BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2023 Q3 法說會逐字稿

Hello, and welcome to Brookfield Asset Management's Third Quarter 2023 Conference Call and Webcast. (Operator Instructions) I would now like to hand the conference call over to our first speaker, Mr. Jason Fooks, Senior Vice President, Investor Relations. Please go ahead.

您好，歡迎參加布魯克菲爾德資產管理公司 2023 年第三季電話會議和網路廣播。 （操作員指示）我現在想將電話會議交給我們的第一位發言人，投資者關係高級副總裁 Jason Fooks 先生。請繼續。

Thank you for joining us today for Brookfield Asset Management's earnings call. On the call today, we have Bruce Flatt, our Chief Executive Officer; Connor Teskey, our President; and Bahir Manios, our Chief Financial Officer. Bruce will start the call today with opening remarks followed by Connor, who will talk about our private credit platform. 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. If you have additional questions, please rejoin the queue, and we'll be happy to take additional questions as time permits.

感謝您今天參加布魯克菲爾德資產管理公司的財報電話會議。今天的電話會議有我們的執行長布魯斯弗拉特 (Bruce Flatt) 主持。康納‧特斯基，我們的總裁；以及我們的財務長巴赫‧馬尼奧斯 (Bahir Manios)。布魯斯將在今天的電話會議上致開幕詞，隨後康納將談論我們的私人信貸平台。最後，巴希爾將討論我們的財務和營運表現。在我們提出正式意見後，我們會將電話轉給接線生並回答分析師的問題。為了滿足所有想要提問的人的需求，我們要求您不要一次提出 2 個以上的問題。如果您還有其他問題，請重新加入隊列，我們很樂意在時間允許的情況下回答其他問題。

 

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Before we begin, 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, excluding the forward-looking statements within the meaning of applicable Canadian and U.S. securities law. 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 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.

在我們開始之前，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，但不包括以下含義內的前瞻性陳述：適用的加拿大和美國證券法。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，未來事件的結果可能與此類聲明有重大差異。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。

 

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And with that, I'd like to turn the call over to Bruce.

說到這裡，我想把電話轉給布魯斯。

Thank you, Jason, and welcome, everyone, on the call. Our results were strong in the third quarter, and our capital-raising momentum is building. Our fee-related earnings grew to $565 million and distributable earnings to $568 million, each representing a year-over-year growth of 8%. The resiliency of our results in the current macroeconomic environment demonstrates the quality and diversity of our cash flow streams. This durability stems in large part from the fact that 86% of our capital is long-term or perpetual in nature, driving the overwhelming majority of our fee-related earnings. Today, essentially, all of our distributable earnings come from these highly predictable fee-related earnings. Earnings stability is further bolstered by our ability to raise capital from institutional investors around the world and invested across our 5 diversified businesses that represent essential and growing parts of the global economy.

謝謝傑森，歡迎大家來電。我們第三季的業績強勁，融資動能正在增強。我們的費用相關收入成長至 5.65 億美元，可分配收入成長至 5.68 億美元，均較去年同期成長 8%。我們的業績在當前宏觀經濟環境下的彈性證明了我們現金流的品質和多樣性。這種持久性在很大程度上源於這樣一個事實：我們 86% 的資本本質上是長期或永久的，這推動了我們絕大多數與費用相關的收入。今天，基本上，我們所有的可分配收入都來自這些高度可預測的與費用相關的收入。我們能夠從世界各地的機構投資者籌集資金，並投資於代表全球經濟重要且不斷增長的部分的 5 項多元化業務，這進一步增強了盈利穩定性。

 

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Turning to overall markets. Central banks have made significant progress in lowering headline information while trying to navigate a soft landing for the economies. Market participants increasingly believe the current rate hiking cycle has crested. And while the move in rates has been historically sharp, the absolute level of interest rates is still relatively low as compared to historic levels and at a level where we have operated and grown successfully for many years. And for what we do does not impact the success of our business. On the contrary, the advantages we derive from the broader Brookfield ecosystem allow us to invest across all market cycles and in all economic environments. When markets are more uncertain, businesses must differentiate themselves by providing attractive returns, and investors like us who have capital put to work and that can underwrite with conviction, find better opportunities than in most other markets.

轉向整體市場。各國央行在減少整體資訊方面取得了重大進展，同時努力推動經濟軟著陸。市場參與者越來越相信當前的升息週期已經達到高峰。儘管利率變動歷來大幅，但與歷史水準以及我們多年來成功營運和成長的水準相比，利率的絕對水準仍然相對較低。我們所做的事情不會影響我們業務的成功。相反，我們從更廣泛的布魯克菲爾德生態系統​​中獲得的優勢使我們能夠在所有市場週期和所有經濟環境中進行投資。當市場更加不確定時，企業必須透過提供有吸引力的回報來使自己脫穎而出，而像我們這樣擁有資本並能夠堅定承保的投資者，會比大多數其他市場找到更好的機會。

 

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There has been no shortage of uncertainty and volatility this year, but we have continued to execute. We have committed to over $50 billion of new investments at very attractive value entry points, while also being very active on the monetization front, selling some of our derisk and mature assets. We currently have over $100 billion of dry powder from uncalled fund commitments to invest into attractive opportunities across the business. Our fee-bearing capital stood at $440 billion at the end of the quarter and assets under management are now $865 billion. This scale partnered with the interconnectivity of our businesses enables us to spot trends early, source proprietary deal opportunities underwrite with accuracy, drive better operations and have best-in-class access to capital. At the same time, we continue to drive fundraising with inflows of $61 billion year-to-date, including $26 billion in the third quarter, which represents our strongest fundraising quarter for the year. This sets us up nicely for what we expect to be a strong next few months towards our $150 billion capital raising target. We expect to hold several meaningful fund closes and anticipate completing our contract to manage the assets of AEL within the coming months.

今年不乏不確定性和波動性，但我們仍在繼續執行。我們承諾在極具吸引力的價值切入點進行超過 500 億美元的新投資，同時在貨幣化方面也非常活躍，出售我們的一些去風險資產和成熟資產。目前，我們有超過 1000 億美元的未兌現資金承諾用於投資整個業務中有吸引力的機會。截至本季末，我們的收費資本為 4,400 億美元，管理資產目前為 8,650 億美元。這種規模與我們業務的互聯性相結合，使我們能夠及早發現趨勢、準確地尋找專有交易機會、推動更好的營運並擁有一流的資本獲取管道。同時，我們繼續推動籌款活動，今年迄今資金流入達 610 億美元，其中第三季的資金流入為 260 億美元，這是我們今年最強勁的籌款季度。這為我們在未來幾個月實現 1500 億美元融資目標奠定了良好的基礎。我們預計將進行幾次有意義的基金交割，並預計在未來幾個月內完成管理 AEL 資產的合約。

 

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We are fortunate that the businesses in which we have a leadership position remain very much in favor with global investors. In fact, our latest flagship infrastructure fund, our infrastructure debt fund and our transition energy fund should represent the largest funds ever raised by any sponsor for each of these respective strategies. We are also very pleased that the sixth vintage of our flagship private equity strategy held its final close at $12 billion, making it the largest private equity strategy that we have ever raised. At the same time, we are raising significant capital across a number of private credit funds, seeing strong interest for our flagship real estate fund as opportunities are starting to surface in real estate. Our strong fundraising success this year should lead to strong revenue growth next year. And at the same time, direct cost growth should slow as much of the necessary investments have been made in the platforms we have. The combination of faster revenue growth and slower expense growth should mean next year should be a very strong year for EPR and DE growth. Our ability to succeed at this time, in part due to our businesses being positioned around 3 global trends that we've talked about before, decarbonization, deglobalization and digitalization is very important.

我們很幸運，我們處於領先地位的業務仍然受到全球投資者的青睞。事實上，我們最新的旗艦基礎設施基金、我們的基礎設施債務基金和我們的轉型能源基金應該是任何發起人為這些各自策略籌集的最大資金。我們也非常高興的是，我們第六期旗艦私募股權策略的最終收盤價為 120 億美元，使其成為我們迄今為止籌集的最大的私募股權策略。同時，我們正在透過一些私人信貸基金籌集大量資金，隨著房地產領域的機會開始浮現，人們對我們的旗艦房地產基金產生了濃厚的興趣。我們今年的募款活動取得了巨大成功，應該會帶來明年收入的強勁成長。同時，直接成本成長應該會放緩，因為我們已經在我們擁有的平台上進行了大部分必要的投資。較快的收入成長和較慢的費用成長相結合，意味著明年 EPR 和 DE 成長將非常強勁。我們此時能夠取得成功，部分原因在於我們的業務圍繞著我們之前討論過的三個全球趨勢進行定位，脫碳、去全球化和數位化非常重要。

 

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Decarbonization is at the heart of global initiatives to reach a net 0 carbon economy. Of course, this work is taking place within our renewable power and transition businesses. The decarbonization goes beyond just cleaning our energy sources. We are also leveraging our expertise to actively reduce the carbon footprint of virtually every asset that Brookfield owns globally. Notably, some of our most ambitious decarbonization efforts are rooted within our infrastructure and our private equity businesses. Within deglobalization, international supply chains have started to decentralize and are turning to more regional-focused operations. We have the global footprint, expertise, relationships and operational boots on the ground to understand local requirements and meet these logistical challenges wherever they may be. We have capabilities to meet supply chain needs from ports, toll roads, rails, logistical facilities and now with the recent acquisition of Triton, we're also now the largest owner and lesser of intermodal shipping containers to move these goods globally.

