BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to today's program entitled Brookfield Asset Management 2019 Year-end Results Conference Call and Webcast.

女士們、先生們，感謝大家的耐心等待，歡迎收看今天題為布魯克菲爾德資產管理公司 2019 年年終業績電話會議和網絡廣播的節目。

(Operator Instructions) As a reminder, today's program is being recorded.

（操作員指示）提醒一下，今天的節目正在錄製中。

I would now like to introduce your host for today's program, Suzanne Fleming, Managing Partner, Brookfield Asset Management.

現在我想介紹一下今天節目的主持人蘇珊·弗萊明 (Suzanne Fleming)，她是布魯克菲爾德資產管理公司 (Brookfield Asset Management) 的執行合夥人。

Please go ahead.

請繼續。

Thank you, operator, and good morning.

謝謝您，接線員，早上好。

Welcome to Brookfield's 2019 Year-end Conference Call.

歡迎參加布魯克菲爾德 2019 年年終電話會議。

On the call today are Bruce Flatt, our Chief Executive Officer; Brian Lawson, our Vice Chairman; Nick Goodman, our Chief Financial Officer; as well as Craig Noble, Managing Partner and CEO of our alternative investment strategies.

今天參加電話會議的是我們的首席執行官 Bruce Flatt；布萊恩·勞森，我們的副主席；尼克·古德曼，我們的首席財務官；以及我們另類投資策略的執行合夥人兼首席執行官 Craig Noble。

Bruce will first give an update on our business, followed by Brian, then Nick, who will discuss the highlights of our financial and operating results for the year.

布魯斯將首先介紹我們業務的最新情況，然後是布萊恩，然後是尼克，他將討論我們今年的財務和經營業績的亮點。

And finally, Craig will talk about our growing alternative investments business.

最後，克雷格將談論我們不斷增長的另類投資業務。

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 responding to questions and in talking about 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.

我想提醒您，在回答問題以及談論新舉措以及我們的財務和運營業績時，我們可能會做出前瞻性聲明，包括適用的加拿大和美國證券法含義內的前瞻性聲明。

These statements reflect predictions of future events and trends and do not relate to historic events.

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。

They're subject to known and unknown risks, and future events may differ materially from such statements.

它們面臨已知和未知的風險，未來事件可能與此類聲明存在重大差異。

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

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

Thank you.

謝謝。

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

有了這個，我會把它交給布魯斯。

Thank you, Suzanne, and good morning, everyone.

謝謝你，蘇珊娜，大家早上好。

Thank you for joining.

感謝您的加入。

2019 for Brookfield was a strong year for the business.

對於布魯克菲爾德來說，2019 年是業務強勁的一年。

And while we are also pleased with the market performance of Brookfield shares, I would note that our primary focus will always remain on growing the intrinsic value of Brookfield over the longer term.

雖然我們也對布魯克菲爾德股票的市場表現感到滿意，但我要指出的是，我們的主要重點將始終是長期增長佈魯克菲爾德的內在價值。

Over the past year, we achieved many important milestones in that regard.

過去一年，我們在這方面取得了許多重要的里程碑。

A few highlights.

幾個亮點。

First, we now own 61% of Oaktree, the premier credit franchise globally, that deepens our capabilities we offer our clients and positions us even better across market cycles.

首先，我們現在擁有全球首屈一指的信貸特許經營公司橡樹資本 61% 的股份，這加深了我們為客戶提供服務的能力，並使我們在整個市場週期中處於更好的地位。

It also means we have one of the most diversified offerings in alternative investments, offering clients a full suite of products.

這也意味著我們擁有另類投資領域最多元化的產品之一，為客戶提供全套產品。

Second, just last week, we announced the final close of our flagship infrastructure fund.

其次，就在上週，我們宣布了旗艦基礎設施基金的最終關閉。

The fund size totaled $20 billion and together with co-investment, this round of flagship funds raised $50 billion of capital.

基金規模總計200億美元，加上跟投，本輪旗艦基金募集資金達500億美元。

Today, these funds are about 45% deployed in aggregate, which means if we are successful in deploying the remainder of the capital, we expect to be in the market depending on pace with our next round of flagships potentially starting later this year and into 2021.

如今，這些資金總共部署了約 45%，這意味著，如果我們成功部署剩餘資金，我們預計將進入市場，具體取決於我們可能於今年晚些時候和 2021 年開始的下一輪旗艦項目的步伐。

With these funds, we continue to diversify and stabilize our cash flows.

借助這些資金，我們繼續實現現金流多元化並穩定現金流。

Today, approximately 40% of our fee revenues come from perpetual vehicles, 45% of fee revenues from long-term locked-up committed capital, and together, they provide very growing and substantial stable streams of cash flow to Brookfield Asset Management.

如今，我們約 40% 的費用收入來自永續工具，45% 的費用收入來自長期鎖定承諾資本，它們共同為布魯克菲爾德資產管理公司提供了非常增長且大量穩定的現金流。

Despite not being in the market now raising capital for any of our large flagship funds, we do expect to be very active raising capital for our other specialized core and perpetual strategies.

儘管目前尚未在市場上為我們的任何大型旗艦基金籌集資金，但我們確實預計將非常積極地為我們的其他專業核心和永久策略籌集資金。

Today, we have Craig Noble, our CEO of alternative investments, joining us on the call to discuss how we're growing our offering and distribution capabilities to meet the demands of clients across each of the pools of capital that we access and what this can mean for fundraising in the next 12 to 18 months.

今天，我們的另類投資首席執行官 Craig Noble 加入我們的電話會議，討論我們如何增強我們的產品和分銷能力，以滿足我們所訪問的每個資本池中客戶的需求，以及這可以帶來什麼未來12 至18 個月內籌款的平均值。

Moving on to deployment of capital.

繼續進行資本配置。

We invested over $30 billion of capital across our businesses in 2019.

2019 年，我們在各個業務領域投資了超過 300 億美元的資本。

Most recently, in the fourth quarter, we invested $14 billion of capital, including closing previously announced acquisitions within our infrastructure business, including transactions, which you would have read about Genesee & Wyoming as well as a federally regulated group of pipeline assets in a carve-out transaction.

最近，在第四季度，我們投資了 140 億美元的資本，包括完成之前宣布的基礎設施業務收購，包括交易，您可能會讀到有關 Genesee & Wyoming 以及聯邦監管的一組管道資產的交易- 出交易。

In addition, in our private equity group, we closed on the acquisition of 57% of Genworth Canada.

此外，在我們的私募股權集團中，我們完成了對 Genworth Canada 57% 股權的收購。

During 2019, we also sold $13 billion in investments for average prices 9% above their most recent IFRS values, which we had in our accounts.

2019 年，我們還出售了 130 億美元的投資，平均價格比我們賬戶中的最新 IFRS 值高出 9%。

Despite all this activity, we continue to increase our capital available for deployment, which stands at approximately $65 billion across the business for deployment into opportunities that we are seeing globally.

儘管開展了所有這些活動，我們仍在繼續增加可用於部署的資本，整個業務的資本約為 650 億美元，可用於部署我們在全球看到的機會。

Turning to markets, and I'll be brief.

談到市場，我會簡單介紹一下。

Europe is slower, but still quite resilient.

歐洲的速度較慢，但​​仍然相當有彈性。

The United Kingdom seems to have pushed past Brexit, which should be positive for businesses making long-term commitments.

英國似乎已經推遲了脫歐，這對於做出長期承諾的企業來說應該是積極的。

As an example, office space in London is extremely tight on the leasing side.

例如，倫敦的辦公空間租賃方面極其緊張。

No properties have been started for close to 4 years.

近四年來沒有任何房產開工。

Rents are going up.

租金正在上漲。

Cap rates are starting to go down, and hence, value is going up, largely due to inflows of capital starting to come back to the U.K. Companies in India and China are clearly under more stress than they've been for years, with banks in India dealing with significant nonperforming loans.

