Carlyle Group Inc (CG) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Carlyle Group third-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加凱雷集團2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Daniel Harris, Head of Public Investor Relations. Please go ahead.

現在我將把會議交給公共投資者關係主管丹尼爾·哈里斯。請繼續。

Thank you, Michel. Good morning and happy Halloween and welcome to Carlyle's third quarter 2025 earnings call. With me on the call this morning is our Chief Executive Officer, Harvey Schwartz; Chief Financial Officer and Head of Corporate Strategy, John Ridet; and incoming Chief Financial Officer, Justin Plouffe.

謝謝你，米歇爾。早上好，萬聖節快樂！歡迎參加凱雷集團2025年第三季財報電話會議。今天早上和我一起參加電話會議的有：執行長哈維·施瓦茨；財務長兼企業策略主管約翰·里德特；以及即將上任的財務長賈斯汀·普盧夫。

Earlier this morning we issued a press release and a detailed earnings presentation, which is available on our Investor Relations website. This call is being webcast and a replay will be available. We will refer to certain non-GAAP financial measures during today's call. These measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. We have provided in reconciliation of these measures to GAAP in our earnings release to the extent reasonably available.

今天早上我們發布了一份新聞稿和一份詳細的收益報告，這些內容可以在我們的投資者關係網站上找到。本次通話將進行網路直播，並會提供回放。在今天的電話會議中，我們將提及一些非GAAP財務指標。這些措施不應脫離依照公認會計原則編製的措施而單獨考慮，也不應作為其替代品。我們在獲利報告中已盡可能提供了這些措施與公認會計準則的調節表。

Any forward-looking statements made today do not guarantee future performance, and undue reliance should not be placed on them. These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the risk factor section of our annual report on Form 10-K that could cause actual results that differ materially from those indicated. (inaudible) assumes no obligation to update any forward-looking statements at any time. In order to ensure participation by all those on the line today, please limit yourself to one question and return to the queue for any additional follow-ups.

今天所作的任何前瞻性陳述均不保證未來的業績，不應過度依賴這些陳述。這些聲明是基於管理階層目前的預期，並涉及固有的風險和不確定性，包括我們在10-K表格年度報告風險因素部分中列明的風險和不確定性，這些風險和不確定性可能導致實際結果與預期結果有重大差異。 （聽不清楚）不承擔任何更新前瞻性聲明的義務。為了確保今天所有線上用戶都能參與，請您每次只提一個問題，如有其他後續問題，請返回隊列。

And with that, let me turn the call over to our Chief Executive Officer, Harvey Schwartz.

接下來，我將把電話交給我們的執行長哈維·施瓦茨。

Thanks, Dan. Good morning, everyone, and thank you for joining us. We delivered another strong quarter of results as we continue to execute our strategic growth plan.

謝謝你，丹。各位早安，感謝各位的參與。我們繼續執行策略性成長計劃，並取得了另一個強勁的季度業績。

For the third quarter, we delivered FRE of $312 million and now I've generated $946 million year-to-date, up 16%. Record AUM of $474 billion, up 7% year-to-date. Organic inflows of $17 billion in the quarter and nearly $60 billion over the past 12 months with significant capital coming from credit, secondaries, and global wealth.

第三季度，我們實現了 3.12 億美元的 FRE 收入，而今年迄今為止，我已經創造了 9.46 億美元的收入，成長了 16%。資產管理規模創歷史新高，達 4,740 億美元，今年迄今成長 7%。本季有機流入資金達 170 億美元，過去 12 個月累計流入資金近 600 億美元，其中大量資金來自信貸、二級市場和全球財富。

With this momentum, we feel confident about exceeding the financial targets we updated last quarter, which included full year FRE growth of approximately 10% up from our prior outlook of 6%, and full year inflows of $50 billion compared to our prior outlook of $40 billion.

憑藉這一勢頭，我們有信心超越上季度更新的財務目標，其中包括全年 FRE 增長約 10%（高於我們之前 6% 的預期）和全年流入 500 億美元（高於我們之前 400 億美元的預期）。

Before I dive into more specifics of the quarter, I'd like to address the macro environment. As we look across markets today, this remains a somewhat complex but quite resilient environment. While the markets have been impacted by ongoing headlines related to policy shifts and geopolitics, the underlying health of the global economy continues to be strong. Inflation is moderated, balance sheets are healthy, and overall, consumers are still spending.

