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1.85 MB
Extraction Summary
0
People
9
Organizations
1
Locations
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Events
1
Relationships
3
Quotes
Document Information
Type:
Financial research report / investment analysis
File Size:
1.85 MB
Summary
This is page 16 of a Morgan Stanley research report focused on valuing performance fees for alternative asset management firms. It presents financial analysis comparing firms like Apollo (APO), Blackstone (BX), and KKR against Goldman Sachs (GS) benchmarks, discussing multiples, volatility, and tax rates. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, suggesting it was part of a congressional investigation, likely related to Apollo Global Management's inclusion in the analysis.
Organizations (9)
| Name | Type | Context |
|---|---|---|
| Morgan Stanley |
Creator of the research report
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| Goldman Sachs |
Used as a benchmark (GS) for earnings volatility comparisons
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| APO (Apollo Global Management) |
Listed in Exhibit 24 with implied carry multiples
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| ARES (Ares Management) |
Listed in Exhibit 24 with implied carry multiples
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| BX (Blackstone) |
Listed in Exhibit 24 with implied carry multiples
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| CG (The Carlyle Group) |
Listed in Exhibit 24 with implied carry multiples
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| KKR (Kohlberg Kravis Roberts) |
Listed in Exhibit 24 with implied carry multiples
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| OAK (Oaktree Capital Management) |
Listed in Exhibit 24 with implied carry multiples
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| Thomson Reuters |
Cited as a source for Exhibit 25
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Locations (1)
| Location | Context |
|---|---|
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Mentioned in header 'North America Insight'
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Relationships (1)
Report compares volatility of GS operating earnings to 'alts' (APO, ARES, BX, etc.) performance fee earnings.
Key Quotes (3)
"We see the market valuing performance fees at 7.5x on average using a sum of the parts framework."Source
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Quote #1
"Given that carry earnings (performance fees) are cyclical and historically volatile, we look to Goldman Sachs as a comp for this earnings stream."Source
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Quote #2
"With a 24% tax rate on all earnings and a 22.5x FRE multiple, we see future performance fees valued at and implied 6.1x multiple on average."Source
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Quote #3
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