StepStone Group Inc (STEP) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to StepStone's Fiscal First Quarter 2024 Earnings Conference Call. (Operator Instructions).

女士們、先生們，下午好，歡迎參加行健資本 2024 年第一季度財報電話會議。 （操作員說明）。

I would now like to turn the conference over to Seth Weiss, StepStone's Head of Investor Relations. Please go ahead.

我現在想將會議交給行健資本 (StepStone) 投資者關係主管塞思·韋斯 (Seth Weiss)。請繼續。

Thank you. Joining me on today's call are Scott Hart, Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Mike McCabe, Head of Strategy; and Johnny Randel, Chief Financial Officer. During our prepared remarks, we will be referring to a presentation, which is available on our Investor Relations website at shareholders.stepstonegroup.com.

謝謝。與我一起參加今天電話會議的是首席執行官斯科特·哈特 (Scott Hart)； Jason Ment，總裁兼聯席首席運營官；邁克·麥凱布，戰略主管；約翰尼·蘭德爾，首席財務官。在我們準備好的發言中，我們將參考一份演示文稿，該演示文稿可在我們的投資者關係網站股東.stepstonegroup.com 上找到。

Before we begin, I'd like to remind everyone that this conference call as well as the presentation contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods and our plans for future dividends. Forward-looking statements reflect management's current plans, estimates and expectations and are inherently uncertain and are subject to various risks, uncertainties and assumptions. Actual results for future periods and actual dividends declared may differ materially from those expressed or implied by these forward-looking statements due to changes in circumstances or a number of risks or other factors that are described in the Risk Factors section of StepStone's periodic filings. These forward-looking statements are made only as of today, and except as required, we undertake no obligation to update or revise any of them.

在開始之前，我想提醒大家，本次電話會議和演示文稿包含一些有關公司未來時期的預期運營和財務業績以及我們未來股息計劃的前瞻性陳述。前瞻性陳述反映了管理層當前的計劃、估計和預期，本質上具有不確定性，並受到各種風險、不確定性和假設的影響。由於情況變化或行健資本定期文件的風險因素部分中描述的一些風險或其他因素，未來期間的實際結果和宣布的實際股息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。這些前瞻性陳述僅在今天作出，除非有要求，我們不承擔更新或修改其中任何內容的義務。

In addition, today's presentation contains references to non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are included in our earnings release, our presentation and our filings with the SEC.

此外，今天的演示文稿還引用了非公認會計準則財務指標。我們的收益報告、演示文稿以及向 SEC 提交的文件中均包含與最直接可比的 GAAP 財務指標的調節。

Turning to our financial results for the first quarter of fiscal 2024. Beginning with Slide 3, we reported GAAP net income of $49.4 million. GAAP net income attributable to StepStone Group Inc. was $21.3 million.

轉向我們 2024 財年第一季度的財務業績。從幻燈片 3 開始，我們報告的 GAAP 淨利潤為 4940 萬美元。歸屬於行健資本集團 (StepStone Group Inc.) 的 GAAP 淨利潤為 2130 萬美元。

Moving to Slide 4. We generated fee-related earnings of $44.4 million, up 21% from the prior year quarter, and we generated an FRE margin of 32%. The quarter reflected retroactive fees resulting from interim closings of our PE secondaries fund, our multi-strategy global venture capital fund and our infrastructure co-invest fund, which in total contributed $2.8 million to revenue and fee-related earnings, 140 basis points to FRE margin and $2.7 million to pretax adjusted net income.

轉到幻燈片 4。我們產生了 4440 萬美元的費用相關收入，比去年同期增長 21%，FRE 利潤率為 32%。本季度反映了我們的PE 二級基金、多策略全球風險投資基金和基礎設施聯合投資基金臨時關閉所產生的追溯費用，這些基金總共為收入和費用相關收益貢獻了280 萬美元，為FRE 貢獻了140 個基點利潤和 270 萬美元的稅前調整後淨利潤。

This compares to retroactive fees in the first quarter of fiscal 2023 that contributed $2.4 million of revenue, $2.2 million to fee-related earnings and pretax adjusted net income and 130 basis points to FRE margin. Excluding the impact of retroactive fees in both this quarter and the prior year's quarter, we would have grown fee-related earnings by 21%.

相比之下，2023 財年第一季度的追溯費用貢獻了 240 萬美元的收入、220 萬美元的費用相關收益和稅前調整後淨利潤以及 130 個基點的 FRE 利潤率。排除本季度和上一年季度追溯費用的影響，我們的費用相關收入將增長 21%。

Finally, we earned $29.4 million in adjusted net income for the quarter or $0.26 per share. This is down from $47.1 million or $0.41 per share in the first fiscal quarter of last year, driven primarily by lower net realizations and partially offset by higher fee-related earnings.

最後，我們本季度調整後淨利潤為 2940 萬美元，即每股 0.26 美元。這比去年第一財季的 4710 萬美元或每股 0.41 美元有所下降，這主要是由於淨變現減少，並被較高的費用相關收益部分抵消。

I'll now hand the call over to StepStone's CEO, Scott Hart.

我現在將把電話轉給行健資本 (StepStone) 的首席執行官斯科特·哈特 (Scott Hart)。

Thank you, Seth, and good afternoon, everyone. Over the last year, we have generated a strong progression of fee-related earnings, driven by consistent growth in fee-earning assets under management despite challenging environment for the private markets and the broader asset management industry. The strength and breadth of our platform enables StepStone to operate a comprehensive set of solutions to our clients, allowing them to proactively invest across economic cycles. Our client-first approach has resulted in strong historic growth, and we expect to continue along this path as we listen and adapt to our clients' needs across evolving market backdrops.

謝謝你，賽斯，大家下午好。去年，儘管私募市場和更廣泛的資產管理行業面臨著充滿挑戰的環境，但受管理的收費資產持續增長的推動，我們的收費相關收益取得了強勁增長。我們平台的實力和廣度使行健資本能夠為客戶提供一整套全面的解決方案，使他們能夠跨經濟周期積極投資。我們以客戶至上的方式實現了強勁的歷史增長，並且我們希望在不斷變化的市場背景下傾聽並適應客戶的需求，從而繼續沿著這條道路前進。

Looking at today's environment, our clients remain patient in making capital commitments. However, the broader market appears to be strengthening and the sentiment among our clients and partners is improving. Public equity indices are up 20% to 40% since the markets dropped with strength particularly in technology. Investment realizations remain modest, but we are seeing green shoots with some recent IPO activity and M&A. Increased transactions would not only lead to stronger performance fees but would help spur fundraising as realized capital that has returned is recycled back into new investments, particularly for those LPs with more mature private markets portfolios.

縱觀當今的環境，我們的客戶在做出資本承諾時仍然保持耐心。然而，更廣泛的市場似乎正在走強，我們的客戶和合作夥伴的情緒正在改善。由於市場尤其是科技股走強而下跌，公共股指上漲了 20% 至 40%。投資變現仍然不大，但我們看到最近的一些首次公開募股活動和併購活動出現了萌芽。交易量的增加不僅會帶來更高的績效費用，而且有助於刺激籌款，因為已返還的已實現資本將被回收到新的投資中，特別是對於那些擁有更成熟的私募市場投資組合的有限合夥人而言。

At our Investor Day in June, we set out a path to at least double our fee-related earnings over the next 5 years. Since our founding more than 15 years ago, we have taken deliberate steps to build leading teams and capabilities across all the major private market asset classes and strategies, establish solutions for institutional and individual investors, position ourselves in the fastest-growing geographies and construct leading data and technology platforms that provide StepStone with distinct competitive advantages in delivering private market solutions. As such, we believe the drivers of growth are already in place, namely managed account re-ups, continued success within our co-mingled funds across both institutional and private wealth clients, deepening market penetration across geographies and operating leverage.

