{
  "no_successor": {
    "annual": [
      {
        "year": 2026,
        "fiscal_end": "2026-12-31",
        "forward_cash_period": "H2 only",
        "management_fees": 7370.63375,
        "support_fees": 342.0,
        "fee_revenue": 7712.63375,
        "fee_aum_end": 354030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4619.064163526503,
        "fee_ebit": 3093.569586473497,
        "realized_carry": 11983,
        "forward_carry_bonus": 60.0,
        "remaining_june_carry": 21000,
        "forward_principal_mark": 0.0,
        "operating_income": 15142.569586473497,
        "parent_profit": 10405.194027512607,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 305.43345049213076,
        "diluted_eps": 298.5583395218624,
        "recurring_fee_parent_profit": 1931.861955512607,
        "recurring_fee_eps": 56.70776166081213,
        "forward_pbt": 2393.6513364734974,
        "forward_tax": 732.4573089608901,
        "forward_cash_tax": 732.4573089608901,
        "forward_nci": 22.0,
        "forward_finance_cost": 72.50625,
        "forward_fixed_cash_cost": 1774.9007885265028,
        "forward_variable_cash_cost": 368.16337500000003,
        "forward_da": 179.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 2520,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 21181.71079977288,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 9981.710799772882,
        "forward_principal_capital_return": 1000,
        "forward_investment_capital_return": 1500,
        "forward_capex": 50.0,
        "forward_working_capital_use": -1610.516772260274,
        "forward_parent_dividend": 630,
        "opening_cash": 35794,
        "forward_cash_flow_before_funding": -2091.289200227119,
        "forward_debt_repayment": 10001,
        "forward_new_borrowing": 0,
        "cash": 23701.71079977288,
        "debt": 0,
        "parent_equity": 71547.19402751261,
        "investment_assets": 57743.0,
        "principal_fv": 41900.0,
        "ending_receivables": 1157.8001027397258,
        "ending_advances": 1755.3168749999998,
        "cash_inclusive_return_on_opening_parent_equity": 0.04647690684489515
      },
      {
        "year": 2027,
        "fiscal_end": "2027-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6708.585,
        "support_fees": 352.26,
        "fee_revenue": 7060.845,
        "fee_aum_end": 334030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4886.63194933918,
        "fee_ebit": 2174.21305066082,
        "realized_carry": 4000,
        "forward_carry_bonus": 240.0,
        "remaining_june_carry": 17000,
        "forward_principal_mark": 0.0,
        "operating_income": 6124.21305066082,
        "parent_profit": 4256.799806338779,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 124.95384992019187,
        "diluted_eps": 122.14121894287294,
        "recurring_fee_parent_profit": 1449.703857158609,
        "recurring_fee_eps": 42.55452133933487,
        "forward_pbt": 6199.0198938599115,
        "forward_tax": 1896.900087521133,
        "forward_cash_tax": 1896.900087521133,
        "forward_nci": 45.32,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 3802.5474493391803,
        "forward_variable_cash_cost": 706.0845,
        "forward_da": 378.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 1570,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 25310.00106631483,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 14110.001066314831,
        "forward_principal_capital_return": 2000,
        "forward_investment_capital_return": 3000,
        "forward_capex": 100,
        "forward_working_capital_use": 790.8856592465754,
        "forward_parent_dividend": 1430.9438805502523,
        "opening_cash": 23701.71079977288,
        "forward_cash_flow_before_funding": 3178.2902665419506,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 26880.00106631483,
        "debt": 0,
        "parent_equity": 74373.04995330113,
        "investment_assets": 56693.0,
        "principal_fv": 40900.0,
        "ending_receivables": 1870.5151369863015,
        "ending_advances": 1677.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.05949639065791843
      },
      {
        "year": 2028,
        "fiscal_end": "2028-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6318.585,
        "support_fees": 362.82779999999997,
        "fee_revenue": 6681.4128,
        "fee_aum_end": 314030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5139.430107732131,
        "fee_ebit": 1541.9826922678694,
        "realized_carry": 6000,
        "forward_carry_bonus": 360.0,
        "remaining_june_carry": 11000,
        "forward_principal_mark": 0.0,
        "operating_income": 7371.982692267869,
        "parent_profit": 5130.215271393991,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 150.59203585883265,
        "diluted_eps": 147.20230576836641,
        "recurring_fee_parent_profit": 1009.5763884339013,
        "recurring_fee_eps": 29.63504563580581,
        "forward_pbt": 7459.502696533129,
        "forward_tax": 2282.6078251391373,
        "forward_cash_tax": 2282.6078251391373,
        "forward_nci": 46.6796,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4073.2888277321304,
        "forward_variable_cash_cost": 668.14128,
        "forward_da": 398.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 620,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 31516.714250971567,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 20316.714250971567,
        "forward_principal_capital_return": 3000,
        "forward_investment_capital_return": 4000,
        "forward_capex": 100,
        "forward_working_capital_use": 550.7206876712326,
        "forward_parent_dividend": 1487.4609990660226,
        "opening_cash": 26880.00106631483,
        "forward_cash_flow_before_funding": 5256.713184656736,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 32136.714250971567,
        "debt": 0,
        "parent_equity": 78015.8042256291,
        "investment_assets": 54643.0,
        "principal_fv": 38900.0,
        "ending_receivables": 2323.735824657534,
        "ending_advances": 1579.64625,
        "cash_inclusive_return_on_opening_parent_equity": 0.06897949290254005
      },
      {
        "year": 2029,
        "fiscal_end": "2029-12-31",
        "forward_cash_period": "full year",
        "management_fees": 5928.585,
        "support_fees": 373.712634,
        "fee_revenue": 6302.2976340000005,
        "fee_aum_end": 294030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5411.536755666659,
        "fee_ebit": 890.7608783333417,
        "realized_carry": 7000,
        "forward_carry_bonus": 420.0,
        "remaining_june_carry": 4000,
        "forward_principal_mark": 0.0,
        "operating_income": 7660.760878333342,
        "parent_profit": 5343.819580324036,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 156.86216411823685,
        "diluted_eps": 153.33129746426795,
        "recurring_fee_parent_profit": 556.2280615633391,
        "recurring_fee_eps": 16.327485643672603,
        "forward_pbt": 7769.307735337228,
        "forward_tax": 2377.408167013192,
        "forward_cash_tax": 2377.408167013192,
        "forward_nci": 48.079988,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4363.306992266659,
        "forward_variable_cash_cost": 630.2297634000001,
        "forward_da": 418.0,
        "forward_gp_calls": 620.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1620.0,
        "uncalled_existing_gp_proxy": 0,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 39135.53796072822,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 27935.537960728223,
        "forward_principal_capital_return": 4000,
