BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2024 Q2 法說會逐字稿

Hello, and welcome to Brookfield Asset Management's Second Quarter 2024 Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions)

您好，歡迎參加布魯克菲爾德資產管理公司 2024 年第二季電話會議和網路廣播。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。 （操作員說明）

I would now like to hand the conference call over to our first speaker, Mr. Jason Fooks, Managing Director, Investor Relations. Please go ahead.

現在我想將電話會議交給我們的第一位發言人、投資者關係董事總經理 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 Hadley Peer Marshall, our Chief Financial Officer.

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 Bruce Flatt；康納‧特斯基，我們的總裁；以及我們的財務長哈德利‧皮爾‧馬歇爾 (Hadley Peer Marshall)。

Bruce will start the call today with opening remarks, followed by Connor who will talk about some of the important themes we are focused on across the business and finally, Hadley will discuss our financial results and business operations.

布魯斯將在今天的電話會議上致開幕詞，隨後康納將討論我們在整個業務中關注的一些重要主題，最後哈德利將討論我們的財務業績和業務運營。

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 two questions at one time. If you have additional questions, please rejoin the queue, and we'll be happy to take 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。為了方便所有想提問的人，我們要求您不要一次提出兩個以上的問題。如果您還有其他問題，請重新加入隊列，如果時間允許，我們很樂意在最後回答問題。

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.

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營運業績時，我們可能會做出前瞻性陳述，包括前瞻性陳述符合適用的加拿大和美國證券法的涵義。

These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our Company, please see our filings with the securities regulators in Canada and the United States and the information available on our website.

這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類聲明有重大差異。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。

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

這樣，我就把電話轉給布魯斯。

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 Hadley Peer Marshall, our Chief Financial Officer.

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 Bruce Flatt；康納‧特斯基，我們的總裁；以及我們的財務長哈德利‧皮爾‧馬歇爾 (Hadley Peer Marshall)。

Bruce will start the call today with opening remarks, followed by Connor who will talk about some of the important themes we are focused on across the business and finally, Hadley will discuss our financial results and business operations.

布魯斯將在今天的電話會議上致開幕詞，隨後康納將討論我們在整個業務中關注的一些重要主題，最後哈德利將討論我們的財務業績和業務運營。

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 two questions at one time. If you have additional questions, please rejoin the queue, and we'll be happy to take 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。為了方便所有想提問的人，我們要求您不要一次提出兩個以上的問題。如果您還有其他問題，請重新加入隊列，如果時間允許，我們很樂意在最後回答問題。

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.

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營運業績時，我們可能會做出前瞻性陳述，包括前瞻性陳述符合適用的加拿大和美國證券法的涵義。

These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our Company, please see our filings with the securities regulators in Canada and the United States and the information available on our website.

這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。它們面臨已知和未知的風險，未來的事件和結果可能與此類聲明有重大差異。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。

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

這樣，我就把電話轉給布魯斯。

Bruce Flatt

布魯斯弗拉特

Thank you, and good morning to everyone on the call. We are pleased to report strong results and $68 billion of capital raised in the second quarter. As a result, we are now managing approximately a $1 trillion of assets. Our scale and growth have allowed us to deliver strong returns and serve our clients better. This expansion has only been possible because of the talent and dedication to excellence of over 2,400 investment and asset management professionals and nearly a 0.25 million operating employees around the world.

謝謝您，祝所有參加電話會議的人早安。我們很高興地報告強勁的業績以及第二季籌集的資金 680 億美元。因此，我們現在管理著大約 1 兆美元的資產。我們的規模和成長使我們能夠提供豐厚的回報並更好地為客戶服務。這項擴張之所以能夠實現，得益於全球 2,400 多名投資和資產管理專業人士以及近 25 萬名營運員工的才華和對卓越的奉獻精神。

Our history, though, goes back as most of you know, 125 years with the founding of the light company introducing the first electric streetcars and infrastructure to Brazil. Over the decades, we expanded into many different asset classes, but always with a focus on essential assets with durable cash flows backed by a contrarian investment mindset and a disciplined approach to investing.

不過，正如大多數人所知，我們的歷史可以追溯到 125 年前，當時這家照明公司成立，向巴西引入了第一批電動電車和基礎設施。幾十年來，我們擴展到許多不同的資產類別，但始終專注於具有持久現金流的重要資產，並以逆向投資心態和嚴格的投資方法為後盾。

Today, we are the foremost leader in backbone infrastructure investing. Our renewable and transition platform is a leader and we have the largest fund of its kind. We also continue to grow with partnerships like our deal with Oaktree, our premier credit manager. This year, we announced the formation of our Brookfield Credit Group, incorporating our longstanding private credit and direct lending funds, and our marquee partnerships with all of our other credit managers.

今天，我們是骨幹基礎設施投資領域最重要的領導者。我們的再生能源和轉型平台處於領先地位，我們擁有同類中最大的基金。我們也透過與我們的首要信貸管理公司橡樹資本（Oaktree）的合作等夥伴關係繼續發展。今年，我們宣布成立布魯克菲爾德信貸集團，整合我們長期的私人信貸和直接貸款基金，以及我們與所有其他信貸管理公司的重要合作夥伴關係。

And today in total, we managed approximately $300 billion of credit assets, ranking us among the largest alternative credit lenders. For the first portion of our history, we owned and operated assets for our own benefit. It was only 25 years ago we launched our first private fund out of our private equity vertical.

如今，我們總共管理約 3,000 億美元的信貸資產，躋身最大的另類信貸機構。在我們歷史的第一部分，我們為了自己的利益而擁有和經營資產。就在 25 年前，我們在私募股權垂直領域推出了第一支私募基金。

We established Brookfield Capital Partners One, which raised $400 million. Our growth in private equity is representative of how we expanded our broader business. Since the inception of our fund offerings in private equity, we have invested out of six funds over 20 years and have generated a 27% gross IRR, 21% net IRR. These are exceptional returns and have allowed us to scale our fund size to $12 billion and growing.

我們成立了 Brookfield Capital Partners One，籌集了 4 億美元。我們在私募股權領域的成長代表了我們如何擴展更廣泛的業務。自從我們推出私募股權基金以來，20 年來我們已投資了六隻基金，並產生了 27% 的總 IRR 和 21% 的淨 IRR。這些都是非凡的回報，使我們能夠將基金規模擴大到 120 億美元，並且還在持續成長中。

Today within our private equity franchise, we manage approximately $130 billion of assets including a number of large scale high-quality market-leading businesses. But while we have grown, our principles have not changed. We focus on acquiring on a value basis business that provide essential products and services and which generate resilient cash flows.

如今，在我們的私募股權特許經營範圍內，我們管理著約 1,300 億美元的資產，其中包括許多大型、高品質的市場領導者。但儘管我們在成長，我們的原則並沒有改變。我們專注於收購提供基本產品和服務並產生彈性現金流的價值基礎業務。

We use modest leverage and rely heavily on our deep operating capabilities, deliver outsized returns over the investment period. However, the types of businesses that we do acquire and the industries we focus on have evolved. For example, in our private equity business is now global, whereas when we started it was North American focused. We've broadened our sector focus to include software, healthcare, and recently we began investing in the backbone payment and financial infrastructure around the world as we believe that certain mega trends are driving a transformation of the global financial system.

我們使用適度的槓桿，並嚴重依賴我們深厚的營運能力，在投資期間提供超額回報。然而，我們收購的企業類型和我們關注的行業已經發生了變化。例如，我們的私募股權業務現在是全球性的，而我們剛開始時則專注於北美。我們已將產業重點擴大到軟體、醫療保健，最近我們開始投資世界各地的骨幹支付和金融基礎設施，因為我們相信某些大趨勢正在推動全球金融體系的轉型。

The strategy has proven to be very attractive to our clients and we have leveraged our success in the flagship series to not only increase the size of our funds, but also diversify our product offerings. We are also in the market with the second vintage of our special investment fund, which is focused on providing flexible and strategic capital through customized structured solutions. We recently launched a Middle East strategy, which seek to make control and non-control investments, and also a strategy for financial infrastructure investing, which seeks to invest in asset light financial infrastructure companies that underpin the global financial system.

事實證明，該策略對我們的客戶非常有吸引力，我們利用旗艦系列的成功不僅增加了我們的基金規模，而且使我們的產品種類多樣化。我們還在市場上推出了第二期特別投資基金，該基金專注於透過客製化的結構化解決方案提供靈活的策略資本。我們最近推出了中東策略，尋求進行控制性和非控制性投資，以及金融基礎設施投資策略，尋求投資支撐全球金融體系的輕資產金融基礎設施公司。

Our heritage as an owner and operator differentiates us from many others and it's been instrumental in our success for three main reasons. First, it means that we always have been able to provide more than just capital to management teams we partner with. Second, it means that we can de-risk our investments in our portfolios as we have a global knowledge in the businesses we buy.

我們作為所有者和經營者的傳統使我們有別於許多其他公司，這對我們的成功起到了重要作用，主要有以下三個原因。首先，這意味著我們始終能夠為合作夥伴的管理團隊提供的不僅僅是資本。其次，這意味著我們可以降低投資組合的投資風險，因為我們對所購買的企業擁有全球知識。

And third, it means that we are able to generate returns not simply by using leverage, but by also driving operational efficiencies, growing cash flows, and enhancing the assets we own. This approach of using operational value creation is responsible for more than half the returns we have generated for our investors in our private equity business and virtually all of our businesses.

第三，這意味著我們不僅能夠透過利用槓桿來產生回報，還可以透過提高營運效率、增加現金流和增強我們擁有的資產來產生回報。這種利用營運價值創造的方法為我們的私募股權業務和幾乎所有業務的投資者帶來了一半以上的回報。

As we continue to deliver target returns and as we evolve with the market and the needs of our clients, we see a strong path to significantly scaling the size of our private equity business. Consistent with the last 25 years, the key will be delivering strong investment performance.

