(BAM) 2023 Q1 法說會逐字稿

Hello, and welcome to the Brookfield Asset Management First Quarter 2023 Conference Call and Webcast. (Operator Instructions).

您好，歡迎來到 Brookfield Asset Management 2023 年第一季度電話會議和網絡直播。 （操作員說明）。

I would now like to hand the conference call over to our first speaker, Ms. Suzanne Fleming, Managing Partner. Please go ahead.

我現在想將電話會議交給我們的第一位發言人，管理合夥人 Suzanne Fleming 女士。請繼續。

(technical difficulty) On the call today are: Bruce Flatt, our Chief Executive Officer; Connor Teskey, President of Brookfield Asset Management; and Bahir Manios, our Chief Financial Officer. Bruce will start the call today with opening remarks; followed by Connor, who will talk about some of the themes we're focused on; and finally, Bahir will discuss our financial and operating results for the business. After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we ask that you refrain from asking more than 2 questions at one time.

（技術困難）今天的電話會議是：我們的首席執行官 Bruce Flatt；布魯克菲爾德資產管理公司總裁 Connor Teskey；和我們的首席財務官 Bahir Manios。 Bruce 將以開場白開始今天的電話會議；接下來是 Connor，他將談論我們關注的一些主題；最後，Bahir 將討論我們的業務財務和運營結果。在我們正式發表評論後，我們會將電話轉給接線員並回答分析師的問題。為了容納所有想提問的人，我們要求您不要一次問 2 個以上的問題。

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're 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經營業績時，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存在重大差異。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。

(technical difficulty) To a strong start in 2023, our financial performance was strong, and we have good momentum on fundraising. We posted distributable earnings of $563 million, that was up 15% compared to the prior year. Inflows year-to-date have been $19 billion, which on a 12-month basis, that's almost $100 billion in the last period. Despite macroeconomic headwinds that generally make all business harder, we expect 2023 to be another very strong year for the business overall and for fundraising on par with 2022, which was a record year for our business. We currently have all 5 of our flagship funds and several other complementary strategies in some stage of fundraising this year. Our ability to raise capital is driven in large part by our long track record of exceptional investment returns, the relationships we've built over time with institutional investors around the world, and a particular focus on businesses which are well-positioned in this current environment.

（技術難度）2023年開門紅，財務表現強勁，募資勢頭良好。我們公佈的可分配收益為 5.63 億美元，比上一年增長 15%。今年迄今的流入量為 190 億美元，按 12 個月計算，上一時期的流入量接近 1000 億美元。儘管宏觀經濟逆風通常使所有業務都變得更加艱難，但我們預計 2023 年對於整體業務和籌資而言將是又一個非常強勁的一年，與 2022 年持平，而 2022 年是我們業務創紀錄的一年。我們目前在今年的某個籌款階段擁有我們所有的 5 只旗艦基金和其他幾個補充策略。我們籌集資金的能力在很大程度上取決於我們卓越投資回報的長期記錄、我們長期以來與全球機構投資者建立的關係，以及對在當前環境中處於有利地位的企業的特別關注.

Our long-life high-quality assets and businesses with durable, stable, or contractual and inflation-protected cash flows have proven their resiliency in every economic cycle over the past 30 years. They remain resilient today and they should remain so for another 30 years. Deployment has also been strong. Public valuations are more reasonable today, which has allowed us to complete a number of take privates with little or no competition. We recently agreed to deploy more than $12 billion of equity into a number of exceptional long-term investments. These transactions highlight the type of investments that we can find and which few others can execute on. Bringing together our strength as a value investor, our significant capital resources and our heritage as an owner and operator of real assets over many decades.

在過去 30 年的每個經濟周期中，我們擁有持久、穩定或合同和通脹保護現金流的長期優質資產和業務都證明了它們的彈性。它們在今天仍然具有韌性，而且在未來 30 年內也應如此。部署也很強勁。今天的公開估值更加合理，這使我們能夠在很少或沒有競爭的情況下完成一些私有化。我們最近同意將超過 120 億美元的股權投入到一些特殊的長期投資中。這些交易突出了我們可以找到的投資類型，以及很少有人可以執行的投資類型。匯集我們作為價值投資者的實力、我們重要的資本資源以及我們作為實物資產所有者和經營者數十年的傳統。

The largest of these transactions was Origin Energy, we're alongside a consortium of investors, we made a commitment to acquire the company at an enterprise value of approximately $9 billion in a public to private transaction. The transaction will enable us to deploy our renewable development capabilities to decarbonize and transition a very large energy market player in Australia in line with the Global Transition Fund's mandate, while also generating what we believe to be excellent returns. At the same time, the private markets remain fairly open in terms of asset sales, particularly with respect to infrastructure and renewable assets that generate strong inflation-protected cash flows and often include assumable debt financings.

這些交易中最大的一筆是 Origin Energy，我們與一個投資者財團一起，承諾在公私交易中以約 90 億美元的企業價值收購該公司。該交易將使我們能夠根據全球轉型基金的授權，部署我們的可再生能源開發能力，使澳大利亞的一個非常大的能源市場參與者脫碳和轉型，同時也產生我們認為可觀的回報。與此同時，私人市場在資產銷售方面仍然相當開放，特別是在基礎設施和可再生資產方面，這些資產產生強大的通脹保護現金流，並且通常包括可承擔的債務融資。

Our infrastructure business has been very active on the monetization front, transacting on 7 asset sales in the past year at strong valuations and have a number of others that we expect to execute on in '23. Our Renewables and transition group has also been active on this front, executing numerous transactions in the past 6 months, and we expect more over the remainder of the year. As we look ahead, we see a number of opportunities to put our vast resources to work. The current market environment has accelerated growth opportunities with a particular focus on take-privates and opportunities in and around credit more broadly speaking.

我們的基礎設施業務在貨幣化方面一直非常活躍，在過去一年中以高估值進行了 7 次資產出售交易，並且我們預計將在 23 年執行其他一些資產。我們的可再生能源和轉型團隊在這方面也很活躍，在過去 6 個月中執行了大量交易，我們預計今年剩餘時間還會有更多交易。展望未來，我們看到了很多機會，可以將我們豐富的資源發揮作用。當前的市場環境加速了增長機會，更廣泛地說，特別關注私有化和信貸內外的機會。

First, with respect to take-privates, we continue to explore a number of significant take-private opportunities across the business, and we expect more on this front this year across virtually every one of our businesses.

首先，關於私有化，我們繼續在整個企業中探索大量重要的私有化機會，我們預計今年我們幾乎每一項業務都會在這方面取得更多進展。

Second, in distressed debt, the volatility we are seeing in the market today, including the issues in the regional bank market in the U.S. are accelerating the opportunity to put money to work at excellent returns. We have not seen markets like this for a while. This is a significant opportunity for our distressed debt franchise, and likely also our private equity funds and real estate funds. Our long track record of achieving excellent returns for clients in times like this give us a great advantage as the market evolves. Our business usually excels in periods such as now and this presents great opportunities for us.

其次，在不良債務方面，我們今天在市場上看到的波動，包括美國區域性銀行市場的問題，正在加速將資金用於獲得豐厚回報的機會。我們已經有一段時間沒有看到這樣的市場了。這對我們的不良債務業務來說是一個重要的機會，對我們的私募股權基金和房地產基金來說也是如此。我們在這樣的時期為客戶取得豐厚回報的長期記錄使我們隨著市場的發展而具有巨大的優勢。我們的業務通常在像現在這樣的時期表現出色，這為我們提供了巨大的機會。

Third, in private credit, in addition to distressed debt, we are seeing a significant opportunity more broadly in private credit. We have methodically built out a private credit franchise over the past 15 years, centered around our core competencies, with the view that loans from banks to corporates, real estate owners, and sponsors would decrease over time, creating a sizable investment opportunity. We've been seeing our thesis play out for many years and with the recent tightening in credit conditions, our track-record expertise and ability to invest vast sums of capital will continue to scale this business. Our inaugural large cap flagship loan fund with $2 billion newly committed from Brookfield Corporation will be one of hopefully the largest funds in the industry. But this is just the beginning for us in private credit.

第三，在私人信貸領域，除了不良債務，我們還看到了更廣泛的私人信貸領域的重大機遇。在過去的 15 年裡，我們以我們的核心競爭力為中心，有條不紊地建立了私人信貸特許經營權，認為銀行向企業、房地產所有者和讚助商提供的貸款會隨著時間的推移而減少，從而創造一個巨大的投資機會。多年來，我們一直在見證我們的論點，隨著最近信貸條件的收緊，我們的業績記錄專業知識和投資大量資本的能力將繼續擴大這項業務。我們的首個大型旗艦貸款基金由 Brookfield Corporation 新投入 20 億美元，有望成為業內最大的基金之一。但這只是我們私人信貸的開始。

Lastly, before I turn the call over to Connor, I'll just make a few quick remarks on the state of the markets and how they reflect on our business. Inflation is beginning to ease to more moderate levels and the market's expectation for interest rates is starting to stabilize. While the Fed's continued rate hikes have had their desired effect of curtailing inflationary pressures, the secondary effects of the sharp rise in interest rates are only beginning to work through the financial system. Capital has become increasingly scarce and relatively more expensive versus the lows of the last number of years. This leaves asset owners who must refinance debt for fund growth with fewer options. This should create an opportunity for large asset managers with significant dry powder to put to work and we are included in this group.