在深入探討本季具體情況之前，我想先談談宏觀環境。縱觀當今市場，雖然環境較為複雜，但韌性十足。儘管市場受到與政策變化和地緣政治相關的持續新聞的影響，但全球經濟的基本面仍然強勁。通貨膨脹得到控制，資產負債表狀況良好，整體而言，消費者仍在支出。

With official government data delayed by the shutdown earlier this month, we released Carlyle's proprietary US economic data. These indicators are derived from our portfolio of nearly 300 operating companies and more than 700,000 employees. These insights provide one of the few real-time views into the economy, steady growth, continued investment in technology and AI infrastructure, and resilient consumer demands.

由於本月初政府停擺導致官方數據延遲發布，我們發布了凱雷集團專有的美國經濟數據。這些指標源自於我們旗下近 300 家營運公司和超過 70 萬名員工的投資組合。這些洞察提供了為數不多的即時經濟狀況、穩定成長、對技術和人工智慧基礎設施的持續投資以及富有韌性的消費者需求的視角。

Turning to credit markets, there's clearly been a lot of focus here over the past several weeks. To date, our own market and portfolio data are not signaling any broad deterioration in overall credit quality or systemic risk.

轉向信貸市場，顯然過去幾週這裡受到了很多關注。迄今為止，我們自身的市場和投資組合數據並未顯示整體信貸品質或系統性風險出現任何大規模惡化。

Consistent with the economic data, I just walked through, fundamentals remain pretty solid, and credit events have been idiosyncratic. Of course, the credit cycle is evolving as it should, repricing where necessary, but again, not flashing broad stress.

與我剛才分析的經濟數據一致，基本面依然相當穩固，信貸事件則具有特殊性。當然，信用週期正在按部就班地發展，在必要時進行重新定價，但同樣，並未出現大範圍的壓力。

Capital markets activity is meaningfully accelerated, announced M&A volume was up more than 40% year over year in the third quarter. IPO volumes are up 60% year-to-date, with increased activity during the quarter.

資本市場活動顯著加速，第三季宣布的併購交易量年增超過 40%。今年迄今為止，IPO數量增加了60%，本季活動更加活躍。

Now turning to our global private equity business, we've capitalized on improving transaction environment, returning capital to our limited partners. Over the past year, we have returned $19 billion in capital to investors in global private equity. 150% of the industry average. Note this does not include $5 billion of signed transactions.

現在，讓我們把目光轉向我們的全球私募股權業務，我們利用不斷改善的交易環境，為我們的有限合夥人返還了資本。過去一年，我們已向全球私募股權投資者返還了190億美元的資本，是行業平均的150%。請注意，這不包括已簽署的50億美元交易。

Our momentum internationally continues. In Japan, we announced a successful IPO of Orion Breweries. This marks a positive indicator for the broader IPO market and is another important milestone for our team in the region. In Europe, we recently completed the sale of Callistone and announced the sale of HSO.

我們在國際市場上的發展動能依然強勁。在日本，我們宣布Orion Breweries成功上市。這對於更廣泛的IPO市場來說是一個積極的信號，也是我們團隊在該地區的另一個重要里程碑。在歐洲，我們最近完成了 Callistone 的出售，並宣布了 HSO 的出售。

Lastly, in private equity, we recently announced the EUR7.7 billion carve-out of BASF coatings business, leveraging our global industrial platform and deep carve-out expertise. In the past 20 years, Carlyle has done 19 industrial corporate carveouts with an average IRR of 25%. Another great example of the unique operating skill set we bring to our investors.

最後，在私募股權領域，我們最近宣布以 77 億歐元的價格剝離巴斯夫塗料業務，利用我們的全球工業平台和深厚的剝離專業知識。過去 20 年，凱雷集團完成了 19 項工業企業分拆，平均內部報酬率為 25%。這再次體現了我們為投資者帶來的獨特營運技能。

In Carlyle Al Invest, the team continues to deliver exceptional growth. We have hurry up more than 80% year-to-date. Last month, we closed our largest ever secondaries fund, $20 billion further scaling the business.