隨著我們繼續實現目標回報，並隨著市場和客戶需求的發展，我們看到了顯著擴大私募股權業務規模的有力途徑。與過去 25 年一樣，關鍵是實現強勁的投資績效。

In summary, we have large access to permanent capital base who are publicly listed affiliates with our renewable power infrastructure and private equity businesses. We are growing private wealth and insurance capital basis as we continue to seek opportunities to grow our asset management capabilities both organically and through strategic M&A.

總而言之，我們擁有大量永久資本基礎，這些資本基礎是我們再生能源基礎設施和私募股權業務的公開上市附屬公司。我們不斷尋求機會，透過有機方式和策略併購來增強我們的資產管理能力，從而不斷壯大私人財富和保險資本基礎。

A recent acquisition of Castlelake, a premier aviation and specialty finance manager is a prime example of that. Throughout our history, the Brookfield ecosystem has been the cornerstone of our strength and success. The structure allows us to share experience, identify value, underwrite deals in a unique manner, fostering growth and a strong sense of alignment across all of our public and private affiliates.

最近對頂級航空和專業財務管理公司 Castlelake 的收購就是一個典型的例子。縱觀我們的歷史，布魯克菲爾德生態系統​​一直是我們實力和成功的基石。該結構使我們能夠分享經驗，識別價值，以獨特的方式承銷交易，促進成長並增強我們所有公共和私人附屬機構的團結意識。

The results speak for themselves. Our flagship funds hit or exceeded their target returns, generating significant value for all of our clients. Our relationship with our clients built on trust, partnership and value creation rewarded us with more capital and continue to grow into more areas. As we look to the future, we'll continue to build on our legacy of innovation, growth and partnership.

結果不言而喻。我們的旗艦基金達到或超過了目標回報，為我們所有的客戶創造了巨大的價值。我們與客戶的關係建立在信任、夥伴關係和價值創造的基礎上，這為我們帶來了更多的資本，並繼續向更多領域發展。展望未來，我們將持續發揚創新、成長和夥伴關係的傳統。

On that note, I will pass the call over to Connor, who will highlight some of the themes we are focused on right now. Connor, over to you?

在這一點上，我將把電話轉給康納，他將強調我們現在關注的一些主題。康納，交給你了？

Thank you, Bruce. The global economy has made great strides towards a better balance of solid growth and modest inflation. Global central banks have begun cutting interest rates, admits declining price pressures and the normalization from a previously very tight labor market. Growth is moving toward trend rates in major economies and will be underpinned by further reductions in short-term interest rates that are expected over the next year.

謝謝你，布魯斯。全球經濟在穩健成長和溫和通膨之間取得了更大的平衡，取得了長足的進步。全球央行已開始降息，承認價格壓力下降以及先前非常緊張的勞動力市場正常化。主要經濟體的成長正在朝著趨勢水準發展，並將受到明年短期利率進一步下降的支撐。

Business sentiment remains positive and capital expenditures robust despite elevated geopolitical uncertainty. Although equity markets have been somewhat volatile in recent weeks, risk appetite and liquidity in capital markets remain strong, supporting a transaction activity in the segments in which we operate.

儘管地緣政治不確定性加劇，商業信心依然樂觀，資本支出強勁。儘管近幾週股市出現一定程度的波動，但資本市場的風險偏好和流動性仍然強勁，支撐了我們經營業務領域的交易活動。

Even before markets began to improve, going back to last year, we were able to maintain strong and consistent fundraising levels due to one the diversity of our product set; two our long-term track record in delivering top-notch risk adjusted returns, and three, our access to many different forms of capital.

即使在市場開始改善之前，追溯到去年，我們也能夠保持強勁且一致的籌款水平，原因之一是我們產品集的多樣性；第二，我們在提供一流的風險調整回報方面的長期記錄，第三，我們獲得許多不同形式的資本的機會。

With these improving market dynamics, we are seeing strength across all fronts of our business. We are finding that on the disposition front, our investments continue to attract competitive bids. With several sales processes underway, we anticipate significant monetization activity in the second half of the year, which we expect will crystallize a number of very attractive returns.

隨著市場動態的改善，我們看到了我們業務各個領域的實力。我們發現，在處置方面，我們的投資持續吸引競爭性投標。隨著多個銷售流程的進行，我們預計下半年將出現大量的貨幣化活動，我們預計這將帶來許多非常有吸引力的回報。

At the same time, credit spreads have meaningfully tightened and this has opened up financing opportunities across our portfolio at attractive levels. So far this year, we have executed $75 billion of financings, which includes $20 billion in the term loan refinancing market, achieving an average of 45 basis points of spread tightening and then extending the average tenure of debt by approximately two years.

同時，信用利差顯著收緊，這為我們的投資組合提供了極具吸引力的融資機會。今年到目前為止，我們已經執行了750億美元的融資，其中包括定期貸款再融資市場的200億美元，實現了利差平均收緊45個基點，然後將債務平均期限延長了大約兩年。

As markets have become more favorable, having access to among the largest pools of capital globally is one of our competitive advantages, which enables us to pursue large scale transactions away from the more commoditized parts of the market. And with deal activity increasing, we see further momentum on the deployment front across all of our businesses putting us in a prime position given more than a $100 billion of available capital. We deployed or committed approximately $20 billion of capital during the quarter, and in particular, we are seeing opportunities to execute large scale attractive investments.

隨著市場變得更加有利，進入全球最大的資本池是我們的競爭優勢之一，這使我們能夠在遠離市場更商品化的部分進行大規模交易。隨著交易活動的增加，我們看到所有業務部署的進一步勢頭，使我們在可用資本超過 1000 億美元的情況下處於領先地位。我們在本季部署或承諾了約 200 億美元的資本，特別是，我們看到了執行大規模有吸引力投資的機會。

During the second quarter, we committed to a number of such transactions. The first of these was GEMS Education, a leading private education provider based in the Middle East that we agreed to acquire in partnership with its founder for a $2 billion investment. This transaction highlights our continued commitment to the Middle East. A region we anticipate will sustain its high growth trajectory. Key to our ability to be successful in the region, but really anywhere in the world are our deep relationships, extensive experience, and local presence. We have been an active investor and collaborator in the Middle East since the late 1990s, even before we established ourselves as an asset manager.

在第二季度，我們承諾進行一些此類交易。其中第一個是 GEMS Education，這是一家總部位於中東的領先私立教育提供商，我們同意與其創始人合作以 20 億美元的投資對其進行收購。這項交易凸顯了我們對中東的持續承諾。我們預計該地區將維持其高速成長軌跡。我們能夠在該地區乃至世界任何地方取得成功的關鍵是我們深厚的關係、豐富的經驗和當地的影響力。自 20 世紀 90 年代末以來，甚至在我們成為資產管理公司之前，我們一直是中東地區的積極投資者和合作者。

Currently, our teams in Dubai and Saudi Arabia comprise of almost a 100 people. This investment will go into our private equity group, special investment fund, and our Middle East Partners Fund and is expected to be completed in the third quarter.

目前，我們在杜拜和沙烏地阿拉伯的團隊有近 100 人。這項投資將進入我們的私募股權集團、專項投資基金和中東合作夥伴基金，預計將於第三季完成。

Post-quarter end, we announced the acquisition of nVent Electric’s electrical thermal solutions business for $850 million of equity out of our flagship private equity fund. This business is the number one designer and manufacturer of electric heat trace systems, products and services, which is mission critical for enabling operational safety and efficiency for many essential industries.

季度末，我們宣布從我們的旗艦私募股權基金中以 8.5 億美元的股權收購 nVent Electric 的電熱解決方案業務。該公司是電伴熱系統、產品和服務的第一設計者和製造商，這對許多重要行業的營運安全和效率至關重要。

And lastly, we agreed to acquire a majority stake in nVent, a leading global renewables development business in a public to private transaction that values the equity of the business at approximately $7 billion. This is not only the largest equity investment that we have ever made out of our renewable power business, but ranks among the largest equity investments Brookfield has ever made. This investment backed by our second global transition fund will enhance our clean energy capacity, particularly in Europe and Asia. We anticipate closing this transaction by the first quarter of 2025.

最後，我們同意透過公私交易收購 nVent 的多數股權，nVent 是一家全球領先的再生能源開發企業，該交易的股本估值約為 70 億美元。這不僅是我們對再生能源業務的最大股權投資，而且躋身布魯克菲爾德有史以來最大的股權投資。這項由我們第二個全球轉型基金支持的投資將增強我們的清潔能源能力，特別是在歐洲和亞洲。我們預計將於 2025 年第一季完成此項交易。

The acquisition of nVent is representative of our leadership in the renewable power and transition space. We were able to offer a compelling solution to the existing owners, leveraging our access to capital, capabilities and geographic reach to acquire a large high-quality global platform in high value renewables markets around the world.

收購 nVent 代表了我們在再生能源和轉型領域的領導地位。我們能夠為現有所有者提供引人注目的解決方案，利用我們的資本、能力和地理覆蓋範圍，在全球高價值再生能源市場上收購一個大型高品質全球平台。

Perhaps most importantly, our ability to partner with large scale institutional capital allowed us to provide a complete solution that few could match. While the transaction size is large, this is an example of the type of deal that leverages the core competencies of our business and allows us to capitalize further on the accelerating growth trends we are seeing today.

也許最重要的是，我們與大型機構資本合作的能力使我們能夠提供很少有人能比擬的完整解決方案。雖然交易規模很大，但這是利用我們業務核心競爭力的交易類型的一個例子，使我們能夠進一步利用我們今天看到的加速成長趨勢。

Our 40-year-old renewables business is the largest globally and is expected to continue to benefit from strong momentum and pick up in transactions. This year, we have seen substantial deal activity. Our pipeline is perhaps the largest it's ever been, driven by three major tailwinds. First and foremost, economic factors. Renewable Power has become the [indiscernible] of new electricity in many regions, allowing us to be the provider of a critical commodity that the global economy increasingly needs.

