BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Brookfield Asset Management Second Quarter 2020 Results Conference Call.

女士們、先生們，感謝你們的支持，並歡迎參加布魯克菲爾德資產管理公司 2020 年第二季度業績電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Ms. Suzanne Fleming, Managing Partner.

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。

Thank you.

謝謝。

Please go ahead, ma'am.

請繼續，女士。

Thank you, operator, and good morning.

謝謝您，接線員，早上好。

Welcome to Brookfield's Second Quarter 2020 Conference Call.

歡迎參加 Brookfield 2020 年第二季度電話會議。

On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, our Chief Financial Officer; and Bahir Manios, CFO of our infrastructure business.

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；以及我們基礎設施業務的首席財務官巴希爾·馬尼奧斯 (Bahir Manios)。

Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter.

布魯斯將首先介紹業務最新情況，然後尼克將討論我們本季度的財務和運營業績。

And finally, Bahir will give an update on our infrastructure business.

最後，巴希爾將介紹我們基礎設施業務的最新情況。

After our formal comments, we'll turn the call over to the operator and take analyst questions.

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 in responding to questions and in discussing new initiatives in 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 law.

我想提醒您，在今天的評論中，包括在回答問題和討論我們的財務和運營業績的新舉措時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國法律含義內的前瞻性陳述。證券法。

These statements reflect predictions of future events and trends and do not relate to historic events and are subject to known and unknown risks, and future events and results may differ materially from such statements.

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，並受到已知和未知風險的影響，未來事件和結果可能與此類陳述存在重大差異。

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。

Thank you.

謝謝。

And now I'll turn the call over to Bruce.

現在我將把電話轉給布魯斯。

Thank you, Suzanne, and good day, everyone.

謝謝你，蘇珊娜，祝大家美好。

Our business performed well during the quarter.

我們的業務在本季度表現良好。

And since we last spoke to you, we recorded our largest fundraising period ever.

自從我們上次與您交談以來，我們記錄了有史以來最大的籌款期。

We raised $23 billion across various pools of capital, the highlight of which was the $12 billion of initial commitments for our latest flagship distressed credit fund.

我們通過各種資本池籌集了 230 億美元，其中最引人注目的是為我們最新的旗艦不良信貸基金提供了 120 億美元的初始承諾。

This was raised against the backdrop of the global economic shutdown, which impacted many businesses, including some of ours.

這是在全球經濟停擺的背景下提出的，全球經濟停擺影響了許多企業，包括我們的一些企業。

But we are now seeing economies across the world slowly reopening.

但我們現在看到世界各地的經濟正在緩慢重新開放。

And while it could take well into 2021 for our full recovery, our impacted businesses are already showing signs of improvement.

雖然我們可能要到 2021 年才能完全恢復，但我們受影響的業務已經顯示出改善的跡象。

The success of our fundraising in the period highlights the scale and diversity of our product offering.

我們在此期間籌款的成功凸顯了我們產品供應的規模和多樣性。

When we partnered with Oaktree last year as well as refocused efforts on growing our perpetual private fund offerings, we did so to round out the product offering to ensure we had products that were attractive to our clients across all cycles.

當我們去年與橡樹資本合作並重新集中精力發展我們的永久私募基金產品時，我們這樣做是為了完善產品供應，以確保我們的產品對所有周期的客戶都有吸引力。

This quarter exemplifies the benefits of this strategy as we were able to accelerate fundraising for flagship distressed debt funds and raised capital for a more fixed income like perpetual funds.

本季度體現了這一策略的好處，因為我們能夠加快旗艦不良債務基金的籌款速度，並為永續基金等更固定的收益籌集資金。

A record level of fundraising means we now have $77 billion of capital available to deploy into investments, and we expect the pace of investment to increase over the next 12 months as opportunities present themselves.

創紀錄的籌款水平意味著我們現在有 770 億美元的資金可用於投資，並且我們預計隨著機會的出現，未來 12 個月投資步伐將會加快。

Overall, the increased levels of government debt that we have seen as a result of the economic shutdown, will have long-term effects on many things, the most important of which is that many countries around the world will have to offload spending onto the private sector and sell assets.

總體而言，我們看到因經濟停擺而導致的政府債務水平上升，將對許多事情產生長期影響，其中最重要的是，世界上許多國家將不得不將支出轉嫁給私人部門。部門並出售資產。

This should bode well for the scaling up of our infrastructure and our renewable businesses.

這對於擴大我們的基礎設施和可再生能源業務來說是個好兆頭。

And we have Bahir Manios, CFO of our infrastructure business with us on the call today to give us an update on that business and where we are seeing opportunity.

今天，基礎設施業務首席財務官巴希爾·馬尼奧斯 (Bahir Manios) 與我們通話，向我們介紹該業務的最新情況以及我們在哪裡看到的機會。

As government aid temper -- tapers, the private sector will also be increasingly in need of capital, and there should be many opportunities for us to invest across all of our pools of capital.

隨著政府援助的逐漸減少，私營部門也將越來越需要資本，我們應該有很多機會對我們所有的資本池進行投資。

This will include us putting funds to work in noncontrol investments in our recently created special investments program, distressed debt opportunities in our Oaktree funds and control investments within our property, infrastructure, renewable and private equity flagship funds.

這將包括我們將資金用於最近創建的特別投資計劃中的非控制性投資、橡樹基金中的不良債務機會以及我們的房地產、基礎設施、可再生能源和私募股權旗艦基金中的控制性投資。

Our latest round of flagship funds is approximately 50% deployed in aggregate, and with the pipeline we see today, we should be back in the market for all of them in 2021.

我們最新一輪的旗艦基金總共部署了大約 50%，根據我們今天看到的管道，我們應該會在 2021 年回到所有這些基金的市場。

Turning to interest rates.

轉向利率。

We have discussed over the past 12 to 18 months about what a low interest rate environment means for our fundraising.

在過去的 12 到 18 個月裡，我們一直在討論低利率環境對我們的籌款意味著什麼。

And we are seeing that play out in real time today with the capital raise since May.

今天，我們看到隨著五月份以來的融資，這種情況實時發生。

But with a zero-interest rate environment here, and it increasingly looking like it will be here for 5 years plus.

但由於這裡的零利率環境，而且看起來它會持續五年多。

This will also have a meaningful impact in a positive way on the real assets that we already own.

這也將對我們已經擁有的實物資產產生積極的有意義的影響。

The majority of our assets today have long-term fixed contracts, either long leased property, contracted power or utility or utility-like assets.

今天，我們的大多數資產都有長期固定合同，要么是長期租賃財產、合同電力、公用事業或類似公用事業的資產。

And with interest rates dropping, the value ascribed to these cash flow streams increases significantly.

隨著利率下降，這些現金流的價值顯著增加。

Just in the past few weeks, we have started to see bids for real estate and infrastructure assets at higher multiples than pre-COVID.

就在過去幾週，我們開始看到房地產和基礎設施資產的出價比疫情前更高。

While the majority of our investments are the long-term contracted assets, which I just mentioned, we do have some businesses that saw disruption from the shutdowns.

雖然我們的大部分投資都是我剛才提到的長期合同資產，但我們確實有一些業務因停工而受到干擾。

In our private equity business, we witnessed some businesses with sales down more than 50% with the shutdowns in April and May.

在我們的私募業務中，我們看到一些企業在4月和5月停業，銷售額下降了50%以上。

But virtually, all our operations are now experiencing increased activity with some approaching comparable results to last year in July, August.

但實際上，我們所有的業務現在都在增加活動，其中一些業務的結果與去年 7 月、8 月的業績相當。

In our retail business, our U.S. retail centers were shut down by government mandate for 2 months.

在我們的零售業務中，我們的美國零售中心被政府強制關閉了兩個月。

All but one reopened by June 30 with foot traffic now back to more than 50% of normal levels and improving every week.

