BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Brookfield Asset Management First Quarter 2021 Results Conference Call. Please be advised that today's conference is being recorded.

女士們先生們，感謝你們的支持。歡迎參加布魯克菲爾德資產管理公司 2021 年第一季度業績電話會議。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Ms. Suzanne Fleming, Managing Partner. Thank you. Please go ahead.

現在我想將會議交給今天的發言者，管理合夥人蘇珊·弗萊明女士。謝謝。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Brookfield's First Quarter 2021 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, our Chief Financial Officer; and Stewart Upson, Head of our business in Asia Pacific.

謝謝接線員，大家早上好。歡迎參加 Brookfield 2021 年第一季度電話會議。今天參加電話會議的是我們的首席執行官 Bruce Flatt；尼克·古德曼，我們的首席財務官；以及我們亞太區業務主管斯圖爾特·厄普森 (Stewart Upson)。

Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter and finally, Stewart will give an update on our business in APAC. After our formal comments, we'll turn the call over to the operator and take analyst questions.

Bruce 將首先介紹業務最新情況，隨後 Nick 將討論我們本季度的財務和運營業績，最後 Stewart 將介紹我們在亞太地區業務的最新情況。在我們提出正式意見後，我們會將電話轉給接線員並回答分析師的問題。

I'd like to remind you that in today's comments, including and responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. securities laws. These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks, and future events and results may differ materially from such statements.

我想提醒您，在今天的評論中，包括回答問題以及討論新舉措以及我們的財務和運營業績時，我們可能會做出前瞻性聲明，包括適用的加拿大和美國法律含義內的前瞻性聲明。證券法。這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類聲明存在重大差異。

For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。

And with that, I'll turn the call over to Bruce.

這樣，我就把電話轉給布魯斯。

Thank you, Suzanne, and hello to everyone on the call. We started the year with strong results. We are in record levels of both FFO and distributable earnings. What a difference sometimes a year makes. Results benefited from strong operating results across our businesses, supplemented by significant gains from asset sales and carry realized in the quarter. We made progress in executing on our capital recycling initiatives and generated substantial gains for shareholders and clients. Nick will touch on a number of these items in more detail in his remarks.

謝謝你，蘇珊娜，並向通話中的每個人問好。我們以強勁的業績開始了這一年。我們的 FFO 和可分配收益均處於創紀錄水平。有時一年的時間會產生多大的變化。業績得益於我們各業務部門強勁的運營業績，以及本季度實現的資產銷售和利差帶來的顯著收益。我們在執行資本回收計劃方面取得了進展，為股東和客戶帶來了可觀的收益。尼克將在他的講話中更詳細地談到其中的一些內容。

Looking at the market environment, it is clear that we're in a recovery phase in most countries around the world as each progresses their vaccine rollouts and emerges from lockdowns. The snapback of recovery is pleasing to observe. Some countries are recovering faster than others, I would note, the United States, the U.K., Australia and many countries within Asia, which Stewart will talk about. And we're encouraged to see these countries begin to return to a normalcy. I was personally in a number of cities last week across the United States, and I can attest to travel starting back strong and retail demand recovering.

從市場環境來看，很明顯，世界上大多數國家都處於復蘇階段，每個國家都在推進疫苗推廣並擺脫封鎖。復甦的迅速恢復令人高興。我要指出的是，一些國家的複蘇速度比其他國家快，包括美國、英國、澳大利亞和亞洲許多國家，斯圖爾特將談到這一點。我們很高興看到這些國家開始恢復正常狀態。上週我親自去過美國的許多城市，我可以證明旅行開始強勁，零售需求也在復蘇。

Today, we have Stewart Upson with us, as Suzanne mentioned. He's our Managing Partner and Regional Head of Asia Pacific, responsible for overseeing activities in that region. He will provide an update on our operations in the region, opportunity set we're seeing today, an insight into what we are seeing in each of those various economies. Stewart stayed up most of the night to be able to speak to you as he's currently in Sydney. So thank you, Stewart, and we hope all of you on the call will benefit in some way from his comments.

正如蘇珊提到的，今天，斯圖爾特·厄普森和我們在一起。他是我們的管理合夥人兼亞太地區主管，負責監督該地區的活動。他將提供我們在該地區業務的最新情況、我們今天看到的機會，以及我們在各個經濟體中看到的情況的見解。斯圖爾特目前在悉尼，為了能夠與您交談，他熬夜了大半夜。所以謝謝你，斯圖爾特，我們希望所有參加電話會議的人都能從他的評論中受益。

Capital markets today are very robust. Interest rates remain low, and the demand for the type of assets we own is strong and getting stronger. While we expect interest rates will rise slowly over the next few years, we also believe that combined with that, central banks will be successful in engineering, GDP growth and employment increases, which has already started.

當今的資本市場非常強勁。利率仍然很低，對我們所擁有的資產類型的需求強勁並且越來越強勁。雖然我們預計未來幾年利率將緩慢上升，但我們也相信，與此同時，央行將在工程、GDP 增長和就業增長方面取得成功，而這一切已經開始。

That will mean that global economies are doing well. At the same time, this will be a very constructive environment for our asset management business and for the assets we own for a number of reasons. In this low-ish rate environment, investors will continue to look for fixed income alternatives to meet required returns. This will drive inflows to alternative strategies, which will further benefit the scaling of our existing flagship strategies. It will also be positive for our perpetual fund offerings.

這將意味著全球經濟表現良好。與此同時，出於多種原因，這對於我們的資產管理業務和我們擁有的資產來說將是一個非常有建設性的環境。在這種低利率環境下，投資者將繼續尋找固定收益替代品來滿足所需的回報。這將推動資金流入替代戰略，這將進一步有利於我們現有旗艦戰略的擴展。這對我們的永續基金產品也將產生積極影響。

This provides a strong backdrop for our flagship fundraising, including our fourth real estate flagship fund soon to have a first close and our global transition fund soon thereafter. More broadly, investor interest for all of our funds is stronger than we have ever seen. As a result, we expect these funds to be larger than predecessors and therefore, add significantly to fee bearing capital. We also continue to deploy significant capital for our 2 other flagship funds, infrastructure and private equity, and we expect to begin fundraising for the next vintage of each later in the year or early in 2022.

這為我們的旗艦籌款提供了強有力的背景，包括即將完成首次交割的第四隻房地產旗艦基金以及隨後不久的全球轉型基金。更廣泛地說，投資者對我們所有基金的興趣比以往任何時候都強烈。因此，我們預計這些基金的規模將比之前的基金更大，從而顯著增加收費資本。我們還繼續為我們的另外 2 個旗艦基金（基礎設施基金和私募股權基金）部署大量資金，我們預計將在今年晚些時候或 2022 年初開始為每個旗艦基金的下一個時期籌集資金。

As all of you know, global central banks have pushed an enormous amount of stimulus into developed economies to ensure markets recover from this recession. This has led to substantial availability of capital in most markets. This global stimulus has largely been funded through borrowed money, and governments will need to consider ramifications of how to pay it back. This will require one of 2 measures, probably both. Economies will need to grow and generate increased taxes to service the debt, and assets will need to be sold.

眾所周知，全球央行已向發達經濟體推出了大量刺激措施，以確保市場從這次衰退中復蘇。這導致大多數市場都有大量資金可用。這項全球刺激計劃主要是通過借來的資金提供資金的，各國政府需要考慮如何償還這筆資金的後果。這需要採取兩項措施之一，也可能兩者都採取。經濟需要增長並增加稅收來償還債務，並且需要出售資產。

For governments, asset sales means the sale of, or future avoidance of, infrastructure spending. As a result, the shift of infrastructure spending is set to increase in a meaningful way and will create opportunities for infrastructure investors like ourselves for decades. And while this is an extremely positive backdrop, the other side of the coin is that many asset valuations are high. It does make it harder to find investment but allows us to raise substantial cash with asset sales.

對於政府而言，資產出售意味著出售或未來避免基礎設施支出。因此，基礎設施支出的轉變將以有意義的方式增加，並將在幾十年內為像我們這樣的基礎設施投資者創造機會。雖然這是一個極其積極的背景，但硬幣的另一面是許多資產估值很高。這確實使尋找投資變得更加困難，但使我們能夠通過資產出售籌集大量現金。

Through the last quarter of 2020 and the first quarter of 2021, we returned $19 billion to clients and $5 billion to our own balance sheet. This generated in the first quarter -- just in the first quarter, $6.4 billion of realized gains, and there's more to come in the second quarter we are in. This has put us in the strongest cash position the company has been in ever and also generated substantial realized carried interest, which our portion of client gains into income. And it looks like 2021 will also be strong in this regard. But as always, we are active, putting money to work using our global reach and access to capital to achieve success. In a competitive environment, we need to even be more creative to find value.

2020 年最後一個季度和 2021 年第一季度，我們向客戶返還了 190 億美元，向我們自己的資產負債表返還了 50 億美元。這在第一季度產生了——僅在第一季度，就實現了64 億美元的收益，而我們所處的第二季度還會有更多收益。這使我們處於公司有史以來最強勁的現金狀況，而且產生了大量已實現的附帶利息，我們的部分客戶將其轉化為收入。看起來2021年在這方面也會表現強勁。但與往常一樣，我們積極主動，利用我們的全球影響力和資本渠道投入資金，以取得成功。在競爭激烈的環境中，我們需要更具創造力才能發現價值。

Since we last spoke, we have further progressed our efforts to spin out our reinsurance business by filing our prospectus and expect that all regulatory requirements will be cleared in the near term. Your new shares should be in your hands by the end of June or early in July.

自上次談話以來，我們通過提交招股說明書進一步推進了分拆再保險業務的努力，並預計所有監管要求將在短期內得到批准。您的新股應該在六月底或七月初到達您的手中。

Lastly, we came to an agreement with the Special Committee of Brookfield Property Partners and their advisers to privatize BPY. We believe that this is -- this transaction is in the best interest of our BPY partners and ourselves. The Special Committee and their advisers agreed with us. This offer gives BPY shareholders a number of alternatives. But for the BAM portion of what they receive, we believe it will give them a greater chance to compound wealth as a part of overall Brookfield than they would otherwise have been able to, had we left BPY the way it is.

