and uncertainties that are described in greater detail in our earnings release and in our periodic reports filed from time to time with the SEC.

由於我們的收益發布和不時向 SEC 提交的定期報告中更詳細地描述了許多風險和不確定性，未來時期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。

The forward-looking statements included are made only as of the date hereof.

所包含的前瞻性陳述僅在本協議發布之日作出。

We undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as required by law.

我們不承擔因新資訊或未來事件而更新或修改任何前瞻性聲明的義務，除非法律要求。

During the call, we will also discuss certain non-GAAP measures, which we believe can be useful in evaluating the company's performance.

在電話會議期間，我們也將討論某些非公認會計準則衡量標準，我們認為這些衡量標準有助於評估公司的表現。

A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release and our filings with the SEC.

我們的收益報告和向美國證券交易委員會提交的文件中提供了這些衡量標準與最直接可比較的公認會計準則衡量標準的對帳。

I will now turn the call over to Luke.

我現在將把電話轉給盧克。

Thank you, Mark.

謝謝你，馬克。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

I am exceptionally pleased with our record third-quarter and year-to-date financial results as well as the progress we've made on our five-point strategic growth plan.

我對我們創紀錄的第三季和年初至今的財務業績以及我們在五點策略成長計畫方面的進展感到非常滿意。

Before we discuss the quarter, I think it is important to recognize that we recently marked our three-year anniversary as an NYSE-listed firm.

在我們討論本季之前，我認為重要的是要認識到我們最近慶祝了我們作為紐約證券交易所上市公司的三週年紀念日。

Since our public debut in October of 2021, we have demonstrated that this business is durable, resilient and extremely well positioned for continued growth.

自 2021 年 10 月首次公開亮相以來，我們已證明該業務具有持久性、彈性，並且非常適合持續成長。

As we celebrated our three-year anniversary of being a public company, I also completed my first year as CEO.

在我們慶祝成為上市公司三週年之際，我也完成了擔任執行長的第一年。

The past 12 months have been foundational in so many ways and represent an inflection point for the business as we developed our strategic growth plan, delivered and executed across each imperative, including announcing a value-creating strategic transaction, proved our team's ability to raise and deploy capital across our attractive and compelling franchises and enhanced our shareholder engagement and communication, culminating in our first Investor Day this past September.

過去12 個月在許多方面都是基礎性的，代表著業務的轉折點，因為我們制定了戰略增長計劃，交付並執行了每一項重要任務，包括宣布一項創造價值的戰略交易，證明了我們團隊籌集資金和開展業務的能力。高潮。

And all the while, we've generated durable alpha while expanding our product offerings and the ways we engage with our clients.

一直以來，我們在擴大產品範圍和與客戶互動的方式的同時，創造了持久的阿爾法。

Upon joining the company in October of 2023, I sought the perspectives of our stakeholders who I knew would be instrumental in propelling our business into the future, namely our employees, our strategies, our clients and our shareholders.

2023 年 10 月加入公司後，我尋求了利害關係人的觀點，我知道他們將有助於推動我們的業務走向未來，即我們的員工、我們的策略、我們的客戶和我們的股東。

To do this, I embarked on a listening tour where I visited each of our strategies, met many P10 colleagues and engaged with LPs and public shareholders, both existing and prospective.

為此，我開始了一次傾聽之旅，參觀了我們的每項策略，會見了許多 P10 同事，並與現有和潛在的有限合夥人和公眾股東進行了接觸。

This deep dive provided a more complete understanding of the organization, along with valuable insights that confirm my core thesis that P10 had the potential for significant profitable growth.

這次深入研究讓我們對組織有了更全面的了解，並提供了寶貴的見解，證實了我的核心論點：P10 具有顯著獲利成長的潛力。

Through listening and engaging with the team, we developed and launched our strategic growth plan last February, thus unveiling our North Star to direct our actions.

透過傾聽和與團隊互動，我們在去年二月制定並啟動了策略成長計劃，從而揭開了指導我們行動的北極星。

In less than one year, we've made substantial progress against all the key objectives that I will cover in detail momentarily.

在不到一年的時間裡，我們在實現我將立即詳細介紹的所有關鍵目標方面取得了實質進展。

First, I want to highlight a few key takeaways from our financial results.

首先，我想強調我們財務表現的一些關鍵要點。

In the third quarter, we raised and deployed $1.4 billion in gross new fee-paying AUM with about $300 million of that amount coming from commitments that closed a quarter earlier than we expected.

第三季度，我們籌集並部署了 14 億美元的新付費資產管理規模，其中約 3 億美元來自比我們預期提前一個季度結束的承諾。

We delivered revenue of $74 million, representing 26% year-over-year growth.

我們營收 7,400 萬美元，年增 26%。

Fee-related revenue or FRR, was $73 million, a 26% increase compared to the prior year period, and we generated approximately $35 million of fee-related earnings, or FRE, a 19% increase from Q3 of 2023.

費用相關收入 (FRR) 為 7,300 萬美元，比去年同期成長 26%，我們產生了約 3,500 萬美元的費用相關收入 (FRE)，比 2023 年第三季成長 19%。

This represents an FRE margin of 48%.

這代表 FRE 利潤率為 48%。

In short, this performance represents record quarterly results across all our major KPIs, fundraising, revenue and fee-related earnings.

簡而言之，這項業績代表了我們所有主要 KPI、籌款、收入和費用相關收益的創紀錄季度業績。

Throughout 2024, we have driven significant demand from our funds that are currently in the market, and I want to take a moment to highlight some of our momentum on the fundraising front during the quarter.

在整個 2024 年，我們推動了目前市場上基金的巨大需求，我想花點時間強調我們在本季度籌款方面的一些勢頭。

Our private equity solutions raised $1.1 billion.

我們的私募股權解決方案籌集了 11 億美元。

We have three large funds currently in the market, RCP Direct V, RCP Secondary V, and Bonaccord II.

我們目前在市場上有三隻大型基金，RCP Direct V、RCP secondary V 和 Bonaccord II。

Additionally, our private credit solutions added $220 million to fee-paying assets under management, while our venture capital solutions sleeve raised $105 million in the third quarter.

此外，我們的私人信貸解決方案為管理下的付費資產增加了 2.2 億美元，而我們的創投解決方案在第三季籌集了 1.05 億美元。

And while we saw brisk activity across our commingled funds, we also raised over $200 million in SMAs.

雖然我們的混合基金活動活躍，但我們也透過 SMA 籌集了超過 2 億美元。

As you will recall from our Investor Day, finding new ways to leverage our expertise on behalf of clients is critical to our future growth, and this highlights the early progress we're making on this front.

正如您在我們的投資者日所記得的那樣，尋找新的方法來代表客戶利用我們的專業知識對於我們未來的成長至關重要，這凸顯了我們在這方面取得的早期進展。

As we think about 2025 and beyond, we will be focusing on additional ways for investors to interact with us outside of traditional commingled vehicles.

展望 2025 年及以後，我們將重點放在傳統混合工具以外的投資者與我們互動的其他方式。

Through the first three quarters of 2024, we've raised and deployed $2.9 billion, which handily beats our full year $2.5 billion guidance that we provided in February.

到 2024 年前三個季度，我們已籌集和部署了 29 億美元，這輕鬆超過了我們 2 月份提供的 25 億美元全年指引。

Our momentum is a direct result of our team's unified efforts.

我們的動力是我們團隊團結努力的直接結果。

Each of our strategies has been collaborative and constructive as we execute on the strategic growth plan that I shared at the beginning of the year.