        "forward_investment_capital_return": 5000,
        "forward_capex": 100,
        "forward_working_capital_use": 300.75977405479443,
        "forward_parent_dividend": 1560.316084512582,
        "opening_cash": 32136.714250971567,
        "forward_cash_flow_before_funding": 6998.82370975666,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 39135.53796072822,
        "debt": 0,
        "parent_equity": 81799.30772144055,
        "investment_assets": 51263.0,
        "principal_fv": 35900.0,
        "ending_receivables": 2526.9955987123285,
        "ending_advances": 1482.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.06849662877112955
      }
    ],
    "fy2029_delta": {
      "fee_ebit": -2149.874999999998,
      "operating_income": -2149.874999999998,
      "basic_eps": -43.79646875613494,
      "recurring_fee_eps": -43.79646875613493,
      "cash": 205.30267465753423,
      "debt": 0,
      "cash_inclusive_return_on_opening_parent_equity": -0.01912450002675041
    }
  },
  "carry_delayed_1y": {
    "annual": [
      {
        "year": 2026,
        "fiscal_end": "2026-12-31",
        "forward_cash_period": "H2 only",
        "management_fees": 7370.63375,
        "support_fees": 342.0,
        "fee_revenue": 7712.63375,
        "fee_aum_end": 354030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4619.064163526503,
        "fee_ebit": 3093.569586473497,
        "realized_carry": 10983,
        "forward_carry_bonus": 0.0,
        "remaining_june_carry": 22000,
        "forward_principal_mark": 0.0,
        "operating_income": 14202.569586473497,
        "parent_profit": 9752.834027512607,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 286.28411360939714,
        "diluted_eps": 279.8400419239999,
        "recurring_fee_parent_profit": 1931.861955512607,
        "recurring_fee_eps": 56.70776166081213,
        "forward_pbt": 1453.6513364734972,
        "forward_tax": 444.8173089608901,
        "forward_cash_tax": 444.8173089608901,
        "forward_nci": 22.0,
        "forward_finance_cost": 72.50625,
        "forward_fixed_cash_cost": 1774.9007885265028,
        "forward_variable_cash_cost": 368.16337500000003,
        "forward_da": 179.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 2520,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 20779.35079977288,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 9579.350799772881,
        "forward_principal_capital_return": 1000,
        "forward_investment_capital_return": 1500,
        "forward_capex": 50.0,
        "forward_working_capital_use": -1860.516772260274,
        "forward_parent_dividend": 630,
        "opening_cash": 35794,
        "forward_cash_flow_before_funding": -2493.649200227119,
        "forward_debt_repayment": 10001,
        "forward_new_borrowing": 0,
        "cash": 23299.35079977288,
        "debt": 0,
        "parent_equity": 70894.83402751261,
        "investment_assets": 57743.0,
        "principal_fv": 41900.0,
        "ending_receivables": 907.800102739726,
        "ending_advances": 1755.3168749999998,
        "cash_inclusive_return_on_opening_parent_equity": 0.0279802100289945
      },
      {
        "year": 2027,
        "fiscal_end": "2027-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6708.585,
        "support_fees": 352.26,
        "fee_revenue": 7060.845,
        "fee_aum_end": 334030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4886.63194933918,
        "fee_ebit": 2174.21305066082,
        "realized_carry": 1000,
        "forward_carry_bonus": 60.0,
        "remaining_june_carry": 21000,
        "forward_principal_mark": 0.0,
        "operating_income": 3304.21305066082,
        "parent_profit": 2298.6028549787784,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 67.47305234778626,
        "diluted_eps": 65.95427723770477,
        "recurring_fee_parent_profit": 1449.703857158609,
        "recurring_fee_eps": 42.55452133933487,
        "forward_pbt": 3377.4104538599117,
        "forward_tax": 1033.487598881133,
        "forward_cash_tax": 1033.487598881133,
        "forward_nci": 45.32,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 3802.5474493391803,
        "forward_variable_cash_cost": 706.0845,
        "forward_da": 378.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 1570,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 23462.49131495483,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 12262.49131495483,
        "forward_principal_capital_return": 2000,
        "forward_investment_capital_return": 3000,
        "forward_capex": 100,
        "forward_working_capital_use": 290.8856592465753,
        "forward_parent_dividend": 1417.8966805502523,
        "opening_cash": 23299.35079977288,
        "forward_cash_flow_before_funding": 1733.1405151819508,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 25032.49131495483,
        "debt": 0,
        "parent_equity": 71775.54020194114,
        "investment_assets": 56693.0,
        "principal_fv": 40900.0,
        "ending_receivables": 1120.5151369863015,
        "ending_advances": 1677.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.03242271297351151
      },
      {
        "year": 2028,
        "fiscal_end": "2028-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6318.585,
        "support_fees": 362.82779999999997,
        "fee_revenue": 6681.4128,
        "fee_aum_end": 314030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5139.430107732131,
        "fee_ebit": 1541.9826922678694,
        "realized_carry": 4000,
        "forward_carry_bonus": 240.0,
        "remaining_june_carry": 17000,
        "forward_principal_mark": 0.0,
        "operating_income": 5491.982692267869,
        "parent_profit": 3820.3665843242156,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 112.1428149162466,
        "diluted_eps": 109.61855211587162,
        "recurring_fee_parent_profit": 1009.5763884339013,
        "recurring_fee_eps": 29.63504563580581,
        "forward_pbt": 5572.1126575276885,
        "forward_tax": 1705.0664732034727,
        "forward_cash_tax": 1705.0664732034727,
        "forward_nci": 46.6796,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4073.2888277321304,
        "forward_variable_cash_cost": 668.14128,
        "forward_da": 398.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 620,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 28161.30600756899,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 16961.30600756899,
        "forward_principal_capital_return": 3000,
        "forward_investment_capital_return": 4000,
        "forward_capex": 100,
        "forward_working_capital_use": 800.7206876712328,
        "forward_parent_dividend": 1435.510804038823,
        "opening_cash": 25032.49131495483,
        "forward_cash_flow_before_funding": 3748.81469261416,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 28781.30600756899,
        "debt": 0,
        "parent_equity": 74160.39598222653,
        "investment_assets": 54643.0,
        "principal_fv": 38900.0,
        "ending_receivables": 1823.7358246575343,
        "ending_advances": 1579.64625,
        "cash_inclusive_return_on_opening_parent_equity": 0.05322658072061289
      },
      {
        "year": 2029,
        "fiscal_end": "2029-12-31",
        "forward_cash_period": "full year",
        "management_fees": 8317.335,
        "support_fees": 373.712634,
        "fee_revenue": 8691.047633999999,
        "fee_aum_end": 539030.0,
        "new_fund_commitments": 250000,
        "recurring_cost": 5650.411755666659,
        "fee_ebit": 3040.63587833334,
        "realized_carry": 6000,
        "forward_carry_bonus": 360.0,
        "remaining_june_carry": 11000,