最後，我們與 Brookfield Property Partners 特別委員會及其顧問達成協議，將 BPY 私有化。我們相信，這項交易符合我們 BPY 合作夥伴和我們自己的最佳利益。特別委員會及其顧問同意我們的觀點。這一要約為 BPY 股東提供了多種選擇。但對於他們收到的 BAM 部分，我們相信，如果我們讓 BPY 保持原樣，他們將有更大的機會將財富複合為整個布魯克菲爾德的一部分。

We have more than enough cash to fund the privatization and as opportunities arise to repurchase the BAM shares, which are being issued to close the BPY transaction.

我們有足夠的現金來資助私有化，並在有機會時回購 BAM 股票，發行這些股票是為了完成 BPY 交易。

Thank you, again, for your continued support, and I will now turn it over to Nick to discuss the financial performance in the quarter.

再次感謝您一直以來的支持，我現在將把它交給尼克來討論本季度的財務業績。

Thank you, Bruce, and good morning, everyone. So we've continued the momentum from Q4 of last year and started this year with very strong financial results. The results are supported by continued strength in our asset management business, resiliency of our operations and realizations from our capital recycling initiatives. And the outlook for the business remains very positive with upcoming fundraising initiatives set to deliver step change growth in our asset management earnings. The reopening of the global economy poised to further enhance operating results and the current market backdrop expected to support ongoing capital recycling initiatives.

謝謝你，布魯斯，大家早上好。因此，我們延續了去年第四季度的勢頭，並在今年開始取得了非常強勁的財務業績。我們的資產管理業務的持續實力、運營的彈性以及資本回收計劃的實現為這些結果提供了支持。即將推出的籌款計劃將使我們的資產管理收益實現大幅增長，業務前景仍然非常樂觀。全球經濟的重新開放有望進一步提高經營業績，而當前的市場背景預計將支持正在進行的資本回收舉措。

As we have discussed in the past, many of the businesses and assets that we own are critical infrastructure assets or very annuity-like and generate very stable, predictable cash flows that are predominantly contracted or regulated. And in the current economic environment of low interest rates and excess liquidity, the demand and market valuations for these assets is very high.

正如我們過去所討論的，我們擁有的許多業務和資產都是關鍵的基礎設施資產或非常類似於年金的資產，並產生非常穩定、可預測的現金流，這些現金流主要是合同或監管的。並且在當前低利率和流動性過剩的經濟環境下，這些資產的需求和市場估值都非常高。

During the first quarter, we sold approximately $13 billion of assets across the business at a significant premium to what we paid for them. Of note for you also is that many were sold at substantial premiums to their IFRS carrying value. As a result, we realized approximately $6.4 billion of gains, and that would be $4.6 billion for our clients and $1.8 billion for Brookfield. And on the client gains, this realized carried interest of $681 million for us.

第一季度，我們出售了大約 130 億美元的整個業務資產，價格遠高於我們購買資產的價格。值得注意的是，許多資產的出售價格均遠高於其 IFRS 賬面價值。結果，我們實現了大約 64 億美元的收益，這對於我們的客戶來說是 46 億美元，對於布魯克菲爾德來說是 18 億美元。在客戶收益方面，我們實現了 6.81 億美元的附帶利息。

Just as a reminder, we adopt a conservative approach to realizing carried interests in our financial statements. We only record carried interest into income when 3 criteria are met. The fund has returned all of the original capital to clients, it is through the client's preferred return, and the recognized amount has minimal risk of call back.

提醒一下，我們在財務報表中採用保守的方法來實現附帶權益。只有滿足 3 個標準時，我們才會將附帶利息計入收入。該基金已將全部原始資金返還給客戶，是通過客戶的優先返還方式，確認的金額回調風險極小。

As our earlier vintage funds are now starting to mature and business plans have been completed, our asset sales activity has increased significantly. This is crystallizing significant gains and leading to increased levels of carried interest being realized into income. In the last 5 years, we have recognized just over $2.5 billion of gross carried interest. But of note, close to half of that has been realized during the last 6 months.

隨著我們早期的老式基金現在開始成熟並且業務計劃已經完成，我們的資產銷售活動大幅增加。這正在具體化顯著的收益，並導致附帶權益變現為收入的水平提高。在過去 5 年中，我們確認了超過 25 億美元的附帶權益總額。但值得注意的是，其中近一半是在過去 6 個月內實現的。

Today, we have $5 billion of accrued, but unrealized carried interest, that we expect to be recognized into income as we continue to execute asset sales. And while this will transfer into income, our new funds are larger. And if we do our jobs right, we expect to be adding greater amounts to the balance as our newer vintage funds continue to create value. And our progress in this regard can be tracked in our quarterly supplemental.

如今，我們有 50 億美元的應計但未實現的附帶權益，我們預計隨著我們繼續執行資產出售，這些利息將被確認為收入。雖然這將轉化為收入，但我們的新基金規模更大。如果我們的工作做得好，隨著我們較新的老式基金繼續創造價值，我們預計會增加更多的餘額。我們在這方面的進展可以在我們的季度補充中跟踪。

In that vein, we recently announced the sale of our U.K. smart meters business, realizing 4.7x our investment and an IRR of 58%; the sale of 2 wind portfolios in Ireland and the U.S., realizing IRRs of 12% together. We sold an interest in the U.S. pipeline business, realizing an IRR of 21% and a multiple on invested capital of 2.4x, and we recently signed agreement to sell several office towers in Australia. On the basis of this activity and our future pipeline, we continue to feel our target of realizing $1 billion of gross carried interest into income for the calendar year is achievable.

本著這一精神，我們最近宣佈出售英國智能電錶業務，實現了 4.7 倍的投資和 58% 的 IRR；出售愛爾蘭和美國的 2 個風電投資組合，合計實現 12% 的 IRR。我們出售了美國管道業務的權益，實現了 21% 的內部收益率和 2.4 倍的投資資本倍數，最近我們還簽署了出售澳大利亞幾座辦公樓的協議。根據這項活動和我們未來的渠道，我們仍然認為我們的目標是可以實現的，即在日曆年將總附帶利息轉化為收入 10 億美元。

Turning to results. Total funds from operations or FFO in the first quarter was $2.8 billion, or $1.80 per share, which was more than a threefold increase compared to the prior year quarter. Our operating FFO, which excludes the impacts of disposition gains and realized carried interests, was $777 million in the quarter, or $0.48 per share. All of this resulted in income to shareholders in the quarter of $1.2 billion, or $0.77 on a per share basis.

轉向結果。第一季度來自運營或 FFO 的資金總額為 28 億美元，即每股 1.80 美元，比去年同期增長了三倍多。本季度我們的運營 FFO（不包括處置收益和已實現附帶權益的影響）為 7.77 億美元，即每股 0.48 美元。所有這些都為股東在本季度帶來了 12 億美元的收入，即每股 0.77 美元。

Fee-bearing capital increased by $7 billion to $319 billion at quarter end, and is up by $55 billion over the last 12 months, which led to strong growth in fee-related earnings. Those fee-related earnings increased to $413 million for the 3-month period and totaled $1.5 billion over the last 12 months, an increase of 18% from the prior period. We have an additional $33 billion of committed capital that will become fee-bearing once invested, translating to approximately $313 million of incremental fee revenues annually.

截至季度末，收費資本增加了 70 億美元，達到 3190 億美元，在過去 12 個月中增加了 550 億美元，這導致與費用相關的收益強勁增長。 3 個月期間，這些費用相關收入增至 4.13 億美元，過去 12 個月總計 15 億美元，較上一期增長 18%。我們還有 330 億美元的額外承諾資本，一旦投資，這些資本將成為費用，相當於每年約 3.13 億美元的增量費用收入。

Turning to invested capital. Excluding disposition gains, FFO for the quarter was $364 million, which is a decrease of 8% from the prior period. We continue to benefit from strong organic growth and capital deployment in most of our operations. However, this was offset by the impacts of temporary shutdowns in some of our hospitality and retail operations; decreases in our ownership of our renewables and infrastructure businesses following secondary sales over the last 12 months; and the sale of the majority of our interest in West Fraser, which triggered a change in accounting basis, meaning we no longer pick up our share of the underlying earnings of the company.

轉向投資資本。不計處置收益，本季度 FFO 為 3.64 億美元，較上一期下降 8%。我們繼續受益於大部分業務的強勁有機增長和資本部署。然而，這被我們的一些酒店和零售業務暫時關閉的影響所抵消；在過去 12 個月進行二次銷售後，我們對可再生能源和基礎設施業務的所有權減少；出售我們在 West Fraser 的大部分股權​​，這引發了會計基礎的變化，這意味著我們不再獲得公司基本收益的份額。

To align with methodology used within the alternative asset management industry, we've decided to rename our cash available for distribution performance measure as distributable earnings, or DE. As a reminder, we provide DE before realizations, which tracks and demonstrates the stability of our core operating results and removes the variability of realizations that are subject to timing and other factors. And we provide total DE, which includes realizations and incorporates realized carried interest, and also now includes realized gains on principal investments.

為了與另類資產管理行業使用的方法保持一致，我們決定將可用於分配績效衡量的現金重新命名為可分配收益（DE）。提醒一下，我們在實現之前提供 DE，它跟踪並展示我們核心運營結果的穩定性，並消除受時間和其他因素影響的實現的可變性。我們提供總 DE，其中包括已實現的收益並包含已實現的附帶權益，現在還包括已實現的本金投資收益。

DE before realizations increased 29% over the last 12-month period. The increase is largely driven by continued growth in our asset management franchise as well as increased distributions across our listed affiliates. Including realizations, DE was $6.1 billion over the 12 months, an uplift of 130% over the prior year period.