當我們執行我在年初分享的策略成長計畫時，我們的每項策略都是協作性和建設性的。

We have all bought in, and we know that we are better together.

我們都同意了，我們知道我們在一起會更好。

And now I want to offer a little more color on the progress we've made year-to-date.

現在我想對我們今年迄今取得的進展提供更多的資訊。

First, we have now built a corporate level organizational structure that is positioned to accelerate growth with four experienced and talented leaders guiding key parts of the organization and reporting directly to me.

首先，我們現在已經建立了一個公司級的組織結構，該結構旨在加速成長，由四位經驗豐富、才華橫溢的領導者指導組織的關鍵部分並直接向我報告。

I am proud to work alongside this exceptional team, and they are already delivering results.

我很自豪能與這個傑出的團隊一起工作，他們已經取得了成果。

Second, we're focused on enhancing organic growth through deepening and expanding our relationships with clients.

其次，我們致力於透過深化和擴大與客戶的關係來增強有機成長。

As you heard me say earlier, we have real fundraising momentum.

正如你之前聽到我說的，我們有真正的籌款動力。

As we continue to deepen and amplify our leading position in the middle and lower middle market, we will create momentum for our strategies as they raise capital.

隨著我們繼續深化和擴大我們在中低端市場的領先地位，我們將在籌集資金時為我們的策略創造動力。

Further, in September, Sarita Narson Jairath began her role as Global Head of Client Solutions.

此外，9 月，Sarita Narson Jairath 開始擔任客戶解決方案全球主管。

Sarita's appointment is a milestone for us as we now have a senior leader who is singularly focused on organic growth, and we are implementing operational protocols and processes to better serve our clients.

薩里塔的任命對我們來說是一個里程碑，因為我們現在有了一位專門專注於有機成長的高級領導者，我們正在實施營運協議和流程，以更好地為我們的客戶服務。

P10 has real momentum.

P10有真正的動力。

We're a category killer in the lower middle market, and Sarita is helping us accelerate that vision as we enter 2025.

我們是中低階市場的品類殺手，Sarita 正在幫助我們在進入 2025 年時加速實現這一願景。

Third, we are laying the appropriate foundation for generating inorganic growth.

第三，我們正在為無機成長奠定適當的基礎。

In September, we announced our acquisition of Qualitas Funds, the first addition to our platform since 2022.

9 月，我們宣布收購 Qualitas Funds，這是自 2022 年以來我們平台上的首次新增項目。

Qualitas Funds is a leading European private equity fund of funds manager based in Madrid, managing approximately $1 billion in fee-paying assets under management.

Qualitas Funds 是一家總部位於馬德里的歐洲領先私募股權基金管理公司，管理約 10 億美元的收費資產。

It provides fund of funds, direct co-investing and NAV financing products in the European lower middle market to more than 1,300 limited partners across the ultra-high net worth, family office and institutional channels.

它在歐洲中低端市場向超高淨值、家族辦公室和機構管道的 1,300 多家有限合夥人提供基金中的基金、直接聯合投資和資產淨值融資產品。

The founders and their talented team have built an incredible firm with strong performance and a deep and loyal investor base.

創辦人和他們才華橫溢的團隊建立了一家令人難以置信的公司，擁有強勁的業績和深厚而忠誠的投資者基礎。

Furthermore, the firm has a strong expected growth trajectory, and we are so excited to add them to our platform.

此外，該公司具有強勁的預期成長軌跡，我們很高興將它們添加到我們的平台。

This acquisition will establish a European presence and meaningfully grow P10's investor base, positioning us as a leading global multi-strategy private markets firm focused on the middle and lower middle markets.

此次收購將建立歐洲業務並有意義地擴大 P10 的投資者基礎，使我們成為專注於中低端市場的全球領先的多戰略私募市場公司。

As we talked about at Investor Day, Qualitas Funds is extremely complementary with RCT Advisors.

正如我們在投資者日談到的那樣，Qualitas Funds 與 RCT Advisors 具有很強的互補性。

They share an existing relationship through a joint venture dating back to 2017.

他們透過一家合資企業建立了可追溯至 2017 年的現有關係。

More recently, the Qualitas team has also been working with Hark on NAV lending opportunities in Europe.

最近，Qualitas 團隊也與 Hark 合作研究歐洲的淨值貸款機會。

They share our client-centric culture and dedication to serving clients with elite access-constrained investment opportunities in the middle and lower middle markets.

他們分享我們以客戶為中心的文化，並致力於為客戶提供中低端市場精英投資機會。

We continue to expect to close the deal in the first quarter of 2025 and thereafter, we'll provide more color on what we see as a terrific opportunity for us in Europe.

我們仍然預計在 2025 年第一季度完成交易，此後，我們將提供更多信息，說明我們認為這對我們在歐洲來說是一個絕佳的機會。

Fourth, we are generating operational efficiencies through incentivizing collaboration and leveraging data insights.

第四，我們透過激勵協作和利用數據洞察來提高營運效率。

We're creating value through doubling down on focus areas that are performing, eliminating ancillary processes and implementing world-class systems that are set to yield tangible results.

我們透過加倍關注正在執行的重點領域、消除輔助流程並實施旨在產生實際成果的世界級系統來創造價值。

To support our strategies, we curate top-tier technologies and manage vendor relationships so our strategies can focus on generating alpha for our LPs.

為了支持我們的策略，我們策劃頂級技術並管理供應商關係，以便我們的策略可以專注於為我們的有限合夥人創造阿爾法。

We're also collaborating by rolling out shared software tools and by using our buying power to generate savings in areas like employee benefits.

我們還透過推出共享軟體工具並利用我們的購買力在員工福利等領域實現節省。

And finally, we're enhancing our transparency and shareholder dialogue.

最後，我們正在增強透明度和股東對話。

During the third quarter, we hosted our inaugural Investor Day, which provided a fantastic opportunity to showcase the attractive and compelling attributes of our business.

在第三季度，我們舉辦了首屆投資者日，這提供了一個絕佳的機會來展示我們業務的吸引力和引人注​​目的屬性。

You will also recall that earlier this year, in our commitment to enhance transparency, we began providing new KPIs that make it easier for our public investors to compare us to peers.

您還記得，今年早些時候，為了提高透明度，我們開始提供新的關鍵績效指標，使我們的公共投資者更容易將我們與同行進行比較。

Last month, at Investor Day, we reported client re-up rates for the first time, and we also introduced long-term guidance in several key areas.

上個月，在投資者日，我們首次報告了客戶的重新增加率，並且我們還在幾個關鍵領域引入了長期指導。

First, we intend to more than double fee-paying assets under management by 2029, with the vast majority coming from organic growth.

首先，我們計劃在 2029 年將管理的付費資產增加一倍以上，其中絕大多數來自有機成長。

Secondly, we're focused on value-creating M&A and believe we can become the acquirer of choice in our market space.

其次，我們專注於創造價值的併購，並相信我們可以成為我們市場領域的首選收購者。

Finally, we expect core organic FRE margins, excluding M&A, to expand from the mid-40s percent range in the near to intermediate term to near 50% in the out years.

最後，我們預計核心有機 FRE 利潤率（不包括併購）將從中短期內的 40% 左右擴大到未來幾年的近 50%。

All Investor Day materials are available on our Investor Relations website, including a full replay of the event.

所有投資者日資料均可在我們的投資者關係網站上獲取，包括活動的完整重播。

We believe in telling the investment community our plans and then reporting back on our progress.

我們相信向投資界告知我們的計劃，然後報告我們的進展。

We delivered that in my first year, and we'll continue to abide by that principle moving forward.

