(BAM) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Brookfield Asset Management Second Quarter 2022 Results Conference Call. Please be advised that today's call is being recorded. I would now like to hand the conference over to your speaker, Ms. Suzanne Fleming, Managing Partner. Please go ahead.

女士們，先生們，感謝您的支持，並歡迎參加布魯克菲爾德資產管理公司 2022 年第二季度業績電話會議。請注意，今天的通話正在錄音中。我現在想將會議交給您的發言人，管理合夥人蘇珊娜·弗萊明女士。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield's Second Quarter 2022 Conference Call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, our Chief Financial Officer; as well as Sachin Shah, CEO of our Insurance Solutions business. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results. And finally, Sachin will give an update on our Insurance Solutions business. After our formal remarks, we'll turn the call over to the operator and take analyst questions. (Operator Instructions)

謝謝接線員，早上好。歡迎來到布魯克菲爾德 2022 年第二季度電話會議。今天的電話會議是我們的首席執行官 Bruce Flatt；和我們的首席財務官尼克古德曼；以及我們保險解決方案業務的首席執行官 Sachin Shah。 Bruce 將首先提供業務更新，然後是 Nick，他將討論我們的財務和運營結果。最後，Sachin 將介紹我們保險解決方案業務的最新情況。在我們正式發言後，我們會將電話轉給接線員並回答分析師的問題。 （操作員說明）

I'd like to remind you that in today's comments, including in 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. 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.

我想提醒您，在今天的評論中，包括在回答問題和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陳述，包括適用的加拿大和美國含義內的前瞻性陳述。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陳述大不相同。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.

有了這個，我會把電話轉給布魯斯。

Thank you, Suzanne, and welcome, everyone, on the call. We had a very strong second quarter, reporting $1.5 billion of net income and $1.2 billion of distributable earnings for common shareholders as well as record capital inflows. Earnings were underpinned by the essential and resilient nature of our underlying operations, the stability, diversity and scale of our business shows in markets like these.

謝謝你，蘇珊娜，歡迎大家來電。我們的第二季度表現非常強勁，報告了 15 億美元的淨收入和 12 億美元的普通股股東可分配收益以及創紀錄的資本流入。我們的基礎業務的基本和彈性性質，以及我們在此類市場中業務展示的穩定性、多樣性和規模，為盈利奠定了基礎。

There was a significant amount of market volatility during the quarter, but even with the rate hikes we have seen, rates remain historically low-ish, and we expect them to settle in a historically lowest range in the fullness of time. We remain well positioned to take advantage of potential opportunities with a record level of investable capital of $111 billion. The investing opportunities for businesses like ours continue to strengthen. Our fundraising efforts remain strong with record inflows of $56 billion since the end of last quarter.

本季度市場波動很大，但即使我們看到加息，利率仍處於歷史低位，我們預計它們將在全部時間內穩定在歷史最低範圍內。我們仍然有能力利用創紀錄的 1110 億美元可投資資本來利用潛在機會。像我們這樣的企業的投資機會繼續增加。自上個季度末以來，我們的籌款努力仍然強勁，流入創紀錄的 560 億美元。

Our flagship fundraising continues to progress well with institutions attracted to the type of assets we own. We are now planning for a next round of flagship fundraising. We also continue to raise and deploy capital across our perpetual strategies. Our non-traded REIT is now in 10 platforms and is well positioned for investing. Nick will go into more detail on fundraising later. Our Insurance Solutions business closed on the acquisition of American National this quarter, adding $30 billion of assets to the business. This accelerates the growth of our Insurance Solutions business and Sachin Shah, CEO of our Insurance business, is here today to talk to you about that business.

我們的旗艦籌款活動繼續在被我們擁有的資產類型所吸引的機構中取得良好進展。我們現在正計劃進行下一輪旗艦籌款。我們還繼續通過我們的永久戰略籌集和部署資金。我們的非交易房地產投資信託基金現在有 10 個平台，並且處於投資的有利位置。尼克稍後將詳細介紹籌款活動。我們的保險解決方案業務在本季度完成了對 American National 的收購，為該業務增加了 300 億美元的資產。這加速了我們保險解決方案業務的增長，我們保險業務的首席執行官 Sachin Shah 今天在這裡與您討論該業務。

As a reminder, we own one of the largest portfolios of inflation-protected assets in the world. Our underlying businesses are essential in nature and therefore, continue to generate stable and growing cash flows throughout cycles. These assets are highly cash generative with high margins and are largely inflation protected hence are very attractive to buyers through market cycles. We sold $21 billion of assets at premium valuations during the quarter.

提醒一下，我們擁有世界上最大的通脹保護資產組合之一。我們的基礎業務本質上是必不可少的，因此在整個週期內繼續產生穩定和不斷增長的現金流。這些資產具有很高的現金生成能力和高利潤率，並且在很大程度上受到通脹保護，因此在市場週期中對買家非常有吸引力。我們在本季度以溢價出售了 210 億美元的資產。

While not the reason we did this, it underlines the attractiveness of the type of assets we own. Half of these sales were in our real estate business as an example. These assets generated exceptional returns and further added to our investable liquidity available to be deployed into new opportunities.

雖然不是我們這樣做的原因，但它強調了我們擁有的資產類型的吸引力。例如，這些銷售額中有一半來自我們的房地產業務。這些資產產生了非凡的回報，並進一步增加了我們可用於部署新機會的可投資流動性。

As an update on the distribution and listing of 25% of our asset management business, we are progressing well towards completing the distribution by the end of the year. As part of this and using this split as an opportunity to look to the future, our senior most team are focused on how we continue to move along our next generation of leaders. As you know, most of our senior partners remain at Brookfield to assist with business relationships and clients, but we believe in advancing younger executives as fast as we can. The company today, known as Brookfield Asset Management will be renamed Brookfield Corporation post the split. This is the company that you currently own shares in, and it will retain most of the proprietary capital owned by Brookfield as well as continue to own 75% of the manager. I will remain CEO, and Nick Goodman will be appointed President and CFO.

作為我們 25% 的資產管理業務的分配和上市的更新，我們正在朝著在年底前完成分配的方向發展。作為其中的一部分，並利用這次拆分作為展望未來的機會，我們最資深的團隊專注於我們如何繼續與下一代領導者一起前進。如您所知，我們的大多數高級合夥人都留在布魯克菲爾德，以協助處理業務關係和客戶，但我們相信盡快提拔年輕的高管。今天，名為 Brookfield Asset Management 的公司將在拆分後更名為 Brookfield Corporation。這是您目前擁有股份的公司，它將保留 Brookfield 擁有的大部分自有資本，並繼續擁有經理 75% 的股份。我將繼續擔任首席執行官，尼克古德曼將被任命為總裁兼首席財務官。

His focus in the future will be on capital allocation among our operating businesses and new business initiatives. Brookfield Reinsurance will remain as prepared security to Brookfield Corporation as it is today and holds our insurance business. Sachin Shah will remain CEO of the business, and we expect this business to become a significant operating business for Brookfield Corporation and Brookfield Reinsurance. And we are excited at what has already been done and for the growth to come. Sachin will expand on that in a moment. Our managers spin-off will be named Brookfield Asset Management Limited and will be the new entity for all of our asset management activities. You, as a shareholder, will receive new shares of this entity on the split. We refer to this entity in our materials as the manager. With respect to the management and the board of the manager, Mark Carney will be appointed Chair of the manager in addition to his other responsibilities at Brookfield.