最後，在我將電話轉給 Connor 之前，我將就市場狀況以及它們如何反映我們的業務做一些簡短的評論。通脹開始緩和至更溫和的水平，市場對利率的預期開始趨於穩定。雖然美聯儲的持續加息已經產生了抑制通脹壓力的預期效果，但利率大幅上升的次級效應才剛剛開始在金融體系中發揮作用。與過去幾年的低點相比，資本變得越來越稀缺且相對更加昂貴。這使得必須為基金增長的債務再融資的資產所有者的選擇更少。這應該為擁有大量幹火藥的大型資產管理公司創造一個投入工作的機會，我們也被包括在這一組中。

Thank you for your continued support of our franchise, and I'll now turn it over to Connor, and he's going to cover specifically infrastructure.

感謝您一直以來對我們特許經營權的支持，現在我將把它交給 Connor，他將專門討論基礎設施。

Thank you, Bruce, and good morning, everyone. We would like to spend some time on today's call to provide an overview of our market-leading infrastructure business. As we have many new investors who are increasingly becoming familiar with our franchise, we thought it might be helpful to first start with an overview of our infrastructure capability, and then discuss some of the themes and recent transactions we have announced. By way of background, we manage approximately $160 billion of infrastructure assets, globally, and have nearly $100 billion of fee-bearing capital within our infrastructure portfolio. These investments are supported by a strong team comprised of over 300 investment and asset management professionals with a local presence in approximately 30 countries. This makes us the largest and most experienced manager of privately-held infrastructure assets.

謝謝你，布魯斯，大家早上好。我們想在今天的電話會議上花一些時間來概述我們市場領先的基礎設施業務。由於我們有許多新投資者越來越熟悉我們的特許經營權，我們認為首先概述我們的基礎設施能力，然後討論我們宣布的一些主題和最近的交易可能會有所幫助。作為背景，我們在全球管理著大約 1600 億美元的基礎設施資產，並且在我們的基礎設施投資組合中擁有近 1000 億美元的收費資本。這些投資得到了一支強大的團隊的支持，該團隊由 300 多名投資和資產管理專業人士組成，在大約 30 個國家/地區設有辦事處。這使我們成為規模最大、經驗最豐富的私有基礎設施資產管理公司。

Now there is one important distinction to ensure that we point out. When we discuss our infrastructure business, the $160 billion figure referenced above, it does not include our renewable power and transition assets. At Brookfield, we have separate dedicated teams that focus on renewable energy investments. This is unlike others, but the scale of what we have demands 2 different groups. These 2 teams are integrated in discussing investments and deployment opportunities, and together have combined assets under management of approximately $230 billion, and fee-bearing capital of around $150 billion. But on today's call, we are going to focus solely on our infrastructure business as we define it, and at some other time we will focus on many of the exciting things going on in our renewable power and transition platform.

現在有一個重要的區別可以確保我們指出。當我們討論我們的基礎設施業務時，即上面提到的 1600 億美元的數字，它不包括我們的可再生能源和過渡資產。在布魯克菲爾德，我們有專門的團隊專注於可再生能源投資。這與其他人不同，但我們所擁有的規模需要 2 個不同的小組。這兩個團隊整合在一起討論投資和部署機會，共同管理的資產總額約為 2300 億美元，收費資本約為 1500 億美元。但在今天的電話會議上，我們將只專注於我們定義的基礎設施業務，而在其他時間，我們將專注於可再生能源和轉型平台中發生的許多令人興奮的事情。

Our infrastructure portfolio is owned through several closed-end debt and equity funds, an open-end core-plus strategy and a recently launched semi-liquid strategy in private wealth networks. That's in addition to our permanent capital vehicle, Brookfield Infrastructure Partners, or BIP, that has a $50 billion enterprise value.

我們的基礎設施投資組合由多個封閉式債務和股票基金、一個開放式核心加成策略和最近在私人財富網絡中推出的半流動性策略擁有。這還不包括我們的永久資本工具 Brookfield Infrastructure Partners 或 BIP，它擁有 500 億美元的企業價值。

Lastly, our infrastructure business is highly diversified and spans a wide array of asset types from utilities such as gas pipelines and power transmission businesses to transport assets that include ports, roads and railways; midstream assets and digital infrastructure assets comprised of towers, data centers and fiber networks.

最後，我們的基礎設施業務高度多元化，涵蓋多種資產類型，從天然氣管道和輸電業務等公用事業到港口、公路和鐵路等運輸資產；中游資產和數字基礎設施資產，包括塔、數據中心和光纖網絡。

Our infrastructure business has been very active in the past few years. 2022 was a record year in terms of capital deployment and we're off to an amazing start in 2023, having already committed and/or deployed to more than $15 billion of investments. We view this as a function of 2 things: first, that there is a once-in-a-generation market opportunity to fund an unprecedented build-out of new infrastructure assets; and then second, is that we have the global platform with the scale and capabilities to execute on the most attractive investments within that growing opportunity set. You may have heard us speak before about the infrastructure super cycle that is unfolding today. Let us spend a few minutes to take you through the 3 themes that our team are spending most of their time on.

我們的基礎設施業務在過去幾年非常活躍。 2022 年是資本部署創紀錄的一年，我們將在 2023 年取得驚人的開端，我們已經承諾和/或部署了超過 150 億美元的投資。我們認為這是兩件事的結果：第一，千載難逢的市場機會可以為前所未有的新基礎設施資產建設提供資金；其次，我們擁有全球平台，其規模和能力可以在不斷增長的機會集中執行最具吸引力的投資。您之前可能聽過我們談到今天正在展開的基礎設施超級週期。讓我們花幾分鐘時間向您介紹我們的團隊花費大部分時間的 3 個主題。

First, Digitalization. This refers to the infrastructure investment opportunities that are derived from the exponential increase in data consumption. Think of what you consume daily on your iPhone. Data is still the world's fastest-growing commodity. Based on current usage patterns, the amount of data that is generated globally is expected to double over the next 18 to 24 months, and this pace is only going to continue to accelerate.

第一，數字化。這是指從數據消費的指數增長中衍生出的基礎設施投資機會。想一想您每天在 iPhone 上消費的東西。數據仍然是世界上增長最快的商品。根據當前的使用模式，全球產生的數據量預計在未來 18 到 24 個月內將翻一番，而且這一速度只會繼續加快。

Like any commodity, all this data needs to be transported, processed, and stored. In order to facilitate this growth, significant investments are required into each one of these segments. Historically, these investments were funded by traditional telecom operators or technology titans, but given the increasing demand, those counterparties are now seeking new capital partners in order to alleviate the weight on their balance sheets. We are already seeing the market opportunity playing out across 3 verticals, fiber networks, wireless power networks and data centers.

與任何商品一樣，所有這些數據都需要傳輸、處理和存儲。為了促進這種增長，每個細分市場都需要大量投資。從歷史上看，這些投資由傳統電信運營商或技術巨頭提供資金，但鑑於需求不斷增長，這些交易對手現在正在尋找新的資本合作夥伴，以減輕其資產負債表的壓力。我們已經看到了 3 個垂直領域的市場機會，即光纖網絡、無線電力網絡和數據中心。

With fiber we are witnessing a once-in-a-100-year investment upgrade to replace legacy copper networks with fiber-to-home infrastructure for new and existing residential developments. In wireless infrastructure, the mobile network operators or MNOs need to make significant investments in order to densify their networks and make them 5G-ready. And lastly, the data center sector is experiencing significant tailwinds from the migration to cloud computing. When combined with the expected increase in data demand, it is estimated that 10,000 megawatts of new datacenter capacity will be required in the next decade. And these trends are not slowing down. With the growth of AI, which utilizes exponentially more data and requires significantly more computing power, we expect demand to only accelerate from here.

對於光纖，我們正在見證 100 年一遇的投資升級，即用光纖到戶基礎設施取代傳統的銅線網絡，用於新的和現有的住宅開發項目。在無線基礎設施中，移動網絡運營商或 MNO 需要進行大量投資，以密集化其網絡並為 5G 做好準備。最後，數據中心行業正在經歷從遷移到雲計算的巨大順風。結合數據需求的預期增長，預計未來十年將需要 10,000 兆瓦的新數據中心容量。而且這些趨勢並沒有放緩。隨著 AI 的發展，它利用的數據呈指數增長，需要更多的計算能力，我們預計需求只會從這裡加速。

The next theme is Decarbonization. You may have heard us speak about this on previous calls and in our materials. We have talked about how the decarbonization of the global economy will be a multi-decade initiative requiring substantial investment. To-date, attention has been focused on the industries and companies that are directly responsible for the emissions, or supply-side decarbonization. This is an opportunity for our renewable power and transition business, and they are investing in this opportunity heavily.