我們在第一年就實現了這個目標，今後我們將繼續遵守這項原則。

Our progress to date is only an indicator of what's to come.

我們迄今為止的進展只是未來的指標。

There are so many compelling and positively differentiated attributes of our business model, and we have multiple avenues for growth, both organically and inorganically.

我們的商業模式有許多引人注目且具有積極差異化的屬性，而且我們擁有多種有機和無機成長途徑。

We are relentlessly focused on supporting our strategies through our one P10 culture that we have carefully cultivated and fostered.

我們堅持不懈地致力於透過我們精心培育和培育的一種 P10 文化來支持我們的策略。

As we head toward the end of 2024, our outlook is positive, our future very bright, and we continue to believe our stock repurchases are a reflection of our view that the current price represents an attractive entry point for investors.

隨著2024 年底的臨近，我們的前景是積極的，我們的未來非常光明，我們仍然相信我們的股票回購反映了我們的觀點，即當前價格對投資者來說是一個有吸引力的切入點。

When we speak again on our fourth quarter earnings call in February, we plan to share our updated strategic initiatives for 2025, along with more granular 2025 financial guidance, including the impact of the Qualitas Funds acquisition.

當我們在 2 月再次召開第四季度財報電話會議時，我們計劃分享我們更新的 2025 年策略計劃，以及更具體的 2025 年財務指導，包括收購 Qualitas Funds 的影響。

With that, I'll hand the call over to Amanda.

這樣，我就把電話轉給阿曼達。

Thank you, Luke.

謝謝你，盧克。

At the end of the third quarter, fee-paying assets under management were $24.9 billion, a 10% increase on a year-over-year basis.

第三季末，管理的付費資產規模為249億美元，年增10%。

In the quarter, $1.4 billion of fundraising and capital deployment was offset by $285 million in step-downs and expirations.

本季度，14 億美元的籌款和資本部署被 2.85 億美元的遞減和到期資金所抵消。

As anticipated, most of the third quarter step-downs and expirations are attributable to repayments in our private credit solutions businesses.

正如預期的那樣，第三季的大部分降級和到期都歸因於我們私人信貸解決方案業務的還款。

For the full year, we expect step-downs and expirations to total approximately $1.5 billion, which leaves roughly $200 million expected in Q4.

就全年而言，我們預計降級和到期總額約為 15 億美元，這使得第四季度預計約為 2 億美元。

Revenue in the third quarter was $74.2 million, a 26% increase over the third quarter of 2023.

第三季營收為 7,420 萬美元，比 2023 年第三季成長 26%。

Average fee rate in the third quarter was 119 basis points, which was driven by direct strategies with higher fee rates becoming a larger part of our fee-paying AUM mix as well as higher catch-up fees.

第三季的平均費率為 119 個基點，這是由直接策略推動的，較高的費率成為我們付費 AUM 組合的較大組成部分以及更高的追趕費。

In the third quarter, catch-up fees were $6 million, bringing the total for the year to about $20 million.

第三季的追補費用為 600 萬美元，使全年總額達到約 2,000 萬美元。

Catch-up fees are driven by the timing of fund closings and in the third quarter, the fees were primarily attributable to closings related to Bonaccord II and RCP Multi-Strat II.

追趕費用由基金關閉時間決定，在第三季度，費用主要歸因於與 Bonaccord II 和 RCP Multi-Strat II 相關的關閉。

Due to the timing of Bonaccord's closes, our year-to-date catch-up fees have exceeded our previously stated annual guidance of $16 million.

由於 Bonaccord 關閉的時間，我們今年迄今為止的追趕費用已經超過了我們之前規定的 1600 萬美元的年度指導。

It will be helpful for investors to think of our catch-up fees in two categories: normal course catch-up fees from our primary funds and more episodic catch-up fees from our direct and secondary strategies, which tend to be larger in size and have longer fundraising periods.

對於投資者來說，將我們的追趕費分為兩類是有幫助的：來自我們的主要基金的正常追趕費和來自我們的直接和次要策略的偶發性追趕費，這些策略的規模往往更大，而且規模更大。

For the quarter, nearly all of the catch-up fees were from our direct and secondary strategies.

本季度，幾乎所有追趕費用都來自我們的直接和二級策略。

In bifurcating our catch-up fees, investors will see a more normalized run rate of our revenue growth.

透過劃分我們的追趕費，投資者將看到我們的收入成長更加正常化。

Operating expenses in the third quarter were $65.4 million, a 12% increase over the same period a year ago.

第三季營運費用為6,540萬美元，比去年同期成長12%。

The increase was primarily driven by compensation expense, placement fees and professional fees from the Qualitas Funds transaction and our recent debt refinancing.

這一增長主要是由 Qualitas 基金交易和我們最近的債務再融資產生的補償費用、安置費和專業費用所推動的。

GAAP net income in the third quarter was $1.3 million, an increase compared to a GAAP net loss of $8.8 million in the prior year third quarter.

第三季 GAAP 淨利為 130 萬美元，較去年第三季 GAAP 淨虧損 880 萬美元有所成長。

Adjusted EBITDA in the third quarter of 2024 was $35.3 million, an increase of 19% from the third quarter of 2023.

2024年第三季調整後EBITDA為3,530萬美元，較2023年第三季成長19%。

For the quarter, our adjusted EBITDA margin was 48%.

本季度，我們調整後的 EBITDA 利潤率為 48%。

Our margin came in a bit higher than expected due to catch-up fees and product mix.

由於追趕費用和產品組合，我們的利潤率略高於預期。

We still expect margins for the year to be in the mid-40s as we continue to make key investments that we believe will deliver clear ROI.

我們仍然預計今年的利潤率將在 40 多歲左右，因為我們將繼續進行關鍵投資，我們相信這些投資將帶來明確的投資報酬率。

FRR in the quarter was $72.9 million, representing a 26% annual increase and FRE was $35.1 million, representing a 19% increase.

本季 FRR 為 7,290 萬美元，年增 26%；FRE 為 3,510 萬美元，年增 19%。

Our FRE margin was 48% in the third quarter.

第三季我們的 FRE 利潤率為 48%。

For the third quarter, adjusted net income, or ANI, was $30.8 million, a 26% increase over the third quarter of 2023.

第三季調整後淨利 (ANI) 為 3,080 萬美元，比 2023 年第三季成長 26%。

Fully diluted ANI EPS was $0.26 per share, an increase of 32% on a year-over-year basis.

完全稀釋後的 ANI 每股收益為 0.26 美元，年增 32%。

Cash and cash equivalents at the end of the third quarter were $61 million.

第三季末現金和現金等價物為 6,100 萬美元。

At quarter end, we had an outstanding term loan balance of $325 million and no balance on the revolver.

截至季末，我們的未償還定期貸款餘額為 3.25 億美元，循環貸款沒有餘額。

There is $175 million available on the revolver and an additional $125 million available on the accordion feature.

左輪手槍的可用價值為 1.75 億美元，手風琴功能的可用價值為 1.25 億美元。

In the third quarter, we repurchased 609,300 shares at an average price of $10.15 per share.

第三季度，我們以每股10.15美元的平均價格回購了609,300股股票。

That brings the number of shares repurchased since the beginning of 2024 to about $5.8 million, representing about $48.7 million in aggregate value.

這使得自 2024 年初以來回購的股票數量達到約 580 萬美元，總價值約 4,870 萬美元。

Since the inception of our repurchase program in 2022, we have repurchased a total of 8.9 million shares at an average price of $8.80 per share.

自 2022 年回購計畫啟動以來，我們已以每股 8.80 美元的平均價格回購了總計 890 萬股股票。

As of September 30, 2024, we had approximately $13.9 million remaining on the program.

