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，歡迎收聽 Brookfield Asset Management 2024 年第二季電話會議與網路直播。目前所有與會者皆處於僅收聽模式。在講者簡報結束後，將進行問答環節。（接線員指示）

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

現在我想將本次電話會議交給我們的第一位講者——投資人關係董事總經理 Jason Fooks 先生。請開始。

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.

感謝各位今天加入 Brookfield Asset Management 的財報電話會議。今天與會的有：我們的執行長 Bruce Flatt、總裁 Connor Teskey，以及財務長 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.

今天的會議將由 Bruce 先做開場致詞，接著由 Connor 談談我們在整體業務上聚焦的一些重要主題，最後由 Hadley 說明我們的財務結果與營運狀況。

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.

在我們的正式發言結束後，我們會把電話交回接線員並回答分析師的提問。為了讓所有想提問的人都有機會，我們請各位一次不要提出超過兩個問題。若您還有其他問題，請重新加入提問隊列；若時間允許，我們很樂意在最後回答。

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.

在開始之前，我想提醒各位，在今天的發言中（包括回覆問題，以及討論新措施與我們的財務及營運表現時），我們可能會作出前瞻性陳述，包括符合適用加拿大及美國證券法所定義之「前瞻性陳述」。

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.

這些陳述反映對未來事件與趨勢的預測，並不涉及歷史事件。其受已知與未知風險影響，未來事件與結果可能與該等陳述存在重大差異。關於這些風險及其對本公司可能造成影響的更多資訊，請參閱我們向加拿大與美國證券監管機構提交的文件，以及我們網站上提供的資訊。

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

接下來，我把電話交給 Bruce。

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.

感謝各位今天加入 Brookfield Asset Management 的財報電話會議。今天與會的有：我們的執行長 Bruce Flatt、總裁 Connor Teskey，以及財務長 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.

今天的會議將由 Bruce 先做開場致詞，接著由 Connor 談談我們在整體業務上聚焦的一些重要主題，最後由 Hadley 說明我們的財務結果與營運狀況。

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.

在我們的正式發言結束後，我們會把電話交回接線員並回答分析師的提問。為了讓所有想提問的人都有機會，我們請各位一次不要提出超過兩個問題。若您還有其他問題，請重新加入提問隊列；若時間允許，我們很樂意在最後回答。

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.

在開始之前，我想提醒各位，在今天的發言中（包括回覆問題，以及討論新措施與我們的財務及營運表現時），我們可能會作出前瞻性陳述，包括符合適用加拿大及美國證券法所定義之「前瞻性陳述」。

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.

這些陳述反映對未來事件與趨勢的預測，並不涉及歷史事件。其受已知與未知風險影響，未來事件與結果可能與該等陳述存在重大差異。關於這些風險及其對本公司可能造成影響的更多資訊，請參閱我們向加拿大與美國證券監管機構提交的文件，以及我們網站上提供的資訊。

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

接下來，我把電話交給 Bruce。

Bruce Flatt

Bruce Flatt

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，各位早安。我們很高興報告第二季取得強勁成果，並募得 680 億美元資金。因此，我們目前管理的資產規模約為 1 兆美元。我們的規模與成長使我們得以創造強勁報酬，並更好地服務客戶。這樣的擴張之所以能夠實現，完全仰賴全球超過 2,400 名投資與資產管理專業人士，以及近 25 萬名營運員工的才華與對卓越的投入。

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，如各位多數人所知，我們的歷史可追溯至 125 年前，起源於一家電力公司，將第一批電動街車與基礎設施引入巴西。數十年來，我們擴展至許多不同的資產類別，但始終聚焦於具備持久現金流的關鍵性資產，並以逆向投資思維與嚴謹的投資紀律作為支撐。

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.

如今，我們是骨幹型基礎設施投資領域的首要領導者。我們的再生能源與轉型平台亦居於領先地位，並擁有同類型中規模最大的基金。我們也持續透過合作夥伴關係成長，例如與我們頂尖的信貸管理機構 Oaktree 的交易。今年，我們宣布成立 Brookfield Credit Group，整合我們長期經營的私募信貸與直接放款基金，以及與其他各家信貸管理機構的旗艦級合作夥伴關係。

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.

截至今日，我們合計管理約 3,000 億美元的信貸資產，使我們躋身規模最大的另類信貸放款機構之列。在我們歷史的前半段，我們主要為自身利益持有並營運資產。直到 25 年前，我們才在私募股權業務線推出第一支私募基金。

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，募得 4 億美元。我們在私募股權的成長，正反映了我們如何擴展更廣泛的業務版圖。自私募股權基金產品推出以來，20 年間我們透過六支基金進行投資，創造了 27% 的總 IRR（內部報酬率）與 21% 的淨 IRR。這些都是卓越的報酬，使我們得以將基金規模擴大至 120 億美元，且仍在成長。

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.

目前在我們的私募股權平台內，我們管理約 1,300 億美元資產，涵蓋多家大型、高品質、具市場領導地位的企業。然而，儘管我們不斷成長，我們的原則並未改變。我們專注於以價值為基礎收購能提供關鍵產品與服務、並能產生具韌性現金流的企業。

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.

我們採用適度槓桿，並高度倚重深厚的營運能力，在投資期間創造超額報酬。不過，我們所收購的企業類型以及聚焦的產業已隨時間演進。例如，我們的私募股權業務如今已全球化，而在起步時則以北美為主。我們也擴大產業布局，納入軟體、醫療保健；近期更開始投資全球的骨幹支付與金融基礎設施，因為我們相信某些巨型趨勢正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.