他未來的重點將放在我們的運營業務和新業務計劃之間的資本分配上。 Brookfield Reinsurance 將一如既往地為 Brookfield Corporation 提供準備好的安全保障，並持有我們的保險業務。 Sachin Shah 將繼續擔任該業務的首席執行官，我們預計該業務將成為 Brookfield Corporation 和 Brookfield Reinsurance 的重要運營業務。我們對已經完成的工作和未來的增長感到興奮。 Sachin 稍後將對此進行擴展。我們的經理分拆後將被命名為 Brookfield Asset Management Limited，並將成為我們所有資產管理活動的新實體。作為股東，您將在拆分時收到該實體的新股份。我們在材料中將此實體稱為經理。關於經理的管理層和董事會，除了他在布魯克菲爾德的其他職責外，馬克卡尼還將被任命為經理的主席。

I will remain CEO of the business. Connor Teskey will be appointed President of the manager in addition to his responsibilities as CEO of our Renewable Power and Transition business, which for now will take up most of his time. Bahir Manios, will be appointed CFO of the manager and Anuj Ranjan will be appointed President of the Private Equity Group in addition to his overall business development responsibilities in the manager. Brian Kingston, Cyrus Madon and Sam Pollock, who many of you know, will remain CEOs of their respective businesses, and each will become directors of the manager with Mark, myself and 7 independent directors. Oaktree will continue to be run by Howard Marks and Bruce Karsh. We are all excited for the future and believe these changes set us up to deliver continued long-term success for our clients and our shareholders.

我將繼續擔任該業務的首席執行官。 Connor Teskey 將被任命為該經理的總裁，此外他還擔任我們可再生能源和轉型業務的首席執行官，目前這將佔用他的大部分時間。 Bahir Manios 將被任命為經理的首席財務官，Anuj Ranjan 將被任命為私募股權集團的總裁，此外他還負責經理的整體業務發展職責。布賴恩·金斯頓、賽勒斯·麥登和山姆·波洛克，你們很多人都知道，他們將繼續擔任各自業務的首席執行官，並且每個人都將與馬克、我自己和 7 名獨立董事一起成為經理的董事。 Oaktree 將繼續由 Howard Marks 和 Bruce Karsh 經營。我們都對未來感到興奮，並相信這些變化使我們能夠為我們的客戶和股東帶來持續的長期成功。

I will end these comments for this portion by saying that we believe succession is best when effected as an evolution, and we are all thrilled at advancing our efforts in this regard. I will now pass it over to Nick over the financial results of the business.

我將在這部分的評論結束時說，我們相信繼任是最好的演進方式，我們都對在這方面推進我們的努力感到興奮。我現在將把業務的財務結果轉交給尼克。

Before I do that, thank you for your continued support and interest in Brookfield. We look forward to seeing many of you at our Investor Day, which is on September 12 in New York. Additional details on this are available on our website. Over to you, Nick.

在此之前，感謝您一直以來對 Brookfield 的支持和關注。我們期待在 9 月 12 日於紐約舉行的投資者日與大家見面。有關這方面的更多詳細信息，請訪問我們的網站。交給你了，尼克。

Thank you, Bruce, and good morning, everyone. We delivered strong financial results during the second quarter, supported by our resilient portfolio of inflation-protected assets and record levels of fundraising. Distributable earnings, or DE, were $1.2 billion for the quarter and $4.9 billion over the last 12 months. DE before realizations, a measure of our recurring annuity like cash flows were up $1 billion for the quarter and $3.9 billion over the last 12 months is an increase of 26% compared to last year. FFO and net income totaled $1.4 billion and $1.5 billion, respectively, for the quarter.

謝謝你，布魯斯，大家早上好。在我們富有彈性的通脹保值資產組合和創紀錄的籌資水平的支持下，我們在第二季度實現了強勁的財務業績。本季度可分配收益（DE）為 12 億美元，過去 12 個月為 49 億美元。實現之前的 DE，衡量我們經常性年金（如現金流）的指標，本季度增加了 10 億美元，過去 12 個月的 39 億美元與去年相比增長了 26%。本季度的 FFO 和淨收入分別為 14 億美元和 15 億美元。

Since we last reported, our asset management business had record inflows of $56 billion, of which $41 billion was raised in the quarter and $15 million after quarter end. We held the final close for our inaugural transition fund, raising $15 billion in total and are finalizing the first clauses of our sixth private equity fund and our fifth infrastructure fund for approximately $8 billion and $20 billion, respectively. We have raised $14.5 billion for our flagship real estate fund and expect to have the final close this fall.

自我們上次報告以來，我們的資產管理業務流入創紀錄的 560 億美元，其中本季度籌集了 410 億美元，季度末籌集了 1500 萬美元。我們為我們的首個過渡基金舉行了最後收盤，總共籌集了 150 億美元，並正在敲定我們的第六個私募股權基金和第五個基礎設施基金的第一條款，分別約為 80 億美元和 200 億美元。我們已經為我們的旗艦房地產基金籌集了 145 億美元，預計將在今年秋季完成最終收盤。

Our $16 billion flagship opportunistic credit fund is moving to 80% invested or committed, and we expect to start fundraising for the next vintage later this year. We ended the quarter with $392 billion of fee-bearing capital. That's not including the $15 billion raise after quarter end, which was up 21% compared to the prior year.

我們 160 億美元的旗艦機會主義信貸基金正在投資或承諾 80%，我們預計將在今年晚些時候開始為下一個年份籌集資金。我們以 3920 億美元的收費資本結束了本季度。這還不包括季度末後的 150 億美元融資，與去年同期相比增長了 21%。

Fee-related earnings were $525 million in the quarter and $2 billion over the last 12 months, representing increases of 30% and 22% from the prior periods, excluding the benefit of performance fees earned in the prior year. The higher fee-related earnings were as a direct result of the aforementioned strong fundraising as well as capital deployment on existing fund strategies. In addition to the current fee-bearing capital, we have $36 billion of additional committed capital that when invested will translate to approximately $360 million of incremental annual fee revenues. This, plus the additional capital raised across our latest flagship series will be a continued tailwind for growth in earnings.

本季度與費用相關的收益為 5.25 億美元，過去 12 個月為 20 億美元，分別比上一季度增長 30% 和 22%，不包括上一年賺取的績效費。較高的費用相關收益是上述強勁籌資以及對現有基金策略的資本部署的直接結果。除了目前的收費資本外，我們還有 360 億美元的額外承諾資本，投資後將轉化為約 3.6 億美元的增量年費收入。這一點，再加上我們最新旗艦系列籌集的額外資金，將繼續推動盈利增長。

On the capital deployment front, we had an active quarter committing and/or investing $36 billion of capital. This includes the $5.1 billion deployed to acquire American National and further expand our reinsurance business. $8.5 billion to acquire a car dealership software business and $3 billion of real estate at significant discount to intrinsic value.

在資本部署方面，我們有一個活躍的季度承諾和/或投資 360 億美元的資本。這包括為收購 American National 和進一步擴展我們的再保險業務而部署的 51 億美元。 85 億美元收購汽車經銷軟件業務和 30 億美元的房地產，其內在價值大幅折讓。

Following the quarter, we also announced a partnership to buy majority interest in Deutsche Telekom's tower business in Germany for EUR 17.5 billion. Moving on to investment performance and monetization activity. Despite the market volatility during the second quarter, our capital recycling activities across our mature de-risked investments continue to remain strong. Since the end of the first quarter, we have monetized $21 billion of assets and recognized $5 million of gains, including $10 billion of asset sales within our real estate business.

本季度之後，我們還宣布以 175 億歐元的價格收購德國電信在德國的鐵塔業務的多數股權。繼續投資業績和貨幣化活動。儘管第二季度市場波動，我們在成熟的去風險投資中的資本回收活動繼續保持強勁。自第一季度末以來，我們已將 210 億美元的資產貨幣化並確認了 500 萬美元的收益，其中包括房地產業務中 100 億美元的資產銷售。

Notable sales during the quarter included our U.K. student housing business for $4.3 billion and our ports business in Los Angeles for $1 billion. And as we look forward, we have a number of sales processes underway, and our monetization pipeline remains very strong. Our investments continue to perform well, resulting in strong valuation uplift. This is in contrast to many businesses to date. We generated $553 million of carried interest during the quarter, increasing the total accumulated, unrealized carried interest by 7% to $8.6 billion, net of what had been realized into income.

