Sector intelligence — Alt managers

How does the pipeline look for getting additional funds onto wirehouse distribution platforms, and should we expect those additions in 2026?

Can you discuss the hiring ramp on the wealth side, how many hires, where are they coming from, and how seasoned are they?

On April net flows of roughly $1M, did that include the $300M+ Guardian seed investment? And what are the product-level trends in gross sales and redemptions?

As institutional capital grows within evergreen funds, is there fee compression risk given evergreens charge more than separate accounts?

Of the ~$18B evergreen NAV, what portion is institutional vs. U.S. wirehouse vs. private bank, and how do you expect that mix to evolve?

How do you manage liquidity in larger evergreen funds like PAF and GPA if redemptions were to persistently exceed inflows beyond the 5% cap?

To what extent does liquidity management depend on exit and monetization events?

You turn down 99% of secondary deal flow yet still deployed $5.5B. What drives rejections, is competition increasing selectivity? Also, can you address the scrutiny around day-1 marks in NAV-based incentive fees and whether the industry might shift to a realized-gain framework?

How is the seventh secondary fund fundraise trending toward initial close, how might it compare in size to the prior vintage, and are you considering a fee-rate shift over the fund life like some peers?

With three evergreen products now on Park Avenue Securities, what is the current contribution from that channel and how do you define success over the next 12 months?

Reporting and monitoring fees are up 22% year-over-year. How much is driven by Cobalt bundling and what drives further scaling?

April gross flows of ~$2.65M were well below the ~$525M monthly average in Jan-Feb. Is April a reasonable run-rate for gross flows going forward?

You mentioned improving exit activity. What is the potential magnitude of a pickup in the second half, and why do you have better line of sight now?

A competitor recently suggested that day-1 markups in secondaries can cause short-term mispricing, making the strategy less appropriate for semi-liquid evergreen wealth funds. Why do you think secondaries are appropriate for the wealth channel, and how much of performance has come from day-1 markups versus underlying asset appreciation?

You mentioned partnerships with PitchBook, FTSE Russell, and Kroll to monetize data, with some monetization starting last fall. How should we think about near- to medium-term revenue contribution from this opportunity?

On the secondary markup issue, is the concern primarily from public equity investors, or are your fund investors and distribution intermediaries also raising it?

You hired a lead U.S. defined contribution professional. What does the customer build-out look like, and where do you expect early traction, plan sponsors, fund managers, or record keepers?

On the DC channel, what steps are you taking to support plan sponsor adoption, and how do you view the DOL's proposed process-based safe harbor versus a broader congressional safe harbor?

Could industry accounting practices around day-1 markups change? And in a hypothetical scenario of elevated redemptions in secondary evergreen vehicles for 12+ months, how do you manage liquidity given dependence on monetization cycles?

Credit flows remain strong despite industry headwinds. What are you hearing on the ground? And with Spring's performance partly driven by high-profile pre-IPO companies, how durable are flows and performance once those companies go public?

Deployed earning capital stepped up significantly quarter-over-quarter even excluding secondary fund closes. What drove the sequential growth?

Private wealth is generating ~$2B in subscriptions per quarter. As newer vehicles like StepX and CredX mature and the syndicate grows, what is a reasonable ramp trajectory and timeline?

With ~9% of accrued carry tied to funds over five years old, what needs to change in the exit environment to drive realizations back to normalized levels, and what is the timing outlook?

On the SPW buyout obligation, can you walk through the range of outcomes, how you plan to fund it, the mix of cash and equity, expected share issuance range, key liquidity levers, and accretion potential for shareholders?