(BAM) 2023 Q2 法說會逐字稿

Hello, and welcome to the Brookfield Asset Management Limited Second Quarter 2023 Conference Call and Webcast. At this time all participants are in listen only mode. (Operator Instruction]

您好，歡迎參加布魯克菲爾德資產管理有限公司 2023 年第二季度電話會議和網絡廣播。此時所有參與者都處於只聽模式。 （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.

現在我想將電話會議交給我們的第一位發言人蘇珊娜·弗萊明 (Suzanne Fleming) 女士（管理合夥人）。請繼續。

Thank you, operator, and good morning. Welcome to Brookfield Asset Management second quarter 2023 conference call.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.

謝謝您，接線員，早上好。歡迎參加 Brookfield Asset Management 2023 年第二季度電話會議。今天參加電話會議的是我們的首席執行官 Bruce Flatt；康納·泰斯基 (Connor Teskey)，布魯克菲爾德資產管理公司總裁；布魯斯將在今天的電話會議上致開幕詞，隨後康納將討論我們關注的一些主題；最後，巴希爾將討論我們的財務和運營業績。

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 two questions at one time. If you have additional questions, please re-join the queue and we'll be happy to take any additional questions at the end if time permits.

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。為了方便所有想提問的人，我們要求您不要一次提出兩個以上的問題。如果您還有其他問題，請重新加入隊列，如果時間允許，我們很樂意在最後回答任何其他問題。

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. law.

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

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.

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 hand the call over to Bruce.

這樣，我就把電話轉給布魯斯。

Thank you, Suzanne, and welcome everyone on the call. Results were strong in the second quarter. We generated fee related earnings of $548 million, and distributable earnings of $527 million. Fee related earnings were up 16% year over year, excluding performance fees on the back of 12% growth in fee-bearing capital to $440 billion, highlighting the significant fundraising that we've done over the past year, and the stable, predictable nature of the business with nearly 85% of our fee-bearing capital being long term or perpetual in nature.

謝謝蘇珊娜，歡迎大家參加電話會議。第二季度的業績強勁。我們產生了 5.48 億美元的費用相關收益，以及 5.27 億美元的可分配收益。費用相關收益同比增長 16%，不包括績效費用，費用資本增長 12%，達到 4,400 億美元，凸顯了我們在過去一年進行的大量融資，以及穩定的、業務的可預測性，我們近85%的收費資本是長期或永久的。

We have been one of the most active managers so far this year demonstrating that our contrarian investment approach and established competitive advantages allow us to put significant sums of capital to work and to monetize assets for our clients, utilizing our competitive advantages.

我們是今年迄今為止最活躍的管理人之一，這表明我們的逆向投資方法和既定的競爭優勢使我們能夠利用我們的競爭優勢投入大量資本並為客戶將資產貨幣化。

To put some numbers around the first half of the year, we have committed to investments worth $50 billion, monetized $15 billion of assets and grown assets under management to $850 billion. These are large figures in any 6 month period but to achieve this in the current environment, truly differentiates our franchise.

就今年上半年的一些數字而言，我們已承諾進行價值500 億美元的投資，“貨幣化”150 億美元的資產，並將管理的資產增加到8500 億美元。這些在任何6 個領域中都是很大的數字。但在當前環境下實現這一目標，真正使我們的特許經營與眾不同。

As we look ahead, we continue to see an attractive investment environment and have a very positive outlook for capital raising. This backdrop should lead to excellent returns for clients in our recently launched fund vintages and in turn should allow us to continue to raise significant amounts of capital.

展望未來，我們繼續看到有吸引力的投資環境，並對融資前景非常樂觀。這種背景應該會在我們最近推出的基金年份中為客戶帶來豐厚的回報，進而使我們能夠繼續籌集大量資金。

Today, investors are more selective in who they choose to partner with, more and more they are choosing managers that offers scale funds, flexible co-investments, and access to deals across a diversified range of asset classes and market conditions. This fits perfectly with our competitive advantages of global scale, deep operating expertise and diversity of products as well as significant benefits our clients get by being part of the broader Brookfield ecosystem.

如今，投資者對合作夥伴的選擇更加挑剔，他們越來越多地選擇能夠提供規模基金、靈活的聯合投資以及跨多種資產類別和市場條件進行交易的管理公司。完全符合我們的全球規模競爭優勢、深厚的運營專業知識和產品多樣性，以及我們的客戶通過成為更廣泛的布魯克菲爾德生態系統的一部分而獲得的顯著利益。

Year-to-date, we have had strong capital inflows of $37 billion and expect an acceleration of fundraising in the back half of the year across our flagship and our complimentary strategies. These fundraising efforts alongside the $50 billion of insurance capital from the recently announced AEL transaction should allow us to raise a record of close to $150 billion of capital this year. And given the pace of activity in the first 6 months of the year, we continue to be able to deploy a large amount of capital that we are raising in this environment.

今年迄今為止，我們已獲得 370 億美元的強勁資本流入，預計今年下半年我們的旗艦產品和補充戰略的籌款活動將加速。這些籌款活動與來自 500 億美元的保險資金一起進行最近宣布的AEL 交易將使我們今年能夠籌集近1500 億美元的創紀錄資本。考慮到今年前6 個月的活動節奏，我們將繼續能夠部署大量資金我們在這種環境下籌集的資金。

With our significant access to global scale capital, we can focus on investing in the asset classes where our franchise is strongly positioned, such as infrastructure, renewable power in transition, and private credit by leveraging our deep relationships with institutional investors and lenders.

憑藉我們在全球範圍內獲得的大量資本，我們可以利用我們與機構投資者和貸方的深厚關係，專注於投資於我們的特許經營權處於強勢地位的資產類別，例如基礎設施、轉型中的可再生能源和私人信貸。

These advantages are very, very powerful and in the current market or a differentiator. Before hand the call over to Connor, I'll spend a little time talking about the opportunity. We see once again to acquire great real estate for value. We've been investing in real estate for over half a century in the company and investing on behalf of clients since the early 2000s.

這些優勢非常非常強大，在當前市場上還是一個差異化因素。在將電話轉交給康納之前，我將花一點時間討論這個機會。我們再次看到以價值購買優質房地產。我們已經投資房地產超過半年了自2000 年代初以來，公司一直致力於代表客​​戶進行投資。

Over that period, in that series of funds we have acquired nearly $100 billion of properties on behalf of our clients across various economic cycles in every sector. And our track record is extremely strong with an average annualized gross return of over 20%. In the decades that we have invest in real estate, we have found that volatile markets often present the best opportunities to acquire high quality real estate at exceptional values.

在此期間，通過這一系列基金，我們代表客戶在各個行業的不同經濟周期收購了近 1000 億美元的房產。我們的業績記錄非常強勁，平均年化總回報率超過 20%。 在我們投資房地產的幾十年裡，我們發現波動的市場往往提供了購買優質房地產的最佳機會。非凡的價值。

Today, we're in an environment with higher interest rates, higher inflation, and tightening lender requirements, all of which create uncertainty and pockets of stress in real estate markets globally.

如今，我們正處於利率上升、通脹上升和貸款要求收緊的環境中，所有這些都給全球房地產市場帶來了不確定性和壓力。

Particularly though in the U.S. As the current cycle is evolving, the story has become one of stress in the capital markets versus the fundamentals of most asset classes. This bodes well for experienced managers with strong access to capital like us. The strong will get stronger, and as always, the weak will go away. It is worth reminding everyone that fundamentals in most real estate asset classes are very strong.

尤其是在美國，隨著當前週期的演變，資本市場相對於大多數資產類別基本面的壓力已經成為一個問題。這對於像我們這樣擁有豐富資本的經驗豐富的管理者來說是個好兆頭。強者將變得更強，而弱者將一如既往地消失。值得提醒大家的是，大多數房地產資產類別的基本面都非常強勁。

Just a few points. retail centers hit record sales in 2022, record sales in 2022. Premier office rents are at all time highs in most cities. As an example our South Korean, Dubai and Sao Paulo portfolios are 99% full, with all time high rents. Rents for logistics properties grew 11% in 2022. Multifamily rents in the U.S. went up 15% year over year. Hotel rooms are full almost everywhere, with ADRs ahead of pre-pandemic levels.

只是幾點。零售中心將在 2022 年創下銷售紀錄，在 2022 年創下銷售紀錄。大多數城市的高級寫字樓租金都處於歷史最高水平。例如，我們的韓國、迪拜和聖保羅投資組合已滿 99%，所有那時候租金高。 2022 年，物流物業的租金增長了 11%。美國多戶住宅的租金同比增長了 15%。幾乎所有酒店房間都已滿員，平均房價高於大流行前的水平。

The strong fundamentals are coupled with a supply side that will provide very little new commercial real estate inventory in the short or even in the medium term. Land constraints high material costs and limited financing will keep supply low for quite a while and allow for continued rent growth that should outpace inflation.

強勁的基本面加上供應方，在短期甚至中期內將提供很少的新商業房地產庫存。土地限制、高材料成本和有限的融資將使供應在相當長的一段時間內保持低位，並允許租金的持續增長應該超過通貨膨脹。

The combination of the pockets of stress in capital markets and strong underlying fundamentals with constraint and supply will lead to the best environment we've seen since 2009 to execute on our long standing investment strategy for real estate which is to buy high quality assets for value and drive upside through active asset management.

資本市場的壓力和強大的基本面與約束和供應的結合將為我們帶來自 2009 年以來最好的環境，以執行我們長期的房地產投資策略，即以價值購買高質量資產並通過積極的資產管理推動上漲。

Buying great assets with compromised capital structures is always the easiest way to strong returns. I'm going to repeat that one more time. Buying great assets with compromised capital structures is always the easiest way to strong returns. So acquiring great real estate for value is a good start to be able to repeatedly earn excellent returns over the longer term. One must also drive operational excellence in a portfolio.

購買資本結構受損的優質資產始終是獲得豐厚回報的最簡單方法。我要再重複一遍。購買資本結構受損的優質資產始終是獲得豐厚回報的最簡單方法。因此，以價值購買優質房地產是一個良好的開端，能夠在長期內反复獲得優異的回報。人們還必須推動投資組合的卓越運營。

Our operating expertise is based on having people on the ground across the world and decades of experience in all the major real estate sector. Our hands on approach gives us control over investment outcomes through cycles, and it's particularly well suited for today's environment.