我們擁有 40 年歷史的可再生能源業務是全球最大的，預計將繼續受益於強勁的勢頭和交易的回升。今年，我們看到了大量的交易活動。在三大推動因素的推動下，我們的管道可能是有史以來最大的。首先，也是最重要的，經濟因素。再生能源已成為許多地區[難以辨別的]新電力，使我們能夠成為全球經濟日益需要的關鍵商品的提供者。

Second, sustainability as companies seek to procure more clean energy and third, strategic considerations with countries and corporates increasingly viewing energy security as a major priority. The AI revolution that is rapidly taking hold is shining a spotlight on all three of these trends. While the demand for data centers on the back of AI has been well covered, what is increasingly important to underscore is that the bottleneck for AI development is increasingly access to power.

其次，企業尋求採購更多清潔能源時的永續性；第三，國家和企業越來越多地將能源安全視為首要任務的策略考量。迅速發展的人工智慧革命讓這三個趨勢成為人們關注的焦點。雖然人工智慧背後對資料中心的需求已經得到很好的滿足，但越來越重要的是要強調的是，人工智慧發展的瓶頸越來越多是電力的取得。

Renewable power, transmission and distributed generation are critical infrastructures that are currently insufficient, but essential for supporting AI's expansion. Our unique position as operators of one of the largest data center businesses, as well as one of the largest renewable power businesses in the world, allows us to build the backbone behind this technological transformation. This dual presence enables us to deliver comprehensive solutions at scale, providing our data center clients with reliable sources of clean power.

再生能源、輸電和分散式發電是目前還不夠的關鍵基礎設施，但對於支援人工智慧的擴展至關重要。作為世界上最大的資料中心業務之一以及世界上最大的可再生能源業務之一的營運商，我們擁有獨特的地位，這使我們能夠建立這項技術轉型背後的支柱。這種雙重存在使我們能夠大規模提供全面的解決方案，為我們的資料中心客戶提供可靠的清潔能源。

Our Microsoft agreement is a good example of our value to customers. This groundbreaking agreement is almost 8x larger than the largest single corporate PPA ever signed. It covers over 10.5 gigawatts of new renewable energy capacity that will be delivered between 2026 and 2030 in the U.S. and Europe with potential expansion to other regions. This partnership represents over $10 billion of investment and supports Microsoft's growing demand for cloud services while contributing to grid decarbonization by accelerating the global shift to renewable energy across wind, solar, and other impactful carbon free energy generation technologies.

我們與 Microsoft 的協議很好地體現了我們對客戶的價值。這項開創性的協議幾乎是有史以來簽署的最大單一企業購電協議的 8 倍。它涵蓋了超過 10.5 吉瓦的新再生能源產能，這些產能將於 2026 年至 2030 年間在美國和歐洲交付，並有可能擴展到其他地區。此次合作代表了超過100 億美元的投資，支持微軟對雲端服務不斷增長的需求，同時透過加速全球向風能、太陽能和其他有影響力的無碳能源發電技術等再生能源的轉變，為電網脫碳做出貢獻。

Being at the intersection of AI growth and renewable energy development positions Brookfield uniquely to capitalize on these trends. We can provide our clients with scalable integrated solutions that meet their needs, both for advanced data centers and sustainable energy sources. This capability not only enhances our service offering, but also creates substantial value for our clients, reinforcing Brookfield as a leader in both sectors.

布魯克菲爾德處於人工智慧成長和再生能源發展的交叉點，使其能夠獨特地利用這些趨勢。我們可以為客戶提供可擴展的整合解決方案，滿足他們對先進資料中心和永續能源的需求。這種能力不僅增強了我們的服務，也為我們的客戶創造了巨大的價值，鞏固了布魯克菲爾德在這兩個領域的領導者地位。

To put it simply, nobody is better placed to invest in and provide clean power on a global basis to fuel this AI revolution. Another major area of growth for Brookfield has been our Credit business, which has grown to over $300 billion of assets. The growth of our Credit business has been the biggest driver in our revenue growth over the past 12 months with second quarter credit revenues up 19%. We expect this growth to continue trending upwards for a few reasons.

簡而言之，沒有人比它更適合在全球範圍內投資和提供清潔能源來推動這場人工智慧革命。 Brookfield 的另一個主要成長領域是我們的信貸業務，該業務的資產已成長至超過 3,000 億美元。信貸業務的成長是過去 12 個月營收成長的最大推動力，第二季信貸收入成長了 19%。由於幾個原因，我們預計這種成長將繼續呈上升趨勢。

With improvement in the market, M&A deal pickup is in creating even more opportunities to deploy capital through all of our credit strategies. In addition, our acquisition of Castlelake should be closing shortly and will be further additive to our product diversification.

隨著市場的改善，併購交易的增加正在創造更多機會，透過我們所有的信貸策略來部署資本。此外，我們對 Castlelake 的收購應該很快就會完成，這將進一步促進我們產品的多元化。

Further, our insurance solutions channel continues to also benefit as our largest client, Brookfield Reinsurance is expecting to see a step up in their annuity writing abilities and our first third-party insurance solutions MNA, SMA has recently closed. It is important to note that most of the AEL capital that we began managing this quarter is currently in liquid credit positions. We'll be actively deploying a meaningful portion of this capital over the next one to two years into private funds, which will generate additional fee revenues for us.

此外，作為我們最大的客戶，我們的保險解決方案管道也繼續受益，Brookfield Reinsurance 預計其年金承保能力將得到提高，而我們的第一個第三方保險解決方案 MNA、SMA 最近也已關閉。值得注意的是，我們本季開始管理的大部分 AEL 資本目前處於流動信貸部位。我們將在未來一到兩年內積極將這筆資本的很大一部分投入私募基金，這將為我們帶來額外的費用收入。

As we look ahead, we feel good about the momentum across our businesses and that the largest global trends still remain advantageous to our assets. Our focus remains on how we can continue to generate value for our clients, and we believe that should lead to us bringing in another trillion of AUM over the next four years.

展望未來，我們對整個業務的發展勢頭感到滿意，最大的全球趨勢仍然對我們的資產有利。我們的重點仍然是如何繼續為客戶創造價值，我們相信這應該會讓我們在未來四年內再帶來數兆的資產管理規模。

With that, we will turn the call over to Hadley.

這樣，我們將把電話轉給哈德利。

Thank you, Connor, and good morning, everyone. For this morning's call, I'll focus my remarks on three key objectives. First, I'll provide an update on our financial performance in the quarter on the back of strong capital growth and explain the annualized effects of our earnings potential from this capital. Second, I will highlight our fundraising and deployment capabilities and discuss how the breadth of our platform and complimentary offerings will continue to drive growth.

謝謝你，康納，大家早安。在今天早上的電話會議中，我將重點放在三個關鍵目標。首先，我將在強勁的資本成長的背景下提供本季財務表現的最新情況，並解釋該資本對我們獲利潛力的年化影響。其次，我將重點介紹我們的籌款和部署能力，並討論我們平台的廣度和免費產品將如何繼續推動成長。

And third, we have a light balance sheet with strong liquidity. So I'll provide an update on our liquidity and strategic uses of our balance sheet before opening it up to questions. Let me start by providing some details on our financial performance in the quarter. We earned $1.1 billion of fee revenues in the quarter and $4.5 billion over the last 12 months, representing increases of 6% and 5% respectively over the prior year period.

第三，我們的資產負債表規模較小，流動性較強。因此，在提出問題之前，我將提供有關我們的流動性和資產負債表策略用途的最新資訊。讓我先提供有關本季財務業績的一些詳細資訊。我們本季的費用收入為 11 億美元，過去 12 個月的費用收入為 45 億美元，分別比去年同期成長 6% 和 5%。

On a fee-related earnings or FRE basis, we earned $583 million in the quarter and $2.3 billion over the last 12 months, up 6% and 4% respectively over the prior year period. On a distributed earnings or DE basis, we earned $548 million in the quarter and $2.2 billion over the last 12 months, up 4% and 3% respectively over the prior year periods.

以費用相關收入或 FRE 計算，我們本季營收 5.83 億美元，過去 12 個月營收 23 億美元，分別比去年同期成長 6% 和 4%。在分配收益或 DE 基礎上，我們本季獲利 5.48 億美元，過去 12 個月獲利 22 億美元，分別比去年同期成長 4% 和 3%。

These results are on a per share basis, reflect $0.36 per share of FRE and $0.34 per share of DE. Earnings increases in the quarter were largely driven by $68 billion of fundraising with a large portion coming from our insurance channel, which included the closing of the AEL mandate in mid-May. This brings our fee-bearing insurance capital to $88 billion.

這些結果以每股為基礎，反映了每股 FRE 0.36 美元和每股 DE 0.34 美元。本季的獲利成長主要是由 680 億美元的融資推動的，其中很大一部分來自我們的保險管道，其中包括 5 月中旬結束的 AEL 授權。這使我們的收費保險資本達到 880 億美元。

As Connor mentioned, we plan to continue to allocate a portion of this capital into our private funds over time, which will earn additional fees for us. Given we only received management fees on the AEL mandate for part of the quarter, we find it useful to annualize fee-related earnings that were in place at the end of the quarter to highlight how much we've grown over a year, this is not based on forward growth only in place as of the end of the quarter.

正如康納所提到的，我們計劃隨著時間的推移繼續將部分資本分配到我們的私人基金中，這將為我們賺取額外的費用。鑑於我們僅在本季度的部分時間收到 AEL 授權的管理費，我們發現將本季度末與費用相關的收益進行年化以突出我們在一年內的增長量是有用的，這是並非僅基於截至本季末的預期成長。

On this basis, FRE and DE at the end of the quarter were $2.5 billion and $2.4 billion, up 11% and 12% respectively over the prior year quarters. We expect these annualized growth rates to better reflect the earnings power of the business going forward.

在此基礎上，季末的 FRE 和 DE 分別為 25 億美元和 24 億美元，比去年同期分別成長 11% 和 12%。我們預計這些年增長率將更能反映企業未來的獲利能力。

Fee-bearing capital surpassed the half trillion mark and sits at $514 billion up 12% over the past three months and 17% year-over-year. Fee-bearing capital increases were largely driven by the addition of capital through our insurance solution channel, as well as the capital raised within our flagship funds and deployment across our credit business and complimentary strategies.