在凱雷投資公司，團隊持續取得卓越的成長。今年迄今為止，我們的進度已完成 80% 以上。上個月，我們完成了有史以來規模最大的二級市場基金，規模達 200 億美元，進一步擴大了業務規模。

We recently closed a $1.25 billion publicly rated GP led collateralized fund obligation, the largest of its kind to date. This underscores Carlyle's leadership and innovation within a rapidly expanding segment of the marketplace. We also recently completed a $550 million credit secondaries continuation vehicle reflecting the evolution of our business across newer asset classes.

我們最近完成了一筆規模達 12.5 億美元的公開評級 GP 牽頭的擔保基金義務，這是迄今為止同類基金中規模最大的一筆。這凸顯了凱雷集團在快速成長的市場領域中的領導地位和創新能力。我們最近也完成了 5.5 億美元的二級市場信貸延續工具，這反映了我們業務在新興資產類別中的發展。

Carlyle [op] invest is a market leader at the forefront of an industry with strong, secular, and cyclical tailwinds. In Global Credit, our platform continues to scale. During order, inflows into our asset-backed finance strategy were almost $2 billion highlighting the continued demand for private investment grade assets.

凱雷投資是市場領導者，處於一個擁有強勁的長期和週期性順風的行業的前沿。在全球信貸領域，我們的平台持續擴大規模。在此期間，流入我們資產支持融資策略的資金接近 20 億美元，凸顯了對私募投資等級資產的持續需求。

Our strategic approach to insurance solutions continues to pay dividends across all aspects of our investment management capabilities, including our partnership with Fortitude Re and with our third-party insurance clients. Justin will get into more details about Fortitude Re, but insurance remains a key driver of growth for Carlyle, and we continue to see momentum across the platform.

我們採取的保險解決方案策略方法持續為我們的投資管理能力帶來回報，包括我們與 Fortitude Re 以及第三方保險客戶的合作。Justin 將詳細介紹 Fortitude Re，但保險業仍然是凱雷集團成長的關鍵驅動力，我們繼續看到整個平台的發展勢頭。

Finally, moving on to global wealth, our momentum remains strong. When I first joined Carlyle, we were attracting about $300 million per quarter in evergreen wealth inflows. Today we're running at 10 times that level at $3 billion of inflows, our best fundraising quarter in global wealth ever.

最後，談到全球財富，我們的勢頭依然強勁。我剛加入凱雷集團時，我們每季吸引的常青財富流入約 3 億美元。如今，我們的資金流入量達到了 30 億美元，是之前的 10 倍，這是我們在全球財富領域有史以來最好的一個季度籌款業績。

To be successful across all aspects of wealth, retail, and retirement, you need experience, scale, brand recognition, and diversification. Part of our strategy is partnering with extraordinary brands, like our recent announcement with Oracle Red Bull Racing.

要想在財富管理、零售和退休規劃等各個方面取得成功，你需要經驗、規模、品牌知名度和多元化經營。我們策略的一部分是與傑出的品牌合作，例如我們最近宣布與 Oracle Red Bull Racing 合作。

This marks the first ever private markets partnership in Formula One and aligns directly with our long-term global wealth strategy to reach new clients and deepen engagement in key markets. Over the last 2.5 years, we mobilized quickly to capitalize on the growth of private markets and retail. We continue to invest heavily into the business, adding resources and platform partnerships to drive growth.

這標誌著一級方程式賽車史上首次建立私人市場合作關係，與我們拓展新客戶、深化在關鍵市場的長期全球財富策略直接契合。在過去的兩年半裡，我們迅速行動起來，充分利用了私人市場和零售業的成長。我們將繼續大力投資該業務，增加資源和平台合作夥伴關係，以推動成長。

Wrap things up. We're well on our way to exceeding our financial targets for this year and have very strong momentum heading into 2026.

結束吧。我們預計將超額完成今年的財務目標，並且在進入 2026 年時勢頭強勁。

With that, let me turn things over to Justin.

那麼，接下來就交給賈斯汀吧。

Thanks, Harvey, and good morning everyone. Q3 was yet another strong quarter consistent with the long-term growth trajectory we've established. We generated $368 million of distributable earnings, or $0.96 per share. Year-to-date, distributable earnings total $1.3 billion or just over $3 per share, up 10% from last year.

