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    Chris Kotowski • Oppenheimer & Co. Inc.

    Chris Kotowski's questions to GCM Grosvenor Inc (GCMG) leadership

    Chris Kotowski's questions to GCM Grosvenor Inc (GCMG) leadership • Q2 2025

    Question

    Chris Kotowski of Oppenheimer & Co. Inc. inquired about the retail uptake and growth strategy for the evergreen infrastructure interval fund and asked for an update on the status of a similar private equity vehicle.

    Answer

    CEO Michael Sacks reported that the infrastructure fund is seeing modest but consistently building daily sales, emphasizing it is a multi-year build. President Jonathan Levin clarified that a previous private equity effort was a sub-advisory role, and the current focus is on developing a proprietary private equity product structured similarly to their infrastructure fund, which would be seeded and managed by GCMG.

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    Chris Kotowski's questions to P10 Inc (PX) leadership

    Chris Kotowski's questions to P10 Inc (PX) leadership • Q2 2025

    Question

    Chris Kotowski of Oppenheimer & Co. Inc. inquired about P10's financial capacity for future M&A, their comfort level with leverage, and the balance between acquisitions and share buybacks, particularly regarding the use of stock.

    Answer

    Luke Sarsfield, Chairman & CEO, and Arjay Jensen, EVP of Strategy and M&A, responded. They emphasized a disciplined and prudent M&A approach focused on strategically and culturally aligned targets. They stated that P10 has "ample financial capacity" for its target M&A size, utilizing both its credit facilities and stock for alignment, without specifying leverage limits.

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    Chris Kotowski's questions to WisdomTree Inc (WT) leadership

    Chris Kotowski's questions to WisdomTree Inc (WT) leadership • Q2 2025

    Question

    Chris Kotowski of Oppenheimer & Co. Inc. inquired about the Cerus Partners acquisition, focusing on its fund structure, client base, and future fundraising plans. He also questioned the durability and predictability of Cerus's performance fees, which constitute a significant portion of its revenue, and asked about the liquidity terms of its evergreen fund structure, such as withdrawal limitations.

    Answer

    CEO Jonathan Steinberg and Global CIO Jeremy Schwartz explained that Cerus utilizes an evergreen fund structure to act as a long-term partner to farmers, serving institutions and RIAs. CFO Bryan Edmiston detailed the performance fee mechanics, noting they are driven by steady rental income and annual mark-to-market appreciation of the farmland portfolio, not episodic asset sales. He also highlighted upside from solar and AI data center optionality. Edmiston and Schwartz confirmed the fund has an annual withdrawal process.

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    Chris Kotowski's questions to Blue Owl Capital Inc (OWL) leadership

    Chris Kotowski's questions to Blue Owl Capital Inc (OWL) leadership • Q2 2025

    Question

    Chris Kotowski of Oppenheimer & Co. Inc. asked for details on the new strategies that raised $3.5 billion, particularly the $1.7 billion strategic equity fund, inquiring about their structure, scaling plans, and P&L impact.

    Answer

    Co-CEO Marc Lipschultz explained that the new funds include their GP-led secondaries strategy ('Bose'), Net Lease Europe, and a GP mid-market fund. He described 'Bose' as a high-potential strategy for investing in the 'greatest hits of private equity' and confirmed it has both a drawdown and a future continuously offered format. CFO Alan Kirshenbaum added that these organic initiatives are key contributors to the firm's long-term growth goals outlined at its Investor Day.

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