(BAM) 2023 Q4 法說會逐字稿

Hello, and welcome to Brookfield Asset Management's Fourth Quarter 2023 Conference Call and Webcast. (Operator Instructions) I would now like to hand the conference 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 年第四季電話會議和網路廣播。 （操作員指示）我現在想將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 growing fundraising capabilities and finally, here we'll discuss our financial and operating results for the business.

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不斷增長的籌款能力，最後，我們將在這裡討論我們的財務和營運業績。

After our formal comments, we'll turn the call over to the operator and take any 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. And if you guys should have additional questions, please rejoin the queue, and I'll be happy to take 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任何問題。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。如果你們還有其他問題，請重新加入隊列，如果時間允許，我很樂意在最後回答其他問題。

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, including 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 or 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，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，未來的事件或結果可能與此類陳述有重大差異。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。

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

這樣，我就把電話轉給布魯斯。

Thank you, Jason, and welcome to everyone on the call. Our results were strong in the fourth quarter, our best quarter in an overall excellent first year for Brookfield Asset Management. In total, we raised $140 billion of capital which includes $93 billion raised over the past year and $50 billion coming from the pending close of the AEL insurance account with Brookfield reinsurance. We were successful fundraising across our flagship funds, including new records for our infrastructure and private equity franchises.

謝謝傑森，歡迎大家參加電話會議。我們第四季的業績強勁，這是布魯克菲爾德資產管理公司第一年整體表現出色的最佳季度。我們總共籌集了 1,400 億美元的資金，其中包括過去一年籌集的 930 億美元和來自布魯克菲爾德再保險公司即將關閉的 AEL 保險帳戶的 500 億美元。我們的旗艦基金成功籌集資金，包括我們的基礎設施和私募股權特許經營權的新紀錄。

This past year, we fund raised across a broad set of complementary strategies and with an increasingly diversified set of global investors. We also launched a number of new funds, most notably Oaktree's Lending Partners Fund, which shows promise in evolving to be a 6th flagship series for us. Our goal is to always have a focus on providing exceptional value to our clients. Our goal has always been to generate strong risk-adjusted returns by acquiring assets for value, leveraging our operational capabilities to grow cash flows and compounding capital over the long term. By staying ahead of market trends and continuously innovating, we've been able to help our clients achieve their investment objectives in ways that truly matter to them.

在過去的一年裡，我們透過一系列廣泛的互補策略和日益多元化的全球投資者籌集了資金。我們也推出了許多新基金，其中最著名的是橡樹資本的 Lending Partners 基金，該基金有望成為我們的第六個旗艦系列。我們的目標是始終專注於為客戶提供卓越的價值。我們的目標始終是透過收購有價值的資產、利用我們的營運能力來增加現金流和長期複利資本，從而產生強勁的風險調整回報。透過保持領先市場趨勢並不斷創新，我們能夠幫助客戶以對他們真正重要的方式實現他們的投資目標。

At the same time, this past year has been about making the necessary investments in our platform to position us for long-term success and growth. We've been expanding our global fundraising organization as well as building our capabilities within insurance and private wealth with the expectation that they will grow to become meaningful contributors to our annual fundraising in the near term. Fee related earnings grew 6% and to $2.2 billion and the distributable earnings grew 7% also to $2.2 billion. The significant capital we raised over the past year sets us up for strong growth in 2024 and with much of the investment in our platform complete, our cost growth should moderate.

同時，過去的一年我們對我們的平台進行了必要的投資，以使我們能夠取得長期成功和成長。我們一直在擴大我們的全球籌款組織，並增強我們在保險和私人財富領域的能力，期望他們能夠在短期內成為我們年度籌款的有意義的貢獻者。費用相關收益成長 6%，達到 22 億美元，可分配收益也成長 7%，達到 22 億美元。我們去年籌集的大量資金為我們在 2024 年實現強勁成長奠定了基礎，隨著我們平台的大部分投資完成，我們的成本成長應該會放緩。

The combination of faster revenue growth and slower cost growth should mean a strong year for FRE and DE growth. More broadly, it appears that inflation has tempered. Interest rates have peaked and the Fed soon will begin easing rates. Markets struggle in the face of uncertainty, and these actions signal improved stability resulting in increased investor confidence in pricing risk and therefore, enhance liquidity to capital markets. Transaction volume should pick up as well, which will enable more managers including us to monetize investments, return capital to partners and in turn, enable those partners to reinvest in private funds for what should be an excellent environment for investing.

較快的收入成長和較慢的成本成長相結合，應該意味著 FRE 和 DE 成長強勁的一年。更廣泛地說，通膨似乎已經放緩。利率已經見頂，聯準會很快就會開始降息。市場在不確定性面前舉步維艱，這些行動顯示穩定性有所改善，從而增強了投資者對定價風險的信心，從而增強了資本市場的流動性。交易量也應該有所增加，這將使包括我們在內的更多管理者能夠將投資貨幣化，將資本返還給合作夥伴，進而使這些合作夥伴能夠對私募基金進行再投資，從而創造一個良好的投資環境。

We are going into this year with more than $100 billion of dry powder across our businesses despite investing over $50 billion last year, one of our most active years of investing. We believe the environment will lead to continued consolidation in the industry. This is a theme you've heard us talk about a lot before. We participated in this consolidation 5 years ago with our Oaktree partnership, and we continue to look at strategic opportunities to further broaden and strengthen our franchise.

儘管去年是我們投資最活躍的年份之一，投資額超過 500 億美元，但今年我們的業務規模將超過 1,000 億美元。我們相信，這種環境將導致產業持續整合。這是您以前經常聽到我們談論的主題。五年前，我們與橡樹資本合作夥伴參與了這項整合，我們將繼續尋找策略機會，進一步擴大和加強我們的特許經營權。

This tend towards consolidation is especially true for areas of the alternative asset management space that are most in favor by investors and should attract more capital. Infrastructure, renewable power and energy transition are expected to be among the fastest-growing alternative asset sectors for very good reason. Investors continue to allocate to the space because these are assets that can deliver 4 things all investors see. Market growth, principal safety in uncertain times, inflation-protected cash flows and long-term capital appreciation.

對於最受投資人青睞並應該吸引更多資本的另類資產管理領域來說，這種整合趨勢尤其如此。基礎設施、再生能源和能源轉型預計將成為成長最快的另類資產領域，這是有充分理由的。投資者繼續配置該領域，因為這些資產可以帶來所有投資者看到的四件事。市場成長、不確定時期的本金安全、通膨保護的現金流量及長期資本增值。

We were an early mover into these areas after we identified the decarbonization, deglobalization and digitalization were megatrends that were shaping the global economy. Governments, corporates and other stakeholders have made commitments to net 0 targets and are grappling with energy security, supply chain resiliency and meeting the exponentially growing demand for data. These challenges will require trillions of capital investment and our infrastructure renewable power and energy transition businesses are well positioned to deliver solutions.

在我們認識到脫碳、去全球化和數位化是塑造全球經濟的大趨勢之後，我們率先進入了這些領域。政府、企業和其他利害關係人已對淨零排放目標做出了承諾，並正在努力解決能源安全、供應鏈彈性以及滿足指數級增長的數據需求的問題。這些挑戰將需要數兆的資本投資，而我們的基礎設施再生能源和能源轉型業務完全有能力提供解決方案。

Today, we manage nearly $300 billion of assets across these businesses, making us the largest and most experienced in the space. We've used this first-mover advantage to build critical expertise, deep relationships and we use our scale and source proprietary deals to pursue investment opportunities that are either too large or too difficult for most investors to execute. We believe that our scale, diversity, reputation and strong track record distinguish us in these areas, and we continue to invest in our franchise and strengthen our brand, and we believe we'll come out of this period of consolidation even more dominant than we entered.

如今，我們在這些業務中管理著近 3000 億美元的資產，使我們成為該領域規模最大、經驗最豐富的公司。我們利用這種先發優勢來建立關鍵的專業知識和深厚的關係，並利用我們的規模和來源的專有交易來尋求對大多數投資者來說太大或太難執行的投資機會。我們相信，我們的規模、多樣性、聲譽和良好的業績記錄使我們在這些領域脫穎而出，我們將繼續投資於我們的特許經營權並加強我們的品牌，我們相信我們將在這段整合時期中脫穎而出，甚至比我們更具統治力進入。

With that overview, let me turn it over to Connor to speak about the capabilities and strategy of our fundraising platform.

有了這個概述，讓我把它交給康納來談談我們籌款平台的能力和策略。

Thank you, Bruce. Next, we will speak to our operations and how we have scaled our business, expanded the breadth of our product offerings and enhanced our capabilities across capital-raising channels. Today, our diversity across asset classes, product strategies and fundraising sources enables us to raise and deploy capital more consistently year-to-year and in different market environments. This is increasingly a key differentiator in our franchise.

謝謝你，布魯斯。接下來，我們將討論我們的營運以及我們如何擴展業務、擴大產品範圍並增強我們跨融資管道的能力。如今，我們在資產類別、產品策略和融資來源方面的多樣性使我們能夠在不同的市場環境中每年更一致地籌集和部署資本。這日益成為我們特許經營的關鍵差異化因素。

This past year is a good example of how our partnership approach and investment track record have allowed us to raise larger flagship funds and deliver on our ambitious capital raising targets. At the same time, we have been expanding and diversifying our suite of complementary funds. Today, we have over 100 active funds across our business that cover a wide range of asset classes, products and strategies, many of which we are fundraising for at any given time. In addition, we've also been building out our fundraising capabilities across an increasing number of channels. The result is that we can expect to raise approximately $75 billion annually, separate and apart from our flagship funds, which are typically raised every few years. That should allow us to annually raise $90 billion to $100 billion on average at this point in time.