此一策略已被證明對客戶極具吸引力；我們也運用旗艦系列的成功，不僅擴大基金規模，也使產品供給更加多元。我們目前也正在募集第二期的特殊投資基金，該基金聚焦於透過客製化的結構性解決方案，提供更具彈性且具策略性的資本。我們近期推出中東策略，尋求進行控股與非控股投資；同時也推出金融基礎設施投資策略，旨在投資於支撐全球金融體系、資產較輕的金融基礎設施公司。

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.

我們作為所有者與營運者的傳承，使我們有別於許多同業，並且基於三個主要原因，這一直是我們成功的關鍵。第一，這意味著我們一直能夠為與我們合作的管理團隊提供的不僅僅是資本。第二，這意味著我們能夠降低投資組合中投資的風險，因為我們對所收購的業務具備全球性的專業知識。

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，這意味著我們能夠創造回報，不僅僅依靠槓桿操作，還能透過推動營運效率、提升現金流，以及強化我們所擁有的資產。這種以營運價值創造為核心的方法，為我們私募股權業務的投資人所創造回報中超過一半負責，並且幾乎貢獻了我們所有業務的回報。

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.

隨著我們持續交付目標回報，並隨市場與客戶需求演進，我們看到一條清晰且強勁的路徑，可大幅擴大我們私募股權業務的規模。與過去25年一致，關鍵在於交付強勁的投資績效。

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.

總結而言，我們可大量取得永久資本基礎，這些資本來自與我們再生能源電力、基礎設施及私募股權業務相關、且在公開市場上市的關係企業。我們也在擴大私人財富與保險資本基礎，並持續尋求機會，以有機成長及策略性併購（M&A）兩種方式提升我們的資產管理能力。

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.

近期收購Castlelake（頂尖的航空與專業金融管理機構）就是一個典型例子。縱觀我們的歷史，Brookfield生態系一直是我們實力與成功的基石。此架構使我們能夠分享經驗、辨識價值、以獨特方式承作交易並進行承銷評估，促進成長，並在我們所有公開與私募關係企業之間建立強烈的一致性。

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.

成果不言自明。我們的旗艦基金達到或超越其目標回報，為所有客戶創造了可觀價值。我們與客戶之間建立在信任、夥伴關係與價值創造之上的關係，使我們獲得更多資本，並持續拓展至更多領域。展望未來，我們將持續在創新、成長與夥伴關係的傳承上再接再厲。

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?

接下來，我將把電話會議交給Connor，他將重點說明我們目前關注的一些主題。Connor，交給你？

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，Bruce。全球經濟在實現穩健成長與溫和通膨之間更佳平衡方面已取得長足進展。全球各國央行已開始降息，反映價格壓力下降，以及先前極度緊俏的勞動市場逐步正常化。主要經濟體的成長正回到趨勢水準，並將在未來一年預期進一步下調短期利率的支撐下持續。

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仍高，企業信心依然正向，資本支出也維持強勁。雖然近幾週股市略有波動，但資本市場的風險偏好與流動性仍然充裕，支撐我們所營運領域的交易活動。

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，回到去年，我們仍能維持強勁且穩定的募資水準，原因在於：第一，我們產品組合的多元性；第二，我們長期以來提供一流風險調整後報酬的紀錄；第三，我們能取得多種不同形式的資本。

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.

隨著市場動態改善，我們看到業務各面向都展現強勁動能。在處分方面，我們的投資持續吸引具競爭力的出價。目前有多個出售流程正在進行中，我們預期下半年將出現顯著的變現活動，並可望實現多筆非常具吸引力的回報。

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，信用利差已明顯收斂，這為我們投資組合帶來以具吸引力水準進行融資的機會。截至今年目前為止，我們已執行750億美元的融資，其中包括在定期貸款再融資市場的200億美元，平均利差收斂45個基點，並將債務平均期限延長約兩年。

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.

隨著市場環境轉佳，能夠取得全球最大規模的資本池之一是我們的競爭優勢之一，使我們得以在較不商品化的市場領域中追求大型交易。隨著交易活動增加，我們看到在各項業務的資金部署方面將有進一步動能；在超過1,000億美元可用資本的支持下，我們處於極佳位置。本季我們部署或承諾約200億美元資本，尤其看到執行大規模且具吸引力投資的機會。

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.

在第二季期間，我們承諾了多筆此類交易。其中第一筆是GEMS Education，這是一家以中東為基地的領先民辦教育服務提供者；我們同意與其創辦人合作收購，投資金額為20億美元。此交易凸顯我們對中東地區的持續承諾。我們預期該地區將維持其高成長軌跡。我們能在該地區、乃至全球任何地方取得成功的關鍵，在於我們深厚的關係網絡、豐富的經驗以及在地布局。自1990年代末期起，我們便一直是中東地區的積極投資者與合作夥伴，甚至早於我們建立資產管理業務之前。

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，我們在杜拜與沙烏地阿拉伯的團隊合計接近100人。此項投資將納入我們的私募股權團隊、特殊投資基金以及中東合夥人基金，並預期於第三季完成。

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.

在季後，我們宣布以旗艦私募股權基金出資8.5億美元股權，收購nVent Electric的電氣熱解決方案業務。該業務是電伴熱系統、產品與服務的第一大設計與製造商，對於許多關鍵產業的營運安全與效率至關重要。

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，我們同意在一筆由公開轉私有（public to private）的交易中，收購nVent的多數股權；nVent是一家領先的全球再生能源開發業務，該交易對其股權估值約為70億美元。這不僅是我們再生能源電力業務迄今最大的一筆股權投資，也名列Brookfield歷來最大規模的股權投資之一。此項投資由我們的第二支全球轉型基金支持，將提升我們的潔淨能源產能，尤其是在歐洲與亞洲。我們預期於2025年第一季完成此交易。

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電力與轉型領域的領導地位。我們能夠為現有所有者提供具吸引力的解決方案，運用我們的資本取得能力、專業能力與地理覆蓋範圍，在全球高價值的再生能源市場中收購一個大型且高品質的全球平台。

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.

