Fred Watt

“Starting with slide 17 and fee-paying AUM, which, as we can see, grew 9% year-on-year it's 153 billion euros as rob noted earlier that growth was led by credit secondaries and infrastructure which together were up 19 year on year private equity was in line with the june 25 levels reflecting on the one hand strong…”

“First, looking at fee-paying AUM evolution, and a reminder that the first half of 25 was affected by FX, strong exits that Rob referenced, and step-down impacts, which more than offset strong gross inflows in that half.”