我們的運營專業知識基於擁有世界各地的員工以及在所有主要房地產領域數十年的經驗。我們的實踐方法使我們能夠控制整個週期的投資結果，並且它特別適合當今的環境。

We have the ability to leverage our global tenant relationships and the Brookfield ecosystem great value through our leasing, rental appreciation, refurbishment and redevelopment of properties, are nearly 30,000 people in 30 countries dedicated to real estate give us exceptional insights into the market and allow us to see virtually everything in the world.

我們有能力通過我們的租賃、租金增值、翻新和再開發房產來利用我們的全球租戶關係和布魯克菲爾德生態系統的巨大價值，30 個國家的近30,000 名致力於房地產的人員為我們提供了對市場的獨特見解，使我們能夠幾乎可以看到世界上的一切。

It is during periods of time like now, where opportunistic real estate flagship fund series is designed to take advantage of market turbulence, and we have seen the success of our strategy through multiple cycles. We think the latest vintage which is our 5th fund will be an excellent vintage maybe one of our best.

正是在像現在這樣的時期，機會主義房地產旗艦基金系列旨在利用市場動盪，我們已經看到我們的策略在多個週期中取得了成功。我們認為最新的年份，即我們的第五隻基金，將是一個出色的年份，也許是我們最好的年份之一。

Thank you for your continued support and interest in Brookfield Asset Management. And I'll turn the call now over to Connor.

感謝您對布魯克菲爾德資產管理公司的持續支持和關注。我現在就把電話轉給康納。

Thank you, Bruce, and good morning everyone. As we've seen before, dislocated markets create fear among investors, and this uncertainty then creates opportunity for well prepared and well positioned market participants who are willing to think differently.

謝謝布魯斯，大家早上好。正如我們之前所看到的，錯位的市場在投資者中造成了恐懼，而這種不確定性則為準備充分、定位良好、願意以不同方式思考的市場參與者創造了機會。

Our ability to be contrarian is only possible because of the competitive advantages and insights we derive from the broader Brookfield ecosystem. For example, insights we get from sitting at the table with leading global corporates on their needs for energy, data infrastructure, real estate and capital. Secondly, the insights we get through the partnerships we've developed with the largest and most sophisticated investors, understanding their strategic objectives, and gaining visibility into where capital is flowing and where it is not.

我們之所以能夠逆勢而行，是因為我們從更廣泛的布魯克菲爾德生態系統中獲得了競爭優勢和洞察力。例如，我們通過與全球領先企業坐在一起討論他們對能源、數據基礎設施、房地產和資本。其次，我們通過與最大、最成熟的投資者建立的合作夥伴關係獲得的見解，了解他們的戰略目標，並了解資本流向和不流向的情況。

And lastly, the insights we get by leveraging the talent of over -- of our over 1000 investment professionals who are sourcing opportunities and sharing feedback on a real time basis.

最後，我們通過利用超過 1000 名投資專業人士的才能獲得的見解，他們實時尋找機會並分享反饋。

So when asset prices fall out of line with intrinsic value, we can act quickly and decisively. And given the recent market environment, this is exactly what we've been doing. This year, we've announced agreements to acquire high quality businesses and assets, worth $50 billion, making us one of the most active alternative asset managers in the world. But recognizing the value opportunity is only the start, having the ability to successfully deploy capital in this environment and at this scale stems from several competitive advantages.

因此，當資產價格與內在價值脫節時，我們可以迅速果斷地採取行動。考慮到最近的市場環境，這正是我們一直在做的事情。今年，我們宣布了收購價值 500 億美元的優質業務和資產的協議，使我們成為最活躍的另類資產管理公司之一但認識到價值機會只是一個開始，能夠在這種環境和這種規模下成功部署資本的能力源於多種競爭優勢。

Notably, we have the ability to raise large sums of capital across diverse sources, our private funds, our public affiliates, and Brookfield balance sheet. In aggregate, we have $80 billion of uncalled fund commitments, or $100 billion of capital when including Brookfield affiliates, leaving us with ample dry powder to put to work.

值得注意的是，我們有能力通過不同來源、我們的私人基金、我們的公共附屬機構和布魯克菲爾德資產負債表籌集大量資金。總的來說，我們有800 億美元的未兌現基金承諾，或者說，當我們有1000 億美元的資本時包括布魯克菲爾德附屬公司，為我們留下了足夠的干粉來投入工作。

We also have strong relationships with the largest lending institutions globally, built on a long standing reputation for prudently funding our businesses, giving us deep access to debt capital to support our acquisition. This capital at scale enables us to invest in multibillion dollar opportunities, such as the origin and Triton take private transactions we discussed during our first quarter call.

我們還與全球最大的貸款機構建立了牢固的關係，這種關係建立在為我們的業務提供審慎融資的長期聲譽之上，使我們能夠深入獲得債務資本來支持我們的收購。這種規模的資本使我們能夠投資數十億美元諸如 origin 和 Triton 之類的機會採取我們在第一季度電話會議中討論過的私人交易。

Our ecosystem also enables us to be early to identify changing trends in global macro -- in the global macro economic environment and shifts in where capital is being directed. It is not an accident that the businesses in which we have built leading global platforms are very much in favor today. Digitalization is one of these key trends. Years ago, we recognize that data was the world's fastest growing commodity and it would need significant infrastructure to be processed transported and stored.

我們的生態系統還使我們能夠及早識別全球宏觀經濟環境的變化趨勢以及資本流向的變化。我們所建立的業務在全球處於領先地位並非偶然。如今，平台非常受青睞。數字化是這些關鍵趨勢之一。多年前，我們認識到數據是世界上增長最快的商品，需要大量的基礎設施來進行處理、傳輸和存儲。

Behind this growth in data, we have been building out our portfolio around fiber, transmission and storage. Recent advancements in cloud computing and AI have only steepen this curve, increasing the demand for data usage going forward.

在數據增長的背後，我們一直在圍繞光纖、傳輸和存儲構建我們的產品組合。雲計算和人工智能的最新進展只會加劇這一曲線，增加未來數據使用的需求。

Today, we are well positioned to be a key enabler for the world's largest and fastest growing technology companies by both meeting their data center needs and also supplying the huge sums of clean power that are required for increasing levels of advanced computing. In just the second quarter, we committed to acquire businesses collectively valued at $12 billion to meet this digitalization trend. This includes data for a European datacenter operator at a value of $4 billion, Compass Datacenters at approximately $5 billion, and Network International, a digital payments leader in the Middle East at a value of $3 billion.

如今，我們已做好充分準備，成為世界上最大、發展最快的科技公司的關鍵推動者，既滿足他們的數據中心需求，又提供提高先進計算水平所需的大量清潔能源。僅在第二季度，我們就承諾收購總價值 120 億美元的企業，以滿足這一數字化趨勢。其中包括價值 40 億美元的歐洲數據中心運營商的數據、價值約 50 億美元的 Compass Datacenters 以及價值 30 億美元的中東數字支付領導者 Network International 的數據。

While we have been very active on the deal fund -- deal front finding attractive opportunity for our climate clients. We have also been exploring prospects for strategic acquisitions to further expand our asset management platform.

雖然我們在交易基金上一直非常積極，但交易前沿為我們的氣候客戶尋找有吸引力的機會。我們還一直在探索戰略收購的前景，以進一步擴大我們的資產管理平台。

Subsequent to the end of the quarter, Brookfield Reinsurance announced that it signed an agreement to acquire AEL one of the largest independent annuities providers in the United States. And while Brookfield Asset Management is not committing any capital to the transaction, we are set to benefit in several meaningful ways.

本季度末後，布魯克菲爾德再保險公司宣布簽署協議，收購美國最大的獨立年金提供商之一的 AEL。儘管布魯克菲爾德資產管理公司並未在此次交易中承諾任何資本，但我們將通過多種有意義的方式受益。

First, we expect to be named the manager for AEL $50 billion of investable capital, which will triple our current insurance fee-bearing capital, and puts us on track to reach the target of $225 billion of insurance capital that we laid out in our 5 year plan at last year's Investor Day.

首先，我們預計將被任命為AEL 500 億美元可投資資本的管理人，這將使我們目前的保險收費資本增加三倍，並使我們有望實現我們在5 年內製定的2250 億美元保險資本的目標。去年投資者日的年度計劃。

Second, it significantly enhances our ability to organically grow our insurance assets under management in the future. American National is currently BNRE's main insurance platform with 4,000 agents today. Combined with AELs capabilities, Brookfield Reinsurance can expect comfortably right $10 billion to $12 billion of annuity policies per year. And with some operational and technological enhancement, and the support of Brookfield capital, we believe there is a clear path to get to $15 billion to $20 billion of annual annuity policies.

其次，它顯著增強了我們未來有機增長所管理的保險資產的能力。“美國國民保險目前是BNRE 的主要保險平台，目前擁有4,000 名代理人。”結合AEL 的能力，Brookfield Reinsurance 的預期收入可輕鬆達到10 美元每年 10 億至 120 億美元的年金保單。通過一些運營和技術的改進以及布魯克菲爾德資本的支持，我們相信有一條明確的道路可以實現每年 150 億至 200 億美元的年金保單。

This is a very meaningful figure as it would signify then just a few short years since Brookfield Reinsurance first got involved in the business, it would likely be 1 of the top 3 annuity providers in the United States. That being said, in our growth targets, we foresee BNRE taking additional inorganic growth actions as well.

這是一個非常有意義的數字，因為這意味著自布魯克菲爾德再保險公司首次涉足該業務以來的短短幾年內，它可能會成為美國三大年金提供商之一。話雖如此，在我們的增長目標中，我們預計 BNRE 還將採取額外的無機增長行動。

Further, by leveraging BAM's investment platform, we should be able to deliver premium risk adjusted returns to Brookfield Reinsurance, return can pass those benefits to policyholders which would only continue to drive more organic growth.