收費資本突破 5,000 兆大關，達到 5,140 億美元，過去三個月成長 12%，年增 17%。收費資本的增加主要是透過我們的保險解決方案管道增加資本，以及我們的旗艦基金籌集的資本以及整個信貸業務和補充策略的部署所推動的。

One of the key strengths of our business that I want to emphasize is the composition of our earnings, which benefits from stability and predictability. This stems from the fact that 87% of our fee-bearing capital is associated with long-term or permanent capital, and that percentage should only continue to grow over time. In addition, approximately a 100% of our DE are composed of our fee-related earnings.

我想強調的我們業務的主要優勢之一是我們的收益組成，這得益於穩定性和可預測性。這是因為我們 87% 的收費資本與長期或永久資本有關，隨著時間的推移，這個比例只會繼續增長。此外，我們大約 100% 的 DE 由與費用相關的收入組成。

The most excitedly there is no carried interest in the numbers. It is quickly building our funds for realization in years 2028 and onward. This will propel earnings at that time and is like hidden value today. Our margins were up 1% from the prior quarter at 55%. This improvement is the first sign of the benefit we are experiencing from the operating leverage we are generating from the further build out of our business, especially the credit platforms and insurance solutions fundraising channels.

最令人興奮的是，這些數字沒有附帶利益。我們正在迅速籌集資金，以便在 2028 年及以後實現這一目標。這將推動當時的獲利，就像今天的隱藏價值一樣。我們的利潤率比上一季成長 1%，達到 55%。這項改善是我們從業務槓桿（尤其是信貸平台和保險解決方案籌款管道）的進一步建設中獲得的營運槓桿所帶來的好處的第一個跡象。

In fact, our credit group has experienced 19% growth in its fee revenues relative to the second quarter of 2023. As discussed previously, we were investing in the team ahead of these revenues. And now with the revenue increases, our financials and in particular, our margins will continue to see the benefit.

事實上，與 2023 年第二季相比，我們的信貸團隊的費用收入成長了 19%。現在，隨著收入的增加，我們的財務狀況，特別是我們的利潤率將繼續受益。

Taking a closer look at our fundraising in the quarter. As previously mentioned, we raised $68 billion, $53 billion of which is associated with our insurance solutions channel. In addition, our complementary strategies are growing their contribution to capital raising and our in-market flagships continue to provide a strong foundation with the expectation of them being larger contributors in future periods as they reach final closes.

仔細看看我們本季的籌款活動。如前所述，我們籌集了 680 億美元，其中 530 億美元與我們的保險解決方案管道相關。此外，我們的補充策略正在增加對融資的貢獻，我們的市場旗艦產品將繼續提供堅實的基礎，預計它們在最終完成後將在未來時期成為更大的貢獻者。

Of the remaining capital raise, $4 billion was within our renewable power and transition business. We expect to hold additional closes for our global transition flagship fund and later this year, a first close in our catalytic transition fund. Within our credit group, we raised a total of 8 billion of capital, most notably across our opportunistic credit fund, our life sciences income fund, our value opportunities fund.

在剩餘的融資中，40 億美元用於我們的再生能源和轉型業務。我們預計我們的全球轉型旗艦基金將進行更多交割，並在今年晚些時候，我們的催化轉型基金將進行首次交割。在我們的信貸集團內，我們總共籌集了 80 億美元的資金，其中最引人注目的是我們的機會信貸基金、生命科學收入基金和價值機會基金。

Additionally, we held a first close of $500 million in the latest vintage of our music royalty platform primary way. Within our infrastructure business without our flagship in the market, we raised almost a $1 billion, primarily within our private wealth and perpetual institutional infrastructure fund.

此外，我們在音樂版稅平台的最新版本中首次募集了 5 億美元的資金。在沒有市場旗艦的基礎設施業務中，我們籌集了近 10 億美元，主要來自我們的私人財富和永久機構基礎設施基金。

The fundraising within the latter fund is particularly of note, raising its highest quarter total in two years. Within our Real Estate business, we raised $1.1 billion, including additional capital for the fifth vintage of our opportunistic real estate flagship fund, bringing the total fund strategy to approximately $9 billion.

後一個基金的籌款尤其值得注意，籌集了兩年來最高的季度總額。在我們的房地產業務中，我們籌集了 11 億美元，包括為我們機會主義房地產旗艦基金第五期的額外資金，使總基金策略達到約 90 億美元。

And within private equity, we raised over $500 million. This was primarily associated with inaugural strategy at Pinegrove Capital Partners, bringing that total fund size to approximately $800 million. We are actively fundraising for numerous other complementary funds within our private equity business, including within our Middle Eastern partners and financial infrastructure funds as well as the inaugural vintage of our private equity secondary fund and the second vintage for our special investments fund. We anticipate holding first closes for all of these by the end of the year.

在私募股權領域，我們籌集了超過 5 億美元的資金。這主要與 Pinegrove Capital Partners 的首個策略相關，該策略使基金總規模達到約 8 億美元。我們正在積極為我們的私募股權業務中的眾多其他補充基金籌集資金，包括我們的中東合作夥伴和金融基礎設施基金以及我們的首個私募股權二級基金和我們的特別投資基金的第二個基金。我們預計所有這些項目將在今年年底前完成首次交割。

Wrapping up on fundraising, we have a long runway ahead for growth. We are able to draw capital across a wide array of investors, including institutional, private wealth and insurance clients. We have a diverse geographic footprint from which we raise funds, including a growing presence in the Middle East and Asia, where we've recently lost multiple regional targeted funds as well. And we continue to expand our fund offerings into new asset classes, which will enable us to sustain our fundraising through flagship fund cycles and further propel our capital-based growth and subsequently fee-bearing capital growth.

籌款工作即將結束，我們的成長還有很長的路要走。我們能夠吸引廣泛投資者的資金，包括機構、私人財富和保險客戶。我們籌集資金的地理分佈廣泛，包括在中東和亞洲的業務不斷增長，但我們最近也失去了多個區域目標資金。我們繼續將我們的基金產品擴展到新的資產類別，這將使我們能夠在旗艦基金週期中維持我們的籌款活動，並進一步推動我們的資本增長以及隨後的收費資本增長。

Turning now to our capital deployments, we deployed or committed to deploy approximately $20 billion in the quarter, bringing our last 12 months total to approximately $50 billion. Of note, we deployed $6 billion across our credit portfolio, including $2.2 billion within the 11 and 12 vintages of our opportunistic credit flagship fund and $1.1 billion within our strategic credit fund. We deployed $1.5 billion across our real estate platform, including approximately $500 million into a U.S. multifamily portfolio within the fifth vintage of our opportunistic real estate flagship fund.

現在轉向我們的資本部署，我們在本季度部署或承諾部署約 200 億美元，使過去 12 個月的資本總額達到約 500 億美元。值得注意的是，我們在信貸投資組合中部署了 60 億美元，其中包括機會主義信貸旗艦基金 11 和 12 期的 22 億美元，以及戰略信貸基金的 11 億美元。我們在我們的房地產平台上部署了 15 億美元，其中包括在我們的機會主義房地產旗艦基金的第五個時期內向美國多戶住宅投資組合投入了約 5 億美元。

In addition to this capital deployed, as Connor discussed, we committed $10 billion to the quarter for new acquisitions that will close in subsequent quarters and many deals underway given the compelling opportunity set. Overall, we expect our deployment volumes to be robust throughout the remainder of the year.

正如康納所討論的，除了部署的資本之外，我們還承諾在本季度投入100 億美元用於新的收購，這些收購將在隨後的幾個季度完成，並考慮到令人信服的機會，許多交易正在進行中。總體而言，我們預計今年剩餘時間我們的部署量將保持強勁。

Finally, I'd like to provide an update on Brookfield's liquidity, our available capital and corporate balance sheet. At the end of the second quarter, we had $107 billion of uncalled fund commitments across five business groups. Of this capital, currently $56 billion is earning fees and $51 billion will earn fees once deployed or slightly over $500 million in annual fee revenues.

最後，我想提供有關布魯克菲爾德流動性、可用資本和公司資產負債表的最新資訊。截至第二季末，我們的五個業務集團有 1,070 億美元的未兌現資金承諾。其中，目前 560 億美元用於賺取費用，510 億美元將在部署後賺取費用，年費收入略高於 5 億美元。

Looking at the balance sheet, we had $1.9 billion of cash on hand at the end of the quarter, a change of approximately $700 million. We've been actively putting our cash to work to support our businesses. As an example, we acquired an additional 5% ownership of Oaktree, bringing our current stake to 73%. In addition, we continue to support our complimentary funds and new strategies with GP Capital, with a focus in allocating capital to strategies that will drive meaningful RFE to BAM to Brookfield.

從資產負債表來看，本季末我們手上有 19 億美元現金，變動約 7 億美元。我們一直在積極投入現金來支持我們的業務。例如，我們額外收購了橡樹資本 5% 的股權，使我們目前的持股比例達到 73%。此外，我們繼續與金浦資本一起支持我們的免費基金和新策略，重點是將資金分配到能夠推動對 BAM 和布魯克菲爾德有意義的 RFE 的策略上。

Before beginning the Q&A portion of today's call, I'm pleased to confirm that the Board of Directors has declared a dividend of $0.38 per share for the second quarter payable on September 27, 2024 to shareholders of record as of the close of business on August 30, 2024.

在開始今天電話會議的問答部分之前，我很高興地確認，董事會已宣布第二季度股息每股 0.38 美元，將於 2024 年 9 月 27 日支付給截至 8 月營業結束時在冊的股東2024 年30日。

I'll wrap up my remarks by quickly reminding everyone that our up and coming Investor Day for Brookfield Asset Management is scheduled to be in New York on September 10th and will also be webcasting the event. We look forward to presenting an update to our five-year forecast and highlighting the best of what's going on across the Brookfield ecosystem.

在結束我的演講時，我將快速提醒大家，我們即將舉行的布魯克菲爾德資產管理公司投資者日計劃於 9 月 10 日在紐約舉行，並將對該活動進行網路直播。我們期待更新我們的五年預測，並強調整個布魯克菲爾德生態系統​​正在發生的最好的事情。

With that operator, we can open it up to questions.