本季度顯著的銷售額包括我們的英國學生住房業務，銷售額為 43 億美元，我們在洛杉磯的港口業務為 10 億美元。正如我們所期待的那樣，我們正在進行許多銷售流程，我們的貨幣化渠道仍然非常強大。我們的投資繼續表現良好，帶來強勁的估值提升。這與迄今為止的許多企業形成鮮明對比。我們在本季度產生了 5.53 億美元的附帶權益，使累計未實現附帶權益總額增加了 7%，達到 86 億美元，扣除已實現收入的部分。

And lastly, our principal investments continued to be a steady and growing contributor to our earnings. During the quarter, our infrastructure portfolio's organic growth remained robust at 10%, reflecting the benefit of inflation indexation and the returns on recently commissioned capital projects. In the real estate portfolio, we had very strong demand for hospitality assets and robust leasing activity across our core office and retail assets.

最後，我們的主要投資繼續為我們的收益帶來穩定且不斷增長的貢獻。在本季度，我們的基礎設施投資組合的有機增長保持在 10% 的強勁水平，這反映了通脹指數化的好處以及最近委託的資本項目的回報。在房地產投資組合中，我們對酒店資產的需求非常旺盛，我們的核心辦公室和零售資產的租賃活動也很活躍。

Our renewable power assets performed well as a result of strong asset availability, higher power prices and continued growth, both through development and acquisitions and our private equity portfolio benefited from the strong operating performance and contributions from recently acquired assets. Operating FFO was $1.2 billion for the quarter, a 42% increase compared to the prior year period. The increase was largely as a result of the aforementioned strength across our principal investments and the continued growth of our asset management franchise.

我們的可再生能源資產表現良好，得益於強勁的資產可用性、更高的電價和通過開發和收購實現的持續增長，我們的私募股權投資組合受益於強勁的經營業績和最近收購資產的貢獻。本季度運營 FFO 為 12 億美元，與去年同期相比增長 42%。這一增長主要是由於我們主要投資的上述實力以及我們資產管理業務的持續增長。

Total FFO was $1.4 billion for the quarter. Distributions from our investments were $612 million, 29% higher than the prior year. The increase was driven by distribution growth at [best and debt] and the increased ownership of our real estate business. Our liquidity remains very strong and provides us with significant financial flexibility to deploy capital opportunistically, seed new products and return capital to shareholders.

本季度總 FFO 為 14 億美元。我們的投資分配為 6.12 億美元，比上年增長 29%。這一增長是由[最佳和債務]的分銷增長和我們房地產業務所有權的增加推動的。我們的流動性仍然非常強勁，並為我們提供了顯著的財務靈活性，可以機會性地部署資本、播種新產品並向股東返還資本。

We continued the pace of our share buyback program deployed $237 million of capital to share repurchases in the second quarter. Over the last 12 months, share buybacks totaled $500 million approximately. And when combined with our regular dividends, we have returned over $1.3 billion of capital to our shareholders. We ended the quarter with $111 billion of capital to deploy into new investments, which includes $74 billion of uncalled fund commitments and approximately $37 billion of core liquidity. Growth in our Insurance Solutions business has added $23 billion of short-term cash and liquidity and liquid investments.

我們繼續推進股票回購計劃，在第二季度部署了 2.37 億美元的資金進行股票回購。在過去 12 個月中，股票回購總額約為 5 億美元。再加上我們的定期股息，我們已向股東返還了超過 13 億美元的資本。在本季度末，我們有 1110 億美元的資本用於新投資，其中包括 740 億美元的未收回資金承諾和約 370 億美元的核心流動性。我們保險解決方案業務的增長增加了 230 億美元的短期現金、流動性和流動性投資。

Before turning the call over to Sachin, I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.14 a share payable at the end of August. Sachin?

在將電話轉給 Sachin 之前，我很高興地確認我們的董事會已宣佈在 8 月底支付每股 0.14 美元的季度股息。薩欽？

Thank you, Nick, and good morning, everyone. I'm pleased to be here today to provide an update on our Insurance Solutions platform.

謝謝你，尼克，大家早上好。我很高興今天來到這裡，為我們的保險解決方案平台提供更新。

Over the course of 2020, we saw unprecedented economic shutdowns and stimulus programs across much of the world. Rates in the Western world already at very low levels were reduced to almost 0. It was in the midst of this backdrop that we decided to pursue the build-out of an insurance solutions business for Brookfield. This would combine our investment capabilities with our access to capital and prudent risk management to help insurance companies in the U.S., Canada and Europe manage capital efficiency, invest for higher yields and transfer risk.

在 2020 年期間，我們在世界大部分地區看到了前所未有的經濟停擺和刺激計劃。西方世界已經處於非常低水平的利率降至幾乎為零。正是在這種背景下，我們決定為 Brookfield 建立保險解決方案業務。這將把我們的投資能力與我們獲得資本的渠道和審慎的風險管理相結合，幫助美國、加拿大和歐洲的保險公司管理資本效率、投資以獲得更高的收益和轉移風險。

In conjunction with this effort, we spun-out Brookfield Reinsurance. We acquired American National, a domestic U.S. insurer with operations that cover life, annuities and P&C, and we completed a strategic partnership with American Equity Life, while also entering into a number of reinsurance transactions along the way.

結合這項工作，我們分拆出布魯克菲爾德再保險。我們收購了美國國內保險公司 American National，該公司的業務涵蓋人壽、年金和財產險，我們與 American Equity Life 建立了戰略合作夥伴關係，同時還進行了多項再保險交易。

In all, we deployed $4 billion of equity capital while establishing ourselves as a key long-term partner to frontline insurers. These efforts have resulted in us now managing over $40 billion of insurance assets coupled with long duration, low-rate, annuity-based reserves. As major economies opened up over the last few years, we maintained our patient approach to capital allocation, purposely keeping our portfolio in a short duration and highly liquid position, maintaining approximately $25 billion of assets in the form of cash and liquid securities with the balance invested in accretive Brookfield and Oaktree funds or into direct private credit opportunities. Accordingly, we are now in an excellent position to invest capital for value and drive outsized returns.

總的來說，我們部署了 40 億美元的股權資本，同時將自己確立為一線保險公司的關鍵長期合作夥伴。這些努力使我們現在管理著超過 400 億美元的保險資產以及長期、低利率、基於年金的準備金。隨著過去幾年主要經濟體的開放，我們保持耐心的資本配置方式，有目的地將我們的投資組合保持在短期和高流動性的頭寸，維持約 250 億美元的現金和流動證券形式的資產，餘額投資於增值布魯克菲爾德和橡樹基金或直接私人信貸機會。因此，我們現在處於投資資本以獲得價值並推動超額回報的絕佳位置。

Today, with the high degree of cash and liquid securities on our balance sheet, our business earns in excess of $400 million of distributable earnings on an annualized basis, of which approximately $50 million is in the form of investment management fees. Looking ahead, we are prioritizing the following: First, we are now investing our cash in liquid assets into excellent opportunities that are accretive to our franchise. We have seen spreads widen and liquidity tighten in the leveraged loan market. We are seeing term premium come back across the capital stack in both new public issuances and the secondary market, and we continue to see numerous private credit opportunities at much better returns than just 8 months ago.

今天，憑藉我們資產負債表上的大量現金和流動證券，我們的業務每年可賺取超過 4 億美元的可分配收益，其中約 5,000 萬美元是投資管理費。展望未來，我們將優先考慮以下事項：首先，我們現在將我們的現金投資於流動資產，用於增加我們特許經營權的絕佳機會。我們已經看到槓桿貸款市場的利差擴大和流動性收緊。我們看到新的公開發行和二級市場的資本堆棧中的期限溢價回歸，我們繼續看到許多私人信貸機會，其回報比僅僅 8 個月前要好得多。

In this environment, we are leveraging the strengths of the Brookfield franchise to acquire credit across real estate, infrastructure and private equity. Given our 2,000 investment professionals around the world and the coverage of companies and assets our teams provide, we have unique insight into the risk profile of credit opportunities in the market today. As we deploy our excess capital into this market, we expect distributable earnings to increase to over $800 million annually. Second, we believe the rate environment is still very low and highly constructive.

