1、M IdeaAlternative Asset Mgrs|North America2Q Preview:Reboot of the Capital Markets Recovery With the cap mkts recovery building,alts asset mgrs are poised for the private mkts flywheel to spin faster,boosting EPS outlook.But we remain selective with the group trading 2x-turns above 5yr hist.avg.,and

2、 prefer high-quality,cyclical/secular beneficiaries;OW BX,BN,and Top Pick KKR.Morgan Stanley&Co.LLCMichael J.Cyprys,CFA,CPAEquity Analyst Michael.C +1 212 761-7619 Stephanie Ma,CFAResearch Associate Stephanie.M +1 212 296-3552 Barron ThomasResearch Associate Barron.T +1 212 761-2624 Annalei E DavisR

3、esearch Associate Annalei.D +1 212 761-1736 Brokers,Asset Managers&ExchangesNorth AmericaIndustry ViewIn-Line E xhibit 1 :Price Target Changes RatingPrice TargetChgUpsideTickerRating New($)Old($)%APOEW15413514%4%ARESEW17815713%(0%)BAMEW59549%(2%)BNOW766615%15%BXOW18515023%11%CGEW654641%9%HLNEEW16915

4、78%11%KKROW17015013%18%PXEW13130%12%STEPEW615120%(0%)TPGEW585114%5%Avg16%7%Median14%9%Source:Company data,Morgan Stanley Research estimates;pricing as of 7/21/2025.Exhibit 2 :2Q25e EPS Estimate Changes and vs.Cons 2Q25e EPSTickerNewOld%ChgCons.%DiffAPO1.881.880%1.851%ARES1.041.05(1%)1.08(4%)BAM0.390

5、.41(4%)0.390%BN0.840.86(2%)0.90(7%)BX1.151.077%1.104%CG0.890.863%0.881%HLNE1.080.8823%0.999%KKR1.121.084%1.15(3%)PX0.210.210%0.210%STEP0.470.4018%0.439%TPG0.420.414%0.45(6%)Avg5%1%Median3%0%Source:Morgan Stanley Research estimates,FactSet,Visible Alpha(for consensus)Morgan Stanley does and seeks to

6、do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their inv