謝謝你，哈維，大家早安。第三季業績依然強勁，與我們既定的長期成長軌跡相符。我們創造了 3.68 億美元的可分配收益，即每股 0.96 美元。今年迄今為止，可分配收益總額為 13 億美元，即每股略高於 3 美元，比去年增長 10%。

Fee-related earnings were $312 million for the quarter, up 12% year over year. This increase in FRE has been fueled by organic top-line growth. For Q3, total fee revenue increased 11% in year-to-date, a 13% growth rate represents our fastest pace of growth in the last three years.

本季手續費營收為 3.12 億美元，年增 12%。FRE 的這一增長是由內生性營收成長所推動的。第三季總費用收入年增 11%，13% 的成長率代表了我們近三年來最快的成長速度。

Roughly 55% of firmwide FRE now comes from Global Credit and Carlyle AlpInvest. That's up from about 25% just five years ago. FRE margins remain strong at 48% for the quarter and year-to-date, exceeding last year's record of 46%. Capital markets and transaction fees were $32 million, up almost 20% year over year, and have more than doubled over the past 12 months.

目前，該公司整體 FRE 的約 55% 來自 Global Credit 和 Carlyle AlpInvest。這一比例比五年前的約25%有所上升。本季及今年迄今，FRE 利潤率依然強勁，達到 48%，超過了去年創下的 46% 的紀錄。資本市場和交易費用為 3,200 萬美元，年增近 20%，並且在過去 12 個月中增長了一倍多。

As we said throughout the year, our FRE growth is entirely organic and reflects the scalability of our model and operating discipline across the firm. We're on track to exceed our full year target of at least 10% growth in FRE while continuing to invest for the long-term.

正如我們全年所說，我們的 FRE 成長完全是內生的，反映了我們模式的可擴展性以及公司內部的營運紀律。我們預計將超額完成全年 FRE 成長至少 10% 的目標，同時繼續進行長期投資。

Let me turn to a couple of highlights for our businesses. Alpinvest AlpInvest delivered another excellent quarter, raising $6.3 billion of capital, bringing the year-to-date total to more than $15 billion. Third quarter inflows are driven by both institutional demand and strong momentum in our global wealth products. [AUOA] Invest now sits at $102 billion up more than 20% year-to-date.

讓我來介紹一下我們業務的幾個亮點。AlpInvest 又迎來了一個出色的季度，籌集了 63 億美元的資金，使今年迄今的總籌集資金超過 150 億美元。第三季資金流入主要受機構需求和我們全球財富產品的強勁成長勢頭推動。[AUOA] Invest 目前規模為 1,020 億美元，今年迄今成長超過 20%。

FRE at AlpInvest now represents 23% of Carlyle FRE, about triple the level from just two years prior. Global Credit generated nearly $10 billion of inflows this quarter and over the last 12 months inflows have totaled $31 billion helping lift total AUM to $208 billion.

AlpInvest 的 FRE 目前佔 Carlyle FRE 的 23%，約為兩年前的三倍。本季全球信貸資金流入近 100 億美元，過去 12 個月累計流入 310 億美元，幫助全球資產管理規模 (AUM) 達到 2,080 億美元。

Global Credit AUM now comprises 45% of firm-wide assets and has grown at a 33% CAGR over the past five years. And Global Credit's FRE is now nearly one-third of Carlyle's total. Our global credit business is comprised of a diverse set of platforms that deliver attractive risk adjusted returns for our investors. Our $87 billion insurance solutions platform is anchored by our strategic partnership with Fortitude Reed and has been quite active over the past few months. It closed its $4 billion reinsurance agreement with Unim, its fourth reinsurance transaction this year issued an inaugural $500 million funding agreement back note and recently launched a reinsurance sidecar focused on driving growth in Asia.