在這種環境下，我們正在利用 Brookfield 特許經營權的優勢，在房地產、基礎設施和私募股權領域獲得信貸。鑑於我們在世界各地的 2,000 名投資專業人士以及我們團隊提供的公司和資產的覆蓋範圍，我們對當今市場上信貸機會的風險狀況有著獨特的洞察力。隨著我們將多餘的資本投入這個市場，我們預計可分配收益每年將增加到 8 億美元以上。其次，我們認為利率環境仍然非常低且極具建設性。

Accordingly, we are focused on growing our annuity writing capabilities. Part of the attraction to the American National acquisition was their history of writing circa $2 billion of annuities annually. The combination of our investment franchise and our commitment to build out American National means we see a credible path to growing annuity capabilities to $5 billion to $7 billion annually in the medium term, assuming this rate environment persists. We also continue to support our partner, American Equity Life, through our existing flow arrangements, where we recently increased the scope of the products we support. This should add another $5 billion of assets to our portfolio in the near term. In addition to annuity writing, the American National platform gives us a domestic U.S. presence across all 50 states to continue our reinsurance program.

因此，我們專注於提高年金撰寫能力。收購 American National 的部分吸引力在於他們每年編寫約 20 億美元年金的歷史。我們的投資專營權和我們對建立美國國民的承諾相結合意味著，假設這種利率環境持續存在，我們看到了一條可靠的途徑，可以在中期內將年金能力提高到每年 50 億至 70 億美元。我們還通過現有的流程安排繼續支持我們的合作夥伴 American Equity Life，最近我們擴大了我們支持的產品範圍。這應該會在短期內為我們的投資組合再增加 50 億美元的資產。除了年金寫作外，美國國家平台還讓我們在美國國內的所有 50 個州都有業務，以繼續我們的再保險計劃。

Accordingly, we can now partner domestically with U.S. insurers across life, annuity and P&C products, all supported by a 4,500-person team with deep claims and administration capabilities. Third, we continue to scale our Canadian pension risk transfer or PRT business. We have built this business over the last 6 years, growing to more than $3 billion in insurance assets. This is a $1 trillion market with circa $5 billion of PRT annuities coming to the market each year. In the last 2 years, we have been successful in closing more than $1 billion in PRT annuities each year, placing us as the top 1 or 2 in market share in this rate environment.

因此，我們現在可以在國內與美國保險公司合作，涵蓋人壽、年金和財產險產品，所有這些都由擁有深厚理賠和管理能力的 4,500 人團隊提供支持。第三，我們繼續擴大我們的加拿大養老金風險轉移或 PRT 業務。我們在過去 6 年中建立了這項業務，保險資產增長到超過 30 億美元。這是一個價值 1 萬億美元的市場，每年約有 50 億美元的 PRT 年金進入市場。在過去的 2 年中，我們每年成功關閉超過 10 億美元的 PRT 年金，使我們在這種利率環境下的市場份額排名第一或第二。

This year's activity included closing on the single largest PRT transaction ever completed in the Canadian market for approximately $1 billion. We expect to further grow our PRT efforts through expanding into the U.S. and European markets. These are both well-established markets that offer significant scale where we can leverage our corporate relationships and the broader Brookfield Global presence. Growth in these markets will allow us to more than double annual PRT sales in the coming years. Lastly, we continue to pursue new M&A and reinsurance opportunities with domestic insurers in the U.S. and Europe across life annuities and P&C. We are seeing continued opportunities to acquire small tuck-in, annuity and P&C platforms in the U.S. We are making inroads in Europe to provide both reinsurance and potentially acquire direct platforms.

今年的活動包括以約 10 億美元的價格完成了加拿大市場有史以來最大的一筆 PRT 交易。我們希望通過擴展到美國和歐洲市場來進一步擴大我們的 PRT 工作。這些都是成熟的市場，提供了巨大的規模，我們可以利用我們的公司關係和更廣泛的布魯克菲爾德全球業務。這些市場的增長將使我們在未來幾年將 PRT 年銷售額翻一番以上。最後，我們繼續與美國和歐洲的國內保險公司在人壽年金和財產險領域尋求新的併購和再保險機會。我們看到了在美國收購小型保險、年金和財產險平台的持續機會。我們正在進軍歐洲，以提供再保險並可能收購直接平台。

Although the market has slowed down recently, we remain an attractive partner for management teams looking for a well-capitalized partner with strong investment capabilities across the insurance spectrum. In conclusion, we believe the market to increase scale in this business is highly constructive, and we remain focused on compounding our capital at [mid- to high teen] returns while keeping our risk profile low. With that, I will pass the call back to the operator for any questions. Thank you.

儘管最近市場放緩，但對於尋求資本充足且在保險領域具有強大投資能力的合作夥伴的管理團隊來說，我們仍然是一個有吸引力的合作夥伴。總之，我們認為擴大該業務規模的市場是非常有建設性的，我們仍然專注於以[中高青少年]回報率來複合我們的資本，同時保持我們的低風險。有了這個，我會將電話轉回給接線員以解決任何問題。謝謝你。

Our first question comes from the line of Rob Lee with KBW.

我們的第一個問題來自 Rob Lee 的 KBW。

So I guess my 2 questions. The first one is, can you maybe with the strong fundraising, can you maybe give us a sense of how your LP base may be evolving or mixing like-- if we looked at it, what percent is kind of [re-up] versus new LPs to the family. And maybe the second part of that is, how are you anticipating your own participation in the funds evolving? Should we expect that I think in infrastructure, you were 25% in the last month. So we expect that participation is going to diminish to make room for new LP? How should we think of that in this place?

所以我猜我的2個問題。第一個是，您能否通過強大的籌款活動，您能否讓我們了解您的 LP 基礎如何發展或混合——如果我們看一下，與 [re-up] 的百分比是多少？家庭的新 LP。也許第二部分是，您如何預期自己參與基金的發展？我們是否應該期望我認為在基礎設施方面，上個月你是 25%。所以我們預計參與度會減少，以便為新的 LP 騰出空間？在這個地方我們應該怎麼想？

It's Bruce. And I'll just say that look, each fund is different. So we market many funds across the whole business. But if you took a generality across the whole thing, I'd say that today is no different than most of the times. The initial phases of our fundraising are usual re-ups and the later phases are new clients coming in, and there's a mix of both as we -- as today. So I don't think it's any different today than in the past. And as to the quantums of our investment within the fund through our balance sheet. I guess the only thing I would say is as these funds get bigger and bigger and bigger, there's a limit to how much money that we can -- have to be called at one point in time from us. So we just have to watch that.

是布魯斯。我只想說，每個基金都是不同的。因此，我們在整個業務中銷售許多基金。但是，如果您對整個事情進行概括，我會說今天與大多數時候沒有什麼不同。我們籌款的最初階段是通常的重新籌款，後期階段是新客戶的加入，就像我們今天一樣，兩者兼而有之。所以我認為今天與過去沒有什麼不同。至於我們通過資產負債表在基金內投資的數量。我想我唯一想說的是，隨著這些資金變得越來越大，我們可以有多少錢是有限度的——必須在某個時間點從我們這裡調用。所以我們只需要注意這一點。

And it's a balance between having that and having a meaningful commitment from our balance sheet into the funds. In any event, these are large sums of capital that we're putting in, even if we go down from 25 to 20 or 15, they're large, large sums of money.

這是在擁有它和從我們的資產負債表對基金做出有意義的承諾之間取得平衡。無論如何，這些都是我們投入的巨額資金，即使我們從 25 下降到 20 或 15，它們也是巨額資金。

Our next question comes from the line of Ken Worthington with JPMorgan.

我們的下一個問題來自摩根大通的 Ken Worthington。

So bear with me. As you think about Brookfield Corporation after the spin-off of Brookfield Asset Management Limited, you're left with basically a private real estate portfolio. And as your strategy plays out, ownership of a number of publicly traded Brookfield affiliated companies. Can you talk about how Brookfield Corporation might invest in cash going forward and how the focus of your investing in the future might be different than it's been in the past given the asset management spend?