截至 6 月 30 日，除一處外，其餘所有餐廳均已重新開放，客流量現已恢復至正常水平的 50% 以上，並且每週都在改善。

85% of the stores in the retail malls are now open, rents are now being collected, and our teams are focused on discussions about collection for the shutdown period with some tenants.

目前商場85%的店鋪已開業，租金正在收取中，我們的團隊正在重點與部分租戶討論停業期間的收取事宜。

While a smaller part of our business, most of our hotels have now also begun to reopen.

雖然我們的業務只佔一小部分，但我們的大多數酒店現在也開始重新開業。

The largest hospitality business we own is called Center Parcs in the United Kingdom, which is experienced -- experiencing higher forward bookings than at this time last year, largely as a result of it being a domestic offering when international offerings are hard to access.

我們擁有的最大的酒店業務是英國的 Center Parcs，該公司經驗豐富，其提前預訂量比去年同期更高，這主要是因為它是國內業務，而國際業務很難獲得。

As another anecdote, we are experiencing significantly increased sales in our U.S. single-family housing operations.

另一個軼事是，我們的美國單戶住宅業務銷量大幅增長。

As an example, last year, on average, we sold 65 homes.

舉例來說，去年我們平均售出 65 套房屋。

To put that into perspective, in April, it was close to 0. And today, we're selling between 80 and 100 per week.

從這個角度來看，4 月份的銷量接近於 0。而今天，我們每週的銷量在 80 到 100 之間。

That is 20% to 30% higher than last year.

這比去年增加了 20% 到 30%。

And I would note for you that virtually all single-family builders have similar scale are experiencing this, not just us.

我想向您指出的是，幾乎所有具有類似規模的單戶建築商都在經歷這種情況，而不僅僅是我們。

This has further flowed to wood products, where prices have tripled since March.

這進一步流向木製品，自三月份以來，木製品的價格上漲了兩倍。

This bodes well for our investment in Norbord, which has similarly tripled its price in the stock market since March and looks -- the company looks like it has significant room to generate super profits this year.

這對我們對 Norbord 的投資來說是個好兆頭，自 3 月份以來，Norbord 的股價同樣上漲了兩倍，而且看起來該公司今年似乎有很大的空間來產生超額利潤。

As it relates to office buildings, our views are laid out in the shareholder letter.

由於涉及辦公樓，我們的觀點已在股東信中闡述。

And in the next short while, we will post a client white paper on the subject for you to review on our website.

在接下來的一段時間內，我們將在我們的網站上發布有關該主題的客戶白皮書供您查看。

Simply stated, our view is that companies use their offices to foster culture, collaboration and development of talent.

簡而言之，我們的觀點是公司利用其辦公室來培養文化、協作和人才發展。

This cannot be replicated from a home office.

這無法從家庭辦公室複製。

Further reinforcing these views, I would note a few facts.

為了進一步強化這些觀點，我想指出一些事實。

First, our sole office buildings, which were among the first shutdown globally, are now back to 90% employee occupancy.

首先，我們唯一的辦公樓是全球最早關閉的辦公樓之一，現在員工入住率已恢復到 90%。

And I would note for you that Korea is a very tech-savvy place.

我想向您指出的是，韓國是一個非常精通技術的地方。

Shanghai is back to almost the same.

上海又回到原來的樣子了。

In addition, we collect bad swipes on employees at our office properties.

此外，我們還收集針對辦公場所員工的不良刷卡行為。

This totals a million people who work in our properties globally.

全球共有 100 萬人在我們的酒店工作。

This is a very large sample of global office workers.

這是全球上班族的一個非常大的樣本。

The overall information is powerful as we know who comes and goes for how long, when and how they move around.

整體信息非常強大，因為我們知道誰來了、走了多長時間、何時以及如何走動。

What I can tell you is that virtually every day on average, since May 1, the numbers in the office have increased.

我可以告訴你的是，自5月1日以來，辦公室裡的人數幾乎每天都在增加。

This gives us hard data to base our views on.

這為我們提供了堅實的數據作為我們觀點的基礎。

Therefore, please consider those comments when you read news, which suggests that nobody will ever go back to the office, ironically, often provided by some of those who benefit from people staying at home.

因此，當您閱讀新聞時，請考慮這些評論，這些評論表明沒有人會回到辦公室，諷刺的是，這些評論通常是由那些受益於人們呆在家裡的人提供的。

So please consider those views -- our views are based on hard data and very extensive discussions with large groups of corporations who we lease space to, not nearly conjecture.

因此，請考慮這些觀點——我們的觀點基於硬數據以及與我們租賃空間的大型企業集團的廣泛討論，而不是猜測。

With those comments, I would gladly turn it over to Nick Goodman, who will cover our results for the quarter.

有了這些評論，我很樂意將其交給尼克·古德曼，他將報導我們本季度的業績。

Thank you, Bruce, and good morning, everyone.

謝謝你，布魯斯，大家早上好。

So we had strong results during the second quarter, especially when considering the economic environment.

因此，我們在第二季度取得了強勁的業績，特別是考慮到經濟環境。

Our asset management earnings continue to exhibit very strong growth, and most of our operating companies showed their resiliency.

我們的資產管理盈利繼續表現出非常強勁的增長，我們的大多數運營公司都表現出了韌性。

We generated $605 million of cash available for distribution or what we call CAFDR during the quarter, a 20% increase from the second quarter of 2019 when excluding the impact of carried interest.

本季度我們產生了 6.05 億美元的可用於分配的現金，即我們所說的 CAFDR，在排除附帶權益影響的情況下，比 2019 年第二季度增加了 20%。

A strong cash generation, combined with corporate and third-party fundraising activities, has increased our deployable capital to $77 billion.

強勁的現金生成能力，加上公司和第三方籌款活動，使我們的可動用資本增加到 770 億美元。

This positions us well to pursue growth opportunities in the coming months, quarters and years.

這使我們能夠在未來幾個月、幾個季度和幾年內尋求增長機會。

75% of our businesses are backed by contractual cash flows from utilities, renewable power, offices, data infrastructure and critical service infrastructure and were, therefore, unaffected by the economic shutdown.

我們 75% 的業務得到來自公用事業、可再生能源、辦公室、數據基礎設施和關鍵服務基礎設施的合同現金流的支持，因此沒有受到經濟停擺的影響。

However, we did have some businesses that reported no income for the quarter.

然而，我們確實有一些企業報告本季度沒有收入。

And we recorded some noncash revaluations and net income to reflect the current environment.

我們記錄了一些非現金重估和淨利潤以反映當前環境。

This resulted in a net loss attributable to shareholders for the second quarter of $656 million or $0.43 per share.

這導致第二季度股東應占淨虧損 6.56 億美元，即每股虧損 0.43 美元。

But more relevant to the operating performance of the business is our funds from operations, or FFO, which was $1.2 billion for the quarter or $0.73 per share.

但與業務運營績效更相關的是我們的運營資金（FFO），該季度為 12 億美元，即每股 0.73 美元。

Starting with our asset management results.

從我們的資產管理業績開始。

Fee-related earnings before performance fees increased by 23% to $324 million for the 3-month period and totaled $1.3 billion over the last 12 months, an increase of 41% from the same period in 2019.

前 3 個月期間，扣除績效費用之前的費用相關收益增長了 23%，達到 3.24 億美元，過去 12 個月的收益總額為 13 億美元，比 2019 年同期增長了 41%。

The growth in our fee-related earnings is a reflection of the latest round of fundraising on our flagship funds, contribution from our partnership with Oaktree and the growth of our perpetual strategies.

我們與費用相關的收入的增長反映了我們旗艦基金的最新一輪融資、我們與橡樹資本合作夥伴關係的貢獻以及我們永久策略的增長。

Today, our fee-bearing capital totals $277 billion, and our annual fee revenue stand at $2.8 billion.