        "forward_principal_mark": 0.0,
        "operating_income": 8870.63587833334,
        "parent_profit": 6174.15821704035,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 181.2358753838424,
        "diluted_eps": 177.15637213018766,
        "recurring_fee_parent_profit": 2048.2413115633376,
        "recurring_fee_eps": 60.12395439980753,
        "forward_pbt": 8965.761102363616,
        "forward_tax": 2743.5228973232665,
        "forward_cash_tax": 2743.5228973232665,
        "forward_nci": 48.079988,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4363.306992266659,
        "forward_variable_cash_cost": 869.1047633999999,
        "forward_da": 418.0,
        "forward_gp_calls": 2620.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 3620.0,
        "uncalled_existing_gp_proxy": 0,
        "uncalled_new_gp": 3000.0,
        "cash_after_full_remaining_gp_calls": 31740.260594252482,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 20540.260594252482,
        "forward_principal_capital_return": 4000,
        "forward_investment_capital_return": 5000,
        "forward_capex": 100,
        "forward_working_capital_use": 248.07569871232863,
        "forward_parent_dividend": 1483.2079196445306,
        "opening_cash": 28781.30600756899,
        "forward_cash_flow_before_funding": 5958.954586683491,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 34740.26059425248,
        "debt": 0,
        "parent_equity": 78851.34627962235,
        "investment_assets": 53263.0,
        "principal_fv": 35900.0,
        "ending_receivables": 2571.4990233698627,
        "ending_advances": 2079.33375,
        "cash_inclusive_return_on_opening_parent_equity": 0.08325411609884156
      }
    ],
    "fy2029_delta": {
      "fee_ebit": 0.0,
      "operating_income": -940.0,
      "basic_eps": -19.422757490529392,
      "recurring_fee_eps": 0.0,
      "cash": -4189.974691818206,
      "debt": 0,
      "cash_inclusive_return_on_opening_parent_equity": -0.0043670126990384
    }
  },
  "fixed_cost_plus_500m": {
    "annual": [
      {
        "year": 2026,
        "fiscal_end": "2026-12-31",
        "forward_cash_period": "H2 only",
        "management_fees": 7370.63375,
        "support_fees": 342.0,
        "fee_revenue": 7712.63375,
        "fee_aum_end": 354030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5127.811144185215,
        "fee_ebit": 2584.8226058147848,
        "realized_carry": 11983,
        "forward_carry_bonus": 60.0,
        "remaining_june_carry": 21000,
        "forward_principal_mark": 0.0,
        "operating_income": 14883.822605814785,
        "parent_profit": 10225.623622935462,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 300.1623514495522,
        "diluted_eps": 293.4058895362048,
        "recurring_fee_parent_profit": 1578.7915509354607,
        "recurring_fee_eps": 46.343753872825715,
        "forward_pbt": 2134.904355814785,
        "forward_tax": 653.2807328793242,
        "forward_cash_tax": 653.2807328793242,
        "forward_nci": 22.0,
        "forward_finance_cost": 72.50625,
        "forward_fixed_cash_cost": 2033.647769185215,
        "forward_variable_cash_cost": 368.16337500000003,
        "forward_da": 179.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 2520,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 21002.140395195733,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 9802.140395195733,
        "forward_principal_capital_return": 1000,
        "forward_investment_capital_return": 1500,
        "forward_capex": 50.0,
        "forward_working_capital_use": -1610.516772260274,
        "forward_parent_dividend": 630,
        "opening_cash": 35794,
        "forward_cash_flow_before_funding": -2270.8596048042655,
        "forward_debt_repayment": 10001,
        "forward_new_borrowing": 0,
        "cash": 23522.140395195733,
        "debt": 0,
        "parent_equity": 71367.62362293545,
        "investment_assets": 57743.0,
        "principal_fv": 41900.0,
        "ending_receivables": 1157.8001027397258,
        "ending_advances": 1755.3168749999998,
        "cash_inclusive_return_on_opening_parent_equity": 0.04138545529885908
      },
      {
        "year": 2027,
        "fiscal_end": "2027-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6708.585,
        "support_fees": 352.26,
        "fee_revenue": 7060.845,
        "fee_aum_end": 334030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5440.971480702406,
        "fee_ebit": 1619.8735192975946,
        "realized_carry": 4000,
        "forward_carry_bonus": 240.0,
        "remaining_june_carry": 17000,
        "forward_principal_mark": 0.0,
        "operating_income": 5569.873519297595,
        "parent_profit": 3871.589684129594,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 113.6464147604294,
        "diluted_eps": 111.08830689243992,
        "recurring_fee_parent_profit": 1064.9922223925307,
        "recurring_fee_eps": 31.261718750514593,
        "forward_pbt": 5643.9620808783775,
        "forward_tax": 1727.0523967487834,
        "forward_cash_tax": 1727.0523967487834,
        "forward_nci": 45.32,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4356.886980702406,
        "forward_variable_cash_cost": 706.0845,
        "forward_da": 378.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 1570,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 24748.81194762004,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 13548.81194762004,
        "forward_principal_capital_return": 2000,
        "forward_investment_capital_return": 3000,
        "forward_capex": 100,
        "forward_working_capital_use": 790.8856592465754,
        "forward_parent_dividend": 1427.3524724587091,
        "opening_cash": 23522.140395195733,
        "forward_cash_flow_before_funding": 2796.6715524243095,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 26318.81194762004,
        "debt": 0,
        "parent_equity": 73811.86083460634,
        "investment_assets": 56693.0,
        "principal_fv": 40900.0,
        "ending_receivables": 1870.5151369863015,
        "ending_advances": 1677.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.054248544194000305
      },
      {
        "year": 2028,
        "fiscal_end": "2028-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6318.585,
        "support_fees": 362.82779999999997,
        "fee_revenue": 6681.4128,
        "fee_aum_end": 314030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5733.2386137284175,
        "fee_ebit": 948.1741862715826,
        "realized_carry": 6000,
        "forward_carry_bonus": 360.0,
        "remaining_june_carry": 11000,
        "forward_principal_mark": 0.0,
        "operating_income": 6778.174186271583,
        "parent_profit": 4716.554307239071,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 138.44945636616148,
        "diluted_eps": 135.33304794803635,
        "recurring_fee_parent_profit": 597.4732852724782,
        "recurring_fee_eps": 17.538195502661527,
        "forward_pbt": 6863.449434062063,
        "forward_tax": 2100.2155268229913,
        "forward_cash_tax": 2100.2155268229913,
        "forward_nci": 46.6796,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4667.097333728418,
        "forward_variable_cash_cost": 668.14128,
        "forward_da": 398.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 620,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 30553.087950495752,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 19353.087950495752,
        "forward_principal_capital_return": 3000,
        "forward_investment_capital_return": 4000,
        "forward_capex": 100,
        "forward_working_capital_use": 550.7206876712326,