所以請耐心等待。當你想到布魯克菲爾德資產管理有限公司分拆後的布魯克菲爾德公司時，你基本上只剩下一個私人房地產投資組合。隨著您的戰略發揮作用，擁有一些公開交易的 Brookfield 附屬公司。您能否談談 Brookfield Corporation 未來可能如何投資現金，以及考慮到資產管理支出，您對未來的投資重點可能與過去有何不同？

So as I think about it with a public currency for Brookfield Asset Management Limited, I think we all expect it will trade at a premium valuation. I assume that the asset management business will sort of support its own investment. And since you're selling down VPG, these 2 suggest that your capital deployment may change going forward. So again, the question is, how does the investment of Brookfield Corporation look over the next 5 years? And what are you going to be doing with all this cash that you're pulling in?

因此，當我考慮 Brookfield Asset Management Limited 的公共貨幣時，我認為我們都預計它將以溢價交易。我認為資產管理業務會支持自己的投資。而且由於您正在出售 VPG，因此這 2 點表明您的資本部署可能會在未來發生變化。那麼問題來了，Brookfield Corporation 未來 5 年的投資情況如何？你打算用你提取的所有現金做什麼？

I'll start off and then maybe Nick, since it's his job in the future, can add something if he feels there's something to add. But I would just say that, look, we're -- as you separate businesses, we're excited about this because we'll have a number of core positions in Brookfield Corporation. The one that you didn't mention is that we will have the big investment in the insurance business because it's a paired security. So that will be additive to this. And the money in the future will be put into investments which were brought to us by our investment management business, the manager, either supporting the funds or co-investments, or it's possible over time, there are businesses that we add into the corporation that we wouldn't otherwise have been able to add in.

我會開始，然後尼克，因為這是他未來的工作，如果他覺得有什麼要補充的，他可以補充一些東西。但我只想說，看，我們是 - 當你分開業務時，我們對此感到興奮，因為我們將在 Brookfield Corporation 擁有許多核心職位。您沒有提到的是，我們將對保險業務進行大量投資，因為它是一種配對證券。所以這將是附加的。未來的錢將投入到我們的投資管理業務、經理給我們帶來的投資中，或者支持資金或共同投資，或者隨著時間的推移，我們添加到公司中的一些業務否則我們將無法添加。

And so we'll have to see as that going forward. If we have excess cash, we'll continue to buy back shares or distribute it to the owners of Brookfield Corporation. So there's I would say the real job of the corporation is to take the cash and the excess resources we have and deploy it into the businesses productively or else give it back to the shareholders, and we will do that going forward.

因此，我們必須看到這一點。如果我們有多餘的現金，我們將繼續回購股票或將其分配給 Brookfield Corporation 的所有者。所以我想說，公司的真正工作是把我們擁有的現金和多餘的資源投入到業務中，或者把它還給股東，我們將繼續這樣做。

Maybe as a follow-up, you mentioned dividends and buy-backs. Is that just obviously a bigger part of capital management going forward? Is it obvious that like insurance becomes the logical place for investment at least over the next couple of years? And maybe since you have so much cash instead of selling down [VP investment] and BPU opportunistically as you've done in the past, might you do more, maybe increasing ownership opportunistically in those areas? Like I guess those are the ideas that I had.

也許作為後續行動，您提到了股息和回購。這顯然只是未來資本管理的一個更大的部分嗎？至少在接下來的幾年裡，類似的保險成為投資的合乎邏輯的地方是不是很明顯？也許因為你有這麼多現金，而不是像過去那樣投機取巧地出售 [VP 投資] 和 BPU，你是否可以做更多，也許在這些領域機會主義地增加所有權？就像我猜這些是我的想法。

Ken, it's Nick here. But just following up from Bruce, I think our job will be to invest the capital strategically and where we believe we continue to compound value over the long term. And we used our capital over the last 10, 15 years to support our businesses and grow and incubate a large manager. We're doing the same with our capital now great returns with the reinsurance business. And there may be some things said in the future where we use our capital to incubate, grow and invest in the next business for the franchise, but it's going to be our job to take the excess capital and allocate it where we believe we can compound value over the long term.

肯，這裡是尼克。但就布魯斯的後續行動而言，我認為我們的工作將是戰略性地投資資本，並且我們相信我們將在長期內繼續增加價值。在過去的 10 年、15 年裡，我們利用我們的資金來支持我們的業務，並發展和孵化了一位大型經理人。我們對我們的資本做同樣的事情，現在再保險業務獲得了豐厚的回報。將來可能會說一些事情，我們會利用我們的資本來孵化、發展和投資特許經營的下一個業務，但我們的工作將是吸收多餘的資本並將其分配到我們認為可以復合的地方長期價值。

The only other thing I'd add is the way you should think about the corporation is that we're the largest co-investor beside the funds that we have. And when we do acquisitions in infrastructure renewables, private equity or real estate and the scale is needed, we go to our 5 or 7 large clients and try to bring them in to help us do larger and larger transactions. The corporation is going to have significant capital to be able to support that and wants to put its money to work. So it -- that will be another thing that we'll be doing with the capital in the business.

我要補充的唯一另一件事是您應該考慮公司的方式是，除了我們擁有的資金之外，我們是最大的共同投資者。當我們在基礎設施可再生能源、私募股權或房地產領域進行收購併且需要規模時，我們會去找我們的 5 或 7 個大客戶，並嘗試讓他們參與進來，以幫助我們進行越來越大的交易。該公司將擁有大量資金來支持這一點，並希望將其資金用於工作。所以它 - 這將是我們將利用業務資本做的另一件事。

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

我們的下一個問題來自加拿大皇家銀行資本市場的 Geoff Kwan。

I just kind of have one question. There's been kind of commentary within the industry about some private equity and alternatives managers just running into, I think, I guess, relatively greater fundraising challenges than before, whether or not it's just getting commitments or that LPs are fully committed for this year and cannot commit to new funds until next year. It doesn't seem like that's an issue for BAM, but I'm just wondering your thoughts on whether LPs maybe consolidating which managers they're investing with, whether it's maybe an asset allocation issue either within alternative strategies or alternatives versus other asset classes or whether or not there may be other factors at play?

我只是有一個問題。業內有一些評論說，一些私募股權和另類投資經理剛剛遇到，我想，我想，籌款挑戰比以前更大，無論是剛剛獲得承諾，還是有限合夥人今年完全承諾並且不能承諾新的資金直到明年。這似乎不是 BAM 的問題，但我只是想知道您對 LP 是否可能合併他們正在投資的經理人的想法，這可能是替代策略中的資產配置問題，還是替代與其他資產類別的資產配置問題或者是否可能有其他因素在起作用？

Yes. I'd just say tougher times always mean consolidation of every business. And that's -- it's not different in the alternatives business. During tougher times groups cut their relationships down and usually the large, diverse, scaled, professional managers get capital and some don't. So luckily, we're on the positive side of that, and that continues to scale out. I'd just say our -- maybe the most important thing to emphasize in relation to your question is that our businesses are cash flowing, highly diverse, scalable and high quality. And because of that, these are the type of things people want to invest into. We were not the flavor of the day 2 years ago.

是的。我只想說艱難時期總是意味著每項業務的整合。那就是 - 在替代品業務中沒有什麼不同。在艱難時期，團體會減少他們的關係，通常是大型、多樣化、規模化的職業經理人獲得資金，而有些則沒有。幸運的是，我們對此持積極態度，並且繼續擴大。我只想說我們的——也許就你的問題要強調的最重要的事情是，我們的業務是現金流、高度多樣化、可擴展和高質量的。正因為如此，這些是人們想要投資的類型。我們不是 2 年前的那個時代的味道。

But today, people are coming back to these type of businesses. So I think the -- many of the managers that you might have heard anecdotal information about our businesses that are buying things that are different than what we own. So that would be the most -- maybe the most relevant thing I could say towards that.