過去 12 個月期間，實現前的 DE 增長了 29%。這一增長主要是由於我們資產管理業務的持續增長以及我們上市附屬公司的分配增加所致。包括變現在內，過去 12 個月的 DE 收入為 61 億美元，比去年同期增長 130%。

Our liquidity remains very strong. In addition to $62 billion of uncalled funded commitments, we have approximately $18 billion of core liquidity, including close to $9 billion directly at the BAM level. All of this adds to a total of $80 billion of deployable capital.

我們的流動性仍然非常強勁。除了 620 億美元的未兌現資金承諾外，我們還擁有約 180 億美元的核心流動性，其中直接來自 BAM 層面的近 90 億美元。所有這些增加了總計 800 億美元的可部署資本。

Our balance sheet continues to remain conservatively capitalized, with 94% of our debt having no recourse to the corporation. In April, we issued an inaugural 10-year green bond with a coupon of 2.724%, the lowest coupon we have ever issued for a 10 year. The proceeds will be used for green initiatives, but to keep our debt at similar levels, we also called approximately $500 million of 2023 bonds. The net result is that we will extend the duration of our debt and lower the interest rates.

我們的資產負債表繼續保持保守的資本化，94% 的債務對公司沒有追索權。 4月份，我們發行了首期10年期綠色債券，票面利率為2.724%，這是我們發行的10年期最低票面利率。所得款項將用於綠色倡議，但為了將我們的債務保持在類似水平，我們還發行了約 5 億美元的 2023 年債券。最終結果是我們將延長債務期限並降低利率。

Today, our corporate debt to market capitalization ratio is 11% and average remaining term in our corporate debt is 14 years, and we have no individual piece of debt maturing before 2024. When compared to our corporate balance sheet, with $9 billion of cash financial assets and undrawn capacity on our credit lines, over $50 billion of investments and $9 billion of additional core liquidity in our listed affiliates, this makes us financially very strong.

如今，我們的企業債務與市值之比為11%，企業債務的平均剩餘期限為14 年，並且我們沒有任何一項債務在2024 年之前到期。與我們的企業資產負債表相比，我們擁有90 億美元的現金財務我們的信貸額度上的資產和未動用能力、超過 500 億美元的投資以及我們上市附屬公司的 90 億美元額外核心流動性，這使我們的財務狀況非常強勁。

Finally, I am pleased to confirm that our Board of Directors has declared a $0.13 per share dividend payable at the end of June.

最後，我很高興地確認，我們的董事會已宣佈在 6 月底派發每股 0.13 美元的股息。

With that, I will turn the call over to Stewart.

這樣，我會將電話轉給斯圖爾特。

Thank you, Nick, and good morning, everyone. Today, I'm going to talk about our Asia Pacific, or APAC, business, which currently includes investments in operations in Australia, New Zealand, China, Japan and South Korea. I will provide an overview of our scale in the region, an update on our operations and an insight into our growth aspirations in the region.

謝謝你，尼克，大家早上好。今天，我要談談我們的亞太地區業務，目前包括在澳大利亞、新西蘭、中國、日本和韓國的業務投資。我將概述我們在該地區的規模、我們運營的最新情況以及我們在該地區的增長願望。

We have $57 billion of AUM across the region with over 100 investment professionals and more than 30,000 operating employees, which represents significant growth from when we first started investing in the region. As with any new market, we have taken a long-term patient approach to expanding our presence in the APAC region. We've been focused on countries and markets that have a strong respect to capital, supportive capital markets and a large market that will allow for significant scale to be built over time. As we potentially expand in the region to new markets, we will be focused on ensuring that any target market that we enter meets all of these criteria.

我們在該地區擁有 570 億美元的資產管理規模，擁有 100 多名投資專業人士和 30,000 多名運營員工，這與我們剛開始在該地區投資時相比有了顯著增長。與任何新市場一樣，我們採取了長期耐心的方法來擴大我們在亞太地區的業務。我們一直關注那些高度尊重資本、支持性資本市場以及能夠隨著時間的推移形成顯著規模的大型市場的國家和市場。當我們有可能在該地區擴展到新市場時，我們將專注於確保我們進入的任何目標市場都滿足所有這些標準。

If we go back to where it started for us in the region, it began in 2006 with the commitment to acquire a property owner and construction company headquartered in Sydney. This initial investment was soon followed by the acquisition of Prime Infrastructure. Both of these transactions laid the foundation for our Australian and New Zealand business, which now has $31 billion of AUM across infrastructure, real estate and private equity.

如果我們回到該地區的起點，我們會從 2006 年開始承諾收購一家總部位於悉尼的業主和建築公司。這項初始投資很快就完成了對 Prime Infrastructure 的收購。這兩筆交易為我們的澳大利亞和新西蘭業務奠定了基礎，該業務目前在基礎設施、房地產和私募股權領域擁有 310 億美元的資產管理規模。

The portfolio today across these 2 countries consists of office buildings, railways, ports, data infrastructure, health care, construction and retirement living. We have used our operating expertise to develop and construct new assets, expanding existing assets, sign new leases, execute new long-dated contracts for our infrastructure assets and implement cost improvement plans to drive strong returns. All of our businesses are performing well. Our real estate assets with 5 million square feet of office space are currently 94% leased to strong counterparties, complemented by a quickly improving leasing market. As the economy has began to reopen, we have also seen office occupancy levels improve to close to 50%, and it should be closer to 100% over the next number of months.

目前這兩個國家的投資組合包括辦公樓、鐵路、港口、數據基礎設施、醫療保健、建築和退休生活。我們利用我們的運營專業知識來開發和建設新資產、擴大現有資產、簽署新租賃、為我們的基礎設施資產執行新的長期合同，並實施成本改善計劃，以推動強勁的回報。我們所有的業務都表現良好。我們的房地產資產（包括 500 萬平方英尺的辦公空間）目前 94% 已出租給實力雄厚的交易對手，租賃市場也迅速改善。隨著經濟開始重新開放，我們還看到辦公室入住率提高至接近 50%，並且在接下來的幾個月內應該會接近 100%。

Our infrastructure and data assets are underpinned by long-dated contracts and the strong commodity backdrop is giving rise to potential expansion projects at our rail business. Our private equity investments are also performing well, underlining the quality of the businesses that we own in the country. Consistent with the comments from Bruce and Nick around monetizations, we've also been selling select assets in Australia and New Zealand, where low interest rates and high levels of liquidity have resulted in increased levels of demand and valuations for the assets we own. We recently sold an interest in 2 office buildings at very compelling valuations; sold a pathology business in New Zealand; and late last year, we took our port terminal in Queensland public.

我們的基礎設施和數據資產以長期合同為基礎，強勁的大宗商品背景正在催生我們鐵路業務的潛在擴張項目。我們的私募股權投資也表現良好，突顯了我們在該國擁有的企業的質量。與布魯斯和尼克關於貨幣化的評論一致，我們還一直在澳大利亞和新西蘭出售精選資產，這些國家的低利率和高流動性導致我們所擁有資產的需求和估值水平上升。我們最近以非常有吸引力的估值出售了兩棟辦公樓的權益；出售新西蘭的病理業務；去年年底，我們將昆士蘭州的港口碼頭公開化。

As we think about deployment, we remain focused on growth via development in our office and data businesses, and targeted acquisitions where our scale or operating expertise put us at an advantage. Future capital rotation will also come from selective asset sales in our mature investments, and we expect to be busy on all fronts in the coming months.

在考慮部署時，我們仍然專注於通過辦公室和數據業務的發展實現增長，並在我們的規模或運營專業知識使我們處於優勢的領域進行有針對性的收購。未來的資本輪換也將來自於我們成熟投資中的選擇性資產出售，我們預計未來幾個月將在各方面都忙碌起來。

As we scaled up in Australia, we also started to focus on setting up the foundations for growth in the Asia Pacific region. We have spent time over the last 10 years opening local offices in Shanghai, Tokyo and Seoul, hiring local investment professionals and building conviction in these markets. We have remained patient in each of these markets, making sure that we understand the country's economic backdrop, how it operates and have developed key local relationships that have given us the confidence to start putting meaningful amounts of capital to work.

隨著我們在澳大利亞擴大規模，我們也開始專注於為亞太地區的增長奠定基礎。過去 10 年裡，我們在上海、東京和首爾開設了當地辦事處，聘請了當地投資專業人士，並建立了對這些市場的信心。我們對每個市場都保持耐心，確保我們了解該國的經濟背景、運作方式，並建立了重要的當地關係，這使我們有信心開始投入大量資本。

With regards to China, we have operated in the country since 2012, initially focused on educating ourselves on how the country does business and reviewing many transactions to build up our conviction on deploying capital. We subsequently opened our Shanghai office in 2014. And in the same year, we completed our first transaction in the country with an investment into a portfolio of Prime office and retail assets. As part of the investment, we are able to succumb several senior Brookfield team members into the company. And although we have since exited this investment, we generated attractive risk-adjusted returns and leveraged this experience to develop our capabilities in the country.

至於中國，我們從2012年開始就在中國開展業務，最初的重點是了解這個國家是如何做生意的，並審查了許多交易，以建立我們部署資本的信念。隨後，我們於 2014 年開設了上海辦事處。同年，我們完成了在中國的第一筆交易，投資了優質寫字樓和零售資產組合。作為投資的一部分，我們能夠讓幾位布魯克菲爾德高級團隊成員加入公司。儘管我們後來退出了這項投資，但我們產生了有吸引力的風險調整回報，並利用這一經驗來發展我們在該國的能力。

Our presence in China has grown to more than $4 billion of AUM across office, retail and logistics properties as well as renewable power assets. I would like to highlight a few of our more recent China investments that are emblematic of this approach. First, in 2019, we acquired a large mixed-use office and retail development, which we renamed One East from a Chinese developer. This project consists of 3 office towers in a retail mall on the Huangpu River front in Central Shanghai.

