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Our Company We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our clients include some of the world s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and p…
The business is unprofitable at the operating level (-51.33% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 69.7%, still solid. Margins contracted 28.6pp, which offsets some of the top-line progress.
ROIC dropped from -36.49% to -242.87%, capital efficiency is deteriorating. Operating margin contracted 28.6pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.99B
▲ +69.7% YoY
Net Income (TTM)
-$536M
▼ -198.4% YoY
Op. Margin
-51.33%
▼ -28.6pp YoY
ROIC
-242.87%
▼ -206.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$64M
▲ +6.7% YoY
Op. Cash Flow (TTM)
$66M
▲ +2.4% YoY
Net Debt
-$1.02B
Net Cash Position
Cash & Equiv.
$1.12B
5Y CAGR: +20.4%
5Y CAGR: -15.5%
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