脫碳是實現淨零碳經濟的全球措施的核心。當然，這項工作正在我們的再生能源和轉型業務中進行。脫碳不僅僅是清潔我們的能源。我們也利用我們的專業知識積極減少布魯克菲爾德在全球擁有的幾乎每項資產的碳足跡。值得注意的是，我們一些最雄心勃勃的脫碳努力植根於我們的基礎設施和私募股權業務。在去全球化的背景下，國際供應鏈已開始分散，並轉向更以區域為中心的營運。我們擁有全球足跡、專業知識、關係和實地營運靴子，可以了解當地需求並應對這些物流挑戰，無論它們身在何處。我們有能力滿足港口、收費公路、鐵路、物流設施的供應鏈需求，隨著最近收購Triton，我們現在也成為在全球範圍內運輸這些貨物的最大的多式聯運貨櫃所有者和較小的所有者。

 

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And last, there is a very large need for significant investment in digital infrastructure around the world. Said very simply, this is what is behind your phone. Data is the fastest-growing commodity. And like any commodity, it needs to be processed, transported and stored. AI is also starting to have a dramatic impact on usage of data centers and power and is only at its infancy. We are creating end-to-end capabilities from data tower transmission, fiber and data center storage. The need to satisfy these 3 investment areas will inevitably require many trillions of capital investments. This should serve as a tailwind for our businesses for years to come. All of this is alongside the growing opportunity we see in private credit; which Connor will speak to shortly. These combined items are what allow us to confidently state our 5-year targets of doubling distributable earnings of $5 billion and growing our fee-bearing capital to over $1 trillion.

最後，全世界都非常需要對數位基礎設施進行大量投資。很簡單地說，這就是你手機背後的東西。數據是成長最快的商品。與任何商品一樣，它需要加工、運輸和儲存。人工智慧也開始對資料中心和電力的使用產生巨大影響，但目前還處於起步階段。我們正在從資料塔傳輸、光纖和資料中心儲存創建端到端功能。要滿足這三個投資領域的需要，必然需要數兆的資本投資。這應該成為我們未來幾年業務的順風車。所有這些都伴隨著我們在私人信貸中看到的不斷增長的機會；康納很快就會與他交談。這些綜合項目使我們能夠自信地宣布我們的 5 年目標，即將可分配收益翻一番，達到 50 億美元，並將我們的收費資本增加到超過 1 兆美元。

 

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

感謝您對布魯克菲爾德資產管理公司的持續支持與關注。這樣，我就把電話轉給康納。

Thank you, Bruce, and good morning, everyone. We wanted to take some time today to spotlight our private credit business and capabilities. While we've talked about our private credit before on both our conference calls and at our Investor Day, we continue to believe that it is an underappreciated part of our story. Today, we have a total of approximately $150 billion of fee-bearing capital in credit funds across all of our businesses. This includes credit strategies within infrastructure, real estate and private equity as well as credit strategies within our Oaktree and LCM platforms. Of this figure, $60 billion represents private credit in long-term funds, which excludes any of the liquid high-yield bond or credit strategies that Oaktree manages. In pro forma, the AEL transaction, that $60 billion figure will increase to $140 billion, inclusive of our insurance assets under management. Together, this makes us one of the largest private credit managers today and gives us distinct and meaningful advantages in this space. In the areas of infrastructure, renewable power, transition and real estate, we have a vast footprint and extensive experience and relationships, enabling us to source proprietary deal flow and have better insights when underwriting.

謝謝你，布魯斯，大家早安。我們今天想花一些時間來重點介紹我們的私人信貸業務和能力。雖然我們之前在電話會議和投資者日討論過我們的私人信貸，但我們仍然認為這是我們故事中未被充分重視的部分。如今，我們所有業務的信貸基金中的收費資本總額約為 1,500 億美元。這包括基礎設施、房地產和私募股權內的信貸策略以及橡樹資本和 LCM 平台內的信貸策略。其中，600 億美元代表長期基金中的私人信貸，其中不包括橡樹資本管理的任何流動性高收益債券或信貸策略。預計 AEL 交易中的 600 億美元數字將增加至 1,400 億美元，其中包括我們管理的保險資產。總而言之，這使我們成為當今最大的私人信貸管理公司之一，並為我們在這一領域提供了獨特且有意義的優勢。在基礎設施、再生能源、轉型和房地產領域，我們擁有廣闊的足跡、豐富的經驗和關係，使我們能夠獲取專有交易流，並在承保時擁有更好的洞察力。

 

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In addition, our partnership with Oaktree, the premier name in credit for over 30 years, gives us extremely valuable access to data and deal flow. We have been aggressively investing in our team and platform to ensure that we are well-positioned to take advantage of what is a secular change in the role of private credit broadly within the capital markets. To capture this opportunity, to capture the opportunity we see in private credit, we have bolstered our investment capabilities to support increased origination activity. We have expanded our geographic reach to game local intelligence, and we have launched new product strategies. We are seeing the benefits of this in our fundraising figures. Over 40% of the capital we have raised year-to-date has been from private credit and insurance. And looking ahead, we expect that credit and insurance will be the biggest contributors to our fee-bearing capital and our fee revenue growth over the next 5 years. In the current environment, our LPs are realizing that they can earn double-digit returns investing in credit. In fact, as credit risk-return profiles have become more attractive, we have seen traditional fixed-income investors increase allocations to private credit, and we've even attracted interest from investors that have historically focused on equity investments.

此外，我們與 30 多年來信貸領域的頂級品牌橡樹資本 (Oaktree) 的合作夥伴關係為我們提供了極其寶貴的數據和交易流訪問權限。我們一直在積極投資我們的團隊和平台，以確保我們能夠充分利用資本市場中私人信貸角色的長期變化。為了抓住這個機會，為了抓住我們在私人信貸中看到的機會，我們增強了投資能力，以支持增加的發起活動。我們擴大了地理覆蓋範圍，以博弈本地情報，並推出了新的產品策略。我們在募款數據中看到了這樣做的好處。今年迄今為止，我們籌集的資金中有 40% 以上來自私人信貸和保險。展望未來，我們預期信貸和保險將成為未來五年收費資本和收費收入成長的最大貢獻者。在當前環境下，我們的有限合夥人意識到他們可以透過信貸投資獲得兩位數的回報。事實上，隨著信用風險回報狀況變得更具吸引力，我們看到傳統的固定收益投資者增加了對私人信貸的配置，甚至吸引了歷來專注於股權投資的投資者的興趣。

 

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Turning to some of our platforms. Within infrastructure and renewable power, the pullback among traditional lenders is happening during a period of unprecedented capital need to build out renewables, data centers and fiber infrastructure capacity. Last week, we announced the closing of our third infrastructure debt strategy at $6 billion, making it more than twice as large as the predecessor fund and the largest infrastructure debt fund ever raised. A few others can operate at the scale, breadth and credibility we can within the broad investment scope of this fund. That means our capital has less competition, enabling us to generate attractive risk premiums while being highly selective and maintaining robust covenant protections. This fund is already 50% deployed as we've seen the cadence for deployment accelerate. Given this pace of deployment, we could be in a position to launch the next vintage as soon as next year.

轉向我們的一些平台。在基礎設施和再生能源領域，傳統貸款機構的撤資是在建立再生能源、資料中心和光纖基礎設施能力的前所未有的資本需求時期發生的。上週，我們宣布完成第三個基礎設施債務策略，規模為 60 億美元，是前基金的兩倍多，也是有史以來籌集的最大的基礎設施債務基金。其他一些公司可以在該基金廣泛的投資範圍內以我們所能達到的規模、廣度和可信度運作。這意味著我們的資本競爭較少，使我們能夠產生有吸引力的風險溢價，同時具有高度選擇性並維持強大的契約保護。該基金已經部署了 50%，我們看到部署節奏正在加快。鑑於這種部署速度，我們最快可以在明年推出下一個年份。

 

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Now turning to real estate. Within commercial real estate, securitization markets remained slow, though issuance has started to pick up in September and October. Nevertheless, the vast pools of commercial real estate loans that are maturing over the next 12 to 24 months will face a thinner pool of capital available for refinancing. Real estate investors who lack deep relationships with large institutional investors will be looking for solutions. Combined with the broader trends around the availability of traditional lenders, the deficit of liquidity will create a very attractive lending environment for sponsors with significant dry powder like us. We are not the only one -- we are not only one of the most experienced real estate investors in the world, but we also have one of the longest-running private debt platforms in commercial real estate as we have been providing credit solutions for more than 2 decades.

現在轉向房地產。在商業房地產領域，證券化市場仍然緩慢，儘管發行量在 9 月和 10 月開始回升。然而，未來 12 至 24 個月內到期的大量商業房地產貸款將面臨可用於再融資的資金池減少的情況。與大型機構投資者缺乏深厚關係的房地產投資者將尋求解決方案。結合傳統貸款機構可用性的更廣泛趨勢，流動性短缺將為像我們這樣擁有大量乾粉的贊助商創造一個非常有吸引力的貸款環境。我們不是唯一的——我們不僅是世界上最有經驗的房地產投資者之一，而且我們還擁有商業房地產領域運行時間最長的私人債務平台之一，因為我們一直在為更多的人提供信貸解決方案超過2個十年。

 

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Our next CRE mezzanine debt fund, which will be our seventh vintage, should be larger than the sixth, which was $4 billion. But our ability to put capital to work at scale far exceeds the size of this fund. This year, we committed to a $1 billion loan sold off the senior mortgage retained a portion of the mezz and utilized our strong relationships to manage the rest on behalf of co-investors. This is only the start of where this and our other lending businesses are heading as a one-stop shop for credit. And lastly, turning to Oaktree and LCM. Within our corporate lending and opportunistic debt strategies, the magnitude, quality and breadth of deployment opportunities are approaching past periods like those immediately following the GSC and the start of the coronavirus pandemic. We expect this trend to continue as rates remain elevated from where they were. We have raised $23 billion at Oaktree this year and are seeing strong demand for both the flagship opportunity fund and also their inaugural lending partners fund, which focuses on large-scale direct origination. 5 matters and the ability to provide sizable capital solutions, particularly where complexity is high, favors investors like us and Oaktree, and we continue to see this across a wide set of opportunities.

