Hilltop · Management Group Book gap analysis →

Sources & disclosures

Every number, sourced.

The math on this site is conservative and the sources are public. If you find a number you can't verify, email Dan and we'll fix it.

  1. [1]

    Global PE dry powder · $2.515T

    Preqin Global Private Capital Report 2026, dry-powder aggregate as of YE 2025. Preqin Pro database.

    https://www.preqin.com/insights/global-reports
  2. [2]

    Bank-sweep yield benchmark · 0.39%

    FDIC weekly survey of U.S. commercial bank rates, non-interest checking + sweep balances, trailing-12-month average through Q1 2026.

    https://www.fdic.gov/resources/bankers/national-rates/
  3. [3]

    Schwab Institutional yield benchmark · 4.45%

    Mid-point of same-day liquidity tier and 1-90 day institutional Treasury money funds available on the Charles Schwab Institutional platform, Q2 2026 representative window.

    https://www.schwab.com/research
  4. [4]

    Apollo · KKR · Blackstone treasury infrastructure

    Public 10-K disclosures, FY 2024-2025, "treasury operations" segments and earnings transcripts.

  5. [5]

    Wellington / Vanguard / Blackstone partnership · 2025

    Joint announcement, April 2025: bringing institutional treasury infrastructure to RIA-distributed sponsor channels.

  6. [6]

    Jon Gray quote

    Blackstone Q4 2024 earnings call transcript, January 2025.

Regulatory disclosure

Hilltop Management Group is the operational platform. HMG is not a registered investment adviser. Discretionary advisory authority over LP capital sits with our SEC-registered Investment Adviser partner, who holds full fiduciary responsibility for investment decisions made on the platform. Client capital is held at Charles Schwab Institutional, a member SIPC. Past performance does not guarantee future results. Yield ranges shown are representative as of the date noted and will move with prevailing rates.

This site is informational and does not constitute an offer to sell or solicitation of an offer to buy any security. Form ADV and other regulatory filings for the RIA partner are available on the SEC's Investment Adviser Public Disclosure (IAPD) website.