全球信貸資產管理規模目前占公司整體資產的 45%，並且在過去五年中以 33% 的複合年增長率成長。Global Credit 的 FRE 目前已接近凱雷集團總股本的三分之一。我們的全球信貸業務由多種平台組成，可為投資者提供具有吸引力的風險調整後收益。我們價值 870 億美元的保險解決方案平台以與 Fortitude Reed 的策略合作夥伴關係為核心，並且在過去幾個月中非常活躍。該公司與 Unim 達成了 40 億美元的再保險協議，這是該公司今年的第四筆再保險交易；發行了首筆 5 億美元的融資協議支持票據；最近還推出了一家專注於推動亞洲增長的再保險子公司。

Together, we believe these initiatives will lead to more than $20 billion of new AUM in the intermediate term. Our leading nearly $50 billion global CLO platform had inflows of more than $3 billion in the quarter. Credit quality remains strong, and the business has recently been recognized for having among the best performance across all US CLO managers this year, with the faults running well below the industry average.

我們相信，這些措施將在中期內帶來超過 200 億美元的新增資產管理規模。我們領先的、規模近 500 億美元的全球 CLO 平台在本季流入資金超過 30 億美元。信貸品質仍然強勁，該公司最近因在今年所有美國 CLO 管理公司中表現最佳而受到認可，其不良率遠低於行業平均水平。

Our $13 billion direct lending platform has been growing at a 20% CAGR the past five years. We believe the market opportunity for direct lending will continue to grow, and we are continuing to invest in this platform, adding resources across leadership and origination.

我們規模達 130 億美元的直接貸款平台在過去五年中以 20% 的複合年增長率成長。我們相信直接貸款的市場機會將繼續成長，我們將繼續投資於該平台，在領導層和貸款發放方面增加資源。

Credit quality remains healthy across the portfolio with realized losses running at an average of just 10 basis points per year over the past decade. Our $10 billion asset-backed finance business raised $2 billion just this quarter, and our leading $20 billion opportunistic credit strategy continued to deploy its third vintage fund and is quickly approaching its next fundraise.

整個投資組合的信貸品質仍然良好，過去十年來的已實現損失平均每年僅為 10 個基點。我們規模達 100 億美元的資產支持融資業務僅本季度就籌集了 20 億美元，而我們領先的 200 億美元機會型信貸策略繼續部署其第三期基金，並即將進行下一輪融資。

Shifting now to global private equity. Over the past year, we have attracted nearly $9 billion of capital into our GPE strategies, and today we have $40 billion of available capital to deploy across the platform. We're excited about our growing transaction pipeline as we head into the fourth quarter, including the recently announced EUR7.7 billion transaction with BASF in partnership with the Qatar Investment Authority.

現在轉向全球私募股權投資。過去一年，我們已為全球投資計畫 (GPE) 吸引了近 90 億美元的資金，如今我們擁有 400 億美元的可用資金，可在整個平台上部署。隨著我們進入第四季度，我們對不斷增長的交易項目儲備感到興奮，其中包括最近宣布的與巴斯夫和卡達投資局合作的 77 億歐元交易。

We also have nearly $5 billion of announced exit transactions that we anticipate to close in the coming quarters. While Q3 was a lighter realizations quarter, we expect a significant step up in Q4. In addition to this, as you may have seen, one of our US bio portfolio companies, Medline filed a registration statement with the SEC in connection with the proposed IPO. We remain excited about the future of Medline and congratulate the management team on all they have accomplished so far.

我們還有近 50 億美元的已宣布退出交易，預計將在未來幾季完成。雖然第三季實現額較低，但我們預計第四季將大幅成長。此外，您可能已經看到，我們美國生物投資組合公司之一 Medline 已向美國證券交易委員會提交了與擬議 IPO 相關的註冊聲明。我們對 Medline 的未來充滿信心，並祝賀管理團隊迄今為止的所有成就。

In global wealth, our evergreen vehicles continue to scale quickly. We currently have more than $32 billion of evergreen capital. We raised $3 billion across our evergreen wealth products this quarter. The $6 billion raised over the past year reflects a 90% growth rate from the same period last year.

在全球財富領域，我們的常青投資工具仍在快速成長。我們目前擁有超過320億美元的常青資本。本季度，我們透過常青財富產品籌集了30億美元。過去一年籌集的 60 億美元比去年同期成長了 90%。

Notably, our new Carlyle AlpInvest cap solution in partnership with UBS saw strong demand in its first full quarter and has already surpassed more than $1 billion in assets.