下一個主題是脫碳。您可能在之前的電話會議和我們的材料中聽過我們談到過這一點。我們已經討論了全球經濟的脫碳將如何成為一項需要大量投資的數十年計劃。迄今為止，注意力一直集中在直接對排放或供應方脫碳負責的行業和公司。這對我們的可再生能源和轉型業務來說是一個機會，他們正在大力投資這個機會。

However, a second aspect of decarbonization is the investment opportunity created by consumer preferences for energy efficient solutions or demand-side decarbonization. These opportunities are driven by consumer preferences for energy-efficient solutions that can help them manage their carbon footprints, save money, and meet legislated net 0 targets, thus creating a market opportunity for infrastructure capital to alleviate the high upfront cost of installation and the ongoing complexity of servicing and maintaining this increasing installed base of decarbonization equipment. This is what our infrastructure business is very focused on.

然而，脫碳的第二個方面是消費者對節能解決方案或需求方脫碳的偏好所創造的投資機會。這些機會是由消費者對節能解決方案的偏好驅動的，這些解決方案可以幫助他們管理碳足跡、節省資金並實現法定的淨零目標，從而為基礎設施資本創造市場機會，以減輕高額的前期安裝成本和持續的服務和維護這種不斷增加的脫碳設備安裝基礎的複雜性。這是我們基礎設施業務非常關注的。

And the third theme we wanted to touch on is Deglobalization. In recent years, geopolitical tensions and the pandemic have caused substantial disruptions, forcing companies to rethink their global supply chains. On one hand, we are witnessing a wave of onshoring projects associated with high-tech and strategic components such as semiconductors and medical essentials. A great example of this is our $15 billion investment in one of the Intel semiconductor fabrication facilities, which is currently under construction in Arizona.

我們想談的第三個主題是去全球化。近年來，地緣政治緊張局勢和大流行造成了重大破壞，迫使公司重新考慮其全球供應鏈。一方面，我們正在目睹一波與半導體和醫療必需品等高科技和戰略部件相關的外包項目。一個很好的例子就是我們對英特爾半導體製造設施之一的投資 150 億美元，該設施目前正在亞利桑那州建設中。

On the other hand, lower-value goods such as apparel, furniture, or household items continue to be manufactured in lower-cost jurisdictions. Rather than re-shoring, companies are instead looking to geographically diversify their supplier base, reducing their reliance on any one location or one supplier. While critical goods are increasingly being produced at home, broader supply chains are looking to increasingly balance just-in-case with just-in-time. A good example of a transaction that will capitalize on this trend is our agreement to acquire Triton International, in a $13 billion take-private transaction, which will further enhance our infrastructure footprint underpinning global supply chains.

另一方面，服裝、家具或家居用品等價值較低的商品繼續在成本較低的司法管轄區生產。公司沒有回流，而是尋求在地理上多樣化其供應商基礎，減少對任何一個地點或一個供應商的依賴。雖然關鍵商品越來越多地在國內生產，但更廣泛的供應鏈正在尋求越來越多地平衡以防萬一和及時生產。利用這一趨勢的交易的一個很好的例子是我們同意以 130 億美元的私有化交易收購 Triton International，這將進一步加強我們支撐全球供應鏈的基礎設施足跡。

Triton is the world's largest owner and lessor of intermodal containers, and is a critical provider of global transport logistics infrastructure. The size and scale of Triton's global network differentiates it from competitors, driving lower procurement and financing costs, and enjoying structurally high fleet utilization and margins.

Triton 是全球最大的多式聯運集裝箱所有者和出租人，也是全球運輸物流基礎設施的重要供應商。 Triton 全球網絡的規模和規模使其有別於競爭對手，從而降低了採購和融資成本，並享有結構性的高機隊利用率和利潤率。

As we look ahead, we estimate that it will take more than $100 trillion of capital globally to invest across these 3 themes. At a $100 trillion, the market opportunity is material and the size is tough to fathom. We are very well-positioned to capture a meaningful share of this opportunity set, given our large-scale and flexible capital, our global footprint with boots on the ground, and our deep operating expertise. Those secular tailwinds, in addition to an enormous appetite by clients to allocate more capital towards this sector, gives us strong conviction around our ability to more than double our fee-bearing capital in the next 5 years.

展望未來，我們估計全球將需要超過 100 萬億美元的資金來投資這三個主題。 100 萬億美元的市場機會是巨大的，而且規模難以估量。鑑於我們規模龐大且靈活的資本、腳踏實地的全球足跡以及深厚的運營專業知識，我們完全有能力抓住這一機會的重要份額。這些長期的順風，加上客戶對向該行業分配更多資本的巨大興趣，使我們堅信我們有能力在未來 5 年內將收費資本增加一倍以上。

And so with that, we will turn it over to Bahir who will provide more details on our financial results and fundraising activities.

因此，我們將把它交給 Bahir，他將提供有關我們財務業績和籌款活動的更多詳細信息。

Thank you, Connor, and good morning, everyone. My remarks today will be focused on the results for Brookfield Asset Management on a 100% basis, which we believe is the most relevant way to describe our financial and operating performance. I wanted to cover our 4 topics this morning. First, I'll discuss our financial results for the first quarter of 2023. Second, I will provide an operations update focused on our fundraising efforts and diversified client base. Third, I'll touch on our balance sheet and then end it off by providing an outlook for the business for the remainder of the year.

謝謝你，Connor，大家早上好。我今天的發言將重點關注 Brookfield Asset Management 100% 的業績，我們認為這是描述我們財務和經營業績的最相關方式。今天早上我想討論我們的 4 個主題。首先，我將討論我們 2023 年第一季度的財務業績。其次，我將提供重點關注我們的籌款工作和多元化客戶群的運營更新。第三，我將談談我們的資產負債表，然後通過提供今年剩餘時間的業務前景來結束它。

The first quarter of 2023 marked our first full quarter as a pure-play publicly-traded alternative asset manager following our spin-off from Brookfield Corporation, and we're encouraged by the positive feedback we've received to-date. Our business is centered around extremely resilient and growing high-quality cash flows and industry-leading businesses, both of which are well-positioned to benefit from secular global trends over the coming decades. This is bolstered by our access to large-scale capital, global reach and deep operating expertise.

2023 年第一季度是我們從 Brookfield Corporation 分拆出來後作為一家純粹的公開交易另類資產管理公司的第一個完整季度，我們對迄今為止收到的積極反饋感到鼓舞。我們的業務以極具彈性和不斷增長的高質量現金流和行業領先的業務為中心，這兩者都處於有利地位，可以在未來幾十年受益於長期的全球趨勢。這得益於我們獲得大規模資本、全球影響力和深厚的運營專業知識。

First, on financial results, as Bruce noted, they were strong. We reported fee-related earnings or FRE of $547 million in the quarter, representing an 11% increase over the prior-year period, and when you normalize for a large transaction and advisory fee that we received in the prior year, our FRE was up 17%. On a 12-months basis, our FRE is up 22%, benefiting from almost $100 billion of capital that we raised since the first quarter of 2022.

首先，正如 Bruce 指出的那樣，就財務業績而言，它們很強勁。我們報告本季度與費用相關的收入或 FRE 為 5.47 億美元，比去年同期增長 11%，當您將我們去年收到的大筆交易和諮詢費標準化時，我們的 FRE 上升了17%。在 12 個月的基礎上，我們的 FRE 增長了 22%，這得益於我們自 2022 年第一季度以來籌集的近 1000 億美元的資金。

Our distributable earnings or DE for the period were $563 million or $0.34 per share, which represents a 15% increase compared to the prior year. DE for the 12-months period ended March 31, 2023, was $2.2 billion and that represents a 20% increase over the prior period, excluding the impact of performance fees that were earned in the prior period.

我們在此期間的可分配收益或 DE 為 5.63 億美元或每股 0.34 美元，比上一年增長 15%。截至 2023 年 3 月 31 日的 12 個月期間，DE 為 22 億美元，比上一期間增長 20%，不包括上一期間賺取的績效費用的影響。

Our margins for the period were 56%, which are in line with the prior period after normalizing for above-average transaction and advisory fees earned in that period. Our margins continue to be strong notwithstanding the great deal of investment we continue to make, building out our capabilities on several new strategies, in addition to continued investments we're making in our fundraising and client service organizations.

我們在此期間的利潤率為 56%，這與上一時期的利潤率一致，因為在此期間賺取了高於平均水平的交易和諮詢費用。儘管我們繼續進行大量投資，我們的利潤率仍然很高，除了我們正在籌款和客戶服務組織中進行的持續投資之外，我們還在幾個新戰略上建立了我們的能力。

Moving on to fundraising, we have raised approximately $19 billion of capital year-to-date, continuing the momentum from our record fundraising year in 2022. As of March 31, we have over $825 billion in assets under management, and $432 billion in fee-bearing capital, which increased 14% as compared to the prior-year period. Of our total fee-bearing capital, almost 85% is long-dated or perpetual or permanent in nature, providing us with a very stable base of revenue streams.