資本化率開始下降，因此價值正在上升，這主要是由於資本開始回流英國。印度和中國的公司顯然承受著比多年來更大的壓力，銀行印度處理大量不良貸款。

And in China, banks are pushing forwards to sell assets.

在中國，銀行正在推動資產出售。

Brazil looks to be back on track to continued recovery, albeit slowly, with interest rates now under 5%.

巴西似乎回到了持續復甦的軌道，儘管速度緩慢，目前利率低於 5%。

The developed economy markets are not showing any signs of stress at this point in time.

發達經濟體市場目前沒有表現出任何壓力跡象。

The United States, Canada and Australia, in particular, have strong economies, but assets are more fairly priced.

尤其是美國、加拿大和澳大利亞，經濟強勁，但資產定價更為公平。

So we need to be selective with opportunities, looking for transactions in out-of-favor sectors that play to our strengths.

因此，我們需要精挑細選機會，在不受歡迎的領域尋找能夠發揮我們優勢的交易。

An example of this was the carve-out of Clarios last year, or the Genworth Canada acquisition, which highlighted our ability to move quickly and access different pools of capital.

這方面的一個例子是去年 Clarios 的分拆或 Genworth Canada 的收購，這突顯了我們快速行動和獲取不同資本池的能力。

The corporate credit markets are also performing well, but we believe this is where great value will be found in the next downturn.

企業信貸市場也表現良好，但我們相信，在下一次經濟低迷時期，企業信貸市場將發揮巨大價值。

We have historically performed well countercyclically.

從歷史上看，我們在逆週期方面表現良好。

But now with Oaktree, we are even better positioned to capitalize on this situation while continuing to invest the same way we always have with an emphasis on fundamental analysis and downside protection of capital.

但現在有了橡樹資本，我們能夠更好地利用這種情況，同時繼續以我們一貫的方式進行投資，重點是基本面分析和資本的下行保護。

As discussed, our share price performed well in 2019, generating a total return over 50%, which was driven in part by growth in our asset management business as well as the strong performance of our listed partnerships.

正如我們所討論的，我們的股價在 2019 年表現良好，總回報率超過 50%，這在一定程度上得益於我們資產管理業務的增長以及上市合作夥伴的強勁表現。

Finally, before turning the call over, I would like to note that Brian Lawson, who has been our CFO since 2002, that's 18 years, will be assuming the role of Vice Chairman.

最後，在轉交電話之前，我想指出，Brian Lawson 自 2002 年以來一直擔任我們的首席財務官，至今已有 18 年，他將擔任副主席一職。

And the Board today appointed Nick Goodman as our new Chief Financial Officer.

董事會今天任命尼克·古德曼為我們新任首席財務官。

I look forward to introducing you all to Nick.

我期待著向大家介紹尼克。

Brian has made a very, very significant contribution to our business over many years.

多年來，布萊恩為我們的業務做出了非常非常重大的貢獻。

And as Vice Chair, he will continue to be involved in many things we do, including finance and risk management activities, while also continuing to sit on the BAM Board.

作為副主席，他將繼續參與我們所做的許多事情，包括財務和風險管理活動，同時還將繼續擔任 BAM 董事會成員。

So to Brian, thank you.

謝謝布萊恩。

So while Brian continues to be very involved in the company, on behalf of all the shareholders, I wanted to thank him for that.

因此，儘管布萊恩繼續積極參與公司事務，但我代表所有股東對此表示感謝。

And with that, actually, I'll turn it over to him.

事實上，我會把它交給他。

Great.

偉大的。

Well, thanks, Bruce, and thanks for those comments.

好吧，謝謝布魯斯，也謝謝你的評論。

Good morning, everybody.

大家早上好。

So I do have the pleasure of handing the call over to Nick very shortly as our new CFO.

因此，我很高興很快就把電話交給尼克，擔任我們的新任首席財務官。

Many of you already know Nick, and I'm sure you'll agree that he is perfect for the role.

你們中的許多人已經認識尼克，我相信你們會同意他是這個角色的完美人選。

For those of you who may not, Nick's been at Brookfield for around a decade and has held a number of senior finance roles across the organization during that time, including CFO of Brookfield Renewable Energy.

也許你們可能不知道，尼克在布魯克菲爾德工作了大約十年，在此期間在整個組織中擔任過許多高級財務職位，包括布魯克菲爾德可再生能源公司的首席財務官。

And more recently, Nick and I have spent the past couple of years working closely together in all areas of BAM's finance group, including corporate finance, treasury operations and financial risk management.

最近，我和尼克在過去幾年裡在 BAM 財務團隊的所有領域密切合作，包括企業財務、資金運營和財務風險管理。

As for me, as Bruce noted, it's been 18 years since my first earnings call as CFO.

至於我，正如 Bruce 指出的那樣，距離我作為首席財務官第一次召開財報電話會議已經過去了 18 年。

That's 72 calls for those of you who are counting.

對於那些正在數數的人來說，這是 72 個電話。

And while it might be tempting to make it an even 20, it was also clear that Nick was fully ready to take on the role.

雖然將其打入 20 強可能很誘人，但很明顯尼克已經完全準備好承擔這個角色。

I would like to say that I've really enjoyed my time as CFO.

我想說，我非常享受擔任首席財務官的時光。

It's been a great experience, and much of that has come from the opportunity to work with many of you on the line, and I sincerely thank you for your support along the way.

這是一次很棒的經歷，其中很大一部分來自於與你們中的許多人一起工作的機會，我真誠地感謝你們一路以來的支持。

I'm looking forward to continuing with Brookfield, as Bruce noted, supporting Nick and the team and helping out the business wherever I can.

正如布魯斯所說，我期待著繼續留在布魯克菲爾德，支持尼克和團隊，並儘我所能幫助業務。

So with that, I will hand it over to Nick.

因此，我將把它交給尼克。

Thanks, Brian, and good morning, everyone.

謝謝布萊恩，大家早上好。

So I'm going to start off by stating that we're very pleased with the 2019 results.

首先，我要表示我們對 2019 年的結果非常滿意。

The underlying growth of both our asset management business and our invested capital drove strong operating performance.

我們的資產管理業務和投資資本的基本增長推動了強勁的經營業績。

Net income for 2019 was $5.4 billion or $2.60 per share, and funds from operations or FFO, totaled $4.2 billion for the year or $4.07 a share.

2019 年淨利潤為 54 億美元，即每股 2.60 美元，來自運營或 FFO 的資金總額為 42 億美元，即每股 4.07 美元。

The decrease in net income for prior year is as a result of higher fair value gains and onetime recoveries recorded in 2018.

上一年淨利潤減少是由於 2018 年記錄的公允價值收益增加和一次性收回所致。

Turning to our asset management results first.

首先談談我們的資產管理業績。

Fee-related earnings before performance fees increased by 41% to $1.2 billion during 2019 or 39% per share.

2019 年，扣除績效費用之前的費用相關收益增長了 41%，達到 12 億美元，即每股增長 39%。

Growth in our fee-related earnings is largely driven by what we see as a significant step change in the business over the past year with catalysts including a successful round of flagship fundraising, as Bruce touched on, growth in our distribution channels and expanding private fund offerings as well as the strong performance of our listed partnerships.

我們與費用相關的收入的增長主要是由我們認為過去一年中業務發生的重大變化所推動的，其催化劑包括一輪成功的旗艦融資，正如布魯斯談到的那樣，我們的分銷渠道的增長和私募基金的擴大產品以及我們上市合作夥伴的強勁表現。

We also benefited from 1/4 contribution from Oaktree's fee-related earnings.

我們還受益於橡樹資本收費相關收入的 1/4 貢獻。

Today, we have combined fee-bearing capital of $290 billion and annual fee revenues of our share stand at $2.7 billion.