有了這個操作員，我們就可以向它提出問題。

(Operator Instructions)

（操作員說明）

Cherilyn Radbourne, TD Cowen.

謝裡琳·拉德伯恩，TD·考恩。

Thanks very much and good morning. First question is on something you talk about in the letter where you mentioned your unique position as the largest combined renewable power and infrastructure investor. Can you talk about how that's showing up in your deal pipeline and whether there's an opportunity to do something really differentiated where you're developing both the data centers and the renewable power source jointly or something of that nature?

非常感謝，早安。第一個問題是關於您在信中談到的一些內容，您在信中提到了您作為最大的可再生能源和基礎設施綜合投資者的獨特地位。您能否談談這在您的交易管道中是如何體現的，以及是否有機會做一些真正與眾不同的事情，即聯合開發資料中心和可再生能源或類似性質的事情？

Thanks, Cherilyn, good morning. You're absolutely right. And maybe just to provide a little bit of market context. The growth in infrastructure to support AI and cloud compute, the numbers are very dramatic and the capital required are quite staggering. And this demand is all being driven by the hyperscalers, the largest, fastest growing, most profitable companies around the world. And we're in a very fortunate position to be on the leading front foot in providing both of the key inputs to that infrastructure.

謝謝，切瑞琳，早安。你是絕對正確的。也許只是為了提供一點市場背景。支援人工智慧和雲端運算的基礎設施的成長，數量非常驚人，所需的資本也相當驚人。而這種需求都是由超大規模企業推動的，它們是全球規模最大、成長最快、利潤最高的公司。我們非常幸運，能夠在為該基礎設施提供兩項關鍵投入方面處於領先地位。

For the last period of time, it's been very obvious that the shortage has increasingly been in data center capacity, and this has driven a huge build out in data centers in recent years and a trend that's only going continue from now until the end of the decade and beyond. But increasingly now, the bottleneck to bringing more data center capacity online is having power to support those new, more energy intensive data center projects. And we are very fortunate to be the largest provider of power to corporates around the world.

在過去的一段時間裡，很明顯，資料中心容量的短缺日益嚴重，這推動了近年來資料中心的大規模建設，而且這種趨勢從現在到本世紀末都會持續下去。但現在，讓更多資料中心容量上線的瓶頸越來越多地在於是否有能力支援那些新的、能源密集的資料中心專案。我們非常幸運能夠成為全球企業最大的電力供應商。

To date, we have been providing those two critical inputs, I would say separately to the same customers, the large hyperscalers, the Microsoft, the Amazons, the Google, the Metas of the world. But increasingly over time, it is only logical that there is an opportunity to further differentiate yourself by providing holistic solutions. We are seeing this market mature very, very rapidly, and that is the direction of travel. And as the market increasingly goes that direction, we would be comfortable saying that we are absolutely the largest player with leading exposure across both data centers and renewable power to support those large hyperscalers on the scale and the geographic reach that is required for their businesses.

到目前為止，我們一直在提供這兩個關鍵投入，我想分別向相同的客戶，即大型超大規模企業、微軟、亞馬遜、谷歌、世界各地的 Metas 提供。但隨著時間的推移，越來越有機會透過提供整體解決方案來進一步使自己脫穎而出，這是合乎邏輯的。我們看到這個市場非常非常迅速地成熟，這就是發展的方向。隨著市場日益朝這個方向發展，我們可以放心地說，我們絕對是最大的參與者，在資料中心和再生能源領域擁有領先地位，可以為那些大型超大規模企業提供其業務所需的規模和地理覆蓋範圍。

That's great. Thank you. As a quick follow-up, can you touch on the progress that has been made backfilling BGTF I and when you expect that to be complete?

那太棒了。謝謝。作為快速跟進，您能否談談回填 BGTF I 所取得的進展以及您預計何時完成？

Certainly, you're touching on a broader theme, which is across our business, we would say within our renewable power and transition platform. That is without doubt where we are seeing the greatest amount of transaction activity. Obviously we announced a very large transaction in nVent in this past quarter. But that was only one of a number of deals that we executed. And therefore in terms of deployment, we already have in the pipeline all the deals that we need to fill up the remainder of BGTF I and return our focus into deploying BGTF II. So we would expect to complete that process very, very imminently.

當然，您正在觸及一個更廣泛的主題，該主題貫穿我們的業務，我們會說在我們的可再生能源和過渡平台內。毫無疑問，這是我們看到交易活動最多的地方。顯然，我們在上個季度宣布了 nVent 的一項非常大的交易。但這只是我們執行的眾多交易之一。因此，在部署方面，我們已經準備好了填補 BGTF I 剩餘部分所需的所有交易，並將重點重新投入部署 BGTF II 上。因此，我們希望非常非常緊迫地完成這個過程。

And I would say it's important to recognize that when we look to BGTF II, we're already approximately 20% deployed on that fund. Maybe just the last thing that I would highlight is we did touch in our remarks about how we are seeing a number of opportunities to monetize assets what will deliver very, very attractive returns for ourselves and our partners. I would say a large portion of those are within the renewable power and transition business where our experience and tenure in that asset class really differentiates us and allows us to take advantage of the market demand that we're seeing.

我想說，重要的是要認識到，當我們關注 BGTF II 時，我們已經在該基金上部署了大約 20%。也許我要強調的最後一件事是，我們在評論中確實談到了我們如何看到許多將資產貨幣化的機會，這將為我們自己和我們的合作夥伴帶來非常非常有吸引力的回報。我想說，其中很大一部分屬於再生能源和轉型業務，我們在該資產類別中的經驗和任期確實使我們與眾不同，並使我們能夠利用我們所看到的市場需求。

Thank you for the time. That's all for me.

謝謝你的時間。這就是我的全部。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hi, good morning, everybody. Thank you for the question as well. So Brookfield has a significant amount of embedded revenues as you highlighted earlier. I think it's $510 million once you activate various fund or capital gets deployed, I don't think that includes any incremental rotation of capital into private strategies from your insurance business so can you talk to the kind of the opportunity you see there?

嗨，大家早安。也謝謝你的提問。因此，正如您之前強調的那樣，布魯克菲爾德擁有大量嵌入收入。我認為，一旦你啟動各種基金或部署資本，這將是5.1 億美元，我不認為這包括將資本從你的保險業務增量轉移到私人策略中，所以你能談談你在那裡看到的機會嗎？

I think it's about $88 billion of fee-bearing capital, 33% private credit SMAs, 3% private markets and the rest is illiquid. So what's sort of the destination for this mix and over what timeframe you think you can get there? And maybe you could also help us to contextualize what type of revenue pickup you could see on the back of it?

我認為大約有 880 億美元的收費資本、33% 的私人信貸 SMA、3% 的私人市場，其餘的都是非流動性的。那麼這個組合的目的地是什麼？也許您還可以幫助我們了解您可以在背後看到哪種類型的收入成長？

Thanks, Alex. And just for everyone's benefit from the the biggest growth driver within our insurance and credit business over the next 12 months is very simply going to be the run rating of the AEL mandate that only closed in Maine flowing through our numbers for the next four quarters. And that's going to drive very, very meaningful growth in both our revenues as well as our margins as we had made very significant investments into that platform ahead of that revenue coming online, but well done it growth in revenue is just naturally going to play out.

謝謝，亞歷克斯。為了讓每個人都能從我們的保險和信貸業務中最大的成長動力中受益，未來12 個月，AEL 授權的運行評級非常簡單，該授權僅在緬因州結束，流經我們未來四個季度的數據。這將推動我們的收入和利潤率實現非常非常有意義的成長，因為我們在收入上線之前就對該平台進行了大量投資，但做得好，收入的成長自然會發揮作用。

What Alex is getting at is within the AL portfolio and that we have recently taken management of about 60% of that portfolio, north of 60% of that portfolio is in liquids. And therefore, over the next one to two years, we will be able to rotate a portion of those liquid securities into our fund mandates. And when we do so that will not only drive returns for that portfolio, but also drive additional fee revenue on that capital without giving a specific direction, given that we're at 60% in liquids today, we do expect a very meaningful rotation into our funds business.

Alex 所關注的是 AL 投資組合，我們最近管理了該投資組合中約 60% 的資產，其中 60% 以上是流動資產。因此，在未來一到兩年內，我們將能夠將部分流動性證券納入我們的基金任務中。當我們這樣做時，這不僅會推動該投資組合的回報，而且還會在不給出具體方向的情況下推動該資本的額外費用收入，考慮到我們今天的流動性佔60％，我們確實預計將非常有意義地轉向我們的基金業務。

We would put that well into the multiple tens of percentiles over the next one to two years. And what that will do in terms of driving FRE, we would say it's a fairly material impact over the next two to three years as that begins to run rate through our numbers as well.

我們將在未來一到兩年內將其納入數十個百分位數。這對於推動 FRE 有何影響，我們認為這在未來兩到三年內將產生相當重大的影響，因為這也開始影響我們的數據。

Got it. All right. Thank you for that. And then question on the margins and Hadley, welcome to your first earnings call here. In the past I think Brookfield spoke to north of 60% FRE margin and at a like a BAM share level. I think that number is running something in the 55%, 56% over the last several quarters. Maybe just update us on what that target looks like. Is that 60% or higher still the right destination, and at what point do you expect to ultimately get there?

知道了。好的。謝謝你。然後是關於利潤率的問題，哈德利，歡迎參加您的第一次財報電話會議。過去，我認為 Brookfield 的 FRE 利潤率超過 60%，並且處於 BAM 份額水平。我認為這個數字在過去幾季中一直在 55%、56% 左右。也許只是向我們通報該目標的最新情況。 60% 或更高仍然是正確的目的地嗎？

Thank you, Alex. And I'm happy to be here. I've been in the seat for a couple of months. And our margin improvement has been a little delayed, but I'm very encouraged with the operating leverage in our business and where I see profitability going. If you take a step back and you look at our cost growth that's moderated and it's up about 6% over the prior year.