繼續籌款，我們今年迄今已籌集了約 190 億美元的資金，延續了 2022 年創紀錄的籌款年度以來的勢頭。截至 3 月 31 日，我們管理的資產超過 8250 億美元，管理費用為 4320 億美元- 承載資本，與去年同期相比增長了 14%。在我們的總收費資本中，近 85% 是長期或永久性的，為我們提供了非常穩定的收入來源基礎。

We're in the market with all 5 of our flagship funds at various stages and making good progress. We're also raising capital for a number of our complementary strategies. We're nearing the close, the final close of our fifth flagship infrastructure fund, which currently stands at $24 billion, which is our largest fund ever; and our sixth flagship private equity fund, which sits today at $9 billion. Both funds already exceed the size of their prior vintage and we still have meaningful capital to raise for these strategies. In January, we launched the fundraising for our fifth flagship real estate fund, with the objective of investing capital into a market that we believe should provide significant opportunities to invest at highly-attractive risk-adjusted returns. We expect the first close on this fund in the second half of the year.

我們的所有 5 支旗艦基金均處於不同階段並取得良好進展。我們還在為我們的一些互補戰略籌集資金。我們的第五隻旗艦基礎設施基金即將收盤，該基金目前規模為 240 億美元，是我們有史以來規模最大的基金；以及我們的第六支旗艦私募股權基金，該基金目前的資產規模為 90 億美元。這兩隻基金的規模都已經超過了之前年份的規模，我們仍有大量資金可以為這些策略籌集資金。 1 月，我們啟動了第五隻旗艦房地產基金的籌資，目標是將資金投資到我們認為應該提供重要投資機會並獲得極具吸引力的風險調整後回報的市場。我們預計該基金將在今年下半年首次關閉。

Earlier this month, we launched fundraising for our second flagship transition fund, which is focused on investing in and facilitating the global transition to a net 0 economy. We launched our first $15 billion transition fund in 2021, and after signing an agreement to acquire Origin Energy in a public to private transaction, more than 85% of that fund has been invested or committed. Given the strong demand from institutional capital for this strategy, we expect that the second fund in this series will be larger than the first.

本月早些時候，我們為我們的第二隻旗艦轉型基金啟動了籌款活動，該基金專注於投資和促進全球向淨零經濟轉型。我們在 2021 年推出了首個 150 億美元的過渡基金，在簽署協議以公轉私的方式收購 Origin Energy 後，該基金的 85% 以上已經投入或承諾。鑑於機構資本對該策略的強烈需求，我們預計該系列中的第二隻基金規模將大於第一隻。

In addition to our flagship fundraising, we're pleased to report the following update from a number of our complementary fund strategies. In February, we launched Brookfield Infrastructure Income fund or BII, which is an innovative open-ended semi-liquid infrastructure product offering private wealth investors access to Brookfield's infrastructure platform. While private infrastructure has become a meaningful asset class for institutions, individual investors have historically had a few options to gain exposure to this important asset class. We launched BII with 2 distribution partners and have raised more than $750 million in less than 3 months.

除了我們的旗艦籌款活動外，我們很高興地報告我們的一些補充基金策略的以下更新。 2 月，我們推出了 Brookfield Infrastructure Income 基金或 BII，這是一種創新的開放式半流動性基礎設施產品，為私人財富投資者提供訪問 Brookfield 基礎設施平台的機會。雖然私人基礎設施已成為對機構有意義的資產類別，但個人投資者歷來有幾種選擇來接觸這一重要資產類別。我們與 2 個分銷合作夥伴一起推出了 BII，並在不到 3 個月的時間裡籌集了超過 7.5 億美元。

We also made very good progress fundraising across a number of our credit funds, raising over $8 billion year-to-date. Earlier this year, we also launched fundraising on our second vintage of our special investments credit strategy, and we expect this fund to be meaningfully larger than the last fund. We've also continued to broaden and diversify our client base, enhancing resiliency and efficiency into our fundraising capability. We've increased fundraising for more geographic regions, with nearly 40% of the capital raised over the past year coming from the Middle East and Asia.

我們在多個信貸基金的籌款方面也取得了很好的進展，今年迄今籌集了超過 80 億美元。今年早些時候，我們還為我們的特殊投資信貸策略的第二個年份啟動了籌款活動，我們預計該基金的規模將比上一個基金大得多。我們還繼續擴大和多樣化我們的客戶群，提高我們籌款能力的彈性和效率。我們增加了更多地理區域的籌資，過去一年籌集的資金中有近 40% 來自中東和亞洲。

In terms of types of investors, almost 70% of our fundraising over the past year has come from public pensions, sovereign wealth funds, and insurance companies, which gives us access to larger pools of capital. Private wealth represents a very small amount of our fundraising, but with the early success of products like BII, we still see it as a significant opportunity for growth in the future.

從投資者類型來看，過去一年我們近70%的資金來自公共養老金、主權財富基金和保險公司，這讓我們可以獲得更大的資金池。私人財富只占我們籌資的一小部分，但隨著 BII 等產品的早期成功，我們仍然將其視為未來增長的重要機會。

Next, just on our balance sheet, we ended the quarter with $3.2 billion of cash and no debt, and almost $80 billion of uncalled fund commitments. We're also pleased to report that on the back of these strong financial results, solid balance sheet, and the strong outlook we have on fundraising activities, the Board of Brookfield Asset Management Limited declared a quarterly dividend of $0.32 per share payable on June 30, 2023, to shareholders of record as of the close of business on March 31.

接下來，僅在我們的資產負債表上，我們在本季度結束時擁有 32 億美元的現金，沒有債務，以及近 800 億美元的未催繳基金承諾。我們也很高興地報告，在這些強勁的財務業績、穩健的資產負債表以及我們對籌款活動的樂觀前景的支持下，Brookfield Asset Management Limited 董事會宣佈於 6 月 30 日支付每股 0.32 美元的季度股息, 2023，截至 3 月 31 日營業結束時在冊的股東。

And finally, before I turn it to the operator for Q&A, I thought I would just conclude by saying that we're confident on our prospects for the year ahead for several reasons. First, we're well-positioned with investment strategies that are very much in demand, offering our clients a wide range of products and strategies to help them meet their financial objectives. That in addition to the fact that we have a very diversified fundraising engine, provides us with conviction that our 2023 fundraising targets, which were in -- that are in line with our record year in 2022 are achievable.

最後，在我將其轉交給運營商進行問答之前，我想我會說我們對來年的前景充滿信心，原因有幾個。首先，我們在需求量很大的投資策略方面處於有利地位，為我們的客戶提供範圍廣泛的產品和策略，以幫助他們實現財務目標。除了我們擁有非常多元化的籌款引擎這一事實之外，還讓我們堅信我們的 2023 年籌款目標是可以實現的，這與我們創紀錄的 2022 年一致。

That wraps up our prepared remarks for this morning. Thank you for joining the call, and we'll now open it up for questions. Operator?

我們今天早上準備好的發言到此結束。感謝您加入電話會議，我們現在將公開提問。操作員？

(Operator Instructions). And our first question comes from the line of Cherilyn Radbourne with TD Cowen.

（操作員說明）。我們的第一個問題來自 Cherilyn Radbourne 和 TD Cowen 的對話。

Firstly, now that you've been separated from your parent company. I was wondering if that separation will include the opportunity to work for third-party insurance clients, and how you might see that evolve over time including whether that would be additive to the 5-year plan to get to $1 trillion of SBC?

首先，既然您已經與母公司分離。我想知道這種分離是否會包括為第三方保險客戶工作的機會，以及您如何看待隨著時間的推移而演變，包括這是否會增加 5 年計劃以達到 1 萬億美元的 SBC？

Cherilyn, thanks for the question. Absolutely, and I think you're highlighting an important point. When we think about building out our insurance business, we obviously have a huge growth opportunity and some very low-hanging and executable momentum in front of us by managing the insurance assets on behalf of BN Re. But let's be clear, we are equally focused on the expanding opportunity to manage capital on behalf of third-party insurance participants, and those 2 things aren't unrelated. Our knowledge that we get from having BN Re in our parent company, gives us great access to the structuring that is required to make our products more attractive and more applicable to third-party insurance companies. So, while there is a huge growth opportunity for us working for BN Re, there is an equally significant growth opportunity working for third-party insurance companies, and the 2 of them are very complementary and we do think this will be a very significant growth opportunity for us, going forward.

Cherilyn，謝謝你的提問。當然，我認為你強調了一個重要的觀點。當我們考慮建立我們的保險業務時，通過代表 BN Re 管理保險資產，我們顯然擁有巨大的增長機會和一些非常容易實現的動力。但我們要明確一點，我們同樣關注代表第三方保險參與者管理資本的不斷擴大的機會，而這兩件事並非無關緊要。我們從母公司擁有 BN Re 中獲得的知識使我們能夠很好地獲得使我們的產品更具吸引力和更適用於第三方保險公司所需的結構。因此，雖然我們為 BN Re 工作有巨大的增長機會，但為第三方保險公司工作也有同樣重要的增長機會，它們兩者非常互補，我們確實認為這將是一個非常重要的增長我們的機會，前進。

My second question is kind of related. The alternative space was clearly already consolidating based on the preference among clients to manage fewer GP relationships, as I think you know in the letter. And I can only imagine that this difficult fundraising environment will only accelerate that trend. So I was just hoping you could comment on how likely you think it is that BAM makes an acquisition over the next, say 5 years? And again, whether that would be additive to the $1 trillion?