如今，我們的收費資本總計達到 2,900 億美元，我們股份的年收費收入達到 27 億美元。

During the year, we generated $1 billion of unrealized carried interest before costs, and that reflects continued favorable investment performance across our fund strategies and accumulated unrealized carried interest now stands at $3.6 billion before costs.

在這一年中，我們產生了 10 億美元的未實現成本前附帶利息，這反映了我們基金策略持續良好的投資業績，累計未實現成本前附帶利息目前為 36 億美元。

We also realized $600 million of carried interest and recorded in our FFO, as its past, is risk of callback.

我們還實現了 6 億美元的附帶權益，並記錄在我們的 FFO 中，因為它的過去是回調風險。

This realized carried interest is more than double that of what we realized in the prior year and is the largest amount that we have ever realized in a single year and is expected to grow as our fund vintages mature.

這一已實現的附帶利息是我們上一年實現的兩倍多，是我們在一年內實現的最大金額，預計隨著我們基金年份的成熟，該金額還將增長。

Now turning to invested capital.

現在轉向投資資本。

Excluding disposition gains, FFO for the year increased to $1.7 billion.

不計處置收益，本年度 FFO 增至 17 億美元。

In particular, we benefited from the strong performance of the underlying businesses as well as acquisitions, which more than offset the impact of dispositions made throughout the year.

特別是，我們受益於基礎業務和收購的強勁表現，這遠遠抵消了全年處置的影響。

These increases were partially offset by the normalization of earnings within one of our directly held private equity operations that recorded particularly strong results in 2018 as well as lower results from our energy contracts, where generation was above long-term average and pricing was below the prior year.

這些增長被我們直接持有的私募股權業務之一的盈利正常化部分抵消，該業務在2018 年取得了特別強勁的業績，而且我們的能源合同業績較低，發電量高於長期平均水平，定價低於之前的水平。年。

Combined, these factors contributed to overall modest growth in our operating FFO from invested capital when compared to 2018.

綜合而言，與 2018 年相比，這些因素導致我們的運營 FFO 來自投資資本的總體小幅增長。

We sold several investments across the business in 2019, including multiple portfolio of companies within our private equity group as well as a number of core office properties within our real estate group.

2019 年，我們出售了多項業務投資，包括私募股權集團內的多個公司投資組合以及房地產集團內的一些核心辦公物業。

These monetizations contributed towards approximately $900 million of realized disposition gains recorded in FFO.

這些貨幣化為 FFO 記錄的已實現處置收益貢獻了約 9 億美元。

Disposition gains in the prior year were $1.5 billion, and that is the main driver of why total FFO for the full year decreased compared to the prior year.

上一年的處置收益為 15 億美元，這是全年 FFO 總額較上年減少的主要原因。

Our liquidity and capitalization remain very strong.

我們的流動性和資本規模仍然非常強勁。

Our balance sheet remains conservatively capitalized with an implied corporate debt to market capitalization ratio of 9%.

我們的資產負債表資本保持保守，隱含的公司債務與市值比率為 9%。

And including uncalled fund capital commitments -- sorry, fund commitments, we now have approximately $65 billion of deployable capital.

包括未調用的基金資本承諾——抱歉，基金承諾，我們現在擁有大約 650 億美元的可部署資本。

Our strong capital structure continues to be supplemented by our growing cash available for distribution and our reinvestment or CAFDAR, as we call it, which was $2.6 billion for the year, including $1.6 billion from our asset management franchise and $1.6 billion from our invested capital before costs.

我們強大的資本結構繼續得到不斷增長的可供分配的現金和我們所說的再投資或CAFDAR 的補充，今年的投資額為26 億美元，其中16 億美元來自我們的資產管理特許經營權，16億美元來自我們之前的投資資本成本。

Finally, I'm pleased to confirm that our Board of Directors has declared an $0.18 per share dividend payable at the end of the month.

最後，我很高興地確認，我們的董事會已宣佈在月底支付每股 0.18 美元的股息。

This equals an approximate 12% increase over the prior year and represents $0.12 per share on a post stock split basis.

這相當於比上年增長約 12%，相當於股票分割後每股 0.12 美元。

Now I will hand the call over to Craig to provide an update on our expanding alternative asset management business.

現在我將把電話轉交給克雷格，以提供有關我們不斷擴大的另類資產管理業務的最新信息。

Thank you, Nick, and good morning, everyone.

謝謝你，尼克，大家早上好。

Today, our business has over $540 billion of assets under management, including $290 billion of fee-bearing capital.

如今，我們的企業管理著超過 5,400 億美元的資產，其中包括 2,900 億美元的收費資本。

The ways in which our clients can choose to invest with us are numerous and growing, and fall into 4 broad categories: our perpetual listed public vehicles, our private funds, our public securities offerings and Oaktree's investment offerings.

我們的客戶可以選擇與我們一起投資的方式多種多樣，而且還在不斷增長，主要分為四大類：我們的永久上市公共工具、我們的私募基金、我們的公開證券發行和橡樹資本的投資產品。

Today, I'm going to spend some time talking about 1 of our 4 ways in which we work with clients, our private funds business, focusing on how the business has evolved over the last 10 years and then looking at the growth potential for the next decade.

今天，我將花一些時間討論我們與客戶合作的四種方式之一，即我們的私募基金業務，重點關注該業務在過去 10 年中的發展情況，然後關注該業務的增長潛力下一個十年。

10 years ago, our private fund fee-bearing capital totaled $15 billion across 42 clients, and we were just about to embark on a fundraising for our first infrastructure fund that ended up being $2.7 billion.

10 年前，我們的私募基金收費資本總額為 150 億美元，覆蓋 42 個客戶，當時我們正準備為我們的第一隻基礎設施基金籌集資金，最終籌集到 27 億美元。

Over the last 10 years, we've grown our private fund fee-bearing capital to over $90 billion, and we just completed the latest round of fundraising for our largest flagship funds across real estate, private equity and infrastructure, the most recent of these being our infrastructure fund, which, as Bruce mentioned, had its final close last week, exceeding its initial target to reach $20 billion.

在過去 10 年裡，我們的私募基金收費資本已超過 900 億美元，而且我們剛剛完成了房地產、私募股權和基礎設施領域最大的旗艦基金的最新一輪融資，其中最新一輪是我們的基礎設施基金，正如Bruce 提到的，上週完成了最後的收盤，超出了其200 億美元的最初目標。

This is an increase of more than 40% from its predecessor infrastructure fund, and our real estate and private equity funds have experienced similar growth rates.

這比其前身基礎設施基金增長了40%以上，我們的房地產和私募股權基金也經歷了類似的增長速度。

Today, we now have 1,800 clients across the world's major pension plans, sovereign wealth funds and insurance companies, and we've built a private wealth distribution network that now accounts for about 10% of our annual fundraising.

如今，我們已在全球主要養老金計劃、主權財富基金和保險公司擁有 1,800 個客戶，並且建立了私人財富分配網絡，目前約占我們年度籌款的 10%。

We've grown the number of client-facing relationship managers from 7 to 58, and we've built our fund infrastructure to ensure that we're able to cater to our clients' needs and deliver first-class service.

我們將面向客戶的客戶關係經理數量從 7 名增加到 58 名，並建立了基金基礎設施，以確保我們能夠滿足客戶的需求並提供一流的服務。

As we look forward, we expect to experience continued strong growth in our family of flagship closed-end funds and the drivers will be the same as the drivers that have supported our growth to date.

展望未來，我們預計我們的旗艦封閉式基金系列將持續強勁增長，其驅動因素將與迄今為止支持我們增長的驅動因素相同。

First is investment performance, which has been strong, and we're very focused on continuing to generate strong investment returns through a combination of our global platform, our operating expertise and our large scale.