我們在中國的辦公、零售和物流資產以及可再生能源資產的資產管理規模已增長至超過 40 億美元。我想重點介紹一下我們最近在中國的一些投資，它們是這種方法的象徵。首先，2019年，我們從一家中國開發商手中收購了一個大型綜合辦公和零售開發項目，並將其更名為One East。該項目由位於上海市中心黃浦江畔的一個購物中心內的 3 座辦公樓組成。

Construction and permitting risk remained with the seller, providing downside protection and allowing us to focus our efforts on creating value through the leasing and activation of this asset, utilizing the expertise of our local operations team. Despite the challenges faced last year, our office towers are now 55% leased, likely increasing to 70%-plus shortly and fully leased by year-end.

施工和許可風險仍然由賣方承擔，這提供了下行保護，並使我們能夠利用當地運營團隊的專業知識，集中精力通過租賃和激活該資產來創造價值。儘管去年面臨挑戰，我們的辦公樓目前已出租 55%，短期內可能會增加到 70% 以上，並在年底前全部出租。

Our retail mall was now 75% committed with a soft opening occurring later in May. All of this has been made possible by our in-house team at Brookfield Properties who negotiated the second largest office lease in Shanghai for 2020 at One East and have brought several new-to-China tenants to our retail offering as well.

我們的零售商場目前已投入使用 75%，並於 5 月底試營業。所有這一切都是由我們 Brookfield Properties 的內部團隊實現的，他們在 One East 談判了 2020 年上海第二大寫字樓租賃，並為我們的零售產品帶來了幾位新來中國的租戶。

As a second example, in 2017, we established a renewable energy joint venture with a China-based global logistics developer that we have known for years. We are leveraging their local presence and our best-in-class renewables operations. This investment focuses on the installation of distributed rooftop solar panels on industrial sites in major markets. This partnership has proven to be very successful to date with installed capacity of close to 180 megawatts, a further advanced pipeline of 220 megawatts and a rapidly growing partnership. We expect this business to have an installed capacity of over 1,000 megawatts by 2023, supporting China's long-term goals of carbon neutrality.

第二個例子，2017年，我們與一家認識多年的中國全球物流開發商成立了一家可再生能源合資企業。我們正在利用他們的本地影響力和我們一流的可再生能源業務。這項投資的重點是在主要市場的工業場地安裝分佈式屋頂太陽能電池板。迄今為止，這一合作夥伴關係已被證明非常成功，裝機容量接近 180 兆瓦，進一步先進的管道容量為 220 兆瓦，合作夥伴關係迅速發展。我們預計到2023年該業務裝機容量將超過1,000兆瓦，支持中國碳中和的長期目標。

Our Shanghai office continues to grow, and we have around 100 people covering all of our major platforms, including 20 investment professionals to support the continued growth of our business. China's successful control of the pandemic has led to a resurgent domestic economy and a rebound in consumer and corporate confidence. As an indication of this, we have seen this at our own community mall portfolio in Shanghai. Retail sales and traffic are now above that is greater than 2019 levels.

我們的上海辦事處不斷發展壯大，目前擁有約 100 名員工，涵蓋所有主要平台，其中包括 20 名投資專業人士，以支持我們業務的持續增長。中國成功控制疫情，帶動國內經濟復甦，消費者和企業信心回升。作為這一點的體現，我們在上海自己的社區購物中心投資組合中看到了這一點。目前零售額和客流量均高於 2019 年的水平。

This domestic economic strength has allowed the Chinese government to focus on key macro initiatives, including the further deleveraging of strategic sectors, including residential developers. And this in itself is creating opportunity. We believe these Chinese government initiatives give rise to a need for operationally-minded capital and are highly constructive to our ongoing growth plans in China. As we go forward and continue to build confidence, we will further expand our sectors of focus while remaining centered on our global areas of strength.

這種國內經濟實力使中國政府能夠專注於關鍵的宏觀舉措，包括進一步去槓桿化戰略行業，包括住宅開發商。這本身就是創造機會。我們相信，中國政府的這些舉措引發了對具有運營意識的資本的需求，並對我們在中國正在進行的增長計劃具有高度建設性。隨著我們繼續前進並繼續建立信心，我們將進一步擴大我們的重點領域，同時繼續以我們的全球優勢領域為中心。

Moving on to South Korea. We made our first investment in the country in 2016 with the acquisition of IFC Seoul, a landmark mixed-use development comprising 5.5 million square feet of office, retail and the Conrad Seoul Hotel for $2.2 billion. This acquisition was large and needed creative structuring as well as operating strength.

繼續前往韓國。我們於2016 年在該國進行了首次投資，斥資22 億美元收購了IFC 首爾，這是一個具有里程碑意義的綜合用途開發項目，包括550 萬平方英尺的辦公樓、零售店和康拉德首爾酒店。此次收購規模龐大，需要創造性的結構和運營實力。

This is where we excel, and we are using these strengths in Asia. We immediately put our teams to work on improving overall leasing and operations in an effort to increase office occupancy from the then 60% range and to revitalize a tired, externally managed retail mall. Despite last year, office occupancy now currently stands at 96%, and we've replaced over half of the retail tenancies, including adding Korea's second flagship Apple store, which opened in March of this year.

這是我們擅長的地方，我們正在亞洲利用這些優勢。我們立即讓我們的團隊致力於改善整體租賃和運營，努力將辦公室入住率從當時的 60% 範圍內提高，並重振疲憊不堪的外部管理零售商場。儘管去年如此，但目前辦公室入住率仍為 96%，我們已經更換了一半以上的零售租戶，包括增加了今年 3 月開業的韓國第二家蘋果旗艦店。

We also expanded our global logistics presence to Korea in 2020. We believe the secular tailwinds associated with e-commerce, demand in Asia, Korea, in particular, will prove to be highly compelling in the years ahead. At the same time, we continue to build upon our investment and operational presence to expand our investment verticals further, establishing our infrastructure and private equity platforms in South Korea as we speak.

2020 年，我們還將全球物流業務擴展到了韓國。我們相信，與電子商務、亞洲（尤其是韓國）的需求相關的長期推動力在未來幾年將非常引人注目。與此同時，我們繼續加強我們的投資和運營業務，進一步擴大我們的投資垂直領域，在我們發言時在韓國建立我們的基礎設施和私募股權平台。

In Japan, we have had very significant financial and operating partnerships globally with many Japanese players. We also raised substantial capital in the market for our funds. We've had an established investment presence in Tokyo for several years and are pursuing many opportunities. Our initial investment focus has been on logistics properties, renewable power and carve-outs from the industrial conglomerates. We expect the scale and scope of the opportunity set to continue to widen in the years ahead, and our strengths show well in Japan. This will increasingly be a larger market for us.

在日本，我們與許多日本企業在全球範圍內建立了非常重要的財務和運營合作夥伴關係。我們還在市場上為我們的基金籌集了大量資金。我們在東京已經建立了多年的投資業務，並且正在尋求許多機會。我們最初的投資重點是物流地產、可再生能源和工業集團的分拆。我們預計未來幾年機會的規模和範圍將繼續擴大，我們的優勢在日本得到很好的體現。這對我們來說將日益成為一個更大的市場。

Today, investments in the APAC region accounts for approximately 10% of Brookfield's total AUM, but we expect that to grow over the next 10 years. Our scale is growing and could some time reach 25% of capital deployed. We're excited about the opportunities to continue to put meaningful capital to work across our core markets in the region.

如今，亞太地區的投資約佔布魯克菲爾德總資產管理規模的 10%，但我們預計這一數字在未來 10 年將會增長。我們的規模正在不斷擴大，有時可能會達到已部署資本的 25%。我們很高興有機會繼續向該地區的核心市場投入有意義的資本。

I would like to end by commenting on our fundraising activities in the APAC region. We have a long and successful history of fundraising across each of the countries I've mentioned, and in many cases, well in advance of when we began making investments in these markets. We raised 20% of institutional capital from these markets, and currently have over 130 institutional investors across 10 different countries in the region. We've raised $5 billion in this region in the last year.

最後，我想評論一下我們在亞太地區的籌款活動。我們在我提到的每個國家/地區都有悠久而成功的籌款歷史，而且在許多情況下，早在我們開始在這些市場進行投資之前就已經完成了。我們從這些市場籌集了 20% 的機構資本，目前在該地區 10 個不同國家擁有 130 多家機構投資者。去年我們在該地區籌集了 50 億美元。

More importantly, we are regarded as a clear investment partner of choice among many Asia Pacific investors, having been voted in 2020 by Korean investors as the best of the best real estate and infrastructure manager. And also receiving the APAC Infrastructure Fundraising of the Year Award for 2020 from PEI.

更重要的是，我們被許多亞太投資者視為首選的投資合作夥伴，並於 2020 年被韓國投資者評選為最佳房地產和基礎設施管理公司中的最佳。並榮獲愛德華王子島省頒發的 2020 年亞太地區基礎設施年度籌款獎。

Our journey in the APAC region to date recently culminated in the completion of Brookfield Place Sydney, which will be our new Asia Pacific headquarters. We worked 9 years acquiring, developing and constructing the site, and it has been a great success for everyone. Our workforce and anchor tenants, including the Sydney headquarters for NAB bank, will move in later this month in a show confidence for the office market in our region.

我們迄今為止在亞太地區的旅程最近以悉尼布魯克菲爾德廣場 (Brookfield Place Sydney) 的竣工而告終，它將成為我們新的亞太地區總部。我們花了 9 年的時間來收購、開發和建設該網站，這對每個人來說都取得了巨大的成功。我們的員工和主要租戶，包括國民銀行悉尼總部，將於本月晚些時候搬入，以顯示對我們地區辦公樓市場的信心。

To conclude, we are excited by the opportunities in the APAC region and our balanced focus and on the continued strong operational performance of our assets, alongside raising and deploying capital where we see opportunity, positions our Asia Pacific business well to drive further growth for many years to come.

總而言之，我們對亞太地區的機遇感到興奮，我們的平衡重點以及我們資產持續強勁的運營業績，以及在我們看到機會的地方籌集和部署資本，使我們的亞太業務處於有利位置，以推動許多公司的進一步增長未來幾年。

With that, I will turn the call back over to the operator for questions.

