Apollo Global Management Inc (APO) 2024 Q2 法說會逐字稿

Good morning, and welcome to Apollo Global Management's second quarter 2024 earnings conference call. (operator instructions) This conference call is being recorded.

早安，歡迎參加阿波羅全球管理公司 2024 年第二季財報電話會議。（操作員說明） 本次電話會議正在錄音。

This call may include forward-looking statements and projections, which do not guarantee future events or performance. Please refer to Apollo's most recent SEC filings for risk factors related to these statements,

本次電話會議可能包括前瞻性陳述和預測，這些陳述和預測並不保證未來的事件或績效。請參閱 Apollo 最近向 SEC 提交的文件，以了解與這些聲明相關的風險因素，

Apollo will be discussing certain non-GAAP measures on this call, which management believes are relevant and excessive assessing the financial performance of the business. These non-GAAP measures are reconciled to GAAP figures in Apollo's earnings presentation, which is available on the company's website. Also note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase an interest in any Apollo fund.

阿波羅將在這次電話會議上討論某些非公認會計原則措施，管理層認為這些措施與評估業務的財務表現相關且過度。這些非 GAAP 指標與 Apollo 收益報告中的 GAAP 數據進行了核對，該報告可在公司網站上查看。另請注意，本次電話會議中的任何內容均不構成任何阿波羅基金權益的出售要約或購買要約。

I would now like to turn the call over to Noah Gunn, Global Head of Investor Relations.

我現在想將電話轉給投資者關係全球主管 Noah Gunn。

Thanks operator. And welcome again everyone to our call. We appreciate the opportunity to speak with you and discuss all of the momentum we're seeing across the firm. Earlier this morning, we published our earnings release and financial supplement on the Investor Relations portion of our website.

感謝運營商。再次歡迎大家來電。我們很高興有機會與您交談並討論我們在整個公司看到的所有勢頭。今天早些時候，我們在網站的投資者關係部分發布了收益報告和財務補充報告。

We reported solid second quarter financial results, which included record quarterly FRE of $516 million, or $0.84 per share and SRE of $710 million or $1.15 per share. Combined with Principal Investing income, holdco financing costs and taxes, we reported adjusted net income of $1 billion or $1.64 per share.

我們公佈了穩健的第二季財務業績，其中包括創紀錄的季度 FRE 5.16 億美元（即每股 0.84 美元）和 SRE 7.10 億美元（即每股 1.15 美元）。結合主要投資收入、控股公司融資成本和稅收，我們公佈的調整後淨利潤為 10 億美元，即每股 1.64 美元。

Joining me this morning to discuss our results in further detail are Marc Rowan, CEO; Scott Kleinman, Co-President, and Martin Kelly, CFO. With that, I'll hand the call over to Marc.

今天早上與我一起進一步詳細討論我們的結果的是執行長 Marc Rowan；聯合總裁 Scott Kleinman 和財務長馬丁凱利 (Martin Kelly)。這樣，我就把電話轉給馬克。

Good morning to all. Thank you for joining us. Happy summer. Those in New York certainly know what I'm talking about. This quarter was a good reminder at great companies are built by honoring fundamental promise they have made to their clients. In our industry alternative assets. The fundamental promise that we make to our clients is excess return per unit of risk. Absent that, I'm not sure why we as an industry would exist.

大家早安。感謝您加入我們。快樂的夏天。紐約的人當然知道我在說什麼。這個季度很好地提醒了我們，偉大的公司是透過履行對客戶的基本承諾而建立的。在我們行業的另類資產中。我們向客戶做出的基本承諾是每單位風險的超額報酬。如果沒有這一點，我不確定我們作為一個行業為什麼會存在。

This promise, the delivery on this promise was on full display across the entirety of our franchise for the quarter, through a private equity in hybrid and in our credit franchise. Just a quick tour of the quarter. In private equity, we announced three transactions in the past 30 days. Travel Corp, Everi and IGT Gaming, truly an amazing stat. The team is working round the clock.

這項承諾，這項承諾的兌現，透過混合私募股權和信貸特許經營，在本季我們的整個特許經營中得到了充分體現。只是快速瀏覽一下該季度。在私募股權方面，我們在過去 30 天內宣布了三筆交易。Travel Corp、Everi 和 IGT Gaming 的數據確實令人驚嘆。該團隊正在全天候工作。

If you think about the last decade of our private equity franchise which is in compassed by funds nine and 10. $45 billion of capital, $13 billion already realized. In Fund nine as of the end of the quarter, 29 gross 20 net. In fund 10, 47 gross and 20 net. Notwithstanding head wins across the private equity industry by people who perhaps trade from a fundamental promise. The team is doing an unbelievable job.

如果你想想我們過去十年的私募股權特許經營權，其中包括第 9 號和第 10 號基金。截至本季末的 9 只基金中，毛額 29 只，淨額 20 只。基金 10 中，毛額 47 支，淨額 20 支。儘管私募股權行業的領導者可能是基於基本承諾進行交易的人。該團隊正在做一項令人難以置信的工作。

In hybrid or equity that is private, something we'll talk more about on Investor Day. AAA, which is our flagship vehicle return 10% over the last 12 months with on track quarterly results. We now have positive returns in AAA-16 quarters in a row.

在混合型或私募股權方面，我們將在投資者日更多地討論這一點。AAA，這是我們的旗艦車型，過去 12 個月的回報率為 10%，季度業績正常。我們現在連續 AAA-16 個季度實現正回報。

To give you a longer-term perspective of why investors like hybrid, we've had two down quarters over the past 38. In a market characterized by volatility, by indexation and correlation, by key bets on very high-flying companies, the notion that you can achieve double digit rates of return in the equity market and still have downside protection and reduce volatility is incredibly attractive to investors across the entire spectrum, from retirees to those seeking to accumulate. We have 17 billion of NAV now in AAA vehicle, and as I've suggested, I expect this will be our largest fund over a period of time.

為了讓您從更長遠的角度了解為什麼投資者喜歡混合型投資，我們在過去 38 年中經歷了兩個季度的下滑。在一個以波動性、指數化和相關性為特徵的市場中，透過對飛速發展的公司進行重點押注，您可以在股票市場上實現兩位數的回報率，同時仍然具有下行保護並減少波動性，這一理念對投資者俱有極大的吸引力涵蓋各個領域，從退休人員到尋求積累的人。我們現在擁有 170 億美元的 AAA 級基金，正如我所建議的，我預計這將是我們一段時間內最大的基金。

Credit, which is the largest of our franchise, also had an amazing quarter. We were early in credit, and we have built a leading and a differentiated franchise. Recall that the differentiation of our franchise is a unique focus on investment grade, private investment grade to be specific.

Credit 是我們最大的特許經營公司，該季度的業績也令人驚嘆。我們在信貸領域起步較早，並且已經建立了領先且差異化的特許經營權。回想一下，我們特許經營的差異化是對投資等級的獨特關注，具體來說是私人投資等級。

To give you just some of the performance stats for our major vehicles for the quarter, our total return funding up nearly 2% for the quarter, 10% latest 12 months. Structured credit and ABS, 2% for the quarter, 15% for the latest 12 months ADS, our direct lending vehicle, private market BDC, if you will, up 3.4% for the quarter, 17% latest 12 months. Direct origination, 3.8% for the quarter, 19% for latest 12 months.

為了向您提供本季度我們主要工具的一些績效統計數據，我們本季的總回報資金增長了近 2%，最近 12 個月增長了 10%。結構性信貸和ABS，本季上漲2%，最近12 個月上漲15%。 。直接起源，本季為 3.8%，最近 12 個月為 19%。

Across the entirety of the franchise, equity, hybrid and credit, this was an awesome quarter. I start with performance because ultimately the reward for good performance is more work. In our case, more work is inflows. We had record inflows for the quarter for a non-PE franchise year of $39 billion. Institutional was $16 billion, global wealth, $4 billion up 50% versus the first quarter, and Athene had organic inflows of $17 billion. It was truly a great quarter across asset management.

就整個特許經營、股權、混合和信貸而言，這是一個很棒的季度。我從績效開始，因為最終良好績效的回報是更多的工作。在我們的例子中，更多的工作是流入。本季非私募股權特許經營年度的流入額創紀錄，達 390 億美元。機構資本為 160 億美元，全球財富為 40 億美元，較第一季成長 50%，Athene 的有機流入為 170 億美元。對於資產管理來說，這確實是一個很棒的季度。

Asset management is generally benefiting from tailwinds. What we're seeing are in our business is not a result of a quarterly spike or peak. We're seeing a fundamental shift in the marketplace and it is happening across the entirety of our franchise. If you step back and think about what the big drivers are, certainly the big driver in credit, we are looking at three really interesting trends. Think of the places that capital is needed in our economy over the next decade.

資產管理業普遍受益於順風順水。我們在業務中看到的情況並不是季度激增或高峰的結果。我們看到市場發生了根本性的轉變，而這種轉變正在我們的整個特許經營業務中發生。如果你退後一步思考一下主要驅動因素是什麼，當然是信貸方面的主要驅動因素，我們正在研究三個非常有趣的趨勢。想想未來十年我們的經濟中哪些地方需要資本。

We are going to spend an awful lot of money on next generation of infrastructure for data centers and AI we are going to spend an equal amount of money for energy transition and we are going to spend a lot of money on what I'll call normal infrastructure, all three of those things are long-dated. Many of them are structured, many of them are complex.

我們將在資料中心和人工智慧的下一代基礎設施上花費大量資金，我們將在能源轉型上花費同等數量的資金，我們將在我所說的正常情況下花費大量資金基礎設施，所有這三件事都是長期存在的。其中許多是結構化的，許多是複雜的。

These are the kinds of things that are not well suited for institutions who are funded short. These are exactly the kinds of transactions in the investment grade markets that we expect to drive our business and are driving our business. The way we look at the driver of our business, certainly in credit, is by originations.

這些事情不太適合資金短缺的機構。這些正是投資等級市場中我們期望推動我們業務並正在推動我們業務的交易類型。我們看待業務驅動因素（當然是信用）的方式是根據起源。

Recall that we have a $125 billion target for this year for originations. We originated $52 billion in the quarter, including $11 billion from Intel alone. We are quickly approaching $150 billion target that we set for 2026, and the team is unhappy to hear this because they know I'm going to revise the number up.