過去的一年是我們的合作方式和投資記錄如何使我們能夠籌集更大的旗艦基金並實現我們雄心勃勃的融資目標的一個很好的例子。同時，我們一直在擴大我們的配套基金並使其多元化。如今，我們的業務範圍內擁有 100 多個主動型基金，涵蓋廣泛的資產類別、產品和策略，其中許多基金我們隨時都在籌集資金。此外，我們也透過越來越多的管道增強募款能力。結果是，除了我們的旗艦基金（通常每隔幾年籌集一次）之外，我們預計每年籌集約 750 億美元。這將使我們在此時平均每年籌集 900 億至 1,000 億美元。

Let us break down that figure a little bit. While most of our fundraising will continue to be driven by our institutional sales team and by our public affiliates, we are continuing to grow other channels to augment and diversify our fundraising. A good example of this is the growth of our insurance solutions channel. As Bruce mentioned, we expect BNRE acquisition of AEL to close shortly, which will bring our fee-bearing insurance capital up to more than $80 billion from approximately $35 billion today.

讓我們稍微分解一下這個數字。雖然我們的大部分籌款將繼續由我們的機構銷售團隊和我們的公共附屬機構推動，但我們正在繼續發展其他管道，以擴大我們的籌款並使之多樣化。我們保險解決方案管道的成長就是一個很好的例子。正如 Bruce 所提到的，我們預計 BNRE 對 AEL 的收購將很快完成，這將使我們的收費保險資本從目前的約 350 億美元增加到超過 800 億美元。

At the same time, Brookfield Reinsurance will become one of the largest writers of annuities in the United States. And by employing the same operational enhancements utilized following the acquisition of American National a few years ago, we expect to meaningfully grow AEL's pace of annuity underwriting. And over time, we should be able to organically raise $15 billion to $20 billion of insurance capital annually. And that would be independent of any additional insurance acquisitions that BNRE may do.

同時，布魯克菲爾德再保險公司將成為美國最大的年金承銷商之一。透過採用與幾年前收購美國國民銀行後相同的營運增強措施，我們預計將顯著提高 AEL 的年金承保步伐。隨著時間的推移，我們每年應該能夠有機地籌集 150 億至 200 億美元的保險資本。這將獨立於 BNRE 可能進行的任何額外保險收購。

We have also been building Brookfield Oaktree Wealth Solutions, or BOWS, which is our private wealth business. We have approximately 150 dedicated employees across 10 countries to meet the growing needs for alternative assets in the private wealth market. We have partnered with more than 50 wealth groups worldwide in delivering institutional quality investment strategies to their clients. We currently have 5 perpetual strategies specifically developed for private wealth investors, across credit, real estate and more recently, infrastructure.

我們也一直在建立布魯克菲爾德橡樹財富解決方案（BOWS），這是我們的私人財富業務。我們在 10 個國家擁有約 150 名敬業員工，以滿足私人財富市場對另類資產不斷增長的需求。我們與全球 50 多個財富集團合作，為其客戶提供機構優質的投資策略。目前，我們有 5 種專門為私人財富投資者開發的永久策略，涵蓋信貸、房地產以及最近的基礎設施領域。

At the beginning of last year, we launched the Brookfield Infrastructure Income Fund to investors in Asia Pacific and Europe. And recently, we launched the strategy in the United States. The strategy has been very well received, and we've raised almost $2 billion over the past year. In total, we've raised approximately $7 billion of capital through our private wealth channel last year. And over time, we expect this channel to grow to $12 billion to $15 billion of fundraising annually.

去年年初，我們向亞太和歐洲的投資者推出了布魯克菲爾德基礎設施收益基金。最近，我們在美國啟動了該戰略。該策略非常受歡迎，去年我們籌集了近 20 億美元。去年，我們透過私人財富管道總共籌集了約 70 億美元的資金。隨著時間的推移，我們預計該管道每年的籌款金額將增至 120 億至 150 億美元。

Switching gears now to product development. Core to our success has been our adaptability to the ever-changing market environment and our focus on adding new products and solutions for our clients. The majority of our new products come organically from in-house product development. Our product development function works across our businesses and investor segments to leverage our investment expertise and global presence to develop new solutions to meet our clients' investment objectives.

現在轉向產品開發。我們成功的核心在於我們能夠適應不斷變化的市場環境，並專注於為客戶添加新產品和解決方案。我們的大部分新產品有機地來自內部產品開發。我們的產品開發職能貫穿我們的業務和投資者領域，利用我們的投資專業知識和全球影響力開發新的解決方案，以滿足客戶的投資目標。

This serves as an important competitive advantage, allowing us to differentiate our platform from our competitors. It enhances our relationships with clients because we can create tailored strategies to meet their needs and proactively adjust to ever-changing market conditions. As a result, we expect the role of new product development to be an even bigger driver of our business going forward. Some of the new products and strategies we've recently announced include a EUR 10 billion private investment-grade debt fund with the purpose of originating and distributing high-quality private credit investments.

這是一個重要的競爭優勢，使我們能夠將我們的平台與競爭對手區分開來。它增強了我們與客戶的關係，因為我們可以製定量身定制的策略來滿足他們的需求並主動調整以適應不斷變化的市場條件。因此，我們預期新產品開發將成為我們業務發展的更大推動力。我們最近宣布的一些新產品和策略包括 100 億歐元的私人投資等級債務基金，旨在發起和分配高品質的私人信貸投資。

This initial fund will launch with EUR 2.5 billion of seed funding in part from Brookfield reinsurance. Another example is a joint venture with Sequoia Heritage called Pinegrove, which will focus on acquiring secondary funds in the venture capital and technology sectors. Pinegrove is raising an inaugural fund in the first half of 2024, with $500 million in seed capital collectively from Brookfield and Sequoia.

該初始基金將利用 25 億歐元的種子資金啟動，其中部分資金來自 Brookfield 再保險。另一個例子是與紅杉遺產公司成立的合資企業Pinegrove，該公司將專注於收購創投和技術領域的二級資金。 Pinegrove 將於 2024 年上半年籌集首期基金，其中來自 Brookfield 和紅杉資本的種子資金總計 5 億美元。

We also continue to leverage our deep relationships with investors in the Middle East and are launching a Middle East private equity fund this year as well. This region continues to be one of the fastest-growing in the world, and we have established ourselves as the best positioned sponsor in the market. Also, with our private equity franchise, we'll be launching a newly formed financial infrastructure platform. This strategy focuses on opportunities in digital payments and services, a key pillar in the digitalization of the global economy over the coming years.

我們也持續利用與中東投資者的深厚關係，今年也將推出中東私募股權基金。該地區仍然是世界上成長最快的地區之一，我們已成為市場上定位最佳的贊助商。此外，憑藉我們的私募股權特許經營權，我們將推出一個新成立的金融基礎設施平台。該策略重點關注數位支付和服務領域的機遇，這是未來幾年全球經濟數位化的關鍵支柱。

Lastly, we also recently announced the launch of our multibillion-dollar catalytic transition fund, CTF in partnership with UAE's Altera. Altera committed $1 billion of seed capital into this fund which will have a differentiated and focused mandate on raising and deploying capital exclusively in emerging and developing markets with a focus on energy transition, industrial decarbonization, sustainable living and (inaudible) technologies.

最後，我們最近也宣布與阿聯酋 Altera 合作推出數十億美元的催化轉型基金 CTF。 Altera 向該基金投入了10 億美元的種子資金，該基金將具有差異化和集中的使命，專門在新興和發展中市場籌集和部署資本，重點關注能源轉型、工業脫碳、可持續生活和（聽不清楚）技術。

In addition to product development, at the same time, we always seek to strategically and selectively invest in and partner with managers that have capabilities that are complementary to our platform. We do so when investing can be done accretively and when building a product organically would take too long. This can be done at scale like we did with Oaktree in credit, and over the past 5 years, we've partnered in many ways, including building our private wealth business, scaling our insurance business and sharing valuable insights across our portfolios.

同時，除了產品開發之外，我們也始終尋求策略性地、選擇性地投資具有與我們平台互補能力的管理者並與之合作。當投資可以逐步完成，而有機地建立產品需要太長時間時，我們就會這樣做。這可以大規模地完成，就像我們在信貸領域與橡樹資本所做的一樣，在過去的五年裡，我們以多種方式進行合作，包括建立我們的私人財富業務、擴大我們的保險業務以及分享我們投資組合的寶貴見解。

However, we also selectively make smaller tactical investments in managers that we believe can help scale and are complementary to our business. One example of the latter approach is our 50% interest in LCM, a European-based private credit alternative asset manager. Since we began our partnership with the firm, LCM has tripled the size of their main fund in addition to growing across their platform. We think there is an opportunity to do more of these tactical acquisitions. These will be managers that can be assisted by the overall scale of our business and capital and managers whose growth can be accelerated when brought into the Brookfield ecosystem.

然而，我們也會有選擇地對經理進行較小的戰術投資，我們認為這些投資有助於擴大規模並與我們的業務互補。後者方法的一個例子是我們持有 LCM 50% 的股權，LCM 是一家歐洲私人信貸另類資產管理公司。自從我們開始與該公司合作以來，LCM 除了在整個平台上成長外，還將其主要基金的規模擴大了兩倍。我們認為有機會進行更多此類戰術性收購。這些經理人可以得到我們業務和資本整體規模的幫助，而當他們進入布魯克菲爾德生態系統​​時，他們的成長可以加速。

Most will benefit from our insurance assets under management and from our client relationships. In addition, we can provide these managers with the proprietary data insights that we gather from our more than $900 billion of assets under management. In order to manage our growing private credit capabilities across Brookfield, notably Oaktree, LCM, our SocGen partnership and our insurance investment strategies, we recently placed all of our credit strategies under a new credit group, which is led by Craig Noble.