        "forward_parent_dividend": 1476.2372166921268,
        "opening_cash": 26318.81194762004,
        "forward_cash_flow_before_funding": 4854.276002875712,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 31173.087950495752,
        "debt": 0,
        "parent_equity": 77052.17792515329,
        "investment_assets": 54643.0,
        "principal_fv": 38900.0,
        "ending_receivables": 2323.735824657534,
        "ending_advances": 1579.64625,
        "cash_inclusive_return_on_opening_parent_equity": 0.06389968026693803
      },
      {
        "year": 2029,
        "fiscal_end": "2029-12-31",
        "forward_cash_period": "full year",
        "management_fees": 8317.335,
        "support_fees": 373.712634,
        "fee_revenue": 8691.047633999999,
        "fee_aum_end": 539030.0,
        "new_fund_commitments": 250000,
        "recurring_cost": 6286.499427289881,
        "fee_ebit": 2404.5482067101175,
        "realized_carry": 7000,
        "forward_carry_bonus": 420.0,
        "remaining_june_carry": 4000,
        "forward_principal_mark": 0.0,
        "operating_income": 9174.548206710118,
        "parent_profit": 6391.712959607398,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 187.62196443873967,
        "diluted_eps": 183.39871441848916,
        "recurring_fee_parent_profit": 1606.7964674568213,
        "recurring_fee_eps": 47.16580853718338,
        "forward_pbt": 9279.240558512101,
        "forward_tax": 2839.447610904703,
        "forward_cash_tax": 2839.447610904703,
        "forward_nci": 48.079988,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4999.3946638898815,
        "forward_variable_cash_cost": 869.1047633999999,
        "forward_da": 418.0,
        "forward_gp_calls": 2620.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 3620.0,
        "uncalled_existing_gp_proxy": 0,
        "uncalled_new_gp": 3000.0,
        "cash_after_full_remaining_gp_calls": 34541.76164088776,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 23341.76164088776,
        "forward_principal_capital_return": 4000,
        "forward_investment_capital_return": 5000,
        "forward_capex": 100,
        "forward_working_capital_use": -1.9243012876711418,
        "forward_parent_dividend": 1541.0435585030657,
        "opening_cash": 31173.087950495752,
        "forward_cash_flow_before_funding": 6368.6736903920055,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 37541.76164088776,
        "debt": 0,
        "parent_equity": 81902.84732625762,
        "investment_assets": 53263.0,
        "principal_fv": 35900.0,
        "ending_receivables": 2821.4990233698627,
        "ending_advances": 2079.33375,
        "cash_inclusive_return_on_opening_parent_equity": 0.08295304729499225
      }
    ],
    "fy2029_delta": {
      "fee_ebit": -636.0876716232224,
      "operating_income": -636.0876716232215,
      "basic_eps": -13.036668435632123,
      "recurring_fee_eps": -12.95814586262415,
      "cash": -1388.4736451829303,
      "debt": 0,
      "cash_inclusive_return_on_opening_parent_equity": -0.004668081502887708
    }
  },
  "principal_fv_minus_10pct_2027": {
    "annual": [
      {
        "year": 2026,
        "fiscal_end": "2026-12-31",
        "forward_cash_period": "H2 only",
        "management_fees": 7370.63375,
        "support_fees": 342.0,
        "fee_revenue": 7712.63375,
        "fee_aum_end": 354030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4619.064163526503,
        "fee_ebit": 3093.569586473497,
        "realized_carry": 11983,
        "forward_carry_bonus": 60.0,
        "remaining_june_carry": 21000,
        "forward_principal_mark": 0.0,
        "operating_income": 15142.569586473497,
        "parent_profit": 10405.194027512607,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 305.43345049213076,
        "diluted_eps": 298.5583395218624,
        "recurring_fee_parent_profit": 1931.861955512607,
        "recurring_fee_eps": 56.70776166081213,
        "forward_pbt": 2393.6513364734974,
        "forward_tax": 732.4573089608901,
        "forward_cash_tax": 732.4573089608901,
        "forward_nci": 22.0,
        "forward_finance_cost": 72.50625,
        "forward_fixed_cash_cost": 1774.9007885265028,
        "forward_variable_cash_cost": 368.16337500000003,
        "forward_da": 179.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 2520,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 21181.71079977288,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 9981.710799772882,
        "forward_principal_capital_return": 1000,
        "forward_investment_capital_return": 1500,
        "forward_capex": 50.0,
        "forward_working_capital_use": -1610.516772260274,
        "forward_parent_dividend": 630,
        "opening_cash": 35794,
        "forward_cash_flow_before_funding": -2091.289200227119,
        "forward_debt_repayment": 10001,
        "forward_new_borrowing": 0,
        "cash": 23701.71079977288,
        "debt": 0,
        "parent_equity": 71547.19402751261,
        "investment_assets": 57743.0,
        "principal_fv": 41900.0,
        "ending_receivables": 1157.8001027397258,
        "ending_advances": 1755.3168749999998,
        "cash_inclusive_return_on_opening_parent_equity": 0.04647690684489515
      },
      {
        "year": 2027,
        "fiscal_end": "2027-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6708.585,
        "support_fees": 352.26,
        "fee_revenue": 7060.845,
        "fee_aum_end": 334030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4886.63194933918,
        "fee_ebit": 2174.21305066082,
        "realized_carry": 4000,
        "forward_carry_bonus": 240.0,
        "remaining_june_carry": 17000,
        "forward_principal_mark": -4190.0,
        "operating_income": 1934.21305066082,
        "parent_profit": 1348.9398063387787,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 39.59669934715599,
        "diluted_eps": 38.705403054528524,
        "recurring_fee_parent_profit": 1449.703857158609,
        "recurring_fee_eps": 42.55452133933487,
        "forward_pbt": 2009.0198938599115,
        "forward_tax": 614.7600875211328,
        "forward_cash_tax": 1896.900087521133,
        "forward_nci": 45.32,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 3802.5474493391803,
        "forward_variable_cash_cost": 706.0845,
        "forward_da": 378.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 1570,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 25310.00106631483,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 14110.001066314831,
        "forward_principal_capital_return": 2000,
        "forward_investment_capital_return": 3000,
        "forward_capex": 100,
        "forward_working_capital_use": 790.8856592465754,
        "forward_parent_dividend": 1430.9438805502523,
        "opening_cash": 23701.71079977288,
        "forward_cash_flow_before_funding": 3178.2902665419506,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 26880.00106631483,
        "debt": 0,
        "parent_equity": 71465.18995330113,
        "investment_assets": 52503.0,
        "principal_fv": 36710.0,
        "ending_receivables": 1870.5151369863015,
        "ending_advances": 1677.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.01885384639710762
      },
      {
        "year": 2028,
        "fiscal_end": "2028-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6318.585,
        "support_fees": 362.82779999999997,
        "fee_revenue": 6681.4128,
        "fee_aum_end": 314030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5139.430107732131,
        "fee_ebit": 1541.9826922678694,
        "realized_carry": 6000,
        "forward_carry_bonus": 360.0,