謝謝你，亞歷克斯。我很高興來到這裡。我已經坐在這個座位上幾個月了。我們的利潤率改善有點延遲，但我對我們業務的營運槓桿以及我所看到的獲利能力感到非常鼓舞。如果你退後一步，你會發現我們的成本成長放緩，比前一年增長了約 6%。

If you look at last year this time, our costs were up approximately 12%, over the previous 12 months. So that's reflected in the buildup that we did in order to support our credit franchise and the $88 billion of insurance capital that we now have flowing in as well as both the Brookfield Oaktree Wealth Solutions, our retail business. And so now we're seeing that operating leverage benefit our margins. Though you're only seeing it in early days, it's only up about 1%.

如果你看看去年這個時候，我們的成本比之前 12 個月增加了約 12%。這反映在我們為支持我們的信貸特許經營和我們現在流入的 880 億美元保險資本以及我們的零售業務 Brookfield Oaktree Wealth Solutions 所做的積累中。因此，現在我們看到營運槓桿有利於我們的利潤。雖然你只是在早期看到它，但它只上漲了 1% 左右。

But as an example, if you were to assume a full quarter of AL, that alone would improve our margins by another a 100 basis points. And then given the expected growth of our fee-bearing capital throughout the rest of the year, we continue to see the benefit to our margins. And then we've got the captive growth, the undrawn capital that we discussed, which has got the earnings power of about a $500 million.

但舉個例子，如果你假設 AL 的整個季度，光是這一點就可以將我們的利潤率再提高 100 個基點。然後考慮到今年剩餘時間我們的收費資本的預期成長，我們繼續看到我們的利潤率受益。然後我們就有了自保成長，也就是我們討論過的未動用資本，它的獲利能力約為 5 億美元。

And then, as we've already discussed the $49 billion of insurance capital that we're going to allocate to some of it to our private funds. And then over the next 12 months, we're going to be acquiring more of our FRE at accretive levels, which will be helpful for our growth. And that's the Castlelake's acquisition, more of Oaktree and some other smaller initiatives. So all of that plus additional strategies and M&A, will be accretive to our growth and to our margins.

然後，正如我們已經討論過的 490 億美元保險資本，我們將把其中一部分分配給我們的私人基金。然後在接下來的 12 個月中，我們將以增值水準收購更多的 FRE，這將有助於我們的成長。這就是 Castlelake 的收購、Oaktree 的收購以及其他一些較小的舉措。因此，所有這些加上額外的策略和併購，都將促進我們的成長和利潤。

Okay. But is the 60 still kind of the right number to think about overtime?

好的。但 60 仍然是考慮加班的正確數字嗎？

Yes. I mean, we're very much focused on the improvement going up and just right now, where if you think about they were 56 adjusted and 60 is attainable.

是的。我的意思是，我們非常關注現在的改進，如果你考慮他們調整了 56 個，那麼 60 個是可以實現的。

Thanks so much.

非常感謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thank you. Good morning, everyone. So as everyone on this call knows, we had several bad economic data points last week, and many investors and economists are raising their prospects for a recession or slowdown. Now you guys have insight into hundreds of portfolio companies and properties, including proprietary insights on CapEx, consumer spending, real estate rental rates. So do you think the public markets have overreacted to the last few days of bad economic data?

謝謝。大家早安。因此，正如這次電話會議中的每個人都知道的那樣，上週我們有幾個糟糕的經濟數據點，許多投資者和經濟學家正在提高他們對經濟衰退或放緩的前景。現在，你們已經深入了解了數百家投資組合公司和房地產，包括對資本支出、消費者支出、房地產租金率的專有見解。那麼您認為公開市場對過去幾天糟糕的經濟數據反應過度了嗎？

Thanks, Craig. No doubt. The last 10 days have seen quite a bit of volatility. I don't think that can be understated. But we would very much be of the view that the market backdrop is still very increasingly constructive for transactions, particularly in the segments that we operate. Growth continues to be at – I would say above normalized level, labor markets remained robust.

謝謝，克雷格。無疑。過去 10 天出現了相當大的波動。我認為這不能被低估。但我們非常認為，市場背景對於交易而言仍然越來越具有建設性，特別是在我們經營的細分市場中。成長繼續保持在——我想說的是高於正常水平，勞動力市場仍然強勁。

I would say credit spreads, obviously there was some volatility in the last seven days, but credit spreads are still directionally tightening and there is still very significant liquidity in the market. And all of this is against the backdrop of interest rates are only now beginning to be lowered by central banks, and that's only going to underpin a more constructive growth environment going forward. So, well the last seven to 10 days have seen some volatility. It is not at this point in any way cover causing us to waiver from a very constructive view of the market, and one that's going to see more transaction activity and we would suggest increasing valuations across the sectors that we invest in.

我想說的是信用利差，顯然過去7天有一些波動，但信用利差仍在定向收緊，市場上仍然存在非常大量的流動性。所有這一切都是在央行現在才開始降低利率的背景下進行的，而這只會支撐未來更具建設性的成長環境。因此，過去七到十天出現了一些波動。此時此刻，無論如何，覆蓋都不會導致我們放棄對市場的非常有建設性的看法，並且將會看到更多的交易活動，我們建議提高我們投資的行業的估值。

Thanks. And just as my follow-up, and I heard the response there in the prepared commentary that you expect transaction activity to go up from here. But if I break it up into investing it in realization, you expect both of them to have upside potential into the second half or do you see one side stronger than the other?

謝謝。正如我的後續行動一樣，我在準備好的評論中聽到了回應，您預計交易活動將從這裡開始上升。但如果我將其分解為投資變現，您預計兩者在下半年都有上升潛力，還是您認為一方比另一方更強？

Both have upside potential into the second half. But perhaps, here's the way to frame it. We've been very active on the investment side for the last 12 to 18 months even through some of the market uncertainty of 2023. And we think those investment decisions are going to age very well. And while we do expect transaction activity to accelerate from here, it is coming off a pretty active base level. The difference on monetizations is we also expect monetization activity to increase from here. But it's coming off a much, much lower base.

下半場兩者都有上升潛力。但也許，這就是建造它的方式。過去 12 到 18 個月，我們在投資方面一直非常活躍，儘管 2023 年市場存在一些不確定性。雖然我們確實預計交易活動將從這裡開始加速，但它已經脫離了相當活躍的基礎水平。貨幣化的不同之處在於，我們也預期貨幣化活動將從這裡開始增加。但它的基礎要低得多。

And we've been, I would say selective in terms of our monetizations within different asset classes for the last six to 12 months. But increasingly, we are seeing robust bids for high quality de-risked assets in core markets. And therefore, we're expecting to see an increase in activity that will probably be greater on a relative basis on the monetization side, just because we're coming off a lower base level.

我想說，在過去的 6 到 12 個月裡，我們在不同資產類別的貨幣化方面一直是有選擇性的。但我們越來越多地看到核心市場對高品質去風險資產的強勁出價。因此，我們預期貨幣化方面的活動將會增加，而這種增加可能會在相對基礎上更大，只是因為我們的基礎水準較低。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Thanks. Good morning. Thanks for taking my questions. Maybe just to come back to the comment of the growing another trillion in assets over four years, I'm sure you're going to cover this in a lot more detail on Investor Day. But is that – are you sensing that would be all organic or would include acquisitions as you have done historically, particularly in the insurance segment? And then maybe too granular, but what portion of that you think would be fee-bearing?

謝謝。早安.感謝您回答我的問題。也許只是回到四年來資產再增長一萬億的評論，我相信您會在投資者日更詳細地介紹這一點。但這是——您是否認為這將全部是有機的，或者將包括像您歷史上所做的那樣的收購，特別是在保險領域？也許太細化了，但您認為其中哪一部分是付費的？

Great. So first and foremost, we expect the vast majority of our growth to come organically. And from that standpoint, we're incredibly encouraged by the fundamentals that we're seeing within our business to deliver on that. One really interesting dynamic within the last quarter has been the strength in our fundraising was really across our complimentary strategies. And those tend to be new or earlier vintage funds that there is a lot of effort to get them off the ground. But then they tend to scale much more meaningfully in the future. And given the support and the success we're seeing in those strategies, that gives us a lot of comfort around organic growth given some of the other expansion initiatives we already have on the go. No doubt we will continue to be opportunistic from an M&A standpoint. But the vast majority of the growth we intend to deliver and our business plans is always based on organic.

偉大的。因此，首先也是最重要的是，我們預計絕大多數的成長將是有機成長。從這個角度來看，我們對我們在業務中看到的實現這一目標的基本面感到非常鼓舞。上個季度的一個非常有趣的動態是，我們的籌款實力確實體現在我們的互補策略上。這些基金往往是新的或早期的老式基金，需要付出很大的努力才能啟動。但未來它們往往會更有意義地擴大規模。鑑於我們在這些策略中看到的支持和成功，考慮到我們已經在進行的其他一些擴張計劃，這給我們帶來了有機成長的極大安慰。毫無疑問，從併購的角度來看，我們將繼續採取機會主義態度。但我們打算實現的絕大多數成長和我們的業務計劃始終基於有機成長。

The other point that is important to recognize, and I don't know if you want to count this as organic or M&A. But within our business, we have an incredibly sizable option to acquire more of the earnings of our affiliate managers at very attractive levels. And that's something else that we will do that will drive a lot of FRE growth over that time period, although it won't change as much in terms of AUM and fee-bearing capital that's already included in our numbers.

另一點需要認識到，我不知道你是否想將其算作有機收購或併購。但在我們的業務中，我們有一個非常大的選擇，可以以非常有吸引力的水平獲得更多我們的聯屬經理的收入。這是我們將要做的其他事情，將在這段時間內推動 FRE 的大量成長，儘管它在資產管理規模和已包含在我們的數據中的付費資本方面不會發生太大變化。

The second comment just around how much of that growth is going to be fee-bearing versus – how much of that AUM growth is going to be fee-bearing. We would expect the vast majority of it. The biggest component of that growth is going to be in the insurance and credit platform of our business. And almost the entirety of that platform is fee-bearing capital.