在 6 月的投資者日，我們制定了未來 5 年內與費用相關的收入至少翻倍的目標。自15 年前成立以來，我們採取了審慎的措施，在所有主要私募市場資產類別和策略中建立領先的團隊和能力，為機構和個人投資者建立解決方案，將自己定位於增長最快的地區，並構建領先的數據和技術平台為行健資本在提供私人市場解決方案方面提供了獨特的競爭優勢。因此，我們相信增長的驅動力已經就位，即管理賬戶的重組、機構和私人財富客戶的混合基金的持續成功、深化跨地區市場滲透和運營槓桿。

A major contributing factor in our confidence to achieving this long-term growth centers around the diversity of our offerings. Our wide scope of capabilities ensures that we have a myriad of solutions for different market environments and that we are not concentrated in any one area. I'd like to focus on a few of these avenues about which we are particularly excited.

我們對實現長期增長充滿信心的一個主要因素是我們產品的多樣性。我們廣泛的能力確保我們擁有針對不同市場環境的無數解決方案，並且我們不集中於任何一個領域。我想重點關注其中一些我們特別興奮的途徑。

Beginning with secondaries. This is a strategy that we've spoken about on recent calls and warrants continued discussion given how it is resonating with investors in today's environment. Investors are attracted to the strong returns while appreciating the favorable risk and cash flow profile that comes from investing in a seasoned portfolio or asset. At the same time, supply remains strong as GPs and LPs are increasing their adoption of secondaries as a mechanism to harvest returns and generate liquidity. As a trusted partner to GPs and LPs alike, StepStone is well positioned to capitalize on this market given the breadth of our relationships and our data advantage, which comes from managing or advising on over $600 billion of assets and monitoring data on over 15,000 managers.

從次要開始。這是我們在最近的電話會議中談到的一項策略，考慮到它在當今環境下與投資者產生的共鳴，值得繼續討論。投資者被強勁的回報所吸引，同時欣賞投資經驗豐富的投資組合或資產所帶來的有利風險和現金流狀況。與此同時，隨著普通合夥人和有限合夥人越來越多地採用二級市場作為獲取回報和產生流動性的機制，供應依然強勁。作為普通合夥人和有限合夥人值得信賴的合作夥伴，行健資本憑藉廣泛的關係和數據優勢（來自對超過6000 億美元資產的管理或建議以及對超過15,000 名管理者的監控數據）的充分利用，充分利用了這一市場。

We are currently in market with our private equity secondaries fund, our special situations real estate secondaries fund, and we are now in market with our venture capital secondaries fund, where we are working towards a first close. We also offer secondaries in managed accounts across all the asset classes and see opportunities for further product expansion.

目前，我們的私募股權二級基金、特殊情況房地產二級基金以及風險投資二級基金都在市場上，我們正在努力爭取首次交割。我們還在所有資產類別的管理賬戶中提供二級資產，並看到了進一步產品擴展的機會。

The secondary markets in private credit and infrastructure are still relatively new, but are starting to accelerate meaningfully as the primary market in these asset classes have reached a critical mass and LP's portfolios in those asset classes are seasoning. As the largest solutions provider in infrastructure and a meaningful player in private credit, StepStone is positioned to be a leader in developing these secondary markets.

私人信貸和基礎設施領域的二級市場仍然相對較新，但隨著這些資產類別的一級市場已經達到臨界規模，並且有限合夥人在這些資產類別中的投資組合正在成熟，它們正開始顯著加速。作為基礎設施領域最大的解決方案提供商和私人信貸領域的重要參與者，行健資本 (StepStone) 定位為開發這些二級市場的領導者。

Shifting to the geographic landscape, we continue to find opportunities worldwide. We have a strong global presence with offices in 16 countries, which give us the footprint to grow internationally with deepening pools in the emerging capital. We are also growing in North America, which made up over half of our gross inflows this quarter. The breadth of our offering has proven to be a competitive advantage as we closed on several managed account mandates that were multi-strategy and multi-asset class.

轉向地理格局，我們繼續在全球範圍內尋找機會。我們在全球擁有強大的影響力，在 16 個國家設有辦事處，這使我們能夠在新興資本中不斷深化業務，實現國際化發展。我們在北美的業務也在增長，該地區佔本季度總流入額的一半以上。事實證明，我們產品的廣度是一種競爭優勢，因為我們完成了多項多策略和多資產類別的管理賬戶委託。

Finally, private wealth continues to be an extremely exciting avenue for growth. We are averaging inflows of over $70 million a month for calendar 2023, which compares to a $45 million average for the first 7 months of last year. In fact, July was our best month of inflows ever with over $100 million in new subscriptions.

最後，私人財富仍然是一個極其令人興奮的增長途徑。我們預計 2023 年每月平均流入量將超過 7000 萬美元，而去年前 7 個月的平均流入量為 4500 萬美元。事實上，7 月份是我們有史以來資金流入最好的月份，新增訂閱量超過 1 億美元。

When we established our private wealth platform, we did it with the aim of increasing accessibility to the private markets. SPRIM, our core private markets evergreen fund, was designed specifically to help individual investors clear challenges associated with private market investing. For example, SPRIM has relatively low investment minimums, is suitable for accredited investors, allows for 1099 tax reporting, and doesn't require capital calls.

當我們建立私人財富平台時，我們的目的是增加進入私人市場的機會。 SPRIM 是我們的核心私募市場長青基金，專門為幫助個人投資者應對私募市場投資相關的挑戰而設計。例如，SPRIM 的投資最低限額相對較低，適合合格投資者，允許 1099 稅務報告，並且不需要資本要求。

Last month, we took another significant step to reduce investor friction by publishing a daily net asset value for SPRIM, making StepStone among the first platforms to introduce a daily NAV for a multi-asset class private markets fund. Investors can now subscribe on a daily rather than just a monthly basis. Additionally, SPRIM is now eligible for the National Securities Clearing Corporation platform for mutual funds, enabling investment via a ticker without the need for subscription documents and simplifying the onboarding process for the investor and financial adviser.

上個月，我們為減少投資者摩擦採取了另一項重大舉措，公佈了SPRIM 的每日資產淨值，使行健資本成為首批為多資產類別私募市場基金引入每日資產淨值的平台之一。投資者現在可以按日訂閱，而不僅僅是按月訂閱。此外，SPRIM 現在有資格使用國家證券清算公司的共同基金平台，無需訂閱文件即可通過股票代碼進行投資，並簡化了投資者和財務顧問的入職流程。

I'll now turn the call over to Mike McCabe to speak about StepStone's fundraising and fee-earning asset growth in more detail.

現在，我將把電話轉給 Mike McCabe，更詳細地討論 StepStone 的籌款和收費資產增長情況。

Thanks, Scott. Turning to Slide 7. We generated $15 billion of gross AUM inflows during the last 12 months, with $4 billion coming from our co-mingled funds and $11 billion coming from our managed accounts.

謝謝，斯科特。轉向幻燈片 7。在過去 12 個月中，我們的資產管理規模總流入額為 150 億美元，其中 40 億美元來自我們的混合基金，110 億美元來自我們的管理賬戶。

Slide 8 shows our fee-earning AUM by structure and asset class. For the quarter, we grew fee-earning assets by approximately $2 billion, with $700 million coming from co-mingled funds and the remainder from separately managed accounts. This quarter's co-mingled fund inflows came primarily from our PE secondaries fund, our multi-strategy global venture fund, our infrastructure co-investment fund, and our private wealth platform, where we continue to generate strong growth with total assets under management of $1.7 billion.