此外，通過利用 BAM 的投資平台，我們應該能夠為 Brookfield Reinsurance 提供優質的風險調整回報，回報可以將這些好處傳遞給保單持有人，這只會繼續推動更多的有機增長。

Now let us switch gears and talk about how we allocate insurance capital across BAM. Much of the allocation decision is dictated by understanding the regulatory regime in which each policy is based, meeting appropriate capital charges and liquidity requirements and matching the duration of the insurance liabilities with the asset mix.

現在讓我們換個話題，談談如何在 BAM 中分配保險資本。大部分分配決策是通過了解每項保單所依據的監管制度、滿足適當的資本費用和流動性要求以及匹配保險期限來決定的。保險負債與資產組合的關係。

For this, we are in a 25 basis point Investment Management Agreement or IMA fee for the pool of insurance capital we manage. In this business, efficiently allocating assets is equally critical to our overall success as generating strong returns.

為此，我們對我們管理的保險資金池收取 25 個基點的投資管理協議或 IMA 費用。在這項業務中，有效地配置資產對於我們的整體成功與產生豐厚的回報同樣重要。

Over time, building out those capabilities will allow us to further expand our offering to more third party insurers in addition to Brookfield Reinsurance. Target allocating approximately 40% of our insurance assets into private funds. Today, that number is only 6%.

隨著時間的推移，建立這些能力將使我們能夠進一步將我們的產品擴展到布魯克菲爾德再保險之外的更多第三方保險公司。目標將約 40% 的保險資產分配給私募基金。如今，這個數字僅為 6%。

This allocation will take place over the course of a few years, largely based on the timing of our fundraising cycles and new strategies that come online.

這種分配將在幾年內進行，很大程度上取決於我們籌款週期的時間和上線的新策略。

The 40% of capital that we will allocate to private funds, much of which will be into private credit funds will generate private fund fees on top of the IMA fee and further drive our FRE growth. And as a reminder, we do all of this without taking exposure to insurance liabilities at Brookfield Asset Management.

我們將分配給私募基金的 40% 資本（其中大部分將投入私募信貸基金）將在 IMA 費用之外產生私募基金費用，並進一步推動我們的 FRE 增長。提醒一下，我們確實這樣做所有這一切都無需承擔布魯克菲爾德資產管理公司的保險責任。

While our insurance strategy is still very much in its early days, we believe it will be a large contributor to the overall -- to our overall long term success and growth. But beyond that, we believe the growing allocation of private credit from insurance, combined with our fundraising efforts across both Brookfield and Oaktree will enable us to grow our credit business to as much as $500 billion of assets over the next 5 to 10 years. In fact, private credit will likely be our fastest growing business. Scale of this size is extremely powerful.

雖然我們的保險策略仍處於早期階段，但我們相信它將對我們整體的長期成功和增長做出巨大貢獻。但除此之外，我們相信，保險業對私人信貸的分配不斷增加，加上我們在布魯克菲爾德和橡樹資本的籌款工作，將使我們的信貸業務在未來5 到10 年內發展到高達5000 億美元的資產。事實上，私人信貸可能是我們增長最快的業務。這種規模的規模，威力極其強大。

This large infusion of capital will unlock our ability to do a number of exciting things in our private credit segment. Of course, we will be able to scale our funds faster and larger, but it goes well beyond that. We'll be able to make significant investments into our platform, feed new funds strategies and grow adjacent businesses. There is still a lot of white space in private credit, and as the asset class continues to become increasingly important in the overall capital markets landscape, our focus is to further establish and solidify our position as a leader in this business.

大量資本注入將釋放我們在私人信貸領域做許多令人興奮的事情的能力。當然，我們將能夠更快、更大地擴大我們的資金規模，但它遠遠不止於此。我們將能夠對我們的平台進行大量投資，提供新的基金策略並發展相關業務。私人信貸領域仍然存在大量空白，並且隨著資產類別在整體中變得越來越重要，在資本市場格局中，我們的重點是進一步建立和鞏固我們作為該行業領導者的地位。

I'll conclude my remarks by saying that we are very optimistic about our business organic growth prospects due to the broader growth of alternatives and the massive tailwinds driven by private credit, as well as the key investment trends of decarbonization, deglobalization and digitalization that you have heard us talk about before.

最後，我要說的是，由於替代品的更廣泛增長和私人信貸推動的巨大推動力，以及您所關注的脫碳、去全球化和數字化的主要投資趨勢，我們對我們的業務有機增長前景非常樂觀。以前聽過我們談論過。

However, we've also demonstrated the power that strategic M&A can have on accelerating our growth significantly. At BAM, we have close to $3 billion of cash on our balance sheet, and significant access to additional debt and equity capital. This gives us the ability to look at a wide range of potential acquisitions that can augment and complement our existing platform and supercharge our future growth.

然而，我們也證明了戰略併購可以顯著加速我們的增長。在 BAM，我們的資產負債表上有近 30 億美元的現金，並且有大量機會獲得額外的債務和股權資本。這使我們能夠考慮各種潛在的收購，這些收購可以增強和補充我們現有的平台並促進我們未來的增長。

Nothing yet to announce on this front, but with increasing consolidation across our industry we're actively watching for opportunities.

這方面尚未宣布任何消息，但隨著整個行業的整合不斷加強，我們正在積極尋找機會。

With that, let me turn it over to Bahir to discuss our financial results and operations.

接下來，讓我將其交給巴希爾討論我們的財務業績和運營情況。

Great, thank you Connor and good morning. I'll cover off 4 topics on today's call. First, I'll discuss our financial results for the second quarter. Second, I'll provide an operations update focused on our fundraising efforts for the period. Third, I'll touch on our balance sheet and before I conclude my remarks with an outlook for the business for the remainder of the year.

太好了，謝謝康納，早上好。我將在今天的電話會議上討論 4 個主題。首先，我將討論第二季度的財務業績。其次，我將提供有關我們在此期間籌款工作的最新運營情況。第三，在我結束講話之前，我將談談我們的資產負債表，並對今年剩餘時間的業務前景進行展望。

So starting with results, and as Bruce noted in his remarks, they were strong we reported FRE, fee related earnings or FRE of $548 million in the quarter or $0.34 per share, which brings our FRE to $2.2 billion for the last 12 months, and that represents growth of 16% to the comparative period.

因此，從結果開始，正如布魯斯在他的講話中指出的那樣，我們報告的FRE、費用相關收益或FRE 在本季度為5.48 億美元，即每股0.34 美元，這使我們在過去12 個月的FRE 達到22 億美元，並且與同期相比增長了 16%。

Our distributable earnings or DE for the quarter was $527 million or $0.32 per share. This brings our DE to $2.2 billion for the last 12 months, and that represents a 14% increase to the comparative period once you exclude the impact of performance fees that were earned in the comparative period.

本季度我們的可分配收益或 DE 為 5.27 億美元，即每股 0.32 美元。這使得我們過去 12 個月的 DE 達到 22 億美元，如果排除比較期間賺取的績效費用的影響，這意味著比比較期間增加了 14%。

Fee revenues in the second quarter were in line with the first quarter and up almost 10% from the prior year period. In the second quarter, we saw an increase in base management fees from our infrastructure platform as our permanent capital vehicles market capitalization increased by $1.4 billion. In addition, we benefited from contributions from our newly established infrastructure semi-liquid strategy, and our infrastructure private credit fund and closes of our 5th flagship infrastructure fund during the quarter.

第二季度的手續費收入與第一季度持平，比去年同期增長近 10%。第二季度，隨著我們的永久資本工具市值增加了 14 億美元，我們的基礎設施平台的基本管理費有所增加。此外，我們還受益於新建立的基礎設施半流動策略、基礎設施私人信貸基金以及本季度第五隻旗艦基礎設施基金的貢獻。

We also experienced an increase in fee revenues from deployments made by our 10th and 11th opportunistic credit funds. These funds generate fee revenues on invested capital and collectively they deployed $1.7 billion of capital during the quarter. These benefits were partially offset by lower fees from our 3rd opportunistic real estate fund that rolled off its investment period in the first quarter, and consequently, any uncalled capital for that fund is no longer fee bearing.

我們的第 10 個和第 11 個機會主義信貸基金的部署也帶來了費用收入的增加。這些基金通過投資資本產生費用收入，本季度總共部署了 17 億美元的資本。這些好處被我們的第三隻機會主義房地產基金較低的費用所部分抵消，該基金在第一季度結束了其投資期，因此，該基金的任何未調用資本不再收費。

Our margins for the quarter were 56% in line with the first quarter of the year. We've made meaningful investments over the past year to enhance our platform, which positions us to capture many of the growth opportunities ahead that we've discussed. In the last 18 months, we've hired over 200 investment professionals across our businesses, and significantly bolstered our fundraising organization, which includes the continued build-out of our private wealth channel.

我們本季度的利潤率為 56%，與今年第一季度持平。在過去的一年裡，我們進行了有意義的投資來增強我們的平台，這使我們能夠抓住我們已經討論過的許多未來增長機會。在過去 18 個月中，我們在各個業務部門聘用了 200 多名投資專業人士，並大力加強了我們的籌款組織，其中包括持續建設我們的私人財富渠道。

We believe that the bulk of the necessary investments have been made. This will enable us to start to demonstrate the operating leverage inherent in our business through margin expansion, which we expect to start benefiting our earnings as early as 2024 and for the years to come.

我們相信大部分必要的投資已經完成。這將使我們能夠開始通過利潤率擴張來展示我們業務固有的運營槓桿，我們預計最早將於 2024 年以及未來幾年開始使我們的收益受益。

With that as a recap on our financial results, I'll touch on our fundraising efforts for the period. Overall, we've raised $37 billion of capital in 2023 thus far. In infrastructure, the 5th vintage of our flagship fund currently stands at $27 billion of capital raised to date. We expect to close on additional commitments before a final close later this year, making this the largest infrastructure drawdown fund ever raised.

