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    Adam Beatty • UBS

    Adam Beatty's questions to Victory Capital Holdings, Inc. (VCTR) leadership

    Adam Beatty's questions to Victory Capital Holdings, Inc. (VCTR) leadership • Q2 2024

    Question

    Adam Beatty from UBS inquired about flow trends across different channels, particularly retail and direct, and asked if Victory sees retail recovering faster than institutional. He also asked for the next milestone and timing for the Amundi transaction.

    Answer

    CEO David Brown detailed the flow dynamics, noting institutional rebalancing has been a factor, but he expects delayed fundings to pick up. The intermediary channel has seen ETF momentum, while the direct channel is steady. He stated that in Victory's experience, one channel does not necessarily recover faster than another. The next and final milestone for the Amundi deal is the closing, which is expected in late 2024 or early 2025, with no other material interim steps anticipated.

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    Adam Beatty's questions to Bridge Investment Group Holdings Inc (BRDG) leadership

    Adam Beatty's questions to Bridge Investment Group Holdings Inc (BRDG) leadership • Q2 2024

    Question

    Adam Beatty of UBS asked for details on the incentive fees from the triple net product, specifically the long-term cadence of crystallization and the lookback period. He also posed a broader question about real estate valuations, questioning if a pickup in transactions from motivated sellers could pressure marks across the industry.

    Answer

    CFO Katherine Elsnab explained the Q3 incentive fee crystallization is from a 3-year lookback on their open-ended net lease product, and that going forward it will be on a more regular basis. CEO Jonathan Slager addressed valuations, stating he does not expect broad-based distress. He anticipates an orderly market for assets from motivated sellers, supported by pent-up equity demand and a competitive lending environment, which should not materially drag down overall values.

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    Adam Beatty's questions to Bridge Investment Group Holdings Inc (BRDG) leadership • Q1 2024

    Question

    Adam Beatty from UBS followed up on fundraising, asking about the expected size of successor funds compared to prior vintages. He also inquired about the liquidity features available to individual investors in the wealth channel, particularly for the new accredited investor product.

    Answer

    Executive Chairman Robert Morse explained that while they size funds to match deployment opportunities, the growth of their teams and markets allows for larger successor funds, citing Logistics and Secondaries as key growth areas. On liquidity, he stated the new vehicle has defined features consistent with similar retail products and that the underlying portfolio of discrete, smaller assets enhances marketability to meet potential redemption requests.

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