大多數人將受益於我們管理的保險資產和我們的客戶關係。此外，我們還可以為這些管理者提供從我們管理的超過 9,000 億美元資產中收集的專有數據見解。為了管理我們在布魯克菲爾德不斷增長的私人信貸能力，特別是橡樹資本、LCM、我們法國興業銀行的合作夥伴關係以及我們的保險投資策略，我們最近將所有信貸策略置於一個由Craig Noble 領導的新信貸小組之下。

Craig is a Brookfield veteran. He's been with us for approximately 20 years and was most recently responsible for our institutional and wealth fundraising, Prior bringing all of our credit strategies together with our newly formed credit group, allows us to work effectively across our credit teams, provide excellent returns and maximize our ability to create value for our clients. We are confident that credit will be a meaningful driver of BAM's growth over the next decade, given the industry tailwinds and our collective focus. This adjustment will help us achieve that.

克雷格是布魯克菲爾德的老將。他在我們工作了大約20 年，最近負責我們的機構和財富籌款，Prior 將我們所有的信貸策略與我們新成立的信貸團隊結合在一起，使我們能夠在信貸團隊中有效地工作，提供優異的回報並最大化我們為客戶創造價值的能力。鑑於該行業的順風順水和我們的共同關注，我們相信信貸將成為 BAM 未來十年成長的重要推動力。這次調整將幫助我們實現這一目標。

We will now turn the call over to Bahir to go through our financial and operating results for the quarter.

我們現在將把電話轉給巴希爾，以審查我們本季的財務和營運業績。

Thank you, Connor, and good morning, everyone. So for this morning's call, I'll focus my remarks on 3 areas, starting with a discussion of our financial results for 2023, I'll then do a bit of a recap on our capital raising efforts for the year and then conclude by touching on the outlook for 2024. So first, just on financial results, fee-related earnings, or FRE for 2023 were $2.2 billion, up 6% from the prior year. This increase was primarily the result of capital raise for the various flagship funds, which we raised during the year, including our fifth infrastructure fund and 6 private equity fund as well as capital that we deployed within our various credit and complementary funds where we earn fees on invested capital.

謝謝你，康納，大家早安。因此，在今天早上的電話會議中，我的發言將集中在 3 個領域，首先討論我們 2023 年的財務業績，然後我將回顧一下我們今年的融資工作，最後總結一下關於2024 年的展望。首先，僅就財務表現而言，2023 年的費用相關收入(FRE) 為22 億美元，比上一年增長6%。這一增長主要是我們在這一年籌集的各種旗艦基金的資金籌集的結果，包括我們的第五隻基礎設施基金和六隻私募股權基金，以及我們在賺取費用的各種信貸和補充基金中部署的資本關於投資資本。

These increases were somewhat offset by lower catch-up fees and transaction fees, lower fees associated with our permanent capital vehicles and increased costs as we scaled up the business considerably in 2023. Distributable earnings for the year were also $2.2 billion, up 7% compared to 2022. This increase was primarily attributable to the increase that we had in our FRE. We ended 2023 with $916 billion of AUM or assets under management, up $126 billion or 16% from the end of 2022.

這些成長在一定程度上被追趕費和交易費的降低、與我們的永久資本工具相關的費用降低以及我們在2023 年大幅擴大業務規模而增加的成本所抵消。本年度的可分配收益也為22 億美元，比去年同期增長了7%到 2022 年。這一增長主要歸因於我們的 FRE 的增長。截至 2023 年底，我們的管理資產或資產管理規模為 9,160 億美元，比 2022 年底增加 1,260 億美元，即 16%。

Our fee-bearing capital currently sits at $457 billion, up $39 billion and 9% compared to the prior year and will increase to over $500 billion with the shortly anticipated AEL deal. Our fee-bearing capital benefited from strong inflows as well as capital deployed during the year in addition to higher valuations on our permanent capital vehicles. This was somewhat offset by capital that we returned to our clients during the year.

我們的收費資本目前為 4,570 億美元，比前一年增加 390 億美元，成長 9%，隨著即將到來的 AEL 交易，我們的收費資本將增加到超過 5,000 億美元。我們的收費資本受惠於年內強勁的流入和資本配置，以及我們的永久資本工具的更高估值。這在某種程度上被我們年內返還給客戶的資本所抵銷。

Also during the year, we deployed $58 billion of capital in investments, recorded over $30 billion of monetizations across the business and ended the year with $107 billion of uncalled fund commitments. Now turning to fundraising. And as Bruce noted in his remarks, we had inflows of $93 billion over the past year, which will soon be over $140 billion once the AEL transaction closes and we get the approximately $50 billion of assets that come with this transaction that we will be managing. The $93 billion of inflows were spread across approximately 50 strategies as well as $13 billion of inflows coming from Brookfield's reinsurance business.

同樣在這一年中，我們部署了 580 億美元的投資資本，在整個業務中實現了超過 300 億美元的貨幣化，並在年底留下了 1,070 億美元的未兌現資金承諾。現在轉向籌款。正如布魯斯在演講中指出的那樣，過去一年我們的資金流入量為930 億美元，一旦AEL 交易完成，我們將很快超過1400 億美元，並且我們將管理此次交易帶來的約500 億美元資產。這 930 億美元的資金流入分佈在大約 50 個策略中，另外 130 億美元的資金流入來自布魯克菲爾德的再保險業務。

We've held several large fund closes since our last earnings announcement, raising $33 billion of capital. The most significant fundraising updates and deal activity since the beginning of the fourth quarter include first, within our infrastructure business, where we have 2 updates. In December, we held the final close for the fifth vintage of our flagship global infrastructure fund bringing the total strategy size to $30 billion. With approximately 200 investors committed to the fund, this fifth vintage is 40% larger than the predecessor fund.

自上次公佈收益以來，我們已完成多次大型基金募集，並籌集了 330 億美元的資金。自第四季初以來最重要的籌款更新和交易活動首先包括我們的基礎設施業務，其中有 2 項更新。 12 月，我們對旗艦全球基礎設施基金第五期進行了最終交割，使戰略總規模達到 300 億美元。該基金約有 200 名投資者，第五期規模比前一期基金規模大 40%。

We are now approximately 40% deployed across 6 large-scale assets, and the momentum on the capital deployment front is very strong. Second, we held a final close for our infrastructure debt fund for a total strategy size of over $6 billion. Over 60% of the investors in this fund are new to the strategy showcasing Brookfield's leadership position in the infrastructure debt space.

我們現在大約40%部署在6個大型資產上，資本部署的動能非常強勁。其次，我們完成了基礎建設債務基金的最終交割，戰略總規模超過 60 億美元。該基金超過 60% 的投資者是該策略的新手，這展示了 Brookfield 在基礎設施債務領域的領導地位。

Within our renewable power and transition business, we recently finalized the first close for the second vintage of our flagship global transition strategy at $10 billion. In the fourth quarter alone, we raised over $6 billion, including an aggregate $3 billion commitment to our transition strategies received from Altera. In real estate, we are completing the first close for the first -- for the fifth vintage of our flagship real estate opportunistic fund strategy at $8 billion and expect the final close later in 2024.

在我們的再生能源和轉型業務中，我們最近完成了我們旗艦全球轉型策略第二期的首次收盤，金額為 100 億美元。僅在第四季度，我們就籌集了超過 60 億美元，其中包括 Altera 為我們的轉型策略提供的總計 30 億美元的承諾。在房地產領域，我們即將完成我們旗艦房地產機會基金策略第五期的首次收盤，規模為 80 億美元，預計最終收盤將於 2024 年晚些時候完成。

In our credit business, Oaktree raised $30 billion across its franchise in 2023, including almost $10 billion in the fourth quarter. The 12th vintage of our opportunistic credit fund raised $2 billion in the fourth quarter, and our Strategic Lending Partners fund raised $1 billion, bringing the funds sizes to $8 billion and $4 billion, respectively, at year-end. Oaktree has a robust pipeline for additional private credit fund raising, and we expect to complete the fundraise for these funds later in 2024.

在我們的信貸業務中，橡樹資本在 2023 年透過其特許經營籌集了 300 億美元，其中第四季度近 100 億美元。我們的第 12 期機會主義信貸基金在第四季度籌集了 20 億美元，我們的策略貸款合作夥伴基金籌集了 10 億美元，使基金規模在年底分別達到 80 億美元和 40 億美元。橡樹資本擁有強大的額外私人信貸融資管道，我們預計將在 2024 年稍後完成這些資金的融資。

Now turning now towards our outlook for 2024, and as Connor highlighted, should be another very strong year on the fundraising fund front as we have 4 flagship funds that are still in the market and approximately 50 strategies that we have either started to raise money for or expect to launch in the very near future. This should mean that we're in a good position to raise another $90 billion to $100 billion of capital in 2024, and this excludes the AEL acquisition as well as any of the capital that we raised as part of our 2023 plans that slipped into January of this year.

現在轉向我們對2024 年的展望，正如康納所強調的那樣，這應該是籌款基金方面又一個非常強勁的一年，因為我們有4 只旗艦基金仍在市場上，並且我們已經開始為之籌集資金的大約50 種策略或預計在不久的將來推出。這應該意味著我們有能力在 2024 年再籌集 900 億至 1000 億美元的資本，這不包括 AEL 收購以及我們作為 2023 年計劃的一部分籌集的任何資本，該計劃已推遲到 1 月份今年的。

We also have over $100 billion of dry powder available for deployment in what we expect should be a very attractive environment for investing. All of this should drive significant growth in our fee revenues in 2024. At the same time, as previously mentioned, we worked hard in 2023 to build much of our investment teams and infrastructure for all these new fund strategies that Connor touched on. Much of that investment is now complete, so we expect our expense growth to moderate in 2024, resulting in a sizable improvement to our margins across the business.