作為對我們財務業績的回顧，我將談談我們這一時期的籌款工作。總體而言，我們在 2023 年迄今為止已籌集了 370 億美元的資金。在基礎設施領域，我們第五期旗艦基金迄今為止已籌集了 270 億美元的資金。我們預計將在今年晚些時候最終完成之前完成額外承諾，從而使該基金成為有史以來籌集的最大的基礎設施撤資基金。

Additionally, we've received strong support from investors on the 3rd vintage of our infrastructure debt fund, which has closed on over $4 billion of commitments to date, surpassing our initial targets. We expect the final close on this fund later this year as well at a fund sizes above $5 billion, making this fund almost 60% larger than its predecessor.

此外，我們的基礎設施債務基金第三期得到了投資者的大力支持，迄今為止，該基金已完成超過 40 億美元的承諾，超出了我們的最初目標。我們預計該基金將在今年晚些時候完成最終交割，基金規模將超過 50 億美元，這使得該基金比其前身規模增加近 60%。

Sticking with the theme of private credit, we raised a further $7 billion of capital for our 2 marquee strategies managed within Oaktree. This included $4 billion raised for our 12th opportunistic credit fund, and over $3 billion for the first close of their direct lending fund.

秉承私人信貸的主題，我們為橡樹資本管理的兩項重要戰略籌集了 70 億美元的資金。其中包括為我們的第 12 個機會信貸基金籌集的 40 億美元，以及為首次直接貸款基金募集的超過 30 億美元。

And lastly, our nearly 150 person team dedicated to Brookfield Oaktree Wealth Solutions continues to make good progress on a number of fronts as our capabilities, especially in real estate, infrastructure and private credit, continued to resonate with wealth investors across all regions.

最後，我們致力於布魯克菲爾德橡樹財富解決方案的近150 人團隊繼續在許多方面取得良好進展，因為我們的能力，特別是在房地產、基礎設施和私人信貸方面，繼續與所有地區的財富投資者產生共鳴。

During the quarter, we announced an agreement with Fidelity Investments Canada to manage a newly formed portfolio of high-quality Canadian real estate assets on behalf of Fidelity private wealth clients. Similarly, our open-ended private infrastructure offering continues to receive strong support from investors.

本季度，我們宣布與加拿大富達投資公司達成協議，代表富達私人財富客戶管理新成立的優質加拿大房地產資產投資組合。同樣，我們的開放式私人基礎設施產品繼續獲得投資者的大力支持。

We launched the fund in February with a select group of distribution partners outside of North America and have raised in excess of $1.3 billion to date. Later this year, we'll launch in additional jurisdictions and expect a further acceleration of this growth. Additionally, year-to-date, we've also nearly raised $3 billion in the various Oaktree strategies being distributed in our -- within our private wealth channel.

我們於 2 月份與北美以外的一組精選分銷合作夥伴共同推出了該基金，迄今為止已籌集了超過 13 億美元。今年晚些時候，我們將在更多司法管轄區推出，並預計這一增長將進一步加速。此外，今年迄今為止，我們還通過在我們的私人財富渠道內分發的各種橡樹策略籌集了近 30 億美元。

These inflows have contributed to growth in our fee-bearing capital, which currently stands at $440 billion, and that's up 12% over the last 12 months, benefiting from first $74 billion of fundraising completed across the organization. Second, an increase in the market cap of our permanent capital vehicles, specifically our infrastructure vehicle Brookfield Infrastructure Partners. And lastly, strong deployment across a number of our credit funds and insurance inflows.

這些資金流入促進了我們的收費資本增長，目前收費資本達到 4,400 億美元，在過去 12 個月中增長了 12%，這得益於整個組織完成的首批 740 億美元融資。其次，我們的永久資本工具，特別是我們的基礎設施工具布魯克菲爾德基礎設施合作夥伴的市值增加。最後，我們對許多信貸基金和保險資金的大力部署。

I'll now quickly touch on our strong liquidity position. As of June 30, 2023, BAM's balance sheet contained no debt and approximately $3 billion of cash and equivalents that we will utilize for strategic purposes when appropriate.

我現在將快速談談我們強大的流動性狀況。截至 2023 年 6 月 30 日，BAM 的資產負債表不包含任何債務以及約 30 億美元的現金和等價物，我們將在適當的時候將其用於戰略目的。

Pivoting now to future outlook, we anticipate capital raising to accelerate in the second half of the year, and our expectation is that we will conclude 2023 with a record level of close to $150 billion of total inflows, which is expected to drive very meaningful growth to our fee-related and distributable earnings for 2024 and beyond.

現在轉向未來展望，我們預計下半年融資將加速，我們的預期是 2023 年結束時總流入量將達到創紀錄的接近 1500 億美元，預計這將推動非常有意義的增長我們2024 年及以後的與費用相關的和可分配的收入。

I will touch briefly on a number of the key or largest initiatives that are currently underway. This includes a first close for the 5th vintage of our opportunistic real estate flagship and for the 2nd vintage of our Global Transition Fund.

我將簡要介紹目前正在進行的一些關鍵或最大的舉措。這包括我們機會主義房地產旗艦項目第五期的首次收盤以及我們全球轉型基金第二期的首次收盤。

Bruce provided the backdrop for opportunistic real estate in his remarks. But as it relates to transition, our fundraising for the current vintage is off to a strong start. While we're still early in the process, we expect strong re-ups and are broadening our reach to a larger group of clients as investing in the energy transition is now much more accepted in the market. We're also benefiting from the successful deployment track record of our first fund, giving us confidence that this vintage will be larger than the first.

布魯斯在他的講話中提供了機會主義房地產的背景。但由於涉及過渡，我們當前年份的籌款活動有了一個良好的開端。雖然我們仍處於這一過程的早期階段，但我們預計會出現強勁的複蘇，並正在將我們的覆蓋範圍擴大到更多的客戶群體，因為投資能源轉型現在在市場上更容易被接受。我們也受益匪淺從我們第一隻基金的成功部署記錄來看，這讓我們相信這個年份將比第一個基金更大。

In private credit, our marquee Oaktree brand is well placed to benefit from the current market uncertainty, scarcity of capital, rising rates and force selling. The 12th vintage of our opportunistic credit fund, along with our newly launched private lending strategy, have collectively raised $7 billion of capital to date, and we expect to raise an additional $20 billion over the next 12 months. Pullback by traditional lenders is opening the window for more capital deployment at strong risk-adjusted returns.

在私人信貸領域，我們的橡樹品牌非常有能力從當前市場的不確定性、資本稀缺、利率上升和強制拋售中受益。我們的第12 個機會主義信貸基金，加上我們新推出的民間借貸策略，迄今為止已總共籌集了70 億美元的資金，我們預計在未來12 個月內將再籌集200 億美元。 傳統貸款機構的撤回正在為更多資本配置和強勁的風險調整回報打開窗口。

In addition to these flagship funds, we have a number of other complementary strategies that are in the market and expect those to contribute quite meaningfully to our overall fundraising targets. And lastly, as Connor noted in his remarks, with the upcoming closing of the AEL acquisition by Brookfield Corporation's insurance business, BAM is expected to see $50 billion of additional insurance capital inflows.

除了這些旗艦基金之外，我們在市場上還有許多其他補充策略，預計這些策略將為我們的總體籌款目標做出相當有意義的貢獻。最後，正如康納在講話中指出的那樣，隨著 Brookfield Corporation 保險業務對 AEL 的收購即將完成，BAM 預計將有 500 億美元的額外保險資本流入。

Finally, before we open it up for questions, I'm pleased to report that the Board of Directors of Brookfield Asset Management has declared a quarterly dividend of $0.32 per share, payable on September 29, 2023, to shareholders of record as of the close of business on August 31.

最後，在我們開始提問之前，我很高興地報告，布魯克菲爾德資產管理公司董事會已宣布派發每股 0.32 美元的季度股息，將於 2023 年 9 月 29 日支付給截止收盤時在冊的股東。 8月31日開始營業。

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

我們今天早上準備好的發言就到此結束。感謝您加入通話，我們將開始提問。接線員？

(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 的線路。

My first question is with respect to the retrenchment going on in the banking sector. I was hoping you could talk about the potential for BAM to collaborate with your banking partners by effectively providing an external balance sheet to them. And just touch on what you consider to be BAM's competitive advantages to be the partner of choice in those situations.

我的第一個問題是關於銀行業正在進行的緊縮政策。我希望您能談談 BAM 通過有效地向您的銀行合作夥伴提供外部資產負債表來與他們合作的潛力。只需談談您認為 BAM 在這些情況下成為首選合作夥伴的競爭優勢即可。

You're absolutely right. When people think about the opportunities and the growth in private credit, their minds immediately go to direct lending in lieu of the banks. But we see a tremendous opportunity to be viewed as a partner to the banks, and a lot of people assume that just means that through our different platforms, we might buy loans from the banks, but the real opportunity would be to jointly lend alongside of them. And with our various funds and with our insurance capital, we could look to help those banks deploy more capital to their clients while also servicing our pools of capital, particularly our insurance clients.

你是絕對正確的。當人們想到私人信貸的機會和增長時，他們的想法立即轉向直接貸款而不是銀行。但我們看到了被視為銀行合作夥伴的巨大機會，很多人認為這只是意味著通過我們不同的平台，我們可以從銀行購買貸款，但真正的機會是與銀行一起共同放貸。他們。借助我們的各種資金和保險資本，我們可以幫助這些銀行向其客戶部署更多資本，同時也為我們的資本池，特別是我們的保險客戶提供服務。

And where our competitive advantage comes from is really 2 things. One, the obvious one is our depth and scale of capital. It makes us the partner of choice for these banks because we can stand alongside them out of size that is of interest in all the major markets around the world. But perhaps more importantly, we have been working with these banks for decades. We are well known to them. We -- our partners in many of our businesses already, and it's that familiarity with how we like to invest and how we conduct our operations that really puts us in the pole position for these types of partnerships.

我們的競爭優勢實際上來自兩件事。第一，最明顯的是我們的資本深度和規模。這使我們成為這些銀行的首選合作夥伴，因為我們可以在全球所有主要市場都感興趣的規模之外與他們並肩作戰。但也許更重要的是，我們已經與這些銀行合作了數十年。他們對我們很熟悉。我們——我們在許多業務中的合作夥伴，正是對我們喜歡的投資方式和我們如何開展業務的熟悉程度，真正使我們在此類合作夥伴關係中處於領先地位。

And then secondly, with respect to BGTF 2, I was hoping you could give some more color on how the market interest for that product has evolved, how important the deployment track record of the first fund is to that as well as the extent to which clients are differentiating between transition funds versus what might be best called green fund?