這樣，我會將電話轉回給接線員詢問問題。

(Operator Instructions) Our first question comes from Ken Worthington with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Ken Worthington。

As we go into the fundraising cycle where you're fundraising both flagship funds and funds focused on new strategies, should we expect to see any increased cost from distribution? I guess to what extent does Brookfield utilize third-party distributors, which could boost expenses temporarily? Does Brookfield expect to utilize Oaktree with the fundraising that it's pursuing? And is their compensation paid there? And then do you pay your own people more if they hit or exceed fundraising targets that might drive cost, even if temporarily, higher than what otherwise be the case?

當我們進入籌款週期時，你們正在籌款旗艦基金和專注於新策略的基金，我們是否應該看到分銷成本增加？我猜布魯克菲爾德在多大程度上利用了第三方分銷商，這可能會暫時增加開支？布魯克菲爾德是否希望利用橡樹資本進行其正在尋求的籌款？他們的補償是在那裡支付的嗎？那麼，如果自己的員工達到或超過了籌款目標，這可能會導致成本（即使是暫時的）高於其他情況，那麼您是否會向他們支付更多費用？

Ken, it's Nick. Listen, I think, a lot of the costs associated with raising the next round of flagship funds, you've probably seen, come through the numbers in the last 6 to 12 months as we've been building up our capabilities across different distribution channels. Obviously, as we develop new products, some of them might become more appealing to the bank channels and the high net worth channels where there is a associated cost upfront. But in return for that, you kind of earn full freight fees across the life of the product. So I think on a net basis, it's no different to our usual fundraising. So I don't think you should expect to see an associated step change in cost associated with this round of fundraising any different than what you've seen in previous cycles.

肯，是尼克。聽著，我認為，您可能已經看到，與籌集下一輪旗艦基金相關的大量成本是通過過去 6 到 12 個月的數字得出的，因為我們一直在跨不同分銷渠道建立能力。顯然，隨著我們開發新產品，其中一些產品可能對銀行渠道和高淨值渠道更具吸引力，因為這些渠道需要預先支付相關成本。但作為回報，您可以在產品的整個生命週期中賺取全額運費。所以我認為從淨值來看，這和我們平常的籌款沒有什麼不同。因此，我認為您不應期望看到與此輪籌款相關的成本變化與您在之前週期中看到的有任何不同。

Okay. Okay. Great. And then maybe moving on to insurance. Love to hear an update here. You've got stronger cash flow, stronger realized gains. The pipeline looks great. You do have deployment opportunities in BPY that are pending. But given just the large amount of -- or the increased cash balances that you have on balance sheet, the better outlook for cash flow generation and your comments about really wanting to build up the insurance business. What are you seeing now? What can you do and what are your aspirations as we sort of move through the rest of the year in continuing to grow that business?

好的。好的。偉大的。然後也許會轉向保險。很高興在這裡聽到更新。您擁有更強勁的現金流，更強勁的已實現收益。管道看起來很棒。您確實在 BPY 中擁有待定的部署機會。但考慮到您資產負債表上的大量現金餘額或增加的現金餘額、現金流產生的更好前景以及您關於真正希望建立保險業務的評論。你現在看到了什麼？當我們在今年剩下的時間裡繼續發展該業務時，您能做什麼？您的願望是什麼？

So I'll just start off, and then Nick can add anything, but I'd just say, first off, we're in the midst of closing the one transaction that we committed to. We're preinvesting into assets, which will then be formed into the reinsurance business upon closing. So we're -- with some of the excess cash we have, we've been buying assets to be able to ensure we earn proper returns from day 1, which is obviously a great advantage to our business.

所以我就開始吧，然後尼克可以添加任何內容，但我只想說，首先，我們正在完成我們承諾的一項交易。我們正在對資產進行預投資，這些資產將在交易結束後納入再保險業務。因此，我們利用我們擁有的一些多餘現金，一直在購買資產，以確保我們從第一天起就獲得適當的回報，這顯然對我們的業務來說是一個巨大的優勢。

On top of that, we are looking at other blocks of reinsurance and continue to bid on -- look at blocks. And I think over the longer term, this is going to be a very additive business to Brookfield in many ways. Firstly, the -- just the reinsurance business itself should be highly profitable and additive to Brookfield. But in addition to that, the capital will be able to be deployed in many of our assets, both to the enhancement of our businesses but also to the insurance company.

最重要的是，我們正在考慮其他再保險領域，並繼續競標——看看這些領域。我認為從長遠來看，這對布魯克菲爾德來說在很多方面都將是一項非常附加的業務。首先，再保險業務本身應該具有高利潤，並且可以為布魯克菲爾德帶來附加值。但除此之外，資本將能夠部署在我們的許多資產中，既可以增強我們的業務，也可以用於保險公司。

So we're quite -- so far, we're very excited about the business.

所以到目前為止，我們對這項業務感到非常興奮。

Our next question comes from Cherilyn Radbourne with TD Securities.

我們的下一個問題來自道明證券的 Cherilyn Radbourne。

Thanks very much, and good morning. To start, I was hoping you could speak at a high level about the global impact fund and really whether that requires an education process or whether clients are set up and really ready to allocate capital and scale to that type of product.

非常感謝，早上好。首先，我希望您能高層次地談論全球影響力基金，以及這是否需要教育過程，或者客戶是否已經準備好為此類產品分配資本和規模。

So look, I just -- to start off by saying that there is no fund out there like the fund that we have created. This is -- we're in the early stages of creating a new business for the alternative asset management industry, and it's an adjunct of other things we've done, but it's new for many of the investors. So that takes some education to where we're going and what we're trying to accomplish for them.

所以，我首先要說的是，沒有像我們創建的基金那樣的基金。這是——我們正處於為另類資產管理行業創建新業務的早期階段，它是我們所做的其他事情的附屬品，但對許多投資者來說這是新的。因此，這需要一些教育來了解我們的目標以及我們試圖為他們實現的目標。

On top of that, I would say every investor in the world, or virtually every investor in the world, is interested in figuring out how they deploy money into this sector smartly. So we hope to be able to report to you. And as you know, we can't talk about fundraising specifically until it's completed, but we hope to be able to report to you that we've been able to attract a great number of investors into these strategies because the interest is very high, and I think we will be successful in that. And it will set a new standard for transition investing globally. So we're very positive about it.

最重要的是，我想說世界上每個投資者，或者幾乎世界上每個投資者，都有興趣弄清楚如何巧妙地將資金投入到這個行業。所以我們希望能夠向您匯報。如您所知，在融資完成之前我們無法具體討論融資事宜，但我們希望能夠向您報告，我們已經能夠吸引大量投資者參與這些策略，因為興趣非常高，我認為我們會在這方面取得成功。它將為全球轉型投資設立新標準。所以我們對此非常積極。

That's very helpful. Second question, the letter makes an interesting comments about opportunistically repurchasing the BAM shares being issued to fund the BPY privatization. So could you speak about how much capital you envision reinvesting in the business over the next 12 months to support some of the emerging investment strategies? And how much might be surplus for share repurchases?

這非常有幫助。第二個問題，這封信對機會主義地回購為 BPY 私有化融資而發行的 BAM 股票做出了有趣的評論。那麼您能否談談您預計在未來 12 個月內對業務進行再投資的資本有多少，以支持一些新興的投資策略？還有多少盈餘可以用於股票回購？

Yes. Cherilyn, it's Nick. Listen, our -- as Bruce and I just touched on in our remarks, our liquidity levels are very strong right now. Obviously, we have the BPY transaction closing in -- around the middle of the year, which will, obviously, use, I don't know, somewhere in the range of $3 billion of cash. But even -- and then we have a number of insurance transactions, closing, the one Bruce talked about, and potential future growth.

是的。切瑞琳，是尼克。聽著，我們的——正如布魯斯和我剛剛在講話中提到的那樣，我們的流動性水平目前非常強勁。顯然，我們的 BPY 交易將在今年年中左右完成，顯然，我不知道，這筆交易將使用 30 億美元左右的現金。但即便如此 - 然後我們有一些保險交易，關閉，布魯斯談到的，以及潛在的未來增長。

So I think we have reinvestment opportunities for growth. We have some new strategies that we're seeding on balance sheet that we've talked about in the past, which are going very well, and so are presenting good investment opportunity. So it's hard to put an exact number on how much will be left over for buybacks. And I think we've talked about this in the past, but it is something we're very conscious of and issuing BAM shares, we felt, was a very important part of the consideration for the BPY transaction. And on a relative basis, it made sense. But the intention was laid out in the letter that we do intend to buy those back, but it's hard to put an exact time frame on it.

所以我認為我們有再投資增長的機會。我們在資產負債表上製定了一些新戰略，我們過去曾討論過這些戰略，這些戰略進展順利，因此提供了良好的投資機會。因此，很難準確計算出還有多少資金可供回購。我想我們過去已經討論過這個問題，但我們非常清楚這一點，我們認為發行 BAM 股票是 BPY 交易考慮因素中非常重要的一部分。相對而言，這是有道理的。但信中表明我們確實打算回購這些產品，但很難給出確切的時間表。

Our next question comes from Bill Katz with Citigroup.

我們的下一個問題來自花旗集團的比爾·卡茨。

First question is a big-picture question and maybe feeds off your last answer. But there seems to be a bifurcation of how investors are valuing the alternative managers, putting significant premium multiples on balance sheet light models versus sort of balance sheet heavy models. As you think about your business on a go-forward basis, is there any way to think through related party risk and how you might manage the business to maximize value?

第一個問題是一個大局問題，可能會影響您最後的答案。但投資者對另類基金經理的估值似乎存在分歧，對輕資產負債表模型和重資產負債表模型給予了顯著的溢價倍數。當您在未來的基礎上考慮您的業務時，是否有任何方法可以考慮關聯方風險以及如何管理業務以實現價值最大化？

Bill, the related party risk, you mean because we're invested in funds with their own capital alongside clients at times.

比爾，你的意思是關聯方風險，因為我們有時會與客戶一起用自己的資本投資於基金。

Right. Just the quality -- so the issue seems to be the quality of earnings coming from related parties, such as some of the limited partnerships to which you're the manager.