幻燈片 8 按結構和資產類別顯示了我們的收費資產管理規模。本季度，我們的收費資產增加了約 20 億美元，其中 7 億美元來自混合基金，其餘來自單獨管理的賬戶。本季度的混合資金流入主要來自我們的PE 二級基金、我們的多策略全球風險基金、我們的基礎設施聯合投資基金和我們的私人財富平台，我們在這些平台上繼續實現強勁增長，管理總資產為1.7 美元十億。

Our investment performance at our private wealth products continues to be very strong, with SPRIM, our evergreen private markets fund for our accredited investors, generating a 28% annualized return since inception; and SPRING, our evergreen venture and growth equity fund off to a strong 24% return since its launch in November of 2022.

我們的私人財富產品的投資表現仍然非常強勁，SPRIM是我們為認可投資者提供的常青私募市場基金，自成立以來年化回報率為28%； SPRING 是我們的常青風險投資和成長型股票基金，自 2022 年 11 月推出以來，回報率高達 24%。

StepStone private infrastructure fund, or STRUCTURE, is our latest perpetually raised fund for private wealth investors having been declared effective by the SEC in July. STRUCTURE is an internal fund, seeking current income and long-term capital appreciation by offering accredited investors access to a global investment portfolio of private infrastructure assets. We expect an initial closing later this year.

行健資本私人基礎設施基金（簡稱 STRUCTURE）是我們為私人財富投資者推出的最新永久募集基金，已於 7 月被 SEC 宣布生效。 STRUCTURE 是一個內部基金，通過為合格投資者提供全球私人基礎設施資產投資組合來尋求當前收入和長期資本增值。我們預計將於今年晚些時候初步關閉。

We also increased our undeployed fee-earning capital by more than $1 billion to a balance of approximately $17 billion, positioning us well to capitalize on attractive investment opportunities.

我們還將未部署的收費資本增加了超過 10 億美元，達到約 170 億美元的餘額，使我們能夠很好地利用有吸引力的投資機會。

Slide 9 shows the evolution of our management and advisory fees. We generated a blended management fee rate of 55 basis points over the last 12 months, slightly higher than for fiscal 2023. We produced over $4.50 per share in management advisory fees over the last 12 months, representing an annual growth rate of over 20% since fiscal year 2019.

幻燈片 9 顯示了我們的管理費和諮詢費的演變。過去 12 個月，我們的混合管理費率為 55 個基點，略高於 2023 財年。過去 12 個月，我們的管理諮詢費每股超過 4.5 美元，年增長率超過 20%。 2019 財年。

Now before turning the call over to Johnny, I am pleased to announce that we are raising our quarterly dividend from $0.20 per share to $0.21 per share. As a reminder, last November, we updated our dividend approach to bifurcate our shareholder distributions between a quarterly dividend that would be based primarily on fee-related earnings and a recurring supplemental dividend that will be paid annually and based primarily on performance-related earnings.

現在，在將電話轉給 Johnny 之前，我很高興地宣布，我們將把季度股息從每股 0.20 美元提高到每股 0.21 美元。提醒一下，去年 11 月，我們更新了股息方法，將股東分配分為主要基於與費用相關的收益的季度股息和主要基於與業績相關的收益每年支付的經常性補充股息。

By matching our dividend approach to our business model, we can maximize distributions to our shareholders while maintaining a capital-efficient balance sheet. As a reminder, we set last year's quarterly dividends of $0.20 per share prior to this shift in approach, and therefore, had based those dividends on total adjusted net income rather than fee-related earnings. We are pleased that we were able to pay out a healthy $0.25 supplemental dividend this past June, even with the midyear change in approach. This quarter's $0.21 distribution marks the first time we are setting our quarterly dividend based primarily on fee-related earnings.

通過將我們的股息方法與我們的業務模式相匹配，我們可以最大限度地分配給股東，同時保持資本效率高的資產負債表。提醒一下，在這一方法轉變之前，我們將去年的季度股息設定為每股 0.20 美元，因此，這些股息是基於調整後淨利潤總額而不是與費用相關的收益。我們很高興今年 6 月能夠支付 0.25 美元的健康補充股息，儘管年中方法發生了變化。本季度 0.21 美元的分配標誌著我們首次主要根據與費用相關的收益來設定季度股息。

This payout is funded by the vast majority of our fee-related earnings after adjusting for taxes and noncontrolling interest. For comparison, this dividend would have represented a high teens percentage increase in our quarterly dividend had we adopted a similar approach last year and based those quarterly dividends on FRE. We expect that our future year's quarterly dividends will increase as we grow FRE.

這筆支出的資金來源是我們在調整稅收和非控股利息後的絕大多數與費用相關的收入。相比之下，如果我們去年採用類似的方法並基於 FRE 計算季度股息，那麼該股息將代表我們季度股息的高百分比增長。我們預計未來一年的季度股息將隨著我們 FRE 的增長而增加。

I'd now like to pass the call over to our CFO, Johnny Randel.

我現在想將電話轉給我們的首席財務官約翰尼·蘭德爾 (Johnny Randel)。

Thank you, Mike. I'd like to turn your attention to Slide 11 to speak to our financial highlights. For the quarter, we earned management and advisory fees of $138 million, up 18% from the prior year quarter. The revenue increase is driven by growth in fee-earning AUM, from comingled funds that were activated over the last year as well as continued fundraising and deployment across commercial structures. We generated an FRE margin of 32% for the quarter. Retroactive fees in this quarter had a positive impact on the FRE margin of 140 basis points. Excluding the impact from retro fees, our margin was up 60 basis points year-over-year and up 250 basis points sequentially.

謝謝你，邁克。我想讓您注意幻燈片 11，了解我們的財務亮點。本季度，我們賺取了 1.38 億美元的管理和諮詢費，比去年同期增長 18%。收入增長是由收費資產管理規模的增長推動的，其中包括去年啟動的混合基金以及跨商業結構的持續籌款和部署。本季度我們的 FRE 利潤率為 32%。本季度的追溯費用對 FRE 利潤率產生了 140 個基點的積極影響。排除追溯費用的影響，我們的利潤率同比增長 60 個基點，環比增長 250 個基點。

Cash compensation for the quarter reflected relatively limited hiring activity. We expect some pick up in compensation expense next quarter from incremental hiring. G&A will vary quarter-to-quarter, largely driven by travel and events. We saw a decline in G&A from the previous quarter, which included expenses related to our annual VC investor conference.

本季度的現金薪酬反映出招聘活動相對有限。我們預計下季度薪酬支出將因招聘增量而有所回升。 G&A 將按季度變化，主要受旅行和活動的影響。我們發現一般管理費用較上一季度有所下降，其中包括與年度風險投資者會議相關的費用。

Gross realized performance and incentive fees were $14 million for the quarter, which is down both year-over-year and sequentially, but generally consistent with the muted level of transactions we have seen in the market. As Scott mentioned, we are seeing some signs that the realization environment is improving. It generally takes a few quarters of transactions to work through the pipeline so we expect that realized performance fees will remain modest for the next several quarters. As a reminder, we generally do not control the timing of exit on our investments.

本季度實現的總績效和獎勵費用為 1,400 萬美元，同比和環比均有所下降，但與我們在市場上看到的低迷交易水平基本一致。正如斯科特提到的，我們看到一些跡象表明實現環境正在改善。通常需要幾個季度的交易才能完成管道，因此我們預計未來幾個季度實現的績效費用將保持適度。提醒一下，我們通常不控制投資的退出時間。

Moving to Slide 12. Adjusted revenue per share was down 20% relative to the prior fiscal year, which is the result of an 80% decrease in gross realized performance fees per share offset by 19% growth in management and advisory fees per share. Since fiscal 2019, we have grown adjusted revenue per share by 21% compounded annual rate.