但是今天，人們又回到了這類業務。因此，我認為您可能聽說過有關我們業務的許多經理正在購買與我們所擁有的不同的東西。所以這將是最——也許是我能說的最相關的事情。

Our next question comes from the line of Alexander Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alexander Blostein。

So I had a quick follow-up to Ken's question actually along similar lines, but from an asset managers' perspective. I believe at the time of the announcement, you guys talked about the asset manager paying out 90-plus percent of distributable earnings and generally having a pretty light balance sheet. So should we continue to think as the asset manager grows, the corporation will fund all of the GP commitments to the asset manager as they kind of grow the business and perhaps expand into new products as well as M&A. So if there is a deal that you'd like to do on the pure asset management side of things, would the funding for that come from the corporation? And kind of, how would that work against the public ownership of 25%?

因此，我實際上以類似的方式快速跟進了 Ken 的問題，但從資產經理的角度來看。我相信在發佈公告時，你們談到了資產管理公司支付了 90% 以上的可分配收益，並且資產負債表通常很輕。因此，我們是否應該繼續認為，隨著資產管理公司的發展，公司將為資產管理公司的所有 GP 承諾提供資金，因為他們會發展業務，並可能擴展到新產品和併購。因此，如果您想在純粹的資產管理方面進行交易，那麼資金會來自公司嗎？有點，這將如何與 25% 的公有製相抵觸？

Alex, this is Nick. So I think on the first part, I think the short answer is yes, you should continue to expect the fundraising to come from our invested capital side of the balance sheet, which is going to be from BAM or through the listed issuers, but no change to that. And as Bruce said, also bringing the balance sheet there to support co-invest or strategic growth. As it relates to growth within the manager, there would be capital available, but the intention would also be that the manager assuming trades well would have a currency in its stock to use towards consideration for growth. So it's not just necessarily about cash. But yes, the corporation would be there to support the growth of the business.

亞歷克斯，這是尼克。所以我認為在第一部分，我認為簡短的回答是肯定的，你應該繼續期望籌資來自資產負債表的投資資本方面，這將來自 BAM 或通過上市發行人，但不是改成這樣。正如布魯斯所說，還將資產負債錶帶到那里以支持共同投資或戰略增長。由於它與經理內部的增長有關，因此會有可用的資本，但其意圖也是假設交易良好的經理將在其股票中使用一種貨幣來考慮增長。因此，這不僅僅與現金有關。但是，是的，該公司將在那裡支持業務的發展。

Great. And then my follow-up, maybe around insurance. Apologies for 2-parter here. But I guess, as we think about the $40 million of investment management fees that the asset manager is currently owning -- earning, rather, from the ownership structure, can you talk a little bit about how you expect that to evolve? Obviously, the underlying base at the insurance company will grow and the IMA will sort of grow with it. But as you think about the ultimate size of how much you could sub-advise across different products, the fee rates on that and kind of how that entire frame in which it will evolve. And then from a structure perspective, any updated thoughts on sort of putting third-party capital alongside the insurance ownership because right now, obviously, BAM kind of owns the 100% on its balance sheet.

偉大的。然後我的後續行動，也許是關於保險。在這里為 2-parter 道歉。但我想，當我們考慮到資產管理公司目前擁有的 4000 萬美元的投資管理費——更確切地說，是從所有權結構中獲得收益時，你能談談你期望它如何發展嗎？顯然，保險公司的基礎基礎將會增長，而 IMA 也會隨之增長。但是當你考慮到你可以在不同產品中提供多少次級建議的最終規模時，它的費用率以及它將如何發展的整個框架的種類。然後從結構的角度來看，任何關於將第三方資本與保險所有權放在一起的最新想法，因為現在，顯然，BAM 擁有其資產負債表上的 100%。

Sure. It's Sachin here. First... On fees, so we have $40 billion of insurance assets. And I think we're at the stage where we're generating about $50 million in aggregate fees by deploying into our various funds. And based on the pace of activity we've had in the last 1.5 years to 2 years, we feel pretty good that, that path towards $200 billion to $300 billion of insurance assets over the next 3 to 5 years is achievable. Obviously, if the current market persists, we think it's very achievable. And so you can then take the current fees today and extrapolate where they could grow in light of the fact that you could take 1/3 of that portfolio of general assets, general account assets and put them back into high-quality credit products that are originated by Brookfield and Oaktree.

當然。這裡是薩欽。首先... 關於費用，所以我們有 400 億美元的保險資產。而且我認為我們正處於通過部署到我們的各種基金中產生約 5000 萬美元總費用的階段。根據我們在過去 1.5 年到 2 年的活動速度，我們感覺非常好，在未來 3 到 5 年內實現 2000 億到 3000 億美元的保險資產是可以實現的。顯然，如果目前的市場持續下去，我們認為這是可以實現的。因此，您可以採用今天的當前費用，並根據您可以將一般資產、一般賬戶資產組合的 1/3 並將其放回高質量信貸產品這一事實推斷出它們可以增長的地方。由 Brookfield 和 Oaktree 創立。

So if you're looking to kind of put a little bit of math around it and do some modeling, I would look at it as 1/3 goes into that on $200 billion and you can build up your analysis of how long it would take us to get there. On LPs and when we bring third-party capital into the business? Look, it's not out of the question. We would consider it. Today, we've decided to build this out, like many of the businesses at Brookfield historically, we've incubated this. It's going well, and it's early days, and we want to take advantage of the current environment to drive value. But we'll always keep an open mind. If clients express an interest in being a part of this business, a number of our competitors do bring clients into this strategy. And therefore, it's not a novel idea, and we would be absolutely open-minded to it.

因此，如果您希望對其進行一些數學運算並進行一些建模，我會將其視為 2000 億美元中的 1/3，您可以建立分析需要多長時間我們到達那裡。在 LP 上以及我們何時將第三方資本引入業務？看，這不是不可能的。我們會考慮的。今天，我們決定建立它，就像 Brookfield 歷史上的許多企業一樣，我們已經孵化了它。它進展順利，而且還處於早期階段，我們希望利用當前的環境來推動價值。但我們將始終保持開放的心態。如果客戶表示有興趣成為這項業務的一部分，我們的一些競爭對手確實會將客戶帶入這一戰略。因此，這不是一個新奇的想法，我們絕對會對此持開放態度。

Our next question comes from the line of Andrew Kuske with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Andrew Kuske。

I guess the question that originates from Page 19 of the supplemental. And I guess if I think about the capital you've invested that's longer than 3 years in duration, $41 billion is under 3 years, $76 billion. And if we just look at the fundraising you just announced. It seems like the velocity of the capital that you're raising, deploying is accelerating. So if you could maybe just give us context on the tipping point that you see on returns amplifying [carry-generation] being greater and then just overall FRE.

我猜這個問題來自補充的第 19 頁。我想如果我考慮一下你投資的持續時間超過 3 年的資本，410 億美元是 3 年以下，760 億美元。如果我們只看一下您剛剛宣布的籌款活動。看起來你正在籌集、部署的資金的速度正在加快。因此，如果您可以向我們提供有關您在回報放大 [carry-generation] 更大然後只是整體 FRE 上看到的臨界點的背景信息。

Yes. Andrew, it's Nick. Listen, I think the -- listen, the outlook and what we're achieving right now in our fundraising, you're going to see, as we said, this year was going to be an important year in terms of the next step of leg of growth in FRE and that's playing out. So I think you talk of the FRE growth this year is an important year with the record inflows, the progress we've made on the flagship strategy is at close to $75 billion now of maybe the $100 million we laid out previously. And we're still in fundraising for a few of those strategies. So I think large component is this year for bringing in excess fee or additional fee-bearing capital, and you're seeing the strong performance of a number of our other complementary strategies, which to Bruce's point, they are proving -- continuing to prove to be very attractive in this environment, given the nature of what we're investing in. So I think this year is an important year, and then you're just going to see continued growth as those complementary strategies are consistently fundraising whilst we go through cycles of flagships.