回想一下，我們今年的發起目標是 1,250 億美元。本季我們籌集了 520 億美元資金，其中 110 億美元來自英特爾。我們正在迅速接近我們為 2026 年設定的 1500 億美元目標，團隊聽到這個消息很不高興，因為他們知道我將修改這個數字。

Just to give you a sense for how strong the trends are, year-to-date we've deployed $17 billion in next-generation infrastructure along. I expect this not to be a one or two quarter blip. I expect this to drive our business over the next decade against the backdrop of regulatory change, against the backdrop of government borrowing, and all the other trends that we know are happening in fixed income.

為了讓您了解這一趨勢有多強勁，今年迄今為止，我們已經在下一代基礎設施上部署了 170 億美元。我預計這不會是一兩個季度的曇花一現。我預計，在監管變革、政府借貸以及我們所知的固定收益領域正在發生的所有其他趨勢的背景下，這將在未來十年推動我們的業務發展。

Origination also drives for us capital solutions. Capital Solutions, fees and revenues are the byproduct of a successful origination franchise. Fee revenue totaled more than $200 million. We are on pace for a record year. Our pipeline is as strong as it has ever been, and we will continue to build out the business both by industry and by geography, including major advances in Australia and in Asia because the need for originated high quality investment grade assets with spread is global.

創始也推動了我們的資本解決方案。資本解決方案、費用和收入是成功的特許經營的副產品。手續費收入總計超過2億美元。我們正邁向創紀錄的一年。我們的管道一如既往地強大，我們將繼續按行業和地理發展業務，包括在澳洲和亞洲取得重大進展，因為對原始優質投資等級資產的需求是全球性的。

Let me turn now to Athene and Retirement Services. Retirement Services is now in its 15 year. We've basically grown our earnings over 15 years at 15%, including 26% last year. Just like in asset management, good performance is ultimately rewarded with more capital. In Athene's case, this is the ability to attract strategic investors to support Athene through its sidecar, which we call ADIP.

現在讓我談談雅典娜和退休服務。退休服務現已進入第 15 年。15 年來，我們的收入基本上成長了 15%，其中去年成長了 26%。就像資產管理一樣，良好的績效最終會得到更多的資本回報。就 Athene 而言，這是透過其 sidecar（我們稱之為 ADIP）吸引策略投資者支持 Athene 的能力。

ADIP is the capital engine that helps Athene scale its business and run a truly efficient event franchise. ADIP II has now closed and raised $6 billion, almost twice as much as ADIP I. As far as we know, this is the largest third party capital sidecar in the retirement services industry.

ADIP 是幫助 Athene 擴展業務並經營真正有效率的活動特許經營權的資本引擎。ADIP II現已完成並籌集了60億美元，幾乎是ADIP I的兩倍。

For the quarter, Athene hit every operating metric. New business volumes, underwritten returns, credit quality, expenses, surrenders capital. Profitability for the quarter was impacted by the roll off of exceptionally profitable business, which was put on during the peak of COVID. That same roll off of business will also occur in the next quarter.

在本季度，Athene 達到了所有營運指標。新業務量、承保回報、信用品質、費用、退還資本。本季的獲利能力受到了在新冠肺炎疫情高峰期間開展的利潤異常豐厚的業務減少的影響。同樣的業務下滑也將在下個季度發生。

Also during the quarter, the disagreement over the direction of interest rates toward the beginning of the quarter provided us opportunities to do additional hedging, which we did for the quarter. The roll-off of this business and hedging essentially cost us growth for the quarter and will cost us growth for Q3.

同樣在本季度，對本季初利率方向的分歧為我們提供了進行額外對沖的機會，我們在本季度就這樣做了。這項業務的下滑和對沖基本上損害了我們本季的成長，並將損害我們第三季的成長。

We expect by Q4 the business to grow and to be back on trend, the result being that we will achieve in our estimation mid-single digits SRE growth for the year, accounting for the two last quarters, and we will return to trend double-digit growth next year.

我們預計到第四季度，業務將成長並恢復趨勢，結果是我們估計今年的 SRE 成長將實現中個位數（佔最後兩個季度的百分比），並且我們將恢復到雙倍趨勢明年的數位成長。

Martin will detail further, and we'll dissect the pieces of this business, which I know are of interest to many of you. Athene is on track for 70 billion of organic inflows for the year.

馬丁將進一步詳細介紹，我們將剖析這項業務的各個部分，我知道你們很多人都對此感興趣。Athene 今年的有機資金流入預計將達到 700 億美元。

When I step back, we are simply fortunate to have delivered on our core promise to customers and to be in a market and in an industry that is driven by long-term tailwinds. We have essentially four tailwinds in front of us.

當我退後一步時，我們很幸運能夠兌現對客戶的核心承諾，並處於一個由長期順風推動的市場和產業中。我們面前基本上有四個順風車。

The first I've already detailed, which is this voracious need for capital, most of which we believe to be investment grade. That will drive our fixed income franchise, fixed income replacement.

第一個我已經詳細介紹過，那就是對資本的巨大需求，我們認為其中大部分是投資等級的。這將推動我們的固定收益專營權、固定收益替代。

The second, retirement as a fact of life, we are all getting older. We have so far over the first 15 years of Athene, one, by producing incredibly good returns not just for investors, but for customers, but essentially what we have done is we have modernized existing products.

第二，退休是生活的事實，我們都在變老。到目前為止，我們在 Athene 的前 15 年裡，不僅為投資者，也為客戶創造了令人難以置信的良好回報，但本質上我們所做的是對現有產品進行現代化改造。

The opportunity now exists for the entire entire next generation of products to serve retirees, whether they are in the traditional insurance sector or they are in the vast pool of 401-K, which here to four has been off-limits to most alternative assets providers.

現在，整個下一代產品都有機會為退休人員提供服務，無論他們是在傳統保險領域，還是在龐大的 401-K 池中，而這四種產品對大多數另類資產提供者來說都是禁區。

The third, our entire industry over a 40 year period has been built out of a small bucket of the institutional marketplace. We are watching an individual marketplace, led by family offices and high-network individuals that I believe will grow to be the size of the institutional market over time.

第三，我們整個產業在過去 40 年的時間裡都是在機構市場的一小部分基礎上建立起來的。我們正在關注由家族辦公室和高級網路人士領導的個人市場，我相信隨著時間的推移，該市場的規模將增長到機構市場的規模。

Finally, and a notion that we will spend lots of time on in Investor Day, we are watching investors fundamentally rethink the difference between public and private. We grew up thinking that private was risky and that public was safe, and that probably was true 40 years ago.

最後，我們將在投資者日花費大量時間討論這個概念，我們正在觀察投資者從根本上重新思考公共和私人之間的差異。我們從小就認為私人是有風險的，公共是安全的，這在 40 年前可能是正確的。

Private represented three products, private equity, venture capital and hedge funds, and public diversified portfolio of stocks and bonds. What if our fundamental premise is wrong? What, if private is both safe and risky and public is both safe and risky?

Private代表三種產品：私募股權、創投和對沖基金，以及公開的股票和債券多元化投資組合。如果我們的基本前提是錯的怎麼辦？如果私人既安全又有風險，而公共既安全又有風險怎麼辦？

The entire basis on which we have constructed portfolio allocation will need to be rethought. I don't have to guess at this. This is already happening in the fixed income bucket of our large institutional clients who are making daily trade-offs between public investment grade and private investment grade.

我們建構投資組合配置的整個基礎需要重新考慮。我不必猜測這一點。這種情況已經發生在我們大型機構客戶的固定收益領域，他們每天都在公共投資等級和私人投資等級之間進行權衡。

It is happening in fixed income first because there are helpful gatekeepers are signposts call rating agencies who help investors discern quality between public and private markets. It is also helped by that there is not real liquidity in public fixed income markets, so the trade-off of liquidity is not that immense.

這種情況首先發生在固定收益領域，因為有有用的看門人，也就是評級機構的路標，幫助投資者辨別公共市場和私人市場的品質。公共固定收益市場不存在真正的流動性也有幫助，因此流動性的權衡並沒有那麼巨大。

The opportunity in front of us over the next few years is fixed income replacement, which will provide a turbocharge to an otherwise healthy business. But make no mistake, replacements is coming for the equity business as well.

未來幾年我們面臨的機會是固定收益替代，這將為原本健康的業務提供渦輪增壓。但毫無疑問，股權業務也將迎來替代品。

We will end up with a portion of public equity that decides that equity can be private as well. And we will have access to other parts of our institutional investors allocations. We look forward to seeing you at an Investor Day. And it certainly has been an active summer.

我們最終將獲得一部分公共股權，這決定了股權也可以是私人的。我們還將獲得機構投資者分配的其他部分。我們期待在投資者日見到您。這無疑是一個活躍的夏天。

And with that, I will turn it over to Scott.

有了這個，我會把它交給史考特。

Thanks. And as Marc touched on each of our core business drivers, deployment, investment performance and capital formation, were strong in the second quarter and highlight that momentum across Apollo is building. As we've discussed, our current year plan is underpinned by three strategic growth pillars, including origination, global wealth and capital solutions, all of which are tracking ahead of our 2026 targets and fueling growth in our franchise and our earnings power.

謝謝。當 Marc 談到我們的每個核心業務驅動因素時，部署、投資績效和資本形成在第二季度表現強勁，並強調了 Apollo 正在形成的勢頭。正如我們所討論的，我們今年的計劃以三大戰略成長支柱為基礎，包括起源、全球財富和資本解決方案，所有這些都在追趕我們的2026 年目標，並推動我們的特許經營權和盈利能力的增長。

On the investing front, growth capital deployment surged to a record $70 billion in the second quarter. The driving force of this strong investing activity was debt origination, complemented by deployment in hybrid and equity strategies.

在投資方面，第二季成長資本配置飆升至創紀錄的 700 億美元。這種強勁投資活動的驅動力是債務發起，並輔以混合和股權策略的部署。

Record debt origination in the second quarter was driven by broad-based strength across all three forms of origination, traditional platforms and record levels of high-grade corporate solutions activity.