轉向幻燈片 12。調整後每股收入較上一財年下降 20%，這是由於每股已實現績效費用總額下降 80%，抵消了每股管理和諮詢費用 19% 的增長。自 2019 財年以來，我們的調整後每股收入複合年增長率為 21%。

Shifting to our profitability on Slide 13, we grew fee-related earnings per share by 22% year-over-year. The increase was primarily driven by growth in management and advisory fees. Looking over the longer term, we have generated an annual growth rate in fee-related earnings per share of 31% since fiscal 2019. Our ANI per share is down relative to last year, driven by lower performance and incentive fees that has increased at an annual rate of 26% over the long-term period, driven by growth in both fee-related earnings and realized net performance fees.

轉向幻燈片 13 上的盈利能力，我們與費用相關的每股收益同比增長了 22%。這一增長主要是由管理費和諮詢費的增長推動的。從長遠來看，自 2019 財年以來，我們與費用相關的每股收益的年增長率為 31%。由於業績下降和激勵費用按年增加，我們的每股 ANI 較去年有所下降。受費用相關收益和已實現淨績效費用增長的推動，長期年增長率為26%。

Moving to the balance sheet on Slide 14. Net accrued carry finished the quarter at $609 million, up 4% from the previous quarter, driven by underlying valuation increases for the period ended March 31. As a reminder, our accrued carry balance is reported on a 1 quarter lag. Our own investment portfolio ended the quarter at $154 million. Unfunded commitments to our investment programs were $95 million as of quarter end.

轉到幻燈片14 上的資產負債表。本季度應計利差淨額達到6.09 億美元，比上一季度增長4%，這是由截至3 月31 日的期間的基本估值增長推動的。提醒一下，我們的應計利差餘額報告於1 個季度的滯後。我們自己的投資組合本季度末達到 1.54 億美元。截至季度末，我們投資計劃的無資金承諾額為 9500 萬美元。

Our pool of performance fee-eligible capital has grown to over $65 billion, and this capital is widely diversified across multiple vintage years and approximately 190 programs. 78% of our unrealized carry is tied to programs of vintages of 2018 or earlier, which means that these programs are largely out of their investment periods and are in harvest mode. 59% of this unrealized carry sourced from vehicles like deal-by-deal waterfall, meaning realized carry, may be payable at the time of investment exit.

我們的符合績效費資格的資本池已增長至超過 650 億美元，並且該資本在多個年份和大約 190 個項目中廣泛多元化。我們的未實現收益中有 78% 與 2018 年或更早年份的項目相關，這意味著這些項目基本上已經過了投資期並處於收穫模式。未實現的利差中有 59% 來自逐筆交易瀑布等工具，即已實現的利差，可能在投資退出時支付。

This concludes our prepared remarks. I'll now turn it back over to the operator to open the line for any questions.

我們準備好的發言到此結束。現在我會將其轉回給接線員，以便解答任何問題。

(Operator Instructions) Your first question comes from the line of Ben Budish from Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的 Ben Budish。

Scott, was wondering if you could talk a little bit more about secondaries. Just kind of curious, it sounds like there's a lot of opportunity there. I know there's -- you have a number of funds in the market right now. Can you kind of remind us how big is that for you right now, and just kind of based on the momentum or the desire of GPs and LPs to transact, where do you think that can go? How do you see it scaling over the next several years?

Scott，想知道你是否可以多談談次級。只是有點好奇，聽起來那裡有很多機會。我知道現在市場上有很多基金。您能否提醒我們，現在對您來說有多大？基於 GP 和 LP 交易的勢頭或願望，您認為這會走向何方？您認為未來幾年它的規模如何？

Sure. Thanks, Ben, for the question. And obviously, this is a topic that we've been talking about really over the last number of quarters, not only as it relates to the secondaries opportunity as it exists for us in private equity, but also the expansion of the secondaries opportunity across the venture as well as the real estate infrastructure and private credit asset classes.

當然。謝謝本，提出這個問題。顯然，這是我們過去幾個季度一直在討論的一個話題，不僅因為它涉及我們私募股權領域存在的二級機會，而且還涉及整個二級市場機會的擴展。風險投資以及房地產基礎設施和私人信貸資產類別。

We haven't disclosed an exact total secondaries AUM number, but certainly within each of the asset classes is of increasing importance. When you look at our sort of flagship private equity secondary fund, the previous vehicle was a $2.1 billion fund. We continue to have the largest venture capital secondaries fund with the prior fund being approximately $2.6 billion and as you mentioned in market with our real estate, special situations, secondaries fund as well. So again, I think an increasingly important part of the business for us, and as I mentioned during the prepared remarks, given our positioning in the market and our relationships with both GPs and LPs, one that we think that we are particularly well positioned to continue to capitalize on.

我們尚未披露確切的二級資產管理規模總數，但肯定在每個資產類別中都越來越重要。當你看看我們的旗艦私募股權二級基金時，你會發現之前的基金是一隻 21 億美元的基金。我們仍然擁有最大的風險投資二級基金，之前的基金約為 26 億美元，正如您在市場上提到的，我們的房地產、特殊情況、二級基金也是如此。因此，我認為這對我們來說是業務中越來越重要的一部分，正如我在準備好的發言中提到的那樣，考慮到我們在市場中的定位以及我們與普通合夥人和有限合夥人的關係，我們認為我們特別有能力繼續利用。

Clearly, if you think about deal activity in the first half of the year here was down slightly relative to last year, but there's probably still a bit of a disconnect between what's hitting in the top of the funnel, which has been quite active versus what has closed. We've obviously talked for some period of time about the bid-ask spreads that exists between buyers and sellers. I think that's closing. I think part of what we've seen is a stabilization in valuations, particularly across the private equity and even to some extent the venture space with valuation stabilizing in really Q4 and Q1 of this year, which will give secondary buyers like ourselves a bit more confidence to transact in this market.

顯然，如果你考慮一下今年上半年的交易活動，與去年相比略有下降，但漏斗頂部的交易活動與相當活躍的交易活動之間可能仍然存在一些脫節。已關閉。顯然，我們已經討論了一段時間買家和賣家之間存在的買賣價差。我想這就要結束了。我認為我們所看到的部分原因是估值的穩定，特別是在私募股權領域，甚至在某種程度上，風險投資領域的估值在今年第四季度和第一季度都趨於穩定，這將為像我們這樣的二級買家帶來更多的好處對在這個市場進行交易的信心。

Maybe one follow-up, sort of a high-level question. It seems like the story maybe 6 to 9 months ago was really around like the denominator effect. LPs were having trouble just based on kind of the math of what was happening in their portfolios. It sounds like maybe the story has shifted a little bit, somewhat similar, but it's more about they're waiting for capital to be returned. But just kind of wondering from your seat since you sit in the middle of so many GPs and LPs, to what extent with the sort of rise in public markets over the last many months is the denominator effect still an issue, or are investors still sort of waiting for capital to be returned or does it take a little bit more time to get confidence? What are your kind of thoughts there?

也許是一個後續問題，一種高級問題。看來六到九個月前的故事確實像分母效應一樣存在。有限合夥人僅僅根據其投資組合中發生的情況進行數學計算就遇到了麻煩。聽起來也許故事發生了一些變化，有些相似，但更多的是他們在等待資本返還。但是，由於您坐在如此多的普通合夥人和有限合夥人中間，您想知道過去幾個月公開市場的上漲在多大程度上仍然是一個問題，或者投資者仍然在排序等待資本返還還是需要更多時間才能獲得信心？你有什麼想法？

That's a good question. It's certainly the rise in the public markets during the first half this year takes some of the pressure off. But we've also talked in the past about the fact that it actually wasn't just the denominator but also the numerator that was contributing to LPs being over-allocated and the rapid investment pace over the last several years, the fact that private market valuations has held up reasonably well particularly compared to the public market and then a slowdown in realization activity really starting in the second half of 2022. And so those issues impacting the numerator all still exist.