或許最重要的是，我們與大型機構資本合作的能力，使我們能提供少有人能匹敵的完整解決方案。儘管交易規模龐大，這仍是運用我們業務核心能力的典型案例，並使我們得以進一步把握當前所見的加速成長趨勢。

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年歷史的再生能源業務為全球最大，預期將持續受惠於強勁動能與交易回升。今年以來，我們已看到大量交易活動。我們的案源管線可能是歷來最大，主要由三大順風因素所驅動。首先也是最重要的是經濟因素。在許多地區，再生能源電力已成為新增發電的[聽不清]，使我們能夠提供全球經濟日益需要的一項關鍵商品。

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.

第二，永續性，因為企業尋求採購更多潔淨能源；第三，策略考量，因各國與企業愈來愈將能源安全視為重大優先事項。迅速成形的 AI 革命正讓這三大趨勢成為焦點。雖然 AI 帶動的資料中心需求已被廣泛討論，但愈來愈需要強調的是，AI 發展的瓶頸正日益在於取得電力的能力。

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.

再生能源電力、輸電以及分散式發電是關鍵基礎設施，目前供給不足，但對支撐 AI 擴張至關重要。我們同時營運全球最大規模之一的資料中心業務，以及全球最大規模之一的再生能源電力業務，這一獨特定位使我們得以打造這場科技轉型背後的骨幹。這種雙重布局讓我們能以規模化方式提供全面解決方案，為資料中心客戶提供可靠的潔淨電力來源。

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.

我們與微軟的協議就是我們為客戶創造價值的良好例證。這項具突破性的協議規模幾乎是史上最大單一企業 PPA（購電協議）的 8 倍。該協議涵蓋超過 10.5 吉瓦的新再生能源裝置容量，將於 2026 至 2030 年間在美國與歐洲交付，並有可能擴展至其他地區。此合作代表超過 100 億美元的投資，既支援微軟對雲端服務日益成長的需求，也透過加速全球轉向風電、太陽能及其他具影響力的零碳發電技術，促進電網去碳化。

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.

位處 AI 成長與再生能源開發的交會點，使 Brookfield 具備獨特優勢以掌握這些趨勢。我們能為客戶提供可擴展的一體化解決方案，同時滿足其對先進資料中心與永續能源來源的需求。此能力不僅強化我們的服務供給，也為客戶創造可觀價值，進一步鞏固 Brookfield 在兩個領域的領導地位。

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，沒有人比我們更有條件在全球範圍投資並提供潔淨電力，以驅動這場 AI 革命。Brookfield 另一個主要成長領域是我們的信貸業務，資產規模已成長至超過 3,000 億美元。過去 12 個月我們信貸業務的成長是營收成長的最大推動力，第二季信貸營收年增 19%。我們預期此成長將因幾個原因而持續向上。

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.

隨著市場改善，併購（M&A）交易回溫，正為我們透過各項信貸策略部署資本創造更多機會。此外，我們對 Castlelake 的收購應將於近期完成，並將進一步增益我們的產品多元化。

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.

另外，我們的保險解決方案通路也持續受惠；我們最大的客戶 Brookfield Reinsurance 預期其年金承作能力將提升，而我們首筆第三方保險解決方案的 MNA、SMA 近期亦已完成交割。需要注意的是，我們本季開始管理的大部分 AEL 資本目前配置於流動性信貸部位。未來一到兩年內，我們將積極把其中相當一部分資本部署至私募基金，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，我們對各項業務的動能感到樂觀，且全球最重要的趨勢仍對我們的資產有利。我們的重點仍在於如何持續為客戶創造價值，而我們相信這將使我們在未來四年再新增一兆美元的 AUM（管理資產）。

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

接下來，我們把電話會議交給 Hadley。

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，Connor，各位早安。今天早上的電話會議，我將把重點放在三個關鍵目標。第一，我將在強勁資本成長的帶動下，更新我們本季的財務表現，並說明這些資本所帶來的獲利潛力之年化效果。第二，我將重點說明我們的募資與資本部署能力，並討論我們平台的廣度與互補性產品如何持續推動成長。

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，我們的資產負債表較為輕盈且流動性充裕。因此，在開放提問之前，我將更新我們的流動性狀況以及資產負債表的策略性運用。我先從本季財務表現的細節談起。本季我們取得 11 億美元的費用收入，過去 12 個月合計 45 億美元，較去年同期分別成長 6% 與 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.

以費用相關盈餘（FRE）口徑計算，本季為 5.83 億美元，過去 12 個月為 23 億美元，較去年同期分別成長 6% 與 4%。以可分配盈餘（DE）口徑計算，本季為 5.48 億美元，過去 12 個月為 22 億美元，較去年同期分別成長 4% 與 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.

以每股計算，以上結果反映每股 FRE 為 0.36 美元、每股 DE 為 0.34 美元。本季盈餘增加主要由 680 億美元的募資所帶動，其中很大一部分來自我們的保險通路，包含 5 月中旬完成的 AEL 委託案交割。這使我們的計費型保險資本達到 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.