我們還有超過 1000 億美元的乾粉可供部署，我們預計這應該是一個非常有吸引力的投資環境。所有這些都將推動我們在 2024 年的費用收入大幅成長。同時，如前所述，我們在 2023 年努力為康納提到的所有這些新基金策略建立了大部分投資團隊和基礎設施。大部分投資現已完成，因此我們預計 2024 年費用成長將放緩，使我們整個業務的利潤率大幅提高。

So with all that said, and as we highlighted during our call last quarter, we expect to generate outsized growth in our fee-related earnings in 2024, and so with that as a backdrop, in addition to our balance sheet, which has closed at $2.7 billion of cash and equivalents and no debt, I'm pleased to report that the Board of Directors has declared a dividend of $0.38 per share for the first quarter of 2024, payable on March 28th to the shareholders of record as of the close of business on February 29. This dividend increase represents a 19% annual growth rate, which is at the high end of our 15% to 20% target range for dividend -- annual dividend growth that we set out when we formed the company a year ago.

綜上所述，正如我們在上個季度的電話會議中所強調的那樣，我們預計 2024 年與費用相關的收入將實現大幅增長，以此為背景，除了我們的資產負債表（截至 2024 年） 27億美元現金和等價物，無債務，我很高興地報告，董事會已宣布2024 年第一季每股0.38 美元的股息，將於3 月28 日支付給截至2024 年第一季在冊股東2 月29 日的業務。此次股息增長代表著19% 的年增長率，這是我們一年前成立公司時設定的15% 至20% 股息目標範圍的高端。 。

This dividend reaffirms our conviction around our outlook for earnings growth for the next year and beyond. And so with that, that wraps up our collective prepared remarks for this morning. Thank you for joining the call, and we'll now open it up for any questions. Operator?

此次股利重申了我們對明年及以後獲利成長前景的信心。我們今天早上集體準備的發言就到此結束。感謝您加入通話，我們現在將開放以解答任何問題。操作員？

(Operator Instructions) Our first question will come from the line of Brian Bedell with Deutsche Bank.

（操作員說明）我們的第一個問題將來自德意志銀行的 Brian Bedell。

Just to clarify on the fundraising outlook for '24. And I appreciate all the comments on the detail. I count about $110 billion potentially with another $35 billion or so to go with the flagship. So just wanted to see if that seemed correct? And is the $10 billion transition first close, is that all in calendar '24? Or was some of that in the fourth quarter?

只是為了澄清 '24 的籌款前景。我感謝所有關於細節的評論。我估計大約有 1100 億美元可能用於旗艦產品，另外約 350 億美元。所以只是想看看這是否正確？ 100 億美元的轉型是否首次結束？這一切都在 24 年曆中嗎？還是第四季發生的一些事情？

Thanks for the question. I'll maybe take that in 2 parts. The first maybe to answer your second question there. What happened at the end of 2023 is we completed our fundraising, but almost entirely to service some of our largest LP partners around the world. They essentially committed to a number of our funds in 2023, but they needed to utilize 2024 allocations. So we did the fundraising work in 2023, and we closed it in the first couple of weeks of January. And that's what causes some of the slip from Q4 into the early part of the year. We are not double counting those numbers when we give our outlook for 2024. We are treating that as 2023 raised capital. And therefore, as we look ahead to this year, do very much expect it to be in line with that, call it, run rate average of somewhere between $90 million and $100 million, excluding the increase due to AEL closing.

謝謝你的提問。我可能會把它分成兩部分。第一個可能是為了回答你的第二個問題。 2023 年底，我們完成了融資，但幾乎完全是為了為全球一些最大的 LP 合作夥伴提供服務。他們基本上承諾在 2023 年提供我們的一些資金，但他們需要利用 2024 年的撥款。所以我們在 2023 年做了籌款工作，並在一月的前幾週就結束了。這就是導致第四季業績下滑到今年年初的原因。當我們給出 2024 年的展望時，我們並沒有重複計算這些數字。我們將其視為 2023 年籌集的資金。因此，當我們展望今年時，我們確實非常希望它的運行率平均在 9000 萬美元到 1 億美元之間，不包括 AEL 關閉造成的增長。

Got it. That's super clear. And then just as a follow-up on insurance. I appreciate the color there on the $12 billion to $15 billion of annual annuity production. Just I guess, maybe longer term, what's the appetite to do even more deals over time at the parent, the capacity at the parent to do more insurance deals and both struck this division even to a larger extent and expand that $12 billion to $15 billion in future years.

知道了。說的超清楚啊然後作為保險的後續行動。我很欣賞每年 120 億至 150 億美元年金產出的色彩。只是我猜測，也許從長遠來看，母公司有什麼興趣做更多的交易，母公司有能力做更多的保險交易，兩者都在更大程度上衝擊了這個部門，並將120 億美元擴大到150 億美元未來幾年。

Great question, Brian. And obviously, that will be update -- that will be up to the team at BNRE. But what we would say is with the upcoming closing of the AEL transaction, that business has very, very significant scale in the United States and becomes one of the market leaders and can deliver tremendous amounts of organic growth very accretively. Therefore, if BNRE was to consider further deal activity, we do expect that they may consider alternative markets beyond simply the United States.

好問題，布萊恩。顯然，這將是更新——這將由 BNRE 團隊決定。但我們要說的是，隨著 AEL 交易即將完成，該業務在美國擁有非常非常大的規模，成為市場領導者之一，並且可以非常增值地帶來巨大的有機成長。因此，如果 BNRE 考慮進一步的交易活動，我們確實預計他們可能會考慮美國以外的其他市場。

Our next question will come from the line of Cherilyn Radbourne with TD Cowen.

我們的下一個問題將來自 Cherilyn Radbourne 和 TD Cowen 的線路。

I wanted to start with a question for you. In the DGTF press release earlier this week, you were quoted talking about how one of the emerging trends in transition investment involves supplying renewable power to the data and technology sector. And I was just hoping you could elaborate on that a little bit and talk about how much of the second fund do you think will be devoted to that type of activity?

我想先問你一個問題。在本週稍早的 DGTF 新聞稿中，您談到轉型投資的新興趨勢之一如何涉及向數據和技術領域提供再生能源。我只是希望你能詳細說明這一點，並談談你認為第二支基金有多少資金將專門用於此類活動？

Love that question. Thank you. Maybe just to take a step back and lay the groundwork a little bit. there's not much doubt that the leading technology companies around the world today are the largest and fastest-growing businesses. And the way those businesses are growing is through cloud and AI and the way to deliver cloud and AI is through the build-out of more data center capacity. This obviously presents a tremendous opportunity for our infrastructure business and its leading data center capacity or its leading data center platform.

喜歡這個問題。謝謝。也許只是退後一步，奠定一點基礎。毫無疑問，當今世界上領先的科技公司是規模最大、成長最快的企業。這些業務的成長方式是透過雲端和人工智慧，而提供雲端和人工智慧的方式是透過建立更多的資料中心容量。這顯然為我們的基礎設施業務及其領先的資料中心容量或領先的資料中心平台提供了巨大的機會。

But perhaps one thing that we feel is not entirely recognized is with the new large-scale data centers that are required to support the growth of cloud and AI, these are very large computationally intensive and energy intensive. And therefore, putting one of them on a power grid has a destabilizing impact and the large tech companies want to put multiple data centers on each power grid around the world.

但也許我們認為尚未完全認識到的一件事是，支援雲端和人工智慧成長所需的新的大型資料中心，這些資料中心的運算密集度和能源密集度都非常大。因此，將其中一個連接到電網會產生不穩定的影響，大型科技公司希望在全球每個電網上建立多個資料中心。

And therefore, increasingly in order to get your data center permitted, you have to come with a power solution as well. And in an indirect way, power is now on the critical path to growth for the large tech companies. And this is a real opportunity for Brookfield because we are perhaps one of, if not the only provider who can provide not only scale data center capacity, but also scale clean energy solutions on a global basis to enable the growth of these large tech companies. And this is not a market opportunity for the future, this is a market opportunity right now.

因此，為了讓您的資料中心獲得許可，您還必須配備電源解決方案。電力現在以一種間接的方式成為大型科技公司成長的關鍵路徑。這對布魯克菲爾德來說是一個真正的機會，因為我們可能是（如果不是唯一的）不僅可以提供大規模資料中心容量，而且可以在全球範圍內擴展清潔能源解決方案以促進這些大型科技公司發展的供應商之一。這不是未來的市場機會，這是現在的市場機會。

It lends itself to not only those that have the capital and the capabilities, but also those that put the work in, in the past and have the platforms and the pipeline available to service these growing technology companies. And it's been a huge driver of our business in both infrastructure and renewable power and transition. And should tie it all up with answering your question, I would expect renewables to continue to be somewhere between 35% and 50% of our global transition fund.

它不僅適合那些擁有資本和能力的人，也適合那些過去投入工作並擁有可用於為這些成長中的科技公司提供服務的平台和管道的人。它是我們在基礎設施、再生能源和轉型方面業務的巨大推動力。應該將這一切與回答你的問題聯繫起來，我預計再生能源將繼續占我們全球轉型基金的 35% 到 50% 之間。

That's great color. And then separately, the letter to shareholders mentions that your existing LPs made a lot of crossover investments in the latest round of fundraising. Can you talk about what that sort of crossover ratio is across your client base currently and where you think that ratio can go based on your benchmarking?