這是個好問題。今年上半年公開市場的上漲無疑減輕了一些壓力。但我們過去也談到過，事實上，導致有限合夥人過度配置和過去幾年快速投資步伐的不僅僅是分母，還有分子，事實上，私人市場估值一直保持得相當不錯，特別是與公開市場相比，而且從2022 年下半年開始，變現活動真正放緩。因此，影響分子的這些問題仍然存在。

I would say that the recovery in the public markets take some of the pressure off. It doesn't mean that LPs are completely out of the woods. I think the term that we used in our prepared remarks is we think they're being patient. And part of the reason for that is in the same way that when the public markets declined, we didn't see an immediate resetting of budgets or LPs slamming on the brakes. Well, when that goes in reverse and the public markets recover, again, don't immediately see LPs resetting their budgets. But once again, I would just say, it takes a bit of the pressure off.

我想說，公開市場的複蘇減輕了一些壓力。這並不意味著 LP 已經完全脫離困境。我認為我們在準備好的發言中使用的術語是我們認為他們很有耐心。部分原因是當公開市場下跌時，我們沒有看到立即重置預算或有限合夥人猛踩剎車。好吧，當情況發生逆轉並且公開市場再次復蘇時，有限合夥人不會立即重新調整預算。但我想說，這會減輕一些壓力。

Your next question comes from the line of Ken Worthington from JPMorgan.

您的下一個問題來自摩根大通的肯·沃辛頓。

First for Scott, in the prepared remarks, you talked about SPRIM, and I'm sure I'll screw this up so I'm going to pare it back and tell where I'm wrong, and I'll follow up to the question. Now has daily NAV, has registered, I think you said NSCC with a ticker, it doesn't need subscription documents to be signed. So one, correct me where I'm wrong, but what I'm really after is what are the end implications here for, I guess, one, end investors? And then two, what are the implications here for broadening RIA distribution as well as the build out of sort of regional and wirehouse distribution? It seems like this could be a big deal. Maybe it's not. But help flesh this out for me.

首先，斯科特，在準備好的發言中，你談到了 SPRIM，我確信我會把它搞砸，所以我要削減它並告訴我哪裡錯了，我會跟進問題。現在有每日NAV，已經註冊，我想你說的是帶有股票代碼的NSCC，它不需要簽署認購文件。所以，請糾正我的錯誤，但我真正想要的是，我想，最終投資者的最終影響是什麼？第二個問題，這對於擴大 RIA 發行以及構建區域和有線公司發行有何影響？看來這可能是一件大事。也許不是。但請幫助我充實這一點。

Thanks, Ken. And while I commented on during the prepared remarks, I'm actually going to ask Jason to comment in a bit more detail on your specific question there.

謝謝，肯。雖然我在準備好的發言中發表了評論，但實際上我會要求傑森對您的具體問題進行更詳細的評論。

Sure. Thanks, Ken, and Scott. So we think it's a big deal is the short answer. From an ease-of-use perspective and a credit investor using an RIA or IBD that's using a custodian that's approved the ticker, literally buys it on the screen, just like any mutual fund, paperwork not required from our perspective. So the ease of use is profound. And for RIAs that have discretionary accounts with their clients, it allows them to kind of buy down -- buy into the fund down their entire book in a matter of minutes instead of having subscription agreements built out by each individual client to go through it all.

當然。謝謝肯和斯科特。所以我們認為這是一個大問題，這是簡短的答案。從易用性的角度來看，使用RIA 或IBD 的信貸投資者使用批准股票代碼的託管人，實際上是在屏幕上購買它，就像任何共同基金一樣，從我們的角度來看，不需要文書工作。所以易用性是深遠的。對於在客戶處擁有全權委託賬戶的 RIA 來說，它允許他們在幾分鐘內購買整個基金，而不是讓每個客戶簽訂認購協議來完成這一切。

So the ease of use, and if we're going to -- it's really a lot improved. And when we start to think about what our goal was with SPRIM, it was to provide that single ticket access for the accredited investor and to overcome the hurdles that investors had in accessing the private markets. That could have been managing capital calls, that could have been dealing with tax compliance and schedule K-1s. But importantly, it's not easy to fill out a 40- or 50-page subscription agreement either. And now we've been able to eliminate that for a wide swath of U.S.-based investors.

所以易用性，如果我們打算的話——它確實得到了很大的改善。當我們開始思考 SPRIM 的目標是什麼時，我們的目標是為經過認證的投資者提供單一入場券，並克服投資者進入私募市場的障礙。這可能是管理資本需求，可能是處理稅務合規性和安排 K-1。但重要的是，填寫 40 或 50 頁的訂閱協議也不容易。現在我們已經能夠為廣大美國投資者消除這種情況。

Okay. And then again, I'm sure I missed this before. What is the timing? I think you said the daily NAV is already live. Are we already like right now today to the point where no subscription documents, so it's kind of off to the races? Or is this something that kind of works its way in over the next 6 months? What is the timing element here?

好的。話又說回來，我確信我之前錯過了這一點。時間是什麼時候？我想你說過每日資產淨值已經上線。我們是否已經像今天一樣沒有訂閱文檔，所以它有點像比賽了？或者這會在接下來的 6 個月內發揮作用嗎？這裡的時間因素是什麼？

Yes. So it went live middle of last month. And the way it works is wherever you are custodying, that custodian has to approve the process for using the ticker. So we're working our way through -- as you know, there are a lot of custodians out there, working our way through the custodians to get them on site. We've got a couple on site so far and continuing that effort.

是的。所以它於上個月中旬上線。它的工作方式是無論您在哪里托管，託管人都必須批准使用股票的流程。因此，我們正在努力解決問題——如您所知，有很多託管人，我們正在努力通過託管人將他們帶到現場。到目前為止，我們已經有幾個人在現場並繼續努力。

And then separate and apart from those who use a third-party custodian, there are those groups that self-custody, and we'll have to see what the take-up is there. So we don't expect that the subscription agreement is going away anytime soon, and there will be certain groups that will always want to use a subscription agreement for their clients to ensure belts and suspenders from a suitability perspective. But for a large swath, we do expect the ticker to be the method of choice for accessing the fund.

然後，除了那些使用第三方託管人的群體之外，還有一些自我託管的群體，我們必須看看那裡的情況如何。因此，我們預計訂閱協議不會很快消失，並且某些群體總是希望為其客戶使用訂閱協議，以從適用性的角度確保腰帶和背帶。但對於很大一部分人來說，我們確實希望股票代碼成為獲取該基金的首選方法。

Then one last one. You talked about the RIAs. It kind of feels like that's where this may be more helpful. How does this impact sort of the regionals and the wirehouses and your build-out there? I assume it's sort of helpful for one, helpful for all, but maybe it's better on one side than the other or maybe the wirehouses wants subscription. So any difference between sort of distribution channels?

然後是最後一張。您談到了 RIA。感覺這可能更有幫助。這對區域、接線室以及您在那裡的建設有何影響？我認為這對一個人有幫助，對所有人都有幫助，但也許一側比另一側更好，或者也許電線公司需要訂閱。那麼各種分銷渠道之間有什麼區別嗎？

Yes. I think there is a difference between the distribution channels. The RIAs will definitely use this at a higher percentage than the IBDs or the wires. We think some of the IBDs will be using this, but probably not all. Some may also use an abbreviated documentation process. So there's some benefit, but not the complete benefit. And for the wires, we expect that will be the last holdout in terms of wanting to use the ticker instead of sticking with the traditional sub doc process from a suitability perspective. So think of this like equalizing the playing field a bit in terms of the scale of capital amongst the players a bit.