如 Connor 所提及，我們計畫隨時間推進，將其中一部分資本配置至我們的私募基金，從而為我們帶來額外費用。鑑於我們僅在本季部分期間就 AEL 委託案收取管理費，我們認為將季末已到位的費用相關盈餘年化，有助於凸顯我們一年來的成長幅度；此並非基於前瞻成長假設，而僅以季末已到位的狀況為基礎。

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.

以此基礎計算，季末的 FRE 與 DE 分別為 25 億美元與 24 億美元，較去年同期季度分別成長 11% 與 12%。我們預期這些年化成長率將更能反映未來業務的獲利能力。

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.

計費型資本突破 5,000 億美元門檻，達到 5,140 億美元，過去三個月成長 12%，年增 17%。計費型資本的增加主要來自透過我們的保險解決方案通路新增的資本，以及我們旗艦基金的募資與在信貸業務及互補策略上的部署。

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.

我想強調我們業務的一項關鍵優勢：我們的盈餘結構受惠於穩定性與可預測性。這源於我們 87% 的計費型資本與長期或永久性資本相關，且該比例預期將隨時間持續提高。此外，我們的 DE 幾乎 100% 由費用相關盈餘所構成。

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.

最令人振奮的是，這些數字中尚未包含任何績效分成（carried interest）。我們的基金正快速累積，預計在 2028 年及之後年度進入可實現（realization）階段。屆時將推升盈餘，這在今天可視為隱含價值。我們的利潤率較前一季上升 1%，達到 55%。這項改善是我們在進一步擴建業務、尤其是信貸平台與保險解決方案募資通路方面所產生營運槓桿效益的第一個跡象。

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，我們的信貸團隊費用收入相較於2023年第二季成長了19%。如先前所討論，我們在這些收入到來之前就已先行投資於團隊。而如今隨著收入增加，我們的財務表現，特別是利潤率，將持續受益。

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.

接著更仔細看看我們本季的募資情況。如先前提到，我們募得680億美元，其中530億美元與我們的保險解決方案通路相關。此外，我們的互補策略在募資貢獻上持續成長，而我們在市場中的旗艦基金也持續提供強勁基礎；隨著其達到最終關帳，我們預期在未來期間將成為更大的貢獻者。

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.

其餘募資中，有40億美元來自我們的再生能源與轉型業務。我們預期將為全球轉型旗艦基金進行更多次關帳，並在今年稍晚為我們的催化轉型基金進行首次關帳。在我們的信貸團隊方面，我們共募得80億美元資金，主要分布於我們的機會型信貸基金、生命科學收益基金與價值機會基金。

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，我們在最新一期的音樂版稅平台（Primary Wave）完成了5億美元的首次關帳。在我們的基礎建設業務方面，在沒有旗艦基金於市場募資的情況下，我們仍募得接近10億美元，主要來自我們的私人財富與永續型機構基礎建設基金。

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.

其中，後者基金的募資表現特別值得注意，創下兩年來單季最高募資總額。在我們的不動產業務方面，我們募得11億美元，其中包含為第五期機會型不動產旗艦基金追加資金，使該基金策略總規模約達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.

而在私募股權方面，我們募得超過5億美元。這主要與Pinegrove Capital Partners的首發策略相關，使該基金總規模約達8億美元。我們正積極為私募股權業務中的多檔其他互補型基金募資，包括中東合作夥伴基金與金融基礎建設基金，以及我們私募股權次級基金的首期（inaugural vintage）與特殊投資基金的第二期。我們預期在年底前為上述所有基金完成首次關帳。

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.

總結募資部分，我們未來仍有很長的成長跑道。我們能夠從廣泛的投資人群體募集資金，包括機構投資人、私人財富與保險客戶。我們的募資地理版圖多元，且在中東與亞洲的布局持續擴大；我們近期也在這些地區推出了多檔區域主題基金。同時，我們持續將基金產品擴展至新的資產類別，這將使我們能在旗艦基金週期中維持募資動能，並進一步推動以資本為基礎的成長，進而帶動計費資本（fee-bearing capital）的成長。

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.

接著談資本部署，本季我們已部署或承諾部署約200億美元，使過去12個月合計約達500億美元。值得一提的是，我們在信貸投資組合中部署了60億美元，其中包括在第11與第12期機會型信貸旗艦基金中部署22億美元，以及在策略信貸基金中部署11億美元。我們在不動產平台部署了15億美元，其中約5億美元投入於美國多戶住宅投資組合，並納入第五期機會型不動產旗艦基金。

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.

除上述已部署資本外，如Connor所提到，我們本季亦就將於後續季度完成交割的新收購案承諾投入100億美元；在具吸引力的機會集合下，仍有許多交易正在推進中。整體而言，我們預期今年剩餘期間的部署量將維持強勁。

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，我想更新一下Brookfield的流動性、可用資本以及公司資產負債表狀況。截至第二季末，我們在五個業務集團合計有1,070億美元的未動用基金承諾（uncalled fund commitments）。其中，目前560億美元正在產生費用，另有510億美元將在部署後開始產生費用，約相當於每年略高於5億美元的費用收入。

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.

就資產負債表而言，截至季末我們持有19億美元現金，變動約為7億美元。我們一直積極運用現金以支持各項業務。例如，我們額外收購了Oaktree 5%的持股，使目前持股比例提升至73%。此外，我們也持續以GP資本支持互補型基金與新策略，並著重將資本配置於能為BAM（Brookfield Asset Management）帶來具意義RFE（與Brookfield相關）的策略。

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環節之前，我很高興確認董事會已宣告第二季每股0.38美元的股利，將於2024年9月27日支付給截至2024年8月30日營業結束時登記在冊的股東。

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.

