Mark Paolini

Mark Paolini asked for clarification on AlpInvest's catch-up fees, noting that prior quarter figures exceeded the full-year reported amount, implying potential negative catch-up fees in the current quarter.

Answer

CEO Harvey Schwartz clarified that there were no negative catch-up fees. CFO Justin Plouffe added that while there were catch-up fees earlier in the year, AlpInvest management fees were still up 4% quarter-over-quarter, indicating good momentum even when stripping out catch-up fees.

Mark Paolini, speaking for Brendan Hawken, asked for clarification on AlpInvest's catch-up fees, specifically inquiring if the reported full-year figure implied negative catch-up fees for the current quarter.

Answer

Mark Jenkins clarified that there were no negative catch-up fees for the quarter, indicating that while catch-up fees occurred earlier in the year, AlpInvest's management fees showed positive momentum.