我的第二個問題有點相關。替代空間顯然已經根據客戶的偏好進行整合，以管理更少的 GP 關係，正如我想你在信中所知道的那樣。我只能想像，這種艱難的籌款環境只會加速這一趨勢。所以我只是希望你能評論一下你認為 BAM 在未來（比如 5 年）內進行收購的可能性有多大？再一次，這是否會增加 1 萬億美元？

Yes. Certainly, and a couple of comments. There's no doubt that the consolidation theme that we've been seeing play out for 5 to 10 years now is going to continue. And as we outlined in our shareholder letter, the last 10 years have been almost a universally robust market environment for alternative managers, and a slightly softer market today is really leading to increased differentiation amongst the peer set, which we think will enable further consolidation and accelerate consolidation, going forward. What we would say is, we're still in the early innings of that process, of that differentiation of the peer group. We do think it will create more opportunities going forward. Your timeline of 5 years, I would be confident we would find something to do in the next 5 years. And if we do, it will absolutely be additive to our 5-year plan.

是的。當然，還有一些評論。毫無疑問，我們已經看到 5 到 10 年的整合主題現在將繼續下去。正如我們在股東信中概述的那樣，過去 10 年對於另類管理人來說幾乎是一個普遍強勁的市場環境，而今天略微疲軟的市場確實導致同行之間的差異化加劇，我們認為這將促進進一步整合和加速整合，向前邁進。我們要說的是，我們仍處於同齡群體分化過程的早期階段。我們確實認為它將在未來創造更多機會。你的 5 年時間表，我相信我們會在接下來的 5 年內找到一些事情要做。如果我們這樣做，那絕對會增加我們的 5 年計劃。

One moment for our next question, please. The next question comes from the line of Alexander Blostein with Goldman Sachs.

請稍等一下我們的下一個問題。下一個問題來自 Alexander Blostein 與 Goldman Sachs 的對話。

Bruce, you are striking a very different tone on fundraising than what we've heard, I think from a lot of the other alternative asset management space players in this space, with a generally softer tone from most. It doesn't sound like it's impacting your business guys as much, so a couple of questions on that. I guess, one, over the course of the quarter, you talked about -- I think, about a $100 billion fundraising opportunity you see for Brookfield over the course of 2023. If that's the case, maybe just expand a little bit what gives you confidence you could get there? And with respect to your comments around geographic fundraising efforts, with Middle East and Asia comprising a sizable part of the fundraise so far this year, maybe talk a little bit about the differences you see in the market between those players versus North America and Europe?

布魯斯，你在籌款問題上的語氣與我們所聽到的截然不同，我認為來自這個領域的許多其他另類資產管理領域的參與者，大多數人的語氣通常都比較柔和。聽起來它對您的業務人員影響不大，所以有幾個問題。我想，第一，在本季度的過程中，你談到了——我認為，你在 2023 年期間為布魯克菲爾德看到了大約 1000 億美元的籌款機會。如果是這樣的話，也許只是擴大一點給你的東西你有信心到達那裡嗎？關於您對地域籌款活動的評論，中東和亞洲佔今年迄今為止籌款活動的很大一部分，也許可以談談您在市場上看到的這些參與者與北美和歐洲之間的差異？

Perfect. Alex, Connor. Why don't I start and then we'll hand it to Bruce and he can add on. Maybe just to address the first part of your question around what gives us confidence, I would say it's 2 things, and both relate to the diversity of our business.

完美的。亞歷克斯，康納。為什麼我不開始，然後我們會把它交給布魯斯，他可以補充。也許只是為了解決你關於什麼給我們信心的問題的第一部分，我會說這是兩件事，並且都與我們業務的多樣性有關。

Our business is incredibly diversified first by product offering. And we are very, very fortunate that, as you said, although the fundraising environment is perhaps a little softer today than it has been in the past, we are fortunate that we are overexposed to the asset classes that are of greatest interest to investors. And many of our funds are resonating with our clients, and this environment really plays to our strengths for many of our strategies, so the diversity of our product offering and our overweight towards the sectors of most interest puts us in a very fortunate position.

我們的業務首先通過產品供應實現了令人難以置信的多元化。正如您所說，我們非常非常幸運，儘管今天的籌資環境可能比過去溫和一些，但我們很幸運，我們過度接觸了投資者最感興趣的資產類別。我們的許多基金都引起了客戶的共鳴，這種環境確實發揮了我們許多策略的優勢，因此我們提供的產品的多樣性和我們對最感興趣的行業的超配使我們處於非常幸運的位置。

And then, secondly, it's the diversity of our client base. We are very fortunate in that, we have great operating and client and partner relationships all over the world. Obviously huge relationships in North America, but also across all major Middle Eastern countries. We've got significant relationships across the entirety of Asia. And therefore, while certain types of investors may be positioning or may be feeling certain headwinds, other types of our investors, whether it would be -- whether they be differentiated by their geography or their investor type, they're actually seeing tremendous tailwinds. And those puts and takes we think on balance continue to be in our favor, and that's what gives us confidence around that $90 billion to $100 billion mark.

然後，其次，這是我們客戶群的多樣性。我們非常幸運，我們在世界各地擁有良好的運營、客戶和合作夥伴關係。顯然在北美有著巨大的關係，但也跨越所有主要的中東國家。我們在整個亞洲都有重要的關係。因此，雖然某些類型的投資者可能正在定位或可能感受到某些逆風，但我們的其他類型的投資者，無論是 - 無論他們是因地理位置還是投資者類型而有所不同，他們實際上都看到了巨大的順風。我們認為總的來說，那些投資和投資繼續對我們有利，這讓我們對 900 億至 1000 億美元大關充滿信心。

Bruce, anything to add to that?

布魯斯，還有什麼要補充的嗎？

The only thing I would add is, I think our business is a little different, because we've invested into all of these countries and we have large, large businesses in countries running operating businesses in the countries; in India, Australia, Korea, Japan, China, Saudi Arabia, Qatar, Dubai, Abu Dhabi. And therefore, our relationships are both locally with our different regional businesses, and they just tend to be different and not just about fundraising. And I think that's probably the biggest differentiation we have versus not all others, but many others.

我唯一要補充的是，我認為我們的業務有點不同，因為我們已經在所有這些國家/地區進行了投資，並且我們在這些國家/地區擁有大型企業，在這些國家/地區經營業務；在印度、澳大利亞、韓國、日本、中國、沙特阿拉伯、卡塔爾、迪拜、阿布扎比。因此，我們的關係都在本地與我們不同的區域業務，而且它們往往是不同的，而不僅僅是籌款。我認為這可能是我們與所有其他公司相比最大的區別，但與許多其他公司相比。

Got it. And my follow-up is related to credit also sort of related to the fundraising dynamic. So clearly you spent a little bit of time discussing the dislocation in the bank space, you highlighted the direct lending opportunity. So maybe help us frame how large do you think that could be for Brookfield? I know you talked about that being as kind of another leg of the fundraising sort of stool for you on the flagship side.

知道了。我的後續行動與信貸有關，也與籌款動態有關。很明顯，你花了一點時間討論銀行領域的錯位，你強調了直接貸款的機會。那麼也許可以幫助我們確定您認為布魯克菲爾德的規模有多大？我知道你談到過這是在旗艦方面為你籌款的另一條腿。

And then related to that, maybe you can comment on the increased ownership of Oaktree that you guys disclosed this quarter. And how much further do you think that could ultimately go? I think you now own -- you picked up another 4 percentage points, so should we expect incremental purchases of Oaktree over time?

然後與此相關，也許你可以評論你們本季度披露的 Oaktree 所有權的增加。您認為最終能走多遠？我認為你現在擁有 - 你又獲得了 4 個百分點，那麼我們是否應該期望隨著時間的推移增加對 Oaktree 的購買？

Sure. So let's come at that -- those points separately. Maybe on just the stepping back of banks and various lenders around the world, I think from our perspective, it drives 3 different things and they're all kind of uniquely important.

當然。因此，讓我們分別談談這些要點。也許就世界各地的銀行和各種貸方的退出而言，我認為從我們的角度來看，它驅動了 3 種不同的東西，它們都具有獨特的重要性。

The first is probably the most obvious one. With banks retrenching, this creates a very meaningful long-term growth opportunity for our business, where we are well-positioned to step into that void that has been created and be a lender to sponsors and corporates and replace that capital that was previously provided by banks. Many of our existing strategies are well-placed to scale-up and exploit that and capitalize on that opportunity. But obviously, we're leaning into it with Oaktree's new large-scale direct lending platform.