最後我簡要提醒各位，Brookfield Asset Management即將舉行的投資人日預定於9月10日在紐約舉辦，並將同步進行網路直播。我們期待屆時更新我們的五年期預測，並重點呈現Brookfield生態系中各項業務的最新亮點。

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

那麼，麻煩接線員，我們可以開始提問。

(Operator Instructions)

(接線員指示)

Cherilyn Radbourne, TD Cowen.

Cherilyn Radbourne，TD Cowen。

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。第一個問題是關於你們在信中提到的：你們作為全球最大、同時涵蓋再生能源電力與基礎建設的投資人所具備的獨特地位。能否談談這如何反映在你們的交易管線中？以及是否有機會做出真正差異化的布局，例如同時共同開發資料中心與再生能源電力來源，或類似的合作模式？

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.

謝謝你，Cherilyn，早安。你說得完全正確。我先提供一些市場背景。為支援AI與雲端運算所需的基礎建設成長非常驚人，而所需資本規模也相當龐大。這些需求主要由超大規模雲端業者（hyperscalers）所驅動，也就是全球最大、成長最快、獲利能力最強的公司。而我們非常幸運，能站在最前線，同時提供該等基礎建設所需的兩項關鍵投入。

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.

在過去一段時間，很明顯短缺日益集中在資料中心容量，這也推動近年資料中心的大規模建置；而這個趨勢將從現在一路延續到本十年末甚至更久。但如今愈來愈多的瓶頸在於：要讓更多資料中心容量上線，必須有足夠電力來支援這些新的、耗能更高的資料中心專案。而我們非常幸運，成為全球企業用電的最大供應者。

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.

截至目前，我們可以說是分別向同一批客戶提供這兩項關鍵投入，也就是大型超大規模雲端業者：微軟、亞馬遜、Google、Meta等。但隨著時間推進，透過提供整體性解決方案來進一步形成差異化，從邏輯上看是很自然的機會。我們看到這個市場正非常、非常快速地成熟，而這正是發展方向。隨著市場愈來愈朝這個方向前進，我們有信心地說，我們絕對是最大的參與者，在資料中心與再生能源電力兩端都具備領先的布局與曝險，能以其業務所需的規模與地理覆蓋範圍來支援這些大型超大規模雲端業者。

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?

太好了。謝謝。作為一個簡短的追問，您能談談在回補（backfilling）BGTF I 方面已取得的進展，以及您預期何時能完成嗎？

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，您提到的是一個更廣泛的主題，也就是在我們整體業務中，特別是在我們的再生能源與轉型平台。毫無疑問，那是我們看到交易活動最為活躍的領域。顯然，我們在本季度宣布了在 nVent 的一筆非常大型的交易。但那只是我們執行的多筆交易之一。因此，就資金部署而言，我們的管線中已經有足夠的交易，可用來填滿 BGTF I 的剩餘額度，並把重心轉回部署 BGTF II。所以我們預期將在非常、非常短期內完成這個流程。

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.

另外我想強調的是，當我們看 BGTF II 時，我們在該基金上已經約部署了 20%。也許最後我想補充的一點是，我們在發言中確實提到，我們看到許多將資產變現的機會，這些機會將為我們與合作夥伴帶來非常、非常具吸引力的回報。我會說，其中很大一部分是在再生能源與轉型業務之內；我們在該資產類別的經驗與長期深耕確實讓我們具備差異化優勢，並能把握我們所看到的市場需求。

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

謝謝您撥冗。我這邊就到這裡。

Alex Blostein, Goldman Sachs.

Alex Blostein，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，各位早安。也謝謝讓我提問。如您先前提到的，Brookfield 有相當可觀的內嵌收入（embedded revenues）。我想一旦啟動各項基金或資本完成部署，金額大約是 5.10 億美元；我認為這還不包含你們保險業務把資本額外輪動到私募策略所帶來的增量，所以能否談談你們在這方面看到的機會？

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?

我想大約是 880 億美元的計費資本（fee-bearing capital），其中 33% 是私募信貸 SMA，3% 是私募市場，其餘則是非流動性資產。那麼，這個組合最終希望走向什麼樣的結構？你們認為在多長時間內可以達到？另外，也請協助我們理解，這背後可能帶來什麼樣的收入增幅？

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，Alex。也為了讓大家更清楚，我們保險與信貸業務在未來 12 個月最大的成長驅動因素，非常簡單，就是 AEL 委託案的 run rate；該案剛在緬因州完成交割，接下來四個季度會逐步反映在我們的數字中。這將在收入與利潤率兩方面帶來非常、非常顯著的成長，因為我們在該收入上線之前，已對該平台做了非常可觀的前期投資；但一旦完成，收入成長自然就會逐步展現。

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 想問的是，在我們最近接手管理的 AL 投資組合中，我們已管理約 60% 的該投資組合，而其中超過 60% 是流動性資產。因此，在未來一到兩年內，我們將能把其中一部分流動性證券輪動到我們的基金委託（fund mandates）中。當我們這麼做時，不僅能提升該投資組合的報酬，也能在不需要給出具體指引的前提下，為這筆資本帶來額外的費用收入；鑑於我們目前有 60% 為流動性資產，我們確實預期會有非常顯著的輪動進入我們的基金業務。

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.

我們認為在未來一到兩年內，這個比例會達到數十個百分點的水準。而就推動 FRE（費用相關收益）而言，我們會說在未來兩到三年，隨著這些效益開始以 run rate 方式反映在我們的數字中，影響將相當顯著。

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?