是的。我認為分銷渠道之間存在差異。 RIA 肯定會以比 IBD 或電線更高的比例使用它。我們認為一些 IBD 會使用這個，但可能不是全部。有些還可能使用簡短的文檔流程。所以有一些好處，但不是全部好處。對於電匯，我們預計這將是最後的阻力，因為從適用性的角度來看，希望使用股票代碼而不是堅持傳統的子文檔流程。因此，可以把這想像成在參與者之間的資本規模方面稍微平衡一下競爭環境。

Your next question comes from the line of Adam Beatty from UBS.

您的下一個問題來自瑞銀集團的 Adam Beatty。

I just wanted to ask about the level of undeployed capital, which is nicely ticking up there. Great to have that sort of backlog for deployment. Looks like deployment may have -- of that in particular backlog may have edged down a little bit in the quarter. So just wondering what you're seeing in the deployment environment, and whether there's something about the current undeployed capital in terms of fund mix and profile that would either shorten or lengthen the deployment period.

我只是想問一下未部署資本的水平，該水平正在上升。很高興有這樣的部署積壓。看起來部署可能已經——特別是積壓的訂單可能在本季度略有下降。因此，只是想知道您在部署環境中看到了什麼，以及當前未部署的資本在基金組合和概況方面是否存在會縮短或延長部署週期的因素。

Sure. Thanks, Adam. So we've always talked about is undeployed fee-earning capital likely to be deployed over a 3- to 5-year type of period. I think that still remains the case. And I think that type of time range gives us enough flexibility given the deal flow that we have to deploy responsibly and invest responsibly throughout market cycles here. I think you are right to pick up on the fact that deployment has slowed a bit not only in this quarter, but over the last few quarters here. I don't think that will come as any major surprise, given what has gone on in the marketplace more broadly.

當然。謝謝，亞當。因此，我們一直在談論未部署的收費資本可能會在 3 到 5 年的時間內部署。我認為情況仍然如此。我認為，考慮到我們必須在整個市場週期中負責任地部署和投資的交易流程，這種時間範圍為我們提供了足夠的靈活性。我認為您正確地認識到部署速度不僅在本季度有所放緩，而且在過去幾個季度中也有所放緩。考慮到更廣泛的市場情況，我認為這不會令人感到意外。

And to some extent comes down to which of our accounts pay on invested capital, I would say, while we haven't broken that down precisely, it's a bit more heavily weighted towards some of our co-investment strategies, and much like the comment I made earlier about secondary is where there's probably a bit of a difference between what's hitting the top of the funnel versus what is actually closing. We have seen a nice uptick in activity hitting the top of the funnel, certainly, the second quarter of this year, up pretty significantly year-over-year. And I think that's going to be a driver of deployment and investment pace starting to pick up. So as we've talked about on the last few calls, we continue to be patient, but are cautiously optimistic given the pickup in deal flow that we've seen of late.

我想說，在某種程度上，這取決於我們的哪些賬戶支付投資資本，雖然我們沒有準確地細分，但它對我們的一些共同投資策略的權重更大，就像評論一樣我之前提到的第二個問題是，到達漏斗頂部的內容與實際關閉的內容之間可能存在一些差異。我們看到漏斗頂部的活動出現了良好的增長，當然是今年第二季度，同比增長相當顯著。我認為這將成為部署和投資步伐開始加快的驅動力。因此，正如我們在最近幾次電話會議中談到的那樣，我們繼續保持耐心，但考慮到我們最近看到的交易量的回升，我們持謹慎樂觀的態度。

That makes a lot of sense. And then just turning back to the wealth channel, really interesting on the daily NAV for SPRIM and many of the features that come along with that. So I think that's really something of a breakthrough there. One of the other components as you know of effective retail distribution is the education process and which breaks into kind of a conceptual understanding of the product, but also forms of real-time data or monitoring availability. And obviously, daily NAV will fill in one of those major gaps there. But just wondering, given the wealth of information resources that StepStone has how you might be deploying or considering deploying that information advantage into the retail channel.

這很有意義。然後回到財富頻道，SPRIM 的每日資產淨值以及隨之而來的許多功能非常有趣。所以我認為這確實是一個突破。正如您所知，有效零售分銷的其他組成部分之一是教育過程，它不僅涉及對產品的概念性理解，還涉及實時數據或監控可用性的形式。顯然，每日資產淨值將填補其中的主要空白之一。但只是想知道，考慮到行健資本擁有豐富的信息資源，您可能會如何部署或考慮將這種信息優勢部署到零售渠道中。

Yes, I think -- this is Jason. In addition to the transparency that's available on the portfolio and the daily ticker, just to be clear, that's an SPRIM development, not a SPRING development currently. But in addition to that, you're right, we try to strategically partner with each of the wealth management firms that we work with and try to meet them where they are. They've got differing needs in terms of access to educational materials like the research papers we put out, but also may seek to have a more fulsome access to our data and technology solutions, and we try to partner them, partner with them in that way as well if it's helpful. So I think unlike a -- like a monoline manager, we do have not only a lot of data and technology solutions available, but perspective on the market that we can be helpful in things that they're doing away from us as well, and I think that's resonated quite well.

是的，我想——這是傑森。除了投資組合和每日股票行情的透明度之外，需要明確的是，這是 SPRIM 開發，而不是目前的 SPRING 開發。但除此之外，你是對的，我們嘗試與每家與我們合作的財富管理公司進行戰略合作，並儘力滿足他們的需求。他們在獲取教育材料（例如我們發表的研究論文）方面有不同的需求，但也可能尋求更全面地獲取我們的數據和技術解決方案，我們嘗試與他們合作，在這方面與他們合作如果有幫助的話也可以。因此，我認為，與單​​一業務經理不同，我們不僅擁有大量可用的數據和技術解決方案，而且從市場角度來看，我們也可以為他們正在遠離我們做的事情提供幫助，並且我認為這引起了很好的共鳴。

The only thing I would add to that is I think this approach towards education and knowledge transfer is not a far stretch for us given the relationships that we have with our clients, even on the institutional side where we've always had very close partnerships, not the types of relationships where we're just checking in once a year at an annual meeting. We're in very close communication with our clients, hosting training sessions. We actually launched earlier this year our first, on the private equity side, StepStone Academy session for some of our institutional clients. And so now looking for ways to roll that out more broadly to the private wealth space as well.

我唯一要補充的是，鑑於我們與客戶的關係，即使在我們一直擁有非常密切的合作夥伴關係的機構方面，我認為這種教育和知識轉移的方法對我們來說並不是遙不可及，不是我們每年在年會上檢查一次的關係類型。我們與客戶保持非常密切的溝通，舉辦培訓課程。實際上，我們在今年早些時候為一些機構客戶推出了私募股權方面的首個行健資本學院課程。因此，現在正在尋找方法將其更廣泛地推廣到私人財富領域。

Yes. So there's potential cross over there. That's great. Thank you, guys.

是的。所以那裡有潛在的交叉。那太棒了。感謝你們。

Your next question comes from the line of Alex Blostein from Goldman Sachs.

您的下一個問題來自高盛的 Alex Blostein。

Just building maybe on a couple of more questions around the wealth channel. I think you mentioned that gross sales in July were running at about $100 million, which is a nice pickup from where you guys have been doing. So if you can spend a minute on what the source of that sort of incremental offset has been recently, is that additional new platforms, new advisers or higher just same-store sales from the kind of the existing books that you're seeing? And as you think about the expansion plans into other platforms, with, obviously, again, this new structure, would that also entail the ability for direct distribution? Or would clients still need to buy through the financial providers? So in other words, would folks be able to buy it in Schwab and Fidelity or it's still up to the intermediary?