截至 2024 年 9 月 30 日，該計劃剩餘資金約為 1,390 萬美元。

You'll note we did not repurchase as many shares in the third quarter as we did in previous quarters.

您會注意到，我們在第三季回購的股票數量沒有前幾季那麼多。

This is a reflection of having fewer days to repurchase shares as a result of our blackout impost as we work to announce the Qualitas Funds transaction.

這反映出，當我們努力宣布 Qualitas 基金交易時，由於我們實施停電，回購股票的天數減少了。

As Luke mentioned, we continue to believe our stock presents a compelling entry point for investors who are looking for access to a diversified alternatives platform focused on the lower and core middle market.

正如盧克所提到的，我們仍然相信我們的股票為那些尋求進入專注於中低端市場和核心中端市場的多元化另類平台的投資者提供了一個引人注目的切入點。

We also continue to pay our quarterly dividend for Class A and Class B common stock.

我們也繼續支付 A 類和 B 類普通股的季度股利。

Today, we declared a quarterly cash dividend of $0.035 per share payable on December 20, 2024, to stockholders of record as of the close of business on November 29, 2024.

今天，我們宣佈於 2024 年 12 月 20 日向截至 2024 年 11 月 29 日收盤時登記在冊的股東派發每股 0.035 美元的季度現金股息。

Finally, as of September 30, 2024, our Class A shares outstanding were 53,813,892 and Class B shares outstanding were 57,407,903.

最後，截至 2024 年 9 月 30 日，我們的已發行 A 類股為 53,813,892 股，已發行 B 類股為 57,407,903 股。

As I discussed at our Investor Day in September, our robust business model continues to strengthen with every dollar of new capital we deploy, every new company added to our database and every new fund that launches.

正如我在9 月的投資者日上討論的那樣，隨著我們部署的每一美元新資本、添加到我們資料庫中的每家新公司以及推出的每支新基金，我們穩健的業務模式都會繼續加強。

Our FRE-centric financial model creates investor alignment by leaving the majority of carried interest with our investment teams, furthering investment performance and leading to solid fee-paying AUM growth.

我們以 FRE 為中心的財務模型透過將大部分附帶權益留給我們的投資團隊來建立投資者聯盟，從而進一步提高投資績效並帶來穩健的付費資產管理規模成長。

I am thrilled with our third quarter results and our progress year-to-date.

我對我們第三季的業績和今年迄今為止的進展感到興奮。

Thank you for your time today.

感謝您今天抽出時間。

We look forward to updating you on our continued progress in February as we execute against our growth initiatives.

我們期待向您通報二月我們在執行成長計畫時持續取得的進展。

I'll now pass the call over to the operator to begin the Q&A session.

我現在將把電話轉接給接線員以開始問答環節。

(Operator Instructions)

（操作員說明）

Kenneth Worthington, JPMorgan.

肯尼斯‧沃辛頓，摩根大通。

Hi.

你好。

This is Alex Bernstein on for Ken.

我是亞歷克斯伯恩斯坦 (Alex Bernstein) 替肯 (Ken) 發言。

Congratulations on the strong quarter.

恭喜季度表現強勁。

Just wanted to double-click on fee rates.

只是想雙擊費率。

I appreciate the comments you made around the different allocations and what types of strategies are driving those higher.

我很欣賞您對不同分配以及哪些類型的策略推動分配更高的評論。

Page 24 is also helpful for us to visualize that.

第 24 頁也有助於我們形象化這一點。

I believe you've previously guided to 105 as sort of a steady state.

我相信您之前已經將 105 作為一種穩定狀態進行了引導。

Now we've been above that ex retro fees for two quarters in a row, which I think makes us wonder how high do you think that fee rates can get in the future?

現在我們已經連續兩個季度高於前追溯費率，我認為這讓我們想知道您認為未來費率會達到多高？

And how does the asset raising mix expected to change over time?

隨著時間的推移，資產籌集組合預計將如何變化？

Thank you, Alex.

謝謝你，亞歷克斯。

The vast majority of fee-paying AUM at P10 today comes from traditional commingled funds.

如今，絕大多數付費資產管理規模（AUM）均來自傳統混合基金。

Our fee rates within our primary strategies have also remained stable over the last several years.

我們的主要策略中的費率在過去幾年中也保持穩定。

And that's due to our funds often being oversubscribed.

這是因為我們的基金經常被超額認購。

We also giving our investors access to the attractive middle market and lower middle market sectors and strong investment returns over decades.

我們也為投資者提供進入有吸引力的中端市場和中低端市場領域的機會，並在數十年中提供強勁的投資回報。

I think as we give additional guidance for 2025, we'll be able to comment a bit more on our average fee rate growth.

我認為，當我們為 2025 年提供額外指導時，我們將能夠對平均費率成長進行更多評論。

But really, it comes from the mix of our traditional commingled funds and SMA relationships as we continue to build this out.

但實際上，它來自我們傳統的混合基金和 SMA 關係的結合，因為我們正在繼續建立這一點。

Great.

偉大的。

Thanks.

謝謝。

And to ask another one, fundraising, obviously, a really strong quarter, even if you're considering the pull forward from Q4.

再問另一個問題，籌款顯然是一個非常強勁的季度，即使您正在考慮從第四季度開始。

To what extent can you attribute any of that to some of the initiatives that were laid out on the Investor Day, cross-selling, things of that nature, having more dedicated folks?

您在多大程度上可以將這歸因於投資者日提出的一些舉措、交叉銷售、類似性質的事情以及擁有更多敬業的人員？

Is it still early for those items to be the driver here or was there an impact?

這些項目成為這裡的驅動因素還為時過早還是有影響？

And any anecdotes that you can provide for us?

您能為我們提供什麼軼事嗎？

Thanks, guys.

謝謝，夥計們。

Thanks, Alex.

謝謝，亞歷克斯。

Look, I'd love to tell you that it was all due to all the strategic initiatives we're driving, but I think we have to be honest.

聽著，我很想告訴你，這一切都是由於我們正在推動的所有策略舉措，但我認為我們必須誠實。

Clients, particularly clients where we're engaging with them and we're trying to build and deepen and broaden relationships, those can take quarters, if not years, many times, right?

客戶，特別是我們正在與他們接觸並試圖建立、深化和擴大關係的客戶，這些可能需要幾個季度，甚至幾年，很多次，對嗎？

That's just the reality of how it is.

這就是現實。

And so, I think we've built great infrastructure around it.

因此，我認為我們已經圍繞它建立了良好的基礎設施。

I think we have outstanding teams who are already engaging in it in day-to-day activities with these clients.

我認為我們擁有優秀的團隊，他們已經與這些客戶一起參與日常活動。

But obviously, over time, we think there's another kind of growth leg that we can push on, and we obviously are very focused on continuing to build that out.

但顯然，隨著時間的推移，我們認為我們可以推動另一種成長動力，而且我們顯然非常專注於繼續建立這種成長動力。

And so, we will do that.

所以，我們會這麼做。

I think this success that we saw in this quarter is really just a testament to a few things.

我認為我們在本季看到的成功實際上只是證明了一些事情。

One is the compelling nature of our investment strategies and the outstanding alpha that we've generated for clients; two, the depth of the client relationships that we have and the appeal that I think our product offering has in the current market, which is really, really appealing.

一是我們投資策略的引人注目的性質以及我們為客戶創造的出色的阿爾法；第二，我們擁有的客戶關係的深度以及我認為我們的產品在當前市場上的吸引力，這真的非常有吸引力。

And then I would point out one other thing.