第二個評論是關於成長中有多少是收費的，以及資產管理規模成長中有多少是收費的。我們預計其中的絕大多數。這種成長的最大組成部分將是我們業務的保險和信貸平台。該平台幾乎全部都是收費資本。

Okay. That's great. And maybe just a housekeeping question. On the global Transition Fund two, but I think you had put that on a temporary fee holiday given you wanted to backfill global GTF. one is, um, is that coming off a common cause that getting turned back on for the third quarter or and or is that included in the annualized rate that you put in on slide 25?

好的。那太棒了。也許只是家務事問題。關於全球過渡基金二號，但我認為考慮到您想回填全球 GTF，您已將其暫時擱置。一個是，嗯，這是否是第三季重新啟動的常見原因，或者是否包含在您在投影片 25 上輸入的年化利率中？

So what we would say, again, just reiterating the tremendous amount of opportunity within the renewable power and transition space. All the deals we need to fill out BGTF I and really round out that portfolio and ensure that it has the appropriate construction for our partners. Those are all in advanced stages. So we would expect to see the second vintage of that fund turned on in the relatively short-term and should absolutely be contributing to our results well before year-end.

因此，我們要再次重申的是，再生能源和轉型領域存在著巨大的機會。我們需要填寫 BGTF I 的所有交易，真正完善該投資組合，並確保它具有適合我們合作夥伴的結構。這些都處於後期階段。因此，我們預計該基金的第二期將在相對較短的時間內啟動，並且絕對應該在年底前為我們的業績做出貢獻。

Thank you very much.

非常感謝。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi. Thanks for taking the question on in 4Q you guided to $90 billion to $100 billion of flow expectations for 2024, excluding AEO. and the 2023 flows that slipped into early 2024 based on your definition, how much have you raised thus far this year? And with a number of flagship sort of getting bigger in market in 3Q and 4Q, how are you feeling about achieving that $90 billion to $100 billion goal for the year?

你好。感謝您在第四季度提出這個問題，您指導了 2024 年 900 億至 1000 億美元的流量預期（不包括 AEO）。以及根據您的定義，2023 年的資金流滑至 2024 年初，今年到目前為止您籌集了多少資金？隨著第三季和第四季許多旗艦產品的市場規模不斷擴大，您對實現今年 900 億至 1000 億美元的目標有何感想？

So, perhaps I'll start and then we can follow-up with some numbers. I would say in terms of the range we communicated, we feel very comfortable around the fundraising momentum we have and finishing directionally within that range. I think there's two important things to note. One we touched upon in a previous question.

所以，也許我會開始，然後我們可以跟進一些數字。我想說，就我們溝通的範圍而言，我們對我們擁有的籌款勢頭感到非常滿意，並在該範圍內定向完成。我認為有兩件重要的事情要注意。我們在上一個問題中提到過一個。

In Q2, we saw tremendous fundraising for our complimentary strategies. And that’s in a really encouraging and important dynamic because Q2 was actually relatively light in terms of fundraising for our flagships. Our flagships are all obviously our most mature strategies and ones where we have the highest conviction. So we expect to see significant amounts of fundraising for those flagships that we have in the market, whether it be across credit, real estate transition, as those all move towards final close later this year.

在第二季度，我們為我們的免費策略籌集了大量資金。這是一個非常令人鼓舞和重要的動態，因為第二季度我們旗艦產品的籌款實際上相對較少。我們的旗艦顯然都是我們最成熟的策略，也是我們最堅定的信念。因此，我們預計市場上的旗艦產品將獲得大量融資，無論是信貸、房地產轉型，還是在今年稍後最終完成融資。

So in terms of the range that we previously communicated, we do feel very, very good about that. In terms of specific numbers, I would say around taking into account the adjustments no AEL, not including the amounts done early in this year that were attributed previous year, we're at about $30 billion thus far.

因此，就我們之前溝通的範圍而言，我們確實感覺非常非常好。就具體數字而言，我想說的是，考慮到無 AEL 的調整，不包括今年年初歸屬於上一年的金額，到目前為止我們的金額約為 300 億美元。

Okay, brilliant. Thank you. So lots of interest in your realization comments from the sell side here, you highlighted renewables. Are those realizations expected to come from any renewable product in particular? And any sense of magnitude? And how do you see realizations in your other asset classes as we think about the second half of the year? So real estate, private equity, maybe infra more broadly than renewables on any thoughts there.

好吧，太棒了。謝謝。因此，賣方對您的實現評論很感興趣，您強調了再生能源。這些實現是否有望來自特定的可再生產品？還有大小感嗎？當我們考慮今年下半年時，您如何看待其他資產類別的實現？因此，就任何想法而言，房地產、私募股權或許比再生能源更廣泛。

Sure. So perhaps some broad color, maybe just to close out on renewables in transition, we're fortunate to have not only the largest franchise, but the most longstanding franchise and therefore a number of the investments we made six, seven, eight, nine, 10 years ago before the sector was as large or in focus as it was today. Those assets are now primed for monetization and will deliver very attractive returns for our investors. And we're perhaps in a unique position given our scale of assets in that asset class that are available for monetization, given how much larger we are than others in that space.

當然。因此，也許是一些廣泛的色彩，也許只是為了結束轉型中的可再生能源，我們很幸運，不僅擁有最大的特許經營權，而且擁有最長期的特許經營權，因此我們進行了六、七、八、九項投資，十年前，該產業還沒有像今天這樣規模龐大或受到關注。這些資產現在已準備好貨幣化，並將為我們的投資者帶來非常有吸引力的回報。考慮到我們在該資產類別中可用於貨幣化的資產規模，考慮到我們在該領域比其他人大得多，我們也許處於獨特的地位。

The other sector that I would say is improving very dramatically in terms of monetizations would be private equity. Liquidity for high quality assets in that asset class has come back quite dramatically. This is driven by lending, this is driven by tightening of spreads and the fact that there is a lot of liquidity in that system. Therefore, we would expect to see monetization activity again of scale in that asset class.

我想說的另一個在貨幣化方面正在顯著改善的行業是私募股權。此資產類別中優質資產的流動性已大幅回升。這是由貸款推動的，這是由利差收緊以及該系統中存在大量流動性這一事實推動的。因此，我們預期該資產類別將再次出現大規模貨幣化活動。

And then maybe just comparing to other asset classes, I would say on the real estate side, it is still a little bit more opportunistic high quality best-in-class assets, continue to attract very robust bids and significant demand. And we will continue to play into that as we have in recent quarters. But I would say that monetization activity and real estate will be more asset specific than broad based. I'd say that's quite representative of the opportunity we see on the investment side where we are seeing tremendous opportunities to put capital to work on the real estate side where there is still some caution in the sector.

然後也許只是與其他資產類別相比，我想說在房地產方面，它仍然是更具機會主義的高品質一流資產，繼續吸引非常強勁的出價和巨大的需求。我們將像最近幾個季度一樣繼續發揮這一作用。但我想說的是，貨幣化活動和房地產將更加針對特定資產，而不是廣泛基礎。我想說，這非常代表了我們在投資方面看到的機會，我們看到了將資本投入房地產的巨大機會，但該行業仍持謹慎態度。

Great. Thank you very much.

偉大的。非常感謝。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. Wanted to follow-up on the insurance segment post the AEL assets coming onboard, how you're thinking about growth prospectively for that channel and also the prospects of other insurance, SMAs and/or partnerships are coming online and maybe just additional commentary there would be helpful?

謝謝。早安.希望對 AEL 資產上線後的保險部門進行後續跟進，您如何看待該管道的預期增長以及其他保險、SMA 和/或合作夥伴關係的前景，也許只是額外的評論有幫助嗎？

Thanks. And welcome to the call. Two obvious areas of growth within our insurance platform are one, and apologies for being redundant about this. But it is very dramatic, very simply the run rating of the AEL mandate that we only got a handful of weeks in Q2, which will play out in our insurance numbers over the next 12 months. The other important point to highlight here is really something we're seeing across our broader wealth business, which is managing insurance on behalf of individuals as well as what we're seeing in our retail channel where there is very significant demand. And candidly we would say the demand we're seeing from these channels we're really dictating our pace of growth. Well not a function of BAM, we simply manage the capital.

謝謝。並歡迎您的來電。我們保險平台內兩個明顯的成長領域是其中之一，對於這一點的多餘，我們深表歉意。但這是非常戲劇性的，非常簡單的 AEL 授權的運行評級，我們在第二季度只得到了幾週的時間，這將在未來 12 個月的保險數據中反映出來。這裡要強調的另一個要點是我們在更廣泛的財富業務中看到的東西，即代表個人管理保險，以及我們在需求非常大的零售通路中看到的東西。坦白說，我們從這些管道看到的需求確實決定了我們的成長速度。這不是 BAM 的職能，我們只是管理資本。

[B&Re] is running at a rate of underwriting $15 billion to $20 billion of new insurance annuities each year. That will be a growth lever for our business. And then similarly, literally in our retail wealth products, I would say this is one component of our business where we are actually limiting our fundraising based on the deployment. And as we deploy more capital, we're going to see much more significant fund inflows into our retail channel as well.

[B&Re] 每年承保 150 億至 200 億美元的新保險年金。這將成為我們業務的成長槓桿。同樣，在我們的零售財富產品中，我想說這是我們業務的一個組成部分，我們實際上根據部署限制了我們的籌款。隨著我們部署更多資本，我們也將看到更多大量資金流入我們的零售通路。

So I would say in terms of your insurance growth, the obvious one is run rating of numbers. The second one is the insurance annuities. And then maybe the last one I would just highlight is a bit of a milestone on our side. We just completed our first insurance SMA this past quarter and that's a growth lever for our business and we expect to do more of that activity in the years to come.

因此，我想說，就保險成長而言，最明顯的一個是數字的運作評級。第二個是保險年金。也許我要強調的最後一個對我們來說是一個里程碑。我們剛剛在上個季度完成了第一個保險 SMA，這是我們業務的成長槓桿，我們預計在未來幾年將開展更多此類活動。

Great. Thank you. That's helpful. And then I guess just rounding that out, what was the total contribution from the wealth channel as you guys define it in the quarter in terms of net inflows?