正確的。只是質量——所以問題似乎是來自關聯方的收入質量，比如你擔任經理的一些有限合夥企業。

So I think -- listen, I think the first part of your question around the balance sheet. It's just been a core element of our business since inception. As you know, we originate being an owner/operator of assets with a long-term perspective and believe that those investments we have on our balance sheet can compound very attractive value over a long-term basis for our clients and gives us significant scale and operating expertise, which is very important to driving value creation for our clients.

所以我認為——聽著，我認為你問題的第一部分是圍繞資產負債表的。自成立以來，這一直是我們業務的核心要素。如您所知，我們最初是具有長遠眼光的資產所有者/運營商，並相信我們資產負債表上的這些投資可以在長期內為我們的客戶帶來非常有吸引力的價值，並為我們帶來巨大的規模和影響力。運營專業知識，這對於推動為客戶創造價值非常重要。

And I think I don't see any conflict or related party interest issue. I think where you're going is our responsibility and our focus is on driving value for our investors and for our clients and add it the priority. So I don't think that our -- and often, we're very aligned in those intentions, and you've seen that with the capital recycling that we've done recently. So I think our -- we're very aligned with our clients, and we are under no allusions to what the expectations are as to drive value and to crystallize that value and return capital. I don't think there's any conflict in our structure.

我認為我沒有看到任何衝突或關聯方利益問題。我認為你要去的地方是我們的責任，我們的重點是為我們的投資者和我們的客戶創造價值，並將其列為優先事項。所以我不認為我們的——而且通常，我們在這些意圖上非常一致，你已經從我們最近所做的資本回收中看到了這一點。因此，我認為我們與客戶非常一致，我們沒有提及推動價值、具體化價值和回報資本的期望。我不認為我們的結構有任何衝突。

The only thing I might add to that, just for your benefit is if stock markets come in vogue and out of vogue, this business is compounded at 18% for 20 years. And one of the great reasons it has that is because the capital we have has been aligned with our clients, and we can do different things for them and achieve different things for our clients and our shareholders because of the capital that we have. And it's an enormous strategic advantage. In the short term, that may or may not be seen in the stock market. But in the longer term, we believe having the capital on the balance sheet, and it's been proven in past, will allow us to achieve greater returns in that longer term.

為了您的利益，我唯一可以補充的是，如果股市盛行和過時，這項業務的複合年增長率為 18%，持續 20 年。其重要原因之一是我們擁有的資本與我們的客戶保持一致，由於我們擁有的資本，我們可以為他們做不同的事情，為我們的客戶和股東實現不同的目標。這是一個巨大的戰略優勢。短期來看，這種情況在股市上可能會出現，也可能不會出現。但從長遠來看，我們相信資產負債表上的資本（過去已被證明）將使我們能夠在較長時期內獲得更大的回報。

So I -- we don't have any intention of splitting the capital from the business because we think it allows us to accomplish things for our clients different than others. And that -- so that's where we -- that's sort of the answer to it.

所以我——我們無意從業務中分割資本，因為我們認為這可以讓我們為客戶完成與其他人不同的事情。這就是我們的答案。

Okay. Just a follow-up question for you. It certainly seems like the momentum in the business is accelerating based on what you've written in the commentary today. How does sort of the real-time outlook compare to maybe your recent Investor Day goals for 2025? I think you've sort of laid out a pathway to $500-plus-billion of fee-bearing AUM and $2.6 billion of fee-related earnings. Where do you sit today, you think, versus those trajectories?

好的。只是給你一個後續問題。根據您今天在評論中所寫的內容，該行業的勢頭確實正在加速。與您最近設定的 2025 年投資者日目標相比，實時前景如何？我認為你們已經為 500 億美元以上的收費資產管理規模和 26 億美元的收費相關收入奠定了基礎。您認為，與那些軌跡相比，您今天坐在哪裡？

Bill, I think, we're still in line with that. I think we laid out at Investor Day the core business that we have, being the flagship fund strategies and the perpetual strategies and our list affiliates, we're going to drive that growth between now and 2025. And then we would have newer strategies which are still under infancy, insurance, secondaries, technology and the transition fund, which is progressing well, but they were going to help contribute to that growth and then drive growth in year 6% to 10%.

比爾，我認為我們仍然符合這一點。我認為我們在投資者日上列出了我們擁有的核心業務，即旗艦基金策略和永久策略以及我們的名單附屬公司，我們將推動從現在到 2025 年的增長。然後我們將製定更新的策略，仍處於起步階段，保險、二級、技術和過渡基金進展順利，但它們將有助於推動增長，然後推動今年6% 至10% 的增長。

So I think what you're seeing right now is us making great progress in regard to the targets that we set ourselves over the next 5 years. And then we're also starting to lay those really strong foundations for that longer-term compounded growth.

因此，我認為您現在看到的是，我們在未來 5 年為自己設定的目標方面取得了巨大進展。然後我們也開始為長期復合增長奠定堅實的基礎。

Our next question comes from Geoff Kwan with RBC Capital Markets.

我們的下一個問題來自 RBC 資本市場的 Geoff Kwan。

Just a question on the global transition fund. Aside from the typical renewable deals that say, Brookfield Renewable would typically participate in. Just wondering how active have you been in terms of seeking out? And what has been the receptivity so far of the other types of deals? I think the fund is able to pursue like I'm thinking partnering with companies that are transitioning to a low-carbon or carbon-neutral target?

只是關於全球過渡基金的問題。除了典型的可再生能源交易之外，布魯克菲爾德可再生能源公司通常會參與。只是想知道您在尋找方面有多積極？到目前為止，其他類型交易的接受度如何？我認為該基金能夠像我想的那樣與正在向低碳或碳中和目標過渡的公司合作？

Yes. So the fund is set up to do anything that's additional in renewables. So the infrastructure investments there were renewables that already built aren't additional, meaning they're not creating new carbon neutrality. But -- so those will be in our former funds. But in new greenfield developments, that will be in the transition fund.

是的。因此，該基金的設立是為了在可再生能源領域做任何額外的事情。因此，已經建成的可再生能源基礎設施投資並不是額外的，這意味著它們不會創造新的碳中和。但是——所以這些將屬於我們以前的基金。但在新的綠地開發項目中，這將包含在過渡基金中。

And capital provided -- the second bucket is capital provided to companies or otherwise to transition to net zero. And so, we are now out speaking to a number of groups. And think that there's a lot of opportunity in that sector as well. So we haven't yet closed on a first transaction for the fund. But in the next short while, we probably will.

提供的資本——第二個桶是向公司提供的資本或以其他方式過渡到淨零的資本。因此，我們現在正在與一些團體進行交談。並且認為該領域也有很多機會。因此，我們尚未完成該基金的第一筆交易。但在接下來的一段時間內，我們可能會這樣做。

Okay. And then just my second question was, Stewart, you were talking about the criteria for expanding into new countries in Asia. And just wondering if you're able to say which countries appear to meet that criteria and what we might see them start investing it at some point in the near to medium term? And then, also, separately, just a typical timing and process on becoming experts and being able to assess and invest in new opportunities in such a new country.

好的。然後我的第二個問題是，斯圖爾特，你正在談論擴展到亞洲新國家的標準。只是想知道您是否能說出哪些國家似乎符合該標準，以及我們可能會看到他們在中短期內的某個時候開始投資？然後，另外，只是成為專家並能夠評估和投資這樣一個新國家的新機會的典型時機和過程。

Yes, sure. Look, I would say, our focus at present is on those markets I mentioned. So China, Japan, Korea, and bearing in mind, they're all very large markets, and we've got a lot of room to grow ahead of us. So at this stage, I would say there are no current intentions to go into other markets. But if and when we feel comfortable and we've got the resources to allocate, it's the same things I mentioned earlier, which is we, obviously, want to look for countries that have goodwill or law, good respect for capital, and they are large enough for us to be meaningful for us. And and they have opportunities that fit our -- match well with our strengths. So those are the sort of things we look for.

是的，當然。我想說，我們目前的重點是我提到的那些市場。因此，中國、日本、韓國，請記住，它們都是非常大的市場，我們還有很大的增長空間。因此，在現階段，我想說目前沒有進入其他市場的意圖。但是，如果當我們感覺舒服並且我們有資源可以分配時，這就是我之前提到的同樣的事情，顯然，我們想要尋找具有善意或法律、對資本有良好尊重的國家，而且他們是足夠大，對我們來說有意義。他們擁有適合我們的機會——與我們的優勢非常匹配。這些就是我們尋找的東西。

In terms of building up, again, as I said, we take a very cautious approach we go into these countries. So we can sit in Australia or in North America and talk about Asia as if it's one place, but it's a lot of very diverse countries. They all have their own systems and approaches, and we take the cautious approach to learning all of that as we go into them. So we tend to go in, set up, have a mixture of existing tenured Brookfield people on the ground. I, myself, actually went to China and spent a number of years there.

在建設方面，正如我所說，我們在進入這些國家時採取了非常謹慎的態度。因此，我們可以坐在澳大利亞或北美談論亞洲，就好像它是一個地方，但它是由許多非常多樣化的國家組成的。他們都有自己的系統和方法，當我們進入它們時，我們會採取謹慎的態度來學習所有這些。因此，我們傾向於介入、建立、混合現有的布魯克菲爾德終身教授。我本人實際上去了中國並在那里呆了很多年。

As an example, then hiring a local team that we build into our culture and our approach to investing and then slowly build up our investment capabilities and start to get runs on the Board. And so that's very much where we're at in China right now. And as hopefully, you heard, we've really got momentum behind us. We're partway there in Korea and they're building out. And Japan, we expect we're really going to start to move on that growth in the coming year or 2.

舉個例子，然後聘請一個本地團隊，將其融入我們的文化和投資方法中，然後慢慢建立我們的投資能力並開始在董事會任職。這就是我們目前在中國的處境。正如您所聽到的，我們確實有動力。我們在韓國已經進行了一半，他們正在擴建。而日本，我們預計我們將在未來一兩年內真正開始實現這種增長。

Our next question comes from Robert Lee with KBW.