了解。好，謝謝你的說明。接著想問利潤率的問題，Hadley，也歡迎你首次參加這裡的財報電話會議。過去我記得 Brookfield 曾提到 FRE 利潤率目標在 60% 以上，而且是在類似 BAM 股權層級的口徑。但過去幾個季度看起來大約在 55%、56% 左右。能否更新一下這個目標目前看起來如何？60% 或更高仍然是正確的長期目標嗎？以及你們預期何時最終能達到？

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，Alex。我也很高興在這裡。我上任大概幾個月。我們的利潤率改善確實有些延後，但我對我們業務的營運槓桿，以及我所看到的獲利走向感到非常鼓舞。如果退一步看，我們的成本成長已經放緩，較去年同期約增加 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%.

如果看去年這個時點，我們的成本在前 12 個月約增加 12%。這反映了我們為了支援信貸特許經營（credit franchise）以及目前流入的 880 億美元保險資本所做的擴編，同時也包括 Brookfield Oaktree Wealth Solutions（我們的零售業務）。現在我們開始看到營運槓桿對利潤率的助益。雖然你們目前看到的仍是早期階段，利潤率只提升了約 1%。

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.

但舉例來說，如果假設 AL 有完整一個季度的貢獻，單是這一項就能讓我們的利潤率再提升約 100 個基點。再加上我們預期今年其餘時間計費資本將持續成長，我們仍會看到利潤率受惠。此外，我們還有我們提到的 captive 成長與未動用資本（undrawn capital），其獲利能力約為 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.

另外，如我們先前已討論的，我們將把 490 億美元的保險資本中的一部分配置到我們的私募基金。而在未來 12 個月內，我們也會以具增益（accretive）的水準收購更多的 FRE，這將有助於我們的成長。這包括 Castlelake 的收購、增持 Oaktree，以及其他一些較小的計畫。因此，以上這些再加上新增策略與併購（M&A），都將對我們的成長與利潤率帶來增益。

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

好的。但 60% 仍然是長期可以參考的正確數字嗎？

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，我們非常專注於持續改善、往上提升；就目前而言，如果你看調整後大約是 56%，而 60% 是可以達到的。

Thanks so much.

非常感謝。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，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。各位早安。如同本次電話會議上的各位所知，我們上週看到幾個不佳的經濟數據點，許多投資人與經濟學家也提高了對衰退或放緩的可能性評估。你們掌握數百家投資組合公司與不動產的洞見，包括對資本支出（CapEx）、消費者支出、房地產租金水準等的專有洞察。所以你們認為，公開市場是否對過去幾天不佳的經濟數據反應過度？

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，Craig。毫無疑問。過去10天市場波動相當大。我認為這點怎麼強調都不為過。但我們非常明確地認為，市場背景對交易而言仍然愈來愈具建設性，特別是在我們所營運的細分領域。成長持續維持在——我會說高於常態化的水準，勞動市場仍然強勁。

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.

我會說信用利差，顯然過去七天出現了一些波動，但信用利差的方向仍在收斂，而且市場上仍有非常充沛的流動性。而這一切都發生在這樣的背景之下：利率才剛開始由各國央行下調，而這只會在未來支撐更具建設性的成長環境。所以，雖然過去七到十天出現了一些波動。但截至目前，這完全不會使我們偏離對市場非常具建設性的看法；我們認為交易活動將會增加，並且我們也預期我們所投資的各個產業板塊估值將上升。

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。作為追問，我在事先準備的評論中也聽到你提到，預期交易活動接下來會上升。但如果我把它拆成投資與變現，你是否預期兩者在下半年都有上行空間，還是你覺得其中一端會比另一端更強？

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.

兩者在下半年都有上行空間。不過，也許可以這樣表述。過去12到18個月，即便在2023年市場不確定性之下，我們在投資端一直非常活躍。而我們認為這些投資決策會隨時間推移表現得非常好。雖然我們確實預期交易活動將從現在起加速，但它是建立在一個相當活躍的基礎之上。至於變現的差異在於，我們也預期變現活動會從現在起增加。但它是從一個非常、非常低的基礎起步。

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.

而且我會說，過去六到十二個月，我們在不同資產類別的變現上一直相對審慎、選擇性地進行。但愈來愈多地，我們看到核心市場中高品質、去風險化資產的出價相當強勁。因此，我們預期活動將會增加；相對而言，變現端的增幅可能會更大，主要是因為我們是從較低的基礎水準起步。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

Brian Bedell，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。謝謝回答我的問題。也許回到你提到四年內資產再增加一兆的評論，我相信你們會在投資人日更詳細說明。但那——你們感覺這會完全來自有機成長，還是會包含你們過去一向做過的併購，特別是在保險領域？另外也許太細，但你認為其中有多少比例會是計收費用的資產？

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.

很好。首先也是最重要的，我們預期絕大多數的成長將來自有機成長。就這點而言，我們從業務基本面所看到的情況讓我們非常受到鼓舞，足以交付這個目標。上一季一個非常有趣的動態是，我們募資的強勁表現其實是橫跨我們的互補策略。而那些往往是較新的或較早期梯次的基金，需要投入大量努力把它們建立起來。但之後通常會在未來更有意義地擴大規模。鑑於我們在這些策略上看到的支持與成功，配合我們已在推進的其他擴張計畫，這讓我們對有機成長更有信心。毫無疑問，從併購角度我們仍會把握機會、保持彈性。但我們打算交付的成長以及我們的業務規劃，絕大多數一向都是以有機成長為基礎。

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.

另一個重要的點是——我不確定你是否要把這算作有機或併購。但在我們的業務中，我們擁有一個規模非常可觀的選擇權，可以在非常具吸引力的水準收購我們關聯管理人更多的獲利。這也是我們會做的事情，將在那段期間推動大量的FRE成長，儘管它在AUM與計收費用資本方面的變化不會那麼大，因為那部分已經包含在我們的數字之中。

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.