如今，我們的收費資本總額為 2770 億美元，年收費收入為 28 億美元。

We also cover further $29 billion of capital that will become fee-bearing when invested.

我們還承擔了另外 290 億美元的資本，這些資本在投資時將成為付費資本。

When fully deployed, this capital will generate approximately $315 million of incremental fee revenues annually.

全面部署後，這筆資金每年將產生約 3.15 億美元的增量費用收入。

Our unrealized carried interest balance stands at $2.9 billion, largely consistent with the first quarter.

我們的未實現附帶利息餘額為 29 億美元，與第一季度基本一致。

This is a reflection of the stability that our investments provide to our clients.

這反映了我們的投資為客戶提供的穩定性。

Most of the assets that we manage are privately owned and generate stable cash flows with strong downside protection of capital, making them resilient and protected from public market -- marks.

我們管理的大多數資產都是私有的，能夠產生穩定的現金流，並具有強大的資本下行保護，使其具有彈性並免受公開市場的影響。

While we expect to crystallize the unrealized carried interest, the slowdown in economic activity did delay a number of our planned asset sales and, therefore, delayed carry realization.

雖然我們預計未實現的附帶權益將具體化，但經濟活動的放緩確實推遲了我們計劃的一些資產銷售，因此推遲了附帶權益的實現。

That led to a reduction in our realized carried interest this quarter, although we did recognize $76 million of carry in the quarter, and we have recognized $499 million over the last 12 months.

這導致本季度我們已實現的附帶權益減少，儘管我們確實在本季度確認了 7600 萬美元的附帶權益，並且在過去 12 個月內確認了 4.99 億美元。

A number of the sales processes that were delayed are now restarting, and we retain our conviction in the fact that both the high-quality nature of the assets and their cash flows, combined with the low interest rate environment, makes these assets and our businesses very attractive to prospective buyers.

一些被推遲的銷售流程現在正在重新啟動，我們仍然堅信，資產及其現金流的高質量性質，加上低利率環境，使這些資產和我們的業務對潛在買家非常有吸引力。

In the last 2 months, we've completed secondary offers for both BEP and BIPC.

在過去的兩個月裡，我們完成了 BEP 和 BIPC 的二次報價。

Combined, these 2 transactions allowed us to realize approximately $700 million of cash proceeds to further enhance our liquidity that we will look to redeploy into other opportunities over time.

這兩筆交易合計使我們獲得了約 7 億美元的現金收益，以進一步增強我們的流動性，隨著時間的推移，我們將尋求將其重新部署到其他機會中。

We continue to maintain significant holdings in each of these companies and continue to view each of the outstanding businesses to invest in and believe these transactions will further support their growth through increasing the public flow and liquidity of the underlying units and shares.

我們繼續持有這些公司的大量股份，並繼續關注每一個優秀的業務進行投資，並相信這些交易將通過增加基礎單位和股票的公共流量和流動性來進一步支持它們的增長。

And importantly, it also shows the vast liquidity that we hold at Brookfield Asset Management as none of these investments, which can on a day's notice return to cash should we wish, are counted in our liquidity numbers.

重要的是，它還顯示了我們在布魯克菲爾德資產管理公司持有的巨大流動性，因為這些投資（如果我們願意的話可以在一天通知後返回現金）都沒有計入我們的流動性數字。

Turning to our balance sheet investments.

轉向我們的資產負債表投資。

Excluding disposition gains, FFO for the quarter was $333 million.

不包括處置收益，本季度的 FFO 為 3.33 億美元。

The decrease compared to the prior year was primarily caused by the disruption from the economic shutdown, which lowered earnings at our modest number of hospitality assets and other investment properties, in particular, our retail investments as well as at certain directly-held investments.

與上一年相比的下降主要是由於經濟停擺造成的干擾，這降低了我們數量不多的酒店資產和其他投資物業的收益，特別是我們的零售投資以及某些直接持有的投資。

As mentioned, we believe our earnings will return to normalized levels as the economy progresses on its path of recovery.

如前所述，我們相信，隨著經濟在復甦之路上取得進展，我們的盈利將恢復到正常水平。

In the quarter, we recognized disposition gains of $473 million, primarily from the aforementioned secondary offering of BEP units.

本季度，我們確認了 4.73 億美元的處置收益，主要來自上述 BEP 單位的二次發行。

Today, our liquidity and capitalization remain very strong.

今天，我們的流動性和資本規模仍然非常強勁。

In addition to $61 billion of uncalled fund commitments, we have approximately $16 billion of core liquidity across the group, including nearly $6 billion directly at BAM for a total of $77 billion of deployable capital.

除了 610 億美元的未兌現資金承諾外，我們整個集團還有約 160 億美元的核心流動性，其中直接位於 BAM 的近 60 億美元，可動用資本總額為 770 億美元。

And if you were to include an estimate of our noncore holdings of our affiliates, that would bring that number closer to $90 billion.

如果算上我們對附屬公司的非核心持股的估計，這個數字將接近 900 億美元。

And our balance sheet remains conservatively capitalized with an implied corporate debt to market capitalization ratio of 13% at the end of the quarter, and average remaining term on our corporate debt of 11 years.

我們的資產負債表仍保持保守資本化，季度末隱含的公司債務與市值之比為 13%，公司債務平均剩餘期限為 11 年。

And we have no individual piece of debt maturing before 2023.

我們沒有在 2023 年之前到期的個人債務。

Finally, I'm pleased to confirm that our Board of Directors has declared a $0.12 per share dividend payable at the end of September.

最後，我很高興地確認，我們的董事會已宣佈在 9 月底支付每股 0.12 美元的股息。

With that, I will turn the call over to Bahir Manios.

這樣，我會將電話轉給巴赫·馬尼奧斯。

Thank you, Nick, and good morning, everyone.

謝謝你，尼克，大家早上好。

Many sectors were hard hit following the shutdown of economies around the world.

全球經濟停擺後，許多行業受到嚴重打擊。

However, the infrastructure sector demonstrated one of its most coveted characteristics, being its highly resilient cash flows.

然而，基礎設施行業表現出了最令人垂涎​​的特徵之一，那就是其高度彈性的現金流。

While it's too early to comment on learnings from this challenging period, our conviction regarding the attractiveness and sustainability of the infrastructure sector has been reinforced.

雖然現在評論這個充滿挑戰的時期的經驗教訓還為時過早，但我們對基礎設施行業的吸引力和可持續性的信念已經得到加強。

It is with considerable pride that we can report that every operating business owned by Brookfield Infrastructure was deemed an essential service and thus has been operating throughout this period.

我們可以非常自豪地報告，布魯克菲爾德基礎設施擁有的每項運營業務都被視為基本服務，因此在此期間一直在運營。

Our assets performed well on a local currency basis, and only a very small portion of our overall revenue was affected by this global economic shutdown.

以當地貨幣計算，我們的資產表現良好，我們總收入中只有很小一部分受到全球經濟停擺的影響。

We currently estimate that the true economic impact of the shutdown represents less than 2% of the infrastructure group's overall cash flows.

我們目前估計，停工帶來的真正經濟影響不到基礎設施集團整體現金流的 2%。

Within the infrastructure platform, we have a tremendous amount of liquidity across Brookfield Infrastructure Partners, our publicly listed vehicle and our private funds, which today sits at close to $20 billion, that is available for deployment.

在基礎設施平台內，我們在 Brookfield 基礎設施合作夥伴、我們的公開上市工具和私募基金中擁有大量流動性，目前可供部署的流動性接近 200 億美元。

Before I touch on where we're seeing opportunities in the current environment, I thought I'd provide an update on 2 of our infrastructure fund -- private fund strategies that have had a great deal of success recently both from a fundraising and investment perspective, thereby demonstrating the diversity of not only the sources of capital that are available to us but also the types of transactions that we're taking part in.