我們的下一個問題來自 KBW 的 Robert Lee。

I'd like to come back to BPY for a bit. So the risk of stating the obvious, obviously, buying it in because you see a lot of value there that can be unlocked. That's not being appreciated. But if we're -- as we think forward over the next 12 to 24 months, are there some things that we should be looking for that you feel like you can kind of unlock value fairly quickly. Once you get full control of BPY and kind of get it outside the public round that we can start seeing if you can maybe share what some of those things may be over the next 24 months.

我想回到 BPY 呆一會兒。因此，顯而易見，買入它是有風險的，因為你看到那裡有很多可以釋放的價值。這就是不被讚賞。但如果我們——正如我們對未來 12 到 24 個月的展望那樣，我們是否應該尋找一些讓您覺得可以相當快地釋放價值的東西。一旦你完全控制了 BPY 並使其脫離了公開融資，我們就可以開始看看你是否可以在接下來的 24 個月內分享其中的一些內容。

Yes. Rob, it's Nick. Listen, I think, what you're going to see over the next 12 to 24 months is, one, just the recovery in some of the areas of the business that were impacted by the shutdown and we expect that to be a fairly strong recovery, especially in retail with the rebound in spending. And I think that we've said any private form maybe allows us the flexibility to do more with the portfolio around development, creating potentially new products for our clients and be more focused on value creation and maybe less focused on that quarter-to-quarter earnings that a public company is focused on.

是的。羅布，我是尼克。聽著，我認為，在接下來的 12 到 24 個月裡，您將看到的是，第一，受關閉影響的某些業務領域將出現復甦，我們預計這將是相當強勁的複蘇尤其是零售業隨著支出的反彈。我認為我們已經說過，任何私人形式都可能使我們能夠靈活地圍繞開發進行更多的投資組合，為我們的客戶創造潛在的新產品，並更加專注於價值創造，也許不太關注季度與季度的情況上市公司關注的收益。

So a lot of that would have been plans that we may have had for the business, and we were sequencing we can maybe accelerate some of those plans. And I do expect that over the coming months, once we effect the transaction, close the transaction and look forward, then we can start to think about what that looks like and set out a fund for you a bit. I think it would be a lot of what we've done in the past, but maybe we can just accelerate some of those plans. And our view on the portfolio really hasn't changed to what we've stated in the past, but these are some very, very high-quality assets that should deliver strong value creation over the long term.

因此，其中很多都是我們可能為業務制定的計劃，我們正在排序，我們也許可以加快其中一些計劃。我確實希望在接下來的幾個月裡，一旦我們實現交易、完成交易並展望未來，我們就可以開始考慮具體情況，並為您設立一筆基金。我認為這將是我們過去所做的很多事情，但也許我們可以加快其中一些計劃。我們對投資組合的看法確實沒有改變我們過去所說的，但這些是一些非常非常高質量的資產，從長遠來看應該會帶來強大的價值創造。

And maybe just a quick follow-up. I mean if I think back to Investor Day, 9 months ago or so, one of the new business initiatives -- you laid out several new business opportunities, initiatives over time. So one of them, I believe, is building a secondary's capability. And I think you've kind of hinted at maybe doing that organically. But could you update us on that and where that stands on the -- been the one or 2 of those businesses that have traded recently? So your thoughts there on kind of an organic build versus potentially acquiring something in the secondary space, which the space of things be growing as rapidly as rest of the industry, if not more so.

也許只是快速跟進。我的意思是，如果我回想起大約 9 個月前的投資者日，其中一項新的業務舉措——隨著時間的推移，您提出了一些新的業務機會和舉措。因此，我認為其中之一就是培養中學的能力。我認為你已經暗示過可能會有機地做到這一點。但您能否向我們介紹一下最新情況以及最近進行交易的一兩家企業的情況？因此，您對有機構建的想法與可能在二級空間中收購某些東西的想法有關，二級空間中的事物的增長速度與行業其他領域一樣快，甚至更快。

Yes, it's Bruce. Look, I'll just say that the secondary space, in particular, assisting mid- or smaller-size general partners, reorganized assets they have or our [GS] deal with funds they have with clients is a very attractive area. It's possible that we do something outside, but we've decided to grow it organically. We've hired teams in real estate, and we now have funds we've raised initially for secondary investments and done a number. We're building out infrastructure, and we're going to turn to private equity next.

是的，是布魯斯。看，我只想說，二級空間，特別是協助中型或小型普通合夥人、重組他們擁有的資產或我們的[GS]處理他們與客戶的資金是一個非常有吸引力的領域。我們有可能在外面做一些事情，但我們決定有機地發展它。我們聘請了房地產團隊，現在我們已經籌集了最初用於二次投資的資金，並完成了一些工作。我們正在建設基礎設施，接下來我們將轉向私募股權。

So we think it's a very -- we think we can easily do it ourselves. And the reason for that is, all we're doing is dealing with the same assets -- types of assets that we deal with every day. So we have the knowledge and our clients are looking for solutions and places to put money to work. So we think it's a highly additive business to us and easily -- easy for us to scale up. So we don't really need to buy a business to do it. But one should never say never, I guess.

所以我們認為這是一個非常 - 我們認為我們可以輕鬆地自己做到這一點。原因是，我們所做的只是處理相同的資產——我們每天處理的資產類型。因此，我們擁有知識，我們的客戶正在尋找解決方案和投入資金的地方。因此，我們認為這對我們來說是一項高度可附加的業務，而且很容易擴大規模。所以我們真的不需要購買一家企業來做到這一點。但我想，人們永遠不應該說永遠。

Our next question comes from Alex Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

I wanted to go back to the fundraising dynamics that are maybe a little bit more near term. So Bruce, your comments sounded pretty bullish on the appetite from investors. You're seeing in the current flagship, obviously, where the next real estate fund have hit in the road this quarter, et cetera. So how are you guys feeling about $100 billion as kind of the near-term target? How are you thinking about Brookfield's participation within that? I think 25% is something we used to sort of thinking about, but if there's enough substantial op demand as it sounds, could that percentage be lower?

我想回到近期的籌款動態。布魯斯，你的評論聽起來相當看好投資者的興趣。顯然，您可以在當前的旗艦產品中看到下一個房地產基金本季度已經上路，等等。那麼你們對 1000 億美元這個近期目標有何看法？您如何看待布魯克菲爾德參與其中？我認為 25% 是我們過去經常考慮的問題，但如果聽起來有足夠大的操作需求，這個百分比是否可以更低？

And then maybe just a quick update on Oaktree 11. It sounds like they're actually quite far along in deployment of commitment, just kind of based on their deployment activity in the quarter. So just kind of let us -- maybe give us a quick update on where they stand as a percentage of committed to deploy capital within the latest fund. And I guess, that will kind of dictate what the next fund could look like.

然後可能只是對 Oaktree 11 進行快速更新。聽起來他們實際上在部署承諾方面已經取得了很大進展，這只是基於他們本季度的部署活動。因此，請讓我們快速更新一下他們在最新基金中承諾部署資本的百分比。我想，這將決定下一隻基金的樣子。

So I'll give you an answer to the first couple of things and then maybe Nick can talk about Oaktree. But look, I would say, we have every expectation of meeting all the targets we laid out 9 months ago. The $100 billion. It's possible it's greater than that. The fundraising environment is extremely constructive today because interest rates are very low. And people have learned that alternatives are a very good way to earn a decent return with low risk in their portfolio. So that -- I think, I'd say we have no issues with any of that.

所以我會給你前幾件事的答案，然後也許尼克可以談談橡樹資本。但我想說的是，我們完全期望能夠實現 9 個月前製定的所有目標。 1000億美元。有可能它比這個還要大。由於利率非常低，如今的籌款環境非常有建設性。人們已經了解到，另類投資是在投資組合風險較低的情況下賺取可觀回報的好方法。所以——我想，我想說我們對此沒有任何問題。

The second question was towards percentage of commitments and where we come in at. And I guess what I'd say is we've now started in our funds, and we've started years ago, but we're being more definitive with it when we raise funds as we're starting by doing absolute numbers into a fund. Because, as you know, as these funds get larger, when they go to $20 million, $30 billion, they -- an absolute amount of $2 billion or $3 billion, it's a lot of money for us, but -- and in every fund we do. Therefore, we're not really thinking of 25%. They're just absolute dollar amounts we put in. And our clients feel, obviously, a very -- that's a very large commitment from us. So it's possible going forward that the number goes down on a percentage basis, but it will always be a very absolute committed amount which is large.

第二個問題是關於承諾的百分比以及我們的進展情況。我想我想說的是，我們現在已經開始了我們的基金，我們幾年前就開始了，但是當我們籌集資金時，我們對此更加明確，因為我們開始將絕對數字納入基金。因為，正如你所知，隨著這些基金變得越來越大，當它們達到2000 萬美元、300 億美元時，它們——絕對數額為20 億美元或30 億美元，這對我們來說是很多錢，但是——而且在每一個基金中我們的確是。因此，我們並沒有真正考慮 25%。它們只是我們投入的絕對美元金額。顯然，我們的客戶感到我們做出了非常大的承諾。因此，未來這個數字可能會按百分比下降，但它始終是一個非常絕對的承諾金額，而且很大。

Yes. Maybe, Alex, I can just jump in on Oaktree. Listen, there are fundraising for fund 11 as you know, has been ongoing. I think in previous quarters, we disclosed they were up to $13 billion. They're now up to $14.7 billion following recent closes and they've not had their final close yet. That will happen in the coming months. We expect to increase that fund a bit more from there. And there are about 50% invested or committed in the fund today. So the deployment has been going very well for that fund. They're seeing lots of attractive opportunities, both in the public and private markets. So there continues to be strong momentum on the Oaktree side.