也許只是圍繞財富渠道提出幾個問題。我想您提到 7 月份的銷售額約為 1 億美元，與你們一直以來的業績相比，這是一個不錯的增長。因此，如果您能花一點時間了解一下最近這種增量抵消的來源是什麼，是額外的新平台、新顧問還是您所看到的現有書籍的同店銷售額更高？當您考慮向其他平台的擴張計劃時，顯然，再次採用這種新結構，這是否也需要直接分發的能力？或者客戶仍然需要通過金融提供商購買？換句話說，人們是否能夠在嘉信理財和富達購買它，還是仍然取決於中介機構？

Thanks, Alex. So a couple of things. In terms of where we saw these post-period flows, what drove the uptick, I think we saw the ticker come into play for sure on SPRIM. We saw it therefore, come deeper into the book at mostly the RIA channel. But we also saw some increased flows from the wires and IBDs that we've been on the platform, but it's been kind of in that ramp-up phase and those things are starting to hit stride. So it was a pretty broad-based tick up, both across SPRIM and SPRING. So really happy to see that.

謝謝，亞歷克斯。有幾件事。就我們在​​哪裡看到這些期後流量以及推動上漲的因素而言，我認為我們肯定在 SPRIM 上看到了股票代碼的發揮作用。因此，我們主要在 RIA 頻道上更深入地了解了這本書。但我們也看到我們平台上的電線和 IBD 流量有所增加，但目前正處於加速階段，這些事情正開始取得進展。因此，無論是 SPRIM 還是 SPRING，這都是一次相當廣泛的上漲。很高興看到這一點。

And then in terms of what could the ticker mean in terms of more direct access, we agree. We do think that this will allow folks to buy into the fund on a variety of different channels, including things like self-directed IRAs in the kind of channels you mentioned as well as other kind of direct-to-consumer platforms.

然後，就更直接訪問而言，股票代碼意味著什麼，我們同意。我們確實認為，這將允許人們通過各種不同的渠道購買該基金，包括您提到的渠道中的自我導向 IRA 以及其他直接面向消費者的平台。

Great. And then just in terms of the structure of the wealth channel, if I recall correctly, maybe a quarter or 2 ago, you guys have restructured it where the team got some of the economics. So maybe just a quick reminder of in terms of the incremental management fees that will be coming through the channel, what ultimately drops down to the bottom line to the StepStone shareholders?

偉大的。然後就財富渠道的結構而言，如果我沒記錯的話，也許一兩個季度前，你們已經在團隊獲得了一些經濟學的地方進行了重組。因此，也許只是快速提醒一下，就通過該渠道產生的增量管理費而言，最終會影響行健資本股東的利潤？

So if you take the top line management fee, there's roughly a 50-50 split in those fees, with 50% going to StepStone Group and then 50% funding the expenses of the private wealth team.

因此，如果您計算最高管理費，這些費用大約會分成 50-50 份，其中 50% 歸行健資本集團所有，50% 則用於資助私人財富團隊的開支。

Your next question comes from the line of Michael Cyprys from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Michael Cyprys。

I wanted to ask about private credit. It's getting a lot of attention in the marketplace just given some of the challenges in the banking sector. I was hoping you can talk about your private credit franchise, how that contributed to the quarter. And hopefully, you could talk about some of the initiatives you have in place to accelerate growth, and what are some of the steps you might be able to take over the next 12 months.

我想問一下關於私人信貸的問題。鑑於銀行業面臨的一些挑戰，它在市場上引起了廣泛關注。我希望您能談談您的私人信貸特許經營權，以及它對本季度的貢獻。希望您能談談您為加速增長而採取的一些舉措，以及您在未來 12 個月內可以採取的一些步驟。

Sure. Thanks, Mike, for the question. I think private debt has been a meaningful contributor not only in the quarter, but really over the last 12 months and beyond one of the faster-growing asset classes for us. Look, when you talk to our private debt team and platform, one of the things you hear us talk quite a bit about is the fact that we view this as an all-weather strategy, particularly when you think about the core allocation to direct lending and what happens from time to time as there are opportunities either to diversify your sourcing channels and/or enhance your returns. I think one of the things that has happened on the back of the regional banking crisis is really an opportunity to do a couple of those things. We want to diversify sourcing whether by looking not only at corporate credits but also real estate and infrastructure debt and also expect there will be an opportunity to enhance returns and looking at more opportunistic and potentially distressed opportunities down the road here.

當然。謝謝邁克提出這個問題。我認為，私人債務不僅在本季度做出了有意義的貢獻，而且在過去 12 個月中，甚至超出了我們增長較快的資產類別之一。聽著，當您與我們的私人債務團隊和平台交談時，您經常聽到我們談論的一件事是，我們認為這是一種全天候策略，特別是當您考慮直接貸款的核心配置時以及時不時發生的情況，因為有機會使您的採購渠道多樣化和/或提高您的回報。我認為區域銀行危機後發生的事情之一確實是做這些事情的機會。我們希望實現採購多元化，不僅關注企業信貸，還關注房地產和基礎設施債務，並期望有機會提高回報，並在未來尋找更多機會主義和潛在的困境機會。

But where a lot of the attention has really focused has also just been on this core direct lending allocation as well just given the rise in base rates, seeing sort of low double-digit gross asset yields. And I think as the asset class itself has matured and has been proven a bit more battle-tested and we've seen sort of the strong downside being protection and performance through whether it was COVID, the GFC or the more recent sort of tech-driven downturn over the last 12, 24 months here, I think that has really garnered a lot of attention amongst LPs. And so it's really opened up the eyes of our LPs and our clients as to the attractiveness and the attractive risk-reward of the strategy.

但考慮到基本利率的上升，人們真正關注的焦點也集中在核心直接貸款配置上，總資產收益率達到了兩位數的低水平。我認為，隨著資產類別本身已經成熟，並且已經被證明經過了更多的戰鬥考驗，我們已經看到了保護和性能方面的強大缺點，無論是新冠疫情、全球金融危機還是更新的技術——在過去的12、24 個月裡，這裡的經濟陷入了低迷，我認為這確實引起了LP 的廣泛關注。因此，它確實讓我們的有限合夥人和客戶看到了該策略的吸引力和有吸引力的風險回報。

In terms of additional steps that need to be taken, look, I think we've built out the platform. It's a sizable team and sizable business today. But I think some of the real opportunities are going to be capitalizing on the growing co-invest and secondaries opportunity. That's been an area that even with the decline in volumes that we've seen over the last 12 months driven by private equity deal activity, there have been meaningful co-investment opportunities and secondaries, either in the form of buying a portfolio of loans from GPs or banks or more traditional LP secondaries. And so I think those are going to be some of the growth avenues going forward here.

就需要採取的額外步驟而言，我認為我們已經構建了該平台。如今，這是一個規模龐大的團隊和規模龐大的業務。但我認為一些真正的機會將利用不斷增長的聯合投資和二級投資機會。儘管我們在過去 12 個月中看到私募股權交易活動推動的交易量有所下降，但該領域仍存在有意義的聯合投資機會和二級投資機會，無論是通過購買貸款組合的形式普通合夥人或銀行或更傳統的有限合夥人二級機構。所以我認為這些將成為這裡未來的一些增長途徑。

Great. And then just a follow-up question on retail. I think you mentioned $1.7 billion so far across 2 or 3 funds. Can you just update us on where each of those funds are in their phase of getting on the distribution platforms? How many are each on -- how many wires are each of them on? And where do you see that or expect that to be in 12 months?