第二季創紀錄的債務起源是由所有三種起源形式的廣泛實力、傳統平台和創紀錄水平的高級企業解決方案活動所推動的。

Combined with a strong first quarter, debt origination volume in the first half of the year was close to the total amount originated for all of 2023, highlighting the increasing scale of our ecosystem. We expect momentum in overall deployment activity to persist given the line of sight we have to robust transaction pipelines in both our equity and debt focused businesses.

加上第一季的強勁表現，上半年的債務發行量接近 2023 年全年的債務發行總量，凸顯了我們生態系統規模的不斷擴大。鑑於我們必須加強以股權和債務為重點的業務的交易管道，我們預計整體部署活動的勢頭將持續下去。

As a result of the higher interest rate backdrop and structural changes in traditional financing markets, we're seeing a lot of demand for customized, long-dated solutions that utilize debt capital, equity capital, or a combination of both.

由於利率上升和傳統融資市場的結構性變化，我們看到利用債務資本、股權資本或兩者組合的客製化長期解決方案的大量需求。

We believe we're uniquely positioned to meet this need by accessing our lower cost, scaled long-duration capital within Athene and elsewhere, coupled with our flexible investment approach that aims to maximize risk return across the capital structure.

我們相信，透過在 Athene 和其他地方獲取成本較低、規模化的長期資本，再加上我們旨在實現整個資本結構風險回報最大化的靈活投資方法，我們擁有獨特的優勢來滿足這一需求。

Within second quarter activity, the Intel transaction Marc explained earlier is a prime example of how we combine these powerful advantages to serve clients in a differentiated way. Importantly, we expect the markets for these type of transactions to grow from here, supported by the multitrillion dollar opportunity to finance the clean energy transition and AI infrastructure build-out.

在第二季的活動中，馬克之前解釋的英特爾交易是我們如何結合這些強大優勢以差異化方式為客戶提供服務的典型例子。重要的是，我們預計此類交易的市場將從這裡開始成長，並得到數兆美元的清潔能源轉型和人工智慧基礎設施建設融資機會的支持。

Another theme we're observing in the current rate backdrop is that the bid-ask spread between buyers and sellers is persisting, hampering investment activity for most. At the industry level, the second quarter saw the lowest number of private equity deals in a quarter since the onset of COVID.

我們在當前利率背景下觀察到的另一個主題是，買家和賣家之間的買賣價差持續存在，阻礙了大多數人的投資活動。從產業層級來看，第二季私募股權交易數量創新冠疫情爆發以來單季最低。

This is a moment where our PE capabilities have the opportunity to shine. We believe that, unlike others, we're well positioned to capitalize amid these conditions given our ability to find value, structure creatively and embrace complexity.

這是我們PE能力大放異彩的時刻。我們相信，與其他公司不同，我們有能力在這些條件下利用我們發現價值、創造性結構和擁抱複雜性的能力。

As Marc highlighted, we've announced five transactions in just the last couple of months, representing approximately $15 billion in total enterprise value at an average creation multiple of under seven times. And our deal pipeline looks strong from here. Ultimately, all of our sourcing and origination activity is a function of being able to find interesting investments and deliver good outcomes. And indeed, we're doing that across the business.

正如 Marc 所強調的那樣，我們在過去幾個月內宣布了 5 筆交易，代表企業總價值約 150 億美元，平均創造倍數不到七倍。從這裡來看，我們的交易管道看起來很強勁。最終，我們所有的採購和發起活動都是為了能夠找到有趣的投資並提供良好的結果。事實上，我們正​​在整個企業中這樣做。

Returns across our yield focused strategies remain strong. For example, direct origination and structured credit portfolios have appreciated 19% and 15%, respectively, over the last 12 months. Hybrid Value had a standout quarter with the portfolio appreciated 5% in the second quarter and 17% over the last year. And another of our flagship hybrid businesses, Accord to Accord Plus, has also delivered robust returns over the past year totaling 17%.

我們以收益為中心的策略的回報仍然強勁。例如，在過去 12 個月中，直接發起和結構性信貸投資組合分別升值了 19% 和 15%。Hybrid Value 的季度表現出色，投資組合第二季升值 5%，較去年升值 17%。我們的另一項旗艦混合業務 Accord to Accord Plus 在過去一年中也實現了總計 17% 的強勁回報。

And as Marc alluded to earlier, our PE portfolios are enjoying very strong performance and are marked at very defensible valuations. Strong investment results are helping to drive strong capital formation. Inflows totaled $39 billion in the second quarter across our asset management and retirement services businesses, bringing total inflows close to $80 billion in the first half of the year.

正如馬克之前提到的，我們的私募股權投資組合表現非常強勁，估值也非常合理。強勁的投資成果有助於推動強勁的資本形成。我們的資產管理和退休服務業務第二季的流入總額為 390 億美元，上半年總流入金額接近 800 億美元。

Within that third party fundraising, excluding any leverage or segment transfers, has been particularly robust, totaling $20 billion and $33 billion in the second quarter and year-to-date, respectively. This momentum gives us confidence that we're on track to achieve our $50 billion fundraising target this year.

其中，不包括任何槓桿或部門轉讓在內的第三方籌款尤其強勁，第二季和年初至今的融資總額分別為 200 億美元和 330 億美元。這種勢頭讓我們相信我們今年有望實現 500 億美元的籌款目標。

Second quarter fundraising activity included a record amount of third-party capital raised in yields, as well as strong hybrid inflows. Fundraising was diverse across a range of products and also benefited from some from some sizable institutional commitments. Some of the more significant drivers by strategy included asset-backed finance, multi credit, large-cap direct lending, ADIP, opportunistic credit, and infrastructure equity.

第二季的募款活動包括創紀錄數量的第三方資金收益率以及強勁的混合資金流入。一系列產品的募款活動多種多樣，並且還受益於一些規模可觀的機構承諾。一些更重要的策略驅動因素包括資產支持融資、多種信貸、大盤直接貸款、ADIP、機會主義信貸和基礎設施股權。

Additionally, we recently secured a sizable strategic investment from Mizuho Bank in Apollo Clean Transition Capital, our flagship climate and transition credit strategy. This capital enables us to continue building a strong portfolio following initial seed investments in 2023 as we position the strategy for a broader fund raise next year.

此外，我們最近還獲得了瑞穗銀行對 Apollo Clean Transition Capital 的巨額策略投資，這是我們的旗艦氣候和轉型信貸策略。這筆資金使我們能夠在 2023 年進行初始種子投資後繼續建立強大的投資組合，同時我們為明年更廣泛的融資制定了策略。

Importantly, Mizuho's limited partner commitment is the largest they've ever made, which speaks to their support and advocacy of energy transition as well as the broader Apollo relationship.

重要的是，瑞穗的有限合夥人承諾是他們有史以來最大的，這表明他們對能源轉型以及更廣泛的阿波羅關係的支持和倡導。

Turning to global wealth, our momentum remains strong as we continue to solidify our position as one of the top players in the market. We've raised north of $6 billion in the first half of the year, including record fundraising in the second quarter, positioning us to exceed the $8 billion of capital raised last year. The most significant contributor to our growth momentum is Apollo Debt Solutions, the non-traded credit BDC we manage.

談到全球財富，隨著我們繼續鞏固我們作為市場頂級參與者之一的地位，我們的勢頭仍然強勁。今年上半年，我們籌集了超過 60 億美元的資金，其中第二季籌集的資金創下了紀錄，這使我們籌集的資金超過了去年的 80 億美元。對我們成長動能最重要的貢獻者是 Apollo Debt Solutions，它是我們管理的非交易信貸 BDC。

Performance remains stellar with the fund's class, share returning more than 13% net over the past year from a portfolio comprised almost entirely of first lien loans. Monthly inflows averaged over $500 million in the second quarter, reflecting these strong returns, continued traction with global distribution partners, as well as new approvals across channels.

該基金類別的表現依然出色，過去一年，幾乎全部由第一留置權貸款組成的投資組合的淨回報率超過 13%。第二季每月平均資金流入超過 5 億美元，反映出強勁的回報、全球分銷合作夥伴的持續吸引力以及跨通路的新批准。

Additionally, we're focused on further broadening access to the strategy on a geographic basis by extending into Europe, Asia and LatAm via our Luxembourg based product platform. As we think about the evolution of our private credit offering in the global wealth channel, we're very excited about introducing an asset backed strategy as a complement to what we built with ADS.

此外，我們也致力於透過我們位於盧森堡的產品平台擴展到歐洲、亞洲和拉丁美洲，從而在地理上進一步擴大該策略的覆蓋範圍。當我們思考我們的私人信貸產品在全球財富管道中的演變時，我們非常高興能夠引入資產支持策略，作為我們使用 ADS 建立的策略的補充。

Initial interest in Apollo Asset Backed Credit Company or ABC, has been quite strong, as we will believe distributors recognize the scale, diversity, and maturity of our asset-backed finance franchise as a significant competitive advantage. We've just launched ABC in the global wealth market, and we expect flows to increase as we expand distribution to wirehouses over the coming quarters.

最初對阿波羅資產支持信貸公司（ABC）的興趣相當濃厚，因為我們相信經銷商認識到我們資產支持金融特許經營的規模、多樣性和成熟度是一項重要的競爭優勢。我們剛剛在全球財富市場推出了 ABC，預計隨著我們在未來幾季擴大對電線公司的分銷，流量將會增加。

More broadly, as we think about how best to access different client segments, we've also been engaged in a number of conversation around partnerships. Our role can and will take on multiple forms, ranging from joint ventures to parts provider. We're at the center of these conversations in what's an incredibly robust opportunity set.

更廣泛地說，當我們思考如何最好地接觸不同的客戶群時，我們也圍繞著合作夥伴關係進行了許多對話。我們的角色可以而且將會採取多種形式，從合資企業到零件供應商。我們處於這些對話的中心，這是一個令人難以置信的強大機會集。

With that, let me turn it over to Martin to cover our financial results in more detail.

接下來，讓我將其轉交給馬丁，以更詳細地介紹我們的財務表現。

Thanks, Scott, and good morning, everyone. So as we execute on our strategy, the building blocks powering our business, asset origination, capital formation and investment performance, as you've heard, are setting us up to continue generating attractive long-term earnings growth.