是的。亞歷克斯，也許我可以加入橡樹資本。聽著，正如你所知，11 號基金的籌款活動一直在進行中。我想在前幾個季度，我們披露的金額高達 130 億美元。最近的收盤後，它們的市值目前已達到 147 億美元，但尚未完成最終收盤。這將在未來幾個月內發生。我們預計在此基礎上再增加一點資金。目前大約有 50% 的人投資或承諾投資該基金。因此，該基金的部署進展順利。他們在公共和私人市場上看到了許多有吸引力的機會。因此，橡樹資本方面繼續保持強勁勢頭。

Got it. That's great. A quick follow-up for you guys on the balance sheet. So -- and that's really related to the unlisted investments you carry on balance sheet. I think it was a little bit over $9 billion. Is it possible to disclose the embedded gain within those investments? I'm not sure if I missed it somewhere. And how are you thinking about the timing of those realizations?

知道了。那太棒了。為你們提供有關資產負債表的快速跟進。所以——這確實與你在資產負債表上進行的非上市投資有關。我認為這個數字略高於 90 億美元。是否可以披露這些投資的內含收益？我不確定我是否在某個地方錯過了它。您如何考慮這些實現的時機？

Now I know it's difficult to pinpoint quarter, but should we be thinking of that kind of in a similar fashion the way you disclosed your carrying path kind of the vast majority of carry, can you talk about realizing that over the next kind of 3 years? So that's sort of a similar path for that -- the embedded gains within the unlisted partnership balance on the balance sheet?

現在我知道很難確定季度，但我們是否應該以類似的方式來考慮這種情況，就像您披露絕大多數攜帶路徑一樣，您能談談在未來三年內實現這一點嗎？那麼這有點類似——資產負債表上非上市合夥企業餘額中的嵌入收益？

Yes. So Alex, there are a couple of different concepts in there. The unlisted investments would cover things like our residential homebuilding business in North America, Brazil, which would be direct investments for us, it would be some direct real estate that we own. So a lot of it wouldn't be in funds. And some of them would be more strategic to Brookfield over the long term, so not necessarily things we'd monetize in the short term.

是的。亞歷克斯，其中有幾個不同的概念。非上市投資將涵蓋我們在北美、巴西的住宅建築業務，這對我們來說將是直接投資，這將是我們擁有的一些直接房地產。所以很多都不會是資金。從長遠來看，其中一些對布魯克菲爾德更具戰略意義，因此不一定是我們在短期內貨幣化的東西。

There are some unlisted things that show up there, like our commitment to the third BSREP fund. So that would be aligned to monetization, but it's kind of a mix. It is broken out later in the supplemental. We do provide a bit of a breakdown of our unlisted investments, but we can walk you through that. So I wouldn't think of that necessarily as things that will be disposed of in gains realized in the short term, but some of it will come in over time to your question. Some of them are core, what we've been doing recently. And that wouldn't include the -- the listed investments and things like the listed affiliates, those would not be in those numbers, that would be completely different.

其中有一些未列出的內容，例如我們對第三個 BSREP 基金的承諾。因此，這將與貨幣化保持一致，但這是一種混合。稍後在補充中對其進行了細分。我們確實提供了一些非上市投資的詳細信息，但我們可以引導您完成這些。因此，我並不認為這一定是短期內實現的收益中的一部分，但隨著時間的推移，其中一些會出現在你的問題中。其中一些是核心的，我們最近一直在做的事情。這不包括上市投資和上市附屬公司之類的東西，這些不會出現在這些數字中，那將是完全不同的。

And as you know, in this quarter, the West Fraser shares, which was a very, very long-term investment that we've held. And it was, obviously, very attractive in the market following the transaction with West Fraser. It was a very attractive opportunity to monetize and bring capital into treasury and support what we're looking to do in the business, and the BEPC share has strategic value to BEPC as well. So some of these things are arguably opportunistic but also strategic. So it really depends on the nature of the investment.

如您所知，在本季度，西弗雷澤股票是我們持有的一項非常非常長期的投資。顯然，在與 West Fraser 交易後，它在市場上非常有吸引力。這是一個非常有吸引力的機會，可以實現貨幣化，將資金引入財務部門，並支持我們希望在業務中開展的工作，而且 BEPC 股份對 BEPC 也具有戰略價值。因此，其中一些事情可以說是機會主義的，但也是戰略性的。所以這實際上取決於投資的性質。

(Operator Instructions) Our next question comes from Andrew Kuske with Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸銀行的安德魯·庫斯克（Andrew Kuske）。

I guess as we're approaching 2:00 a.m. in Sydney, I've got a question for Stewart. And it really is around your APAC business broadly. And it seems like the duration you've been in APAC you're maybe one transaction away from hitting a tipping point to accelerate new business and primarily places like the Japan and South Korea. If you could maybe just give some context on how you have the outlook on a near-term basis on the acceleration of activities there?

我想我們在悉尼的時間已接近凌晨 2:00，我有一個問題要問斯圖爾特。它確實廣泛圍繞著您的亞太地區業務。在您在亞太地區工作的時間裡，您可能只需一筆交易就能達到加速新業務（主要是日本和韓國等地區）的臨界點。您是否可以提供一些背景信息，說明您對那裡的活動加速的近期前景有何看法？

Sure. And look, I think, you've characterized that well. Again, we do enter these markets cautiously and make sure that we learn them well before we do accelerate. We are at that point in the sectors that we've got experience in China. And I would say China is a huge country. And so, we've been very careful in taking a very narrow approach to the sectors that we focus on. And -- but obviously, we can go deep.

當然。我想，你看，你已經很好地描述了這一點。同樣，我們確實謹慎地進入這些市場，並確保在加速之前充分了解它們。我們目前處於在中國擁有經驗的領域。我想說中國是一個大國。因此，我們一直非常謹慎地對我們關注的領域採取非常狹窄的方法。而且——但顯然，我們可以深入探討。

And so, now in the -- in those kind of Tier 1 Prime real estate markets, we are doing larger and larger transactions. And hopefully, in a very near term, we'll have another one coming through to build up that portfolio and similarly in renewable power. But at the same time, we are building out our investment team across infrastructure and private equity. And we expect in the next little while that we will start to invest in those business groups as well and further accelerate.

因此，現在在一級優質房地產市場中，我們正在進行越來越大的交易。希望在不久的將來，我們將有另一個項目來建立這一投資組合，在可再生能源領域也是如此。但與此同時，我們正在基礎設施和私募股權領域建立投資團隊。我們預計在接下來的一段時間內，我們也將開始對這些業務部門進行投資，並進一步加速。

In Korea and Japan, similarly, we've got -- we've done a number of real estate transactions of scale in Korea already, and we have great momentum. But we are right now building out our private equity and infrastructure teams. And as a result of that, we expect that we we're going to be able to capitalize on many opportunities without seeing the market as those markets start to transition a little bit where to date, you've had conglomerates that have sort of bought up everything in those markets, and now they're starting to retreat a little bit and focus back to their calls, and there are a lot of opportunities as a result in the market that we're looking to capitalize on. So we expect a lot of growth coming over the next few years in the market and a lot of exciting opportunities.

同樣，在韓國和日本，我們已經在韓國進行了一些大規模的房地產交易，而且勢頭強勁。但我們現在正在建設我們的私募股權和基礎設施團隊。因此，我們預計我們將能夠在不了解市場的情況下利用許多機會，因為這些市場開始發生一些轉變，到目前為止，你已經有一些企業集團已經購買了這些市場上的一切都上漲了，現在他們開始稍微撤退並重新關注他們的電話，因此市場上有很多我們希望利用的機會。因此，我們預計未來幾年市場將出現大幅增長，並出現許多令人興奮的機會。

And then maybe just a follow-up on that. And probably close to your heart is if you got back to BBI and that deal, that clearly accelerated the group's knowledge and things like rail and ports. So do you see a collateral benefit of allocating capital in places, Asia Pac, that could actually enhance your activities globally by learning a certain area of expertise or just having more hands-on capital?

然後也許只是後續行動。也許你最關心的是，如果你回到 BBI 和那筆交易，這顯然會加速該集團的知識以及鐵路和港口等方面的發展。那麼，您是否認為在亞太地區分配資本有附帶好處，實際上可以通過學習某個領域的專業知識或僅僅擁有更多的實踐資本來增強您的全球活動？

Yes, absolutely. Look, I think, one of the big advantages is just part of our broader approaches that we have global capital and the more places we have to deploy that capital, the more opportunistic we can be. And there's always markets that are in and out of favor. And I would say right now -- when we first entered China, as an example, it was a highly competitive market, and there were very aggressive domestic players and a number of foreigners sort of with interest in the market.

是的，一點沒錯。我認為，最大的優勢之一是我們擁有全球資本的更廣泛方法的一部分，而且我們必須部署這些資本的地方越多，我們就越能投機取巧。總有一些市場受到青睞和不受歡迎。我現在想說的是，例如，當我們第一次進入中國時，這是一個競爭激烈的市場，有非常積極的國內參與者和一些對這個市場感興趣的外國人。

And to date, well, right now, that's kind of swung around a bit and with the deleveraging process locally in the market, there are a number of those previous buyers, local domestic buyers have become sellers. And some of the foreigners -- with the various noise internationally, some of the foreigners have become more cautious as well. So that supply/demand dynamic there is really kind of swung in our favor, and we're seeing a lot of great opportunities. So I think that's kind of the bigger benefit to having more markets available to us.

到目前為止，嗯，現在，情況發生了一些轉變，隨著市場當地的去槓桿化進程，有許多以前的買家，當地的國內買家已經變成了賣家。還有一些外國人，隨著國際上的各種喧囂，一些外國人也變得更加謹慎。因此，供需動態確實對我們有利，我們看到了很多巨大的機會。所以我認為這是擁有更多市場給我們帶來的更大好處。

That concludes today's question-and-answer session. I'd like to turn the call back to Suzanne Fleming for closing remarks.

今天的問答環節到此結束。我想將電話轉回給蘇珊·弗萊明，讓其致閉幕詞。

Thank you. Thank you, operator. And with that, we'll end the call. Thank you for joining us.

謝謝。謝謝你，接線員。這樣，我們就結束通話了。感謝您加入我們。

This concludes today's conference. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連接。