然後我要指出另一件事。

As I mentioned, we are really focused on finding ways outside of traditional commingled drawdown vehicles to engage with our clients.

正如我所提到的，我們真正專注於尋找傳統混合提款工具之外的方式來與客戶互動。

And as I noted, there's about $200 million of SMA assets in there, which obviously, while still a small number in the grand scheme of things, we think is a really kind of compelling sign of things we can do with clients to engage with them in ways beyond traditional drawdown commingled funds.

正如我所指出的，那裡有大約2 億美元的SMA 資產，顯然，雖然在宏偉的計劃中仍然是一小部分，但我們認為這是一個真正令人信服的跡象，表明我們可以與客戶一起做一些事情來與他們互動以超越傳統提取混合資金的方式。

And so that's something we're super excited about, and we see real promise for and like our cross-selling initiative, like many of our other initiatives to deepen and broaden our client base, product design and development is another important attribute of how we see ourselves growing that asset base that we have here at P10.

因此，這是我們非常興奮的事情，我們看到了交叉銷售計劃的真正前景，並且喜歡我們的交叉銷售計劃，就像我們深化和擴大客戶群的許多其他計劃一樣，產品設計和開發是我們的另一個重要屬性看到我們在 P10 的資產基礎不斷成長。

Appreciat the answers.

感謝您的回答。

Thank you so much.

太感謝了。

Ben Rubin, UBS.

本·魯賓，瑞銀集團。

Hi, guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

My first one is on the FRE margin.

我的第一個是 FRE 利潤。

Amanda, you just reiterated your guidance for the mid-40% FRE margin for this year.

阿曼達，您剛剛重申了今年 FRE 利潤率為 40% 中期的指導方針。

But with year-to-date margins around 48%, I guess, number one, how should we think about the step down and what's driving that in the fourth quarter?

但我想，第一，今年迄今為止的利潤率約為 48%，我們應該如何考慮降級以及第四季的驅動因素是什麼？

And then secondly, at Investor Day, you guys spoke about getting back to that 50% margin over the long-term.

其次，在投資者日，你們談到了長期恢復 50% 的利潤率。

So, at a high level, how should we be thinking about the balance between expense discipline with the ongoing investments you're making in the platform?

那麼，從較高的層面來看，我們應該如何考慮費用紀律與您在平台上進行的持續投資之間的平衡？

Thank you.

謝謝。

Thank you, Ben.

謝謝你，本。

So, margin did come in a bit higher than expected due to the strength of our direct strategies and product mix.

因此，由於我們直接策略和產品組合的優勢，利潤率確實略高於預期。

We still expect margins for the year to be in the mid-40s, as we said, as we continue to make our key investments that we do believe will deliver clear ROI.

正如我們所說，我們仍然預計今年的利潤率將在 40 多歲左右，因為我們將繼續進行關鍵投資，我們相信這些投資將帶來明確的投資報酬率。

As mentioned at Investor Day, we do expect margins to expand from the mid-40s in the near to intermediate term to near 50% longer-term.

正如投資者日所提到的，我們預計利潤率將從中短期的 40% 左右擴大到長期的近 50%。

We have ongoing mix shift within our existing portfolio of strategies.

我們在現有的策略組合中不斷進行組合轉變。

We have newer and faster-growing businesses such as Bonaccord, Hark and WTI that have lower core adjusted EBITDA margins than other parts of our business.

我們擁有更新且成長更快的業務，例如 Bonaccord、Hark 和 WTI，這些業務的核心調整後 EBITDA 利潤率低於我們業務的其他部分。

And then another influence on the margin is our foundational human capital investments, as you mentioned, which we expect to drive core growth and high ROI for investors.

正如您所提到的，對利潤率的另一個影響是我們的基礎人力資本投資，我們預計這將推動投資者的核心成長和高投資報酬率。

Yeah.

是的。

I'll just add a few things, Ben, just to put some context on it.

Ben，我只想添加一些內容，只是為了提供一些背景資訊。

I think one of the other things you heard Amanda say as part of her comments was that because of some of the catch-up fees, kind of excess catch-up fees relative to what we had guided at the beginning of the year, those come at a very high margin.

我認為你聽到阿曼達在她的評論中所說的另一件事是，由於一些追趕費，相對於我們年初指導的超額追趕費，這些利潤率非常高。

And so, they will have the natural impact of pulling margin up in a certain period of time.

因此，它們在一定時期內自然會產生拉動利潤率的影響。

But obviously, they're not something that -- some will persist for an extended period of time, but not those direct and secondary, very lumpy ones that Amanda talked about.

但顯然，它們並不是——有些會持續很長一段時間，但不是阿曼達談到的那些直接的、次要的、非常不穩定的東西。

And so, I think they had the net effect of kind of pulling margin up, obviously, in a very positive way, but that's going to be a transitory effect.

因此，我認為他們顯然以非常積極的方式產生了某種拉升利潤的淨效應，但這將是暫時的效應。

I want to go back to the Investor Day guidance because I think that's really the key of what we're talking about.

我想回到投資者日指南，因為我認為這確實是我們正在討論的關鍵。

We expect margins to be in the mid-40s ex M&A in the near to intermediate term.

我們預計中短期內，併購後的利潤率將在 40 多歲左右。

And then we do think because of the nature of our business, because of the inherent operating leverage in our model, because of our product and strategy mix shift over time, that there will be some things that will accrue and that will enable us to move back closer to the 50% range.

然後，我們確實認為，由於我們業務的性質，由於我們模型中固有的營運槓桿，由於我們的產品和策略組合隨著時間的推移而發生變化，將會有一些事情發生，這將使我們能夠採取行動回到接近50%的範圍。

But again, the guidance, as we laid it out, near to intermediate -- and remember, that was five-year guidance.

但同樣，正如我們所製定的，指導方針接近中間——請記住，那是五年指導方針。

I want to be clear on that, right?

我想澄清這一點，對吧？

So near to intermediate term, we're talking about kind of a mid-40s margin guidance ex M&A.

就中期而言，我們談論的是 40 年代中期的併購前利潤指引。

And then we think because of the favorable dynamics, particularly operating leverage dynamics that it can expand from there as you get into the out years.

然後我們認為，由於有利的動態，特別是營運槓桿動態，隨著進入未來幾年，它可以從那裡擴大。

All right.

好的。

That's great.

那太棒了。

I appreciate the color.

我很欣賞它的顏色。

And then just for my follow-up, you mentioned you did $6 million of buybacks last quarter, but you also flagged that you're out of the market a little bit due to some other issues.

然後，在我的後續行動中，您提到您上個季度進行了 600 萬美元的回購，但您也指出，由於其他一些問題，您有點退出市場。

And Luke, as you mentioned, the stock still looks compelling at these levels.

盧克，正如您所提到的，該股在目前的水平上看起來仍然很有吸引力。

So, I guess just kind of stepping back, how should we -- what's the best way to think about the pace of buybacks going forward from here given the stock still is attractive from a buyback perspective?

所以，我想只是退後一步，考慮到從回購的角度來看該股票仍然具有吸引力，我們應該如何考慮從現在開始的回購步伐，最好的方法是什麼？

Thank you.

謝謝。

So great question.

很好的問題。

I'd say a few things.

我想說幾句話。

One is we think the stock continues to look incredibly compelling.

一是我們認為該股看起來仍然極具吸引力。

I think you heard me say that.

我想你聽到我這麼說了。

I think you heard Amanda say that.

我想你聽到阿曼達這麼說過。

I probably can't say that enough.

我可能還說不夠。

So let me say it one more time.

那麼讓我再說一次。

We think the stock is unbelievably compelling at these levels.