首先是投資業績，投資業績一直很強勁，我們非常注重通過我們的全球平台、運營專業知識和規模的結合，繼續產生強勁的投資回報。

Second, investor demand for real assets and other alternatives is continuing to increase, and we believe we're in the early innings of this trend.

其次，投資者對實物資產和其他替代品的需求持續增加，我們相信我們正處於這一趨勢的早期階段。

Third, we've built a global business with many of the largest institutional investors around the world, who, in our experience, are seeking to work even more closely with even fewer investment managers, and we're very well positioned to capture an even larger share of this market.

第三，我們已經與世界各地許多最大的機構投資者建立了全球業務，根據我們的經驗，這些機構投資者正在尋求與更少的投資經理進行更密切的合作，並且我們處於非常有利的地位，可以捕捉到均勻的投資機會。這個市場的份額更大。

As we described at our Investor Day, we expect that our next vintage of flagship closed-end funds will be in the range of $100 billion, including credit, which will continue our trend of growing with each vintage of funds.

正如我們在投資者日所描述的那樣，我們預計下一期旗艦封閉式基金的規模將在 1000 億美元左右，其中包括信貸，這將延續我們每一期基金的增長趨勢。

These funds also are seeing an increasing demand for co-investment capital opportunities, which increases our pool of capital for transactions.

這些基金還看到對共同投資資本機會的需求不斷增加，這增加了我們的交易資本池。

So in summary, by continuing to execute in these established areas of our business we expect to continue our growth trajectory across our flagship closed-end funds for many years.

總而言之，通過繼續在我們的這些既定業務領域開展業務，我們預計我們的旗艦封閉式基金將繼續保持多年的增長軌跡。

However, as we think about the growth of our asset management business, it's important that we provide a diverse range of products that fit our clients' evolving needs.

然而，當我們考慮資產管理業務的增長時，提供適合客戶不斷變化的需求的多樣化產品非常重要。

And we've made great strides in this area over the last several years, significantly broadening both our fund offerings and also the way that we work with clients, and I'll take a few minutes to describe our approach to developing new investment strategies, and I'll highlight some of the newer initiatives that we've launched over the last couple of years.

過去幾年我們在這一領域取得了長足的進步，顯著拓寬了我們的基金產品以及我們與客戶合作的方式，我將花幾分鐘時間來描述我們開發新投資策略的方法，我將重點介紹我們在過去幾年中推出的一些新舉措。

I'll also mention some of the more specialized investment strategies that we're currently developing and an update on Oaktree.

我還將提到我們目前正在開發的一些更專業的投資策略以及橡樹資本的最新動態。

As I mentioned, over the past several years, we've built out complementary investment capability fund offerings, which fit very nicely alongside of our closed-end funds.

正如我所提到的，在過去的幾年裡，我們已經建立了互補的投資能力基金產品，這與我們的封閉式基金非常契合。

These investment offerings have been driven by a combination of being reactive to investor requests and also proactive to anticipate investor demand.

這些投資產品的推動因素是對投資者請求的反應和主動預測投資者需求的結合。

In all cases, we've got a set of principles that guide our development of new investment offerings, and these principles really revolve around 2 core concepts.

在所有情況下，我們都有一套指導我們開發新投資產品的原則，這些原則實際上圍繞兩個核心概念。

First and foremost is that the proposed investment strategy offers a sound investment case, where we can have a differentiated view, be an industry leader and which we would be happy to invest our own capital into over the long term.

首先也是最重要的是，擬議的投資策略提供了一個合理的投資案例，我們可以擁有差異化的觀點，成為行業領導者，並且我們很樂意將自己的資本長期投資其中。

And secondly, as a set of principles relating to the business case, which means our ability to leverage our existing sales and client service platform and to profitably grow the business to scale.

其次，作為與業務案例相關的一套原則，這意味著我們有能力利用現有的銷售和客戶服務平台，並以盈利的方式擴大業務規模。

So now with that background, I'll profile a few of the newer initiatives underway, starting with our family of perpetual private fund strategies.

因此，現在有了這樣的背景，我將介紹一些正在進行的新舉措，首先是我們的永久私募基金策略系列。

Over the past 5 years, we've developed several perpetual investment offerings, which are attractive to investors, looking for more of a core investment profile with more mature assets and higher income and attractive risk-adjusted returns.

在過去的5年裡，我們開發了多種永續投資產品，這些產品對尋求更多核心投資組合、更成熟資產、更高收入和有吸引力的風險調整回報的投資者很有吸引力。

Given that these vehicles are open-ended, meaning we're able to accept new capital on a regular basis and redeem capital as new investors come into the fund, the vehicles are perpetual in nature.

鑑於這些工具是開放式的，這意味著我們能夠定期接受新資本並在新投資者進入基金時贖回資本，因此這些工具本質上是永久性的。

To date, we've established these open-ended perpetual funds for our infrastructure, real estate and real estate debt investment strategies, and investor demand has been strong.

迄今為止，我們已經為基礎設施、房地產和房地產債務投資策略建立了這些開放式永續基金，投資者的需求一直很強勁。

Our expectation is that these strategies could grow to be tens of billions of dollars over the next several years, particularly as investors are increasingly seeking fixed income alternatives in today's low interest rate environment.

我們的預期是，這些策略在未來幾年內可能會增長到數百億美元，特別是在當今的低利率環境下，投資者越來越多地尋求固定收益替代品。

And there's also room to further expand this family of perpetual open-ended private funds.

而且這個永久開放式私募基金家族還有進一步擴大的空間。

The second initiative is our development of several more specialized investment strategies targeting specific geographic regions or specific asset types.

第二項舉措是我們針對特定地理區域或特定資產類型製定幾種更專業的投資策略。

While our flagship funds have historically been global in nature and broad across asset classes, we've also seen investor demand in strategies that are more narrowly defined.

雖然我們的旗艦基金歷來都是全球性的，並且跨資產類別廣泛，但我們也看到了投資者對更狹義定義的策略的需求。

These more specialized investment strategies are very complementary to our existing business, easily meeting our guiding principles and will result in increased fee-bearing capital.

這些更專業的投資策略與我們現有的業務非常互補，很容易滿足我們的指導原則，並將導致收費資本的增加。

A few specific examples where we are launching new investment strategies include our opportunistic Asia real estate strategy, a dedicated renewable strategy, infrastructure debt, real estate debt and a real asset technology strategy, which invests in high-growth technology-focused companies that touch our ecosystems of real estate infrastructure and renewable power.

我們推出新投資策略的一些具體例子包括我們的機會主義亞洲房地產戰略、專門的可再生能源戰略、基礎設施債務、房地產債務和不動產技術戰略，該戰略投資於與我們的業務相關的高增長技術型公司。房地產基礎設施和可再生能源生態系統。

Another area of focus for us today is what we call alternative solutions, which entails working with investors to construct programs across the alternative spectrum.

今天我們關注的另一個領域是我們所說的替代解決方案，這需要與投資者合作構建跨替代領域的項目。

As I mentioned, we continue to hear from our clients that they want to work more deeply with fewer managers, and this lends itself to these more strategic relationships.

正如我所提到的，我們不斷從客戶那裡聽到他們希望與更少的經理進行更深入的合作，這有助於建立這些更具戰略性的關係。

This is somewhat new to us, and we already have several investment vehicles and multiasset programs.

這對我們來說有些新鮮，我們已經擁有多種投資工具和多資產計劃。

The recent addition of Oaktree's investment capabilities was really the last piece of the puzzle to enable us to offer a full suite of alternative investment strategies to clients.

橡樹最近增加的投資能力實際上是最後一塊拼圖，使我們能夠為客戶提供全套另類投資策略。

In addition to newer investment strategies, we're also having success in newer distribution channels.