謝謝斯科特，大家早安。因此，正如您所聽到的，當我們執行我們的策略時，為我們的業務、資產起源、資本形成和投資績效提供動力的基石正在使我們能夠繼續產生有吸引力的長期盈利增長。

Let me close out with some comments on our Q2 financial performance and outlook in advance of a comprehensive review of our next five years at our Investor Day on October 1.

在 10 月 1 日投資者日對我們未來五年進行全面回顧之前，請允許我對我們第二季的財務業績和前景發表一些評論。

Starting with FRE results. Fee-related revenues increased 11% quarter over quarter and 18% year over year, driven by solid growth across all three revenue streams. Management fees grew 3% and 8% respectively, driven by strong capital formation activity.

從 FRE 成績開始。在所有三個收入來源的穩健成長的推動下，與費用相關的收入環比增長 11%，年增 18%。在強勁的資本形成活動的推動下，管理費分別成長 3% 和 8%。

Capital Solutions fees, as you heard, exceeded $200 million in a quarter for the first time, reflecting strong growth across the board, a debt origination ecosystem that included a record quarter of high-grade corporate solutions activity.

正如您所聽到的，資本解決方案費用在一個季度首次超過 2 億美元，反映出全面強勁的成長，這是一個債務發起生態系統，其中包括創紀錄的季度高級別企業解決方案活動。

And fee-related performance fees, which are spread-based versus NAV based in our business, continued their upward trajectory. Driven by our credit business, including growth in ADS, these fees have a high degree of stability, and are now run rating at more than $200 million on an annualized basis.

在我們的業務中，與費用相關的績效費（基於利差而不是基於資產淨值）繼續呈上升趨勢。在我們的信貸業務（包括 ADS 成長）的推動下，這些費用具有高度穩定性，目前的年化評級超過 2 億美元。

Looking to the second half of the year, management fee growth should be aided by healthy organic and closer to Athene, fundraising activity in equity strategies and a deployment of capital we've already raised. We're currently sitting on a record $55 billion of management fee eligible AUM, of which approximately 80% is in yield and hybrid strategies which generate fees when the capital is invested.

展望今年下半年，管理費的成長應該受到健康的有機成長和更接近雅典娜、股權策略的籌款活動以及我們已經籌集的資本的部署的幫助。目前，我們擁有創紀錄的 550 億美元符合管理費資格的資產管理規模，其中約 80% 屬於收益和混合策略，這些策略在資本投資時會產生費用。

Given the robust results in capital solutions in the first half of the year, we expect full year fees to be stronger than originally expected inclusive of expectations for normalized fee revenue in the third and fourth quarters, supported by the by the very healthy pipeline that Marc referenced.

鑑於今年上半年資本解決方案的強勁業績，我們預計全年費用將強於最初的預期，包括第三季和第四季標準化費用收入的預期，這得到了 Marc 非常健康的管道的支持。

Turning to FRE expenses, the sequential increase in fee-related compensation resulted from continued investments in building out our capital formation and credit investing teams, as well as some pull through strong fee-related revenues to compensation.

就 FRE 支出而言，與費用相關的薪酬的連續增長是由於我們對資本形成和信貸投資團隊建設的持續投資，以及一些通過強勁的與費用相關的收入來獲得薪酬。

We also recognized a $15 million one-time item in non-comp expenses related to a fund merger that we previously commented on. Importantly, we're on track to grow total fee related expenses by a low double digit rate in 2024, inclusive of the onetime expense.

我們還確認了一項 1500 萬美元的一次性非補償費用項目，該項目與我們之前評論過的一項基金合併相關。重要的是，我們預計在 2024 年將費用相關總費用以兩位數的速度成長，其中包括一次性費用。

SRE, so moving onto retirement services, the fundamentals underpinning a themed business remain fully intact and very strong relative to the industry. Organic inflows continue to be robust, totaling totaling $17 billion in the second quarter and $37 billion year to date.

SRE，因此轉向退休服務，支撐主題業務的基本面仍然完好無損，並且相對於行業而言非常強勁。有機資金流入持續強勁，第二季總計 170 億美元，今年迄今總計 370 億美元。

We are benefiting from three of our four organic channels and leading market share in the US annuity market as well as strong secular tailwinds driving demand for retirement income solutions. The combination of our first half results and competitive positioning gives us continued confidence in reaching our $70 billion organic inflow target for the full year.

我們受益於我們的四個有機管道中的三個和美國年金市場領先的市場份額，以及推動退休收入解決方案需求的強勁長期順風。我們上半年的業績和競爭定位相結合，使我們對實現全年 700 億美元的有機資金流入目標充滿信心。

Profitability on new business has remained in line with targeted returns, both in terms of spread and ROE. Through our differentiated origination capabilities, we're able to invest new business volumes in attractive investments that generate excess spread through structure and illiquidity.

新業務的獲利能力在利差和股本回報率方面均與目標回報保持一致。透過我們差異化的發起能力，我們能夠將新業務量投資於有吸引力的投資，這些投資透過結構和流動性不足產生超額利差。

We've continued to deliver value so far this year, driven by deployment into directly originated investment grade credit of more than $10 billion with an attractive excess spread of approximately 200 basis points above comparably rated public corporate benchmarks.

今年迄今為止，我們繼續創造價值，這得益於直接投資超過 100 億美元的投資級信貸的部署，其超額利差比同等評級上市公司基準高出約 200 個基點，極具吸引力。

In terms of our Q2 financial results, adjusting for long-term expectations of 11% for the alternatives portfolio, the net spread with would have been 27 basis points higher. And on a comparable basis, the Q2 net spread was six basis points lower than Q1.

就我們第二季的財務表現而言，根據另類投資組合 11% 的長期預期進行調整，淨利差將高出 27 個基點。在可比較基礎上，第二季淨利差比第一季低 6 個基點。

There are three dynamics that influenced the spread performance. One, nearly $4 billion of highly profitable funding agreements issued during COVID market uncertainty and a low 2% cost of funds and invested at attractive spreads matured in Q2.

影響價差表現的因素有三種。第一，在新冠疫情市場不確定性期間發行的近 40 億美元高利潤融資協議以及 2% 的低資金成本並以有吸引力的利差投資於第二季到期。

Two, we strategically executed hedges primarily in Q1 and in Q2, to immunize earnings exposure to potential changes in interest rates, the cost of which is expected to be an approximate 5% headwind to earnings growth this year.

第二，我們主要在第一季和第二季策略性地執行了對沖，以使收益免受潛在利率變化的影響，預計其成本將對今年的收益成長造成約 5% 的阻力。

Three, we also allocated more than 40% of our first half purchases to corporate securities compared with 25% to 30% in 2023. And we experienced some back-weighted deployment activity dynamic we also experienced last quarter.

第三，我們也將上半年超過 40% 的購買量分配給了公司證券，而 2023 年這一比例為 25% 至 30%。我們在上個季度也經歷了一些反向加權的部署活動動態。

Considering these factors and their impact on the second half of the year, along with in-line business business performance. We expect our SRE growth rate for 2024 to be in the mid-single-digit percentage range, assuming 11% alternatives return.

考慮這些因素及其對下半年的影響，以及線內業務的經營績效。假設替代品回報率為 11%，我們預期 2024 年 SRE 成長率將在中個位數百分比範圍內。

We anticipate our net spread to be approximately 150 basis points on the same basis. For the back half, we expect Q3 SRE to be in line with Q2 before growth resumes in Q4 at a more normalized rate.

我們預計在相同基礎上我們的淨利差約為 150 個基點。對於下半年，我們預計第三季 SRE 將與第二季保持一致，然後第四季以更正常的速度恢復成長。

Turning to ADIP, integral to Athene's long-term success, we view the $6 billion fund raise for ADIP ll, the second vintage of our strategic third party capital sidecar, as further validation of Athene's attractive growth trajectory. This vehicle invest side by side of thing and new business, enabling Athene to scale in a capital efficient manner while providing an attractive risk adjusted return to fund investors.

談到ADIP，它是Athene 長期成功不可或缺的一部分，我們認為ADIP ll（我們戰略性第三方資本邊車的第二個階段）籌集的60 億美元資金進一步驗證了Athene 有吸引力的成長軌跡。這種工具與事物和新業務並行投資，使 Athene 能夠以資本有效的方式擴展，同時為基金投資者提供有吸引力的風險調整回報。

Organic growth at Athene continues to be very attractive in today's environment, equating to an approximate 20% return on equity to the HoldCo when accounting for spread earnings, management fees, and sidecar fees generated. We view the sidecar strategy as a true strategic differentiator as we look to penetrate the massive retirement services addressable market in front of us.

在當今的環境下，Athene 的有機成長仍然非常有吸引力，考慮到產生的利差收益、管理費和附加費，相當於控股公司的股本回報率約為 20%。我們將邊車策略視為真正的策略差異化因素，因為我們希望滲透到我們面前龐大的退休服務目標市場。

Before concluding, let me spend a moment on Athene's alts investments. Athene's alternatives portfolio is highly diversified and constructed and constructed to generate a hybrid like risk and return profile. Most of the portfolio is represented by AAA, which had a 9% return for Q2 and 10% over the last 12 months, inclusive of significant cash being held for future investments.

在結束之前，讓我花點時間談談 Athene 的另類投資。Athene 的另類投資組合高度多元化，旨在產生類似風險和回報的混合體。大部分投資組合以 AAA 為代表，第二季的回報率為 9%，過去 12 個月的回報率為 10%，其中包括為未來投資持有的大量現金。

The remainder of the portfolio is in several retirement services companies, including Athora, Catalina, Venerable and FWD, which are all strategic investments and important to our long-term growth, but which have underperformed the broader portfolio on a market valuation basis.

投資組合的其餘部分屬於幾家退休服務公司，包括Athora、Catalina、Venerable 和FWD，這些公司都是策略性投資，對我們的長期成長很重要，但在市場估值基礎上，它們的表現遜於更廣泛的投資組合。

With that, I'll turn the call back to the operator for Q&A.

這樣，我會將電話轉回接線生進行問答。

(operator instructions)

（操作員說明）

Glenn Schorr, Evercore ISI.

