Ridgepost Capital Earnings Call Transcripts
Fiscal Year 2026
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Ridgepost Capital is transforming from a boutique collection to a unified, data-driven platform focused on the middle and lower middle market. With robust fundraising, strategic M&A, and a strong cross-selling push, it targets $50 billion AUM by 2029 and global expansion.
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Fee-paying AUM grew 18% year-over-year to $31 billion, with record fundraising and strong segment performance. Stellus acquisition is on track, expected to be accretive, and capital allocation will prioritize debt paydown and share repurchases.
Fiscal Year 2025
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Rebranded as Ridgepost Capital, the firm achieved record fundraising, expanded globally with key acquisitions, and reported strong AUM and revenue growth. FRE margins remain robust, with further expansion and $10B in organic fundraising targeted for 2026–2027.
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Third quarter 2025 saw strong AUM growth, robust fundraising, and resilient fee-related revenue, with a raised full-year fundraising target and continued disciplined underwriting. Platform synergies and new fund launches drove momentum, while capital allocation remained balanced.
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Leadership highlighted robust progress, strategic expansion, and a focus on execution. Growth is driven by deepening client relationships, new product development, and successful M&A integration, especially with Qualitas, while maintaining strong performance in the middle and lower-middle markets.
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Record Q2 organic fundraising and AUM growth were driven by strong credit and secondaries, with Qualitas Funds integration expanding global reach. Margins remain robust, though net income declined due to higher interest expense. Share buybacks and new product launches highlight capital discipline and innovation.
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Record Q1 fundraising drove fee-paying AUM to $26.3B (+10% YoY) and revenue to $67.7M, with strong SMA and European expansion via Qualitas. Guidance for $4B+ fundraising and mid-40% FRE margin in 2025 reiterated, despite market volatility.
Fiscal Year 2024
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Record 2024 results featured 23% revenue growth, 17% higher Adjusted EBITDA, and $3.8B in fundraising. 2025 guidance calls for at least $4B in fundraising, double-digit revenue growth, and mid-40% FRE margins, with Qualitas Funds integration and continued M&A focus.
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Record Q3 results featured 26% revenue growth, strong fundraising, and a 10% increase in fee-paying AUM. The Qualitas Funds acquisition expands European reach, while long-term guidance targets doubling AUM by 2029 and margin expansion.
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Management outlined a strategy to double fee-paying AUM to $50B+ by 2029, driven by organic growth, cross-selling, and disciplined M&A, with a focus on the middle and lower middle markets. Proprietary data platforms, high LP retention, and a scalable shared services model underpin predictable earnings and expanding margins.
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Q2 revenue grew 14% year-over-year to $71 million, with strong fundraising and record AUM. Strategic initiatives, expanded leadership, and increased borrowing capacity position the firm for continued growth, with confidence in exceeding 2024 targets.