第一個可能是最明顯的。隨著銀行的緊縮，這為我們的業務創造了一個非常有意義的長期增長機會，我們有能力填補已經造成的空白，成為贊助商和企業的貸款人，並取代之前由銀行。我們現有的許多戰略都非常適合擴大和利用這一機會並利用這一機會。但很明顯，我們正在藉助橡樹資本新推出的大型直接借貸平台。

The second dynamic on the back of banks retrenching is, it does create some dislocation in the markets. And we shouldn't underestimate what an opportunity that creates for Oaktree's Opportunities Fund. Why we love that business, why we love being partnered with Oaktree is they are one of the best in the world at capitalizing on dislocated markets. And as the banks are very quickly stepping back, it is not going to be a perfectly smooth process as people step in as providers of that capital and that's going to create a very robust environment for Oaktree's flagship vehicle.

銀行緊縮背後的第二個動力是，它確實在市場上造成了一些混亂。我們不應低估為橡樹資本的機會基金創造的機會。為什麼我們喜歡這項業務，為什麼我們喜歡與橡樹資本合作，因為他們是世界上最擅長利用混亂市場的公司之一。隨著銀行迅速退出，這不會是一個完美的過程，因為人們作為資本的提供者介入，這將為 Oaktree 的旗艦車輛創造一個非常穩健的環境。

And then the last thing I would say is, it just goes to the rest of our business. Well, while the current market environment and the lack of bank lending does perhaps reduce transaction activity for LBO-type deals, the vast majority of our business whether it be in real estate or infrastructure or renewable power, is less focused on that leverage finance market. And therefore, we feel that we're really well-positioned to keep performing even as banks take a step back.

然後我要說的最後一件事是，它只適用於我們的其他業務。好吧，雖然當前的市場環境和銀行貸款的缺乏可能確實減少了槓桿收購類型交易的交易活動，但我們的絕大多數業務，無論是房地產、基礎設施還是可再生能源，都不太關注槓桿融資市場.因此，我們認為即使銀行退後一步，我們也能保持良好的表現。

The second part of your question was around our increased ownership of Oaktree and this is very simple to explain. As part of the transaction, as part of the partnership we created with Oaktree in 2019, we offered liquidity over time to the management team of Oaktree that remained invested in the business alongside of us following that 2019 transaction, and that's exactly what you're seeing play out as we acquire more of the business over time. The price that we acquired Oaktree at was set based on a formula that is based on the performance of the business, centered around multiples similar to those that we acquired the business in 2019. And Oaktree is one of the best credit franchises around the world, we're thrilled to own more of it, and we do expect those numbers to creep up incrementally, over time. We went up 4% this year. I wouldn't expect it necessarily to accelerate or decelerate much from there. It's just going to be small increasing increments, every year, going forward.

你問題的第二部分是關於我們增加對 Oaktree 的所有權，這很容易解釋。作為交易的一部分，作為我們在 2019 年與 Oaktree 建立的合作夥伴關係的一部分，我們隨著時間的推移向 Oaktree 的管理團隊提供了流動性，他們在 2019 年的交易之後仍然與我們一起投資於該業務，而這正是你想要的隨著時間的推移，我們獲得了更多的業務，看到了結果。我們收購 Oaktree 的價格是根據基於業務績效的公式設定的，以與我們在 2019 年收購該業務的價格相似的倍數為中心。Oaktree 是全球最好的信貸特許經營權之一，我們很高興擁有更多它，我們確實希望這些數字隨著時間的推移逐漸增加。我們今年上漲了 4%。我不認為它一定會從那裡加速或減速。今後每年都會有小幅增加。

One moment please for our next question. Your next question comes from the line of Alexander Bernstein with J.P. Morgan. Pardon me, Alexander, your phone might be on mute. One moment please for our next question. Alexander Bernstein, your line is now open. Alexander, please check your mute button.

請稍等一下我們的下一個問題。你的下一個問題來自 Alexander Bernstein 與 J.P. Morgan 的對話。對不起，Alexander，你的電話可能靜音了。請稍等一下我們的下一個問題。 Alexander Bernstein，您的線路現已開通。亞歷山大，請檢查你的靜音按鈕。

One moment please. And our next question comes from the line of Nik Priebe with CIBC Capital Markets.

稍等一會兒。我們的下一個問題來自 CIBC Capital Markets 的 Nik Priebe。

I just wanted to circle back on the infrastructure franchise given the additional focus in your prepared remarks. As you've highlighted, that business has been very active deploying capital lately and has committed to write a few sizable equity checks. Are you currently deploying capital out of Fund V as you advance towards the final close there? And if so, are you able to update us on what percentage of that fund would be deployed or committed to future transactions at this stage?

鑑於您準備好的發言中的額外重點，我只想回到基礎設施特許經營權上。正如您所強調的那樣，該企業最近一直非常積極地部署資本，並承諾開出一些規模可觀的股權支票。在您接近最終收盤時，您目前是否正在從基金 V 中調配資金？如果是這樣，您能否向我們介紹現階段將部署或承諾用於未來交易的資金百分比？

Sure, Nik. So, you're absolutely correct, the large transactions that you've recently seen us announce are largely out of the current flagship, BIF V, using Triton that we highlighted, that will be done out of BIF V. And in terms of deployment, our deployment pace has been very, very steady across our infrastructure platform for a number of years now. In terms of that fund, that I'd say today we're about 40%, 45% deployed.

當然，尼克。所以，你是絕對正確的，你最近看到我們宣布的大宗交易主要來自當前的旗艦產品 BIF V，使用我們強調的 Triton，這將在 BIF V 之外完成。在部署方面，多年來，我們在基礎設施平台上的部署速度一直非常非常穩定。就該基金而言，我今天要說的是我們大約有 40%，部署了 45%。

Okay. That's very helpful. And then just my second question, I wanted to shift to real estate. So you've launched fundraising for BSREP V in January. On the one hand, there is a degree of concern in the market just around the future of CRE. But on the other hand, as you pointed out, stressed environments can produce some of the best performing vintages. So how do you think those considerations balance each other out in the minds of LPs, who might be inclined to commit capital to that strategy? I'm just hoping to get your read on the appetite for that capability in the current market context?

好的。這很有幫助。然後是我的第二個問題，我想轉向房地產。因此，您在 1 月份為 BSREP V 發起了籌款活動。一方面，市場對華創的未來存在一定程度的擔憂。但另一方面，正如您所指出的，壓力大的環境可以釀造出一些表現最好的年份。那麼，您認為這些考慮因素如何在 LP 的頭腦中相互平衡，他們可能傾向於為該策略投入資金？我只是希望您了解當前市場環境下對該功能的需求？

Certainly. And there is perhaps 3 things we would highlight and it all goes to your question around what are we hearing from our LPs. We are one of the largest owners of real estate around the world. Have been for decades. And what it does is it gives us an incredible vantage point into different sectors and regions and themes that we're seeing around the world. Not to spend too much time on this, but the one thing that we are seeing across almost every region in every asset class is an absolute bifurcation of the real estate market, where Class A and trophy and high-quality assets are performing fundamentally better than they ever have been before. Record occupancy, record rental rates, we're thrilled with the performance of those businesses.

當然。我們可能會強調 3 件事，而這一切都與您關於我們從有限合夥人那裡聽到什麼的問題有關。我們是全球最大的房地產所有者之一。已經有幾十年了。它所做的是，它為我們提供了一個令人難以置信的有利位置，讓我們了解我們在世界各地看到的不同部門、地區和主題。不要在這上面花太多時間，但我們在幾乎每個地區的每個資產類別中看到的一件事是房地產市場的絕對分叉，A 類和獎杯和優質資產的表現從根本上優於他們曾經去過。創紀錄的入住率、創紀錄的租金，我們對這些企業的表現感到非常興奮。

But then on the flip side, commodity product, older product that has legacy floor plates and doesn't have new amenities, and isn't ESG qualified, those assets are really struggling. We're able to leverage that vantage point into making the best investments and allocating our capital to the right opportunities. You can see that across our portfolio today, over 95% of our stuff is that Class A high-quality trophy-type asset that is performing really, really well. And therefore, what we are hearing from our investors is, this is going to be a great vintage. Unfortunately, the negative sentiment is dragging down the real estate sector more broadly. We think that's completely unfair. But what it does allow for us, who has that vantage point, to see the really good stuff versus the commodity stuff, we're seeing very attractive value entry points. And we believe and it sounds like our LPs believe that this could be a tremendous vintage for us, and therefore, there is lots of interest.

但另一方面，商品產品、具有舊地板且沒有新設施且不符合 ESG 標準的舊產品，這些資產確實在苦苦掙扎。我們能夠利用這一優勢進行最佳投資，並將我們的資本分配給合適的機會。你可以看到，在我們今天的投資組合中，超過 95% 的東西是 A 級高質量獎杯型資產，表現非常非常好。因此，我們從投資者那裡聽到的是，這將是一個偉大的年份。不幸的是，負面情緒正在更廣泛地拖累房地產行業。我們認為這是完全不公平的。但它確實讓我們，誰擁有這個優勢，看到真正好的東西與商品的東西，我們看到了非常有吸引力的價值切入點。我們相信，聽起來我們的 LP 認為這對我們來說可能是一個巨大的年份，因此，有很多興趣。

One moment please for our next question. And our next question comes from the line of Geoff Kwan with RBC Capital Markets.