偉大的。謝謝。這很有幫助。然後我想四捨五入一下，你們在本季定義的財富管道的總貢獻是多少？

About $2 billion.

大約20億美元。

Correct. Thank you.

正確的。謝謝。

Geoff Kwan, RBC Capital Markets.

Geoff Kwan，加拿大皇家銀行資本市場部。

Hi, good morning. My first question was just on the catalytic fund. Just wondering if there's any insight you can provide in terms of like on the interest. Is there overlap from investors that participate in the Global Transition Fund? Are you seeing any new investors that are not there and maybe given the mandate, potentially new investors and new geographies that you haven't historically fundraised from?

嗨，早安。我的第一個問題是關於催化基金的。只是想知道您是否可以在興趣方面提供任何見解。參與全球轉型基金的投資人是否有重疊？您是否看到任何不存在且可能獲得授權的新投資者、潛在的新投資者和您歷史上從未從中籌集過資金的新地區？

Thanks, Jeff. The answer to both your questions is yes. I would say there is a tremendous amount of overlap. I'd almost put it in three buckets if you would. There's a tremendous amount of overlap in investors within our renewable power and transition platform that invest across a multiple number of products within that platform. And our catalytic transition fund, we expect to be a beneficiary of that. That would be bucket one.

謝謝，傑夫。你的兩個問題的答案都是肯定的。我想說的是，存在大量的重疊。如果你願意的話，我幾乎會把它放進三個桶子裡。我們的再生能源和轉型平台內的投資者存在大量重疊，他們投資於該平台內的多種產品。我們的催化轉型基金預計將成為受益者。那將是第一桶。

Bucket two is, one of the large initiatives we have within our fundraising group is to increasingly cross-sell products. This is a huge growth opportunity, something we've spoken about at last year's Investor Day. And another opportunity for the catalytic transition fund is to cater to investors that are invested somewhere else within Brookfield, maybe not BGTF. But we can also partner with them on CTF.

第二個目標是，我們募款小組內的一項重大舉措是增加交叉銷售產品。這是一個巨大的成長機會，我們在去年的投資者日談到這一點。催化轉型基金的另一個機會是迎合在布魯克菲爾德其他地方投資的投資者，也許不是 BGTF。但我們也可以在 CTF 上與他們合作。

And then the last bucket is a nice one that you highlighted. CTF is a very unique strategy, given the markets it focuses on and the supportive and catalytic capital that has already been committed. We are beginning to see interest from a bunch of what I would call completely new investors to the Brookfield franchise. And that's clearly a benefit to expanding our product offering and increasingly providing more of these complementary strategies.

最後一個桶子是您強調的一個很好的桶子。鑑於 CTF 所關注的市場以及已經投入的支持性和催化性資本，CTF 是一項非常獨特的策略。我們開始看到一群我稱之為全新投資者對布魯克菲爾德特許經營權產生興趣的人。這顯然有利於擴大我們的產品範圍並越來越多地提供更多此類補充策略。

Okay. Great. Thank you. And just my second question, in terms of call it the M&A environment. Are you seeing – have you been seeing more disciplined on competitor bidding just reflecting higher interest rates and the current macro environment? So maybe it's paying some degree of lower multiples than before when interest rates were much lower? Or are you seeing bidding activity as maybe a bit more aggressive than you would expect? Whether or not that's, say competitors need to deploy capital before the commitment periods end, or just maybe what you might view as a little bit more aggressive bidding?

好的。偉大的。謝謝。這是我的第二個問題，也就是所謂的併購環境。您是否看到—您是否看到競爭對手的投標更加嚴格，這只是反映了更高的利率和當前的宏觀環境？那麼，也許它支付的倍數比以前利率低得多時要低一些？或者您認為競價活動可能比您預期的更為積極？是否是說競爭對手需要在承諾期結束之前部署資金，或者只是您可能認為更激進的出價？

We would not suggest that the market is overly exuberant and we're seeing a rational competitive bidding on the system is liquid. I would say the transaction activity is improving, but we would suggest that it's in a very, very constructive range. We're coming out of an environment where for a period of time, there's been a larger gap between the bid and the ask between buyers and sellers.

我們並不認為市場過度活躍，而且我們看到系統上的理性競爭性投標是流動的。我想說交易活動正在改善，但我們認為它處於一個非常非常有建設性的範圍內。我們正處於這樣的環境中：在一段時間內，買家和賣家之間的出價和要價之間存在較大差距。

The way we would describe the current environment with rates stabilizing even now declining and liquidity improving is we're just seeing that bid-ask close and that's going to lead to more transaction activity. We certainly wouldn't suggest that at this point that we're seeing overly aggressive or irrational bidding behavior mark, still very constructive is the word that we would just use to describe what we're seeing.

我們描述當前環境的方式是，利率穩定，即使現在下降，流動性也在改善，我們只是看到買賣接近，這將導致更多的交易活動。我們當然不會建議我們在這一點上看到過度激進或非理性的出價行為標記，但我們只是用這個詞來描述我們所看到的情況，但仍然非常有建設性。

Okay, great. Thank you.

好的，太好了。謝謝。

Nik Priebe, CIBC Capital Markets.

Nik Priebe，CIBC 資本市場。

Okay, thanks. Just in the opening remarks, I think you alluded to the prospect of some larger scale exits in the second half of the year. I just wanted to confirm it's safe to assume any larger realizations would be sourced for more mature fund vintages whose inception would've predated the spin-off of BAM and therefore would not be carry eligible to BAM specifically. So given the visibility that you have on the pipeline, is that a fair expectation?

好的，謝謝。就在開場白中，我認為您提到了今年下半年一些更大規模退出的前景。我只是想確認，可以安全地假設任何更大的變現都將來自更成熟的基金年份，這些基金的成立時間早於 BAM 的分拆，因此不符合 BAM 的具體條件。那麼考慮到您對管道的了解，這是一個公平的期望嗎？

That is absolutely fair. And due to the way that we separated carry at the time of the spin-off. You are absolutely correct that the carry that will be generated from those monetization events will not necessarily be for BAM's account. I do still think it is tremendously positive in demonstrating the performance of the franchise as well as delivering for our clients that can then turn around and reinvest that capital with us in new vintages. But you are correct and we will be abundantly clear about that. The carry generated on these monetizations will not be for BAM's account.

這是絕對公平的。由於我們在分拆時分離進位的方式。您說得完全正確，這些貨幣化事件產生的利差不一定屬於 BAM 的帳戶。我仍然認為，這對於展示特許經營權的表現以及為我們的客戶提供服務是非常積極的，然後我們的客戶就可以扭轉局面，並將這些資本與我們一起重新投資於新的年份。但你是對的，我們對此會非常清楚。這些貨幣化所產生的利差將不會記入 BAM 的帳戶。

Understood. Okay. I think my other questions have been answered, so I'll pass the line. Thank you.

明白了。好的。我想我的其他問題已經得到解答，所以我會掛斷電話。謝謝。

Mario Saric, Scotiabank.

馬裡奧·薩里奇，豐業銀行。

Hi, good afternoon. I just want to come back to a thematic question as it pertains to the relationship to fundraising, central bank monetary policy and economic growth. So internally, how do you view the impact of easing monetary policy versus greater uncertainty over the pace of the U.S. real GDP growth that was referenced earlier.

嗨，下午好。我只想回到一個主題問題，因為它涉及融資、央行貨幣政策和經濟成長的關係。因此，在內部，您如何看待寬鬆貨幣政策的影響以及前面提到的美國實際 GDP 成長率的更大不確定性。

Another question as it pertains to LP commitment confidence and then secondly, kind of as it pertains to accelerating monetization activity, I guess what I'm asking is while I realize that monetary policy is directly linked to the economy and I get the long-term alternatives, wallet spend increasing amongst all piece, I guess I'm asking the shorter term, which do you think is more relevant for LP commitments and completion of transactions?

另一個問題與有限合夥人的承諾信心有關，其次是與加速貨幣化活動有關，我想我要問的是，當我意識到貨幣政策與經濟直接相關並且我得到長期利益時替代方案，錢包支出在所有部分中增加，我想我問的是短期，您認為哪一個與有限合夥人的承諾和交易的完成更相關？

To tackle your question head-on? We think that the decline in interest rates is the single biggest driver. And that drives increased confidence in the market. And that will particularly for cash generative real assets that will push values up.

正面解決你的問題？我們認為利率下降是最大的推動因素。這增強了市場信心。尤其是對於能夠產生現金的實體資產來說，這將推高價值。

As your question appropriately outlined, there's always a variety of factors, but we see declining interest rates paired with, I would say, a a robust, albeit slowing growth profile creates that constructive market environment we spoke about, but and the declining interest rates, really for to see the pickup in transaction activity, we simply needed rates to stabilize.

正如你的問題所恰當概述的那樣，總是有各種各樣的因素，但我們看到利率下降，加上強勁但放緩的增長狀況創造了我們談到的建設性市場環境，但是利率下降確實為了看到交易活動的回升，我們只需要利率穩定。

We got that, I would say in the early part of the year. Now we're moving even into a more positive environment where rates are beginning to decline, but that's the single biggest driver in our minds around around deal activity and just growing market confidence, which to your question, then flows into things like institutional commitments.

我想說，我們在今年年初就做到了這一點。現在，我們甚至正在進入一個更積極的環境，利率開始下降，但這是我們心目中圍繞交易活動和不斷增長的市場信心的最大驅動力，對於你的問題，這會流入機構承諾等方面。

Perfect. Okay. Thank you.

完美的。好的。謝謝。

And this concludes the question-and-answer session. I would now like to turn it back to Jason for closing remarks.

問答環節到此結束。現在我想請傑森做總結發言。

Okay. Great. Thanks for everyone’s interest. If you should have additional questions on today's release, please feel free to contact me directly. Thank you everyone for joining us.

好的。偉大的。感謝大家的關注。如果您對今天的發布還有其他疑問，請隨時直接與我聯繫。感謝大家加入我們。

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。