{
  "docId": "019dd923-5e88-73ef-bd5a-6b2bc553916c",
  "docSlug": "b516607343964728",
  "documentTitle": "2021 q4 earnings results presentation",
  "authorId": "GoldmanSachs",
  "authorName": "Petershill Partners",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 44,
  "pageCount": 65,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "business_case",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "The slide uses a circular diagram to illustrate the self-funding nature of the cash flows.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_stacked",
    "process_diagram"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-6b2bc553916c/44",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5a-6b2bc553916c",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5a-6b2bc553916c.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5a-6b2bc553916c#slide-44",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Acquisitions of Partner-Firms provides access to distinct cash flow streams.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-1d6e-7005-995a-42f729d2552d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.3,
        "x": 0.35,
        "y": 0.55
      },
      "kind": "chart",
      "text": "illustrative PRE transaction level cash flows",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "62298ee0-118c-4903-b7d1-1c3d1afbea6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.3,
        "x": 0.03,
        "y": 0.55
      },
      "kind": "chart",
      "text": "illustrative FRE transaction level cash flows",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d73d8faf-6177-4c75-88f6-0f1f4a4d76f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.25,
        "x": 0.7,
        "y": 0.55
      },
      "kind": "diagram",
      "text": "Circular flow diagram showing working capital, self-funding, and net cash generation.",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67f640d5-c617-4fdd-85e6-8178d076eb56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.35,
        "y": 0.31
      },
      "kind": "list",
      "text": "PARTNER REALISED PERFORMANCE REVENUES: performance based fees earned on fund's profits; structured as fixed revenue share; Absolute Return generates fees subject to high watermark.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d647711-8f38-45a1-9b39-ca1ba4bada13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.67,
        "y": 0.31
      },
      "kind": "list",
      "text": "PARTNER REALISED INVESTMENT INCOME: returns associated with GP commitments invested in the fund, typically ~2% of the fund size; represents \"working capital\" and self-funding.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9811683d-fd76-4ec3-9d27-3b6c5c992fc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.03,
        "y": 0.31
      },
      "kind": "list",
      "text": "PARTNER FRE: Partner-Firm's operating income associated with managing the business; expenses include employee compensation and standard operating expenses.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f24584cd-1a2e-461b-8d3c-eefb967730ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.03,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "Acquisitions of Partner-Firms provides access to distinct cash flow streams",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "927f9104-d91c-43ae-bc71-c79ca16cf222",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.03,
        "y": 0.05
      },
      "kind": "title",
      "text": "How does a Partner-Firm generate cash flow?1",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e324b115-ce17-42f7-8e19-1692761739d8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Three Pillars",
      "slug": "three-pillars",
      "agent": "Architect",
      "layer": "block",
      "matchId": "019de8d8-28fd-7382-932a-0522c2c21982",
      "evidence": "FRE, Performance Revenues, Investment Income trio",
      "confidence": 85
    },
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de8d8-28dc-732f-934d-f83e865ba72d",
      "evidence": "Title 'distinct cash flow streams from acquisitions'",
      "confidence": 82
    },
    {
      "name": "Metaphor & Analogy",
      "slug": "metaphor-analogy",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "019de8d8-291f-727f-91b4-a894532fac2b",
      "evidence": "Circular process diagram conveys flow",
      "confidence": 55
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 49,
      "from": 44,
      "name": "Build Up",
      "slug": "33-build-up",
      "bestFor": "Pricing justification, cost estimation, market sizing",
      "matchId": "019de8d8-1f43-7589-824f-b400aa5257c1",
      "evidence": "Slides 48-49 multiply AuM x ownership x fee x margin step-by-step; 44-47 explain each component.",
      "position": 6,
      "objective": "Build-up explainer of the revenue model (FRE, perf fees, GP commit)",
      "structure": "The Base -> Add Component A -> Add Component B -> Add Component C -> The Total",
      "confidence": 82,
      "description": "Start from zero and add components to arrive at a total"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}