格倫·肖爾，Evercore ISI。

Thanks very much. I just wanted to get a clarifier on your your outlook. So you talked about what would impact the second half versus the first half on on the alternative net investment income, so I appreciate that. Is the back to double digit trend next year? I just want to be clear. Does that mean 2025, you hope to grow low double digits over what is the new thought process around 2024?

非常感謝。我只是想澄清一下你的看法。因此，您談到了下半年與上半年相比對另類淨投資收入的影響，所以我對此表示讚賞。明年會回到兩位數趨勢嗎？我只想說清楚。這是否意味著到 2025 年，您希望在 2024 年左右的新思維過程中實現低兩位數成長？

And you mentioned that includes an 11% return on volts, which was kind of half of that recently. Maybe you could help us with what produced the underperformance of Athora and Venerable? What seems like a good environment. Why are they not performing their normalized return? Thanks a lot.

您提到其中包括 11% 的電壓回報率，這只是最近的一半。也許你可以幫助我們解決阿索拉和尊者表現不佳的原因？看起來環境不錯。為什麼他們不執行標準化報酬？多謝。

So Glenn, the short answer is yes to what you've said. But we do anticipate growing double digits over the results for 2024. In the Alts book, as Martin was saying, we have two types of alts. One is the invested alts. Most of the industrial alts are inside of AAA, which is LTM 10-ish, just over 10. And that includes a substantial amount of cash, which is yet to be invested, which is being invested, which gives us great comfort that we'll beat 11.

格倫，對於你所說的，簡短的回答是肯定的。但我們確實預期 2024 年的業績將達到兩位數成長。正如馬丁所說，在 Alts 書中，我們有兩種類型的 alts。一是投資的替代品。大多數工業替代品都在 AAA 內，即 LTM 10 左右，剛超過 10。其中包括大量尚未投資、正在投資的現金，這讓我們非常放心，我們將擊敗 11。

In terms of the back and forth over the strategic investments, Catalina and FWD have not performed well and are basically flat. Athora and venerable in particular has been an awesome investment, but grew I don't want to say, 16% to 20% last year. You just don't get a straight line and Athora basically has been the same. It's been mid 10s rates of return, and this year it's up in the low single digits. So you do get some lumpiness quarter-to-quarter over the strategic alts.

從策略投資的來回來看，Catalina和FWD表現不佳，基本上持平。Athora 和 Veverable 尤其是一項很棒的投資，但我不想說，去年成長了 16% 到 20%。你只是沒有得到一條直線，而阿索拉基本上是一樣的。回報率一直在 10 多歲左右，今年則上升到了較低的個位數。因此，戰略替代品確實會在每季出現一些波動。

The other thing we're looking at is, and Martin mentioned this, you have a forward curve which talks about seven rate cuts. That is what we budget. And so we basically are going into an environment where we think we're going to earn low double digits against the backdrop of seven rate cuts. While we have dramatically reduced our exposure to rates, we have not fully immunize our exposure rates. So that is a little bit of a headwind, and we're taking that into account when we're giving you guidance. Hopefully that's helpful.

我們正在關注的另一件事是，馬丁提到了這一點，你有一條遠期曲線，其中談到了七次降息。這就是我們的預算。因此，我們基本上進入了一個環境，​​我們認為在七次降息的背景下我們將獲得低兩位數的收入。雖然我們已經大幅降低了風險敞口，但我們還沒有完全免疫我們的風險敞口。因此，這有點不利，我們在向您提供指導時會考慮到這一點。希望有幫助。

Alexander Blostein, Goldman Sachs.

亞歷山大·布洛斯坦，高盛。

Hey, Greg. Good morning, everybody. So Marc, private fixed income has been obviously a huge growth driver for Apollo over the last several years, and we spoke spoken extensively about that. More recently, I think you started to highlight opportunities you see to further expand Apollo's private equity capabilities, and I was hoping you could spend a couple of minutes on what that could look like sort of two, three years out.

嘿，格雷格。大家早安。馬克，私人固定收益顯然是過去幾年阿波羅的巨大成長動力，我們對此進行了廣泛的討論。最近，我認為您開始強調您看到的進一步擴大阿波羅私募股權能力的機會，我希望您能花幾分鐘討論兩三年後的情況。

I'm assuming you're going to spend quite a bit of time at the Investor Day, but maybe a bit of a preview would be helpful. And I guess looking at the more near term opportunities, Fund 10 seems to be quite active, as you highlighted. How does that inform your thinking about Fund 11? Thanks

我假設您會在投資者日花費相當多的時間，但也許進行一些預覽會有所幫助。我想從更近期的機會來看，Fund 10 似乎相當活躍，正如您所強調的那樣。這對您對 11 號基金有何看法？謝謝

So I'll do some of it, and then Scott will pick up as he corrects or fills in for what I screw up. Let's start with this. Private equity is the traditional business on which the alternative asset management has been built. It is a 40 year old business.

所以我會做一些，然後斯科特會糾正或填補我搞砸的地方。讓我們從這個開始。私募股權是另類資產管理的傳統業務。這是一家有40年歷史的企業。

Over the last decade, in particular, call it, 15 years, a lot of what has been produced was not the result of great investing, but it was the result of $8 trillion of money printing. Well, guess what? We stopped printing that magnitude of money, rates went up, and lots of people in the industry mistook good performance for actually a beta bet. We did not succumb to that.

特別是在過去的十年裡，也就是15年裡，所產生的許多東西並不是大規模投資的結果，而是8兆美元印鈔的結果。嗯，你猜怎麼著？我們停止印製那麼多錢，利率上升，業內很多人將良好的表現誤認為實際上是測試版賭注。我們沒有屈服於此。

We are not facing the headwinds that the general private equity industry is facing, and what I wanted to do is really call it out. The benefit of purchase price matters is you got to be on offense. In markets like this. You get to produce good returns.

我們並沒有面臨一般私募股權產業所面臨的逆風，我想做的就是真正大聲疾呼。購買價格問題的好處是你必須進攻。在這樣的市場中。您可以獲得良好的回報。

I personally think this sets us up well for Fund 11. We have to deliver it, though, Scott, I'll leave it to Scott to speculate on timing and other things, but I'm feeling incredibly good about what the team is doing at private equity. Fixed income replacement, which you also mentioned is happening, and I want to distinguish that from what people normally call private credit.

我個人認為這為我們的 11 號基金奠定了良好的基礎。不過，我們必須交付它，斯科特，我將把它留給斯科特來推測時間和其他事情，但我對團隊在私募股權方面所做的事情感到非常滿意。您也提到了固定收益替代正在發生，我想將其與人們通常所說的私人信貸區分開來。

Most of the usage of the term private credit refers to below-investment grade direct lending, which I actually think is a terrific business, but it is funded primarily out of the alternatives bucket as an alternative to equity allocations. What I'm talking about in fixed income replacement is primarily the replacement of public investment grade with private investment grade.

私人信貸一詞的大部分用法是指低於投資等級的直接貸款，我實際上認為這是一項很棒的業務，但它的資金主要來自替代品類別，作為股權配置的替代品。我所說的固定收益替代主要是用私人投資等級取代公共投資等級。

I mean, think about Intel as an example, Intel has bank debt. Intel has public bonds and now Intel has $11 billion of investment grade private credit. The fact that there is a rating agency helps investors arbitrate as to whether they prefer to be in the bank debt, the public investment grade or the private IG.

我的意思是，以英特爾為例，英特爾有銀行債務。英特爾擁有公債，現在英特爾擁有 110 億美元的投資等級私人信貸。事實上，評級機構的存在可以幫助投資者仲裁他們是否願意承擔銀行債務、公共投資等級或私人投資等級債務。

And the trends, if you think about what where money is needed in the world are the ones I cited there are three really long dated structured trends that are generally not appropriate for bank balance sheets, some of it will go to the public markets, but an awful lot of it will go to the private marketplace and most of it is IG.

如果你考慮我提到的世界上需要錢的地方，你會發現三種真正長期的結構性趨勢，通常不適合銀行資產負債表，其中一些會流向公開市場，但是其中很大一部分將進入私人市場，其中大部分是IG。

As an industry, we have basically built an entire industry out of the smallest bucket of our institutional clients. And what I was pointing out is that we as an industry and us in particular now have access to the next largest bucket, fixed income. We've never had access to it before. We're starting to get access to it.

作為一個產業，我們基本上是用機構客戶的最小桶子建構了整個產業。我要指出的是，我們作為一個行業，尤其是我們現在可以獲得下一個最大的收入來源，即固定收入。我們以前從未接觸過它。我們正在開始訪問它。

We will not be the only ones, but clearly, I believe that we are in the leading position to do this because we were forced to do it and have been doing it for 15 years for Athene and for the insurance industry. So we've gotten a huge headstart through the building of 16 platforms and everything else.

我們不會是唯一的，但顯然，我相信我們在這方面處於領先地位，因為我們被迫這樣做，並且已經為 Athene 和保險業這樣做了 15 年。因此，透過建立 16 個平台和其他一切，我們已經取得了巨大的領先優勢。

I am also pointing out that I believe we will at some point get access to the equity bucket of our institutional clients. 8,000 public companies is now 4,000 public companies. Most of our investors and invest in public equities through indexation. 10 companies are 35% of the S&P. Four companies determine 100% of their returns.

我還指出，我相信我們將在某個時候獲得機構客戶的股權。 8,000 家上市公司現在是 4,000 家上市公司。我們的大多數投資者透過指數化投資公共股票。 10家公司佔標準普爾指數的35%。四家公司確定其 100% 的回報。

I'm not sure that that's how they really thought their public equity portfolio is. 80% of companies over $100 million of revenue, a private, 80% of employment is private. I believe that we will see investors on equity that is private, which to me in addition to owning private equity, the distinction being leveraged.

我不確定他們是否真的認為他們的公共股權投資組合是這樣的。 80%的公司收入超過1億美元，是私人的，80%的就業機會是私人的。我相信我們會看到私募股權的投資者，對我來說，除了擁有私募股權之外，差異還在於槓桿。

What is private equity at the end of the day? It is equity. With active management, in this case, active management defined as control of companies with leverage added to fit into a required high return of the alternatives bucket without the leverage maybe the new form of active management is the active running of companies rather than the active buying and selling of stocks.