其次，關於 BGTF 2，我希望您能提供更多關於該產品的市場興趣如何演變、第一隻基金的部署記錄對此的重要性以及程度的更多信息。客戶正在區分過渡基金和所謂的綠色基金？

Certainly. So a few things to unpack there. First and foremost, when we think of the fundraising environment for BGTF 2 versus BGTF 1. From a macro perspective, I don't think there's any debate that the trends around decarbonization have done nothing but accelerate for the last 3 years. And therefore, the market opportunity is bigger and that is obviously of interest to our clients. But when we think more specifically to the fund itself, I think there's probably 3 things to highlight. Even though we raised quite a substantial fund $15 billion for BGTF 1, it was in fact a first time fund. And despite our deep expertise and capabilities in the space, a number of investors were restricted from first time funds or limited in the amount they could invest. And we've certainly seen any of those restrictions removed as we move to BGTF 2. So said another way, we expect to have a much larger number of LPs in this fund.

當然。所以有一些東西需要在那裡解壓。首先也是最重要的，當我們考慮BGTF 2 與BGTF 1 的籌款環境時。從宏觀角度來看，我認為圍繞脫碳的趨勢在過去3 年裡除了加速之外沒有任何作用，這一點沒有任何爭論。因此，市場機會更大，這顯然是我們客戶感興趣的。但當我們更具體地思考基金本身時，我認為可能有三件事需要強調。儘管我們為 BGTF 1 籌集了 150 億美元的巨額資金，但這實際上是第一次基金。儘管我們在該領域擁有深厚的專業知識和能力，但許多投資者仍受到首次基金的限製或投資金額的限制。當我們轉向 BGTF 2 時，我們肯定會看到所有這些限制都被取消。換句話說，我們預計該基金中會有更多數量的有限合夥人。

The second thing that has changed over that time period is many of our customers, many of our clients, they now have a dedicated allocation towards transition investing or decarbonization investing. Very few of our clients had that dedicated capital allocation 3 years ago. And then the last point to be made is exactly the one you were talking about, particularly for the investors in BGTF 1, the feedback has been incredibly positive in not only what we invested in, how we stuck within the mandate, but also the very attractive value entry points, we were able to secure in that fund and our ability to do that going forward. So we expect significant re-ups as well.

在這段時間裡發生的第二件事是我們的許多客戶，我們的許多客戶，他們現在專門分配給轉型投資或脫碳投資。三年前，我們的客戶很少有專門的資本配置。最後要說的一點正是您所談論的，特別是對於 BGTF 1 的投資者來說，反饋非常積極，不僅包括我們的投資內容、我們如何遵守授權，還包括我們的投資項目。有吸引力的價值切入點，我們能夠確保該基金以及我們未來做到這一點的能力。因此，我們預計也會出現大幅回升。

And then lastly, to the final part of your question. How does positioning BGTF as a transition fund versus a green fund, we would take the position and suggest that it's very well adopted that increasingly people understand that the right way to invest in decarbonization is not only to invest in what is perfectly green and clean and pristine, but be able to one, invest in the build-out of renewables and other decarbonization solutions, but equally the ability to invest in carbon-intensive but leading industries and be a capital provider and an operating partner to those businesses to help them transition to more sustainable business models. That's what BGTF does. And I think across the landscape, it's pretty universally accepted that is 1, a large; 2, attractive; and 3, probably the most rapidly growing opportunity set. And one that we think we're well positioned for BGTF 2.

最後，到你問題的最後部分。如何將 BGTF 定位為過渡基金與綠色基金，我們會採取這種立場並建議它得到很好的採用，越來越多的人明白投資脫碳的正確方式不僅是投資於完全綠色和清潔的事物，原始，但有能力投資可再生能源和其他脫碳解決方案的建設，但同樣有能力投資碳密集但領先的行業，並成為這些企業的資本提供者和運營合作夥伴，幫助它們轉型更可持續的商業模式。這就是 BGTF 所做的。我認為在整個領域，人們普遍認為 1 是一個大的； 2、有吸引力； 3，可能是增長最快的機會集。我們認為我們已經為《BGTF 2》做好了準備。

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

我們的下一個問題來自高盛的亞歷山大·布洛斯坦 (Alexander Blostein)。

So I was hoping to start with a question on insurance initiatives, remains a big part of the story for you guys, obviously, with the AEL deal on the comp. You talked about earning 25 basis points on the IMA and then taking the book closer to 40% invested into private funds over time. So a couple of questions around that. I guess, why is 40% the right number? It seems a little higher than what we've seen with some of the other players. So maybe your confidence level, but that's appropriate. Over what time frame I heard you say a couple of years, but any more specificity there would be helpful? And then ultimately, when it comes to capabilities, we've seen insurance companies allocate more to things like asset-backed finance and really kind of investment-grade replacement as opposed to distressed and direct lending, which is more of the Oaktree business. So your ability to really satisfy the need across the existing sort of strategies to get to the 40%.

所以我希望從一個關於保險計劃的問題開始，這對你們來說仍然是故事的一個重要部分，顯然，與 AEL 交易有關。您談到在 IMA 上賺取 25 個基點，然後隨著時間的推移將賬面的 40% 投資到私募基金。圍繞這個問題有幾個問題。我想，為什麼 40% 是正確的數字？這似乎比我們在其他一些球員身上看到的要高一些。所以也許你的信心水平，但這是適當的。我聽你說是幾年，但如果有更具體的信息會有幫助嗎？最終，在能力方面，我們看到保險公司將更多資金分配給資產支持融資和真正的投資級替代品，而不是不良貸款和直接貸款，後者更多的是橡樹業務。因此，你有能力真正滿足現有策略的需求，達到 40%。

Thanks, Alex. Maybe to take that in part, in terms of why is 40% the rate level, apologies for being redundant, but just to make the point again, so much of investing and managing insurance capital is appropriately matching that capital based on the regulatory requirements and the duration of the assets versus the insurance liabilities. And therefore, when we look at what we can do within our funds, the reason why we think 40% is the right level is because across both Brookfield and Oaktree, we probably have a more diverse set of funds than many of our peers to invest across different forms of credit products that are suitable to insurance. And it's probably that breadth of credit offerings that allow us to have that more heightened number in our funds.

謝謝，亞歷克斯。也許從某種程度上來說，為什麼利率水平是 40%，為多餘而道歉，但只是為了再次強調這一點，如此多的投資和管理保險資本是根據監管要求和資本適當匹配的資產期限與保險負債的比較。因此，當我們考慮我們可以在我們的基金中做什麼時，我們之所以認為40% 是正確的水平，是因為在布魯克菲爾德和橡樹資本，我們可能擁有比許多同行更多樣化的基金可供投資涵蓋適合保險的不同形式的信貸產品。也許正是信貸產品的廣泛性使我們的資金規模得以增加。

And then the second thing you mentioned, I appreciate you framing the question that way. We're obviously very focused and see a tremendous opportunity in expanding our private credit business. And I think where most people's heads go when you say private credit is investing in leverage finance or mezz debt or other forms of opportunistic credit. The real opportunity here and why it pairs so well with insurance is insurance can invest across a much wider set of credit products and in fact, investing across a wider set of credit products is beneficial because that diversity is helpful, investing across different credit products that are in no way correlated.

然後你提到的第二件事，我很感謝你以這種方式提出這個問題。顯然，我們非常專注，並看到了擴大私人信貸業務的巨大機會。我認為，當您說私人信貸投資於槓桿融資或夾層債務或其他形式的機會主義信貸時，大多數人都會想到這一點。這裡真正的機會以及它與保險如此相配的原因是保險可以投資於更廣泛的信貸產品，事實上，投資於更廣泛的信貸產品是有益的，因為這種多樣性是有幫助的，投資於不同的信貸產品完全不相關。

So as we look to build that platform out, we're going to look at a lot of the things you said, asset-backed finance, senior loans, equipment finance, direct lending into high-quality corporates. We're seeing tremendous opportunities today right now in real estate credit as we're seeing some of the regional banks pull back from that market. So I would say it's the depth of our funds and the different types of credit that are going to allow us to expand.

因此，當我們尋求建立該平台時，我們將關注您所說的很多內容，資產支持融資、高級貸款、設備融資、對優質企業的直接貸款。今天，我們在房地產信貸領域看到了巨大的機會，因為我們看到一些地區銀行從該市場撤出。所以我想說，我們的資金深度和不同類型的信貸是我們的優勢所在。讓我們能夠擴展。

And Alex, it's Bahir. One of your questions was with respect to how long it takes. And maybe I can give color on the existing portfolio today. So we manage circa $25 billion today of insurance capital. We've already committed 30% of that, in fact, maybe probably a little bit higher to a whole bunch of credit strategies. But only $1.5 billion of that has been invested to date. So the movement in fee-bearing capital has not been all that material, but that's going to come in the next 2 to 3 years, because we get paid, as you know, on our -- predominantly on our credit strategies, we get paid as we invest the capital versus commit to it.