請稍等一下我們的下一個問題。我們的下一個問題來自 Geoff Kwan 與 RBC Capital Markets 的對話。

My first question was on AI, just given it's getting talked about all the time there. But how do you think about that impacting BAM? Whether or not it's maybe incorporating into due diligence, investment decision-making process, how it can help performance of companies that you own and invest in? And also, 2 is, whether or not it could be a threat to some of the businesses that you own and may decide to monetize it or adjust it accordingly?

我的第一個問題是關於 AI 的，因為那裡一直在談論它。但您如何看待這對 BAM 的影響？它是否可以納入盡職調查、投資決策過程，它如何幫助您擁有和投資的公司的業績？而且，2 是，它是否會對您擁有的某些業務構成威脅，並可能決定將其貨幣化或相應地進行調整？

Certainly, Geoff, a great question. And we will probably come at it 3 ways. We own $800 billion of stuff around the world, and therefore, we have a lot of touch points into knowledge around artificial intelligence, how it is developing, how it can be best used. And we certainly leverage all of that to inform our investment decisions, and we will, and are taking that into account as we move forward. I think, there's probably 2 things in terms of how it impacts our business. We are going to leverage that knowledge and that access to information to certainly learn and utilize AI to not only run our business better, but also drive value in our portfolio companies; and will increasingly, where appropriate, begin to leverage those services as applicable.

當然，傑夫，一個很好的問題。我們可能會通過 3 種方式來解決這個問題。我們在全球擁有 8000 億美元的資產，因此，我們有很多關於人工智能知識的接觸點，它是如何發展的，如何最好地利用它。我們當然會利用所有這些來為我們的投資決策提供信息，我們會，並且在我們前進的過程中會考慮到這一點。我認為，就它如何影響我們的業務而言，可能有兩件事。我們將利用這些知識和信息訪問權來學習和利用人工智能，不僅可以更好地經營我們的業務，還可以推動我們投資組合公司的價值；並將在適當的情況下越來越多地開始利用這些服務。

But then to your last comment, I would flip it the other way around. I think, artificial intelligence is actually a tailwind to our largest businesses. If artificial intelligence is going to scale at the level that is being talked about in headlines today, the 2 biggest things that are required are more data centers around the world, and very, very significant increases in electricity to power those data centers. And the biggest users of green electricity are the tech companies. So in terms of immediate impact on our business, I would say 2 of our largest asset classes, renewable power and transition and infrastructure, should be immediate beneficiaries of growth in artificial intelligence.

但是對於你最後的評論，我會反過來。我認為，人工智能實際上是我們最大企業的順風車。如果人工智能要達到今天頭條新聞所談論的水平，那麼最需要做的兩件事就是在世界範圍內建立更多的數據中心，以及為這些數據中心供電的非常、非常顯著的電力增長。綠色電力的最大用戶是科技公司。因此，就對我們業務的直接影響而言，我想說我們最大的兩個資產類別，可再生能源和轉型以及基礎設施，應該是人工智能增長的直接受益者。

Okay. That's helpful. And then just my second question was, as you're going up fundraising on Global Transition Fund 2, just was wondering if there is any kind of interesting key learnings you had as you deployed capital on Fund 1? Say, for example, like areas that you found opportunities that were maybe more attractive than you expected and whatnot? Or if there is other things that you, like I said, you got from the investments you did in Fund 1?

好的。這很有幫助。然後我的第二個問題是，當你在 Global Transition Fund 2 上籌款時，只是想知道你在為 Fund 1 部署資金時是否有任何有趣的關鍵學習？舉例來說，比如您發現的機會可能比您預期的更有吸引力的領域等等？或者，如果你像我說的那樣，從你對基金 1 的投資中獲得了其他東西？

Certainly. And the nature of our Transition fund is we raised it BGTF 1, and once we raised that capital, we saw just a tremendous amount of very, very attractive investment opportunity, and probably the biggest takeaway that feeds directly into BGTF 2 is the scale of our capital focused on transition really makes us unique. And that does allow us to target not only the largest, but the most attractive opportunities in the Transition space, whether that's power transformations or the build-out of clean energy and other decarbonization solutions. The amount of capital that is required in this sector is very large, and the size of fund that we were successful in raising last time really differentiated us. And we think that's going to show up in the fund returns and we see that theme carrying very much on into BGTF 2.

當然。我們的過渡基金的性質是我們籌集了 BGTF 1，一旦我們籌集到這筆資金，我們就會看到大量非常非常有吸引力的投資機會，而直接投入 BGTF 2 的最大收穫可能是規模我們專注於轉型的資本確實讓我們與眾不同。這確實讓我們不僅可以瞄準轉型空間中最大的，而且是最具吸引力的機會，無論是電力轉型還是清潔能源和其他脫碳解決方案的建設。這個行業需要的資金量非常大，上次我們成功籌集到的資金規模確實讓我們脫穎而出。我們認為這將體現在基金回報中，我們看到該主題在 BGTF 2 中得到了很好的體現。

One moment for our next question please. Your next question comes from the line of Sohrab Movahedi with BMO Capital Markets.

請稍等一下我們的下一個問題。您的下一個問題來自 BMO Capital Markets 的 Sohrab Movahedi。

I wanted to see if you could comment a little bit about how the discussions go when you're out fundraising against the backdrop of a 4%, 5% interest rate environment versus a 0% rate environment? And whether or not you're adjusting the target returns and the hurdles and the like for the funds to I guess, to appease to the fundraising environment? That would be my first question.

我想看看當你在 4%、5% 的利率環境和 0% 的利率環境下籌款時，你是否可以評論一下討論的進展情況？我猜你是否正在調整基金的目標回報和障礙等，以安撫籌款環境？那將是我的第一個問題。

Certainly. So what I would say is the first thing is, we never expected interest rates to stay 0 forever. And therefore, managing through this interest rate environment is very well within our wheelhouse and well within our plans. And the inflation that the highest interest -- the higher interest rates are being installed to combat, the vast majority of our assets around the world are positively disposed to inflation. And therefore, this is a really constructive environment for the asset classes; real estate, renewable power and transition, and the infrastructure that we focus on.

當然。所以我要說的第一件事是，我們從未期望利率永遠保持在 0。因此，通過這種利率環境進行管理非常適合我們的操舵室，也符合我們的計劃。以及最高利率的通貨膨脹——更高的利率正在被安裝來對抗，我們在世界各地的絕大多數資產都對通貨膨脹有積極的傾向。因此，這對資產類別來說是一個真正具有建設性的環境；房地產、可再生能源和轉型，以及我們關注的基礎設施。

The other point I would simply highlight is, it's all a cycle, and we are long-term owners of assets, and a short-term increase in interest rates, that's not going to drive us to make a knee-jerk reaction around our return targets. We focus on long-term returns that we think are very attractive on behalf of our clients and we're not really seeing any pushback on that as a result of the interest rate environment.

另一點我想簡單強調的是，這都是一個週期，我們是資產的長期所有者，短期利率上升，這不會促使我們對回報做出下意識的反應目標。我們專注於我們認為對客戶非常有吸引力的長期回報，我們並沒有真正看到由於利率環境而導致的任何阻力。

Okay. So just to be clear, for example, when you're out there fundraising for real estate you're still targeting for this vintage what you would have been targeting for prior vintages?

好的。所以要明確一點，例如，當你在那里為房地產籌款時，你仍然為這個年份設定了你之前年份的目標？

Yes. It's Bruce. I would say -- Connor, I would just maybe add into your comments, that the -- we never lowered the return thresholds when rate -- interest rates went to 0, and we don't need to change them now. Like our target has been 20% for a long time, we've achieved basically 20% for 25 years. Our targets in PE were 20%, we've achieved 28%; compound for 20 years. Infrastructure, 14, we've done that or better, et cetera, and we didn't change them and we don't need to change them. And I would say there's no pushback and largely because the returns that we earn are vastly higher than what you get in any alternative product, in fixed income or equities. And it's because of various things, various reasons, but -- which I don't need to spend the time on, but they're dramatically higher. And therefore, they don't really compete with [4%] -- 3.5% treasury bonds or 5% short rates.

是的。是布魯斯。我會說——康納，我可能會在你的評論中補充一點——當利率——利率降至 0 時，我們從未降低迴報門檻，我們現在不需要改變它們。就像我們的目標長期以來一直是 20%，我們已經 25 年基本上實現了 20%。我們PE的目標是20%，我們已經達到了28%；複合20年。基礎設施，14，我們已經做到了，或者做得更好，等等，我們沒有改變它們，我們也不需要改變它們。而且我會說沒有阻力，主要是因為我們獲得的回報遠遠高於您在任何替代產品、固定收益或股票中獲得的回報。這是因為各種各樣的事情，各種各樣的原因，但是 - 我不需要花時間，但它們要高得多。因此，它們並沒有真正與 [4%]——3.5% 的國債或 5% 的短期利率競爭。

Okay. Very helpful. And maybe -- my second question, just are the FRE margins, which have been quite robust and steady, is this as good as it gets? And is there a risk that the margin if fundraising and direct lending and the like that you've kind of talked about, if you have success there, is that going to be overall margin dilutive?