到底什麼是私募股權？這是股權。在主動管理中，在這種情況下，主動管理被定義為透過添加槓桿來控制公司，以適應沒有槓桿的替代品桶所需的高回報，也許主動管理的新形式是公司的主動經營，而不是主動購買和出售股票。

We've built a business that we call hybrid. That is a $50 billion plus business for us today, and I will be on a percentage basis, will be our fastest growing business, because the equity bucket is as yet untapped and it is the largest bucket of our institutional clients. The thing that's here and now fixed income replacement, thing that I think we look forward to equity replacements.

我們建立了一個稱為混合業務的業務。對我們今天來說，這是一筆超過 500 億美元的業務，以百分比計算，這將是我們成長最快的業務，因為股權類別尚未開發，而且是我們機構客戶中最大的類別。現在的固定收益替代，我認為我們期待股票替代。

I think Marc, Marc said that well. Going back to your question around our private equity business, you're right, deployment is going very well there as I alluded to in my comments the market we're in right now is really the sweet spot for Apollo private equity deployment, and we see that continuing regardless of what that the Fed may do that in a quarter or two.

我認為馬克，馬克說得很好。回到你關於我們私募股權業務的問題，你是對的，正如我在評論中提到的那樣，我們現在所處的市場確實是阿波羅私募股權部署的最佳點，而且我們無論美聯儲在一兩個季度內可能採取什麼行動，這趨勢都會持續下去。

So as we look at just deployment pacing, I would expect by the end of next year Fund 10 will be largely deployed and will be will be kicking off fundraise for Fund 11. So that should give you a sense of the timeline there.

因此，當我們只考慮部署節奏時，我預計到明年年底，基金 10 將大部分部署，並將開始為基金 11 籌款。這應該能讓你了解那裡的時間軸。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

Hi, good morning, everyone. Marc, at a conference a couple of months ago. I think you hinted that a partnership like the KK Capital Group 1 is on the come with two hybrid illiquid liquid products planned for launch this year. Do you have any update on the progress there and when you expect to actually have products like that in the market? Thank you.

嗨，大家早安。馬克，幾個月前在一次會議上。我想您曾暗示，像 KK Capital Group 1 這樣的合作夥伴即將推出，計劃於今年推出兩種混合非流動性產品。您是否了解該領域的最新進展以及您預計何時在市場上真正擁有此類產品？謝謝。

The answer is yes, I still am confident that we are on track, and you will see the first product in the market in Q3 and where I'm hoping the second product will be in the market in Q4. I'm going to give you a little, I'm going to answer more than you want because I think it's important to explain in the business.

答案是肯定的，我仍然相信我們正在步入正軌，您將在第三季度看到市場上的第一個產品，我希望第二個產品將在第四季度上市。我會給你一些，我會回答比你想要的更多的問題，因為我認為在業務中解釋很重要。

One of the things we have to decide as an industry is whether we are limited by origination capacity or not. Historically, I have thought we've been a small in this, let's say, this way, we've been a small industry. We've never thought about a limitation to our growth as the capacity to originate. We've always thought about money raising has the capacity to it.

作為一個行業，我們必須決定的事情之一是我們是否受到原創能力的限制。從歷史上看，我一直認為我們在這方面一直是個小產業，這麼說吧，我們一直都是一個小產業。我們從未考慮過將我們的成長限制為創新能力。我們一直認為籌集資金有能力。

I believe as the firms have matured, the limitation to our growth is essentially our ability to originate really good assets. We're finding this in fixed income. Every really good asset we originate has a home.

我相信，隨著公司的成熟，我們成長的限製本質上是我們創造真正優質資產的能力。我們在固定收益中發現了這一點。我們創造的每一項真正優秀的資產都有一個家。

Okay. We did really well for the quarter was $50 billion. That's great. We have to think about these partnerships as additive to our franchise, not in place of our franchise. If I'm right, that origination is in fact the core -- the key limitation to growth.

好的。我們這個季度的表現非常好，銷售額達到 500 億美元。那太棒了。我們必須將這些合作關係視為我們特許經營權的補充，而不是取代我們的特許經營權。如果我是對的，那麼起源實際上是核心——成長的關鍵限制。

First, we have to scale origination as much as we can responsibly in the context of our culture. And second, we have to not get excited by the shiny dot of distributing to third parties and not getting full fees for assets we otherwise wouldn't want to get full fees from by sharing them.

首先，我們必須在我們的文化背景下盡可能負責任地擴大原創規模。其次，我們不能因為分配給第三方而無法獲得資產的全額費用而感到興奮，否則我們不想透過共享資產來獲得全額費用。

That is how we approach these partnerships. I think you will see not just for the partnerships that I've alluded to. I think you will see lots of partnerships this year. All of the big firms have a seat at the table in a right to participate in this because they originate somewhat uniquely. You are going to see lots of interesting alignments.

這就是我們處理這些夥伴關係的方式。我認為您不僅會看到我提到的合作關係。我認為今年您會看到很多合作關係。所有大公司都有權利參與其中，因為它們的起源有些獨特。你會看到很多有趣的排列。

If you think about what's happening in asset management, more generally, active management traditionally defined has had a relatively tough decade. It has not outperformed the broader index for a very substantial portion of its time. Each of those active managers is undergoing their own strategy review.

如果你想想資產管理領域正在發生的事情，更一般地說，傳統上定義的主動管理經歷了相對艱難的十年。在相當長的一段時間裡，它的表現並沒有跑贏大盤指數。每位主動式管理基金經理人都在進行自己的策略審查。

In some cases, they are buying alternative managers. And in other cases, they are partnering. This to me is one of the most exciting pieces of our business because we, as an industry, not just Apollo, we will reach family offices directly. It makes sense to cover them.

在某些情況下，他們會購買替代經理。在其他情況下，他們正在合作。對我來說，這是我們業務中最令人興奮的部分之一，因為我們作為一個行業，而不僅僅是阿波羅，我們將直接接觸家族辦公室。覆蓋它們是有意義的。

They're just institutions. We will reach really high-net worth served by the Global Wealth systems and RIAs. We will not as an industry build the infrastructure required to reach the vast, vast majority of investors who are already well served by traditional asset managers.

他們只是機構。我們將透過全球財富系統和 RIA 實現真正的高淨值。作為一個行業，我們不會建立覆蓋絕大多數投資者所需的基礎設施，而這些投資者已經得到了傳統資產管理公司的良好服務。

I believe our role is, as Scott alluded to to be a parts provider for those pieces of our product that we can originate and we like having the excess and to be a joint venture partner. And I can't tell you exactly how it is going to align, but it is one of the more interesting parts of our business right now. It is on track relative to my comment.

我相信我們的角色是，正如斯科特所提到的那樣，成為我們可以生產的產品的零件供應商，我們喜歡擁有多餘的部分並成為合資夥伴。我無法確切地告訴你它將如何協調，但這是我們目前業務中更有趣的部分之一。相對於我的評論，它正在步入正軌。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Good morning. Thanks for taking my question. Marc, you spoke to lumpiness quarter-over-quarter or in some of the strategic investments that you guys have in your old business, which is totally understandable. But given these are strategic investments, I think it would be really helpful to understand some of the sources of the weakness within these firms.

早安.感謝您提出我的問題。馬克，你談到了季度環比的波動性或你們對舊業務的一些戰略投資，這是完全可以理解的。但鑑於這些是策略性投資，我認為了解這些公司內部弱點的一些根源確實很有幫助。

And it hasn't really it's my understanding that some of the weakness in those insurance properties, earnings has not just been like a one or two quarter phenomenon. And actually, that Catalina has been losing money.

據我了解，這些保險資產、收益的一些疲軟並不只是一兩個季度的現象。事實上，卡塔琳娜一直在賠錢。

So could you speak to what I has caused the weakness, what is going to result in that weakness reversing? And whether or not there's any active efforts on Bihar on behalf of Apollo and Athene to help to support those earnings going forward. Thank you.

那你能談談我造成這種弱點的原因嗎？以及阿波羅和雅典娜是否在比哈爾邦積極努力幫助支持這些未來的收入。謝謝。

Okay. So this will be -- I'm not going to use the this call because it would take the whole call to go through it, but I will encourage Jim Belardi and team and their fixed income call to do a little more detail and really go through it and gets you what you need. But I think where we need to do is we need to look over a period of time.

好的。所以這將是——我不會使用這個電話會議，因為這需要整個電話會議才能完成，但我會鼓勵 Jim Belardi 和團隊以及他們的固定收益電話會議做更多細節並真正進行下去通過它並為您提供所需的東西。但我認為我們需要做的是我們需要審視一段時間。

Venerable has been an extraordinarily profitable investment. I don't have the stats in front of me. But by memory, it is like 20% return over a long period of time. The business has volatility, and so we end up with very high returns in some quarter. There is nothing fundamentally wrong of venerable. It's all doing great.

Venerable 是一項非常有利可圖的投資。我面前沒有統計數據。但據我記憶，長期來看，報酬率約 20%。該業務具有波動性，因此我們最終在某個季度獲得了非常高的回報。尊者並沒有什麼根本的錯誤。一切都進展順利。

Challenger, public company had a big run-up and then has been flat, but overtime has been just fine. Athora had a big run-up and is now just flat and has been fine over time. Catalina, as you said, has been weak. Catalina is in the P&C close-out business. We decided that from a capital return, notwithstanding recent activity, we did not like the long-term trends of that business.

上市公司挑戰者號經歷了一次大幅上漲，然後一直持平，但加時賽表現還不錯。阿索拉（Athora）有一個很大的提升，現在只是持平，並且隨著時間的推移一直很好。正如你所說，卡特琳娜一直很弱。Catalina 從事財產保險清倉業務。我們認為，從資本回報來看，儘管最近有一些活動，但我們不喜歡該業務的長期趨勢。

So we are in the process of transitioning Catalina from its traditional business of old block P&C to simply being a sidecar for Athene. Catalina has a very attractive capital benefit for doing business in annuity through diversification benefits and otherwise.

因此，我們正在將 Catalina 從其舊的區塊 P&C 傳統業務轉型為 Athene 的邊車。Catalina 透過多元化收益等方式開展年金業務，具有非常有吸引力的資本利得。

Catalina is a relatively small investment, and you should expect Catalina to be wound down over the next two years. If I step back, a little bit of what's going on here is a strategical -- is a legacy from the point in time that Apollo and Athene were not fully aligned.