我們認為該股票在這些水平上具有令人難以置信的吸引力。

Secondly, you heard exactly kind of what Amanda said, which is because of the fact that we were executing on the Qualitas transaction during the quarter, we made, we think, a very sound and prudent judgment that we had to suspend some of our buyback activity, given we were getting close to something that we viewed as a kind of a material event and a material disclosure we had to make and obviously didn't want to be doing anything inappropriate, and we were very, very careful to be cautious and prudent in getting a lot of great legal advice and legal input around that.

其次，你聽到的正是阿曼達所說的，這是因為我們在本季度執行了 Qualitas 交易，我們認為，我們做出了一個非常合理和審慎的判斷，我們必須暫停一些回購活動，考慮到我們即將發生一些我們認為是重大事件和我們必須做出的重大披露的事情，並且顯然不想做任何不適當的事情，我們非常非常小心謹慎，謹慎地獲得大量有關此問題的良好法律建議和法律意見。

Having said that, as you note, we think it continues to present a very attractive opportunity.

話雖如此，正如您所指出的，我們認為它仍然提供了一個非常有吸引力的機會。

I would just go back to our kind of hierarchy of capital uses.

我只想回到我們的資本使用層級結構。

Use one will always be to pay the dividend, right?

用一總是要支付股利的，對嗎？

And we continue to do that.

我們將繼續這樣做。

You see us do that this quarter as we do every quarter.

您會看到我們本季這樣做，就像我們每個季度所做的那樣。

And then we'll have kind of two, I would say, co-equal uses.

然後我們就會有兩種，我想說，同等的用途。

One will be for share repurchase and the other will be for value-enhancing M&A, and we'll continue to execute on both of those.

一項將用於股票回購，另一項將用於增值併購，我們將繼續執行這兩項工作。

And obviously, over any given period of time, if we're executing an M&A deal, you might see a little less on share repurchase.

顯然，在任何給定的時間段內，如果我們執行併購交易，您可能會看到股票回購的數量有所減少。

If we're not doing an M&A deal, then the primary use for that quarter will be share repurchase.

如果我們不進行併購交易，那麼該季度的主要用途將是股票回購。

And then obviously, if we have excess capital left over after embarking on those three in the hierarchy, we'd repay debt, but that's going to be the lowest priority.

顯然，如果我們在開始這三個層次後還有剩餘資本，我們會償還債務，但這將是最低優先事項。

Look, we are very, very focused on being disciplined and prudent stewards of shareholder value and shareholder capital, and we want to find ways to return that capital and reward our long-standing shareholders.

看，我們非常非常注重成為股東價值和股東資本的紀律和審慎的管理者，我們希望找到方法返還這些資本並獎勵我們的長期股東。

Got it.

知道了。

That's very clear.

這非常清楚。

Thank you fo taking my questions.

謝謝你回答我的問題。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi.

你好。

Goodevening and thanks for taking the question.

晚上好，感謝您提出問題。

I wanted to just touch on M&A.

我想談談併購。

I know you talked quite a bit about this.

我知道你對此談了很多。

But just could you remind us kind of going into the next year, you have announced a deal recently in Spain.

但您能否提醒我們進入明年，您最近在西班牙宣布了一項交易。

Just curious how you see the next, say, like three or four quarters unfolding in terms of cross-sell.

只是好奇你如何看待接下來的情況，比如說，三、四個季度的交叉銷售。

You've talked about kind of changing how the organization will go to market.

您談到了改變組織進入市場的方式。

So how should we think about expectations, specifically for how the new asset will function as part of P10 going into next year?

那麼，我們應該如何考慮預期，特別是明年新資產將如何作為 P10 的一部分發揮作用？

Well, look, great question.

嗯，看，好問題。

And we have been and continue to be just unbelievably excited about Qualitas Funds, about Eric and Sergio, the incredible team they've built.

我們一直並將繼續對 Qualitas Funds、Eric 和 Sergio 以及他們建立的令人難以置信的團隊感到難以置信的興奮。

And it's funny, you spend a lot of time with somebody announcing the M&A deal, but then you get the privilege of spending even more time with them after the M&A deal as you work through integration, we're very excited about where we stand vis-a-vis that.

有趣的是，你花了很多時間與宣布併購交易的人在一起，但在併購交易完成後，當你進行整合時，你有幸花更多的時間與他們在一起，我們對我們的立場感到非常興奮-a-vis那個。

And I would say the more time we spend, the more excited we are.

我想說，我們花的時間越多，我們就越興奮。

It is an incredible strategy.

這是一個令人難以置信的策略。

They have built an incredible team.

他們建立了一支令人難以置信的團隊。

And as you heard us talk about, it is just so strategically aligned with so many of our existing strategies, in particular, RCP, long-standing relationship, long-standing partnership, tremendous amount of respect across those organizations and mutual touch points across those organizations.

正如您聽到我們談論的那樣，它在戰略上與我們的許多現有戰略非常一致，特別是 RCP、長期關係、長期夥伴關係、這些組織之間的巨大尊重以及這些組織之間的相互接觸點組織。

And now increasingly with Hark on their NAV lending strategy in Europe, the ability to kind of coordinate, collaborate and work together has been extraordinary.

現在，隨著越來越關注其在歐洲的資產淨值貸款策略，協調、協作和共同努力的能力變得非凡。

And so, we're really excited about it.

因此，我們對此感到非常興奮。

We think they bring a lot to the table.

我們認為他們可以帶來很多東西。

We think there's a lot we can learn from each other.

我們認為我們可以互相學習很多東西。

We think there are opportunities that they will open up for some of our legacy franchises in Europe.

我們認為他們將為我們在歐洲的一些傳統特許經營權帶來機會。

And I imagine there are concurrent opportunities that we will open up for them in the US.

我想我們會在美國為他們提供同時的機會。

And so, it's really early days.

所以，現在還為時過早。

Again, a reminder, we haven't closed the deal yet.

再次提醒您，我們尚未完成交易。

We won't close the deal until the first quarter.

我們要到第一季才會完成交易。

But once we get it closed and really embark on what we think is going to be a super exciting journey together, we think the sky is really the limit for what we can do in tandem.

但一旦我們結束了一切，並真正開始了我們認為將是一次超級激動人心的旅程，我們認為天空確實是我們能一起做的事情的極限。

Got it.

知道了。

Helpful.

有幫助。

Maybe another question sort of thinking about next year.

也許是明年要考慮的另一個問題。

Just if you look at the market reaction to a lot of the asset manager stocks in the past couple of days, clearly, there's an expectation things are about to be a lot better.

只要你看看過去幾天市場對許多資產管理公司股票的反應，顯然，人們預計情況將會好得多。

Your model has always kind of been one, especially thinking about franchises like RCP, where you're in the market more frequently, you're not asking for as big a check size.

你的模式一直是其中一種，特別是考慮到像 RCP 這樣的特許經營，你更頻繁地進入市場，你不會要求那麼大的支票規模。

And so, you've seen like less of an impact in the past couple of years on your fundraising.

因此，在過去幾年中，您發現對您的籌款活動的影響較小。

And so, as activity picks up and in the kind of traditional private equity narrative, it's going to get easier theoretically to raise as more capital is returned, how do you see P10 as positioned to benefit?

因此，隨著活動的回升，在傳統的私募股權敘述中，隨著更多資本的返還，理論上籌集資金將會變得更容易，您如何看待 P10 的受益定位？

Where do you see the biggest opportunity to, say, upsize fund sizes to sort of increase fundraising?