我們的下一個 CRE 夾層債務基金將是我們的第七個年份，規模應該比第六個基金更大，後者的規模為 40 億美元。但我們大規模投入資金的能力遠遠超過了這檔基金的規模。今年，我們承諾出售 10 億美元貸款，出售高級抵押貸款，保留部分中間層，並利用我們強大的關係代表共同投資者管理其餘部分。這只是我們的其他貸款業務作為一站式信貸服務的開始。最後，轉向橡樹資本 (Oaktree) 和 LCM。在我們的企業貸款和機會主義債務策略中，部署機會的規模、品質和廣度正在接近過去的時期，例如 GSC 和冠狀病毒大流行開始後的時期。我們預計這種趨勢將持續下去，因為利率仍高於原來水準。今年，我們在橡樹資本籌集了 230 億美元，並且看到對旗艦機會基金及其第一個專注於大規模直接發起的貸款合作夥伴基金的強勁需求。 5 事項以及提供大規模資本解決方案的能力（尤其是在複雜性較高的情況下）有利於像我們和橡樹資本這樣的投資者，並且我們將繼續在廣泛的機會中看到這一點。

 

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Within private assets, Oaktree's opportunistic pipeline is approximately $8 billion and the performing pipeline is approximately double that. At the same time, at LCM, our European consumer lending business, our latest $4 billion flagship credit opportunity fund has earned over 15% returns this year, and it should also be a record year for deployment. The team is preparing to launch the next vintage of the fund in the latter half of next year and our initial estimate is expected to be meaningfully larger than the current vintage. LCM's specialty finance strategy is also seeing strong demand, and the team has plans to launch a number of complementary credit strategies over the next 12 to 18 months. We will conclude by saying that we are already one of the largest private credit investors today. And we have several powerful engines that will propel and accelerate this part of the business over the next 5 to 10 years. The platform we have developed, combined with a significant pool of fresh capital to put to work are significant advantages. Our team has never been broader, and our capabilities never bigger. We expect to organically grow our credit platform fee-bearing capital by more than $150 billion to $300 billion over the next 5 years. In addition, we expect to grow our Insurance Solutions business by $200 billion over the same period, and we will direct a large part of that capital into private credit funds, further expanding our capabilities.

在私人資產中，橡樹資本的機會主義管道約為 80 億美元，而績效管道約為該數字的兩倍。同時，在我們的歐洲消費貸款業務LCM，我們最新的40億美元旗艦信貸機會基金今年獲得了超過15%的回報，這也應該是部署創紀錄的一年。該團隊正準備在明年下半年推出基金的下一個年份，我們的初步估計預計將明顯大於當前年份。 LCM 的專業金融策略也看到了強勁的需求，團隊計劃在未來 12 至 18 個月內推出一系列補充信貸策略。最後我們要說的是，我們已經是當今最大的私人信貸投資者之一。我們擁有多個強大的引擎，將在未來 5 到 10 年內推動和加速這部分業務的發展。我們開發的平台加上大量可投入使用的新資本是顯著的優勢。我們的團隊從未如此廣泛，我們的能力也從未如此強大。我們預計未來 5 年內我們的信貸平台收費資本將有機成長超過 1500 億美元至 3000 億美元。此外，我們預計同期保險解決方案業務將成長 2,000 億美元，並且我們將把大部分資本投入私人信貸基金，進一步擴大我們的能力。

 

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With that, let us turn it over to Bahir to discuss our financial results.

接下來，讓我們將其交給巴希爾討論我們的財務表現。

Great. Thank you, Connor, and good morning. I'll start off by covering our quarterly financial performance, touch on our continued strong fundraising efforts and then wrap up with some quick remarks on our financial position. Let me first cover off our financial performance in the third quarter. We reported fee-related earnings, or FRE, of $565 million in the quarter or $0.35 per share, which brings our FRE to $2.2 billion for the last 12 months, representing growth of 13% over the prior 12-month period. Our distributable earnings, or DE for the quarter was $568 million or $0.35 per share. This brings our DE also to $2.2 billion for the last 12 months and represents a 12% increase over the comparative period once you exclude the impact of performance fees that were earned in the prior 12 months. Our results in the quarter benefited from capital raising done in the period, predominantly coming from our infrastructure, real estate and private equity flagship funds that contributed $23 million of incremental fee revenues in the quarter and increased fee revenues from our various credit strategies, where we're seeing opportunities to put capital to work at increasingly attractive risk-adjusted returns.

偉大的。謝謝你，康納，早安。我將首先介紹我們的季度財務業績，談談我們持續強勁的籌款工作，然後對我們的財務狀況進行一些簡短的評論。讓我先介紹一下我們第三季的財務表現。我們報告本季的費用相關收益 (FRE) 為 5.65 億美元，即每股 0.35 美元，這使我們過去 12 個月的 FRE 達到 22 億美元，比前 12 個月增長 13%。本季我們的可分配收益（DE）為 5.68 億美元，即每股 0.35 美元。這使得我們過去 12 個月的 DE 也達到 22 億美元，如果排除過去 12 個月賺取的績效費的影響，則比同期增長 12%。我們本季的業績受益於本季完成的融資，主要來自我們的基礎設施、房地產和私募股權旗艦基金，這些基金在本季度貢獻了2,300 萬美元的增量費用收入，並從我們的各種信貸策略中增加了費用收入，我們看到了利用資本獲得越來越有吸引力的風險調整回報的機會。

 

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In total, we deployed over $5 billion of capital during the period across a number of our credit strategies. Margins for the quarter were solid, coming in at 56%, which was in line with the previous 2 quarters of the year. Margins for the 12-month period were also in line with the prior year. Our results in the quarter were impacted by the market volatility that impacted the share prices of our publicly listed affiliates, Brookfield Infrastructure Partners and Brookfield Renewable Partners, both of which traded down in sympathy with the broader infrastructure, utility and renewable power sectors that traded lower recently in large part due to the perceived effect of interest rates on these securities and some discrete issues impacting certain market participants. While the Brookfield listed entities were not directly impacted by these issues, their share prices were lower.

在此期間，我們在多項信貸策略中總共部署了超過 50 億美元的資本。該季度的利潤率穩定，為 56%，與今年前兩個季度持平。 12 個月期間的利潤率也與去年持平。我們本季的業績受到市場波動的影響，市場波動影響了我們公開上市的附屬公司布魯克菲爾德基礎設施合作夥伴公司和布魯克菲爾德再生能源合作夥伴公司的股價，這兩家公司的股價隨著更廣泛的基礎設施、公用事業和再生能源產業的下跌而下跌。最近，很大程度上是由於利率對這些證券的影響以及影響某些市場參與者的一些離散問題。雖然布魯克菲爾德上市實體並沒有直接受到這些問題的影響，但它們的股價較低。

 

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In order to align our interest with our shareholders, we charge our listed entities and management fee based on their market capitalization. And as such, total fees charged to those entities were lower in the period. We have strong conviction about the business prospects of both BIP and BEP. These are exceptional businesses that have very strong underlying business fundamentals, solid balance sheets, excellent multi-decade track records of growing cash flows and dividends and both have attractive and achievable FFO and distribution growth targets. Both companies gave very strong guidance at their respective Investor Days in September and announced robust earnings this past week. We believe both companies' recent share prices will ultimately rebound as they continue to execute on their business plans.

為了使我們與股東的利益保持一致，我們根據上市實體的市值收取其管理費。因此，在此期間向這些實體收取的總費用較低。我們對 BIP 和 BEP 的商業前景充滿信心。這些都是傑出的企業，擁有非常強勁的基本業務基礎、穩健的資產負債表、數十年來不斷增長的現金流和股息的出色記錄，並且都擁有有吸引力且可實現的FFO 和分銷增長目標。兩家公司在 9 月各自的投資者日上都給出了非常強有力的指導，並在上周宣布了強勁的盈利。我們相信，隨著兩家公司繼續執行其業務計劃，近期股價最終將反彈。

I'll now move on to speak about our fundraising efforts. As Bruce noted in his remarks, through the first 10 months of the year, we raised a total of $61 billion of capital, including $26 billion in the third quarter. Some of the highlights in the period include within our infrastructure business, we closed on $3 billion of capital for our fifth flagship fund, bringing the fund size to more than $27 billion, making this the largest infrastructure drawdown fund ever raised. We anticipate holding the final close for this fund before the end of the year. And once all is said and done, we expect to get to our hard cap of $28 billion. Based on the current size of the fund, we have committed or invested over 40% of this fund. Also within our infrastructure business, we held the final close for the third vintage of our infrastructure debt fund last week, raising $1.3 billion of capital since the beginning of the third quarter and bringing the total capital raise for the strategy to $6 billion. This is the largest infrastructure debt fund ever raised, and it's double our previous vintage fund size of $2.7 billion.

我現在將繼續談論我們的籌款工作。正如布魯斯在演講中指出的那樣，今年前 10 個月，我們總共籌集了 610 億美元的資金，其中第三季籌集了 260 億美元。這段時期的一些亮點包括在我們的基礎設施業務方面，我們為第五隻旗艦基金籌集了30 億美元的資金，使基金規模超過270 億美元，成為有史以來籌集的最大的基礎設施回撤基金。我們預計該基金將在年底前完成最終交割。一旦一切塵埃落定，我們預計將達到 280 億美元的硬上限。根據該基金目前的規模，我們已承諾或投資了該基金的40%以上。同樣在我們的基礎設施業務中，我們上週完成了基礎設施債務基金第三期的最終交割，自第三季初以來籌集了 13 億美元的資金，使該戰略的融資總額達到 60 億美元。這是有史以​​來募集的最大的基礎設施債務基金，也是我們之前 27 億美元規模的兩倍。

 

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Also worth noting here that we've already deployed 50% of the commitments to this fund. In private equity, we held the final close for our 6 opportunistic private equity fund of a little over $700 million in September, bringing the total strategy size to $12 billion. This vintage represents the largest private equity fund we've ever raised, which is a testament to our strong track record and long-standing investment approach focused on high-quality, cash-generative essential businesses. In real estate, we continue to see strong demand for our flagship fund in this current market environment, and we closed on an additional $2 billion in the quarter for the strategy. We continue to progress first close commitments and expect to finalize the first close for this vintage during the fourth quarter.