那顏色真棒。然後另外，致股東的信中提到，你們現有的LP在最新一輪融資中進行了大量的交叉投資。您能否談談目前您的客戶群中的交叉比率是多少，以及您認為根據您的基準測試該比率可以達到什麼水平？

Certainly. So it's obviously different fund to fund, but probably a rough rule of thumb that can be used is approximately 20% -- approximately 50% of the capital we raised across 2023 came from re-ups from existing fund investors, 25% came from crossover investors and 25% came from new investors. That's probably a good rule of thumb breakdown. We are seeing that 25% from crossover investors as certainly the fastest-growing of those 3 proportions and that's simply a function of our growing relationships with our clients and our ability to offer more products that might meet their interests.

當然。因此，基金之間顯然是不同的，但可以使用的粗略經驗法則可能是大約 20%——我們在 2023 年籌集的資金中大約 50% 來自現有基金投資者的重新投資，25% 來自交叉投資者，25%來自新投資者。這可能是個很好的經驗法則。我們看到，來自交叉投資者的 25% 肯定是這 3 個比例中成長最快的，這只是我們與客戶關係不斷發展以及我們提供更多可能滿足他們興趣的產品的能力的結果。

And so just on average, to dig a little deeper there, like on average, how many funds does the average LP investing with you? And where do you think you can take that over time?

就平均而言，要深入探討一下，例如平均而言，有限合夥人平均向您投資了多少基金？隨著時間的推移，你認為你可以把它帶到哪裡？

Certainly. So the number today is about 2. The average LP we have is in approximately 2 of our funds, 2 of our strategies. We think there's lots of runway for growth in that number. We could see that number doubling over time. It is a process and something we work with our clients on. But we do see that number moving in only 1 direction.

當然。所以今天的數量大約是 2 個。我們擁有的平均 LP 大約分佈在我們的 2 個基金、2 個策略中。我們認為這個數字還有很大的成長空間。我們可以看到這個數字隨著時間的推移而翻倍。這是一個過程，也是我們與客戶合作的事情。但我們確實看到該數字僅朝一個方向移動。

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

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

So Connor, lots of discussion around product development and helpful color, obviously, around the $75 billion plus minus that you guys expect to get over time per year outside of flagships. Curious how that impacts your balance sheet strategy. So with respect to any GP co-invest to kind of seed some of these products and accelerate the growth. How do you think about utilizing something in that $3 billion cash that you currently have on the balance sheet? And I guess, related to that, how does that inform your acquisition strategy as well?

康納，圍繞著產品開發和有用的色彩進行了大量討論，顯然，隨著時間的推移，你們預計每年在旗艦店之外獲得的收入約為 750 億美元。很好奇這如何影響您的資產負債表策略。因此，對於任何普通合夥人來說，共同投資是為了培育其中一些產品並加速成長。您如何看待如何利用您目前資產負債表上的 30 億美元現金？我想，與此相關，這對您的收購策略有何影響？

Alex, it's Bahir. Maybe I can just start off and talk through the balance sheet strategy and then probably Connor will chime in just on acquisitions and such. So look, we've -- as we noted in our Investor Day and our call last quarter that the most immediate uses for the balance sheet resources that we have in hand will be used to make GP commitments in a number of the complementary equity strategies that we have. in addition to using some of that capital to seed new verticals, new strategies and also to do selective GP acquisition. So that's the strategy. That's what we're highly focused on.

亞歷克斯，我是巴希爾。也許我可以先討論資產負債表策略，然後康納可能會就收購等問題發表意見。因此，正如我們在投資者日和上個季度的電話會議中指出的那樣，我們手頭上的資產負債表資源的最直接用途將用於在許多補充股權策略中做出普通合夥人的承諾我們有。除了利用部分資本來培養新的垂直領域、新的策略以及選擇性地收購普通合夥人。這就是策略。這就是我們高度關注的。

Some of the near-term initiatives that we're working on, and Connor touched on most of these in his remarks, but we'll be allocating capital towards Pinegrove, our technology secondaries strategy. We've got our special investment strategy or BSI within our private equity group that we're also allocating capital to. Two secondary strategies, one in infrastructure, one in private equity. We're also going to be committing capital to. And then the 2 exciting new initiatives that we talked about today, being the Middle Eastern private equity fund in addition to the financial backbone or infrastructure strategy as well.

我們正在進行一些近期舉措，康納在演講中談到了其中的大部分舉措，但我們將向 Pinegrove（我們的技術二級戰略）分配資金。我們在私募股權集團內制定了特殊的投資策略或 BSI，我們也向其分配資本。兩種次要策略，一種是基礎設施，一種是私募股權。我們還將投入資金。然後是我們今天討論的兩項令人興奮的新舉措，除了金融支柱或基礎設施策略之外，還有中東私募股權基金。

So we're finalizing our plans. We don't have all the sort of final numbers on all of that, but I just wanted to give you an idea of all the vast amount of things that we're going to be doing to assist a number of our business units and these strategies are going to be very additive to our franchise going forward. And maybe Connor will speak to GP acquisitions.

所以我們正在敲定我們的計劃。我們沒有所有這些的最終數字，但我只是想讓你們了解我們將要做的所有大量事情，以幫助我們的一些業務部門和這些策略將對我們未來的特許經營有很大的幫助。也許康納會談論 GP 收購。

For sure. And I don't have much to add beyond what Bahir said, other than to say that we're very fortunate to have a very strong financial resources on our balance sheet. And between some of the tactical GP M&A that we mentioned in our remarks, and the seeding of the new product development. That is where we expect the vast majority, if not the entirety of our balance sheet to go towards. We certainly view those as both the most accretive and the most growth-enabling opportunities for that capital.

一定。除了巴希爾所說的之外，我沒有太多要補充的，除了說我們非常幸運，我們的資產負債表上擁有非常強大的財務資源。以及我們在評論中提到的一些戰術性 GP 併購，以及新產品開發的種子。這就是我們預期資產負債表的絕大多數（如果不是全部）會走向的方向。我們當然認為這些對資本來說既是最具增值性又是最有利於成長的機會。

Great. That's helpful. And my follow-up is around the fundraising targets you've laid out for 2024. So as we sort of think about the $90 billion to $100 billion of fundraising you expect to see this year, as the business becomes more diversified, the sources of that have obviously expanded. So you have insurance, you have traditional style kind of LPGP funds, you got wealth. So help us maybe frame what's the fee-bearing capital associated with that $90 million to $100 million? And then ultimately, what's kind of the blended fee rate you guys expect to come in? And I understand it's not going to all come in on day 1, so it's not all going to hit in 2024, but help us maybe think about how this fundraising dynamic translate into actual management fees.

偉大的。這很有幫助。我的後續行動是圍繞您為2024 年制定的籌款目標進行的。因此，當我們考慮今年您預計會看到的900 億至1000 億美元的籌款目標時，隨著業務變得更加多元化，資金來源顯然已經擴大了。所以你有保險，你有傳統風格的 LPGP 基金，你獲得了財富。那麼請幫我們確定與 9,000 萬至 1 億美元相關的收費資本是多少？最後，你們預期的混合費率是多少？我知道這不會在第一天就全部到位，因此也不會在 2024 年全部到位，但也許可以幫助我們思考這種籌款動態如何轉化為實際的管理費。

Yes, Alex, it's Bahir again. There's probably a lot of details. As you can imagine, we've got -- as I noted in my remarks, we've got 50 strategies that we're going to be out fundraising on, and that's just on the what we call the complementary strategy side of things in addition to the 4 flagship. So with respect to fundraising, the way -- for 2024, the $90 billion to $100 billion target that we've set out for ourselves you should expect 1/3 of that to come from the flagships that we're still fundraising for. And as you know, we earn fees on committed capital there. 1/3 will come from the complementary strategies.

是的，亞歷克斯，又是巴希爾。應該還有很多細節吧正如你可以想像的那樣，正如我在發言中指出的那樣，我們有 50 種策略，我們將根據這些策略進行籌款，而這正是我們所說的補充策略方面。除了4款旗艦之外。因此，就籌款而言，我們為自己設定的 2024 年 900 億至 1000 億美元的目標，你應該預期其中 1/3 來自我們仍在籌款的旗艦項目。如您所知，我們透過承諾資本賺取費用。 1/3將來自互補策略。

You could say half of those will come from equity related strategies. So financial infrastructure, Middle Eastern private equity catalytic transition, secondaries, et cetera, and half of those will be from credit funds. So we'll be out in the market next year with our real estate finance fund, our royalties business is growing. Our consumer finance business, LCM is also growing, a number of strategies in Oaktree, 17 capital, et cetera. Lots of great things happening there.

你可以說其中一半將來自股票相關策略。因此，金融基礎建設、中東私募股權催化轉型、二級市場等，其中一半將來自信貸基金。因此，明年我們將帶著我們的房地產金融基金進入市場，我們的特許權使用費業務正在成長。我們的消費金融業務，LCM也在成長，橡樹資本、十七資本等等的一些策略。那裡發生了很多偉大的事情。

So broadly speaking, maybe half of that will be based on invested capital versus committed capital, and generally takes us 3 years or so to invest that capital. And so again, 1/3 comes from flagships, 1/3 from complementary strategies, about 15% or so, 20% comes from insurance inflows that Connor touched on, we'll get paid on those right away as soon as we get them. And then there's your normal course co-investments that we do, perpetual strategies, semi-liquid, et cetera. So lots of things. And I'd say, from a fee perspective, the average fees that we've had over the last couple of years, which is over 100 basis points will be consistent. We expect that to be consistent heading into 2024.