除了更新的投資策略之外，我們還在更新的分銷渠道方面取得了成功。

Over the past few years, we've entered the wealth channel, which currently represents approximately $7 billion of fee-bearing capital within the Brookfield private funds alone and around 10% of new capital each year.

在過去的幾年裡，我們已經進入了財富渠道，目前僅布魯克菲爾德私募基金就擁有約 70 億美元的收費資本，約佔每年新增資本的 10%。

This is a rapidly growing channel for us, as high net worth investors and wealth platforms are searching for alternatives to their traditional stock and bond portfolios.

這對我們來說是一個快速增長的渠道，因為高淨值投資者和財富平台正在尋找傳統股票和債券投資組合的替代品。

And this channel has been a good fit for our traditional closed-end funds, but we do expect to develop more investment vehicles, specifically for this channel.

這個渠道非常適合我們傳統的封閉式基金，但我們確實希望開發更多專門針對這個渠道的投資工具。

As one example, this past year, we raised over $1 billion for our first private fund dedicated exclusively to the wealth channel, which was a closed-end real estate fund, focused on new development opportunities in core markets.

舉個例子，去年，我們為第一隻專注於財富渠道的私募基金籌集了超過10億美元，這是一隻封閉式房地產基金，專注於核心市場的新發展機會。

So we're excited about the growth runway as we further build out this channel.

因此，隨著我們進一步建立這個渠道，我們對增長跑道感到興奮。

These are a few of the examples of the step-out investment strategies and different initiatives that are already contributing to our growth, and we expect this will accelerate going forward, and we look forward to telling you more about them and others that are still in development over time.

這些是已經為我們的增長做出貢獻的走出去投資策略和不同舉措的一些例子，我們預計這將在未來加速發展，我們期待向您介紹更多有關這些策略和其他仍在實施的計劃的信息。隨著時間的推移發展。

Lastly, I'll provide an update on Oaktree.

最後，我將提供有關橡樹資本的最新信息。

As you know, the transaction with Oaktree closed September 30 of last year, but we did have the benefit of getting to know each other over the year or so leading up to that point.

如您所知，與橡樹資本的交易於去年 9 月 30 日結束，但在此之前的一年左右的時間裡，我們確實受益匪淺。

So a few comments, starting with, we're very pleased with the partnership even in these early days.

首先，我們對合作夥伴關係感到非常滿意，即使是在早期。

As you know, Oaktree will continue to operate independently.

如您所知，橡樹資本將繼續獨立運營。

So while the investment teams and management will be independent, there are still many things we can do across the organizations with a goal of serving our clients better.

因此，雖然投資團隊和管理層將是獨立的，但我們仍然可以在整個組織中做很多事情，以更好地為客戶服務。

Many of these initiatives are already underway, and there's a real excitement about what we can do together.

其中許多舉措已經在進行中，我們對能夠共同做的事情感到非常興奮。

These initiatives generally fall into the category of working more holistically with our clients at Brookfield to bring them Oaktree investment products and vice versa.

這些舉措通常屬於與布魯克菲爾德的客戶進行更全面合作的範疇，為他們帶來橡樹投資產品，反之亦然。

This can involve creating new funds using both Brookfield and Oaktree investment capabilities.

這可能涉及利用布魯克菲爾德和橡樹資本的投資能力創建新基金。

Other times, it's within the multiasset solutions framework that I described earlier.

其他時候，它位於我之前描述的多資產解決方案框架內。

An example of our collaboration with distribution is the recent launch of Oaktree's nontraded REIT, where we've been able to involve the Brookfield's high net worth distribution team to help raise capital for this strategy, and we expect there will be a growing number of similar opportunities over the coming years.

我們與分銷合作的一個例子是最近推出的橡樹非交易房地產投資信託基金，我們已經能夠讓布魯克菲爾德的高淨值分銷團隊參與進來，幫助為這一戰略籌集資金，我們預計將會有越來越多的類似項目未來幾年的機會。

Hopefully, this overview gives you a good sense of the breadth of our investment offerings, which represent a full suite of alternative investment strategies and which will fuel our growth for many years.

希望本概述能讓您對我們投資產品的廣度有一個很好的了解，這些產品代表了一整套另類投資策略，並將推動我們多年的增長。

We look forward to telling you more about these newer initiatives going forward.

我們期待向您介紹更多有關這些新舉措的信息。

And with that, I'll hand it back to the operator for questions.

然後，我會將其交還給接線員以供提問。

(Operator Instructions) Our first question comes from the line of Cherilyn Radbourne from TD Securities.

（操作員說明）我們的第一個問題來自道明證券 (TD Securities) 的 Cherilyn Radbourne。

In your letter, you spent some time talking about sustainability in your carbon footprint, which is certainly top of mind lately.

在您的信中，您花了一些時間談論碳足蹟的可持續性，這無疑是最近最受關注的問題。

So I wondered if you could speak a little bit about how you incorporate ESG in your investment process and whether an increasing emphasis on ESG by LP investors makes some assets potentially uninvestable for you.

因此，我想知道您是否可以談談如何將 ESG 納入您的投資流程，以及 LP 投資者對 ESG 的日益重視是否會使您的某些資產可能無法投資。

Yes.

是的。

So maybe I'll just start off.

所以也許我就開始吧。

And I think I'll try to answer the question by saying this.

我想我會嘗試這樣回答這個問題。

I guess we've always had a focus on sustainability, merely because it's good for business.

我想我們一直關注可持續發展，僅僅是因為它對商業有利。

And if you can build sustainable businesses over the longer term, it usually means you're doing good things within the business.

如果您能夠建立長期可持續的業務，通常意味著您在業務中做了好事。

So I'd say the first thing is, it's been a big focus just because it's good for business.

所以我想說的第一件事是，它之所以成為人們關注的焦點，只是因為它對商業有利。

We -- second, we focus specifically on renewables, 25 years ago or more.

其次，我們在 25 年前或更早的時候就特別關注可再生能源。

And we've had a big emphasis on that.

我們非常重視這一點。

And that's -- I guess, it has informed us about a lot of things within the rest of our business as well as we've been able to build the largest renewables business in the world.

我想，它讓我們了解了我們其他業務中的很多事情，並且我們已經能夠建立世界上最大的可再生能源業務。

So that informs us about a lot of things.

這告訴我們很多事情。

And because of that, many of the things that we do when we make other investments, and when we look at investments across the board, we've always considered sustainability in that just because we were probably more aware of it because of the big renewables business we have.

正因為如此，我們在進行其他投資時所做的許多事情，以及當我們全面考慮投資時，我們總是考慮可持續性，因為我們可能因為大型可再生能源而更加意識到這一點我們有業務。

Increasingly, that's going to be more important every day, because globally, investors and individuals are more focused on it.

這將變得越來越重要，因為在全球範圍內，投資者和個人都更加關注它。

So I think it will be -- we're well set up for it.

所以我認為我們已經做好了充分的準備。

Obviously, we have to keep growing and learning more, but I think we're in a good place as we sit today.

顯然，我們必須不斷成長並學習更多，但我認為我們今天所處的位置很好。

And then maybe on a related note.

然後也許是相關的說明。

At least in the public market, we're starting to see certain businesses attract a bit of a sustainability premium.

至少在公開市場上，我們開始看到某些企業吸引了一些可持續發展溢價。

And I'm curious whether you're seeing that in the private market currently?

我很好奇您目前是否在私人市場上看到了這種情況？

Or expect to in the future?

或者預計將來會發生？

Well, we'd like to get a premium for that, if we could have one.

好吧，如果我們可以的話，我們希望為此獲得溢價。

But look, I think that as more and more focus is on this, there will be a split between those that are sustainable, that many more people will be interested investing in.

但是，我認為，隨著越來越多的人關注這一點，那些可持續的領域將會出現分裂，更多的人會對投資感興趣。

And those that are seen as not and that capital will shy away from those investments.