這裡也值得注意的是，我們已經向該基金部署了 50% 的承諾。在私募股權方面，我們在 9 月完成了 6 支機會型私募股權基金的最終交割，規模略高於 7 億美元，使總戰略規模達到 120 億美元。這一年份代表了我們有史以來籌集的最大的私募股權基金，這證明了我們良好的業績記錄和長期專注於高品質、能產生現金的基本業務的投資方法。在房地產領域，在當前的市場環境下，我們繼續看到對我們的旗艦基金的強勁需求，並且我們在本季度為該策略額外籌集了 20 億美元。我們將繼續推動首次交割承諾，並預計在第四季完成本年份的首次交割。

 

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Within our credit business, we raised a total of $11 billion in capital since the beginning of the third period for a number of key credit strategies. Most notably, we raised over $3 billion for the 12th vintage of our opportunistic credit fund, bringing the size of that fund to over $6 billion. On to our outlook, I'd like to make -- I'd like to provide a few observations. Over the next few months, we expect our momentum on the capital-raising front to pick up significantly as we work towards achieving our stated goal of raising close to $150 billion of capital before we announce our results for the fourth quarter of the year. And heading into 2024, this strong fundraising sets us up for strong earnings in 2024. We also expect our margins to expand and these 2 items combined sets us up very nicely to deliver an excellent year from an earnings and dividend growth perspective.

在我們的信貸業務中，自第三階段開始以來，我們為多項關鍵信貸策略籌集了總計 110 億美元的資本。最值得注意的是，我們為第 12 個機會主義信貸基金籌集了超過 30 億美元，使該基金的規模超過 60 億美元。關於我們的前景，我想提出一些看法。在接下來的幾個月裡，我們預計我們在融資方面的勢頭將顯著加快，因為我​​們將努力實現我們在宣布今年第四季業績之前籌集近 1500 億美元資本的既定目標。進入2024 年，這項強勁的融資活動將為我們在2024 年實現強勁的盈利奠定基礎。我們還預計我們的利潤率將會擴大，這兩項因素相結合，使我們能夠從盈利和股息增長的角度實現出色的一年。

 

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Before I wrap up my remarks, I'd like to make a few comments on our balance sheet. Our balance sheet is debt-free, and we currently hold close to $3 billion of net cash and equivalents. This fortress balance sheet is a source of strength for our business. And by using it selectively and effectively, we should be able to drive growth in our asset management activities over and beyond our stated goals. We may utilize our balance sheet to launch new fund strategies and business lines or to make a strategic acquisition to bolster our existing capabilities. And in light of our strong financial position, I'm pleased to report that the Board of Directors has declared a quarterly dividend of $0.32 per share payable on December 29, 2023, to the shareholders of record as of the close of business on November 30. 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?

在結束發言之前，我想對我們的資產負債表發表一些評論。我們的資產負債表沒有債務，目前持有近 30 億美元的淨現金及等價物。這個堡壘式的資產負債表是我們業務的力量來源。透過選擇性地、有效地使用它，我們應該能夠推動資產管理活動的成長，超越我們既定的目標。我們可以利用我們的資產負債表來推出新的基金策略和業務線，或進行策略性收購以增強我們現有的能力。鑑於我們強勁的財務狀況，我很高興地報告，董事會已宣佈於 2023 年 12 月 29 日向截至 11 月 30 日營業結束時在冊的股東派發每股 0.32 美元的季度股息. 今天上午我們準備好的發言就到此結束。感謝您參加此通話，我們現在將開放提問。操作員？

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

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

I was hoping you could start by giving us some color on what you're seeing in terms of consolidation amongst subscale alternative managers in this environment and whether that's something you continue to monitor with a view to possibly having an opportunity to round out your capabilities in select areas.

我希望您能先向我們介紹一下您在這種環境下在小規模另類經理之間的整合方面所看到的情況，以及您是否會繼續監控這一點，以便有機會在以下方面完善您的能力：選擇區域。

You're absolutely right. We continue to see a broad-based trend towards consolidation in the alternative asset management space. And I think it's important to recognize that this is coming from both sides. First, on the client side, similar to what we've been seeing for years, increasingly, clients are concentrating their capital with large-scale refusal managers that can offer them a full suite of products and solutions across the alternative space. And no doubt Brookfield Asset Management has been a beneficiary of that as we've broadened our product suite in recent years. But I think it's also important to recognize that the trends towards consolidation are also being driven by the managers themselves. Increasing requirements in compliance and the required level of customer service is much easier to do when you are part of a scale manager that can amortize the cost and requirements of those functions across a much broader business. Also increasingly for smaller scale managers having a large depth of talent, a large number of men and women to choose funds also helps with succession planning, and that's a driver of consolidation in the space as well.

你是絕對正確的。我們持續看到另類資產管理領域出現廣泛的整合趨勢。我認為重要的是要認識到這是來自雙方的。首先，在客戶方面，與我們多年來所看到的情況類似，客戶越來越多地將資金集中在大型拒絕管理公司上，這些管理公司可以為他們提供跨替代領域的全套產品和解決方案。毫無疑問，布魯克菲爾德資產管理公司是其中的受益者，因為我們近年來擴大了我們的產品組合。但我認為認識到整合趨勢也是由管理者本身推動的也很重要。當您是規模經理的一員，可以在更廣泛的業務中分攤這些職能的成本和要求時，提高合規性要求和所需的客戶服務水準就會容易得多。此外，對於擁有大量人才的規模較小的管理者來說，大量的男性和女性選擇基金也有助於繼任計劃，這也是該領域整合的驅動力。

 

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So in terms of the trends, we continue to see consolidation amongst the alternative asset managers. And to the comment you made in your question, we are actively monitoring a number of situations. But similar to what we've said on previous calls, we are going to continue to be very, very selective. We have a great business that has a fantastic organic growth trajectory. And while we are monitoring a number of situations, we will only pull the trigger on ones that are additive to our business accretive to our cash flows and really round out our product suite and give us something we don't already have within the business.

因此，就趨勢而言，我們繼續看到另類資產管理公司之間的整合。對於您在問題中發表的評論，我們正在積極監控一些情況。但與我們在先前的電話會議中所說的類似，我們將繼續非常非常有選擇性。我們擁有出色的業務，擁有出色的有機成長軌跡。雖然我們正在監控許多情況，但我們只會觸發那些對我們的業務有附加作用、增加我們的現金流、真正完善我們的產品套件並為我們提供業務中尚未擁有的東西的情況。

Then with respect to insurance, I was looking for an update on how much of BAM insurance AUM has been committed versus deployed to BAM and Oaktree strategies to date and how you would expect that to evolve and impact FRE over the next 12 months?

然後，在保險方面，我希望了解迄今為止 BAM 保險 AUM 的投入量和部署到 BAM 和橡樹戰略的最新情況，以及您預計這在未來 12 個月內將如何發展和影響 FRE？

Cherilyn, it's Bahir. Maybe I'll take a stab at that one. So of the $28 billion of assets that we're managing on behalf of Brookfield's insurance business, we've deployed so far about $2 billion into a number of our private credit strategies. A further $7 billion has been committed and we'll probably start being deployed or invested and as such, contributing to our results over the next 24 months. And so maybe over the -- I think your question was over 12 months. So maybe half of that. And if you do the percentages that takes you to 30%, 32%, and we've got a path to get commitments up to our targeted range, which is 35% to 40%, which we're going to do in the next few months or so.

切瑞琳，我是巴希爾。也許我會嘗試一下。因此，在我們代表布魯克菲爾德保險業務管理的 280 億美元資產中，迄今為止，我們已將約 20 億美元部署到了我們的一些私人信貸策略中。另外 70 億美元已經承諾，我們可能會開始部署或投資，為我們未來 24 個月的表現做出貢獻。所以也許 - 我認為你的問題已經超過 12 個月了。所以也許是一半。如果你達到 30%、32% 的百分比，我們就有辦法讓承諾達到我們的目標範圍，即 35% 到 40%，我們將在接下來的時間裡做到這一點幾個月左右。

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)。

I want to maybe start with an outlook of fundraising. 2023 was obviously a very strong year for you guys, and it's nice to see you reiterating the targets here of, I guess, 150, including AL. Any thoughts on what '24 will look like in terms of fundraising once you're through some of these larger flagship funds?

我想也許從募款的前景開始。 2023 年對你們來說顯然是非常強勁的一年，很高興看到你們在這裡重申目標，我猜是 150 個，包括 AL。一旦您完成了一些較大的旗艦基金，您對「24」在籌款方面會是什麼樣子有什麼想法嗎？

Certainly. Thanks for the question, Alex. When we think about the remainder of the year and walking into next year, it's a very constructive outlook from a fundraising perspective. We're at $61 billion year-to-date. We're going to pick up $55 billion when we complete the previously announced insurance transactions. And that obviously leaves approximately $35 billion for us to do over the remainder of the year. That compares versus $26 billion we did in the last quarter, and we'd make 2 comments there. One, it's not unusual for fundraising to be tilted towards the back end of the year. That's a pretty common practice for us. And two, as we move into the back end of the year, we expect to have the first close of our transition fund, our flagship real estate funds and 2 of Oaktree's flagships are really at the peak of their fundraising. And in addition to that, we get our typical co-invest and other complementary strategies as well. So most of the way to that $150 billion is very visible through insurance and flagship strategies.

當然。謝謝你的提問，亞歷克斯。當我們考慮今年剩下的時間並展望明年時，從籌款的角度來看，這是一個非常有建設性的前景。今年迄今為止，我們的資產總額為 610 億美元。當我們完成先前宣布的保險交易時，我們將獲得 550 億美元的收入。顯然，這為我們在今年剩餘時間留下了約 350 億美元的工作空間。相較之下，我們上個季度的營收為 260 億美元，我們對此發表 2 則評論。第一，募款活動傾向於年底的情況並不罕見。這對我們來說是很常見的做法。第二，當我們進入今年年底時，我們預計我們的過渡基金、我們的旗艦房地產基金和橡樹資本的兩個旗艦基金將首次結束募資。除此之外，我們也獲得了典型的共同投資和其他補充策略。因此，達到 1500 億美元的目標大部分是透過保險和旗艦策略實現的。

 

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And then when we roll into next year, we've often communicated a range -- a run rate range of $70 billion to $100 billion of fundraising every year. And the great news as we roll into 2024 is we expect to not only have the full range of complementary strategies in fundraising. We will also have meaningful closes of those global transition fund, real estate fund and the 2 Oaktree funds that will continue fundraising well through the midpoint of next year. So I would say, while it may not be the record year that we had in 2023, the outlook for fundraising in 2024 is very robust, and we expect another extremely strong year.