亞歷克斯，我是巴希爾。您的問題之一是需要多長時間。也許我今天可以對現有的投資組合進行闡述。因此，我們今天管理著大約 250 億美元的保險資本。事實上，我們已經承諾將其中的 30% 投入到一系列信貸策略中，甚至可能更高一些。但迄今為止，其中僅投資了 15 億美元。因此，收費資本的變動並不是那麼重要，但這將在未來 2 到 3 年內發生，因為我們獲得報酬，如你所知，主要是通過我們的信貸策略，我們獲得報酬當我們投資資本而不是承諾資本時。

So we've already made the commitments and we'll expect meaningful contributions coming up in the next 2 to 3 years. Just to give you a bit of flavor, we made meaningful contributions or commitments to our infrastructure, real estate finance, debt funds, our structured equity fund BSI, Oaktree lending partners that we spoke about and one of our consumer finance businesses. And that's going to be sort of how this will all play out going forward once we also closed on the AEL capital, which is roughly $50 billion we talked about.P^Alexander Blostein^ I see. Great. Bahir, maybe staying with you for my second question. I was hoping we can double click a little more into the FRE margin discussion. And it was helpful to hear your perspective that you expect the scaling of the business to pick up as we look out into 2024. But I guess if we look at over the last 12 months, revenues are up 17%, give or take, with effectively no operating leverage and you guys are running well below your 60% margin target. I think you're at 56% for this quarter. So understanding that I think Oaktree is a big drag within that, given they're building out various capacities and various capabilities. But as you're thinking about the path back to that 60-ish percent number, I guess, a, is that the right number? Maybe a little more color in terms of the time frame of your sort of getting there. And when it comes to Oaktree specifically, are there opportunities to better leverage Brookfield's scale and footprint in order to bring their margin closer to what I would say is more of an industry standard when it comes to other credit-centric platforms. So I think they're at around 30-ish percent margin now if you look at other kind of more credit-centric platforms there north of 40%. Is that kind of the goalpost? Or how should we think about the scaling effects here?

因此，我們已經做出了承諾，並期望在未來 2 到 3 年內做出有意義的貢獻。只是為了給您帶來一點風味，我們對我們的基礎設施、房地產融資、債務基金、我們的結構性股權基金BSI、我們談到的橡樹貸款合作夥伴以及我們的消費金融業務之一做出了有意義的貢獻或承諾。一旦我們也完成了 AEL 資本（我們談到的大約 500 億美元），這將是未來一切的發展方式。P^亞歷山大·布洛斯坦^——我明白了。偉大的。巴希爾，也許我會留下來回答你的第二個問題。我希望我們可以雙擊更多內容進入 FRE 利潤討論。聽到您的觀點很有幫助，您預計在我們展望 2024 年時，業務規模將會擴大。但我想，如果我們看看過去 12 個月，收入增長了 17%，無論是多少，實際上沒有運營槓桿，你們的利潤率遠低於60% 的目標。我認為本季度的進度為 56%。因此，我認為橡樹資本是其中的一大拖累，因為他們正在構建各種能力。但當你考慮回到那個 60% 左右的數字時，我想，a，這是正確的數字嗎？也許在你到達那裡的時間框架方面有更多的色彩。具體到橡樹資本，是否有機會更好地利用布魯克菲爾德的規模和足跡，使其利潤率更接近我所說的其他以信貸為中心的平台的行業標準。因此，如果你看看其他類型的以信貸為中心的平台，利潤率在 40% 以上，我認為它們現在的利潤率約為 30% 左右。這是那種球門柱嗎？或者我們應該如何考慮這裡的縮放效應？

Great, Alex. Thanks for that. Look, we have made -- again, as per my remarks, a considerable amount of investment in the business over the last 18 months, we've added 200 investment professionals. In total, we've added 500 corporate professionals. We've -- in advance of raising our direct lending fund, we've made considerable investments there. Also on the transition front, that's a newer strategy. So we've made a lot of investment there in addition to secondary's that's across real estate, infrastructure and private equity. And today, those don't really contribute meaningfully to our revenues, but we've done a great job building out those capabilities.

太棒了，亞歷克斯。感謝那。看，我們再次根據我的言論，在過去 18 個月內對該業務進行了大量投資，我們增加了 200 名投資專業人士。我們總共增加了 500 名企業專業人員。在籌集直接貸款基金之前，我們已經在那裡進行了大量投資。同樣在轉型方面，這是一個較新的策略。因此，除了二次投資之外，我們還在房地產、基礎設施和私募股權領域進行了大量投資。如今，這些並沒有真正對我們的收入做出有意義的貢獻，但我們在構建這些能力方面做得很好。

And in addition to that, also our fundraising organization continues to grow and also our private wealth channel. So a lot of investment has been made to date, both on the Brookfield and on the Oaktree side of the business. It's resulted in our costs going up higher than revenues. That was expected just given the amount of investment that we had to do. But look, it's -- we're in August now. We're well through our planning season -- and we think that the majority of that investment has been done. And now we're just going to wait and sit back and see --and wait for the revenues to come in, and you're really going to see that operating leverage come through and the cost shouldn't be increasing at the rate they've been increasing starting in next year.

除此之外，我們的籌款組織以及我們的私人財富渠道也在不斷發展。因此，迄今為止，布魯克菲爾德和橡樹方面的業務都進行了大量投資。這導致我們的成本高於收入。考慮到我們必須進行的投資量，這是預期的。但是看，現在是八月。我們的規劃季節已經完成，我們認為大部分投資已經完成。現在我們只需等待，坐下來看看 - 等待收入進來，你真的會看到運營槓桿發揮作用，並且成本不應該以它們的速度增加從明年開始一直在增加。

So I would expect margins to expand starting in 20 -- in fact, in the fourth quarter, going into 2024, and that's going to happen both at Brookfield and on the Oaktree side. And with respect to the question on Oaktree. Their margins have been lower than in previous years that's a bit transitional, they've had a number of funds come off their investment period. So some of that has impacted revenues. They've been adding a lot -- they have been investing a lot in the business, but also consistent with the Brookfield theme. Once they get ops 12 raised, once they get OLP done and they're doing a whole bunch of fantastic stuff across their organization, you're going to see that margin pick up well into the mid-to high 30s going forward. It might just take a bit of time. But on the Oaktree side, there's no real operational issues here. It's just that 2023, we just had a bit of transient or transitional issues, if I can use those terms.

因此，我預計利潤率將從 20 年開始擴大——事實上，從第四季度開始，一直到 2024 年，布魯克菲爾德和橡樹都會發生這種情況。關於橡樹資本的問題。他們的利潤率比前幾年要低，這有點過渡性的，他們有很多基金已經結束了投資期。因此，其中一些影響了收入。他們已經增加了很多——他們在業務上投入了大量資金，但也符合佈魯克菲爾德的主題。一旦他們完成了 Ops 12，一旦他們完成了 OLP，並且他們在整個組織中做了一大堆很棒的事情，你會看到利潤率在未來會上升到 30 多歲。可能只需要一點時間。但在橡樹資本方面，不存在真正的運營問題。只是到 2023 年，我們只是遇到了一些暫時性或過渡性問題（如果我可以使用這些術語的話）。

(Operator Instructions) Your next question comes from the line of Geoff Kwan with RBC Capital Markets.

（操作員說明）您的下一個問題來自 RBC Capital Markets 的 Geoff Kwan。

Just wanted to ask on the fundraising side, so you've talked about $37 billion raise this year, if exclude the $50 billion from AEL, how should we think about in terms of the key moving parts of getting to that a $100 billion? I think Bahir you mentioned the $20 billion that you're expecting from opportunistic and credit and direct lending for the remainder of this year. I don't know if it's this year, next 12 months, but if you can maybe give a little bit more insight as to maybe the potential size of some of the larger funds that would contribute getting to that a $100 billion target?

只是想問一下籌款方面，所以你談到今年籌集了 370 億美元，如果排除 AEL 的 500 億美元，我們應該如何考慮達到 1000 億美元的關鍵移動部分？我認為巴希爾您提到了您預計今年剩餘時間裡機會主義、信貸和直接貸款將帶來 200 億美元的收入。我不知道是今年還是未來 12 個月，但您能否更深入地了解一些有助於實現 1000 億美元目標的大型基金的潛在規模？

Yes, I can certainly provide some color and maybe Connor is going to chime in. But look, we've got about $60 billion or so, $65 billion or so to go. We're pleased with what we've done year-to-date. We're coming into the year. We've always known that our fundraising efforts are going to be backend loaded. So look, we've got all, 6 flagships are out in the market, 2 of them being very, very progress being BIF and BCP. They'll start -- they'll also contribute a small amount for the remainder of the year.

是的，我當然可以提供一些顏色，也許康納會插話。但是看，我們還有大約 600 億美元左右、650 億美元左右的資金需要投入。我們對今年迄今所做的事情感到滿意。我們即將進入新年。我們一直都知道我們的籌款工作將由後端加載。所以看，我們已經擁有了所有的 6 款旗艦產品，其中 2 款正在取得非常非常大的進展，即 BIF 和 BCP。他們將開始——他們還將在今年剩餘的時間裡貢獻少量資金。

The big ones are going to be BGTF and BSREP and there you heard our remarks, we continue to be very bullish on our fundraising prospects for those funds. And then for the two credit funds that you noted, we do expect to raise $20 billion, but I think you also noted Geoff that's over 12 months. That number is going to be anywhere between $10 billion to $15 billion for the remainder of the year.

最大的基金將是 BGTF 和 BSREP，您已經聽到了我們的言論，我們仍然非常看好這些基金的籌款前景。然後，對於您提到的兩個信貸基金，我們確實預計籌集 200 億美元，但我想您也注意到傑夫，這已經超過 12 個月了。今年剩餘時間裡，這一數字將在 100 億至 150 億美元之間。

So, our expectation is just those flagships alone that are out there already, where we're having material conversations with clients, making lots of good progress and getting such a positive reception from our clients. Those alone will contribute to 50% of that $60 billion or so that we expect to raise for the balance of the year. In addition to that, we've got a whole bunch of complimentary strategies that are we're also out with.We talked about bid in my remarks, the infrastructure debt fund. We got our structured equity fund. We got the Fidelity, the NAV lending business that we have in addition to a whole number of strategies. Those will contribute to about 15% of that number. We've got a bunch of also known co-investments.

因此，我們的期望只是那些已經存在的旗艦產品，我們正在與客戶進行實質性對話，取得很多良好進展並得到客戶的積極歡迎。僅這些就占我們預計今年剩餘時間籌集的 600 億美元左右的 50%。除此之外，我們還有一大堆免費的策略，我們也已經推出了。我們在我的講話中談到了基礎設施債務基金的出價。我們得到了結構性股票基金。除了大量策略之外，我們還擁有富達（Fidelity）資產淨值貸款業務。這些將佔該數字的 15% 左右。我們有很多眾所周知的聯合投資。

So, these are some of the transactions or most of the transactions that Connor alluded to in his remarks. Those are such sizable deals and what differentiates us is that we're able to do this a lot of times in partnership with some of our larger LPs. And we've got a lot of our significant co-investments that are already known that are we expect to close on in the next 6 months or so.

