Christmas May Come Early For The Alts After All - GCMG, BX, TPG

Research evidence excerpt

Christmas May Come Early For The Alts After All - GCMG, BX, TPG

TD SECURITIES (USA) LLC QUICK TAKE: INDUSTRY UPDATE

June 9, 2026

■Asset Managers: Alternative Asset Christmas May Come Early For The Alts After

Managers All - GCMG, BX, TPG

Bill Katz THE TD COWEN INSIGHT

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Webcasts on 6/9 from GCMG (see also 6/5 and 5/26), BX and TPG paint an incrementally

bill.katz@tdsecurities.com

favorable view for the Alts, with select data suggesting more durable wealth trends, low

Bradley Hays "contagion" risks, which could accelerate the Group's recovery, perhaps more quickly than

646 562 1487 late '26E prior expectations.

bradley.hays@tdsecurities.com

Robin Holby, CFA Big Picture Takes - We listened to GCMG's President, Mr. Jon Levin; Mr. Jon Gray, COO, BX;

646 562 1401 and Mr. Todd Sisitsky, TPG's President as part of conference-related webcasts. The GCMG

robin.holby@tdsecurities.com update was consistent with meetings we hosted w/ CEO (see 5/26) and Mr. Levin recently (see

Sergio Ferreira 6/5) but overall, the updates had several favorable themes. We note:

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Wealth - Still expect rising allocations; Institutional - demand remains relatively durable, with

sergio.ferreira@tdsecurities.com

larger players seemingly set to take share; AI/software - more a net positive reflecting equity/

credit exposure to beneficiaries, scaling AI into portfolio companies & across home office

franchises; Realizations/deployment - some pick up in IPO activity and/or strategics, while

platform diversification(s) driving durable money being put to work; credit quality - stable;

Data Center/Infrastructure - still viewed as outsized opportunity; Insurance - still allocating to

private credit, with sector scaling globally.

Given GCMG in line to prior updates, we focus on BX/TPG