然後，當我們進入明年時，我們經常傳達一個範圍——每年籌資 700 億美元至 1000 億美元的運行率範圍。進入 2024 年，好消息是我們預計不僅在籌款方面擁有全方位的補充策略。我們也將有意義地關​​閉那些全球轉型基金、房地產基金和橡樹基金的兩檔基金，這些基金將在明年年中繼續募款。所以我想說，雖然 2023 年可能不是創紀錄的一年，但 2024 年的籌款前景非常強勁，我們預計又是一個極其強勁的一年。

Great. That's helpful. My second question is around insurance and some of the regulatory dynamics coming out of DOL last week. And I appreciate the fact that you guys obviously don't own AL yet, but maybe just kind of help frame what the proposed rule, if it goes through as kind of written. What does it mean really for the business? Obviously, the annuity sales have been pretty strong for the industry, but maybe help break down the channels where AI but as well as your other insurance subsidiary sell-through, just to kind of better give us a sense on any impact on gross sales there?

偉大的。這很有幫助。我的第二個問題是關於保險和上週勞工部發布的一些監管動態。我很欣賞你們顯然還沒有擁有 AL，但也許只是幫助制定擬議的規則，如果它以書面形式通過的話。這對企業來說真正意味著什麼？顯然，該行業的年金銷售相當強勁，但也許有助於打破人工智慧以及其他保險子公司銷售的管道，只是為了更好地讓我們了解對那裡總銷售的影響？

Certainly. So it's still early days on this. But I think the important thing to recognize is demand continues to grow for fixed index annuity products. That's really what our insurance business specializes in. And this is evidenced through the strong sales growth we've seen both this year and we expect in the coming years. I'd say the proposal is still pretty early in its review process. But the biggest takeaways of it is if past in its, call it, written form, we would expect demand and sales to continue to be strong across the platform. But what we would really expect is the new regulatory environment to increasingly favor large players in the space, which is what we have become. It increasingly will favor those players with the scale and capital to easily comply with the new regulations, while still capturing the significant demand growth. So while we do monitor the situation closely, we feel our business will be well positioned.

當然。所以現在還處於早期階段。但我認為重要的是要認識到固定指數年金產品的需求持續成長。這確實是我們保險業務的專長。今年和我們預計未來幾年的強勁銷售成長證明了這一點。我想說，該提案仍處於審查過程的早期階段。但它最大的收穫是，如果以書面形式過去，我們預計整個平台的需求和銷售將繼續強勁。但我們真正期望的是新的監管環境將越來越有利於該領域的大型參與者，而這正是我們所成為的。它越來越有利於那些擁有規模和資本的參與者，可以輕鬆遵守新法規，同時仍能抓住顯著的需求成長。因此，雖然我們確實密切關注局勢，但我們認為我們的業務將處於有利地位。

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

我們的下一個問題來自 RBC Capital Markets 的 Geoff Kwan。

My first question is just with some of the recent announcements on new funds in partnership with SocGen and Sequoia, can you just talk about what kind of opportunity there is to partner with third parties to help create distribute new strategies?

我的第一個問題是最近宣布的一些與法國興業銀行和紅杉資本合作的新基金，您能否談談與第三方合作以幫助制定新策略的機會有哪些？

Certainly. Thanks, Jeff. As has long been a probably 2 of our most enduring and most significant competitive advantages is, one, our access to capital and to our operating approach that allows us to be a great partner to high-quality counterparties across different avenues of business. And what's interesting in this past quarter is the partnerships we've announced with both Sequoia Heritage and with SocGen are very, very different but what they both are illustrative of our situations where we can not only bring our significant capital as a capital provider to address the situation. But there are also situations where both partner brings something unique to create a platform that few others can replicate.

當然。謝謝，傑夫。長期以來，我們最持久、最重要的兩個競爭優勢可能是，一是我們獲得資本的管道和我們的營運方法，這使我們能夠成為不同業務領域的高品質交易對手的優秀合作夥伴。上個季度有趣的是，我們宣布與紅杉遺產和法國興業銀行的合作夥伴關係非常非常不同，但它們都說明了我們的情況，我們不僅可以作為資本提供者利用我們的大量資本來解決問題情況。但也有一些情況，雙方都帶來了一些獨特的東西來創建一個很少有其他人可以複製的平台。

 

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As I'm sure you can imagine, we're not going to announce any new JVs here on the call today. But I would say we are increasingly seeing other opportunities like this, and we're going to continue to be selective and look for situations where it's not just capital that we can bring, but it's also situations where both partners bring something unique. And together, the platform is better with 2 shareholders than with one. So I would say that the partnerships we have announced are very indicative of things that we will continue to contemplate in the future.

我相信您可以想像，我們不會在今天的電話會議上宣布任何新的合資企業。但我想說的是，我們越來越多地看到這樣的其他機會，我們將繼續有選擇性地尋找我們不僅可以帶來資本，而且還可以讓合作夥伴帶來獨特東西的情況。總的來說，有 2 位股東的平台比只有 1 位股東更好。所以我想說，我們宣布的合作關係非常表明我們未來將繼續考慮的事情。

Okay. And just my second question was back at Investor Day, you talked about using the cash to make investments in LP commitments to the non-flagship non-Oaktree funds help seed new funds, but also invest if any of the affiliates were raising new equity. I think it was from the letter to shareholders, you talked about doing the LP investments and seeding new funds, but you didn't reference investing in new equity of the affiliates or raising capital. Is that still the plan? Or are you guys not going to be doing that going forward?

好的。我的第二個問題是在投資者日上提出的，您談到使用現金對非旗艦非橡樹基金的有限合夥人承諾進行投資，幫助培育新基金，但如果任何附屬公司籌集新股本，也可以進行投資。我認為這是在給股東的信中，您談到了進行有限合夥人投資和培育新資金，但您沒有提到投資附屬公司的新股權或籌集資金。這仍然是計劃嗎？或者你們以後不會這樣做嗎？

Jeff, it's Bahir. Look, I think what we're trying to highlight or what we tried to highlight in the letter is just some of the more near-term initiatives that we have going on. So you'll probably see us be using our cash much more so to do something strategic on the acquisitions front in addition to standing up new business lines and new strategies. So that's the focus of the management team for the next little while of how it believes they will put that $3 billion to work.

傑夫，我是巴希爾。聽著，我認為我們試圖強調的或我們試圖在信中強調的只是我們正在進行的一些近期舉措。因此，除了建立新的業務線和新的策略之外，您可能會看到我們更多地使用現金在收購方面進行策略性收購。因此，管理團隊接下來一段時間的重點是相信他們將如何運用這 30 億美元。

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

我們的下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Two questions. Maybe I'll just stick with Bahir. I hear you -- I mean, I think in the supplemental, you've given us the breakdown of the $440 billion in fee-bearing capital between credit, real estate, the various strategies. You also gave us a sense of how you expect this to kind of grow over the next number of years, I think 5 at the Investor Day. Can you give us a similar kind of set of numbers, I suppose, by strategy of where your FRE is coming from today versus where it would be 5 years from today based on the numbers you put up for us at the Investor Day?

兩個問題。也許我會堅持巴希爾。我聽到你的意思了——我的意思是，我認為在補充資料中，你已經向我們提供了信貸、房地產和各種策略之間 4400 億美元的收費資本的細目。您還讓我們了解了您預計未來幾年（我認為是投資者日的 5 年）該業務將如何成長。我想，您能否給我們一組類似的數字，根據您在投資者日向我們提供的數字，透過策略確定今天的 FRE 與 5 年後的情況？

At this point, I think it'll be difficult to do that. We don't -- from -- we don't break out the FRE for the various business units for a number of reasons. I could share with you probably offline. I don't have it on me, what maybe the fee revenue projections will be by business unit and we can go from there. But I don't have that in front of me today.

在這一點上，我認為很難做到這一點。基於多種原因，我們沒有為各個業務部門細分 FRE。我可以在線下與您分享。我身上沒有，業務部門的費用收入預測可能是多少，我們可以從那裡開始。但今天我面前沒有這個。

I appreciate that. I'll follow up. And then I guess, just as a second question, I understand the message around fundraising and the outlook for it, not just for the back half of this year but next year as well. Curious as to how important is return of capital to existing funders as a kind of source of funding future commitments. As you think about, for example, '24 and beyond. I think you have on Page 6 of the supplemental, a bit of a flow as to the fee-bearing capital this year versus this year -- this quarter versus last year this quarter. And I think you have inflows, but then you have return of capital and distributions, which are roughly about half of the inflow. So like is that -- if you were going to raise $100 billion next year, does it entail returning 50 or thereabouts from existing funds? And so how important is it to actually realize on existing investments?

我很感激。我會跟進。然後我想，就像第二個問題一樣，我了解有關籌款的資訊及其前景，不僅是今年下半年，還有明年。很好奇向現有資助者返還資本作為未來承諾的資金來源有多重要。例如，正如您所想，'24 及以後。我認為您在補充資料的第 6 頁上有一些關於今年與今年的收費資本的流動 - 本季度與去年本季的比較。我認為有資金流入，但也有資本回報和分配，大約佔流入的一半。那麼，如果明年要籌集 1,000 億美元，是否需要從現有資金中返還 50 美元左右？那麼實際實現現有投資有多重要呢？

So, it's Connor here. Obviously, returning capital to our LP partners around the world is a critical component of our business. But I would say that perhaps 3 things. One, we are very fortunate that the vast majority of our clients and partners around the world continue to increase their allocation to alternatives, regardless of how much capital is being returned. And then we're also very fortunate that the areas where we raise the most capital are very much in favor with investors. And it is viewed that the opportunity in these vintages of funds should be very, very attractive. The last point to make is the vast majority of our investment strategies aren't overly reliant on leveraged loans or leverage capital markets in order to execute. And I would say all of that, it's always important to return capital to your clients. That's a big part of what we do. But I would say that all 3 of those dynamics have somewhat insulated us from some of the broader concerns in the space.