Catalina 是一項相對較小的投資，您應該預期 Catalina 將在未來兩年內逐步減少。如果我退後一步，這裡發生的一些事情是戰略性的——是阿波羅和雅典娜尚未完全一致時留下的遺產。

When Athene was its own entity and Apollo owned a third, it made sense that all the strategic stakes were held within the insurance company so that all the insurance company activity was held in a regulated entity.

當 Athene 是自己的實體，而 Apollo 擁有第三個實體時，所有策略股權都由保險公司持有，因此保險公司的所有活動都由受監管的實體持有，這是有道理的。

Since the merger, now we own 100%, many of these stakes should probably have been held in the same way we hold MOTIV or Sophie Nova or something else as balance sheet investments of Apollo.

合併後，現在我們擁有 100% 的股份，其中許多股權可能應該像我們持有 MOTIV 或 Sophie Nova 或其他資產一樣，作為 Apollo 的資產負債表投資。

And so what you're watching is a little bit in this quarter, a frustration on our part because on the one hand, the vast majority of the alts portfolio is doing exactly what it's supposed to do, and you're watching the lumpiness in some of the strategic stakes. The only strategic stake that is not performing where it is, is Catalina, and it's a relatively small stake and is in the process of transitioning its business, and that's what's going on in Catalina.

因此，您在本季度看到的情況有點令人沮喪，因為一方面，絕大多數替代投資組合都在做它應該做的事情，而您看到的是一些戰略利益。唯一表現不佳的策略股權是 Catalina，它的股權相對較小，並且正在轉型其業務，這就是 Catalina 正在發生的情況。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks. Good morning, everyone. I was actually just curious on the prepared comments that the liability outflows in retirement, I think we're going to stay elevated in the third quarter driven by funding agreements, because in the fixed income presentation that you guys update every quarter, it looked like they'd be elevated in the second quarter, which they were, but they were going to step down in 3Q. So I'm just wondering kind of why the difference.

謝謝。大家早安。我實際上只是對準備好的評論感到好奇，即退休後的負債流出，我認為在融資協議的推動下，我們將在第三季度保持較高的水平，因為在你們每個季度更新的固定收益報告中，它看起來像他們會在第二季度得到提升，確實如此，但他們將在第三季度下降。所以我只是想知道為什麼會有這種差異。

I don't think there is a difference. I think you misheard. I think that we were saying that there is extraordinary levels of profitability associated with business that is terminating in the quarter rather than there will be deviations from the schedule. The schedule, as you know, we are pretty much on schedule and we expect to be on schedule.

我認為沒有什麼區別。我想你聽錯了。我認為我們是在說與本季終止的業務相關的獲利水準非常高，而不是與計劃有偏差。日程安排，如您所知，我們幾乎按計劃進行，並且我們希望能夠按計劃進行。

Yes, it's Craig. It's the run rate impact, principally. The reason we've been so transparent in publishing our expected future maturities across the portfolio is to provide that guide. And if you look at actual experience relative to expectations, it's right on top of this quarter going back in time. and obviously, we expect that to be the case going forward.

是的，這是克雷格。主要是對運轉率的影響。我們之所以如此透明地發布整個投資組合的預期未來到期日，就是為了提供這項指引。如果你看看相對於預期的實際體驗，你會發現它正好位於本季的頂部。顯然，我們預期未來的情況也會如此。

Michael Cyprus, Morgan Stanley.

麥可‧塞浦路斯，摩根士丹利。

Hey, good morning. Thanks for taking the question. Just wanted to ask about Asia. I know that's come up on prior calls and conversations, just as a meaningful opportunity set for you. I was hoping maybe you can update us on your initiatives over there overseas in Asia, remind us of your footprint there?

嘿，早安。感謝您提出問題。只是想問一下亞洲的情況。我知道之前的電話和談話中都會提到這一點，就像為您設定的一個有意義的機會一樣。我希望您能向我們介紹您在亞洲海外的舉措的最新情況，提醒我們您在那裡的足跡嗎？

How you see the opportunity set unfolding? Which particular countries you're most excited about? And in particular, I'd just be curious for any updated color on what you see evolving in Japan and the opportunity there. Thank you.

您如何看待正在出現的機會？您對哪些國家最感興趣？特別是，我很好奇您所看到的日本的發展以及那裡的機會的最新動態。謝謝。

Sure it's Scott. Yeah, no, as we've alluded to in prior quarters, our Asia business continues to grow pretty substantially, albeit from a from a small base starting a couple of years ago. Today, we have close to a couple of hundred employees on the ground in Asia across a number of different countries and a number of different asset classes. Just walking through, I would say from a PE perspective, we have really made a lot of progress in Japan.

當然是斯科特。是的，不，正如我們在前幾個季度提到的那樣，我們的亞洲業務繼續大幅增長，儘管是從幾年前開始的小規模增長。如今，我們在亞洲擁有近數百名員工，分佈在多個不同國家和多個不同資產類別。簡單來說，從PE的角度來看，我們在日本確實取得了巨大的進步。

We've now announced and executed about four or five transactions over the last couple of years in Japan and have really established our presence there, most recently, just the deal announced a couple of months ago.

在過去幾年裡，我們已經在日本宣布並執行了大約四到五筆交易，並真正確立了我們在那裡的地位，最近的交易是幾個月前宣布的。

So really like what we see from that market from a PE perspective. Other markets for PE, India and Australia would be where we're at focus for private equity. Other things we're doing across Asia. We're building out our insurance capabilities.

所以真的很喜歡我們從私募股權角度看到的市場。其他私募股權市場、印度和澳洲將是我們私募股權投資重點關注的市場。我們在亞洲所做的其他事情。我們正在增強我們的保險能力。

So whether it's through flow agreements and reinsurance agreements in Japan. As you know, some stakes in companies in Australia in Hong Kong. We continue to penetrate there, both on the on the liability side as well as asset management side for numerous Asian insurance companies that are that are looking for you to improve returns for their portfolios.

因此，無論是透過日本的流量協議或再保險協議。大家知道，澳洲公司的一些股權在香港。我們繼續滲透到那裡，無論是在負債方面還是在資產管理方面，為眾多正在尋找您來提高其投資組合回報的亞洲保險公司提供服務。

And then on the credit side, we're continuing to scale really Pan Asia as a a real opportunity, as Marc alluded to in his comments, just the need for for a thoughtful long dated credit capital there is huge. And so that business continues to scale.

然後在信貸方面，我們將繼續擴大汎亞地區的規模，將其視為一個真正的機會，正如馬克在評論中提到的那樣，那裡對深思熟慮的長期信貸資本的需求是巨大的。因此業務不斷擴大。

So overall, you know, we're being very methodic, very true to the Apollo value orientation strategy. Safe secured strategy, but there's real opportunity, we can continue to scale it. So it's right now it's, call it in the 5% to 10% of Apollo dollars. That's Apollo continues to grow at the rate it's growing, that percentage will probably remain constant, but continue to grow dollar-wise.

所以總的來說，我們非常有條理，非常忠於阿波羅的價值導向策略。安全的策略，但有真正的機會，我們可以繼續擴展它。所以現在就是這樣，稱之為阿波羅美元的 5% 到 10%。這就是阿波羅繼續以其成長速度成長，這個百分比可能會保持不變，但從美元角度來看會繼續成長。

Kenneth Worthington, JPMorgan.

肯尼斯‧沃辛頓，摩根大通。

Hi, this is Alex Bernstein on for Ken. Thanks so much for taking our questions. We wanted to double-click on the Intel transaction. You've obviously done other similar large-scale deals. Some of the examples such as AT&T and Air France come to mind. But this was obviously quite a bit bigger.

大家好，我是亞歷克斯伯恩斯坦（Alex Bernstein）為肯代言。非常感謝您回答我們的問題。我們想雙擊英特爾交易。顯然您還做過其他類似的大型交易。我想到了 AT&T 和法國航空等一些例子。但這顯然要大一些。

So I think we wanted to double click and get a better understanding of how the transaction came together? How it may differ from some of the other ones? Or what made some of the lessons learned from the prior ones be?

所以我認為我們想要雙擊並更好地了解交易是如何結合在一起的？它與其他一些有何不同？或者說，從先前的經驗教訓中學到的一些教訓是什麼？

And then from a P&L perspective, to what extent it flows through the 2Q results that you reported, notably on the capital markets business side? If you can provide maybe a concept of just how big of the impact there was there obviously, record returns. And then perhaps what else we can look to expect from from Q3 from this transaction? Thanks much.

然後從損益表的角度來看，它在多大程度上影響了您報告的第二季業績，特別是在資本市場業務方面？如果你能提供一個概念，說明明顯的影響有多大，創紀錄的回報。那麼，也許我們還可以從第三季的交易中期待什麼？非常感謝。

Yeah. So to talk about the transaction, while you're right, Intel is a bigger transaction than some of the previous ones we've announced. The way it comes together in the way it operates is actually very consistent with how we approach this hybrid capital solution activity, right?

是的。因此，談到這筆交易，雖然你是對的，但英特爾的交易比我們之前宣布的一些交易更大。它的運作方式實際上與我們處理混合資本解決方案活動的方式非常一致，對嗎？

It is really to serve these type of large blue chip companies, you really have to bring all the resources of the firm to bear from the relationships that may exist across the firm, whether it's private equity or credit or otherwise, are our structuring capabilities, or underwriting capabilities, or syndication capability.

確實是為了服務這些類型的大型藍籌公司，你真的必須把公司所有的資源都用來承擔整個公司可能存在的關係，無論是私募股權還是信貸還是其他，這是我們的結構能力，或承銷能力，或銀團能力。

So on a transaction like Intel, probably, if I had to guess something like 50 different folks across the firm touch that transaction as it was coming together over a period of several months. So these are not sort of desks trades, if you will, the way a small middle market, private credit might might happen. These are it really big undertakings that only firms like Apollo with the breadth of capabilities and relationships that could really do.