在談到我們在當前環境中看到的機會之前，我想先介紹一下我們的兩個基礎設施基金的最新情況——私募基金策略，這些策略最近從籌款和投資的角度都取得了巨大的成功，從而證明了我們不僅可以利用的資本來源的多樣性，而且還證明了我們參與的交易類型的多樣性。

These are our super core open-ended infrastructure fund and our closed-ended infrastructure debt funds.

這些是我們的超級核心開放式基礎設施基金和封閉式基礎設施債務基金。

Our super core fund is focused on long-term, very stable, almost bond-like cash flows and was established at the end of 2018.

我們的超級核心基金專注於長期、非常穩定、幾乎類似債券的現金流，成立於2018年底。

Since inception, we've raised over $2.6 billion, including through this recent market volatility and economic uncertainty.

自成立以來，我們已籌集了超過 26 億美元的資金，其中包括通過最近的市場波動和經濟不確定性籌集的資金。

We truly believe this business has great potential and could grow in the size of tens of billions of dollars over the next 5 to 10 years.

我們堅信這項業務潛力巨大，在未來 5 到 10 年內可以增長到數百億美元的規模。

On the infrastructure debt side, we raised our first 2 debt funds being a global fund and a smaller European-focused fund in 2016 and 2017 with the aim of investing in the mezzanine debt of infrastructure companies that have stable, regulated or contracted cash flows.

在基礎設施債務方面，我們於2016 年和2017 年籌集了首批兩隻債務基金，分別是全球基金和較小的專注於歐洲的基金，旨在投資於擁有穩定、受監管或收縮現金流的基礎設施公司的夾層債務。

Over the past few years, we focused on debt investments across the transport, data, energy and renewable power sectors, and these continue to be areas of focus for us.

過去幾年，我們專注於運輸、數據、能源和可再生能源領域的債務投資，這些仍然是我們關注的領域。

We recently completed an initial or first close for the next vintage of this fund series, raising $1.8 billion of capital.

我們最近完成了該基金系列下一期的首次或首次交割，籌集了 18 億美元的資金。

From a new investment perspective, we believe this is an attractive environment for Brookfield Infrastructure to source opportunities for the foreseeable future.

從新的投資角度來看，我們相信這對布魯克菲爾德基礎設施公司來說是一個有吸引力的環境，可以在可預見的未來尋找機會。

The economic cost of the downturn will be that many industrial companies and all governments will be significantly more indebted.

經濟衰退的經濟成本將是許多工業公司和所有政府的債務將大幅增加。

Once the immediate measures to stabilize economies and businesses have been implemented, governments and businesses alike will need to evaluate alternatives to source capital to repay excessively high debt levels.

一旦實施了穩定經濟和企業的直接措施，政府和企業都需要評估來源資本的替代方案，以償還過高的債務水平。

You probably have heard a number of us speak about this in the past, about the secular trend of governments seeking investment from the private sector to acquire and build out infrastructure.

您過去可能聽我們中的一些人談論過這一點，談論政府尋求私營部門投資以收購和建設基礎設施的長期趨勢。

With inflated deficits, along with the desire to stimulate economic activity, we expect the impetus for this to become even more pronounced.

由於赤字膨脹，加上刺激經濟活動的願望，我們預計這種動力將變得更加明顯。

In addition, many corporations will be susceptible to tighter credit markets, and they will need to reduce debt levels through asset sales.

此外，許多企業將容易受到信貸市場收緊的影響，他們需要通過資產出售來降低債務水平。

We're currently focused on executing several medium-sized tuck-in acquisitions for various businesses in our energy, transport and data operations.

目前，我們正專注於對能源、運輸和數據運營領域的各種業務執行幾項中型收購。

As a result of the potential synergies, we believe that these acquisitions should be highly accretive, if secured.

由於潛在的協同效應，我們認為，如果獲得批准，這些收購應該會帶來很高的增值。

Furthermore, we're evaluating numerous new investment opportunities in all of our key regions.

此外，我們正在評估所有關鍵地區的眾多新投資機會。

An ongoing area of focus for us is data infrastructure.

我們持續關注的一個領域是數據基礎設施。

We thought we'd spend some time today -- on today's call discussing our progress and views on this exciting high-growth asset class.

我們認為今天應該花一些時間在今天的電話會議上討論我們對這一令人興奮的高增長資產類別的進展和看法。

We're currently witnessing a once in a 100-year investment upgrade cycle.

我們目前正在見證百年一遇的投資升級週期。

Aging broadband copper infrastructure is no longer able to cope with the demands imposed by an increasingly interconnected and always-online world.

老化的寬帶銅纜基礎設施已無法滿足日益互聯且始終在線的世界所帶來的需求。

These networks are being replaced by new state-of-the-art fiber infrastructure, which can support increases in data demand, lower latency and faster broadband speeds.

這些網絡正在被新的最先進的光纖基礎設施所取代，這些基礎設施可以支持數據需求的增長、更低的延遲和更快的寬帶速度。

Concurrently, wireless networks are undergoing a transformation to support the enhanced connectivity expected from 5G.

與此同時，無線網絡正在經歷轉型，以支持 5G 所期望的增強連接。

On a combined basis, these upgrades are estimated to require trillions of dollars of investment over the next 5 to 7 years.

綜合起來，這些升級預計在未來 5 到 7 年內需要數万億美元的投資。

Historically, these investments were funded by telecom operators.

從歷史上看，這些投資是由電信運營商提供資金的。

Given the increasing demands on their capital, these operators are now seeking new funding partners.

鑑於對資本的需求不斷增加，這些運營商現在正在尋找新的融資合作夥伴。

They're increasing their reliance on neutral-host shared-infrastructure models to alleviate pressures on their balance sheets.

他們越來越依賴中立主機共享基礎設施模型，以減輕資產負債表上的壓力。

As a result, the investable universe for data infrastructure is expanding in a very meaningful way.

因此，數據基礎設施的可投資範圍正在以非常有意義的方式擴大。

Our original thesis for investing in data was based on the belief that data infrastructure assets have utility-like characteristics with favorable growth trajectories that play a central role in connecting people, places and objects.

我們最初投資數據的論文基於這樣的信念：數據基礎設施資產具有類似實用程序的特徵，具有良好的增長軌跡，在連接人、地點和物體方面發揮著核心作用。

The importance of these networks was further reinforced during this recent shutdown as access to robust and reliable connectivity became a basic need to perform routine activities, such as working from home, remote learning and telemedicine.

在最近的關閉期間，這些網絡的重要性進一步得到了加強，因為獲得強大而可靠的連接成為執行日常活動（例如在家工作、遠程學習和遠程醫療）的基本需求。

This was exemplified as an example on our U.K. fiber networks, where average data consumption increased by 40% compared to the same period last year.

以我們的英國光纖網絡為例，該網絡的平均數據消耗量與去年同期相比增加了 40%。

Over the past 5 years, we've established a leading global data infrastructure business.

在過去的 5 年裡，我們建立了全球領先的數據基礎設施業務。

As we expand our current business by either building and/or acquiring high-quality data infrastructure assets, we're well positioned to leverage our expertise in 2 key areas: first, we have investments that span our entire connectivity value chain comprised of one of the largest power portfolios with a contracted base of over 180,000 sites in 6 countries.

當我們通過構建和/或收購高質量的數據基礎設施資產來擴展當前業務時，我們處於有利地位，可以利用我們在兩個關鍵領域的專業知識：首先，我們的投資涵蓋整個連接價值鏈，其中包括：最大的電力組合，在 6 個國家擁有超過 180,000 個站點的合同基地。

We also own a growing global data center business with approximately 70 sites in 13 countries that are able to serve the scale and latency requirements of a diverse customer base.

我們還擁有不斷增長的全球數據中心業務，在 13 個國家/地區擁有約 70 個站點，能夠滿足不同客戶群的規模和延遲要求。

And finally, extensive fixed and wireless networks that serve over 2.5 million residential and enterprise customers.