所以，康納來了。顯然，向世界各地的有限合夥人返還資金是我們業務的重要組成部分。但我想說也許有三件事。第一，我們非常幸運，我們世界各地的絕大多數客戶和合作夥伴都繼續增加對替代品的配置，無論返還多少資本。我們也非常幸運，我們籌集最多資金的領域非常受投資人青睞。人們認為，這些基金年份的機會應該非常非常有吸引力。最後一點是，我們絕大多數的投資策略並沒有過度依賴槓桿貸款或槓桿資本市場來執行。我想說的是，將資本回饋給客戶始終很重要。這是我們工作的重要部分。但我想說，所有這三個動力在某種程度上使我們免受該領域一些更廣泛的擔憂的影響。

 

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But all that being said, we've had a very active period for monetization thus far year-to-date, and we continue to see that going forward given that the areas where we are most active, there is still an intense bid for high-quality assets. So a long way to say, returning capital is important, but I would say our franchise and our diversity of fundraising does somewhat insulate us from some of the headwinds that perhaps you're reading about in the headlines.

但話雖這麼說，今年迄今為止，我們的貨幣化經歷了一個非常活躍的時期，而且我們繼續看到，鑑於我們最活躍的領域，仍然存在對高價的激烈競標。— 優質資產。總而言之，返還資本很重要，但我想說，我們的特許經營權和融資方式的多樣性確實在一定程度上使我們免受您可能在頭條新聞中讀到的一些逆風的影響。

Our next question comes from the line of Craig Siegenthaler with Bank of America.

我們的下一個問題來自美國銀行的克雷格·西根塔勒 (Craig Siegenthaler)。

So we have a follow-up on Alex's question on the 2024 fundraising backdrop. Do you expect to have an Infra V first close next year? Or you plan to market it next year and probably have a first close in 2025? And also, are there any large insurance wins that are expected at this point of '24?

因此，我們跟進了 Alex 關於 2024 年籌款背景的問題。您預計明年 Infra V 將首次關閉嗎？或者您計劃明年將其推向市場，並可能在 2025 年首次成交？另外，預計 24 年這個時候會有任何重大的保險勝利嗎？

Sure. So Craig, perhaps the way we would answer that is we are very fortunate that across a number of our flagship strategies, we are significantly invested. In particular, across the flagship infrastructure strategy, we're approximately 40% deployed at this point. Where does that bus in terms of when will next be back into the market? That will depend on deployment, the remainder of this year and early into next. I think it's probably too early to call what the specific timing of that will be. And then in terms of insurance, the key things we're focused on is, obviously, our strong affiliate partner. Brookfield reinsurance is working on closing the 2 large transactions they've announced Argo and AEL. Argo, we are hopeful will close imminently, and AEL continues to make great progress and should hopefully get signed up relatively close to the end of the year. Bahir, anything to add?

當然。因此，克雷格，也許我們會回答這個問題，我們非常幸運，在我們的許多旗艦策略中，我們都進行了大量投資。特別是，在旗艦基礎設施策略中，我們目前已完成約 40% 的部署。就下次何時返回市場而言，該巴士在哪裡？這將取決於今年剩餘時間和明年初的部署情況。我認為現在判斷具體時間可能還為時過早。然後在保險方面，我們關注的關鍵顯然是我們強大的聯盟夥伴。 Brookfield 再保險公司正在努力完成他們宣布的 Argo 和 AEL 兩筆大型交易。 Argo，我們希望很快就能結束，AEL 繼續取得巨大進展，並有望在接近年底的時候簽約。巴希爾，有什麼要補充的嗎？

Yes. Sure, Connor. Maybe I'll just, Craig, add a just a small remark on insurance. Now that we have the platform that we have in -- especially in the U.S. with American National and AEL in addition to a small business that we have in Canada, a business perhaps that we start in the U.K., et cetera, we expect to write just day in, day out or deliver on organic growth of anywhere between $15 billion to $20 billion a year. So without doing any large-scale M&A, that could be the level of insurance assets that we get under management each year just now that we have the platform that we have today.

是的。當然，康納。克雷格，也許我會補充一點關於保險的小評論。現在我們已經擁有了我們擁有的平台——尤其是在美國，除了我們在加拿大擁有的一家小企業、一家可能在英國創辦的企業等等之外，還有美國國民銀行和 AEL，我們希望寫日復一日實現每年150 億至200 億美元的有機成長。因此，在不進行任何大規模併購的情況下，這可能是我們每年管理的保險資產的水平，因為我們擁有今天的平台。

Great. Just as my follow-up on M&A, kind of 2-part question here. when did you change your strategy in terms of using BAM capital for M&A versus another source like BM? And the second point that is I heard you reference $3 billion of cash. I think if you look at your press release, Page 5, $3 billion is exactly what you have. So I'm just wondering what's the level of base capital you have to leave in the company at all times for working and regulatory capital needs inside of '23?

偉大的。正如我對併購的後續行動一樣，這是一個由兩部分組成的問題。您什麼時候改變了使用 BAM 資本與 BM 等其他來源併購的策略？第二點是我聽說你提到了 30 億美元現金。我認為，如果你看看你的新聞稿，第 5 頁，你會發現 30 億美元正是你所擁有的。所以我只是想知道在 23 年期間，為了滿足營運和監管資本需求，您必須始終留在公司的基礎資本水準是多少？

Sure, Craig. So I would say one of the motivations around the spin out almost a year ago now was to give Brookfield Asset Management, a best-in-class currency to facilitate M&A when it was attractive to do so. And looking back with the benefit of hindsight almost 12 months later, the spin-out of the manager into its own segregated entity has been great in terms of seeing opportunities and monitoring opportunities to pursue inorganic growth for the business. And I would say we've been relatively active in pursuing and monitoring those opportunities, but being selective at the same time. And then in terms of just the capital and the capital available for growth, we obviously are a highly cash-generative business. And therefore, we do have that capital on our balance sheet to grow our business, either through seeding new strategies that we intend to grow ourselves or through strategic M&A. But the reality of it is our business is self-funding. So I would say that the entirety of that $3 billion of capital is available to us plus more given the debt capacity within the business should the right opportunity come along.

當然，克雷格。因此，我想說，大約一年前，分拆的動機之一是為布魯克菲爾德資產管理公司提供一種一流的貨幣，以在併購具有吸引力時促進併購。近 12 個月後事後回顧，將管理公司分拆為自己的獨立實體，在發現和監控機會以追求業務無機成長方面發揮了巨大作用。我想說的是，我們在追求和監控這些機會方面一直相對積極，但同時也有選擇性。然後就資本和可用於成長的資本而言，我們顯然是一家高度產生現金的企業。因此，我們的資產負債表上確實有足夠的資本來發展我們的業務，無論是透過我們打算發展自己的新策略，還是透過策略併購。但現實是我們的業務是自籌資金的。因此，我想說，如果合適的機會出現，考慮到企業內部的債務能力，我們可以使用這 30 億美元的全部資本，再加上更多的資本。

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)。

Great. Maybe the first one on Global transition to. I think in the shareholder letter, you said you've already got, I think, it's $1.5 billion committed to deploy in that fund. If you could correct me if that's correct. And just the broader -- more broadly speaking, how do you think about the deployment opportunities for transition versus, say, infrastructure, which is probably your second most rapid deployable large-scale flagship fund just over the long term and then the investor base that is allocating to transition, do you see that growing significantly in terms of the percentage allocation from LPs dedicating specifically to transition over the long term?

偉大的。也許是關於全球轉型的第一個。我想在股東信中，你說你已經承諾在該基金中部署 15 億美元。如果你能糾正我的話，如果這是正確的。更廣泛地說，您如何看待轉型與基礎設施等方面的部署機會，從長遠來看，基礎設施可能是您第二快部署的大型旗艦基金，然後是投資者基礎正在分配給轉型，您是否認為從長期來看專門用於轉型的有限合夥人的分配百分比顯著成長？

Yes, certainly. So a bit to unpack there. First and foremost, yes, you are correct. The second vintage of our transition fund has announced 2 transactions that will act as the first 2 investments in the seed portfolio for BGTF2. And those transactions do total about $1.5 billion. So all of that correct, as you stated. In terms of the environment for transition investing, and I'll say equivalently, the environment for infrastructure investing, it is very, very robust right now, you are seeing one of the greatest capital needs in memory to build out data centers to build out renewable power. And quite frankly, that is happening at a time where capital is becoming increasingly scarce for some market participants and some developers of those assets. So that creates a great opportunity for us, both on the infrastructure side and on the transition side to be not only a capital provider but an operating partner to those businesses. And I would say on behalf of both our infrastructure and our transition platforms, the market opportunity set today is larger today than it's ever been before, while at the same time, probably being as attractive as it's been in recent memory.

