Ridgepost Capital, Inc.

Chief and I will be coordinating your call today. Currently, all participants are in a listen-only mode. After the speaker presentation, there will be a -and-answer session. As a reminder, today's conference call is being recorded. I will now hand the call over to your host, Mark Hood, Executive Vice President and Chief Administrative Officer. Mark, please go ahead.

Thank you, Operator, and thank you all for joining us today. On today's call, we'll be joined by Luke Sarsfield, Chairman and Chief Executive Officer, Sarita Jarrath, EVP, Global Head of Client Solutions, RJ Jensen, EVP Head of Strategy and M&A, and Amanda Cousins, EVP and Chief Financial Officer. Before we begin, I'd like to remind everyone that this conference call, as well as the presentation slides, may constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current plans, estimates, and expectations, and are inherently uncertain. Actual results for future periods may differ materially from those expressed or implied by the forward-looking statements due to a number of risks and uncertainties that are described in greater detail in our earnings release and in our periodic reports filed from time to time with the SEC. The forward-looking statements included are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements as a result of new information or future events, except as otherwise required by law. During the call, we will also discuss certain non-GAP measures that we believe can be useful in evaluating the company's performance. A reconciliation of these measures to the most directly comparable GAP measure is available in our earnings release and our filings with the SEC. I will now turn the call over to Luke.

