RUSH TRANSCRIPT 1 let ░░░░░░░░ get to our next ░░░░░░░░ who runs Hunter point ░░░░░░░░ an independent investment firm ░░░░░░░░ on working with alternative ░░░░░░░░ managers worldwide Joining us ░░░░░░░░ Tokyo is the CEO ░░░░░░░░ you for joining us ░░░░░░░░ Wondering if we can ░░░░░░░░ started getting a sense ░░░░░░░░ how the fundraising environment ░░░░░░░░ at the moment It ░░░░░░░░ great to be with ░░░░░░░░ On the ground in ░░░░░░░░ we are seeing but ░░░░░░░░ would say the old ░░░░░░░░ is that a startup ░░░░░░░░ a 10 euro overnight ░░░░░░░░ I would say in ░░░░░░░░ we are seeing a ░░░░░░░░ year overnight success I ░░░░░░░░ in Tokyo 20 years ░░░░░░░░ when I have seen ░░░░░░░░ awakening of the institutional ░░░░░░░░ here particularly toward private ░░░░░░░░ that is quite astonishing ░░░░░░░░ sophistication interest and we ░░░░░░░░ seeing some real green ░░░░░░░░ Paul that echoes the ░░░░░░░░ of our last guest ░░░░░░░░ felt 30 years was ░░░░░░░░ long time to wait ░░░░░░░░ a turnaround Now it ░░░░░░░░ to be coming What ░░░░░░░░ are you looking out ░░░░░░░░ Japan 100 point capital ░░░░░░░░ a capital solutions firm ░░░░░░░░ makes equity and lending ░░░░░░░░ in alternative investors around ░░░░░░░░ world We are seeing ░░░░░░░░ things here in Japan ░░░░░░░░ on the gp side ░░░░░░░░ there has been a ░░░░░░░░ steady increase in the ░░░░░░░░ of a domestic private ░░░░░░░░ market I m not ░░░░░░░░ I would have necessarily ░░░░░░░░ that but we are ░░░░░░░░ believers there will be ░░░░░░░░ new developments in private ░░░░░░░░ firms here in Japan ░░░░░░░░ by Japanese people so ░░░░░░░░ is an exciting development ░░░░░░░░ we are keeping tabs ░░░░░░░░ it And then big ░░░░░░░░ investors are focusing on ░░░░░░░░ credit One month ago ░░░░░░░░ hosted a summit for ░░░░░░░░ of the largest allocators ░░░░░░░░ representing 4 trillion in ░░░░░░░░ potential and they are ░░░░░░░░ curious about new areas ░░░░░░░░ asset based finance like ░░░░░░░░ lending which we offer ░░░░░░░░ Hunter point Paul gp ░░░░░░░░ not something we discuss ░░░░░░░░ Limited partner investing People ░░░░░░░░ partners in a fund ░░░░░░░░ of just holders of ░░░░░░░░ fund How well known ░░░░░░░░ this type of investing ░░░░░░░░ Japan Is there an ░░░░░░░░ element to what you ░░░░░░░░ doing That s a ░░░░░░░░ question Most of what ░░░░░░░░ are doing is educating ░░░░░░░░ market I would say ░░░░░░░░ the United States particular ░░░░░░░░ the gp stakes investing ░░░░░░░░ an investor will take ░░░░░░░░ minority ownership position in ░░░░░░░░ general partner that could ░░░░░░░░ a private equity firm ░░░░░░░░ credit firm real estate ░░░░░░░░ or infrastructure business that ░░░░░░░░ become quite popular and ░░░░░░░░ known in the gp ░░░░░░░░ and with investors In ░░░░░░░░ I would say it ░░░░░░░░ a few years behind ░░░░░░░░ becoming more popular In ░░░░░░░░ in general it is ░░░░░░░░ in common parlance A ░░░░░░░░ of what we are ░░░░░░░░ is educating the market ░░░░░░░░ the benefits about how ░░░░░░░░ like ours can help ░░░░░░░░ the growth and institutionalization ░░░░░░░░ leading alternative investment managers ░░░░░░░░ private investing is having ░░░░░░░░ moment right now but ░░░░░░░░ are ongoing concerns about ░░░░░░░░ and liquidity in the ░░░░░░░░ How do you address ░░░░░░░░ risks I am a ░░░░░░░░ fan of transparency The ░░░░░░░░ investors know the better ░░░░░░░░ they will be and ░░░░░░░░ better decisions they make ░░░░░░░░ area we see particular ░░░░░░░░ debate is around the ░░░░░░░░ in retail and high ░░░░░░░░ worth investing in private ░░░░░░░░ A megatrend and we ░░░░░░░░ tremendous interest in developing ░░░░░░░░ investment products for the ░░░░░░░░ net worth channel and ░░░░░░░░ have less sophisticated investors ░░░░░░░░ the incumbency needs to ░░░░░░░░ creating information and education ░░░░░░░░ that group Paul I ░░░░░░░░ to get your view ░░░░░░░░ the broader Japanese economy ░░░░░░░░ had a hot tea ░░░░░░░░ hot Tokyo inflation print ░░░░░░░░ is the trend line ░░░░░░░░ how does this inform ░░░░░░░░ approach to Japanese investors ░░░░░░░░ think one of the ░░░░░░░░ that is going on ░░░░░░░░ a flight to quality ░░░░░░░░ the Japanese environment is ░░░░░░░░ of stability one of ░░░░░░░░ and I think you ░░░░░░░░ people moving into the ░░░░░░░░ as a result As ░░░░░░░░ impacts our business am ░░░░░░░░ quite frankly a stronger ░░░░░░░░ will mean more purchasing ░░░░░░░░ for Japanese institutional investors ░░░░░░░░ as it relates to ░░░░░░░░ Japanese investments so there ░░░░░░░░ a two sided conversation ░░░░░░░░ the benefits of that ░░░░░░░░ certainly Japanese investors at ░░░░░░░░ institutional level are feeling ░░░░░░░░ Thank you so much ░░░░░░░░ joining us today with ░░░░░░░░ views We have more ░░░░░░░░ on the Asia trade ░░░░░░░░ is bloomberg Paul let ░░░░░░░░ look at kospi futures ░░░░░░░░ of the open Setting ░░░░░░░░ for a positive day ░░░░░░░░ the tune of 1 ░░░░░░░░ it could be a ░░░░░░░░ day for tech following ░░░░░░░░ numbers of alphabet and ░░░░░░░░ U S earlier which ░░░░░░░░ to be driving positive ░░░░░░░░ for U S futures ░░░░░░░░ s look at nomura ░░░░░░░░ story in a moment ░░░░░░░░ I want to talk ░░░░░░░░ some other futures we ░░░░░░░░ tracking at the moment ░░░░░░░░ looking positive ahead of ░░░░░░░░ open also we had ░░░░░░░░ CPI numbers out of ░░░░░░░░ as well so that ░░░░░░░░ put some pressure on ░░░░░░░░ bonds could slide after ░░░░░░░░ came in above estimates ░░░░░░░░ the board 3 5 ░░░░░░░░ year in April Nomura ░░░░░░░░ considering a return