而那些被視為不存在的資本將迴避這些投資。

And therefore, the returns on those investments is someone will buy them for are going to be a lot less.

因此，人們購買這些投資的回報將會少很多。

And there -- it'd just be merely because there's less capital available.

在那裡——這只是因為可用資本較少。

And I don't think that private market is any different than the public market.

我不認為私人市場與公開市場有什麼不同。

I think people across the investment spectrum are all looking or seeing the same things.

我認為各個投資領域的人們都在尋找或看到相同的事情。

Next question comes from the line of Bill Katz from Citi.

下一個問題來自花旗銀行的比爾·卡茨 (Bill Katz)。

Brian, Nick, best of luck.

布萊恩，尼克，祝你好運。

Look forward to continuing respective relationships.

期待繼續保持各自的關係。

Maybe just coming back to the opportunity in terms of the next fundraising cycle.

也許只是回到下一個籌款週期的機會。

It does sound a little more optimistic maybe for where we were last quarter at this time.

對於我們上個季度此時的情況來說，這聽起來確實更樂觀一些。

Can you speak to -- two parts of the question, first one being, so where, like the sequencing of what you see in terms of that opportunity within $100 billion?

您能否談談問題的兩個部分，第一部分是，那麼在哪裡，就像您所看到的 1000 億美元內機會的排序一樣？

And then secondly, you mentioned that sort of pickup in co-investments.

其次，您提到了聯合投資的增長。

How might the economics of the next $100 billion compare to the $50 billion that you brought on previously?

與您之前帶來的 500 億美元相比，接下來的 1000 億美元的經濟效益如何？

Bill, it's Nick.

比爾，是尼克。

So I'm happy to start and Craig, add in, if you want, on the fundraising side.

所以我很高興開始，如果你願意的話，克雷格也可以加入籌款方面。

I think on the sequencing of the funds, Bill, as you know, we've just completed the latest round of flagship fundraising.

我認為關於資金的排序，比爾，正如你所知，我們剛剛完成了最新一輪的旗艦籌款。

The first of those flagship funds to complete the fundraising was the real estate vehicle.

這些旗艦基金中第一個完成籌款的基金是房地產基金。

So likely, that could be the first one back in the market.

這很可能是第一個回到市場的產品。

But I think we said that, today, we're about 40%, 45% invested across the funds, so will depend on the pace of deployment across the funds.

但我認為我們說過，今天我們將大約 40%、45% 投資於各個基金，因此將取決於各個基金的部署速度。

But maybe starting 2021, early '21, we could be back in the market, late 2020, early '21, you might see back in the market for those funds.

但也許從 2021 年 21 年初開始，我們可能會回到市場，2020 年底 21 年初，你可能會看到這些基金重新回到市場。

It really depends on when we get to that threshold for being able to go back out and raise new capital.

這實際上取決於我們何時達到能夠退出並籌集新資本的門檻。

In terms of the fees for the next $100 billion for those flagship funds, based on what we see in the market today, I would say, we don't expect to see a massive change.

就這些旗艦基金接下來 1000 億美元的費用而言，根據我們今天在市場上看到的情況，我想說，我們預計不會看到巨大的變化。

For those flagship funds, we didn't see any extra pressure on fees through the round of fundraising.

對於這些旗艦基金，我們在本輪融資中沒有看到任何額外的費用壓力。

We managed to sustain our

我們設法維持我們的

(technical difficulty)

（技術難度）

through that period.

通過那段時期。

And so I would expect to be able to achieve similar rates as we look at the next round of flagships.

因此，當我們考慮下一輪旗艦產品時，我希望能夠達到類似的速度。

Okay.

好的。

And then just as my follow-up, just related to that, perhaps if you look at your asset management margin that's still among best-in-class around 57%, I think, in the fourth quarter.

然後，正如我的後續行動，與此相關，也許如果你看看第四季度的資產管理利潤率，我認為它仍然處於 57% 左右的同類最佳水平。

How do you sort of see that playing through over the next year or 2 counterbalancing a lot of the growth opportunities in front of you versus maybe scaling of the platform?

您如何看待在未來一兩年內平衡您面前的許多增長機會與可能的平台擴展？

Yes.

是的。

So yes.

所以是的。

I think, Bill, you saw over the last 12 months that the cost did increase in our business, and we talked about that really being the cost attributed to us scaling up the business ahead of the next round of flagships; a, from a fundraising perspective, and b, from a deployment perspective.

Bill，我認為您在過去 12 個月中看到我們業務的成本確實有所增加，我們談到這實際上是我們在下一輪旗艦店之前擴大業務所產生的成本； a，從籌款角度，b，從部署角度。

And then in Q3, Q4, you started to see the revenues come through as the flagship starts to close, and we ended the fee holiday with the BPY transaction.

然後在第三季度、第四季度，隨著旗艦店開始關閉，您開始看到收入出現，我們通過 BPY 交易結束了費用假期。

And we're at a good state, as you see from an industry perspective for margins.

從行業利潤率的角度來看，我們處於良好的狀態。

And I think as we look about going forward, you can expect more investment into the platforms and not just in being ready for the next trend of flagships.

我認為，當我們展望未來時，您可以期待對平台的更多投資，而不僅僅是為下一個旗艦趨勢做好準備。

But I think as we diversify the channels from raising capital and maybe as we shift product mix a bit and start to build out some of the strategies that Craig talked about, you'll see more investment in the business.

但我認為，隨著我們使融資渠道多樣化，也許當我們稍微改變產品組合併開始製定克雷格談到的一些策略時，您會看到更多的業務投資。

But I think our -- historically, we've kind of guided that 55% to 65% being the range for the margin of the business.

但我認為，從歷史上看，我們已經將 55% 到 65% 作為業務利潤率的範圍。

And I think we expect to continue to be in the midpoint of that range.

我認為我們預計將繼續處於該範圍的中點。

Our next question comes from the line of Mario Saric from Scotiabank.

我們的下一個問題來自豐業銀行的 Mario Saric。

Just sticking to the fundraising theme in the $100 billion target.

只要堅持1000億美元目標的籌款主題即可。

I think, Craig, you laid out well enough kind of the drivers behind the confidence in terms of achieving that goal, including expanded capital deployment capabilities, strengthening the organization and whatnot.

我認為，克雷格，你很好地闡述了實現這一目標的信心背後的驅動因素，包括擴大資本部署能力、加強組織等等。

When you sit back and you look at the broader environment, what do you consider to be kind of the bigger risks to achieving that goal over the next couple of years?

當您坐下來觀察更廣泛的環境時，您認為未來幾年實現該目標的更大風險是什麼？

It's Bruce.

是布魯斯。

And maybe, I'll take that as just a start.

也許，我會以此作為一個開始。

I think the biggest risk to alternative managers broadly is that the environment that we have -- the environment we've enjoyed over the past 10 years has been -- interest rates came down, now they're at the bottom and they're low.

我認為，另類基金經理面臨的最大風險是，我們所處的環境——過去十年我們所享受的環境——利率下降了，現在處於底部，而且很低。 。

They could be higher.

他們可能會更高。

They could probably be 50% higher.

他們可能會高出 50%。

But if interest rates went to -- if the 10 years, today 1.5% or just above 1.5%, if it went to 6%, I think that changes the outlook of investors and what they need to do with their portfolios.

但如果利率在 10 年內達到 1.5%，或者略高於 1.5%，如果達到 6%，我認為這會改變投資者的前景以及他們需要如何處理自己的投資組合。

We don't expect that to occur for the next 3, 5, 7, 10 years, maybe ever.

我們預計這種情況在未來 3 年、5 年、7 年、10 年甚至永遠不會發生。

But I think that's the one risk that we can't control, that changes the outlook on the business.

但我認為這是我們無法控制的一個風險，它會改變業務前景。

And all it means is that it will be different.