偉大的。然後是關於零售的後續問題。我想您提到了 2 或 3 個基金迄今為止已籌集 17 億美元。您能否向我們介紹一下這些基金在進入分銷平台的階段的最新情況？每根有多少根——每根有多少根電線？您認為或預計 12 個月後會出現什麼情況？

Sure. Thanks, Mike. The SPRIM is on a bit over 150 RIA platforms, 10-plus IBDs and 1 wire. SPRING is on 50-plus RIAs at this point and a handful of IBDs. The IBDs actually are adopting a bit earlier in SPRING than what we saw in SPRIM, which is what we would generally expect to see with a second fund family after a first fund family. So that's been positive. Conversations on additional wires for SPRIM and an initial wire for SPRING are continuing and trending very positive.

當然。謝謝，邁克。 SPRIM 應用於超過 150 個 RIA 平台、10 多個 IBD 和 1 條線路。 SPRING 目前已擁有 50 多個 RIA 和少數 IBD。實際上，IBD 在 SPRING 中的採用比我們在 SPRIM 中看到的要早一些，這正是我們通常期望在第一個基金系列之後看到第二個基金系列的情況。所以這是積極的。關於 SPRIM 的額外電線和 SPRING 的初始電線的討論仍在繼續，並且趨勢非常積極。

So look, building out that syndicate for each fund family, not just here in the U.S., by the way, but we can't forget that fourth pillar, which is very important, which is the non-U.S. distribution, is well underway, and we've got a nice pipeline outside the U.S. as well with a number of different wealth platforms.

所以，順便說一句，為每個基金家族建立這個財團，不僅僅是在美國，但我們不能忘記非常重要的第四個支柱，即非美國分配，正在順利進行中，我們在美國以外也擁有良好的渠道以及許多不同的財富平台。

Great. If I could just sneak one final one in here. Just on the daily NAV. Can you just talk a little bit about the hurdles that you had to tackle to bring that sort of innovation to the marketplace? How you thought about some of the pros and cons there just in terms of perhaps more volatility or less of a smoother ride for the customer? And sort of why now on that versus when you had brought some of these products in the marketplace a couple of years ago?

偉大的。如果我能把最後一張偷偷放進去就好了。只是在每日資產淨值上。您能否簡單談談將此類創新推向市場時必須克服的障礙？您如何看待其中的一些利弊，即可能會增加波動性，或者為客戶提供更順暢的旅程？與幾年前您將其中一些產品推向市場時相比，為什麼現在要這樣做？

Sure. Look, so Scott mentioned the tremendous amount of data flowing through the platform. We think that is one of the initial linchpins in order to be able to deliver on a solution like this. The second is just the tremendous team that we've got in our data analytics team and data science team that were able to come up with the modeling around all of this. And then finally, to implement the technology across our homegrown monitoring and reporting software, spy reporting and integrating that into our system and on our process for investing is really the last piece of how to actually be able to implement all of this.

當然。看，斯科特提到了流經該平台的大量數據。我們認為這是能夠提供此類解決方案的最初關鍵之一。第二個是我們在數據分析團隊和數據科學團隊中擁有的強大團隊，他們能夠圍繞所有這些提出建模。最後，在我們自己開發的監控和報告軟件、間諜報告和將其集成到我們的系統和投資流程中實施該技術實際上是如何真正實現所有這一切的最後一部分。

So the hurdles are high, I think, for groups to be able to deliver on something like this in a meaningful way. It took a lot of legwork with all of our vendors, like the auditors, the administrators, et cetera, to get everybody on side with all of this. And in terms of the user experience, so far, the feedback has been fantastic from the channels. Why now? Like it's just taken a long time to get to this point. It's not easy.

因此，我認為，團體要想以有意義的方式實現這樣的目標，障礙很大。我們需要與所有供應商（例如審計員、管理員等）進行大量的跑腿工作，才能讓每個人都站在這一切的一邊。在用戶體驗方面，到目前為止，渠道的反饋非常好。為什麼現在？好像花了很長時間才達到這一點。這並不容易。

Your next question comes from the line of John Dunn from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 John Dunn。

You talked about half of gross inflows coming from the U.S. Can you kind of remind us how that compares to past quarters? Was there any kind of idiosyncratic stuff in there? And then maybe the strongest geographies overseas.

您談到一半的總流入來自美國。您能否提醒我們與過去幾個季度相比如何？裡面有什麼特殊的東西嗎？然後可能是海外最強大的地區。

Sure. I mean, just as it relates to the comparison to prior quarters, we haven't always broken out the exact geographic breakdown. But when you look at the overall business and the breakdown of our management and advisory fees, that has typically been in the roughly 70% outside of the U.S. and the remainder in the U.S. And so you can get the sense to that is an above-average contribution coming from North America.

當然。我的意思是，正如與前幾個季度的比較相關一樣，我們並不總是能細分出確切的地理分佈。但是，當你查看整體業務以及我們的管理和諮詢費用的細目時，你會發現大約70% 的費用通常發生在美國以外的地區，其餘的則發生在美國。所以你可以感覺到，這是一個以上-來自北美的平均貢獻。

And look, that was driven by a combination of things, one being a number of separate accounts that we closed during the quarter. And as you know, the timing of closing of sizable separate accounts can vary from quarter-to-quarter. Happen to have a few that closed during the quarter, as well as some of the contributions on our various different co-mingled funds that had closings during the quarter.

看，這是由多種因素共同推動的，其中一個是我們在本季度關閉的一些獨立賬戶。如您所知，關閉大量獨立賬戶的時間可能因季度而異。碰巧有一些在本季度關閉，以及我們各種不同的混合基金在本季度關閉的一些捐款。

I would say from a geographic standpoint beyond that, fairly balanced across other geographies. So I'm not sure there's a single geography that we would highlight outside of the U.S., maybe more broadly, Europe would have been the most significant contributor, but without getting more specific than that, I'd probably leave it there.

我想說的是，從地理角度來看，其他地區的情況相當平衡。因此，我不確定我們會在美國之外強調哪個地區，也許更廣泛地說，歐洲會是最重要的貢獻者，但如果沒有比這更具體的信息，我可能會把它留在那裡。

Got you. And maybe just to touch on real estate? Can you talk about where you think we are as far as demand for your real estate strategies, where are you seeing the most and the least demand?

明白你了。也許只是為了觸及房地產？您能否談談您認為我們對您的房地產策略的需求處於什麼位置？您認為哪裡的需求最多和最少？

Yes. Well, look, I think the good news is where we're seeing the most demand is for our flagship real estate special situations secondaries strategy. Jeff Giller, our Head of Real Estate has spent quite a bit of time talking about that strategy during our Investor Day just a couple of months ago. That is a strategy that is in demand and that we think is very well positioned for the coming investment environment. It has not been activated yet as deal volumes are still somewhat subdued today. And as Jeff talked about during our Investor Day, he thinks that it's the coming wave of refinancing activity that will ultimately catalyze the investment opportunity for us there today. So that's I'd say the area that we're seeing the most significant demand on the real estate side.

是的。好吧，我認為好消息是我們看到需求最大的是我們的旗艦房地產特殊情況二級策略。幾個月前，我們的房地產主管傑夫·吉勒 (Jeff Giller) 在投資者日上花了相當多的時間談論這一策略。這是一種非常受歡迎的策略，我們認為該策略非常適合未來的投資環境。由於今天的交易量仍然有些低迷，它尚未被激活。正如傑夫在我們的投資者日談到的那樣，他認為即將到來的再融資活動浪潮最終將促進我們今天的投資機會。所以我想說的是，我們看到房地產方面需求最顯著的領域。

There are no further questions at this time. I will now hand over to Scott Hart. Please continue.

目前沒有其他問題。現在我將把工作交給斯科特·哈特。請繼續。

Great. Well, thanks, everyone, for your time and attention today. We look forward to updating you in future quarters. Thanks very much.

偉大的。好的，謝謝大家今天的時間和關注。我們期待在未來幾個季度向您通報最新情況。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。