從廣義上講，也許其中一半將基於投資資本與承諾資本，並且通常需要我們 3 年左右的時間來投資該資本。再說一次，1/3來自旗艦，1/3來自補充策略，大約15%左右，20%來自康納提到的保險資金流入，我們一拿到這些資金就會立即得到報酬。然後是我們進行的常規共同投資、永續策略、半流動策略等等。很多事情。我想說，從費用的角度來看，我們過去幾年的平均費用（超過 100 個基點）將保持一致。我們預計到 2024 年這一情況將保持一致。

Our next question will come from the line of Mike Brown with KBW.

我們的下一個問題將來自 KBW 的 Mike Brown。

Just wanted to start on the insurance side of the business. Can you maybe just expand on the timing for the AEL close? I think the hope was a year-end close, but I understand regulatory approvals take time. But what's maybe the updated view on that? And anything you can maybe expand on as to what has caused it to not yet close? And then just in addition to the scaling of the insurance business at the Brookfield Corp. Do you think you have the right asset mix and scale to continue to service the insurance balance sheets like -- for example, do you expect to meet to kind of continue to scale the ABF business? And as you do so, does that actually set you up well to win some more third-party insurance AUM over time?

只是想從保險方面開始業務。能否詳細說明一下 AEL 關閉的時間？我認為希望是在年底結束，但我知道監管部門的批准需要時間。但對此的最新看法可能是什麼？您可以詳細說明是什麼原因導致它尚未關閉嗎？然後，除了布魯克菲爾德公司保險業務的規模擴大之外，您認為您是否擁有合適的資產組合和規模來繼續為保險資產負債表提供服務，例如，您是否期望滿足繼續擴大 ABF 業務嗎？當您這樣做時，這是否真的能讓您隨著時間的推移贏得更多第三方保險資產管理規模？

Mike, thanks for the question. In terms of the AEL closing process, I would say it's very normal course for a transaction of this type. In November, we received overwhelming support from the AEL shareholders. We continue to work through the regulatory process and I would say we continue to target closing shortly. Nothing really to report and certainly nothing out of the ordinary in how that process is progressing.

麥克，謝謝你的提問。就 AEL 關閉流程而言，我認為對於此類交易來說這是一個非常正常的過程。 11 月份，我們得到了 AEL 股東的大力支持。我們將繼續完成監管程序，我想說，我們將繼續目標是盡快完成交易。沒有什麼真正需要報告的，當然這個過程的進展也沒有什麼不尋常的地方。

In terms of how our platform is set up to service that insurance balance sheet and third-party insurance clients. We feel that we are extremely well positioned today and will only go from strength to strength in that regard. Really our process of being well positioned to service insurance started in 2019 with our partnership with Oaktree and giving ourselves access to one of the largest and broadest credit franchises in the world, obviously, with credit being a key asset class to service insurance when you were able to pair credit with the long-duration inflation-linked assets that we have across real estate and infrastructure and renewables, we really feel that we have a product suite that is relatively unmatched in terms of servicing those clients.

就我們的平台如何設定來為保險資產負債表和第三方保險客戶提供服務而言。我們認為我們今天處於非常有利的位置，並且在這方面只會越來越強大。實際上，我們在保險服務方面的優勢始於 2019 年，我們與橡樹資本合作，使我們能夠獲得世界上最大、最廣泛的信貸特許經營權之一，顯然，當您能夠將信貸與我們在房地產、基礎設施和再生能源領域擁有的長期通膨相關資產配對，我們確實認為我們擁有一套在為這些客戶提供服務方面相對無與倫比的產品套件。

All that being said, there's room to run. And as we think about some of those tactical M&A opportunities, one that is top of mind are other credit type initiatives that may be well suited to service insurance clients. So your question is spot on. We think we're well positioned today, but can go from strength to strength in the future.

話雖如此，還有運作的空間。當我們考慮其中一些戰術性併購機會時，首先想到的是其他可能非常適合服務保險客戶的信貸類型措施。所以你的問題是正確的。我們認為我們今天處於有利位置，但未來可以不斷發展壯大。

Okay. Great. Maybe a question for Bahir. In 2023, the consolidated margin came in around 54%. As we look out to 2024, you've got a lot of moving pieces that are falling into place and certainly some large fundraising numbers that will kind of come through throughout the year. Is it possible that the margin gets back to the 56 level -- 56% level, I think it wasn't like kind of the prior year period? And what is kind of the run rate margin expansion potential that we should think about when we look beyond 2024.

好的。偉大的。也許有個問題想問巴希爾。 2023 年，綜合利潤率約 54%。展望 2024 年，許多令人感動的事情正在落實到位，當然還有一些大型籌款數字將在全年實現。利潤率是否有可能回到 56 的水平——56% 的水平，我認為這與去年同期不同？當我們展望 2024 年之後，我們應該考慮運行率利潤率擴張的潛力是什麼。

Mike, certainly. So look, when we when we're reporting and usually refer to our margins, we do it on sort of a proportionate basis, taking all the Brookfield-related activities and taking Oaktree at its share et cetera, and to come up with a net demand proportionate sort of margin of 56% for the year. So that's down 200 basis points from the prior year. And our target starting in 2024 is to get back to certainly prior year levels and even higher for the years beyond. Lots of execution ahead of us, but that is at least the target that we've set out for ourselves internally as an organization.

麥克，當然。所以，當我們報告時，通常會提到我們的利潤率，我們會按比例進行，考慮所有與布魯克菲爾德相關的活動，並考慮橡樹資本的份額等等，並得出一個淨值今年需求比例利潤率為56%。所以比前一年下降了 200 個基點。我們從 2024 年開始的目標是恢復到去年的水平，甚至在未來幾年更高。我們還有很多執行任務，但這至少是我們作為一個組織在內部為自己設定的目標。

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

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

My first one is another one on AEL. There's quite a few alt managers with partnerships with annuity underwriters now. and they're all looking to grow. So it looks like competition is intensifying. At the same time, interest rates are now falling, which do indicate that annuity sales may also go down. So I know the ROE and NIM doesn't exactly matter for FAM. It's more of a BN issue, but higher competition could impact your retail channel flow. So my question really is, what are your thoughts on the competitive landscape today?

我的第一個是 AEL 上的另一個。現在有相當多的另類投資經理人與年金承銷商建立了合作關係。他們都在尋求成長。所以看起來競爭正在加劇。與此同時，利率正在下降，這確實表明年金銷售也可能下降。所以我知道 ROE 和 NIM 對 FAM 來說並不重要。這更多的是 BN 問題，但更激烈的競爭可能會影響您的零售通路流量。所以我的問題是，您對當今的競爭格局有何看法？

There would be 2 answers to that question. One, the nice thing about the AEL transaction is we have a playbook that we just executed on through American National. And we knew exactly what we did there in order to drive growth and increase profitability in that business. And we see a lot of the same attributes and opportunities upon closing AEL. And yes, the market backdrop will influence that. But we think a lot of the near-term performance and growth is going to be within our control. And while interest rates and competition may have an impact.

這個問題有兩個答案。第一，AEL 交易的好處是我們有一個剛透過美國國家航空執行的劇本。我們確切地知道我們在那裡做了什麼，以推動該業務的成長並提高獲利能力。關閉 AEL 後，我們看到了許多相同的屬性和機會。是的，市場背景會影響這一點。但我們認為近期的大部分業績和成長都在我們的控制範圍內。雖然利率和競爭可能會產生影響。

The second point is upon closing this transaction, we have very meaningful scale in the United States. And that will be a key differentiator and at an competitive advantage that positions us well even in a different interest rate environment that may be more competitive. We think our scale will continue to provide a competitive advantage and a bit of a moat that will allow us to continue to drive that, call it, $12 billion to $15 billion of growth annually.

第二點是，完成這筆交易後，我們在美國擁有非常有意義的規模。這將是一個關鍵的差異化因素，並且具有競爭優勢，即使在可能更具競爭力的不同利率環境中，我們也能處於有利地位。我們認為我們的規模將繼續提供競爭優勢和一點護城河，使我們能夠繼續推動每年 120 億至 150 億美元的成長。

My follow-up is on Real Estate Fund V. So -- the last 2 vintages were $15 billion. You already raised $8 billion through January, so more than halfway to the prior sizes. I wanted your perspective on kind of recent conversations with LPs, feedback from the road shows. Do you think you're going to be able to hit the $15 billion level by your final close, which I think you said will be later this year. So we're penciling in around Q4 '24 for the final close of Real Estate Fund V?

我的後續行動是房地產基金 V。所以——最後兩個年份的規模為 150 億美元。截至 1 月份，你們已經籌集了 80 億美元，比之前的規模多了一半多。我想了解您對最近與有限合夥人的對話以及路演回饋的看法。您是否認為最終成交時您能夠達到 150 億美元的水平？我想您說過這將在今年晚些時候完成。那麼，我們預計房地產基金 V 的最終收盤時間為 24 年第 4 季左右？

Yes, like very little concern. We're thrilled with the traction that the fund has been getting and really it's important to recognize what our flagship fund offers. This is our fund, an opportunistic real estate fund that has delivered 18% net IRRs across 4 vintages to date. And it is for lack of a better term, perfectly suited for the current market environment. So I would say the traction is very strong. A first close at more than 50% of the fund target is a very, very strong indication. And a point we would highlight is -- that's very much in line with the previous funds as well in terms of their first close.