好的。很有幫助。也許——我的第二個問題，就是 FRE 利潤率，它一直非常強勁和穩定，這是最好的嗎？如果你在籌款和直接貸款等方面取得成功，是否存在利潤率的風險，如果你在那裡取得成功，這是否會稀釋整體利潤率？

Sohrab, maybe I'll take that one. It's Bahir. Look, as I highlighted in my remarks, our margins continue to be strong. And for this quarter just reflected additional investments we're making in a number of parts of our business in addition to scaling up our fundraising and client service organizations. Look, there is a lot of strategies that haven't come online yet, and when they do come online and start contributing to results, we would expect those margins to increase. There is a good amount of operating leverage in the business. Our permanent capital vehicles could also be trading better in the future, et cetera. And as all of that contributes to fee revenues, then that's all going to be beneficial to margins. But where they are at today, are still strong.

Sohrab，也許我會拿那個。是巴希爾。看，正如我在發言中強調的那樣，我們的利潤率繼續保持強勁。本季度僅反映了除了擴大我們的籌款和客戶服務組織之外，我們還在業務的許多部分進行的額外投資。看，有很多策略還沒有上線，當它們上線並開始為結果做出貢獻時，我們預計這些利潤率會增加。業務中有大量的經營槓桿。我們的永久資本工具也可能在未來交易得更好，等等。由於所有這些都有助於增加費用收入，因此這一切都將有利於利潤率。但是他們今天所處的位置仍然很強大。

So Bahir, direct lending would have similar margins or lower margins?

那麼 Bahir，直接貸款會有類似的利潤率還是更低的利潤率？

It would have lower margins overall than the 56%, but because there is a lot of costs today that are going into the business without any revenue pickup, you're just going to see that normalize in the future. And there is a number of other highly accretive strategies that we are spending capital on, and they are going to be additive to today's margins. So all in all, it looks like there is a lot of -- there is going to be significant upside to fee revenues, going forward. And that's going to be only beneficial to our overall margins.

它的總體利潤率將低於 56%，但由於今天有很多成本進入業務而沒有任何收入增加，你只會看到未來正常化。我們正在投資其他一些高度增值的戰略，它們將增加今天的利潤率。所以總而言之，看起來有很多 - 未來費用收入將有顯著上升空間。這只會有利於我們的整體利潤率。

I appreciate you taking my questions.

感謝您回答我的問題。

One moment for our next question, please. And our next question comes from the line of Mike Brown with KBW.

請稍等一下我們的下一個問題。我們的下一個問題來自 Mike Brown 與 KBW 的對話。

I wanted to just ask on the outlook for performance fees. So it looks like 2/3 of -- you're eligible to earn 2/3 of the carry on as selected funds, and that's about 36% of the total eligible carry under management right now. So I know that visibility on performance fees is always inherently opaque, but when do you believe those performance fees will start to enter the fray and start to contribute to DE? And then, I guess, assuming that's going to be a contributor in 2024, any view into how impactful that could be?

我只想問一下績效費用的前景。所以它看起來像 2/3 - 你有資格賺取 2/3 的收益作為選定的基金，這大約是目前管理的合格收益總額的 36%。所以我知道績效費用的可見性本質上總是不透明的，但你認為這些績效費用什麼時候會開始參與競爭並開始為 DE 做出貢獻？然後，我猜，假設這將成為 2024 年的貢獻者，那麼對它的影響力有何看法？

So Mike, perhaps I'll go first and then hand to Bahir, and Bahir can provide a bit more detail. With the spin-out of the Brookfield Asset Management from BN, the clock essentially started fresh on performance fees at the asset manager, and therefore, we are accruing from 0. And what this creates is that dynamic where we are going to accrue performance fees for a number of years, but then because the clocks essentially started on all of our carry eligible capital at the same time, when it does kick in, it kicks-in in a very, very big way and becomes recurring forever after that point. And therefore, there is a huge step-up coming to our DE.

邁克，也許我會先發言，然後交給巴希爾，巴希爾可以提供更多細節。隨著 BN 的 Brookfield Asset Management 的分拆，資產管理公司的績效費用時鐘基本上重新開始，因此，我們從 0 開始累積。這創造了我們將要累積績效費用的動態好幾年了，但後來因為時鐘基本上同時啟動了我們所有符合條件的持有資本，所以當它啟動時，它會以非常非常大的方式啟動，並且在那之後永遠重複出現。因此，我們的 DE 有了巨大的進步。

But it is a number of years in the future because the clock started on our performance fees all at time of spin-out. So I would say it is in the outer years, it kind of begins just very initially at the end of our 5-year plan and really kicks in earnest, shortly thereafter. But the value creation has already started today, it's just going to hit like a huge wave a few years out. Bahir, anything you'd add to that?

但這是未來幾年的事，因為我們的績效費用的時鐘在分拆時就開始了。所以我會說這是在外面的幾年，它在我們的 5 年計劃結束時才開始，並在不久之後真正開始。但價值創造今天已經開始，幾年後它會像巨浪一樣席捲而來。 Bahir，你還有什麼要補充的嗎？

Connor, that's good color. I would say, Mike, to-date, we've accrued for about $120 million so far of unrealized carry. But to Connor's point, as that's only going to get much larger. And from a realization perspective, it's going to happen for the most part between years 6 to 10, that would be the color we'd give today.

康納，顏色不錯。我會說，邁克，到目前為止，我們已經積累了大約 1.2 億美元的未實現收益。但就 Connor 的觀點而言，它只會變得更大。從實現的角度來看，它大部分時間會發生在 6 到 10 歲之間，這就是我們今天要給出的顏色。

Okay, great. And maybe just a follow-up on the balance sheet here, so you have over $3 billion of cash on the balance sheet, 0 debt. Can you just remind us how you're strategically thinking about the cash balance and its potential uses?

好的，太好了。也許這裡只是資產負債表的後續行動，所以你的資產負債表上有超過 30 億美元的現金，0 債務。您能否提醒我們您是如何從戰略角度考慮現金餘額及其潛在用途的？

I know M&A is one lever, that could certainly be a use for the cash. But outside of that, is it also earmarked for seed funding because it seems like most of that really comes from Brookfield Corp, if I understand it correctly? So as you think about your cash, what is the right target cash level and what are the various uses that you guys contemplate internally?

我知道併購是一個槓桿，它肯定可以用於現金。但除此之外，它是否也被指定用於種子資金，因為如果我理解正確的話，它似乎大部分真的來自布魯克菲爾德公司？所以當你考慮你的現金時，正確的目標現金水平是多少？你們內部考慮的各種用途是什麼？

Perfect. So the first the thing I would say is, even though Brookfield Asset Management is a new company, always having healthy levels of liquidity on hand is a core foundation of our thinking because it just provides optionality and upside in the future when we see opportunities. So you highlighted the big ones there. It's going to give us a healthy amount of capital to seed new strategies. And BAM absolutely, and the balance sheet of BAM absolutely will be utilized to do that.

完美的。因此，我要說的第一件事是，儘管 Brookfield Asset Management 是一家新公司，但始終擁有健康的流動性水平是我們思考的核心基礎，因為它只是在我們看到機會時提供了未來的選擇權和上行空間。所以你強調了那裡的大人物。它將為我們提供大量資金來播種新戰略。絕對是 BAM，絕對會利用 BAM 的資產負債表來做到這一點。

I would say, we've already done that to some extent, small dollars and in between the quarters, so it hasn't really showed up over quarter end. But we're already using that liquidity to facilitate the lift-off of some of our strategies. We did that a little bit for BII as an example, to get that off the ground. But then you nailed the big one, it gives us that value lever when we need it, when the right opportunity comes along for growth. And that's really what we stay focused on. And if markets continue to be a little bit uncertain, we think having that cash on hand is going to be incredibly valuable when we need it.

我想說的是，我們已經在一定程度上做到了這一點，在兩個季度之間以少量美元的形式進行，所以它並沒有真正出現在季度末。但我們已經在利用這種流動性來促進我們的一些戰略的實施。作為示例，我們為 BII 做了一點，以實現這一點。但是後來你釘上了大的，它在我們需要的時候，當合適的增長機會出現時，為我們提供了價值槓桿。這才是我們一直關注的重點。如果市場繼續有點不確定，我們認為手頭的現金在我們需要的時候會非常有價值。

Thank you. I'd now like to hand the call back over to Managing Partner, Suzanne Fleming for any closing remarks.

謝謝。我現在想將電話轉回管理合夥人 Suzanne Fleming 以聽取任何結束語。

Thank you, operator. And with that, we will end today's call. Thank you, everyone, for joining us.

謝謝你，運營商。至此，我們將結束今天的電話會議。謝謝大家加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

女士們，先生們，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。