Ridgepost Capital Inc-A 2025年度报告

Dear Fellow Ridgepost Capital Shareholders, I am pleased to report on our strong results in 2025 and the significant progress we have made on the strategicobjectives outlined at our Investor Day in 2024. Over the past year, we delivered record financial performance,closed the acquisition of Qualitas Funds, announced our largest transaction to date as a public company, andlaunched our new brand identity. We are setting a new standard for the firm and advancing our strategic growth initiatives. Over the course of theyear, we raised and deployed a record $5.1 billion in organic gross new fee-paying assets under management(FPAUM), bringing year-end FPAUM to $29.4 billion, also a record and a 15% increase from year-end 2024. This robust asset growth was driven by strong demand for our primary, direct, and secondary funds, and we had24 funds in market throughout the year. We had noteworthy final closes and launches across private equity,private credit, and venture capital. This included the latest vintage of our North America private equity secondariesstrategy (RCP Secondaries V), which closed at its hard cap of $1.25 billion, and the latest vintage of our NorthAmerica private equity co-investment strategy (RCP Direct V), which closed just under $1 billion, exceeding itstarget fund size. Important fund launches in 2025 included the latest vintages of our GP stakes private equitystrategy (Bonaccord Fund III), our NAV lending strategy (Hark Capital Fund V), our venture capital secondariesstrategy (TrueBridge Secondaries Fund II), and our North America private equity multi-strategy fund (RCP Multi-Strategy Fund III). At Investor Day in September 2024, we outlined our long-term guidance to more than double our FPAUM to $50billion by the end of 2029. I am pleased to report we are on track to meet this target, with $29.4 billion in FPAUMat the end of 2025 representing a 15% CAGR since June 30, 2024, our reference date for Investor Day. One of the topics we discussed at Investor Day was our focus on deepening and expanding client relationshipsacross the Ridgepost Capital platform. Since we outlined that strategy, approximately $1.2 billion of the capitalwe’ve raised has resulted from our cross-marketing efforts, where existing clients invested in a strategy beyondtheir initial Ridgepost Capital investment. This progress represents roughly 300 bps of our 15% FPAUM CAGR,and we believe we’re just getting started. As we continue to strengthen our distribution team, we are confident in our ability not only to attract more capitalfrom existing LPs, but also to increase our breadth as we expand our global outreach. For example, we recentlyopened a new office in Dubai, located within the Dubai International Financial Centre, strengthening our presencein the Middle East. Furthermore, we believe the key to continuing this consistent growth is strong fundperformance, coupled with ongoing product innovation across geographies and asset classes. This is a veryexciting opportunity for us, and we look forward to keeping investors updated on our progress. In early 2025, we closed on the acquisition of Qualitas Funds, a Madrid-based private equity fund-of-fundsmanager with approximately $1billion in FPAUM. This transaction meaningfully expanded our global investorbase and, in the process, established a strong European presence across the wealth management channel. Theacquisition added 1,300 LPs to our platform, almost all of whom are high-net-worth investors sourced primarilythrough European private banks. With the addition of a European private equity franchise, we are creating new opportunities to partner with clientsseeking diversified exposure to the middle and lower-middle markets across the United States and Europe. Aswe expand our global footprint, we also continue to increase our product offerings for existing and prospectiveLPs. In 2025, we launched several new products, including Qualitas US I. This fund, jointly developed by QualitasFunds and RCP Advisors, provides European investors with an opportunity to invest in the North American middle and lower-middle markets. This vehicle highlights the integration and collaboration we’re generating acrossstrategies and geographies. And we’re continuing to expand in a disciplined and strategic fashion. Earlier this year, we announced theacquisition of Stellus Capital Management, representing an important and logical next step that extends our directlending capabilities. Stellus provides senior secured loans to lower-middle market, sponsor-backed companiesin the United States, and has approximately $3.8 billion in AUM. The team has a 20+ year history of stronginvestment returns and is led by a seasoned team of professionals. Stellus offers a durable earnings profile, witha majority of fee-related revenue tied to permanent capital vehicles, and a proven track record of launching newinvestment vehicles. We see meaningful opportunities to enhance transaction sourcing given our m