這意味著一切都會有所不同。

We'll just figure something else out.

我們會想出別的辦法。

But it would change the outlook of many institutions pushing into alternatives.

但這將改變許多致力於替代方案的機構的前景。

And how would you -- I guess how would you assess the risk of a significant global contraction and economic activity towards the appetite of realized investors to allocate incremental capital to the mandates?

我猜你會如何評估全球經濟大幅收縮和經濟活動的風險，以影響有意識的投資者將增量資本分配給任務的胃口？

Yes.

是的。

So here's what I would say.

這就是我要說的。

In past, what we've seen is there's all investors -- if an economic decline comes, all investors, they slow in all investments into something for a very short period of time.

過去，我們看到的是所有投資者——如果經濟衰退來臨時，所有投資者都會在很短的時間內放緩對某些事物的所有投資。

But then the opportunities are significant.

但機會是巨大的。

And I think at that point in time, our private equity funds will have very positive investments into opportunities.

我認為到那時，我們的私募股權基金將對機會進行非常積極的投資。

Our -- the Oaktree franchise will have very significant opportunities.

我們的橡樹特許經營權將擁有非常重要的機會。

And I think the track, if we can position ourselves to come out and what we're working for today is underwrite every investment we make like we're going to hit a recession.

我認為，如果我們能夠定位自己，我們今天所做的工作就是承保我們所做的每一項投資，就像我們即將陷入衰退一樣。

And if we can come out of the bottom of the market, having our reputations intact and our investments intact and grow out of that recession, we'll be able to take very, very significant amount of money from people with the caveat that if interest rates happen to, in that recession, go to 8%, which I suspect is not going to happen, then that might change that.

如果我們能夠走出市場的底部，保持我們的聲譽完好無損，我們的投資完好無損，並走出經濟衰退，我們將能夠從人們那裡獲得非常非常大量的資金，但需要注意的是，如果利息在這次經濟衰退中，利率碰巧達到8%，我懷疑這不會發生，那麼這可能會改變這一情況。

But if it doesn't, then I think more -- probably more -- greater amounts of money will be allocated at that point in time.

但如果沒有，那麼我認為屆時將會分配更多——可能更多——更多的資金。

Great.

偉大的。

My second question just relates to the alternative solutions that Craig was discussing.

我的第二個問題與克雷格正在討論的替代解決方案有關。

While it's early days with the Oaktree transaction, can you just maybe talk about what penetration rates look like today?

雖然橡樹資本交易還處於早期階段，但您能否談談目前的滲透率是多少？

And what target penetration rates may look like over the next 3, 5, 10 years?

未來 3 年、5 年、10 年的目標滲透率可能會是什麼樣子？

I would say -- so it is early days, and there are several examples of us working together with clients, and I described a few of them.

我想說——現在還處於早期階段，有幾個我們與客戶合作的例子，我描述了其中的一些。

The overlap of our clients is pretty modest.

我們的客戶重疊程度相當小。

So it leaves a lot of opportunity and a lot of space for us to work together on things.

所以這給我們留下了很多機會和空間來共同努力。

Just -- given that we're just several months into it, there's not any statistics in terms of penetration that are trackable.

只是——考慮到我們才剛開始幾個月，還沒有任何可追踪的滲透率統計數據。

But there's a lot of white space and opportunity for us in terms of collaborating on different investment strategies, but also maybe even more so of working more holistically with some of our larger clients, in particular.

但在不同投資策略的合作方面，我們有很多空白和機會，尤其是與我們的一些大客戶進行更全面的合作。

Our next question comes from the line of Andrew Kuske from 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。

I think it's a question for Craig to start off with.

我認為這是克雷格首先要提出的問題。

And I think you mentioned the 1,800 client relationships.

我想您提到了 1,800 個客戶關係。

If you could provide maybe a bit of color, just pre-Oaktree close on -- so Brookfield relationships out of the 1,800 versus the Oak ones?

如果你能提供一點顏色，就在橡樹之前就很接近了——那麼布魯克菲爾德在 1,800 與橡樹之間的關係中？

And then what was the overlap?

那麼重疊是什麼？

And where are we now?

我們現在在哪裡？

Yes.

是的。

Sure.

當然。

The -- so that 1,800 is our institutional relationships across Brookfield and Oaktree.

- 所以 1,800 是我們在布魯克菲爾德和橡樹資本的機構關係。

The -- if we segment that into the 2 different components, I think Nick has the specific numbers in terms of...

如果我們將其分為兩個不同的組成部分，我認為尼克有具體的數字......

Yes.

是的。

And I would just add that, so pre the transaction, we had about 750 institutional clients on the Brookfield site, and the balance would come from Oaktree.

我想補充一點，在交易之前，我們在布魯克菲爾德網站上有大約 750 個機構客戶，其餘部分將來自橡樹資本。

There was -- and as Craig said, there was a small amount of crossover, not significant, but the incremental, there was no crossover between from 750 up to the 1,800.

正如克雷格所說，存在少量交叉，並不顯著，但從增量來看，從 750 到 1,800 之間沒有交叉。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then just maybe a follow-up to Craig also.

然後也許也是克雷格的後續行動。

It's just on the co-investment capital, and this has been a long-term hallmark of the entire Brookfield franchise.

這只是共同投資資本，這一直是整個布魯克菲爾德特許經營權的長期標誌。

But as you grow the size and scale of the offerings you have, does that co-investment capital effectively help certain clients build up the capability to eventually internalize some of the strategies themselves?

但是，隨著您所提供產品的規模和規模不斷擴大，聯合投資資本是否能有效幫助某些客戶建立最終內部化某些策略的能力？

Does that create a bit of tension?

這會造成一點緊張嗎？

No.

不。

What we found is that the co-investment capital is a great way for us to have access to larger pools of capital, which is very helpful for some of our transactions, in particular, the largest transactions that we pursue.

我們發現，共同投資資本是我們獲得更大資本池的好方法，這對我們的一些交易，特別是我們追求的最大交易非常有幫助。

And also gives an opportunity for our large LPs to deploy more capital alongside of us.

也為我們的大型有限合夥人提供了與我們一起部署更多資本的機會。

And I wouldn't say that we've seen a trend of that moving towards the internal capabilities.

我不會說我們已經看到了向內部能力發展的趨勢。

It's been more the larger access to large pools of capital, which is helpful and also deploying more from our LPs.

更重要的是獲得大量資本的機會更大，這很有幫助，而且還可以從我們的有限合夥人那裡部署更多資金。

And then the follow-up to that would be, as the flagship funds get larger, and you're already at the $20 billion on before.

後續的情況是，隨著旗艦基金規模不斷擴大，規模已經達到之前的 200 億美元。

But as they get larger, does the co-investment capability also get larger for some of your core clients?

但隨著它們規模的擴大，你們的一些核心客戶的聯合投資能力是否也會變大？

Yes.

是的。

So I would say, maybe just to add to Craig's comments, 2 things.

所以我想說，也許只是為了補充克雷格的評論，有兩件事。

The first is some of our most sophisticated and largest clients in the world do a lot of investing themselves but also invest with us.

首先，我們世界上一些最成熟和最大的客戶不僅自己進行了大量投資，而且還與我們一起投資。

And that's because we do different types of transactions in what they invest directly on their own.

那是因為我們對他們自己直接投資的東西進行不同類型的交易。

And therefore, we're additive to them.

因此，我們是它們的補充。

And one of our -- I think, one of our great strengths and offerings that we've been able to bring to our clients is to offer them co-investments.

我認為，我們能夠為客戶帶來的最大優勢和產品之一就是為他們提供共同投資。

We're going to continue to do that.

我們將繼續這樣做。

And as the transactions scale up, having capital available, but also those partners with us, is extremely important from many different perspectives.