最後，廣泛的固定和無線網絡為超過 250 萬住宅和企業客戶提供服務。

There are very few investment managers that operate across the complete value chain that I just described.

很少有投資經理能夠跨越我剛才描述的整個價值鏈。

We, on the other hand, have firsthand knowledge on deploying an operating network such as 5G and fixed wireless access across several geographies.

另一方面，我們擁有跨多個地區部署 5G 和固定無線接入等運營網絡的第一手知識。

We can leverage this operational know-how and unique insights to capitalize on new trends as they emerge.

我們可以利用這些運營知識和獨特的見解來利用新趨勢的出現。

Second, there are significant number of opportunities, which are embedded across our broader Brookfield business.

其次，我們更廣泛的布魯克菲爾德業務中蘊藏著大量機會。

Continued adoption in cloud computing is expected to require an incremental approximately 30 gigawatts of data center capacity over the next 10 years.

雲計算的持續採用預計將需要在未來 10 年內增加約 30 吉瓦的數據中心容量。

At the same time, these operators are focused on achieving their stated carbon reduction targets over the next 10 years.

與此同時，這些運營商致力於在未來 10 年內實現其既定的碳減排目標。

We are very well positioned to help support these goals.

我們完全有能力幫助支持這些目標。

We're exploring the potential to bundle data centers and renewable power and provide a turnkey green data center solution.

我們正在探索將數據中心和可再生能源捆綁在一起的潛力，並提供交鑰匙綠色數據中心解決方案。

This would differentiate us or our offering relative to more traditional data center operators and could be a game-changer for us.

這將使我們或我們的產品相對於更傳統的數據中心運營商脫穎而出，並可能改變我們的遊戲規則。

We're also pursuing several other initiatives, including leveraging our existing rights of way to deploy fiber and our existing real estate portfolio to deploy in-building wireless solutions.

我們還在推行其他幾項舉措，包括利用我們現有的光纖部署權和現有的房地產投資組合來部署室內無線解決方案。

We're very excited by this asset class and believe that there will be significant opportunity to at least double the size of our existing business, given that we're still in the very early stages of this massive investment cycle that I touched on earlier.

我們對這一資產類別感到非常興奮，並相信，鑑於我們仍處於我之前提到的這一大規模投資週期的早期階段，我們相信將有重大機會將我們現有業務的規模至少擴大一倍。

In general, we would describe our current investment posture, especially with respect to larger size new investments as optimistically patient.

總的來說，我們將當前的投資態度描述為樂觀耐心，特別是對於規模較大的新投資。

We believe that a large-scale value opportunity will arise over the next 12 months.

我們相信未來12個月將會出現大規模的價值機會。

We're reminded of our experience during the global financial crisis in 2009, 2010, when the transformative Babcock & Brown Investment, or BBI, that we made did not present itself to us until almost 9 months after the Lehman bankruptcy.

我們想起了2009年、2010年全球金融危機期間的經歷，當時我們創建的變革性的巴布科克與布朗投資公司（BBI）直到雷曼破產後近9個月才出現在我們面前。

We passed on many opportunities before the right one came along.

在合適的機會出現之前，我們錯過了很多機會。

We'll also be focused in the second half of 2020 and into 2021 on executing our capital recycling program.

我們還將在 2020 年下半年和 2021 年重點關注執行我們的資本回收計劃。

As both Bruce and Nick alluded to earlier, we're confident that the merits of investing in mature derisked cash flow producing infrastructure assets will be more appealing to prospective buyers than ever before, particularly with the expectation for low interest rates for the foreseeable future.

正如布魯斯和尼克之前提到的那樣，我們相信，投資於成熟的、無風險、產生現金流的基礎設施資產的優點將比以往任何時候都對潛在買家更具吸引力，特別是考慮到在可預見的未來利率較低的預期。

Lastly, before I conclude my remarks, we're very pleased with the market's response thus far to Brookfield Infrastructure Corporation, or BIPC, which was listed on the Toronto and New York Stock Exchange on 31st March of this year.

最後，在我結束髮言之前，我們對市場迄今為止對布魯克菲爾德基礎設施公司（BIPC）的反應感到非常滿意，該公司於今年 3 月 31 日在多倫多和紐約證券交易所上市。

BIPC was recently added to the Russell 2000 U.S. Index.

BIPC 最近被納入 Russell 2000 美國指數。

We intend to support the growth of BIPC's public float over time to improve the company's trading liquidity, and the first initiative in this regard was recently undertaken that Nick touched on in his remarks earlier.

我們打算隨著時間的推移支持 BIPC 公眾持股量的增長，以改善公司的交易流動性，尼克在早些時候的講話中提到了這方面的第一項舉措。

And so with that, thanks for your time this morning, and I'll turn the call over to the operator to open the line for questions.

因此，感謝您今天早上抽出寶貴的時間，我會將電話轉給接線員以開通提問線路。

(Operator Instructions)

（操作員說明）

Our first question comes from Bill Katz with Citigroup.

我們的第一個問題來自花旗集團的比爾·卡茨。

Okay.

好的。

Thank you very much for the added disclosure this morning discussion.

非常感謝您今天上午的討論中補充的披露內容。

Bruce, maybe one for you.

布魯斯，也許適合你。

Just as you mentioned that you sort of bringing forward the flagship opportunity.

正如您提到的，您有點提出了旗艦機會。

You -- in the past, you've commented on sort of incremental sizing.

您——過去，您曾評論過某種增量調整。

I was sort of wondering, just given all the ins and outs over the last 6 months, 7 months of the year, what's going on with sort of virtual roadshows, what have you -- how are you feeling about allocations and maybe the sizing of these successive funds?

我有點想知道，考慮到過去 6 個月、一年中 7 個月的所有來龍去脈，虛擬路演的情況如何，您對分配以及規模的感覺如何？這些連續的資金？

And then when you say '21, is this the beginning of the year or second half of the year?

然後當你說“21”時，這是年初還是下半年？

How you sort of figuring against the pace of deployment?

您如何看待部署速度？

So it's Bruce.

所以是布魯斯。

I'll answer, and Nick can add some things if he thinks of something else.

我會回答，如果尼克想到別的，他可以添加一些內容。

But I just -- first, maybe going from back to front.

但我只是——首先，也許從後到前。

On timing during the year, there are 3 funds.

從時間上看，年內共有3只基金。

The deployment will -- you never know what the deployment is.

部署將——您永遠不知道部署是什麼。

So we said '21.

所以我們說'21。

I suspect it could be anywhere from late this -- later this year for one of the funds through to the end of next year, depending on deployment within each of the different funds.

我懷疑其中一個基金可能會從今年晚些時候一直到明年年底，具體時間取決於每個不同基金的部署情況。

So it all depends on our deployment of capital and opportunities.

所以這一切都取決於我們對資本和機會的部署。

So the greater number of opportunities we find out, the deployment will be quicker.

所以我們發現的機會越多，部署就會越快。

As to sizing, our view is that our platform gets larger, the opportunities that come to us are bigger and, therefore, the capital that we can deploy with a competitive advantage in scale continues to increase.

至於規模，我們的觀點是，我們的平台變得越來越大，我們面臨的機會也越來越大，因此，我們可以以規模競爭優勢部署的資本不斷增加。

So I think you'll see our funds will be larger at some point in time.

所以我想你會發現我們的資金在某個時候會變得更大。

After 10 years or 15 years of increasing the scale of these funds, at some point in time, they may taper off in the quantums of increase.

這些基金規模增加10年或15年之後，在某個時間點，增加的幅度可能會逐漸減少。

But at the current time, we don't see that and continue to see large places -- large opportunities to put money to work.

但目前，我們還沒有看到這一點，而是繼續看到大的地方——大量的資金投入機會。

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。

In terms of the zero-interest rate environment and the pressure that's likely to put on pools of capital that you need to earn, call it, high single-digit returns, clearly, your recent fundraising would suggest that some clients have reacted already, but how long would you expect it to take for portfolio allocations to adjust more broadly such that we see a larger migration out of traditional fixed income and into alternatives?