例如，您認為擴大基金規模以增加籌款的最大機會在哪裡？

How do you think about that playing out over the next, say, 12 to 18 months?

您如何看待未來（例如 12 到 18 個月）的情況？

Well, look, from your lips to God's ears on the macro environment, I certainly hope that's right.

好吧，看看，從你的嘴唇到上帝的耳朵對宏觀環境的看法，我當然希望這是對的。

And if it were, we'd all be excited by it.

如果是的話，我們都會為此感到興奮。

You did kind of hit on an interesting point there.

你確實說到了一個有趣的點。

One of the things we've always prided ourselves on is that we think we have an all-weather mix of businesses.

我們一直引以為傲的事情之一是我們認為我們擁有全天候的業務組合。

And we think we have strategies that work in virtually every market environment, and frankly, any market environment.

我們認為我們的策略幾乎適用於所有市場環境，坦白說，適用於任何市場環境。

Now obviously, in different market environments, different strategies will come to the fore and different strategies may not be so relevant.

現在顯然，在不同的市場環境下，不同的策略會脫穎而出，但不同的策略可能不那麼重要。

But one of the beauties of the diversified portfolio is that it is inherently hedged against market volatility.

但多元化投資組合的優點之一是它本質上可以對沖市場波動。

The other thing I would just note, and of course, you know this and we talk a lot about this, but there are some really attractive characteristics of our meaningful presence in the middle and lower middle market that also provides inoculation against some of this market volatility, I think, to your point, that maybe some others have seen, obviously, to your point, if you're in the traditional buyout business, there's a huge focus on DPI.

我想指出的另一件事是，當然，您知道這一點，我們對此進行了很多討論，但是我們在中低端市場的有意義的存在確實具有一些非常有吸引力的特徵，這也為該市場的某些部分提供了預防接種我認為，就你的觀點而言，也許其他一些人已經看到了波動性，顯然，就你的觀點而言，如果你從事傳統的收購業務，那麼DPI 就會受到極大的關注。

And I think there's probably increasing enthusiasm that maybe some things will break on the macro, whether it's borrowing costs, whether it's M&A activity that will allow for more DPI to be unleashed.

我認為，人們可能越來越熱衷於宏觀層面上的某些事情可能會被打破，無論是藉貸成本，還是併購活動，從而釋放更多的 DPI。

And I think that will be a net positive for the industry.

我認為這對該行業來說是一個積極的影響。

And clearly, things that are positive for the industry can also be positives for us, right?

顯然，對產業有利的事情也對我們有利，對嗎？

And so, I think to your point, we see a lot of opportunity in the traditional kind of buyout business.

因此，我認為就您的觀點而言，我們在傳統的收購業務中看到了許多機會。

And we think, obviously, through RCP and then through Qualitas as well, we're really a leverage proxy to be a beneficiary of a lot of that activity.

我們認為，顯然，透過 RCP，然後透過 Qualitas，我們實際上是一個槓桿代理，成為許多此類活動的受益者。

Also, I think we're seeing some very heartening signs in the venture market environment in general.

此外，我認為我們在創投市場環境中看到了一些非常令人振奮的跡象。

There was probably a period of time where that market was in reset mode and now it seems to have found a base and some stabilization and continue to move on the forward.

可能有一段時間，市場處於重置模式，現在似乎已經找到了基礎和一定程度的穩定，並繼續向前發展。

And we think there's also some real opportunities for us, and we continue to see attractive opportunities for us across many of our credit businesses.

我們認為我們也有一些真正的機會，而且我們在許多信貸業務中繼續看到有吸引力的機會。

So, we're really excited about the forward.

所以，我們對這個前鋒感到非常興奮。

We think we've got this great diversified all-weather portfolio in a protected part of the market where we are the category killer.

我們認為，我們在市場的受保護部分擁有如此出色的多元化全天候產品組合，我們是該市場的類別殺手。

But obviously, a rising tide will lift all ships, and we hope to be a beneficiary of that should there be a rising tide.

但顯然，漲潮將使所有船隻升起，如果漲潮，我們希望成為受益者。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey, this is Stephanie filling in for Mike.

嘿，這是史蒂芬妮代替麥克。

Just wanted to double-click into the SMA opportunities.

只是想雙擊 SMA 機會。

You raised over $200 million this quarter.

您本季籌集了超過 2 億美元。

Hoping you could unpack that for us a bit in terms of pace versus last few quarters or maybe contributors from either RCP or TruBridge?

希望您能為我們解釋一下與過去幾季相比的進度，或是來自 RCP 或 TruBridge 的貢獻者？

And then just going forward, how should we think about the growth trajectory or opportunities for further SMAs?

接下來，我們該如何思考進一步 SMA 的成長軌跡或機會？

What steps are you taking to accelerate and capture what still seems like an early innings opportunity for you guys?

你們正在採取哪些步驟來加速並抓住對你們來說仍然看似早期局的機會？

Thanks.

謝謝。

Thanks, Stephanie, and great question.

謝謝斯蒂芬妮，這是一個很好的問題。

So, you're right.

所以，你是對的。

This is still a very early innings opportunity for us.

這對我們來說仍然是一個非常早期的機會。

I think we showed a slide at Investor Day where we talked a little bit about our existing book of business, I shall call it, in the SMA space, which represents rough justice 15% of our total assets at this point.

我想我們在投資者日上展示了一張幻燈片，其中我們討論了我們現有的業務賬簿（我將其稱為 SMA 領域），該業務賬簿目前大約占我們總資產的 15%。

So, remember, the vast majority of our assets and the even vaster majority of our fees are still coming from the traditional commingled vehicles.

因此，請記住，我們的絕大多數資產甚至絕大多數費用仍然來自傳統的混合車輛。

But we see a real opportunity to engage with clients, to go deeper, to do more things with them.

但我們看到了與客戶互動、更深入、與他們一起做更多事情的真正機會。

We think engaging particularly with bigger and more sophisticated clients who want to do something a little bit more customized, a little bit more bespoke, maybe a little bit more off the run than what you would get in a traditional commingled format, it's a great way to do it.

我們認為，特別是與規模更大、更成熟的客戶接觸，他們想要做一些比傳統混合格式更客製化、更客製化、更脫離實際的事情，這是一個很好的方式去做它。

I think you know this because of the nature of the dialogue, it's never going to be linear, right?

我想你知道這一點是因為對話的本質，它永遠不會是線性的，對吧？

So, it's not like we're going to do x 1 quarter and then 1.2x the next quarter and 1.4x the following quarter.

所以，我們不會在一個季度做 x 1，然後在下一個季度做 1.2 倍，在下一個季度做 1.4 倍。

These are generally longer-tailed conversations.

這些通常是長尾對話。

They generally are initiated by, hey, let's get to know each other a little bit better, talk about what you, the client want, talk about what we P10 across our strategies can do.

他們通常是這樣發起的，嘿，讓我們更了解彼此，談談你，客戶想要什麼，談談我們的 P10 策略可以做什麼。

I think increasingly, there's an opportunity to do it across some of our P10 verticals.

我認為，我們越來越有機會在 P10 的一些垂直領域做到這一點。

So, they may just not be kind of single affiliate conversations.

因此，它們可能不是單一的附屬對話。

They may be multi-strategy, multi-affiliate conversations that we can have.

它們可能是我們可以進行的多策略、多附屬對話。

I think that's really exciting.

我認為這真的很令人興奮。

I don't, at this point, Stephanie, want to get into the details of -- I think you can go down a rabbit hole pretty quick about what client and what vertical.