        "remaining_june_carry": 11000,
        "forward_principal_mark": 0.0,
        "operating_income": 7371.982692267869,
        "parent_profit": 5130.215271393991,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 150.59203585883265,
        "diluted_eps": 147.20230576836641,
        "recurring_fee_parent_profit": 1009.5763884339013,
        "recurring_fee_eps": 29.63504563580581,
        "forward_pbt": 7459.502696533129,
        "forward_tax": 2282.6078251391373,
        "forward_cash_tax": 2282.6078251391373,
        "forward_nci": 46.6796,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4073.2888277321304,
        "forward_variable_cash_cost": 668.14128,
        "forward_da": 398.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 620,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 31574.87145097157,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 20374.87145097157,
        "forward_principal_capital_return": 3000,
        "forward_investment_capital_return": 4000,
        "forward_capex": 100,
        "forward_working_capital_use": 550.7206876712326,
        "forward_parent_dividend": 1429.3037990660227,
        "opening_cash": 26880.00106631483,
        "forward_cash_flow_before_funding": 5314.870384656737,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 32194.87145097157,
        "debt": 0,
        "parent_equity": 75166.1014256291,
        "investment_assets": 50453.0,
        "principal_fv": 34710.0,
        "ending_receivables": 2323.735824657534,
        "ending_advances": 1579.64625,
        "cash_inclusive_return_on_opening_parent_equity": 0.07178621192704204
      },
      {
        "year": 2029,
        "fiscal_end": "2029-12-31",
        "forward_cash_period": "full year",
        "management_fees": 8317.335,
        "support_fees": 373.712634,
        "fee_revenue": 8691.047633999999,
        "fee_aum_end": 539030.0,
        "new_fund_commitments": 250000,
        "recurring_cost": 5650.411755666659,
        "fee_ebit": 3040.63587833334,
        "realized_carry": 7000,
        "forward_carry_bonus": 420.0,
        "remaining_june_carry": 4000,
        "forward_principal_mark": 0.0,
        "operating_income": 9810.63587833334,
        "parent_profit": 6835.994274711235,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 200.66337190337163,
        "diluted_eps": 196.14656816991985,
        "recurring_fee_parent_profit": 2048.2413115633376,
        "recurring_fee_eps": 60.12395439980753,
        "forward_pbt": 9919.415364137227,
        "forward_tax": 3035.3411014259914,
        "forward_cash_tax": 3035.3411014259914,
        "forward_nci": 48.079988,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4363.306992266659,
        "forward_variable_cash_cost": 869.1047633999999,
        "forward_da": 418.0,
        "forward_gp_calls": 2620.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 3620.0,
        "uncalled_existing_gp_proxy": 0,
        "uncalled_new_gp": 3000.0,
        "cash_after_full_remaining_gp_calls": 36045.547986457896,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 24845.547986457896,
        "forward_principal_capital_return": 4000,
        "forward_investment_capital_return": 5000,
        "forward_capex": 100,
        "forward_working_capital_use": -1.9243012876711418,
        "forward_parent_dividend": 1503.322028512582,
        "opening_cash": 32194.87145097157,
        "forward_cash_flow_before_funding": 6850.676535486325,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 39045.547986457896,
        "debt": 0,
        "parent_equity": 80498.77367182774,
        "investment_assets": 49073.0,
        "principal_fv": 31710.0,
        "ending_receivables": 2821.4990233698627,
        "ending_advances": 2079.33375,
        "cash_inclusive_return_on_opening_parent_equity": 0.09094517535241482
      }
    ],
    "fy2029_delta": {
      "fee_ebit": 0.0,
      "operating_income": 0.0,
      "basic_eps": 0.004739028999836137,
      "recurring_fee_eps": 0.0,
      "cash": 115.31270038720686,
      "debt": 0,
      "cash_inclusive_return_on_opening_parent_equity": 0.0033240465545348596
    }
  },
  "carry_bonus_12pct": {
    "annual": [
      {
        "year": 2026,
        "fiscal_end": "2026-12-31",
        "forward_cash_period": "H2 only",
        "management_fees": 7370.63375,
        "support_fees": 342.0,
        "fee_revenue": 7712.63375,
        "fee_aum_end": 354030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4619.064163526503,
        "fee_ebit": 3093.569586473497,
        "realized_carry": 11983,
        "forward_carry_bonus": 120.0,
        "remaining_june_carry": 21000,
        "forward_principal_mark": 0.0,
        "operating_income": 15082.569586473497,
        "parent_profit": 10363.554027512608,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 304.2111523932329,
        "diluted_eps": 297.3635545688074,
        "recurring_fee_parent_profit": 1931.861955512607,
        "recurring_fee_eps": 56.70776166081213,
        "forward_pbt": 2333.6513364734974,
        "forward_tax": 714.0973089608902,
        "forward_cash_tax": 714.0973089608902,
        "forward_nci": 22.0,
        "forward_finance_cost": 72.50625,
        "forward_fixed_cash_cost": 1774.9007885265028,
        "forward_variable_cash_cost": 368.16337500000003,
        "forward_da": 179.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 2520,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 21140.070799772882,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 9940.070799772882,
        "forward_principal_capital_return": 1000,
        "forward_investment_capital_return": 1500,
        "forward_capex": 50.0,
        "forward_working_capital_use": -1610.516772260274,
        "forward_parent_dividend": 630,
        "opening_cash": 35794,
        "forward_cash_flow_before_funding": -2132.9292002271186,
        "forward_debt_repayment": 10001,
        "forward_new_borrowing": 0,
        "cash": 23660.070799772882,
        "debt": 0,
        "parent_equity": 71505.55402751261,
        "investment_assets": 57743.0,
        "principal_fv": 41900.0,
        "ending_receivables": 1157.8001027397258,
        "ending_advances": 1755.3168749999998,
        "cash_inclusive_return_on_opening_parent_equity": 0.04529626662260362
      },
      {
        "year": 2027,
        "fiscal_end": "2027-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6708.585,
        "support_fees": 352.26,
        "fee_revenue": 7060.845,
        "fee_aum_end": 334030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4886.63194933918,
        "fee_ebit": 2174.21305066082,
        "realized_carry": 4000,
        "forward_carry_bonus": 480.0,
        "remaining_june_carry": 17000,
        "forward_principal_mark": 0.0,
        "operating_income": 5884.21305066082,
        "parent_profit": 4090.124213698779,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 120.0612644250778,
        "diluted_eps": 117.35876240762308,
        "recurring_fee_parent_profit": 1449.703857158609,
        "recurring_fee_eps": 42.55452133933487,
        "forward_pbt": 5958.853333859912,
        "forward_tax": 1823.409120161133,
        "forward_cash_tax": 1823.409120161133,
        "forward_nci": 45.32,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 3802.5474493391803,
        "forward_variable_cash_cost": 706.0845,
        "forward_da": 378.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 1570,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 25102.518273674832,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 13902.518273674832,
        "forward_principal_capital_return": 2000,
        "forward_investment_capital_return": 3000,