就零利率環境以及可能給您需要賺取的資金池帶來的壓力（即高個位數回報）而言，顯然，您最近的籌款表明一些客戶已經做出了反應，但是您預計投資組合配置需要多長時間才能進行更廣泛的調整，以便我們看到更多人從傳統固定收益轉向另類投資？

So I would just say, I think the floodgates have only started to open.

所以我只想說，我認為閘門才剛剛開始打開。

And the reason is that if you're trying to earn 5%, 6%, 7%, 8% within an institutional pool of money, there really is no hope to do that with traditional fixed income.

原因是，如果你想在機構資金池中賺取 5%、6%、7%、8% 的收益，那麼傳統的固定收益確實沒有希望做到這一點。

And as a result of that, other than holding cash for liquidity purposes or short bonds for liquidity purposes or some form of long bonds just for safety, all other pools of former fixed income allocations are going to come to lower risk alternatives.

因此，除了出於流動性目的而持有現金或出於流動性目的而持有短期債券或出於安全性而持有某種形式的長期債券之外，所有其他以前的固定收益配置池都將轉向風險較低的替代品。

And therefore, that's going to enhance private credit opportunities.

因此，這將增加私人信貸機會。

It's going to enhance real estate, infrastructure and all the products that we offer.

它將改善房地產、基礎設施和我們提供的所有產品。

So I think you've started to see -- what I would say is we've been seeing it for 15 years.

所以我認為你已經開始看到——我想說的是我們已經看到它 15 年了。

It's accelerated over the past 5 years, and it's even going to accelerate more now if we've gone from 2% to 3% interest rates to and 0 -- and when I say 0, it's 0 almost every country in the world.

過去 5 年裡它加速了，如果我們把利率從 2% 提高到 3% 到 0，現在甚至會加速得更多——當我說 0 時，世界上幾乎每個國家都是 0。

And even in some of the emerging markets, we're down to 2% to 3% interest rates, which is even sending their stock markets and other alternative products they have up in value.

即使在一些新興市場，我們也將利率降至 2% 至 3%，這甚至導致他們的股票市場和其他替代產品升值。

Okay.

好的。

And then in light of recent news, well, maybe you could comment just generally, on the extent to which you think that logistics may play a larger role in how some of the spacing your mall portfolio gets repurposed.

然後，根據最近的新聞，好吧，也許您可​​以籠統地評論一下，您認為物流在多大程度上可能在購物中心組合的某些空間重新利用方面發揮更大的作用。

Yes.

是的。

Look, I'd just say our view has been and still is that online retailers and store retailers are going to mesh together, and there's going to be one delivery system of products to customers, and that will include both deliveries to the door, picking up in locations and stores where people shop.

聽著，我只想說，我們的觀點過去是，現在仍然是，在線零售商和商店零售商將融合在一起，並且將有一個向客戶提供產品的交付系統，這將包括送貨上門、提貨在人們購物的地點和商店中。

And it will depend on the type of product that's being offered.

這將取決於所提供的產品類型。

And increasingly, that will include many other offerings.

而且，這將越來越多地包括許多其他產品。

And we're at the forefront of conversions of portions of the real estate to both that and also to other uses within the centers.

我們處於將部分房地產轉變為中心用途以及其他用途的最前沿。

So it's -- I think there's a lot of change going forward.

所以我認為未來會有很多變化。

And for great real estate, it will be a very positive fact.

對於偉大的房地產來說，這將是一個非常積極的事實。

Our next question comes from Robert Lee with KBW.

我們的下一個問題來自 KBW 的 Robert Lee。

I'm just curious, maybe the first question is on CAFDR, I guess, is what you call it.

我只是很好奇，也許第一個問題是關於 CAFDR 的，我猜，就是你所說的。

I mean a few -- I guess, a year or so ago, you kind of talked about that doubling over a 5-year period.

我的意思是一些——我想，大約一年前，你談到了五年內翻倍的情況。

And as that grows and particularly as the asset management business transforms with more third-party capital, that would, I believe, free up more capital, or to redeploying share repurchase or whatnot.

隨著這種增長，特別是隨著資產管理業務利用更多第三方資本進行轉型，我相信，這將釋放更多資本，或者用於重新部署股票回購等。

And obviously, that weighs out.

顯然，這很重要。

But can you maybe update us on your thoughts around the pace of cash flow growth and deployment of capital over time?

但您能否向我們介紹您對隨著時間推移現金流增長速度和資本部署的最新想法？

Is that still part of the goal plan?

這仍然是目標計劃的一部分嗎？

Or do you just see that being set aside for a while?

或者你只是看到它被擱置了一段時間？

Rob, it's Nick.

羅布，我是尼克。

I don't think our outlook for CAFDR has really changed.

我認為我們對 CAFDR 的展望並沒有真正改變。

I think our growth projections that we laid out were really aligned to step changes in the growth of the business, and we had a big step change with the last round of flagship fundraising.

我認為我們制定的增長預測確實與業務增長的逐步變化相一致，並且我們在上一輪旗艦融資中發生了很大的變化。

And I think as we embark on the next round of flagships with this latest distressed debt fund being the first of the 4, if you will, that will be the next sort of step-change growth.

我認為，當我們開始下一輪旗艦業務時，最新的不良債務基金將成為這四個旗艦基金中的第一個，如果你願意的話，這將是下一種階躍式增長。

And in the meantime, we continue to grow the perpetual offerings, and that will contribute along the way.

與此同時，我們繼續增加永久產品，這將一路做出貢獻。

So I don't think anything has really changed from that outlook.

所以我認為這種觀點並沒有真正改變。

We knew this year was going to be maybe smaller growth than last year, just given the path we're on, but nothing has changed.

我們知道，考慮到我們所走的道路，今年的增長可能會比去年小，但一切都沒有改變。

And I think the use of the cash has not changed significantly.

我認為現金的用途並沒有發生重大變化。

We're generating, as you know, significant free cash flow from a combination of the asset management business and our invested capital, and we plan to use that to reinvest in the business to opportunistically grow the business.

如您所知，我們通過資產管理業務和投資資本的結合產生了大量的自由現金流，我們計劃用它來對業務進行再投資，以機會主義地發展業務。

Like last year, most of that cash would have gone towards the Oaktree transaction, which retaining cash allows us to have that flexibility.

與去年一樣，大部分現金將用於橡樹交易，保留現金使我們能夠擁有這種靈活性。

We'll support the franchise.

我們將支持特許經營。

And then as we start to step through this and carry starts to pick up and realization picks up, then we will have excess cash that we will look to return to shareholders over time.

然後，當我們開始逐步解決這個問題，利差開始回升，變現也開始回升時，我們將擁有多餘的現金，我們將隨著時間的推移將其返還給股東。

So nothing has changed, I would say.

所以我想說，一切都沒有改變。

Okay.

好的。

Great.

偉大的。

And then maybe as my follow-up.

然後也許作為我的後續行動。

Many of your U.S. peers have focused a lot of attention and resources on growing their insurance businesses or I should say they are acquiring insurance businesses, Athene, Global Atlantic.

許多美國同行都將大量的注意力和資源集中在發展他們的保險業務上，或者我應該說他們正在收購保險業務，Athene，Global Atlantic。

They've all done it something to different degrees, it seems.

看來他們都在不同程度上做了一些事情。

And now that you own a majority stake in Oaktree, which would seem to have a lot of the requisite credit skills, do you have any ambitions or thoughts about that as a future area for growth, expanding your insurance activities?

既然您擁有橡樹資本的多數股權，而橡樹資本似乎擁有許多必要的信貸技能，您是否有任何雄心或想法，將其作為未來的增長領域，擴大您的保險業務？

So I think your last point -- it's Bruce.