是的，就像很少關心一樣。我們對該基金所獲得的關注感到非常興奮，並且認識到我們的旗艦基金所提供的服務確實很重要。這是我們的基金，一隻機會主義房地產基金，迄今為止在 4 個年份中實現了 18% 的淨 IRR。由於缺乏更好的術語，它非常適合當前的市場環境。所以我想說牽引力非常強大。首次收盤價超過基金目標的 50% 是一個非常非常強烈的跡象。我們要強調的一點是──這與先前的基金的首次收盤價非常一致。

And perhaps the thing that gets us really excited is the re-up rates we're seeing from our clients are particularly strong in real estate. And that's really a function of our franchise and something that gives us confidence in hitting that target fund raise this year.

也許真正讓我們興奮的是我們從客戶那裡看到的房地產領域的重新上漲率尤其強勁。這確實是我們特許經營權的功能，也讓我們有信心實現今年的融資目標。

Our next question will come from the line of Nick Priebe with CIBC Capital Markets.

我們的下一個問題將來自 CIBC 資本市場部門的 Nick Priebe。

Okay. I wanted to ask a question about fundraising dynamics and your experience with the second iteration of the transition fund. I think you've suggested that you're anticipating an expansion in the number of LPs in Fund II. But considering that the vast majority of assets in the first fund are still unrealized as you seek to broaden the investor base, does that create an impediment for a subset of investors? And in that context, not to put the cart before the horse, but would you expect more success or momentum on that front for the third vintage specifically, considering that the inaugural fund at that time would be a bit more mature in its life cycle?

好的。我想問一個有關籌款動態以及您對過渡基金第二次迭代的經驗的問題。我認為您已經表示預計基金 II 的有限合夥人數量將會增加。但考慮到當您尋求擴大投資者基礎時，第一支基金的絕大多數資產仍未變現，這是否會對部分投資者造成障礙？在這種情況下，並不是本末倒置，但考慮到當時的首個基金在其生命週期中會更加成熟，您是否會期望第三個年份在這方面取得更大的成功或動力？

Thanks, Nick. Perhaps a few things to unpack there. The first I would say is a -- let me start by saying, yes, we have a very strong belief that the number of LPs in BGTF2 will dramatically meaningfully exceed the number of LPs in BGTF1. The first reason is a macro reason which is, although we're only, call it 3 years between fundraising for successive vintages, 2 things have happened in the market on a very accelerated pace over those 3 years. One is many institutional investors around the world either now have a transition allocation or they have at least determined where within their business transition investments fit and they have a dedicated pool of capital towards those types of strategies.

謝謝，尼克。也許有一些東西可以在那裡解開。首先我要說的是——首先我要說的是，是的，我們堅信 BGTF2 中的 LP 數量將大大超過 BGTF1 中的 LP 數量。第一個原因是宏觀原因，儘管我們只將連續年份的募款間隔稱為三年，但在這三年中，市場上發生了兩件事，速度非常快。一是世界各地的許多機構投資者要么現在擁有轉型配置，要么至少已經確定了其業務轉型投資適合的位置，並且他們擁有專門用於這些類型策略的資金池。

That dynamic has increased meaningfully versus 2021. And therefore, we are seeing a much broader opportunity set in terms of LPs looking to deploy in these types of strategies. The second one is entirely commercial, which is the last 2 or 3 years have demonstrated to market participants that investing in transition is a very, very attractive risk-adjusted return and a very large and growing attractive commercial strategy. And therefore, we are seeing not only bigger allocations, but more investors allocating to the space.

與 2021 年相比，這種動態顯著增加。因此，對於尋求部署此類策略的有限合夥人來說，我們看到了更廣泛的機會。第二個是完全商業化的，就是最近兩三年向市場參與者證明，投資轉型是一個非常非常有吸引力的風險調整回報，也是一個非常龐大且越來越有吸引力的商業策略。因此，我們不僅看到更大的配置，而且看到更多的投資者配置到該領域。

Those are the macro dynamics. The comment I would make more specific to our cadence of coming back to the market is, yes, we don't have realized marks in BGTF1 yet as a result of the fund only being largely invested over the last couple of years. But what we're seeing from LP partners, both existing and new potential partners is it's very clear some of the key macro trends that we got out in front of and some of the very attractive value entry points we secured in that BGTF1 fund.

這些是宏觀動態。我想對我們重返市場的節奏做出更具體的評論是，是的，我們尚未在 BGTF1 中實現目標，因為該基金僅在過去幾年中進行了大量投資。但我們從有限合夥人（包括現有的和新的潛在合作夥伴）那裡看到的是，我們非常清楚地看到了我們在BGTF1 基金中獲得的一些關鍵宏觀趨勢以及一些非常有吸引力的價值切入點。

And therefore, while there aren't realized marks that people can rely on, the value entry points that we were able to secure using our scale and using our operating capabilities are very obvious to investors and I would say, quite supportive of our fundraising for BGTF2. So is it an unusual dynamic? Perhaps. Do we view it as an impediment to fundraising? No, we do not.

因此，雖然沒有實現人們可以依賴的標誌，但我們利用我們的規模和營運能力能夠確保的價值切入點對投資者來說是非常明顯的，我想說，非常支持我們為BGTF2。那麼這是一個不尋常的動態嗎？也許。我們是否認為這是籌款的障礙？不我們沒有。

Okay. That's good color. And then just shifting gears, I understand the way that carried interest is shared between the manager and the corporation. It won't be a meaningful contributor to the distributable earnings in the immediate future. But I was wondering if you could talk a little bit about how much carry you've accrued so far and just how big you envision that component of the earnings profile becoming in the longer run, say 5 years from now?

好的。這顏色真好啊然後只是換檔，我了解了經理和公司之間分享附帶權益的方式。它不會對近期的可分配收益產生有意義的貢獻。但我想知道您是否可以談談到目前為止您已經累積了多少利差，以及您預計從長遠來看（例如 5 年後）收益狀況中的該部分將達到多大？

Certainly. And maybe just as a reminder to everyone, at the time of the spin out, accrued (inaudible) was left at BN. So we were starting from a clean slate. And then on go-forward carry, 1/3 goes to BN and 2/3 remains with BAM. So exactly as was just mentioned, we do not expect realized carry to be a meaningful part of our DE for the first 5 years post spin-out. To date, our accrued carry has reached about $200 million, but we expect that to continue to grow very, very meaningfully going forward. And by the end of the decade, I think in our Investor Day forecast, we suggested that by 2029, we expect to see realized carry in approximately the $2 billion range with that more than tripling in the 3 to 4 years following that. So while it is a bit deferred in the future, this becomes a very meaningful driver of our economics come the latter portion of the decade.

當然。也許只是提醒大家，在分拆時，應計的（聽不清楚）就留在了 BN。所以我們從頭開始。然後在前進進位中，1/3 歸 BN，2/3 歸 BAM。因此，正如剛才所提到的，我們預計分拆後的前 5 年裡，已實現的套利不會成為我們 DE 中有意義的一部分。迄今為止，我們的應計利差已達到約 2 億美元，但我們預計未來該數字將繼續成長，非常非常有意義。到本世紀末，我認為在我們的投資者日預測中，我們建議到 2029 年，我們預計實現的套利將達到約 20 億美元，並在隨後的 3 到 4 年內增加兩倍以上。因此，雖然它在未來有點推遲，但在本世紀後半段，這將成為我們經濟的一個非常有意義的驅動力。

Our next question will come from the line of Kenneth Worthington with JPMorgan.

我們的下一個問題將來自摩根大通的肯尼斯·沃辛頓。

We're seeing renewed concerns about the commercial real estate market in the U.S. I would say punctuated by some comments by Janet Yellen highlighting some risks here. How do you see the investment in realization environment sort of developing in 2024 and your real estate business broadly as the year continues to roll on.

我們看到人們對美國商業房地產市場重新產生擔憂。我想說，珍妮特耶倫的一些評論強調了這裡的一些風險。您如何看待 2024 年實現環境投資的發展以及隨著這一年的繼續發展您的房地產業務的廣泛發展。

Certainly. Thanks, Ken. Maybe just a couple of points here is there is no doubt that there is a little bit of stress in certain portions of the real estate market. But while that stress, that temporary stress is a reality for some. It's also an opportunity for others. And with the breadth of our real estate franchise, and how we fund our businesses, we're in a great position to ride through this environment, continue to keep refinancing our businesses. And the one thing that's often being overlooked in the real estate market right now is high-quality underlying assets are performing exceptionally well.

當然。謝謝，肯。也許這裡只有幾點是，毫無疑問，房地產市場的某些部分存在一些壓力。但儘管有這種壓力，但這種暫時的壓力對某些人來說卻是現實。對其他人來說這也是一個機會。憑藉我們房地產特許經營的廣度，以及我們為業務提供資金的方式，我們處於有利地位，能夠度過這種環境，繼續為我們的業務提供再融資。目前房地產市場上經常被忽視的一件事是，優質基礎資產的表現異常出色。

The issue is on funding and liquidity as opposed to underlying operating performance. And that's certainly what we're seeing in our portfolio. So you combine that strong operating performance with how we fund our businesses, we see a path to riding through this, but this is where the opportunity is created. And we mentioned that we're seeing great traction for our BSREP franchise that's in the market. It is well positioned to take advantage in this market environment and secure some very, very attractive value entry points. And that's why I think we're seeing such strong fundraising success there.