第二點是關於其中有多少成長會是計收費用的——也就是AUM成長中有多少會是計收費用的。我們預期其中絕大多數都會是。該成長最大的組成部分將來自我們業務中的保險與信貸平台。而該平台幾乎全部都是計收費用的資本。

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。那很棒。再問一個作業性問題。關於全球轉型基金二期（Global Transition Fund II），我記得你們曾因為想回補全球GTF一期而暫時給予費用假期，嗯，這個是否會在第三季結束、重新開始收費？或者它是否已包含在你們在第25頁投影片所提供的年化費率中？

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.

所以我們會說，再次重申，在再生能源發電與轉型領域存在非常龐大的機會。我們為了填滿BGTF I、並真正完善該投資組合、確保它對我們的合作夥伴而言具備適當的結構配置所需要的所有交易，目前都已進入相當後期的階段。因此，我們預期該基金的第二個梯次會在相對短期內啟動，而且絕對會在年底前很早就對我們的業績作出貢獻。

Thank you very much.

非常感謝。

Ken Worthington, JPMorgan.

Ken Worthington，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?

嗨。謝謝讓我提問。你們在第四季指引中，對2024年的資金流入預期為900億到1,000億美元（不含AEO），而依照你們的定義，2023年有些資金流入延後到2024年初才入帳；那麼截至目前為止，你們今年已募到多少？另外，隨著多檔旗艦產品在第三季與第四季於市場上募資規模變大，你們對達成全年900億到1,000億美元目標的信心如何？

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.

我想我先回答，之後我們可以再補充一些數字。就我們所溝通的區間而言，我會說我們對目前的募資動能感到非常有信心，並且方向上會在該區間內完成。我認為有兩個重要的點要注意。其中一點我們在前一個問題中已提到。

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，我們的互補策略募資表現非常亮眼。而這是一個非常令人鼓舞且重要的動態，因為第二季其實在我們旗艦產品的募資方面相對偏淡。我們的旗艦產品顯然都是最成熟的策略，也是我們信心最高的策略。因此，隨著今年稍晚這些在市場上的旗艦產品——不論是信貸、不動產轉型等——陸續走向最終關帳，我們預期將看到相當可觀的募資金額。

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，就我們先前溝通的區間而言，我們對此感覺非常、非常好。至於具體數字，我會說大約在考量調整後、不含 AEL，且不包括今年較早時完成但歸屬於前一年的金額，我們目前累計約為 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.

好的，太棒了。謝謝。因此，賣方這邊對你們關於變現（realization）的評論很感興趣，你們特別提到了再生能源。這些變現預期會來自某一類特定的再生能源產品嗎？以及規模大概會是多大？另外，當我們思考下半年時，你們如何看待其他資產類別的變現？例如不動產、私募股權，或更廣義的基礎建設（不僅限於再生能源），有任何想法嗎？

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。我先提供一些較宏觀的補充，或許也順便把再生能源與轉型這塊做個收尾：我們很幸運，不僅擁有最大的業務平台，也是歷史最悠久的平台，因此我們在六、七、八、九、十年前、在這個產業還沒有像今天這麼大或這麼受關注之前所做的一些投資。這些資產現在已經非常適合進行變現，並將為我們的投資人帶來非常具吸引力的報酬。而且，考量到我們在該資產類別中可供變現的資產規模，以及我們在該領域相較其他同業大得多的規模，我們可能處於一個相對獨特的位置。

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.

另外一個我會說在變現方面改善非常顯著的領域是私募股權。該資產類別中高品質資產的流動性已相當明顯地回來了。這主要受放貸活動、利差收斂，以及系統中流動性充裕所驅動。因此，我們預期在該資產類別中，變現活動將再次以相當規模展開。

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.

再與其他資產類別做個比較，我會說在不動產方面，目前仍偏向機會型；高品質、同級最佳（best-in-class）的資產仍持續吸引非常強勁的出價與顯著需求。我們也會如同近幾季一樣，持續把握這樣的機會。但我會說，不動產的變現活動會更偏向個別資產層級，而非全面性、廣泛性的。我認為這也相當能代表我們在投資端看到的機會：在不動產領域，我們看到大量能夠投入資金的機會，但該產業仍存在一些謹慎氛圍。

Great. Thank you very much.

很好。非常感謝。

Dan Fannon, Jefferies.

Jefferies 的 Dan Fannon。

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。想追問一下保險事業部：在 AEL 資產併入之後，你們如何看待該通路未來的成長？以及是否有其他保險、SMA（分別管理帳戶）和／或合作夥伴關係正在上線？如果能再補充一些評論會很有幫助。

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。也歡迎加入這通電話會議。我們保險平台有兩個明顯的成長領域。第一個——也抱歉我可能有點重複——但這非常顯著：就是 AEL 委託案（mandate）的 run rate，我們在第二季只認列了短短幾週，接下來 12 個月會逐步反映在我們的保險數字上。

[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] 目前每年承保（underwriting）約 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。同樣地，在我們的零售財富產品方面，我會說這是我們業務中一個組成部分：我們其實會依據資金部署情況來限制募資規模。而隨著我們部署更多資本，我們也會看到更多顯著的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.

所以我會說，就你提到的保險成長而言，最明顯的是數字的 run rate。第二個是保險年金。最後我想強調的是，對我們而言算是一個里程碑：我們在上一季剛完成第一筆保險 SMA，這也是我們業務的成長槓桿，我們預期未來幾年會進行更多這類活動。

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?