因此，對於像英特爾這樣的交易，如果我必須猜測，公司內大約 50 個不同的人可能會接觸該交易，因為該交易是在幾個月的時間內完成的。因此，如果你願意的話，這些交易並不是小型中間市場、私人信貸可能發生的那種桌面交易。這些都是非常艱鉅的任務，只有像阿波羅這樣擁有廣泛能力和關係的公司才能真正做到。

From a scale standpoint, while it's it was large, these are -- given the magnitude of what's transpiring and whether it's the digital infrastructure build-out, the globalization and the amount of of infrastructure that has to be rebuilt across the globe, the energy transition and all of the capital required there. This is becoming more the norm of the types of dialogues that we're having.

從規模的角度來看，雖然規模很大，但考慮到正在發生的事情的規模，以及數位基礎設施建設、全球化以及全球範圍內需要重建的基礎設施數量、能源過渡以及那裡所需的所有資本。這正變得越來越成為我們正在進行的對話類型的常態。

So I think you're going to see more and more of this type of scale or potentially even larger. And so again, only a very small number of firms can consent stand up and speak to that type of capital. And as you start to deal with companies like the ones you mentioned, right, counterparties or counterparties matter. These are highly structured transactions what are, in essence, partnerships, and so who these companies are partnering with to get these transactions done really matters.

所以我認為你會看到越來越多的這種規模，甚至可能更大。同樣，只有極少數公司願意站出來與這類資本對話。當你開始與你提到的那些公司打交道時，交易對手或交易對手很重要。這些都是高度結構化的交易，本質上是合作夥伴關係，因此這些公司與誰合作完成這些交易確實很重要。

Bardley Hays, TD. Cowen.

巴德利·海斯，TD。考恩.

Hi, it's Bardley on for Bill Katz. You spoke a bit about origination driving capital solution sales. Could you give us a bit more color on the step-up in originations in the quarter and in particular, how the non-US origination opportunity contributed to that and how we should be thinking about the go forward slash pipeline?

大家好，我是比爾·卡茨的巴德利。您談到了推動資本解決方案銷售的發起。您能否給我們更多關於本季發起量成長的信息，特別是非美國發起機會如何促成這一點，以及我們應該如何考慮前進斜線管道？

So I'll do a little bit and then I'll hand it over to Scott. So if you think about what we've done and you think about the world, we've done something for Sony. We've now told corporate Japan that this is an opportunity AB InBev, we've now told corporate Europe, Northern Europe we're open for business. Air France. We've now told that France we're open for business. Vonovia, Germany, told them we're open for business. Intel told technology and next-generation infrastructure were open for business, AT&T, open for business.

所以我會做一點，然後把它交給斯科特。因此，如果你想想我們所做的事情以及世界，我們已經為索尼做了一些事情。我們現在告訴日本企業界，這是百威英博的一個機會，我們現在告訴歐洲、北歐企業界，我們將開放業務。法國航空。我們現在已經告訴法國我們已恢復營業。德國沃諾維亞告訴他們我們已經開門營業。英特爾表示，技術和下一代基礎設施已向商業開放，而 AT&T 已向商業開放。

What's happening is we are creating and watching the creation of a new market. The new market is being created, not just on the investor side where investors are actually considering fixed income replacement. It is happening on the issuer side. Rather than the issuer having a choice between bank debt and 10-year corporate bonds, the issuance now just has a third choice. We will not do every transaction.

正在發生的事情是我們正在創造並觀察新市場的創造。新市場正在創建，而不僅僅是在投資者方面，投資者實際上正在考慮固定收益替代品。它發生在發行人一方。發行人不再可以在銀行債務和10年期公司債之間做出選擇，而是現在只有第三個選擇。我們不會做每筆交易。

But the point is in the scale of the opportunity relative to the size of our business, we are watching accelerating growth. You will always be lumpy. You always get the one big one in the quarter. But as a build as a general trend line, we are watching it private as a solution for capital needs take hold, and I like the way the strategy is shaping up. Governments around the world are going to borrow an awful lot of money over the next 10 years. We are going to have crowding.

但關鍵是機會的規模相對於我們的業務規模而言，我們正在觀察加速成長。你將永遠是凹凸不平的。你總是會在本季度得到一個大的。但作為整體趨勢線的構建，我們正在將其私有化作為滿足資本需求的解決方案，我喜歡該策略的形成方式。未來十年，世界各國政府將借入大量資金。我們將會出現擁擠。

Banks are being asked directly or indirectly to stick to that, which is more matched to the shorter term funding base. And they are generally not the right home for really long-dated capital. That leaves only two choices because capital -- credit at our economy comes from only two places. It comes from the banking system or the investment marketplace.

銀行被直接或間接要求堅持這一點，這更適合短期融資基礎。而且它們通常不是真正長期資本的合適歸宿。這只剩下兩個選擇，因為我們經濟中的資本信貸只來自兩個地方。它來自銀行系統或投資市場。

In the investment marketplace. It can come from the public daily liquid market or it can come from the private match funded market. Not everything is going to end up in the private match-funded market, but an awful lot is going to, particularly given the three big drivers of capital.

在投資市場上。它可以來自公共日常流動性市場，也可以來自私人匹配資金市場。並非所有東西都會最終進入私人匹配融資市場，但許多東西都會進入私人匹配融資市場，特別是考慮到資本的三大驅動因素。

And just to your specific question, the -- I mean, it should come as no surprise. We've been for the last two years, we've been talking about how the single most important thing we've been doing is scaling our origination capabilities in breadth and geography and category.

對於你的具體問題，我的意思是，這應該不足為奇。在過去的兩年裡，我們一直在討論我們一直在做的最重要的事情是如何擴展我們在廣度、地理和類別方面的原創能力。

And that's exactly what we have been doing. And an offshoot or ancillary item to origination is ACS and some of the excess that we don't consume across our control balance sheets, go through that go through that ACS system.

這正是我們一直在做的事。ACS 是起源的一個分支或輔助項目，我們在控制資產負債表中未消耗的一些多餘部分將透過該 ACS 系統進行處理。

And so we've similarly been building our capabilities there. And if you look at our ACS P&L, it's represented by literally hundreds of transactions. As Marc alluded to, once a quarter, there are one or two big ones, but the vast majority of what's flowing through that are just smaller trades that are build up to the build up of our quarterly earnings there. And then that's what you're seeing.

因此，我們也同樣在那裡建立我們的能力。如果您查看我們的 ACS 損益表，您會發現它由數百筆交易代表。正如馬克所提到的那樣，每個季度都會有一兩個大交易，但其中絕大多數只是較小的交易，這些交易是為了增加我們的季度收益而建立的。然後這就是你所看到的。

We continue to invest in both the origination and the ACS side of our business, and we'll continue to invest in those areas because that really is the engine room, if you will, of everything else that we're talking about on the Apollo platform.

我們將繼續投資於我們業務的起源和 ACS 方面，並且我們將繼續投資於這些領域，因為如果你願意的話，這確實是我們在阿波羅號上討論的其他所有內容的引擎室平台。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning and thanks for fitting me in here, again. I want to just ask on the capital markets fees, you alluded to a very strong back half of the year. I don't know if it's too early to ask, but any color on what 2025 looks like? I don't know if the pipeline kind of stretches out that far.

你好，早安，謝謝你再次讓我來到這裡。我想問一下資本市場費用，您提到下半年非常強勁。我不知道現在問是不是太早了，但是 2025 年會是什麼樣子？我不知道管道是否會延伸那麼遠。

I guess what I'm trying to get a sense of a -- or better understanding of is to what degree does the back half of this year look like an explosion of sort of pent-up demand versus a return to normal and what that might mean for the fiscal '25? Thank you.

我想我想要了解——或者更好地理解的是，今年下半年被壓抑的需求在多大程度上爆炸，而不是恢復正常，以及可能會發生什麼25 財年意味著什麼？謝謝。

Ben, it's Martin. So we -- the visible pipeline of business is about two quarters ahead, which which you would probably expect. The business continues to grow. We're building our capabilities, geographies, awareness around the products and aligning the sort of supply, if you like, with demand for that. And so -- and as you recall, from the from the origination and platform spotlight day we did almost a year ago, there are there are multiple homes for for everything we originate.

本，是馬丁。因此，我們 - 可見的業務管道大約提前兩個季度，這可能是您所期望的。業務持續成長。我們正在圍繞產品建立我們的能力、地理和意識，並根據需求調整供應類型（如果您願意的話）。因此，正如您所記得的那樣，從我們大約一年前的發起和平台聚光燈日開始，我們發起的所有東西都有多個家。

Part goes to Athene, to it's investment grade portfolio, pie goes to third-party LPs through through funds or managed accounts for which we earn a management fee and pie goes to capital solutions for which we earn a transaction fee. So that makes that sort of equilibrium, if you like, holds.

部分流向 Athene，其投資級投資組合，餡餅透過基金或管理帳戶流向第三方有限合夥人，我們從中賺取管理費，餡餅流向資本解決方案，我們從中賺取交易費。因此，如果你願意的話，這種平衡是成立的。

And as we grow the supply side, we can grow the demand side. But we would expect the business to continue ramping from here to answer your question briefly. It's an ecosystem. We have an advantage. It continues to build, and we're very enthusiastic about the growth from here.

當我們擴大供給面時，我們就可以擴大需求面。但我們預計業務將繼續成長，以簡要回答您的問題。這是一個生態系統。我們有優勢。它仍在不斷發展，我們對這裡的成長充滿熱情。

Thank you. That concludes the Q&A portion of today's call. I will now return the floor to Noah Gunn for any additional or closing comments.

謝謝。今天電話會議的問答部分到此結束。現在我將返回諾亞岡恩以徵求任何補充或結束意見。

Great. Thanks again for joining our call this morning. As usual, if you have any questions about anything we discuss on the call, feel free to follow up with us. And we look forward to hosting you and are very excited for you to join us for our Investor Day on October 1. Thank you.

偉大的。再次感謝您今天早上加入我們的電話會議。像往常一樣，如果您對我們在電話中討論的任何內容有任何疑問，請隨時與我們聯繫。我們期待您的光臨，並非常高興您能參加我們 10 月 1 日的投資者日。謝謝。

Thank you. That does conclude today's teleconference. We appreciate your participation and you may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與，此時您可以斷開線路。