        "forward_capex": 100,
        "forward_working_capital_use": 790.8856592465754,
        "forward_parent_dividend": 1430.1110805502522,
        "opening_cash": 23660.070799772882,
        "forward_cash_flow_before_funding": 3012.4474739019515,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 26672.518273674832,
        "debt": 0,
        "parent_equity": 74165.56716066114,
        "investment_assets": 56693.0,
        "principal_fv": 40900.0,
        "ending_receivables": 1870.5151369863015,
        "ending_advances": 1677.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.057200091228229
      },
      {
        "year": 2028,
        "fiscal_end": "2028-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6318.585,
        "support_fees": 362.82779999999997,
        "fee_revenue": 6681.4128,
        "fee_aum_end": 314030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5139.430107732131,
        "fee_ebit": 1541.9826922678694,
        "realized_carry": 6000,
        "forward_carry_bonus": 720.0,
        "remaining_june_carry": 11000,
        "forward_principal_mark": 0.0,
        "operating_income": 7011.982692267869,
        "parent_profit": 4879.799299161622,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 143.24134021057878,
        "diluted_eps": 140.01706956212516,
        "recurring_fee_parent_profit": 1009.5763884339013,
        "recurring_fee_eps": 29.63504563580581,
        "forward_pbt": 7098.6727653625685,
        "forward_tax": 2172.193866200946,
        "forward_cash_tax": 2172.193866200946,
        "forward_nci": 46.6796,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4073.2888277321304,
        "forward_variable_cash_cost": 668.14128,
        "forward_da": 398.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 620,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 31062.965141951998,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 19862.965141951998,
        "forward_principal_capital_return": 3000,
        "forward_investment_capital_return": 4000,
        "forward_capex": 100,
        "forward_working_capital_use": 550.7206876712326,
        "forward_parent_dividend": 1483.311343213223,
        "opening_cash": 26672.518273674832,
        "forward_cash_flow_before_funding": 5010.446868277167,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 31682.965141951998,
        "debt": 0,
        "parent_equity": 77562.05511660954,
        "investment_assets": 54643.0,
        "principal_fv": 38900.0,
        "ending_receivables": 2323.735824657534,
        "ending_advances": 1579.64625,
        "cash_inclusive_return_on_opening_parent_equity": 0.06579602214314303
      },
      {
        "year": 2029,
        "fiscal_end": "2029-12-31",
        "forward_cash_period": "full year",
        "management_fees": 8317.335,
        "support_fees": 373.712634,
        "fee_revenue": 8691.047633999999,
        "fee_aum_end": 539030.0,
        "new_fund_commitments": 250000,
        "recurring_cost": 5650.411755666659,
        "fee_ebit": 3040.63587833334,
        "realized_carry": 7000,
        "forward_carry_bonus": 840.0,
        "remaining_june_carry": 4000,
        "forward_principal_mark": 0.0,
        "operating_income": 9390.63587833334,
        "parent_profit": 6543.093222797396,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 192.0655717371978,
        "diluted_eps": 187.74229896817513,
        "recurring_fee_parent_profit": 2048.2413115633376,
        "recurring_fee_eps": 60.12395439980753,
        "forward_pbt": 9497.367738901148,
        "forward_tax": 2906.1945281037515,
        "forward_cash_tax": 2906.1945281037515,
        "forward_nci": 48.079988,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4363.306992266659,
        "forward_variable_cash_cost": 869.1047633999999,
        "forward_da": 418.0,
        "forward_gp_calls": 2620.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 3620.0,
        "uncalled_existing_gp_proxy": 0,
        "uncalled_new_gp": 3000.0,
        "cash_after_full_remaining_gp_calls": 35192.821551704874,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 23992.821551704874,
        "forward_principal_capital_return": 4000,
        "forward_investment_capital_return": 5000,
        "forward_capex": 100,
        "forward_working_capital_use": -1.9243012876711418,
        "forward_parent_dividend": 1551.2411023321908,
        "opening_cash": 31682.965141951998,
        "forward_cash_flow_before_funding": 6509.856409752876,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 38192.821551704874,
        "debt": 0,
        "parent_equity": 82553.90723707475,
        "investment_assets": 53263.0,
        "principal_fv": 35900.0,
        "ending_receivables": 2821.4990233698627,
        "ending_advances": 2079.33375,
        "cash_inclusive_return_on_opening_parent_equity": 0.08435946176207268
      }
    ],
    "fy2029_delta": {
      "fee_ebit": 0.0,
      "operating_income": -420.0,
      "basic_eps": -8.593061137173976,
      "recurring_fee_eps": 0.0,
      "cash": -737.4137343658149,
      "debt": 0,
      "cash_inclusive_return_on_opening_parent_equity": -0.0032616670358072836
    }
  },
  "all_new_gp_commitment_called": {
    "annual": [
      {
        "year": 2026,
        "fiscal_end": "2026-12-31",
        "forward_cash_period": "H2 only",
        "management_fees": 7370.63375,
        "support_fees": 342.0,
        "fee_revenue": 7712.63375,
        "fee_aum_end": 354030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4619.064163526503,
        "fee_ebit": 3093.569586473497,
        "realized_carry": 11983,
        "forward_carry_bonus": 60.0,
        "remaining_june_carry": 21000,
        "forward_principal_mark": 0.0,
        "operating_income": 15142.569586473497,
        "parent_profit": 10405.194027512607,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 305.43345049213076,
        "diluted_eps": 298.5583395218624,
        "recurring_fee_parent_profit": 1931.861955512607,
        "recurring_fee_eps": 56.70776166081213,
        "forward_pbt": 2393.6513364734974,
        "forward_tax": 732.4573089608901,
        "forward_cash_tax": 732.4573089608901,
        "forward_nci": 22.0,
        "forward_finance_cost": 72.50625,
        "forward_fixed_cash_cost": 1774.9007885265028,
        "forward_variable_cash_cost": 368.16337500000003,
        "forward_da": 179.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 2520,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 21181.71079977288,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 9981.710799772882,
        "forward_principal_capital_return": 1000,
        "forward_investment_capital_return": 1500,
        "forward_capex": 50.0,
        "forward_working_capital_use": -1610.516772260274,
        "forward_parent_dividend": 630,
        "opening_cash": 35794,
        "forward_cash_flow_before_funding": -2091.289200227119,
        "forward_debt_repayment": 10001,
        "forward_new_borrowing": 0,
        "cash": 23701.71079977288,
        "debt": 0,
        "parent_equity": 71547.19402751261,
        "investment_assets": 57743.0,
        "principal_fv": 41900.0,
        "ending_receivables": 1157.8001027397258,
        "ending_advances": 1755.3168749999998,
        "cash_inclusive_return_on_opening_parent_equity": 0.04647690684489515
      },
      {
        "year": 2027,
        "fiscal_end": "2027-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6708.585,
        "support_fees": 352.26,
        "fee_revenue": 7060.845,
        "fee_aum_end": 334030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4886.63194933918,
        "fee_ebit": 2174.21305066082,