問題在於資金和流動性，而不是基本的營運績效。這當然就是我們在我們的產品組合中看到的。因此，將強勁的經營業績與我們為業務提供資金的方式結合起來，我們看到了一條渡過難關的道路，但這就是創造機會的地方。我們提到，我們看到市場上 BSREP 特許經營權具有巨大的吸引力。它處於有利地位，可以在這種市場環境中佔據優勢，並獲得一些非常非常有吸引力的價值切入點。這就是為什麼我認為我們在那裡看到如此強勁的籌款成功。

The second part of your question went to asset liquidity. And perhaps I'd make a comment that applies to real estate, but perhaps applies to all of our asset classes. Throughout 2023, interest rates were increasing, but more important than them increasing was their trajectory was uncertain. And that uncertainty did not make for a robust environment for capital recycling and for monetizations. What we saw across real estate as well as our other asset classes like renewable and infrastructure is high-quality assets of small to medium-size could still receive very, very attractive bids, and we monetized assets across all of our platforms in that way.

你問題的第二部分涉及資產流動性。也許我會發表適用於房地產的評論，但也許適用於我們所有的資產類別。整個 2023 年，利率一直在上漲，但比上漲更重要的是利率軌跡不確定。這種不確定性並沒有為資本回收和貨幣化創造良好的環境。我們在房地產以及可再生能源和基礎設施等其他資產類別中看到的是，中小型規模的優質資產仍然可以收到非常非常有吸引力的出價，並且我們以這種方式在所有平台上將資產貨幣化。

But what was more difficult in that environment was large-scale monetizations. With increasing stability in interest rates, we do see that market coming back in 2024. It will take time. It will, we think, accelerate throughout the year. But the good news for us is we were able to use our scale to invest in 2023 when there were very few bidders. And we made the conscious decision to -- not force ourselves to realize assets in that market. And more appropriately wait for better times.

但在那種環境下更困難的是大規模貨幣化。隨著利率越來越穩定，我們確實看到該市場將在 2024 年回歸。這需要時間。我們認為，這一趨勢將在全年加速。但對我們來說好消息是，我們能夠在 2023 年利用我們的規模進行投資，當時競標者還很少。我們做出了有意識的決定——不強迫自己在該市場上變現資產。更合適的是等待更好的時機。

So all in all, we do see liquidity accelerating throughout 2024, not only in real estate but across our asset classes. And that's simply a function of the uncertainty in the market increasingly being removed as interest rates stabilize.

總而言之，我們確實看到 2024 年流動性加速，不僅在房地產領域，而且在我們的資產類別中。這只是隨著利率穩定而逐漸消除市場不確定性的結果。

Okay. Brilliant. And maybe for Bahir, I think this is more of a clarification. Credit had a substantial pickup in inflows and outflows this quarter. Piece 25 of the supplement. And it looks like the insurance piece was a big driver of that on Page 7 of the supplement. Is there anything seasonal about the fourth quarter? Or was it Argo that really impacted the fourth quarter inflows and outflows? And as we think about the insurance contribution to your fundraising target, the $15 billion to $20 billion guide overtime, is that a gross number? Or is that sort of a net number, net of the outflows that the insurance piece kind of see? So just trying to figure out how to think about that in the context of longer-term fundraising guidance?

好的。傑出的。也許對巴希爾來說，我認為這更多的是一種澄清。本季信貸流入和流出大幅增加。補編第 25 條。看起來保險部分是增刊第 7 頁的重要推手。第四季有什麼季節性因素嗎？還是 Argo 真正影響了第四季的資金流入和流出？當我們考慮保險對籌款目標的貢獻時，150 億至 200 億美元的指導加班費，這是一個總數嗎？或者說這是一個淨數字，扣除了保險部分所看到的資金流出？那麼只是想弄清楚如何在長期籌款指導的背景下思考這一點？

Ken, you're absolutely correct, the fourth quarter insurance inflows benefited quite substantially from the Argo transaction that we spoke about. With respect to the outflows within credit, we may -- I may just want to clarify that with you after the call, but it may have been some funds that reached the end of its cycle, if I remember correctly. And then with respect to the last point, the $15 million to $20 million is a net number that we're using based on the forecast of the various platforms that we have that we have built in our insurance business, aside from the annuities business that gets sort of all the -- that gets all the headlines, Brookfield Reinsurance has also built up or is in the process of building up a sizable pension risk transfer business in the U.S. where it started to bid on mandates at the latter part of 2023, and there's going to be considerable growth coming from that channel in 2024 and also are in the process of building a similar business in the U.K., where that market is also quite significant.

Ken，你說得完全正確，第四季度的保險資金流入從我們談到的 Argo 交易中受益匪淺。關於信貸內部的流出，我們可能會——我可能只是想在電話會議後向您澄清這一點，但如果我沒記錯的話，可能是一些資金到達了周期的末尾。關於最後一點，1500 萬至 2000 萬美元是我們根據我們在保險業務中建立的各種平台的預測使用的淨數字，除了年金業務之外布魯克菲爾德再保險公司也在美國建立或正在建立規模龐大的養老金風險轉移業務，並於2023 年下半年開始競標授權，到 2024 年，該通路將出現可觀的成長，並且正在英國建立類似的業務，該市場也相當重要。

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

我們的下一個問題將來自豐業銀行的 Mario Saric。

Just 2 quick ones on my end. Bahir, your comment on expected outsized growth in FRE in '24. Is that expectation or the definition of outside kind of is that relative to '23 actual growth or your target kind of FRE growth of 15% to 20% over time that you outlined at the Investor Day. I just wanted to clarify kind of what you thought about when you said (inaudible).

我這邊只有 2 個快速的。 Bahir，您對 24 年 FRE 預期大幅增長的評論。這種預期或外部定義是相對於 23 年實際增長還是您在投資者日概述的隨著時間的推移 FRE 增長 15% 至 20% 的目標。我只是想澄清一下你所說的（聽不清楚）時的想法。

Mario, yes, apologies if I've confused in terms of definitions. But we set out that 15% to 20% CAGR that we expect to deliver on from an FRE perspective over the planned period. And to clarify what I meant is 2024 should be -- should exceed that target just even given all the capital inflows that came in, in 2023, that alone should be a big contributor in addition to expenses moderating as we noted. And then we've got such a healthy pipeline for 2024. So that's what I really meant.

馬裡奧，是的，如果我在定義方面感到困惑，我深表歉意。但我們預計從 FRE 的角度來看，我們預計在計劃期內將實現 15% 至 20% 的複合年增長率。為了澄清我的意思，即使考慮到 2023 年所有資本流入，2024 年應該超過該目標，除了我們指出的支出放緩之外，僅此一項就應該是一個很大的貢獻者。然後我們在 2024 年就有瞭如此健康的管道。這就是我的真正意思。

Perfect. Okay. And just as a quick follow-up on your commentary on the margin. Coming back to '22 levels, i.e., about 100 basis points up year-over-year. Is that inclusive or exclusive of AEL and the capital coming in from that?

完美的。好的。就像對你在邊緣的評論的快速跟進一樣。回到「22」水平，即年上升約100個基點。這包括或不包括 AEL 以及由此產生的資本？

It's all in, Mario. It's all inclusive.

一切都在，馬裡奧。這是全包的。

Okay. And then my second question, maybe dovetailing on the previous question, just in terms of 2024 transaction volumes, monetization and so on. There was a comment both in the press release and the shareholder letter kind of on realized valuations responding accordingly to busy transaction activity over the next few years. I think, Connor, you mentioned that may be a bit slow to start, but it's expected to accelerate. Are you suggesting the expectation that valuations are expected to rise from here on in, i.e., kind of valuations of trough -- or do you think a narrowing in the bid-ask spread will materialize resulting in lower valuations initially, which will be the ultimate catalyst to reignite transaction volumes.

好的。然後我的第二個問題，也許與上一個問題相吻合，只是在 2024 年的交易量、貨幣化等方面。新聞稿和股東信中都對已實現的估值發表了評論，以響應未來幾年的繁忙交易活動。我想，康納，你提到啟動可能有點慢，但預計會加速。您是否暗示預計估值將從現在開始上升，即估值低谷，或者您是否認為買賣價差的縮小將在最初導致估值降低，這將是最終的結果重新點燃交易量的催化劑。

Mario, the answer to your 2 questions at the end is both. But perhaps I'll clarify maybe something I said a moment ago. We are already seeing transaction volumes in the early part of Q1, higher than they were in Q3 or Q4 of 2023. So while we do expect them to continue to accelerate throughout the year, we're off to a very strong start in terms of that acceleration. And really for high-quality assets, I would say the bid in early 2024 has been very, very robust. And what we are seeing is new year allocations, stability in interest rates and an increasingly open financing market really being a driver of one enhanced transaction activity; and two, creating an environment that's more supportive for valuation. So the point I would make is the answer to your question is it's both. But I would highlight that it's already started. It's not something that we're only forecasting for the future.

馬裡奧，最後你的兩個問題的答案都是。但也許我會澄清我剛才所說的一些事情。我們已經看到第一季初期的交易量高於2023 年第三季或第四季的水平。因此，雖然我們確實預計交易量將在全年繼續加速，但我們在以下方面有了一個非常強勁的開端：那個加速度。對於優質資產來說，我認為 2024 年初的出價非常非常強勁。我們看到的是，新年分配、利率穩定和日益開放的融資市場確實是交易活動增強的驅動力；第二，創造一個更有利於估值的環境。所以我想說的是，你的問題的答案是兩者兼具。但我要強調的是，它已經開始了。這不僅是我們對未來的預測。

That concludes today's question-and-answer session. I'd like to turn the call back to Connor Teskey for closing remarks.

今天的問答環節到此結束。我想將電話轉回給康納·泰斯基（Connor Teskey）做結束語。

Go ahead, Jason.

來吧，傑森。

Great. I'll just say, if anyone should have additional questions on today's release, please feel free to contact me directly. Thank you, everyone, for joining us, and we'll see you next time.

偉大的。我只想說，如果有人對今天的發布還有其他疑問，請隨時直接與我聯繫。謝謝大家加入我們，我們下次再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。