是的，當然了。所以需要稍微解壓縮一下。首先，是的，你是對的。我們的第二期過渡基金已宣布了 2 筆交易，這些交易將作為 BGTF2 種子投資組合的前 2 項投資。這些交易總額約為 15 億美元。所以正如你所說，所有這些都是正確的。就轉型投資環境而言，我會說，基礎設施投資環境現在非常非常強勁，您會看到記憶體中最大的資本需求之一是建立資料中心以建立資料中心再生能源。坦白說，這種情況發生的時候，資本對於一些市場參與者和這些資產的一些開發人員來說變得越來越稀缺。因此，這為我們在基礎設施方面和轉型方面創造了絕佳的機會，不僅成為這些企業的資本提供者，而且成為這些企業的營運合作夥伴。我想說的是，代表我們的基礎設施和過渡平台，今天的市場機會比以往任何時候都大，同時，可能與最近記憶中一樣有吸引力。

 

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And then lastly, to your last point just around the investor base, as we begin to think about BGTF2, it's significantly larger this time. And I would say there's really 2 things that have changed versus our first vintage, which we launched in 2021. I know 2021 is not that long ago, but the world has moved very, very quickly. And since 2021, many more institutional investors around the world either have carved out a decarbonization or transition investing bucket or at least at a minimum firmly decided where that investment strategy fits within their portfolio. And therefore, they are much more willing and able to allocate capital to these strategies. The second thing that has happened in, call it, the last 3 years, is the market opportunity set for these investments has significantly grown. And all investors, regardless of their decarbonization objectives are simply seeing one of the largest festival universes at very attractive risk-adjusted returns, and that's driving enhanced capital flows into the space versus what we saw 2 or 3 years ago. So I would say on the transition side, not only is the investor spectrum widening. It's growing in terms of size of commitment as well.

最後，關於投資者基礎的最後一點，當我們開始考慮 BGTF2 時，這次的規模要大得多。我想說的是，與我們在 2021 年推出的第一個年份相比，確實有兩件事發生了變化。我知道 2021 年並不是很久以前，但世界變化得非常非常快。自 2021 年以來，世界各地更多的機構投資者要么制定了脫碳或轉型投資計劃，要么至少堅定地決定了該投資策略在其投資組合中的位置。因此，他們更願意也更有能力為這些策略配置資本。過去三年發生的第二件事是這些投資的市場機會顯著成長。所有投資者，無論其脫碳目標如何，都只是看到最大的節日宇宙之一具有非常有吸引力的風險調整回報，這推動了與兩三年前相比更多的資本流入該領域。所以我想說，在轉型方面，投資人的範圍不僅在擴大。承諾的規模也在不斷增長。

That's super helpful. And then just a follow-up. Maybe if you can give us an update on democratized products, retail-focused products. We've obviously talked a lot about flagships and a very strong fundraising momentum there. But as you think about 2024 and developing these products, I guess, just maybe sort of your thought on the time line given the lag typically of getting them on platforms and also maybe some perspective on the risk appetite right now from the retail perspective.

這非常有幫助。然後只是後續行動。也許您能為我們提供有關民主化產品、以零售為中心的產品的最新資訊。顯然，我們已經談論了很多關於旗艦產品和非常強勁的籌款勢頭的話題。但當你考慮 2024 年並開發這些產品時，我想，這可能是你對時間軸的一些想法，因為它們在平台上通常存在滯後性，也可能是從零售角度對目前風險偏好的一些看法。

Certainly. So I would say in terms of growing our retail presence, we've spoken about this in the past. We do think it is a significant opportunity for us, but one that we are going to grow and tackle in a very prudent manner. And today, we have a number of products targeted more at high net worth or retail investors. And while those are modest in terms of the scale of our business today, they are growing very rapidly. Both franchises, Brookfield Oaktree Wealth Solutions continues to expand meaningfully. And the other one that we would highlight just drawing on the broader strength we've seen across infrastructure investing is our BII Brookfield Infrastructure Income Fund platform has seen significant growth throughout this year and continues to get loaded on new platforms in different regions around the world. So we would expect that platform to continue to accelerate and probably really hit its stride in 2024.

當然。所以我想說，在擴大我們的零售業務方面，我們過去已經討論過這個問題。我們確實認為這對我們來說是一個重要的機會，但我們將以非常謹慎的方式發展和應對這一機會。如今，我們有許多產品更多地針對高淨值投資者或散戶投資者。雖然就我們今天的業務規模而言，這些規模並不大，但它們的成長速度非常快。布魯克菲爾德橡樹財富解決方案公司的這兩個特許經營權都在繼續有意義地擴張。我們要強調的另一點是，利用我們在基礎設施投資領域看到的更廣泛的實力，我們的BII 布魯克菲爾德基礎設施收入基金平台今年全年實現了顯著增長，並繼續加載到世界各地不同地區的新平台上。因此，我們預計該平台將繼續加速發展，並可能在 2024 年真正取得進展。

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

我們的下一個問題來自肯·沃辛頓與摩根大通的對話。

In the letter of this quarter, you commented that peaking interest rates bode well for transaction activity. Are there geographies or asset classes that you expect more robust activity levels as we look to 2024? And I assume that this means a better investing environment, but are there also parts of your business where you see -- where you expect to see better realization opportunities as well?

在本季的信中，您評論說利率見頂對交易活動來說是個好兆頭。展望 2024 年，您預計哪些地區或資產類別的活動水準會更加強勁？我認為這意味著更好的投資環境，但是您的業務中是否也有一些您希望看到更好的變現機會的部分？

Apologies for being redundant, but a position that we've had for, I think, a number of quarters now is interest rates are higher than they've been in the past, but they are not exceptionally high by historical standards. They're very much in a range that is very constructive for our business, both for deployment through M&A, development of new assets and through -- for monetization activity. But what we really needed in order to facilitate a more constructive transaction environment is we needed rates to stop going up. And that is certainly what's happening around the world today. As Bruce mentioned in his opening remarks, interest rates do seem to have crested. Governments around the world have done a great job in terms of taking the hard measures in order to get inflation under control. And therefore, we do see a much more constructive environment for transactions going forward. In terms of where we're going to see that transaction activity, I would say it's very broad-based. This interest rate environment is incredibly constructive for, I would say, our infrastructure, renewables and our infrastructure, renewables and transition platforms.

抱歉，我說得多餘了，但我認為，現在幾季我們的立場是，利率高於過去，但以歷史標準來看，它們並不是特別高。它們對我們的業務非常有建設性，無論是透過併購進行部署、開發新資產或透過貨幣化活動。但為了促進更具建設性的交易環境，我們真正需要的是利率停止上漲。這確實是當今世界各地正在發生的事情。正如布魯斯在開場白中提到的那樣，利率似乎確實已經達到頂峰。世界各國政府在採取嚴厲措施控制通貨膨脹方面做得很好。因此，我們確實看到了未來交易更具建設性的環境。就我們將在哪裡看到交易活動而言，我想說它的基礎非常廣泛。我想說，這種利率環境對於我們的基礎設施、再生能源以及我們的基礎設施、再生能源和過渡平台來說是非常有建設性的。

 

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But the 3 other points I would make is the interest rates are elevated to where they have been in the past. And that means there is going to be an incredible opportunity for our credit products to refinance the wall of maturities that are coming. Secondly, with the plateauing of interest rates, we expect the liquidity to return to the real estate market, both in terms of new investments at what is going to be very attractive value entry points as well as creating the opportunity for monetization activity of best-in-class assets. And then lastly, as markets continue to strengthen, we are going to see increasing liquidity in the leveraged loan market, which should facilitate more transaction activity in our private equity platform. So I would broadly put it in those buckets. Renewables and infrastructure they work across all interest rate environments. We're going to see a tremendous opportunity in credit and real estate. And as the leveraged loan market recovers, it's going to be a great opportunity for our private equity business.

但我要說的另外三點是利率升至過去的水準。這意味著我們的信貸產品將有一個難以置信的機會為即將到來的期限牆進行再融資。其次，隨著利率趨於穩定，我們預計流動性將重返房地產市場，無論是在非常有吸引力的價值切入點進行新投資，還是為最佳貨幣化活動創造機會。同類資產。最後，隨著市場繼續走強，我們將看到槓桿貸款市場的流動性不斷增加，這將促進我們私募股權平台上更多的交易活動。所以我會把它廣泛地放在那些桶子裡。再生能源和基礎設施適用於所有利率環境。我們將在信貸和房地產領域看到巨大的機會。隨著槓桿貸款市場的復甦，這對我們的私募股權業務來說將是一個很好的機會。

Great. And in the prepared remarks, you commented that 2024 would be an excellent year for dividend growth. I think with the spin out of BAM, the goal was to distribute the majority of the cash flows. How are you approaching the right dividend level for next year?

偉大的。在準備好的發言中，您評論說 2024 年將是股息成長的絕佳一年。我認為，隨著 BAM 的分拆，目標是分配大部分現金流。您如何接近明年的正確股息水準？

It's Bahir. I'll take a stab at that one. So look, our stated target when we spun off the company is to return 90% plus of the total distributable earnings that we generate in the business back to our owners. Predominantly through dividends but also through stock buybacks. Look, we've gone through the momentum that we have on the fundraising side with the path to getting somewhere close to $150 billion. I would note 80% of that is capital where we make fees on committed capital versus on deployment. So with a lot of visibility on that in addition to the remarks I made earlier around margins and having that expand going into next year, we believe that 2024 could be a step change year with respect to growth from an FRE and distributable earnings perspective. And so based on that, and you can deduce that the dividend growth for next year could be quite sizable. But -- and we'll get that all approved at our February Board meeting and announced it with our February results.

是巴希爾。我會嘗試一下。所以看，我們在分拆公司時設定的目標是將我們在業務中產生的可分配總收益的 90% 以上退還給我們的所有者。主要透過股息，但也透過股票回購。瞧，我們已經經歷了籌款方面的勢頭，預計將籌集到接近 1500 億美元的資金。我要指出的是，其中 80% 是資本，我們根據承諾資本和部署收取費用。因此，除了我之前就利潤率發表的言論以及將利潤率擴大到明年之外，我們對此有很多了解，我們相信，從FRE 和可分配收益的角度來看，2024 年可能是增長的階躍變化之年。因此，基於此，您可以推斷明年的股息成長可能相當大。但是——我們將在二月份的董事會會議上獲得所有批准，並在二月的業績中宣布這一點。

Our next question comes from the line of Nick Priebe with CIBC World Markets.