是的。安德魯，是尼克。聽著，我認為 - 聽著，前景和我們目前在籌款方面取得的成就，正如我們所說，你會看到，就下一步而言，今年將是重要的一年FRE 的增長階段，這正在發揮作用。所以我認為你談到今年的 FRE 增長是重要的一年，流入量創歷史新高，我們在旗艦戰略上取得的進展現在接近 750 億美元，而我們之前可能會投入 1 億美元。我們仍在為其中一些戰略籌款。所以我認為今年很大一部分是引入超額費用或額外的收費資本，你會看到我們其他一些互補策略的強勁表現，在布魯斯看來，他們正在證明——繼續證明鑑於我們投資的性質，在這種環境下非常有吸引力。所以我認為今年是重要的一年，然後你會看到持續增長，因為這些互補策略在我們前進的同時不斷籌款通過旗艦的周期。

And then on carried interest, as we said this year, obviously, the higher the fee-bearing capital, the carry eligible capital will grow. And it's kind of progressing in line with plan. Our funds are delivering excellent returns. They're largely beating their targets. We're seeing monetization activity pick up. We had a good carried interest year in realization last year from early vintage funds. We expect the same again this year from those early vintage funds. And now we're starting to sell assets out of the second and third vintages.

然後是附帶權益，正如我們今年所說，顯然，收費資本越高，符合條件的套利資本就會增長。它正在按計劃進行。我們的基金帶來了豐厚的回報。他們在很大程度上擊敗了他們的目標。我們看到貨幣化活動有所增加。去年，我們從早期的老式基金中實現了很好的附帶權益。我們預計這些早期的老式基金今年會再次出現同樣的情況。現在我們開始出售第二和第三年份的資產。

And as we make progress towards returning capital passing preferred return, carried interest will continue to -- realization will continue to pick up in the next 2, 3, 4, 5 years. So I think it's just the evolution of the business and as fee-bearing capital grows and funding goes well, the whole business grows in step change. To pick up in the next 2, 3, 4, 5 years. So I think it's just the evolution of the business and as fee bearing capital grows and funding goes well, the whole business grows in step change.

隨著我們在資本回報超過優先回報方面取得進展，附帶權益將繼續 - 在未來 2、3、4、5 年內實現將繼續回升。所以我認為這只是業務的發展，隨著收費資本的增長和資金的順利進行，整個業務也在逐步變化中增長。在未來 2、3、4、5 年內回升。所以我認為這只是業務的發展，隨著收費資本的增長和資金的順利進行，整個業務在逐步變化中增長。

I appreciate the color and commentary on that. And then I guess, maybe bringing that kind of background to the price and value, which has been a recurring theme over the years from a lot, do you think about the ability to deploy capital and the capital you've raised your client capital in the market at this point in time, a pretty compelling levels in certain areas? And then as the scale of the funds increases, are you seeing less competition for certain assets and that also helps drive returns?

我很欣賞它的顏色和評論。然後我想，也許將這種背景帶入價格和價值，這是多年來反復出現的主題，您是否考慮過部署資本的能力以及您為客戶籌集資金的資本在這個時間點的市場，在某些領域相當引人注目的水平？然後隨著基金規模的增加，您是否看到某些資產的競爭減少，這也有助於提高回報？

Look, the -- I'll answer the second one first. The scale of the business allows us to differentiate the transactions that we can do because there's not that many people that we can compete against or that have capital to compete against us. And therefore, we continue to differentiate the franchise with large transactions as one of the key attributes of our business. So I think that just that we're not the only one, but there's not that many, and that's a clear advantage for us. So I guess, bottom line is -- it's -- that's a very positive thing for the business.

看，我先回答第二個。業務規模使我們能夠區分我們可以進行的交易，因為我們可以競爭或有資本與我們競爭的人並不多。因此，我們繼續通過大宗交易來區分特許經營權，這是我們業務的關鍵屬性之一。所以我認為我們不是唯一的，但沒有那麼多，這對我們來說是一個明顯的優勢。所以我想，底線是——這對企業來說是一件非常積極的事情。

Our next question comes from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Maybe just on the infrastructure and energy transition. Bruce, I appreciated the comments you had in the shareholder letter, talking a little bit more deeply about energy transition and the rewiring of European energy in terms of the scaling the vast need for global infrastructure investment and scaling that. Can you talk a little bit about, as we think about these platforms developing for you in the future on the renewable and transition side as well as the infrastructure side, whether these themes fit into both of those strategies? And as you think about, obviously, the vast amount of investment opportunities there are for these funds. Do you foresee the LP demand following that potentially create different adjacencies of these funds that may have some different return profiles. I know you're targeting still like the [low to mid-teens] for you expand the investments and then maybe target lower returns such as in core strategies, for example.

也許只是在基礎設施和能源轉型上。布魯斯，我很欣賞你在股東信中的評論，就擴大對全球基礎設施投資的巨大需求和擴大規模而言，更深入地談論了能源轉型和歐洲能源的重新佈線。您能否談談，當我們考慮這些平台在可再生和過渡方面以及基礎設施方面為您開發的未來時，這些主題是否適合這兩種戰略？正如你所想，顯然，這些基金有大量的投資機會。您是否預見到 LP 需求可能會產生這些基金的不同鄰接關係，這些基金可能具有一些不同的回報情況。我知道您的目標仍然像[低至中青少年]，因為您擴大了投資，然後可能以較低的回報為目標，例如核心戰略。

Yes. Maybe Nick can talk about some of the perpetual funds we have in a second, but I'll just comment and say that these -- I guess, the trends of what's going on in infrastructure globally, and I'll include transition. We have a separate fund, obviously, renewables and transition, but I'll include it into one large area. This is an enormous amount of capital that's required globally. Governments don't have it. And the good news is institutions do.

是的。也許尼克可以稍後談談我們擁有的一些永久基金，但我只想評論並說這些 - 我猜是全球基礎設施正在發生的趨勢，我將包括過渡。顯然，我們有一個單獨的基金，可再生能源和過渡，但我會將它納入一個大領域。這是全球需要的巨額資金。政府沒有。好消息是機構這樣做。

So to directly answer the question, the returns are good. The risks are modest, and the capital is therefore there to [base-load] many institutional funds around the world. And there's trillions and trillions and trillions of dollars of capital that's sitting in funds and need to get put to work, and there's a lot of need for that with infrastructure and the build-out of -- as we noted in the letter, the Internet and mobile, the energy transition, critical infrastructure reshoring and in Europe for energy. So these are all really, really large businesses. And we're trying to bring capital to work in all spectrums for our clients.

所以直接回答這個問題，回報是好的。風險不大，因此資本可以為世界各地的許多機構基金提供[基本負荷]。正如我們在信中指出的那樣，有數万億美元的資金存在於基金中，需要投入使用，而且需要大量基礎設施和擴建——互聯網和移動、能源轉型、關鍵基礎設施回流以及歐洲的能源。所以這些都是非常非常大的企業。我們正在努力為我們的客戶帶來所有領域的資金。

Yes. And Brian, I would just add to, I guess, the success of the fundraising that we had for the transition fund and first closed that were in the process of executing for the infrastructure fund shows the client demand and the position that we have in this space. Our expertise, knowledge, operating presence and ability to put capital to work in good returns. So I think all of that leaves us very well positioned. On the perpetual strategies, we look at our infrastructure perpetual strategy, which we started maybe a couple of years ago. It's already in excess of $7 billion now of that recurring perpetual fee-bearing capital and demand is still proving to be very strong. Fundraising is very strong since the last quarter, we raised about another $1 billion, there's probably about another $1 billion in the queue and fundraising is going very well.

是的。布賴恩，我想，我想補充一下，我們為過渡基金籌款的成功，並在執行基礎設施基金的過程中首次關閉，這表明了客戶的需求和我們在這方面的地位空間。我們的專業知識、知識、運營存在以及將資本投入到良好回報中的能力。所以我認為所有這些都讓我們處於非常有利的位置。在永續戰略方面，我們著眼於我們可能在幾年前開始的基礎設施永續戰略。現在，經常性永久收費資本已經超過 70 億美元，而且需求仍然非常強勁。自上個季度以來籌款非常強勁，我們又籌集了大約 10 億美元，可能還有大約 10 億美元在排隊，籌款進展順利。

So that strategy is resonating really well with investors. Again, the one exposure to inflation-protected, recurring cash flow assets, and we are very well positioned to be able to deliver that product to clients with our presence, and we can replicate that, to your point, broaden our infrastructure transition, and we're seeing similar demand for our infrastructure debt strategy as well. So I think this is an enormous growth area, and we're very well positioned in this space.

