Results for “National Commission on Fiscal Responsibility and Reform”

2) balance sheet investments and net cash

and 4) future value of carry. In both the

while the traditionals have seen net outflows and

and we expect average Alts growth over the next to years to be 10x that

and is inclusive of performance fees which investors

this equates to 4.3 years duration and for the alterna-

and as a C-corporation it is the closest true

and 3) our capitalized bond yield approach at an

we look at operating earnings both with and without

and 4) future value of performance fees. The

Upgrading APO and ETFC to Overweight (3 Jan 2018)

free cash flow = distributable earnings and

we use 2019 “Core” FRE and apply a 18x-21x multiple; apply 12x multiple on

and back into an implied target multiple

and ENI. Our price target implies a 11.5x multiple