很好。謝謝。這很有幫助。那我想把這點補齊一下：以你們的定義，本季財富通路在淨流入方面的總貢獻是多少？

About $2 billion.

大約 20 億美元。

Correct. Thank you.

沒錯。謝謝。

Geoff Kwan, RBC Capital Markets.

RBC Capital Markets 的 Geoff Kwan。

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（catalytic fund）。想請問你們是否能分享一些關於投資人興趣的觀察。參與全球轉型基金（Global Transition Fund）的投資人是否也有重疊？你們是否看到一些新的投資人並未參與其中？以及考量到這個委託／授權（mandate），是否可能帶來你們過去募資歷史上未曾觸及的新投資人與新地理區域？

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.

謝謝你，Jeff。你兩個問題的答案都是肯定的。我會說重疊度非常高。如果你允許，我幾乎會把它分成三個桶（three buckets）。第一桶：在我們的再生能源電力與轉型平台內，有大量投資人會跨平台投資多個產品，重疊度非常高。而我們的催化轉型基金（catalytic transition fund）預期會受惠於此。這是第一桶。

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.

第二桶：我們募資團隊的一項大型倡議，是更積極地進行產品交叉銷售（cross-sell）。這是一個巨大的成長機會，也是我們在去年投資人日談過的主題。因此，催化轉型基金的另一個機會，是服務那些已在 Brookfield 其他地方投資、但可能沒有投 BGTF 的投資人。不過我們也可以在 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.

第三桶則是你提到的一個很好的點。CTF 是一個非常獨特的策略，考量到它聚焦的市場，以及已經承諾投入的支持性與催化性資本（supportive and catalytic capital）。我們開始看到一批我稱之為對 Brookfield 這個平台而言完全新的投資人出現興趣。這顯然有助於擴大我們的產品供給，並且持續提供更多這類互補性的策略。

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。很好。謝謝。我的第二個問題是關於併購（M&A）環境。你們是否看到——競爭對手的出價是否變得更有紀律，反映較高的利率與目前的總體環境？也就是說，相較利率很低時，可能支付某種程度上更低的倍數（multiples）？或者你們看到的競標活動反而比你們預期更積極？不論是否因為競爭對手需要在承諾期（commitment periods）結束前部署資本，或是你們認為有些出價稍微更具侵略性？

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.

我們不會認為市場過度亢奮；我們看到的是理性的競爭性出價，而且系統內流動性充裕。我會說交易活動正在改善，但我們認為仍處於非常、非常建設性的區間。我們正從一段期間的環境中走出來，當時買方與賣方之間的買價與賣價差距更大。

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.

我們描述目前環境的方式是：利率已趨於穩定，甚至現在開始下滑，而流動性也在改善；我們看到買賣價差正在收斂，而這將帶來更多交易活動。我們當然不會認為在此時此刻我們看到的是過度激進或不理性的出價行為；「仍然非常建設性」就是我們用來描述所見情況的詞。

Okay, great. Thank you.

好的，很好。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。在開場致詞中，我想你們提到今年下半年可能會有一些較大規模的退出。我只是想確認：可以合理假設任何較大的變現，將來自較成熟的基金期別（vintage），其成立時間會早於 BAM 的分拆，因此不符合針對 BAM 的業績分成（carry）資格。所以，基於你們對管線的能見度，這樣的預期是否合理？

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.

這完全合理。而且由於我們在分拆時分離業績分成（carry）的方式。你完全正確，這些變現事件所產生的業績分成不一定會計入 BAM 的帳上。但我仍然認為，這在展示我們平台的績效以及為客戶創造回報方面極為正面；客戶隨後也能把這些資本回流並與我們一起再投資於新的期別。不過你說得對，我們也會非常清楚地說明這點。這些變現所產生的業績分成不會計入 BAM 的帳上。

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

了解。好的。我想我其他問題都已經被回答了，我就把時間讓給下一位。謝謝。

Mario Saric, Scotiabank.

Mario Saric，加拿大豐業銀行（Scotiabank）。

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，午安。我想回到一個主題性問題，關於募資、央行貨幣政策與經濟成長之間的關係。所以在內部，你們如何看待寬鬆貨幣政策的影響，相對於先前提到的美國實質 GDP 成長步伐更不確定所帶來的影響？

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?

另一個問題是關於 LP 承諾信心；其次，關於加速變現活動，我想問的是：我理解貨幣政策與經濟直接相關，也理解長期來看另類投資在整體資產配置中的錢包占比會提高；但就短期而言，你認為哪一個因素對 LP 承諾與交易完成更為關鍵？

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.

直接回答你的問題：我們認為利率下滑是最主要的單一驅動因素。而這會提升市場信心。特別是對於能產生現金流的實體資產，這將推升估值。

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.

如你在問題中恰當指出，總是有多種因素，但我們看到利率下滑，再加上我會說是一個強勁但正在放緩的成長輪廓，形成了我們所談到的那種建設性市場環境；不過，就交易活動回升而言，利率下滑——其實我們只需要利率先穩定下來。

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.

我會說我們在今年年初就看到了這點。現在我們正進入更正面的環境，利率開始下行；但在我們看來，這仍是推動交易活動、以及提升整體市場信心的最主要單一驅動因素，而如你所問，這也會進一步反映在機構投資人的承諾等方面。

Perfect. Okay. Thank you.

完美。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。我現在想把時間交回給 Jason 作結語。

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。很好。感謝大家的關注。如果你們對今天的發布還有其他問題，請隨時直接與我聯繫。謝謝各位參與。

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。感謝各位參與。您現在可以掛線。