我們的下一個問題來自 CIBC World Markets 的 Nick Priebe。

Okay. Maybe as a follow-on to that last response on operating leverage. You've been essentially holding the line on expenses for a few quarters now. How would you guide us to think about expense growth looking out into 2024? I'm just trying to size the magnitude of the margin expansion opportunity with some of these chunkier fund closings starting to accrue fees towards the end of this year.

好的。也許是對營運槓桿的最後回應的後續。幾個季度以來，您基本上一直在控制開支。您將如何引導我們思考 2024 年的支出成長？我只是想衡量利潤擴張機會的大小，其中一些規模更大的基金關閉將在今年年底開始產生費用。

Nick, it's Bahir again. So I think our expenses year-to-date are up somewhere, I think, around 13% to 14%. And because our fundraising this year was more -- as you know, more back-end loaded, our revenue increase has been much smaller than that. I think 2024 is going to be the exact flip. First, while I don't have a certain percentage to guide you to, I can -- we feel pretty good that our growth in expenses next year should be much lower than what it was in 2023. Now that a lot of the material investment on the people side is already behind us. And as I highlighted at our Investor Day back in September. So the expense growth is going to be much lower a lot of the fundraising would have been done already. So you're going to have that revenue growth pick up with a much slower expense growth. And so there should be -- the impact on operating leverage next year could be quite sizable.

尼克，又是巴希爾。因此，我認為今年迄今為止我們的支出上漲了 13% 至 14% 左右。因為我們今年的籌款更多——如你所知，更多的後端負載，我們的收入成長比這要小得多。我認為 2024 年將會是完全的翻轉。首先，雖然我沒有具體的百分比來指導您，但我可以——我們感覺很好，明年的支出增長應該比 2023 年低得多。現在大量的物質投資人民方面已經落後了。正如我在 9 月的投資者日上所強調的。因此，費用增長將低得多，而大量籌款本來已經完成。因此，收入成長將會加速，而支出成長將會慢得多。因此，明年對營運槓桿的影響可能相當大。

Okay. Fair enough. And then just in light of some of the comments on the private credit franchise, I just wanted to get your thoughts on how the product line might evolve over time to accommodate a step change in the scale of the insurance business. Do you see potential for inorganic growth as a means to further broaden out that suite of capabilities? Just wondering if there are any obvious gaps in the product lineup that you might look to address in private credit specifically?

好的。很公平。然後，根據對私人信貸特許經營權的一些評論，我只是想了解您對產品線如何隨著時間的推移而發展以適應保險業務規模的逐步變化的想法。您是否認為無機成長的潛力可以作為進一步擴大這一系列能力的手段？只是想知道您可能希望在私人信貸領域專門解決的產品陣容中是否存在任何明顯的差距？

Certainly. So I would make 2 comments there. Today, our partners at Oaktree are the premier credit franchise around the world. And while they are -- have a 30-year history in opportunistic credit, they have a multi-decade history in other forms of credit, notably performing credit, loans other strategies as well. And perhaps what's most understated in that long history is their ability to develop and build new strategies when the market opportunity presents itself. So similar to us, if there is an opportunity where we can acquire a capability and it makes more sense to buy versus build we will work with our partners at Oaktree and consider that. But I would say, similar to what we see in our infrastructure or real estate franchises, when you have such a capable franchise as Oaktree, many times, it's easier to build those capabilities organically.

當然。所以我會在那裡發表兩則評論。如今，橡樹資本的合作夥伴已成為全球首屈一指的信貸特許經營商。雖然他們在機會主義信貸方面擁有 30 年的歷史，但他們在其他形式的信貸方面也有數十年的歷史，尤其是履約信貸、貸款和其他策略。也許在漫長的歷史中，最被低估的是他們在市場機會出現時制定和製定新策略的能力。與我們類似，如果有機會獲得某種能力，並且購買比建造更有意義，我們將與橡樹資本的合作夥伴合作並考慮這一點。但我想說，類似於我們在基礎設施或房地產特許經營中看到的情況，當你擁有像橡樹這樣有能力的特許經營權時，很多時候，有機地構建這些能力會更容易。

 

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But both options do remain open to us. And given the broadening of the credit space and the different products that are available, different forms of assets, asset-backed lending, other forms of credit products. We will continue to look to broaden our product set, but we would expect the majority of that growth to be organic.

但這兩個選項對我們來說仍然是開放的。鑑於信貸空間的擴大以及可用產品的不同、不同形式的資產、資產支持貸款和其他形式的信貸產品。我們將繼續尋求擴大我們的產品組合，但我們預計大部分成長將是有機的。

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

我們的下一個問題來自豐業銀行的 Mario Saric。

And 2 really quick ones for me, more of a clarification on both. Just coming back to Rob's question on private fund distributions. Is there a kind of quantum range of expectations for '24 that you're comfortable providing like taking into consideration the underlying market liquidity that you think will support the forecast deployment initiatives that you have? Or is it hard to say what that may be at this point stage.

對我來說兩個非常快的，更多的是對兩者的澄清。回到羅布關於私募基金分配的問題。您是否願意提供對 24 世紀的預期量子範圍，例如考慮到您認為將支援您的預測部署計劃的基礎市場流動性？或者說在現階段很難說那可能是什麼。

I would say it's probably -- I'd perhaps answer that question 2 ways. It's probably hard to forecast exactly how much we expect to sell next year. But I would perhaps draw a slightly different conclusion. That is to say that -- I would say that we feel very confident about our fundraising projections, regardless of if we hit the high end or the low end of our expected monetization range. Trying to put a pin in exactly how much capital we will return. That's probably unrealistic at this point. But I would say we're comfortable returning a level of capital that will ensure that we're well positioned to deliver on both our fundraising and our deployment targets next year.

我想說這可能是——我可能會用兩種方式回答這個問題。可能很難準確預測我們明年的預期銷售量是多少。但我也許會得出略有不同的結論。也就是說，我想說，無論我們達到預期貨幣化範圍的高端還是低端，我們對我們的募款預測都非常有信心。試圖確定我們將返回多少資本。目前這可能是不切實際的。但我想說，我們很樂意返還一定程度的資本，這將確保我們有能力實現明年的募款和部署目標。

Okay. And then my second one, and I appreciate carry mentioned it may be a little bit too early to talk about BIF 6. As you mentioned, the 5 is already 40% committed. I know that historically, you'll look to start fundraising for a successor fund once I think you put the 70% to 75% kind of deployed committed area, which if the thoughts on peak interest rates and transaction activity accelerating materialize, I guess, we wouldn't be too far off of that level, presumably by the end of next year, kind of early to mid-25%. Is that a very simplistic way of thinking of it? So when you hit some of 75%, you would push forward with the next fund pending client demand? Or do you like to see a specific amount of time elapsed between the funds? So for example, if I look at Slide 30, the supplemental on the core plus infra side, the vintages are about 3 years spread of the part. So is it more of a time thing? Or is it simply hitting 775%. If there's client demand, you'll start the next series.

好的。然後是我的第二個，我很欣賞進位提到現在談論 BIF 6 可能有點為時過早。正如您所提到的，5 已經承諾了 40%。我知道，從歷史上看，一旦我認為你投入了 70% 到 75% 的部署承諾區域，你就會開始為後續基金籌集資金，如果關於峰值利率和交易活動加速的想法成為現實，我想，大概到明年年底，我們離這個水準不會太遠，大約是25% 左右。這是一種非常簡單的思考方式嗎？那麼，當您達到 75% 左右時，您會根據客戶需求推進下一個基金嗎？或者您想查看資金之間經過的具體時間長度？例如，如果我查看投影片 30（核心部分的補充部分以及基礎部分），則年份大約為該部分的 3 年。那麼這更多的是時間問題嗎？或只是達到 775%。如果有客戶需求，您將開始下一個系列。

Mario, your approach is not far off. I would say we take great pride in ensuring we do our jobs well and deploy that capital prudently, but take advantage deploy the capital prudently, but capitalize on the opportunities that are available in the market during the investment period of a fund. So we do not get overly fussed if a fund comes back to market a little quicker because there were great opportunities to deploy the capital. Or similarly, we don't get too fast. If a fund comes back to market slightly slower because there weren't great opportunities to deploy the capital. So it is much more predicated on the deployment levels in the previous vintage. The only thing I would say is your rough thresholds are bang on. They're very accurate, but they are not absolute guidelines.

馬裡奧，你的方法已經不遠了。我想說的是，我們為確保做好工作並謹慎配置資本而感到非常自豪，但要充分利用謹慎配置資本，但要利用基金投資期間市場上提供的機會。因此，如果基金更快回到市場，我們不會太擔心，因為有很好的機會來部署資本。或者類似地，我們也不會太快。如果基金回歸市場的速度稍慢，因為沒有很好的機會來部署資金。因此，它更多地取決於上一年份的部署水準。我唯一想說的是，你的粗略門檻已經達到極限了。它們非常準確，但不是絕對的指導方針。

 

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We take into account how much capital has been deployed as well as what is the ongoing pipeline for those funds such that we're only raising capital that can -- for the next vintage that can be readily deployed for those clients and those partners quickly after they've committed it. So your metrics are right, your thinking as being on, the only thing I would add is we also take into account the pipeline of investments as well as in terms of deciding when to go with the next vintage.

我們會考慮已經部署了多少資金，以及這些資金的持續管道是什麼，這樣我們只會籌集能夠為下一個年份提供的資金，以便在下一個年份之後可以輕鬆地為這些客戶和合作夥伴部署。他們已經承諾了。因此，您的指標是正確的，您的想法是正確的，我唯一要補充的是，我們還考慮了投資管道以及決定何時進行下一個年份的投資。

This concludes the question-and-answer session. I'd now like to turn the call over to Jason Fooks for closing remarks.

問答環節到此結束。現在我想將電話轉給傑森福克斯（Jason Fooks）做總結發言。

Okay. Great. We appreciate all of the interest. And if you should have any additional questions on today's release, please feel free to contact me directly. Thank you, everyone, for joining us.

好的。偉大的。我們感謝大家的關注。如果您對今天的發布還有任何其他問題，請隨時直接與我聯繫。謝謝大家加入我們。

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。