值得一提的是，我們與瑞銀合作推出的全新 Carlyle AlpInvest 資本解決方案在第一個完整季度就獲得了強勁的需求，資產規模已超過 10 億美元。

Finally, I'd like to say a few words about the state of our balance sheet and capital management activities. During the quarter, we took advantage of strong debt markets and issued $800 million of 10-year notes at 5%. This extends the duration of our liabilities and leveraged our strong credit rating. This capital provides additional flexibility to invest in growth initiatives in the coming years.

最後，我想就我們的資產負債表狀況和資本管理活動談幾句。本季度，我們利用強勁的債務市場，發行了 8 億美元的 10 年期債券，利率為 5%。這延長了我們的負債期限，並充分利用了我們強大的信用評級。這筆資金為未來幾年投資成長計畫提供了更大的靈活性。

We also repurchased over $200 million of stock in the quarter, reflecting our conviction that Carlyle's shares continue to be an attractive investment. We are disciplined and opportunistic when allocating capital, balancing share repurchases with investments to drive future growth.

本季我們也回購了超過 2 億美元的股票，這反映出我們堅信凱雷集團的股票仍然是一項有吸引力的投資。我們在資本配置方面既嚴謹又善於把握機會，透過平衡股票回購和投資來推動未來的成長。

Our balance sheet is strong and well positioned to support our organic initiatives and the firm's long-term financial flexibility.

我們的資產負債表穩健，能夠很好地支持我們的內部發展計劃和公司的長期財務靈活性。

To summarize, our third quarter results highlight continued growth, earnings diversification, and operating momentum across the platform. We're executing well, scaling efficiently, and delivering attractive results for both shareholders and investors. I look forward to meeting and working with all of you more over the coming months.

總而言之，我們第三季的業績凸顯了平台持續成長、獲利多元化和營運動能。我們執行到位，規模擴張高效，並為股東和投資者帶來了可觀的回報。我期待在接下來的幾個月與大家有更多見面和合作的機會。

Now before we get to Q&A, I'd like to hand things over to John for some concluding thoughts.

在進入問答環節之前，我想先把時間交給約翰，讓他做一些總結性發言。

Thanks, Justin. Good morning, everyone. Let me make a few points on the progress we've made on our strategic plan over the last two years. We grew AUM 25% to nearly $475 billion. In the last 12 months, we grew FRE more than 50% to $1.2 billion.

謝謝你，賈斯汀。各位早安。讓我談談過去兩年我們在策略計畫上的進展。我們的資產管理規模成長了 25%，達到近 4,750 億美元。在過去的 12 個月裡，我們的 FRE 成長了 50% 以上，達到 12 億美元。

Not only did we grow FRE, we improved FRE margins by over 1,200 basis points. We overhauled our capital allocation and compensation strategy. We returned more than $2 billion in capital to shareholders through dividends and repurchases. We also implemented a strategic update to our compensation strategy to increase alignment with all stakeholders.

我們不僅實現了 FRE 的成長，還將 FRE 利潤率提高了 1200 多個基點。我們徹底改革了資本配置和薪酬策略。我們透過分紅和股票回購向股東返還了超過20億美元的資本。我們也對薪酬策略進行了策略性調整，以更好地與所有利害關係人保持一致。

This allowed us to pay more carry to our employees and more fee related earnings to you, our shareholders. We overhauled our global wealth strategy, as Harvey said, we increased our inflows 10x. And lastly, our focus on capital markets has clearly generated momentum. We have more than tripled our revenues over the last two years to almost $240 million.

這使我們能夠向員工支付更多收益分成，並向你們——我們的股東——支付更多費用相關收益。正如哈維所說，我們徹底改革了全球財富策略，並將資金流入增加了 10 倍。最後，我們對資本市場的關注顯然已經產生了發展動能。過去兩年，我們的營收成長了兩倍多，達到近 2.4 億美元。

The positive momentum we carry into 2026 is the direct outcome of the extraordinary work of our people. I'm excited to begin my next role leading global private equity, a business with world-class investors and significant momentum.

我們從現在到 2026 年所取得的積極進展，直接歸功於我們全體員工的卓越工作。我很高興能夠開始領導全球私募股權投資這一新的角色，這是一個擁有世界一流投資者和強勁發展勢頭的業務領域。

With that, let me turn the call over to the operator for your questions.

那麼，接下來我將把電話轉交給接線員，回答您的問題。

(Operator Instructions)

（操作說明）

Brian McKenna, Citizens.