所以，這些是康納在講話中提到的一些交易或大部分交易。這些交易規模如此之大，而我們的與眾不同之處在於，我們能夠與一些較大的有限合夥人合作多次進行此類交易。我們有很多已知的重大聯合投資，預計將在未來 6 個月左右完成。

In addition to that, there's also insurance flows that we expect to get in outside of the AEL $50 billion acquisition. So that's the color I'd give. We've got about $60 billion to $65 billion. We feel like this line of sight to getting to that number by year-end is really good, and yes, we'll see it goes in the second half.

除此之外，我們還預計在 500 億美元收購 AEL 之外獲得保險資金。這就是我想要的顏色。我們有大約 600 億至 650 億美元。我們覺得到年底達到這個數字的前景非常好，是的，我們會在下半年看到這一點。

And, sorry, just before I ask my second question, Bahir, just to confirm, you were saying about 50% of that remainder amount would come from the flagship funds?

而且，抱歉，就在我問第二個問題之前，Bahir，只是為了確認一下，您說剩餘金額的 50% 左右將來自旗艦基金？

That's right, 50% of that delta to get to a $100 billion.

沒錯，50% 的增量將達到 1000 億美元。

And then my second question is, I know, it's early days on fundraising for BSREP 5, but just wondering if you're able to summarize at least the nature of the conversations and feedback and interest that you've had from LPs? And any sort of in insights you can share in terms of on asset mix, if that's might change much versus Fund 4?

然後我的第二個問題是，我知道，現在是 BSREP 5 籌款的早期階段，但只是想知道您是否能夠至少總結一下您從 LP 那裡獲得的對話、反饋和興趣的性質？您可以分享有關資產組合的任何見解嗎？與基金 4 相比，這可能會發生很大變化嗎？

Certainly, and thanks Geoff. What we would say there is a comment we've made before that is perhaps more true today than it was 3 months ago, which is, real estate is absolutely not going anywhere as a sector. And increasingly in this environment, this has the potential to be one of the best vintages for our opportunistic real estate strategy, just given the uncertainty in real estate markets.

當然可以，謝謝杰夫。我們之前說過，今天可能比三個月前更真實，那就是房地產作為一個行業絕對不會有任何發展。在這種環境下，考慮到房地產市場的不確定性，今年有可能成為我們機會主義房地產策略的最佳年份之一。

And what I would say kind of piggybacks on what Bruce mentioned in his prepared remarks, which is, underlying fundamentals are actually quite strong across almost all major real estate asset classes. What there is simply a shortage out is capital, and this is one of the key things that our large scale fund strategy can provide. So the overarching message has certainly been that this is the perfect time for opportunistic real estate. And what I would say is the adoption of that view is happening very, very rapidly in the current market. People were sensing that at the beginning part of the year, but anyone that didn't have that view is quickly coming on side, and we're seeing that in the momentum around fundraising.

我想說的是布魯斯在他準備好的講話中提到的內容，即幾乎所有主要房地產資產類別的基本面實際上都相當強勁。缺的只是資金，而這是我們大規模基金策略所能提供的關鍵之一。因此，最重要的信息肯定是，現在是機會主義房地產的最佳時機。我想說的是，這種觀點的採用在當前市場上正在非常非常迅速地發生。人們在今年年初就意識到了這一點，但任何沒有這種觀點的人很快就會站在一邊，我們在籌款的勢頭中看到了這一點。

Our next question comes from the line of Mario Saric with Scotia Bank.

我們的下一個問題來自豐業銀行的馬里奧·薩里奇。

Just a -- I wanted to talk about kind of the broader industry, and there have been some articles about fee pressure or discounting taking place despite kind of face rates on funds remaining intact. So I kind of longer fee holiday periods, larger co-investment rights, et cetera. Are you seeing any of that in your flagship fundraising today? And perhaps which kind of type of product are you seeing the least amount of pressure versus where you're seeing a bit of pressure?

只是——我想談談更廣泛的行業，儘管基金的面值率保持不變，但還是有一些關於費用壓力或折扣的文章。所以我有點更長的收費假期、更大的共同投資權等等。您在今天的旗艦籌款活動中看到了這些嗎？或許哪種類型的產品您感受到的壓力最小，而哪種類型的產品您感受到的壓力較小？

Thanks, Mario. To put it bluntly, no, I think scaled managers with strong performance, strong track record leadership positions. Those aren't the ones feeling the pressure. And I think we're quite fortunate to have leading platforms across all our core asset classes. I candidly, I expect where that narrative is coming from is smaller or less scaled managers who are doing what they need to, to break into the space.

謝謝，馬里奧。坦率地說，不，我認為規模化的管理者俱有出色的業績和良好的領導職位記錄。這些人並不是感受到壓力的人。我認為我們非常幸運能夠在所有核心資產類別中擁有領先的平台。坦率地說，我預計這種說法來自規模較小或規模較小的管理者，他們正在做他們需要做的事情，闖入這個領域。

Maybe just to add one more comment on that is, one of the things that we are able to do with our largest clients is not only pursue the largest investments in the fund, but work with those clients to come in as co-underwriters or co-investors on large transactions. And that is really a unique thing that we are able to offer to our largest institutional partners around the world. And that really, I think helps, insulate us from, maybe some of the fee pressure that other managers might be feeling.

也許只是想再補充一點，那就是，我們能夠與我們最大的客戶做的一件事不僅是追求基金中最大的投資，而且與這些客戶合作，作為聯合承銷商或共同承銷商。 - 進行大額交易的投資者。這確實是我們能夠為全球最大的機構合作夥伴提供的獨特服務。我認為這確實有助於使我們免受其他經理可能感受到的一些費用壓力。

And maybe a quick follow-up before I ask my second question, Connor, where would you rank the absolute fee rate or the base fee rate? Like where would that rank as a factor amongst your LPs in their decision making process with respect to the fund managers that choose?

在我問第二個問題之前，也許可以快速跟進一下，康納，您將絕對費率或基本費率排名在哪裡？例如，在您的有限合夥人在選擇基金經理的決策過程中，這一因素的排名如何？

Certainly, it's a good question, Mario, and I maybe answer it differently. When we have our -- we haven't adjusted our fee schedules on our flagship products, certainly not in recent years. I would say they've been consistent over a number of vintages now. And really when people are, when we're engaging with both existing partners and potential new partners in our fund, the question isn't about fee rates, it's about performance. How are you differentiated and what can you offer me as a manager? Things like co-write, co-invest, sharing of knowledge. And we would like to think we differentiate ourselves on those things. So, we don't need to compete on fees. I would say our fee schedules are consistent and both ourselves and our partners focus on the other criteria first and foremost.

當然，這是一個很好的問題，馬里奧，我可能會以不同的方式回答它。當我們擁有我們的產品時，我們還沒有調整我們旗艦產品的收費表，尤其是近年來。我想說的是，它們在許多年份中都保持一致。事實上，當人們與我們基金中現有的合作夥伴和潛在的新合作夥伴接觸時，問題不在於費率，而在於績效。作為一名經理，你如何與眾不同？你能為我提供什麼？比如共同寫作、共同投資、分享知識。我們認為我們在這些事情上與眾不同。所以，我們不需要在費用上競爭。我想說的是，我們的費用表是一致的，我們自己和我們的合作夥伴都首先關注其他標準。

And my second question, just coming back to the discussion on real estate and perhaps seeing the best opportunity that you've seen going back to the GFC, but it has been in real estate for a very long time? And Connor, you mentioned that the mindset for LP investors is starting to shift today in terms of concerns or evaluation kind of outlook to allocating capital in search of value. Like how long does that mindset shift typically take? Is it 6 months? Is it closer to 2 years? And like where in that cycle would you say the LP mindset is today?

我的第二個問題，回到關於房地產的討論，也許看到了您在全球金融危機時期看到的最佳機會，但它已經在房地產領域存在了很長時間？康納，您提到，有限合夥投資者的心態今天開始轉變，從擔憂或評估前景的角度來分配資本以尋求價值。比如這種心態轉變通常需要多長時間？是6個月嗎？是不是已經接近2年了？您認為現在的 LP 心態處於那個週期的哪個階段？

I'd say the following. Firstly just to reiterate what Connor just said, 80% of properties of the real estate space, which is a lot, have fundamentals that are really good. So, the issue in real estate largely isn't fundamentals. Fundamentals are actually really good in a lot of things. There are some things they're not, probably 20% of it on the fundamental side, I would say traditional not premium office or office in some cities is not so good, bad retail is not so good.

我想說以下幾點。首先重申康納剛才所說的，房地產領域 80% 的房產（數量很多）的基本面非常好。因此，房地產問題很大程度上不是基本面問題。實際上，在很多事情上，基礎知識都非常好。有些東西不是，大概有20%是基本面，我想說傳統的非高檔寫字樓或某些城市的寫字樓不太好，零售不好也不太好。

So there is real estate that doesn't have good fundamentals, but 80% of it does have good fundamentals. Really what the situation today is that the financing structures given the increase in interest rates, if people were ill prepared or unlucky with financing structures that is where the opportunity is going to come. And I think you're just seeing funding markets opening in both buyout and in real estate, and that's cracking open again.And you will start to see both on the buyout side, loans over the next 2, 3 years. Either people won't be able to pay their interest in buyouts or they won't be able to pay their interest on some real estate, therefore, the capital structures have to get fixed. And I would say that I don't know what the time period is, but over the next 12, 18 months, you're going to see some very significant or very interesting transactions happen by us or others, hopefully us.