        "realized_carry": 4000,
        "forward_carry_bonus": 240.0,
        "remaining_june_carry": 17000,
        "forward_principal_mark": 0.0,
        "operating_income": 6124.21305066082,
        "parent_profit": 4256.799806338779,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 124.95384992019187,
        "diluted_eps": 122.14121894287294,
        "recurring_fee_parent_profit": 1449.703857158609,
        "recurring_fee_eps": 42.55452133933487,
        "forward_pbt": 6199.0198938599115,
        "forward_tax": 1896.900087521133,
        "forward_cash_tax": 1896.900087521133,
        "forward_nci": 45.32,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 3802.5474493391803,
        "forward_variable_cash_cost": 706.0845,
        "forward_da": 378.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 1570,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 25310.00106631483,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 14110.001066314831,
        "forward_principal_capital_return": 2000,
        "forward_investment_capital_return": 3000,
        "forward_capex": 100,
        "forward_working_capital_use": 790.8856592465754,
        "forward_parent_dividend": 1430.9438805502523,
        "opening_cash": 23701.71079977288,
        "forward_cash_flow_before_funding": 3178.2902665419506,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 26880.00106631483,
        "debt": 0,
        "parent_equity": 74373.04995330113,
        "investment_assets": 56693.0,
        "principal_fv": 40900.0,
        "ending_receivables": 1870.5151369863015,
        "ending_advances": 1677.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.05949639065791843
      },
      {
        "year": 2028,
        "fiscal_end": "2028-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6318.585,
        "support_fees": 362.82779999999997,
        "fee_revenue": 6681.4128,
        "fee_aum_end": 314030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5139.430107732131,
        "fee_ebit": 1541.9826922678694,
        "realized_carry": 6000,
        "forward_carry_bonus": 360.0,
        "remaining_june_carry": 11000,
        "forward_principal_mark": 0.0,
        "operating_income": 7371.982692267869,
        "parent_profit": 5130.215271393991,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 150.59203585883265,
        "diluted_eps": 147.20230576836641,
        "recurring_fee_parent_profit": 1009.5763884339013,
        "recurring_fee_eps": 29.63504563580581,
        "forward_pbt": 7459.502696533129,
        "forward_tax": 2282.6078251391373,
        "forward_cash_tax": 2282.6078251391373,
        "forward_nci": 46.6796,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4073.2888277321304,
        "forward_variable_cash_cost": 668.14128,
        "forward_da": 398.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 620,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 31516.714250971567,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 20316.714250971567,
        "forward_principal_capital_return": 3000,
        "forward_investment_capital_return": 4000,
        "forward_capex": 100,
        "forward_working_capital_use": 550.7206876712326,
        "forward_parent_dividend": 1487.4609990660226,
        "opening_cash": 26880.00106631483,
        "forward_cash_flow_before_funding": 5256.713184656736,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 32136.714250971567,
        "debt": 0,
        "parent_equity": 78015.8042256291,
        "investment_assets": 54643.0,
        "principal_fv": 38900.0,
        "ending_receivables": 2323.735824657534,
        "ending_advances": 1579.64625,
        "cash_inclusive_return_on_opening_parent_equity": 0.06897949290254005
      },
      {
        "year": 2029,
        "fiscal_end": "2029-12-31",
        "forward_cash_period": "full year",
        "management_fees": 8317.335,
        "support_fees": 373.712634,
        "fee_revenue": 8691.047633999999,
        "fee_aum_end": 539030.0,
        "new_fund_commitments": 250000,
        "recurring_cost": 5650.411755666659,
        "fee_ebit": 3040.63587833334,
        "realized_carry": 7000,
        "forward_carry_bonus": 420.0,
        "remaining_june_carry": 4000,
        "forward_principal_mark": 0.0,
        "operating_income": 9810.63587833334,
        "parent_profit": 6835.832830324035,
        "basic_shares": 34066976,
        "diluted_shares": 34851460,
        "basic_eps": 200.6586328743718,
        "diluted_eps": 196.14193581342172,
        "recurring_fee_parent_profit": 2048.2413115633376,
        "recurring_fee_eps": 60.12395439980753,
        "forward_pbt": 9919.182735337226,
        "forward_tax": 3035.2699170131914,
        "forward_cash_tax": 3035.2699170131914,
        "forward_nci": 48.079988,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4363.306992266659,
        "forward_variable_cash_cost": 869.1047633999999,
        "forward_da": 418.0,
        "forward_gp_calls": 5620.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 6620.0,
        "uncalled_existing_gp_proxy": 0,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 35930.23528607069,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 24730.23528607069,
        "forward_principal_capital_return": 4000,
        "forward_investment_capital_return": 5000,
        "forward_capex": 100,
        "forward_working_capital_use": -1.9243012876711418,
        "forward_parent_dividend": 1560.316084512582,
        "opening_cash": 32136.714250971567,
        "forward_cash_flow_before_funding": 3793.5210350991247,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 35930.23528607069,
        "debt": 0,
        "parent_equity": 83291.32097144055,
        "investment_assets": 56263.0,
        "principal_fv": 35900.0,
        "ending_receivables": 2821.4990233698627,
        "ending_advances": 2079.33375,
        "cash_inclusive_return_on_opening_parent_equity": 0.08762112879787996
      }
    ],
    "fy2029_delta": {
      "fee_ebit": 0.0,
      "operating_income": 0.0,
      "basic_eps": 0.0,
      "recurring_fee_eps": 0.0,
      "cash": -3000.0,
      "debt": 0,
      "cash_inclusive_return_on_opening_parent_equity": 0.0
    }
  },
  "share_dilution_2pct_per_year": {
    "annual": [
      {
        "year": 2026,
        "fiscal_end": "2026-12-31",
        "forward_cash_period": "H2 only",
        "management_fees": 7370.63375,
        "support_fees": 342.0,
        "fee_revenue": 7712.63375,
        "fee_aum_end": 354030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4619.064163526503,
        "fee_ebit": 3093.569586473497,
        "realized_carry": 11983,
        "forward_carry_bonus": 60.0,
        "remaining_june_carry": 21000,
        "forward_principal_mark": 0.0,
        "operating_income": 15142.569586473497,
        "parent_profit": 10405.194027512607,
        "basic_shares": 34066976.0,
        "diluted_shares": 34851460.0,
        "basic_eps": 305.43345049213076,
        "diluted_eps": 298.5583395218624,
        "recurring_fee_parent_profit": 1931.861955512607,
        "recurring_fee_eps": 56.70776166081213,
        "forward_pbt": 2393.6513364734974,
        "forward_tax": 732.4573089608901,
        "forward_cash_tax": 732.4573089608901,
        "forward_nci": 22.0,
        "forward_finance_cost": 72.50625,
        "forward_fixed_cash_cost": 1774.9007885265028,
        "forward_variable_cash_cost": 368.16337500000003,
        "forward_da": 179.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 2520,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 21181.71079977288,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 9981.710799772882,
        "forward_principal_capital_return": 1000,
