The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Bill Katz - Cowen and Company LLC - Analyst
: Okay, thank you. Good morning. I apologize for my voice is dealing with a bit of a situation here.
Maybe starting on the insurance opportunity, I was wanting to flesh out maybe how the economic opportunity would sit with the opportunity
with Carlisle, and then I think you mentioned in your commentary that the Ruby might get extended out to 2026, so wondering is that a delay and
what might be driving that.
Thank you.
Question: Bill Katz - Cowen and Company LLC - Analyst
: Okay, thank you for the clarification. And just me the second question. Just seems like a lot of attention around the opportunity in private credit.
So if you could speak to just a couple of different facets. Maybe what you're seeing in terms of credit quality seems to be quite a kerfuffle out there,
which doesn't seem logical to us, but nonetheless, and I was wondering if you could also help us understand what the rate sensitivity might be to
the extent that forward rates come down and how we might think about part one fees in 2026.
Thank you.
Question: Craig Siegenthaler - Bofa Securities - Analyst
: Thanks. Good morning, Seth. Hope everyone's doing well. My question is on your Asia business and what you're seeing and hearing from investors
in the region.
Following liberation day and the trade conflict in the first half of the year, how have investors in Asia reacted to that? Have you seen any demand
rotations, from US to Asia product or from US to global product?
Question: Craig Siegenthaler - Bofa Securities - Analyst
: Got it. Thank you, Seth. For my follow-up, I just wanted some clarifications on the strategic partnership with Fortitude Carlisle Asia rate. So, how
much capital do you invest in that sidecar? Where did those funds come from? And then I think you plan to manage private and liquid credit.
For fortitude. [Carlisle Aug] general accounts. Is that right? And what is the AUM potential?
Question: Benjamin Budish - Barclays Services Corp - Analyst
: Hi, good morning and thanks for taking the question. Maybe just first on the private markets fees, you spent some time talking about what's going
on on the public side. Curious on the private side, in the slides you always kind of emphasize that the majority comes from ABPCI. I would think
that should be somewhat more predictable.
Just curious what else, I think the guidance came up a little over 10 million for the full year. Just curious what what else changed on the private
side, and could you maybe touch on the sort of sensitivity to rates, I would assume a lot of that is floating rate debt, so just curious if you could
kind of frame that up.
Question: Benjamin Budish - Barclays Services Corp - Analyst
: Okay, maybe just following up on a separate topic that the target date discussion from earlier. Just curious if you could unpack a little bit, for the
partners where you are allocating to private and custom funds, what do the allocations look like?
What are the fee rate implications, and are there any kind of -- are they custom enough such that they're not good read throughs to what we might
see as this market opens up more broadly, or do you think that perhaps those are good indicators, any thoughts there. Thank You.
Question: Benjamin Budish - Barclays Services Corp - Analyst
: All right, I thank you all very much.
Question: Bill Katz - Cowen and Company LLC - Analyst
: Great, thanks for taking the answer question. So if you're going to pack a little bit some of the success you're having in the private world side of
the equation and just remind us of what the rate sensitivity is on cash. Thank you.
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