所以有些房地產的基本面不好，但80%的房地產基本面確實不錯。事實上，今天的情況是，考慮到利率的上升，如果人們準備不足或對融資結構不走運，那麼融資結構就會出現機會。我認為你剛剛看到收購和房地產領域的融資市場都在開放，而且正在再次開放。你將開始看到未來 2、3 年的收購方面的貸款。人們要么無法支付收購的利息，要么無法支付某些房地產的利息，因此，資本結構必須得到修復。我想說，我不知道具體的時間段是多少，但在接下來的 12、18 個月裡，你將看到我們或其他人（希望是我們）發生一些非常重要或非常有趣的交易。

And then people will say, we hit the bottom of the market and the opportunity is now. And I think that's going to occur and the real importance of me saying upfront of 80% fundamentally as good is the greatest and easiest way to make money in either buying businesses or real estate is to buy great businesses with bad capital structures.

然後人們會說，我們已經觸底了市場，機會就在現在。”我認為這種情況將會發生，我說預先80% 基本上一樣好是最偉大、最簡單的方法，這才是真正重要的。通過購買企業或房地產來賺錢就是購買資本結構較差的偉大企業。

It's hard work buying tough assets and we working them. We do that too, but it's hard work. What's really lucrative is when you can buy great assets at discount prices just because they have bad capital structures. And I think we're going to see that both on the private equity side and in real estate over the next 18 months.

購買堅韌的資產並使用它們是一項艱苦的工作。我們也這樣做，但這是一項艱苦的工作。真正有利可圖的是，你可以以折扣價購買優質資產，因為它們的資本結構很差。我認為未來 18 個月我們將在私募股權和房地產領域看到這一點。

One clarification, if I may. Look the comment on BSREP 5 maybe being your best ever given a current environment, is that comment pertaining to the size of the fund or the potential returns, or both?

如果可以的話，我想澄清一下。看看 BSREP 5 上的評論可能是您在當前環境下最好的評論，該評論是否與基金規模或潛在回報有關，或兩者都有關？

Let's hope it's both.

我們希望兩者都是。

Our next question comes from the line of Kenneth Worthington with JP Morgan.

我們的下一個問題來自肯尼思·沃辛頓與摩根大通的對話。

First with a numbers question, it seems like the pace of deployment across your asset classes continues to be quite solid. If we look at the most recent vintages -- sorry, most recent vintage of your flagship funds, can you share with us the percentage of capital invested for the 4 flagships being BIF 5, the transition fund, BCP 6, and BSREP 4?

首先是一個數字問題，跨資產類別的部署速度似乎仍然相當穩定。如果我們看一下最近的年份——抱歉，您的旗艦基金的最近年份，您能否與我們分享一下 BIF 5、過渡基金、BCP 6 和 BSREP 4 這 4 個旗艦基金的投資資本百分比？

Sure. So, we'll run through these quickly. On BCP 5, we are more than 50% deployed. And the pace there continues to benefit from very strong themes, particularly across digitization. On BGTF, we are over 85% deployed or committed, and that is why we are out in the market on BGTF 2. On BCP, we are more than 70% deployed in BCP 5. And in BCP 6, we have 3 investments to-date. So, I would say that one's a little bit more modest, maybe 20% to 30%. And the last one BSREP 6, we do not yet have deployment in that fund.

當然。因此，我們將快速瀏覽這些內容。在 BCP 5 上，我們的部署率超過 50%。那裡的步伐繼續受益於非常強大的主題，特別是在數字化領域。在BGTF 上，我們的部署或承諾率超過85%，這就是我們在BGTF 2 上退出市場的原因。在BCP 上，我們在BCP 5 上的部署超過70%。在BCP 6 中，我們有3 項投資-日期。所以，我想說的是稍微溫和一些，也許20%到30%。最後一個 BSREP 6，我們尚未在該基金中進行部署。

And then maybe following up on Alex's margin question, Brookfield reach goal is to triple insurance assets following the completion of AEL. Given your and Oaktree's existing resources and investments, what is the current capacity to manage another $150 billion to $200 billion through IMAs funds and separate accounts sort of getting to the insurance company's goals here? And maybe asked another way, are the incremental insurance investment dollars coming in to be managed by BAM, particularly high margin given the comments of the investments that you've been making?

然後，也許是繼 Alex 的保證金問題之後，Brookfield 的目標是在 AEL 完成後將保險資產增加兩倍。鑑於您和橡樹資本現有的資源和投資，目前通過 IMA 基金和獨立賬戶管理另外 1500 億至 2000 億美元的能力有多大，以實現保險公司的目標？也許換一種方式問，增量保險投資資金是否由 BAM 管理，考慮到您一直在進行的投資的評論，利潤率特別高？

Certainly, so, what we would say is, and it does kind of pair with what Bahir had mentioned before about investments into our platform, similar to how we've enhanced the investment team and enhanced the fundraising team. We've equally deployed significant capital and resources into enhancing the insurance capabilities within the firm.

當然，我們要說的是，這確實與巴希爾之前提到的有關我們平台投資的內容相吻合，類似於我們增強投資團隊和增強籌款團隊的方式。我們同樣投入了大量的資本和資源來增強公司內部的保險能力。

Obviously, if we continue to expand very dramatically as we have in the past, we will continue to scale those capabilities as well, but I would say we're very well positioned to manage what we've taken on to date. And if we do see greater opportunities to expand the platform going forward, it would be incremental growth in line with additional capital we've taken on.

顯然，如果我們繼續像過去那樣大幅擴張，我們也將繼續擴大這些能力，但我想說，我們已經做好了充分的準備來管理我們迄今為止所承擔的工作。如果我們確實看到了未來擴展該平台的更多機會，那麼這將是與我們所承擔的額外資本相一致的增量增長。

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

我們的下一個問題來自德意志銀行的布萊恩·比德爾 (Brian Bedell)。

Maybe just a 2 parter on the transition fund. Just first on the timing of number 2. Are there any incentives for the LPs to get into that first close or does it make sense that maybe some would push out to next year? And what kind of portion of a typical fundraise would you see in that first close, I know the first one was very, was very good in its first close given they were, they got some incentives to sign up for a first time fund? And then on transition debt financing, obviously that's becoming another very important asset class within transition. And just, I guess, what's the appetite to launch a dedicated transition debt fund like you have for the infra debt?

也許只是過渡基金的兩個合夥人。首先是關於第二點的時間安排。是否有任何激勵措施可以激勵有限合夥人進入首次交割階段，或者有些人可能會推遲到明年？在第一次收盤中，你會看到典型籌款的哪一部分，我知道第一個在第一次收盤時非常非常好，因為他們有一些激勵來註冊首次基金？然後在轉型債務融資方面，顯然這正在成為轉型中另一個非常重要的資產類別。我想，像你們這樣的基礎設施債務基金，有什麼興趣推出專門的過渡債務基金呢？

Perfect. So, 2 comments, I would say with all of our flagships, it's very typical to off for a first close discount and transition as one of our largest funds is no different than any of our other flagships. And what I would say about our transition fundraising is when we launched b BGTF 1, there was a very significant amount of education in the market at the time given it was a new strategy and a relatively new asset class. I would expect BGTF 2 to have a fundraising that looks very similar to most of our flagships that we do across all of our verticals.

完美的。因此，我想說的是，對於我們所有的旗艦產品，有兩條評論，這是非常典型的第一次關閉折扣和過渡，因為我們最大的基金之一與我們任何其他旗艦產品沒有什麼不同。關於我們的轉型籌資，我想說的是，當我們推出 b BGTF 1 時，當時市場上有大量的教育，因為它是一種新策略和相對較新的資產類別。我預計 BGTF 2 的籌款活動與我們在所有垂直領域所做的大多數旗艦項目非常相似。

The second question you asked very topical, and what I would say is when people think about transition lending. You can largely put it in 2 buckets. 1 is senior or high quality lending to proven large scale decarbonization asset classes like renewables. And we do that through bid today and obviously there's tremendous demand for that product. Bid has already closed $4 billion for its current fundraise versus a previous vintage of 2.7. So that's very representative of the scale that we are seeing.

你問的第二個問題非常熱門，我想說的是當人們考慮過渡貸款時。你基本上可以把它放在2個桶裡。 1 是針對可再生能源等經過驗證的大規模脫碳資產類別的高級或高質量貸款。我們今天通過投標來做到這一點，顯然對該產品有巨大的需求。 Bid 目前的籌款額已達到 40 億美元，而之前的籌款額為 2.7 美元。這非常符合我們所看到的規模。

In terms of new decarbonization asset classes that are looking to scale, that are perhaps less proven their commercial constructs or less mature or less robust. Those don't necessarily lend themselves to direct credit lending. It often is more of a structured type solution and would fit things like our BSI or BSS strategies. So, we certainly have all those opportunities covered with our leading transition franchise. We're seeing those opportunities. The vast majority of them will continue to do through bid as we have in the past, and that's why we're seeing that fund scale and size very materially.

就尋求規模化的新脫碳資產類別而言，它們的商業結構可能尚未得到證實，或者不太成熟或不太穩健。這些不一定適合直接信貸。它通常更像是一種結構化類型的解決方案，並且適合我們的 BSI 或 BSS 策略等內容。因此，我們領先的轉型專營權當然擁有所有這些機會。我們正在看到這些機會。他們中的絕大多數將繼續像我們過去那樣通過投標來進行，這就是為什麼我們看到基金規模和規模非常重大。

And then just housekeeping one on the $40 billion of assets that are not currently earning fees projected to earn about $400 million annually when deployed or when it moves into fee-bearing capital, do you have a sense of timing of that $40 billion moving into the fee-bearing stream?

然後，僅管理400 億美元資產中的一項，這些資產目前尚未賺取費用，預計部署後或轉入收費資本時每年可賺取約4 億美元，您是否知道這400 億美元轉入付費資本的時機？付費流？

2 years time.

2年時間。

Thank you. I would now like to hand the call back over to managing partner, Suzanne Fleming, for closing remarks.

謝謝。現在，我想將電話轉回管理合夥人蘇珊·弗萊明 (Suzanne Fleming)，由其致閉幕詞。

Thank you, operator. And before we end the call, I want to mention that we look forward to seeing many of you at our Investor Day, which will be held in on September 12th in New York.

謝謝你，接線員。在結束通話之前，我想提一下，我們期待在 9 月 12 日於紐約舉行的投資者日見到你們中的許多人。

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

這樣，我們就結束通話了。感謝您加入我們。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。