        "forward_investment_capital_return": 1500,
        "forward_capex": 50.0,
        "forward_working_capital_use": -1610.516772260274,
        "forward_parent_dividend": 630,
        "opening_cash": 35794,
        "forward_cash_flow_before_funding": -2091.289200227119,
        "forward_debt_repayment": 10001,
        "forward_new_borrowing": 0,
        "cash": 23701.71079977288,
        "debt": 0,
        "parent_equity": 71547.19402751261,
        "investment_assets": 57743.0,
        "principal_fv": 41900.0,
        "ending_receivables": 1157.8001027397258,
        "ending_advances": 1755.3168749999998,
        "cash_inclusive_return_on_opening_parent_equity": 0.04647690684489515
      },
      {
        "year": 2027,
        "fiscal_end": "2027-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6708.585,
        "support_fees": 352.26,
        "fee_revenue": 7060.845,
        "fee_aum_end": 334030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 4886.63194933918,
        "fee_ebit": 2174.21305066082,
        "realized_carry": 4000,
        "forward_carry_bonus": 240.0,
        "remaining_june_carry": 17000,
        "forward_principal_mark": 0.0,
        "operating_income": 6124.21305066082,
        "parent_profit": 4256.799806338779,
        "basic_shares": 34748315.52,
        "diluted_shares": 35532799.52,
        "basic_eps": 122.50377443156064,
        "diluted_eps": 119.79916763785512,
        "recurring_fee_parent_profit": 1449.703857158609,
        "recurring_fee_eps": 41.720118960132226,
        "forward_pbt": 6199.0198938599115,
        "forward_tax": 1896.900087521133,
        "forward_cash_tax": 1896.900087521133,
        "forward_nci": 45.32,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 3802.5474493391803,
        "forward_variable_cash_cost": 706.0845,
        "forward_da": 378.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 1570,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 25310.00106631483,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 14110.001066314831,
        "forward_principal_capital_return": 2000,
        "forward_investment_capital_return": 3000,
        "forward_capex": 100,
        "forward_working_capital_use": 790.8856592465754,
        "forward_parent_dividend": 1430.9438805502523,
        "opening_cash": 23701.71079977288,
        "forward_cash_flow_before_funding": 3178.2902665419506,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 26880.00106631483,
        "debt": 0,
        "parent_equity": 74373.04995330113,
        "investment_assets": 56693.0,
        "principal_fv": 40900.0,
        "ending_receivables": 1870.5151369863015,
        "ending_advances": 1677.14625,
        "cash_inclusive_return_on_opening_parent_equity": 0.05949639065791843
      },
      {
        "year": 2028,
        "fiscal_end": "2028-12-31",
        "forward_cash_period": "full year",
        "management_fees": 6318.585,
        "support_fees": 362.82779999999997,
        "fee_revenue": 6681.4128,
        "fee_aum_end": 314030.0,
        "new_fund_commitments": 0,
        "recurring_cost": 5139.430107732131,
        "fee_ebit": 1541.9826922678694,
        "realized_carry": 6000,
        "forward_carry_bonus": 360.0,
        "remaining_june_carry": 11000,
        "forward_principal_mark": 0.0,
        "operating_income": 7371.982692267869,
        "parent_profit": 5130.215271393991,
        "basic_shares": 35443281.8304,
        "diluted_shares": 36227765.8304,
        "basic_eps": 144.74436357058119,
        "diluted_eps": 141.61003732361124,
        "recurring_fee_parent_profit": 1009.5763884339013,
        "recurring_fee_eps": 28.484280695699553,
        "forward_pbt": 7459.502696533129,
        "forward_tax": 2282.6078251391373,
        "forward_cash_tax": 2282.6078251391373,
        "forward_nci": 46.6796,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4073.2888277321304,
        "forward_variable_cash_cost": 668.14128,
        "forward_da": 398.0,
        "forward_gp_calls": 950.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 1950.0,
        "uncalled_existing_gp_proxy": 620,
        "uncalled_new_gp": 0.0,
        "cash_after_full_remaining_gp_calls": 31516.714250971567,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 20316.714250971567,
        "forward_principal_capital_return": 3000,
        "forward_investment_capital_return": 4000,
        "forward_capex": 100,
        "forward_working_capital_use": 550.7206876712326,
        "forward_parent_dividend": 1487.4609990660226,
        "opening_cash": 26880.00106631483,
        "forward_cash_flow_before_funding": 5256.713184656736,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 32136.714250971567,
        "debt": 0,
        "parent_equity": 78015.8042256291,
        "investment_assets": 54643.0,
        "principal_fv": 38900.0,
        "ending_receivables": 2323.735824657534,
        "ending_advances": 1579.64625,
        "cash_inclusive_return_on_opening_parent_equity": 0.06897949290254005
      },
      {
        "year": 2029,
        "fiscal_end": "2029-12-31",
        "forward_cash_period": "full year",
        "management_fees": 8317.335,
        "support_fees": 373.712634,
        "fee_revenue": 8691.047633999999,
        "fee_aum_end": 539030.0,
        "new_fund_commitments": 250000,
        "recurring_cost": 5650.411755666659,
        "fee_ebit": 3040.63587833334,
        "realized_carry": 7000,
        "forward_carry_bonus": 420.0,
        "remaining_june_carry": 4000,
        "forward_principal_mark": 0.0,
        "operating_income": 9810.63587833334,
        "parent_profit": 6835.832830324035,
        "basic_shares": 36152147.467008,
        "diluted_shares": 36936631.467008,
        "basic_eps": 189.08511137719634,
        "diluted_eps": 185.06919983837284,
        "recurring_fee_parent_profit": 2048.2413115633376,
        "recurring_fee_eps": 56.65614507222668,
        "forward_pbt": 9919.182735337226,
        "forward_tax": 3035.2699170131914,
        "forward_cash_tax": 3035.2699170131914,
        "forward_nci": 48.079988,
        "forward_finance_cost": 20.0,
        "forward_fixed_cash_cost": 4363.306992266659,
        "forward_variable_cash_cost": 869.1047633999999,
        "forward_da": 418.0,
        "forward_gp_calls": 2620.0,
        "forward_principal_calls": 1000,
        "forward_investment_calls": 3620.0,
        "uncalled_existing_gp_proxy": 0,
        "uncalled_new_gp": 3000.0,
        "cash_after_full_remaining_gp_calls": 35930.23528607069,
        "deferred_tax_liquidity_reserve": 11200.0,
        "cash_after_full_gp_and_deferred_tax_settlement": 24730.23528607069,
        "forward_principal_capital_return": 4000,
        "forward_investment_capital_return": 5000,
        "forward_capex": 100,
        "forward_working_capital_use": -1.9243012876711418,
        "forward_parent_dividend": 1560.316084512582,
        "opening_cash": 32136.714250971567,
        "forward_cash_flow_before_funding": 6793.521035099126,
        "forward_debt_repayment": 0,
        "forward_new_borrowing": 0,
        "cash": 38930.23528607069,
        "debt": 0,
        "parent_equity": 83291.32097144055,
        "investment_assets": 53263.0,
        "principal_fv": 35900.0,
        "ending_receivables": 2821.4990233698627,
        "ending_advances": 2079.33375,
        "cash_inclusive_return_on_opening_parent_equity": 0.08762112879787996
      }
    ],
    "fy2029_delta": {
      "fee_ebit": 0.0,
      "operating_income": 0.0,
      "basic_eps": -11.573521497175449,
      "recurring_fee_eps": -3.467809327580852,
      "cash": 0.0,
      "debt": 0,
      "cash_inclusive_return_on_opening_parent_equity": 0.0
    }
  }
}