隨著交易規模的擴大，從許多不同的角度來看，擁有可用的資本以及與我們合作的合作夥伴都極其重要。

Our next question comes from the line of Zachary McDermott from KBW.

我們的下一個問題來自 KBW 的 Zachary McDermott。

I just have a quick question about capital management.

我只是有一個關於資本管理的簡單問題。

I think you had previously talked about stock buybacks and cash generation increases a few years ago.

我想您幾年前曾談論過股票回購和現金生成增加。

So now that you've incorporated Oaktree, how should we feel about capital priorities moving forward?

既然您已經合併了橡樹資本，我們對未來的資本優先事項應該有何看法？

Any possibility of future stock buybacks?

未來有回購股票的可能性嗎？

Yes.

是的。

Zachary, it's Nick.

扎卡里，是尼克。

I don't think you'll see a significant change to what we've communicated in the past.

我認為您不會看到我們過去溝通的內容髮生重大變化。

I think the themes will remain the same.

我認為主題將保持不變。

We are generating $2.7 billion of cash available for distribution or reinvestment now, and we'll continue to pay the distribution and only it pays out about roughly 30% of that.

我們現在產生了 27 億美元的現金可用於分配或再投資，我們將繼續支付分配款，但只支付其中的大約 30%。

And then the remainder of the cash, we have a priority for that to reinvest back into the business to support our asset management franchise to seed new strategies, to support the listed issuers and their growth.

然後剩餘的現金，我們優先將其再投資回業務，以支持我們的資產管理特許經營權，以製定新的戰略，支持上市發行人及其增長。

And then after that, we look at opportunistic use of that capital based on relative capital allocation and values.

然後，我們根據相對資本配置和價值來研究資本的機會主義使用。

And if you look at last year, most of that residual cash we invested into the Oaktree transaction.

如果你看看去年，我們大部分剩餘現金都投資到了橡樹資本交易中。

And going forward, we would look to obviously maintain cash, maintain liquidity to be opportunistic to weather any eventual dislocation in the capital markets.

展望未來，我們顯然會保留現金、維持流動性，以便抓住機會應對資本市場最終出現的任何混亂。

And then once we feel that we have no use internally, then we would look to return capital to shareholders via buybacks.

然後，一旦我們覺得我們在內部沒有用處，那麼我們就會尋求通過回購將資本返還給股東。

And that will start to have especially as you see a ramp-up in our cash flow over the next 5 years as carry really starts to step up.

尤其是當你看到我們的現金流在未來五年內隨著利差真正開始增加而增加時，這種情況就會開始出現。

But I don't think you'll see any change in strategy now that Oaktree is part of the family.

但我認為既然橡樹資本已經成為這個家族的一部分，你不會看到戰略發生任何變化。

(Operator Instructions) Our next question comes from the line of Sohrab Movahedi from BMO Capital Markets.

（操作員說明）我們的下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

A lot of the questions have been asked and answered.

許多問題已被提出並得到解答。

I just wanted to clarify a couple of things around the next kind of phase of fundraising.

我只是想澄清有關下一階段籌款的一些事情。

Nick, you said that it doesn't look like you have to make any concessions around the fee rates.

尼克，你說看起來你不需要在費率方面做出任何讓步。

Are you seeing any need to adjust hurdle rates or target return rate -- target returns?

您是否認為需要調整最低迴報率或目標回報率——目標回報？

No.

不。

And I think, Sohrab, so we're not having to adjust the target returns.

我認為，索拉博，所以我們不必調整目標回報。

And I think as we've discussed in the past, the great thing we get is when we go out and fundraise and we've just raised fund raising for these, you do get that opportunity every time you go out to potentially reset the target returns, but we -- in this climate, we haven't felt the need to change it.

我認為正如我們過去討論過的，我們得到的最棒的事情是當我們出去籌款時，我們剛剛為這些籌款，每次出去你都會有機會重新設定目標回報，但我們——在這種氣候下，我們並不覺得有必要改變它。

And for the flagships, and we'll reassess when we come to the next round.

對於旗艦產品，我們將在進入下一輪時重新評估。

Okay.

好的。

And then I mean maybe it's a bit a naive question, but is -- are the larger sizes of funds necessitating you pursuing larger transactions?

然後我的意思是，也許這是一個有點幼稚的問題，但是——更大的資金規模是否需要你進行更大的交易？

Is this becoming a bit of a kind of a self-fulfilling thing?

這是否有點成為一種自我實現的事情？

Or they're independent of each other?

或者說它們是相互獨立的？

Yes.

是的。

I would say that there's no doubt are -- as our fund sizes got bigger, our transaction sizes are bigger.

我想說，毫無疑問，隨著我們的基金規模變大，我們的交易規模也更大。

And we don't do a lot of things today, where it's a $50 million investment.

今天我們沒有做很多事情，投資 5000 萬美元。

The point I would make, and I think we've tried to make this point before is what we found is that it's not -- we actually lower the risk as we buy larger things because what we generally get are better businesses when we acquire them.

我要指出的一點是，我認為我們之前曾試圖闡明這一點，但我們發現事實並非如此——當我們購買更大的東西時，我們實際上會降低風險，因為當我們收購它們時，我們通常會得到更好的業務。

They're more professional, they're later stage, they're more mature, and we're buying it at a different age in their formation.

他們更專業，他們處於後期，他們更成熟，我們在他們形成的不同年齡購買它。

And generally, when you do a carve-out from a Fortune 500 company, it had really great systems.

一般來說，當你從財富 500 強公司中剝離出來時，它擁有非常出色的系統。

It was run by an SEC-compliant business.

它由一家符合 SEC 標準的企業運營。

And that is a highly attractive thing for us.

這對我們來說是一件非常有吸引力的事情。

So I'd say the risk -- inverse to what one might think is the risk as size gets bigger, actually goes down.

所以我想說的是，隨著規模變大，風險與人們可能認為的風險相反，實際上是下降的。

And Bruce, just to clarify, just as, I guess, from a mechanical perspective, are there single name limits on a per fund basis?

布魯斯，只是想澄清一下，我想，從機械角度來看，每個基金是否有單一名稱限制？

In other words, how large can a particular investment be in any given fund?

換句話說，任何特定基金的特定投資可以有多大？

Yes.

是的。

So we generally don't -- we have some limits in some funds as to concentration.

所以我們通常不會——我們對某些基金的集中度有一些限制。

But generally, I would say, we would never expose one fund more than 10% or 15% of any one specific type of investment.

但我想說的是，一般來說，我們永遠不會讓一隻基金的投資比例超過任何一種特定類型投資的 10% 或 15%。

And the way that we can accomplish that, and this is going back to Craig's comments on partners -- our partners and our -- and co-investments, is that the way that we can diversify the risk for each fund we have is to allocate portions of that capital as transactions get bigger to our -- either our partnerships as a co-investor or our clients as a co-investor.

我們實現這一目標的方法，這可以追溯到克雷格對合作夥伴——我們的合作夥伴和我們的——以及共同投資的評論，我們可以分散我們擁有的每隻基金的風險的方法是分配隨著交易規模的擴大，我們的部分資本——無論是我們作為共同投資者的合作夥伴，還是我們作為共同投資者的客戶。

And those are extremely important to us as we scale up the investment decision.

當我們擴大投資決策時，這些對我們來說極其重要。

This does conclude the question-and-answer session of today's program.

今天節目的問答環節到此結束。

I'd like to hand the program back to Suzanne Fleming for any further remarks.

我想將程序交還給蘇珊·弗萊明以供進一步評論。

Thank you, operator, and thank you, everyone, for joining us today.

謝謝運營商，也謝謝大家今天加入我們。

And with that, we will conclude the call.

至此，我們將結束通話。

Thank you, ladies and gentlemen, for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude the program.

這確實結束了該程序。

You may now disconnect.

您現在可以斷開連接。

Good day.

再會。