Sign in

    Stephanie Ma • Morgan Stanley

    Stephanie Ma's questions to P10 Inc (PX) leadership

    Stephanie Ma's questions to P10 Inc (PX) leadership • Q2 2025

    Question

    Stephanie Ma of Morgan Stanley asked about the fundraising status and size of Qualitas's flagship funds and inquired about potential cross-selling opportunities. She also asked if P10 would consider alternative M&A structures like JVs, strategic partnerships, or minority investments.

    Answer

    Arjay Jensen, EVP of Strategy and M&A, and Luke Sarsfield, Chairman & CEO, provided answers. Mr. Jensen noted Qualitas's previous primary fund was $250M and highlighted new collaborative products like a continuation fund with HARC. Mr. Sarsfield confirmed P10 is open to various M&A structures, such as staged acquisitions or strategic partnerships, as long as they align with the company's model of platform coordination and strategic fit.

    Ask Fintool Equity Research AI

    Stephanie Ma's questions to P10 Inc (PX) leadership • Q1 2025

    Question

    Stephanie Ma of Morgan Stanley asked about sentiment among endowment and foundation LPs, which funds would be the largest contributors to the 2025 fundraising target, and any observed differences in U.S. versus European investor preferences.

    Answer

    Chairman and CEO Luke Sarsfield stated there has been 'little to no impact' on their endowment and foundation LP base, which skews smaller than institutions in recent headlines. He highlighted secondaries, NAV lending, and GP stakes funds as key fundraising drivers. Regarding investor sentiment, he noted it's too soon to see radical change but sees a timely opportunity for U.S. LPs to gain European exposure through the newly acquired Qualitas platform.

    Ask Fintool Equity Research AI

    Stephanie Ma's questions to Hamilton Lane Inc (HLNE) leadership

    Stephanie Ma's questions to Hamilton Lane Inc (HLNE) leadership • Q1 2026

    Question

    On behalf of Michael Cyprys, Stephanie Ma inquired about the drivers behind the reacceleration in customized separate account growth, referencing previously mentioned elongated sales cycles. She also asked for the outlook on the incentive fee pipeline and its potential trajectory for the remainder of the year.

    Answer

    Erik Hirsch, Co-CEO, clarified that the recent growth in customized separate accounts stems from a combination of new client wins, re-ups from existing clients, and increased investment activity, all of which have long sales and contracting cycles. Regarding incentive fees, Hirsch agreed that a positive macro environment creates more exit opportunities. He noted that while recent quarters were light, this followed a period of significant carry realization, and he expects exit activity to increase in the back half of the year if the macro environment remains favorable.

    Ask Fintool Equity Research AI

    Stephanie Ma's questions to GCM Grosvenor Inc (GCMG) leadership

    Stephanie Ma's questions to GCM Grosvenor Inc (GCMG) leadership • Q3 2024

    Question

    Stephanie Ma of Morgan Stanley asked for an outlook on the private credit industry post-election, focusing on potential changes in competitive dynamics from banks and GCMG's positioning.

    Answer

    Chairman and CEO Michael Sacks and President Jon Levin described private credit's growth as a powerful, long-term secular trend driven by investor demand for less volatile assets, not just a cyclical bank pullback. Levin called this shift a "one-way train." They highlighted GCMG's positioning to offer holistic solutions, including co-investments and secondaries, which represent a significant future opportunity.

    Ask Fintool Equity Research AI

    Stephanie Ma's questions to Cboe Global Markets Inc (CBOE) leadership

    Stephanie Ma's questions to Cboe Global Markets Inc (CBOE) leadership • Q2 2024

    Question

    Stephanie Ma asked about the Cboe Global Cloud, inquiring about its current revenue contribution, its expected growth trajectory, and the key initiatives being undertaken for its expansion.

    Answer

    Global President Dave Howson described Cboe Global Cloud as a key strategic priority for global expansion and revenue diversification, noting that nearly 80% of its revenue comes from outside the U.S. COO Christopher Isaacson added that they are in the 'very early innings' of this initiative. He explained that providing data access globally helps international clients better understand U.S. markets, which in turn drives trading activity back to Cboe's U.S. exchanges.

    Ask Fintool Equity Research AI