史蒂芬妮，在這一點上，我不想深入了解細節——我認為你可以很快地深入了解什麼客戶和什麼垂直領域。

I would say stepping back, our focus is on doing this, on doing it more broadly, on doing it with a broader cross-section of clients. being able to lift our eyes and maybe do it with larger clients than we've traditionally had.

我想說的是，退一步來說，我們的重點是這樣做，更廣泛地做這件事，與更廣泛的客戶一起做這件事。能夠提高我們的視野，也許可以與比我們傳統上更大的客戶合作。

There are some very, very exciting conversations, I will tell you right now that we are having.

我現在就告訴你們，我們正在進行一些非常非常令人興奮的對話。

The beauty of these is, I think once you manage to work something out with the client, they are very durable.

這些的美妙之處在於，我認為一旦你設法與客戶一起解決問題，它們就非常耐用。

They are very sticky, and I think they tend to grow over time.

它們非常粘，我認為它們會隨著時間的推移而增長。

And so, the initiation is really important.

所以，啟動非常重要。

And once you get it in place and working well, the opportunity to grow together is massive.

一旦你把它落實到位並運作良好，共同成長的機會是巨大的。

And I think, again, it comes back to what we can provide that nobody else can provide.

我認為，這又回到了我們能夠提供其他人無法提供的東西。

And that is this differentiated access in the lower middle market, and that is this differentiated ability to access specialized niche and fragmented markets and alternatives.

這就是中低端市場的差異化准入，這就是進入專門利基、分散市場和替代品的差異化能力。

And so, I think increasingly, as clients are maybe getting more open to stepping out from just traditional large-cap buyout, traditional large-cap private credit, we're really a unique and differentiated partner, and we hope to capture that real estate.

因此，我越來越認為，隨著客戶可能越來越願意擺脫傳統的大盤收購、傳統的大盤私人信貸，我們確實是一個獨特且差異化的合作夥伴，我們希望抓住這一房地產。

Got it.

知道了。

Appreciate that color.

欣賞那個顏色。

And as we think about this opportunity contributing more going forward, any implications to the mix impact of fee rate or margins that we should be considering, especially if you're successful here?

當我們考慮這個機會對未來做出更多貢獻時，我們應該考慮對費率或利潤率的綜合影響有什麼影響，特別是如果你在這裡取得了成功？

Well, I would pull those two apart a little bit.

好吧，我會把這兩者分開一點。

I would say on the revenue mix, I presume, which is what you're asking, clearly, generally, I'm generalizing, but I think it is almost always true.

我想說的是，我想，關於收入組合，這就是你所問的，顯然，一般來說，我正在概括，但我認為這幾乎總是正確的。

These will come at lower fee rates than the traditional commingled business, right?

這些業務的費率將低於傳統的混合業務，對嗎？

And we showed that you could see that in our Investor Day slides where the 85% of our business that was in commingled fund format was at a higher fee rate than the 15% of our business that was in SMA format, and that was why there was an even greater differentiation when you looked at it on a revenue basis.

我們表明，您可以在我們的投資者日幻燈片中看到，我們 85% 的混合基金業務的費率高於 15% 的 SMA 業務，這就是為什麼當你從收入的角度來看時，這是一個更大的差異。

What I would say is, I actually think that's only half of the story.

我想說的是，我實際上認為這只是故事的一半。

And your margin question is a really interesting part of it.

你的保證金問題是其中非常有趣的一部分。

Generally speaking, because these are leveraging core areas of expertise that are already resident at P10, the incremental cost to setting up these kind of SMAs is generally quite low.

一般來說，由於這些技術利用了 P10 已有的核心專業知識領域，因此建立此類 SMA 的增量成本通常相當低。

In some cases, virtually zero, or at least zro in that it can be done with the existing team.

在某些情況下，幾乎為零，或至少為零，因為它可以透過現有團隊來完成。

Presumably, there was some time and resource and capability use that will be subsumed by that.

據推測，其中將包含一些時間、資源和能力的使用。

But at least in the narrow, this should be very, very high-margin business because it leverages existing embedded in-house expertise, capability, knowledge, et cetera.

但至少在狹義上，這應該是非常非常高利潤的業務，因為它利用了現有的嵌入式專業知識、能力、知識等。

So, I think while it will have potential kind of if we were to do a lot of it, it would have pressure on revenue over time.

因此，我認為，雖然如果我們做很多事情，它會有潛力，但隨著時間的推移，它會對收入造成壓力。

I could actually see it being a margin contributor in the same way.

我實際上可以以同樣的方式將其視為保證金貢獻者。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

I would now like to turn the call back over to Luke Sarsfield for any closing remarks.

我現在想將電話轉回給盧克·薩斯菲爾德，請他發表結束語。

Well, thank you, operator, and thanks to you all for joining us today.

好的，謝謝您，接線員，也謝謝大家今天加入我們。

In addition to our earnings release, you may have seen an 8-K today announcing the departure of co-founders, Robert Alpert and Clark Webb from the P10 Board of Directors.

除了我們發布的財報之外，您今天可能還看到 8-K 宣布聯合創始人羅伯特·阿爾珀特 (Robert Alpert) 和克拉克·韋伯 (Clark Webb) 離開 P10 董事會。

We want to extend our sincere appreciation for their many contributions to the company over the last few years.

我們對他們在過去幾年為公司所做的眾多貢獻表示誠摯的謝意。

We are so pleased with the Board we have in place with Tracy Benford as our Lead Independent Director, and we believe we have the proper governance and oversight in place to guide the company to higher heights in 2025 and beyond.

我們對由 Tracy Benford 擔任首席獨立董事的董事會感到非常滿意，我們相信我們擁有適當的治理和監督，可以引導公司在 2025 年及以後邁向更高的高度。

Finally, as we made clear during our Investor Day and on this call, it's an exciting time at P10, and we are gaining momentum every day.

最後，正如我們在投資者日和本次電話會議上明確表示的那樣，這是 P10 激動人心的時刻，我們每天都在獲得動力。

As I close today, I would like to remind you all of the key factors that summarize how we are thinking about the opportunity in front of us.

在今天結束之際，我想提醒大家總結我們如何看待擺在我們面前的機會的所有關鍵因素。

First, there are powerful and favorable secular trends supporting the growth of private markets.

首先，強大且有利的長期趨勢支持私募市場的成長。

Second, we're specialists with over two decades in what we believe to be the most attractive parts of the market, and that is the middle and lower middle market.

其次，我們是在我們認為市場中最具吸引力的部分（即中低端市場）領域擁有二十多年經驗的專家。

Our reputation, our focus and our longevity producing information advantage that results in asymmetric investment opportunities.

我們的聲譽、我們的專注和我們長久以來產生的資訊優勢導致了不對稱的投資機會。

Third, we have significant white space as we focus on deepening and expanding our large and diverse global LP base.

第三，當我們專注於深化和擴大我們龐大且多元化的全球有限合夥人基礎時，我們有很大的空白空間。

Fourth, the Qualitas Funds acquisition demonstrates the disciplined and process-driven M&A engine we are building.

第四，Qualitas Funds 的收購展示了我們正在建立的紀律嚴明、流程驅動的併購引擎。

And finally, our team is aligned and dedicated to collaboration across our platform.

最後，我們的團隊團結一致，致力於跨平台協作。

We're driving operational efficiencies and building scale in meaningful ways.

我們正在以有意義的方式提高營運效率並擴大規模。

Thank you again for your time.

再次感謝您抽出時間。

We so appreciate your ongoing support, and we all look very much forward to speaking with you again in February.

我們非常感謝您一直以來的支持，我們都非常期待在二月再次與您交談。

Thank you.

謝謝。

This concludes the conference.

會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。