Thank you, Mark. Good morning, everyone, and thank you for joining our second quarter 2025 earnings call. Before we begin today's call, I want to take a moment to acknowledge the tragic events that took place in Midtown Manhattan last week, just a few short blocks from our office in New York. We extend our deepest condolences to the families and loved ones of the victims and to our friends and colleagues at Blackstone, KPMG, the NFL, Rudin, and others who work at 345 Park Avenue. We also want to thank the brave members of the New York Police Department who lost a fellow officer. Our thoughts are with you all, and we remain in firm solidarity as a community as we seek to support one another. P10 has continued to execute on all cylinders in Q2, advancing the growth plan we laid out last year at our Investor Day. In the second quarter, we raised and deployed $1.9 billion in organic gross new fee-paying marking our second consecutive quarter of record organic growth. When combined with the $1 billion in fee-paying AUM from the Qualitas Funds Transaction and moderate FX tailwinds, our gross fee-paying AUM increased by $3 billion in the quarter. Our overall fundraising pace continues to be strong. The products we have in the market are examples of resilient, durable investments that have during track records of Alpha generation. Further, we're meeting LP demand head on, particularly in areas like co-investments and secondaries. Fundraising results in this quarter were also positively impacted by approximately $300 million of commitments recognized earlier than expected, which we view as a real testament to the accelerating pace of our capital formation efforts. This happens from time to time as LPs evaluate their investment allocations. Additionally, we had some operating expenses that were delayed in the second quarter, which we expect to be recognized in the second half of the year. We ended the second quarter with $28.9 billion of total fee-paying assets under management, a 21% increase year over year. Our fundraising momentum points to the demand for P10 strategies in the key market segments we target, and while we do not necessarily expect the same volume of fundraising in the third quarter, we are encouraged by our continued progress on the fundraising front to date. With the benefit of our Q2 fundraising efforts, we've achieved over 80% of our annual organic gross fundraising target of $4 billion, with half the year remaining. Now, we want to take a moment to share some of the highlights across the P10 platform this quarter. Noteworthy accomplishments in the second quarter include, first, the strong momentum on RCP's Secondary Fund 5, with almost $1 billion raised as of June 30. This is a fantastic demonstration of our commitment to the secondary space and RCP's market leadership. Secondaries continue to be a terrific growth opportunity both for RCP and also across the broader P10 platform. Secondly, in continuing with the theme of secondaries, TrueBridge launched its Secondaries Fund 2 in the second quarter. We're seeing interesting deal flow, and we're excited to see TrueBridge continue to broaden and expand its product offerings. Additionally, RCP closed on its 19th Primary Fund with $314 million. Our -to-funds business continues to be strong, and it feeds the platform with complementary investment opportunities, such as direct and secondary deal flow. We're also making great strides in credit. Our credit business contributed $568 million to C-Peng AUM. Our Enhanced Capital Strategy launched its first ever Evergreen Fund. We're starting with just over $100 million, and we have big aspirations to grow that asset base over time. And finally, we drove measurable progress in enhancing collaboration and coordination across the platform, particularly regarding fundraising and deal flow. These highlights are enabled and underpinned by our focus on the middle and lower middle markets. Now, I want to discuss some of the compelling underlying market dynamics propelling our success and why we firmly believe that long-term shareholders will be rewarded. Then, I'll turn the call over to Sarita, who will provide an update on the progress we're making as we expand and deepen our already strong client franchise, followed by RJ, who will share an M&A update, and finally, Amanda will run us through the Q2 financials. With that, let's dive in. As we've continued to see news flow around the so-called challenging private equity fundraising and liquidity environment, I thought we should take a moment to remind ourselves of the structural benefits and secular tailwinds that we continue to observe in our target segments of the market and how those benefits manifest themselves in the current environment. As a reminder, our strategies operate in specialized and fragmented markets with a particular focus on the middle and lower middle market segments. So let me take you through the long-term structural advantages that we see in our target markets. Please note that we've added some pages on this topic to our earnings materials posted on our website. First, we firmly believe that our market opportunity is both larger and less competitive than the large sponsor market segment, and the data we've provided in our earnings presentation clearly supports this assertion. When you consider the data, you'll clearly see why we are confident in our ability to grow and strengthen our market position. Two key points drive this home. One, our opportunity set has approximately 1,000 GPs managing approximately $3 trillion, more than five times the number of GPs at the upper end of the market. Two, if you drill down into the opportunity set for the smaller managers, those in the middle and lower middle market have more than 10 times the number of companies on which to focus relative to managers in the larger part of the market. So with more than five times the GPs and more than 10 times the number of companies, you can see why we think our segment of the market is especially attractive and why investors should have confidence in our strategic focus. Additionally, I would like to highlight a few key financial characteristics we see in our market. Consistently, over the past 15 years, we have observed lower upfront valuations in the middle and lower middle market by about one to three turns compared to the broader private equity ecosystem. The chart we've provided on EBITDA multiples by deal size clearly demonstrates this favorable dynamic. Lower levels of financial leverage are also a defining characteristic of our market segment, and this has been true for many years and through several economic cycles. You'll see in our slides the advantages our market space has with respect to leverage, with middle market and lower middle market transactions generally having approximately two turns less leverage. Another structural advantage of our target markets is the rich opportunity to create value and drive growth. We see this demonstrated in higher revenue and EBITDA growth rates, which combined with multiple expansion from investment to exit drive outperformance. When you look at the fund performance in the market, what we see is stronger overall performance at the median, but also a greater potential for outperformance. And importantly, in this current environment, these smaller funds continue to outperform while delivering superior liquidity. We point you to supplementary slides we included in our earnings deck, which highlight the attractive fundamentals that I've just mentioned and make the case that we're operating in the best part of the market. We believe that this all culminates in durable alpha generation over long periods of time, but with greater dispersion, highlighting the importance of manager selection. You've heard us say over the past few years that we offer access to access constrained opportunities. By doing so, we've created sustainable franchises that continue to thrive even in less than ideal macro environments. In terms of how we're seeing all these positive dynamics play out in our market today, the main point I would make is that fundraising in our part of the market is healthier than in the larger part of the market. That's driven by smaller fund sizes where LPs can make smaller commitments. Further, the M&A market in the middle and lower middle market has not slowed to the degree we see in the larger part of the market. Earlier, I mentioned dispersion. What we are seeing with the best managers is that they continue to be oversubscribed and are able to have one and done closes. And much of what we invest in is oversubscribed as investors continue to turn to us for elite access constrained investment opportunities. To close, the main point I want shareholders to understand is that we continue to see terrific opportunities in our market space. Our opportunity set is massive and supported by secular tailwinds, impressive investment performance, long tenured and trusted relationships, and a large and growing global LP base. We remain confident in our ability to grow the business and see a lot of opportunity ahead. With that, I will hand the call off to Sarita.