所以我認為你的最後一點是布魯斯。

I think your last point is actually the most relevant one is that an insurance business is about putting credit to work.

我認為你的最後一點實際上是最相關的，保險業務就是讓信用發揮作用。

Small amounts can be put into more traditional alternatives that our franchise has largely been about.

少量資金可以投入到我們的特許經營主要涉及的更傳統的替代品中。

But credit is the biggest portion of it.

但信貸是其中最大的一部分。

And historically, our credit franchise was not that big.

從歷史上看，我們的信貸特許經營規模並不大。

So if we bought a big insurer, our -- we would have a tough time putting the credit to work.

因此，如果我們購買了一家大型保險公司，我們將很難將信用發揮作用。

With Oaktree, we can now -- that opens up other opportunities for us.

有了橡樹資本，我們現在就可以——這為我們帶來了其他機會。

So it's something we may and could look at, and we do have the requisite skills to open up that opportunity.

因此，這是我們可以考慮的事情，而且我們確實擁有開闢這一機會所需的技能。

So I think it expands our universe of things we can look at to broaden the franchise if we so choose.

所以我認為它擴大了我們可以考慮的事物範圍，如果我們願意的話，可以擴大特許經營權。

Our next question comes from Mario Saric with Scotiabank.

我們的下一個問題來自豐業銀行的馬里奧·薩里奇。

Just 2 quick follow-up questions.

只有 2 個快速跟進問題。

One on successor fund raising -- sorry, one on real asset valuation in a zero-interest rate environment.

一篇關於繼任者籌資——抱歉，一篇關於零利率環境下的實際資產估值。

So just on the successor funds, in the past, sizing has been driven in part based on actually the potential acquisition pipelines.

因此，在過去，就後續基金而言，規模調整部分是基於實際潛在的收購渠道。

So you have noted government expectations to sell assets, given the unprecedented spending, but also a fairly quick recovery in public market valuations.

因此，您已經註意到，鑑於前所未有的支出以及公開市場估值的相當快恢復，政府預計將出售資產。

So I guess my question is just how the size of the acquisition pipeline changed post the start of the COVID pandemic?

所以我想我的問題是，新冠疫情大流行開始後，收購管道的規模發生了怎樣的變化？

And how that impacts your confidence level in terms of achieving your $100 billion fundraising target.

以及這如何影響您實現 1000 億美元籌款目標的信心水平。

Look, I'd say it's highly probable that the opportunity for us to, a, raise capital, and, b, put money to work is greater today than it was 12 months ago.

看，我想說，今天我們 a、籌集資金、b、投入資金的機會很可能比 12 個月前更大。

And that's largely because our customers, on one hand, need our services more and governments who -- governments or corporations are more indebted today, and therefore, they need our services more.

這很大程度上是因為，一方面，我們的客戶更需要我們的服務，而政府——政府或企業今天負債更多，因此，他們更需要我們的服務。

And as a result of it, I'd say the combination of the 2 is a much more positive macro backdrop to what we do, despite short-term disruptions over the last 6 months and maybe another 6 months.

因此，我想說，儘管過去 6 個月甚至未來 6 個月出現了短期干擾，但兩者的結合為我們的工作提供了更加積極的宏觀背景。

But the -- certainly, the global backdrop is very positive to our business.

但當然，全球背景對我們的業務非常有利。

Understood.

明白了。

Okay.

好的。

And then secondly, just in terms of higher real asset valuations, in the letter to shareholders, you kind of referenced to an office building example involving long-term good covenant cash flow.

其次，就更高的實際資產估值而言，在致股東的信中，您提到了涉及長期良好契約現金流的辦公樓示例。

So having the expected rise in value implies a lower discount rate or cap rate.

因此，預期的價值上漲意味著較低的貼現率或資本化率。

And Bruce, in the prepared remarks, you noted that you're starting to see higher multiples being paid in the private market relative to pre-COVID levels.

布魯斯，在準備好的發言中，您指出，相對於新冠疫情之前的水平，您開始看到私人市場的支付倍數更高。

But generally speaking, what do you think is the big catalyst for more broad-based discount rate or cap rate compression to incur in the private market assuming investors are comfortable with in-place cash flows for those real assets?

但一般來說，假設投資者對這些實物資產的就地現金流感到滿意，您認為私募市場上出現更廣泛的貼現率或資本化率壓縮的主要催化劑是什麼？

Look the comment I just made in the remarks, and I'd just add to it is that we're starting to see that occur.

看看我剛才在評論中發表的評論，我想補充的是，我們開始看到這種情況發生。

But most -- many investors today haven't decided that it's time to put money to work.

但如今，許多投資者還沒有決定是時候投入資金了。

And as the comfortability of the fact that we're going to come through this situation that we've been in gets greater, and interest rates are low, you will start to see more money being put to work and higher valuations paid for assets that fit that category.

隨著我們將經歷我們所經歷的這種情況這一事實變得更加舒適，而且利率很低，你將開始看到更多的資金被投入使用，並且為資產支付了更高的估值。適合該類別。

And you're already seeing it in the stock markets.

你已經在股票市場上看到了這一點。

But you'll start seeing in the private markets.

但你會開始在私人市場看到這一點。

It's just the -- in the private markets, logistically, it was difficult for most people to do things over the past 3 months.

只是——在私人市場上，從邏輯上講，過去三個月里大多數人都很難做事。

(Operator Instructions)

（操作員說明）

Our next question comes from Andrew Kuske with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的安德魯·庫斯克。

If you could maybe give us a bit of perspective about how your clients think about your Super-Core product and also your perpetual product.

您能否給我們一些關於您的客戶如何看待您的超級核心產品以及您的永久產品的看法。

And are they thinking it more in the lines of an allocation towards, let's call it, fixed income plus?

他們是否更多地考慮對（我們稱之為固定收益+）的分配？

Or is it a real asset allocation to them?

還是對他們的真實資產配置？

Andrew, maybe I'll take that one on -- just on behalf of the Infrastructure group given the recent success we've had with our Super-Core launch, which we've been doing now for about 2-plus years.

Andrew，也許我會代表基礎設施團隊來回答這個問題，因為我們最近在超級核心發布方面取得了成功，我們現在已經這樣做了大約兩年多。

As I alluded to in my remarks, we've raised about $2.6 billion from clients and invested thus far $1.6 billion and have a pretty active pipeline.

正如我在講話中提到的，我們已從客戶那裡籌集了約 26 億美元，迄今為止已投資 16 億美元，並且擁有相當活躍的管道。

And here, our clients -- and as I mentioned, we're targeting mature derisked infrastructure with minimum volume risks located predominantly or exclusively in developed markets.

在這裡，我們的客戶——正如我所提到的，我們的目標是成熟的去風險基礎設施，其風險最小化，主要或完全位於發達市場。

We're targeting high single-digit type returns, with most of that coming from current yield.

我們的目標是實現高個位數回報，其中大部分來自當前收益率。

So that's a very important characteristic for our investors.

所以這對我們的投資者來說是一個非常重要的特徵。

If you look at the pool of cap, where have we been raising this from, we have about 50 LPs thus far in the fund.

如果你看一下上限池，我們從哪裡籌集資金，到目前為止，我們的基金中有大約 50 名 LP。

Most of that is coming from smaller pensions and insurance companies, average ticket size is around $50 million or so.

其中大部分來自規模較小的養老金和保險公司，平均罰單金額約為 5000 萬美元左右。

And so it doesn't really overlap with our other Brookfield Infrastructure Core series of funds as well.

因此，它與我們的其他布魯克菲爾德基礎設施核心系列基金並沒有真正重疊。

So from an infrastructure perspective, that's sort of the game plan for us.

因此，從基礎設施的角度來看，這就是我們的遊戲計劃。

And as I mentioned in my remarks, we expect this strategy to grow materially in the next few years.