因此，該策略在投資者中引起了很好的共鳴。再次，對受通脹保護的經常性現金流資產的敞口，我們非常有能力通過我們的存在向客戶提供該產品，我們可以復制這一點，擴大我們的基礎設施過渡，以及我們也看到對我們的基礎設施債務戰略的類似需求。所以我認為這是一個巨大的增長領域，我們在這個領域處於非常有利的位置。

Our next question is a follow-up from Rob Lee with KBW.

我們的下一個問題是 Rob Lee 與 KBW 的後續問題。

Yes. follow-up. Just kind of curious, I mean, well, 2 parts here. I mean you commented about having a very strong monetization pipeline. You've certainly seen somewhat more optimistic, I'd say, at least over the near term versus some of your peers out there. So I mean, obviously, you do have a different business mix in many of them, less PE-centric. But I don't know, could you maybe -- Is it possible maybe drawn-- Maybe that's the reason may be drawn into that a little bit more why you're seeing kind of somewhat more optimistic to the extent you can versus some of your peers and what you're seeing on monetization potential? That would be my first question.

是的。跟進。有點好奇，我的意思是，這裡有 2 個部分。我的意思是你評論說有一個非常強大的貨幣化渠道。我會說，至少在短期內，與你的一些同行相比，你肯定已經看到了一些更加樂觀的情況。所以我的意思是，很明顯，你們中的許多人確實有不同的業務組合，不太以 PE 為中心。但是我不知道，您是否可能- 是否可能被吸引- 也許這就是可能被吸引更多的原因，為什麼您在可以看到的程度與某些人相比更加樂觀您的同行以及您對貨幣化潛力的看法？那將是我的第一個問題。

Yes. So I -- look, I can't comment too much on the competition because I don't know inside their portfolios. But I'd say broadly, 2 things probably apply to us as a differentiator. The first is we're highly global, and we're in many countries. And all countries don't march to the same federal reserve rules. So most managers are highly U.S.-centric, and our business is more global, and therefore, I think that differentiates it to some degree. If you look at some of the things we sold in the first quarter, many of them were outside the United States.

是的。所以我 - 看，我不能對競爭發表太多評論，因為我不知道他們的投資組合。但我要廣泛地說，有兩件事可能適用於我們作為差異化因素。首先是我們高度全球化，我們在許多國家。並非所有國家都遵循相同的聯邦儲備規則。因此，大多數經理都高度以美國為中心，我們的業務更加全球化，因此，我認為這在某種程度上使其與眾不同。如果你看看我們在第一季度銷售的一些東西，其中很多都在美國以外的地方。

Secondly, our business is highly diverse and differentiated by being cash flowing businesses. And even in our PE business, their service and industrials, they're not high-tech technology businesses. And I think it's just -- it's not better or worse. It's just different, and we happen to be in a good spot right now versus some others that were in a good spot 24 months ago maybe.

其次，我們的業務高度多樣化和差異化，是現金流業務。即使在我們的私募股權業務、他們的服務和工業領域，他們也不是高科技業務。我認為這只是 - 它沒有更好或更壞。只是不同，我們現在恰好處於一個好位置，而其他一些人可能在 24 個月前處於一個好位置。

Great. And I appreciate it. And maybe just as a quick follow-up. I mean, clearly, you're having success of your latest real estate fund. I guess your commitments are already close to what the last fund was, if I'm not mistaken. But have you seen any change in the LP appetite from when you first started marking the fund to today, maybe with the weakness or sell-off is more LP interest as you've gone along? So should we be thinking that maybe even your last closing could be specifically particularly large. I mean -- and as part of the context for this as I'm sure you know, Blackstone raised their latest fund pretty big, pretty quickly. So is there anything that's maybe changed in the environment that over the last couple of months or a quarter or 2 that you give kind of an extra-large final close?

偉大的。我很感激。也許只是作為一個快速跟進。我的意思是，很明顯，你的最新房地產基金取得了成功。如果我沒記錯的話，我猜你的承諾已經接近上一個基金的水平。但是，從您第一次開始標記基金到今天，您是否看到 LP 的胃口有任何變化，也許隨著您的走弱或拋售，LP 對它的興趣更大？因此，我們是否應該認為，甚至您的最後一次收盤也可能特別大。我的意思是——作為背景的一部分，我相信你知道，Blackstone 很快就籌集到了相當大的資金。那麼，在過去的幾個月或一個季度或 2 個月裡，環境中是否有任何可能發生變化的情況，您給出了一種超大的最終收盤價？

Yes. I would say if I took the investment strategies, infrastructure and renewables, which are highly inflation-sensitive and cash-flowing or probably the most positive that people want to invest into. Real estate is somewhere in the middle because it's highly cash-flowing and inflation-sensitive, but people are unsure about some asset classes. Therefore, there's some great acquisition opportunities, but people are unsure. And then private equity probably on balance, if you take all private equity, it would be the hardest in fundraising anecdote here out there. So I'd say that's the spectrum of it. And real estate probably sits in the middle. But it's -- for us, I don't think there's any real change over the last while. It's sort of the same as what it has been.

是的。我會說，如果我採取投資策略、基礎設施和可再生能源，它們對通脹高度敏感且現金流量很大，或者可能是人們想要投資的最積極的。房地產處於中間位置，因為它具有高度的現金流和通脹敏感性，但人們對某些資產類別不確定。因此，有一些很好的收購機會，但人們不確定。然後私募股權可能總的來說，如果你把所有的私募股權都拿走，這將是最難籌集資金的軼事。所以我想說這就是它的範圍。房地產可能位於中間。但對我們來說，我認為過去一段時間沒有任何真正的變化。這和過去的情況差不多。

Our next follow-up is from the line of Alexander Blostein with Goldman Sachs.

我們的下一個後續行動來自高盛集團的 Alexander Blostein。

I wanted to circle back to the transition fund specifically. You guys raised a considerable amount of capital fairly quickly. With the climate bill passing here or likely to pass, I guess, as you think about the opportunities for deployment that, that creates to an extent it accelerates anything for the transition franchise for you guys. And as you think about just bigger picture how this platform could evolve over the next couple of years, I've seen how there's likely to be more incentives and more government spending in this area.

我想具體談談過渡基金。你們很快就籌集到了大量資金。隨著氣候法案在這里通過或可能通過，我想，當你考慮部署的機會時，這會在一定程度上為你們的過渡特許經營創造任何東西。當你考慮這個平台在未來幾年如何發展的更大圖景時，我已經看到在這個領域可能會有更多的激勵措施和更多的政府支出。

Alex, it's Nick. Listen, it's all around the edge is positive for what we're looking to achieve. As you know, there's 2 objectives to our transition fund on the incentives are available for the build-out of renewable energy. That is one of our focus areas. We've been delivering in that area for a long period of time. So this might create even more opportunity. But even today, we're seeing lots of opportunity to deploy capital into this space. And then obviously, there's a broader investment set around just the transition of broader business. But I think all of it is net positive to the franchise. And yes, it definitely is a tailwind for scaling up even further that opportunity set.

亞歷克斯，是尼克。聽著，這一切都對我們想要實現的目標是積極的。如您所知，我們的過渡基金有 2 個目標，用於激勵可再生能源的建設。這是我們的重點領域之一。我們已經在該領域交付了很長一段時間。因此，這可能會創造更多機會。但即使在今天，我們也看到了很多將資金部署到這個領域的機會。然後很明顯，圍繞更廣泛業務的轉型有更廣泛的投資。但我認為所有這一切對特許經營權都是正面的。是的，這絕對是進一步擴大該機會集的順風。

Ladies and gentlemen, thank you for participating in today's question-and-answer session. I would now like to turn the call back over to Ms. Suzanne Fleming for any closing remarks.

女士們，先生們，感謝你們參加今天的問答環節。我現在想將電話轉回給 Suzanne Fleming 女士，以作結束語。

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

謝謝你，接線員。感謝您加入我們，我們期待在 9 月的投資者日與您相見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。