正如我在發言中提到的，我們預計這一戰略將在未來幾年內取得實質性發展。

Okay.

好的。

That's great.

那太棒了。

I appreciate that extra color.

我很欣賞那種額外的顏色。

And then maybe the follow-up.

然後也許是後續行動。

You do see the 2 markets as being very distinct.

您確實認為這兩個市場非常不同。

The lower return stabilized long-term contracted cash flows for Super-Core and then more opportunistic in your traditional flagship infrastructure fund.

較低的回報穩定了超級核心的長期合同現金流，然後在傳統的旗艦基礎設施基金中更具機會主義。

It's the first part about it, but is there a potential interplay in the future of some of the assets that you have stabilized in the flagship funds that eventually may be transitioned over time to Super-Core kind of products.

這是第一部分，但是您在旗艦基金中穩定的一些資產未來是否存在潛在的相互作用，這些資產最終可能會隨著時間的推移過渡到超級核心類產品。

Andrew, it's Nick.

安德魯，是尼克。

Listen, I think what we look to do in the flagship funds is we buy assets and where we believe we can bring our operating expertise to drive outsized returns.

聽著，我認為我們在旗艦基金中希望做的是購買資產，並且我們相信我們可以利用我們的運營專業知識來推動超額回報。

And I would say often when we stabilize them and sell them, sometimes they would then go for returns that would be tighter than our Super-Core funds.

我經常說，當我們穩定它們並出售它們時，有時它們會獲得比我們的超級核心基金更嚴格的回報。

So that doesn't always work.

所以這並不總是有效。

The obvious answer is we're obligated to strike best value from our flagship funds.

顯而易見的答案是我們有義務從我們的旗艦基金中實現最大價值。

We will look to do that.

我們會努力做到這一點。

And there are some synergies potentially with using the Super-Core capital when looking at acquisitions and carving our portfolios.

在考慮收購和調整我們的投資組合時，使用超級核心資本可能會產生一些協同效應。

But the game plan is not to sort of buy assets in one pool of capital to sell to another, we'd look to manage them independent with each other.

但遊戲計劃並不是購買一個資本池中的資產然後出售給另一個資本池，我們希望彼此獨立地管理它們。

Our next question comes from Sohrab Movahedi with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Okay.

好的。

I just wanted to see if you could provide a bit more color just around the fundraising environment.

我只是想看看你是否可以在籌款環境方面提供更多的色彩。

I don't know if you could -- there -- obviously, there wasn't an overlap between your existing funders and the Oaktree new geographies.

我不知道你是否可以——顯然，你現有的資助者和橡樹資本的新地域之間沒有重疊。

There's been a little bit of kind of noise around capital flows and restrictions, maybe in certain jurisdictions and oil prices and the like.

圍繞資本流動和限制存在一些噪音，可能在某些司法管轄區和石油價格等方面。

So I'm just curious if you could give us a bit more color as to why it was so successful, if you will.

所以我很好奇你能否給我們更多的信息來解釋為什麼它如此成功，如果你願意的話。

And what sort of optimism you have towards that success continuing, on the zero-rate environment, obviously?

顯然，您對在零利率環境下繼續取得成功持何種樂觀態度？

Yes.

是的。

Look, I would just say a couple of comments.

聽著，我只想說幾點評論。

First one is that those that have established franchises in periods of time where there is disruption, get all money.

第一個是那些在混亂時期建立特許經營權的人會得到所有的錢。

And I guess the corollary is if you had a new funder, we're going -- we had a -- if we're going to go try to raise a new fund, it was virtually impossible for someone to do that, meaning a new strategy or a new manager.

我想推論是，如果你有一個新的資助者，我們就會——我們有一個——如果我們要嘗試籌集一個新的基金，那麼有人幾乎不可能做到這一點，這意味著新戰略或新經理。

And the reason is because you couldn't visit somebody's office, talk to them, explain your situation and try to coax them into your fund, if you didn't know them already.

原因是因為如果你還不認識某人，你就無法拜訪他們的辦公室，與他們交談，解釋你的情況並試圖說服他們加入你的基金。

So the established brands, ours being one of them, ours, I'll call it, Brookfield Oaktree, being one of them, is going to get it and the other established brands got all the money that was probably allocated in the last 4 months.

因此，老牌品牌，我們的就是其中之一，我們的，我稱之為布魯克菲爾德橡樹，作為其中之一，將會得到它，而其他老牌品牌則獲得了過去 4 個月可能分配的所有資金。

So the first point is, these types of situations, money has gone to established brands versus new types of situations.

所以第一點是，在這些類型的情況下，資金流向了老牌品牌，而不是新類型的情況。

Secondly, the products that we happen to have today that are on offer are exactly what our clients want.

其次，我們今天提供的產品正是我們的客戶想要的。

They are fixed income alternatives that are being -- are a supplement to their portfolios, which they're now looking at 0% returns.

它們是固定收益替代品，是對其投資組合的補充，而他們現在的投資組合回報率為 0%。

And secondly, it's distressed credit, which is -- appears like it should be over the next 12 months, one of the great places to invest capital into.

其次，它是不良信貸，看起來應該在未來 12 個月內成為投資資本的好地方之一。

And therefore, that was attractive to institutions.

因此，這對機構很有吸引力。

So I'd just save it.

所以我就保存它。

In the short while, we have the right products for the market.

在短時間內，我們就擁有了適合市場的產品。

And I think when we come with our next flagships, like always, we should -- these are strategies that we've deployed for many years, and we should be able to attract capital for those.

我認為，當我們像往常一樣推出下一個旗艦產品時，我們應該——這些是我們多年來部署的戰略，我們應該能夠為這些戰略吸引資本。

So I think we have -- I think the success in the last 3 months is just the fact that we had good products in this period of time.

所以我認為我們——我認為過去三個月的成功只是因為我們在這段時間擁有好的產品。

That's helpful, Bruce.

這很有幫助，布魯斯。

And if I can just have a quick follow-up on that.

如果我能快速跟進一下就好了。

When you do come back with -- or when you do return for flagship fundraising, is there any reason to believe that you may have to alter hurdle returns or fee rates or any of that kind of stuff as far as the structure of those are concerned and future cash flows, whether it's management fees or performance fees or carried interest or whatever for the -- for the Brookfield Asset Management?

當你回來時——或者當你確實回來進行旗艦籌款時，是否有任何理由相信你可能必須改變門檻回報或費率或任何此類東西，就其結構而言以及未來的現金流量，無論是管理費、績效費、附帶利息還是布魯克菲爾德資產管理公司的其他費用？

So I would just say -- I would just say that to date, we have not experienced any of that.

所以我只想說——我只想說，到目前為止，我們還沒有經歷過這些。

No one can know the future, but our services are attractive to our clients, and we haven't had that issue at the current time, and we don't expect it in the future.

沒有人能知道未來，但我們的服務對客戶來說很有吸引力，目前我們還沒有遇到這個問題，我們預計將來也不會出現這個問題。

I'm not showing any further questions at this time.

我目前不會提出任何進一步的問題。

I would now like to turn the call back over to Suzanne Fleming for any closing remarks.

現在我想將電話轉回給蘇珊·弗萊明，讓其發表結束語。

Thank you, operator.

謝謝你，接線員。

And with that, we'll end the call.

這樣，我們就結束通話了。

Thank you for joining us today, and we look forward to seeing you at our Investor Day in September.

感謝您今天加入我們，我們期待在九月的投資者日見到您。

We expect we'll be there in person in New York, and we'll have room for some of you who wish to join us in person.

我們預計我們將親自前往紐約，並且我們將為那些希望親自加入我們的人提供空間。

As we did last year, we'll be live streaming the day for those who aren't able to join us in person.

正如我們去年所做的那樣，我們將為那些無法親自參加的人進行當天的直播。

We look forward to seeing you then.

我們期待屆時見到您。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。