Brian McKenna，市民。

Thanks, good morning, everyone. So looking at info for the, hey, how are you doing, Harvey?

謝謝大家，早安。所以，我正在查看一些信息，比如，“嘿，哈維，你好嗎？”

Great.

偉大的。

So looking at inflows for the quarter, it was clearly a little bit lighter in in private equity, but credit and solutions both came in above expectations and there's a lot of momentum there. It would just be helpful, if you could talk about the outlook for inflows by business into year end, and how you're thinking about flows throughout 2026 and some of the different drivers there. And then I guess do you have any visibility into some of the larger insurance transactions that might be coming in over the next couple of quarters.

因此，從本季的資金流入來看，私募股權的資金流入明顯較少，但信貸和解決方案的資金流入均超出預期，這兩個領域都呈現出強勁的成長勢頭。如果您能談談各業務到年底的資金流入前景，以及您如何看待 2026 年全年的資金流入情況和一些不同的驅動因素，那就太好了。那麼，您是否對未來幾季可能出現的一些大型保險交易有任何了解？

Yeah, thanks Brian. It's John. Look, we feel very good about where we are in terms of inflows. This is an area where I think we have tremendous momentum and really reflects we have strong investment performance across the firm, and I would say client engagement remains positive and remains elevated. So $17 billion in the third quarter, obviously a very strong quarter, it's nearly double the third quarter from 2024.

謝謝你，布萊恩。是約翰。你看，就資金流入而言，我們感覺非常好。我認為我們在這一領域擁有巨大的發展勢頭，這充分體現了我們公司強勁的投資業績，而且我認為客戶滿意度仍然保持積極和高水準。第三季達到 170 億美元，顯然是一個非常強勁的季度，幾乎是 2024 年第三季的兩倍。

If you look at it a kind of an LTM basis, we're $60 billion a year-to-date we're around $45 billion. So we feel good about the revised guidance that Harvey alluded to in his script, which we provided last quarter, which was around $50 billion.

如果從過去12個月（LTM）的角度來看，我們今年的營收為600億美元，而今年迄今的營收約為450億美元。因此，我們對哈維在演講稿中提到的修訂後的業績指引感到滿意，該指引我們在上個季度提供，約為 500 億美元。

Again, we're at $45 billion year-to-date. We obviously had a very strong quarter in credit and AlpInvest. Harvey talked about how we closed on the secondaries platform where we raised $20 billion, but we had a really strong quarter without any real private equity funds in the market. So I feel good about the diversification that's driving this growth. So overall, I'd say in terms of inflows we have tremendous momentum going into the fourth quarter, but more importantly going into 2026.

今年迄今為止，我們已經達到了 450 億美元。顯然，我們的信貸業務和AlpInvest業務在本季表現非常強勁。哈維談到我們如何完成了二級市場交易平台的建設，籌集了 200 億美元，但即便市場上沒有任何真正的私募股權基金，我們仍然取得了非常強勁的季度業績。所以我對推動這種成長的多元化策略感到滿意。所以總的來說，我認為就資金流入而言，我們進入第四季度時勢頭強勁，更重要的是，進入 2026 年時勢頭強勁。

Got it. Thanks so much.

知道了。非常感謝。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Hey, good morning, everybody. Justin, welcome to the call and John, congrats again on the new role. Harvey, maybe just building on that a little bit. You alluded in your prepared remarks and in the script as well just around the strong momentum you guys think for 2026, maybe expand on that a little bit. What are the key top of the house priority in terms of growth for next year? What do you find to be most needle moving and what do you guys ultimately that could mean for management your growth into '26. Thanks.

嘿，大家早安。賈斯汀，歡迎參加通話；約翰，再次恭喜你擔任新職務。哈維，或許可以在此基礎上再進一步。你在準備好的演講稿和演講稿中都提到了你們對 2026 年強勁勢頭的看法，也許可以再詳細闡述一下。明年公司高層在成長方面最優先考慮的事項是什麼？你認為最能推動改變的是什麼？你們認為這最終對你們在 2026 年的管理發展意味著什麼？謝謝。

Yeah, great, Alex, thanks. So I would say, at this particular point in time, the momentum for the firm has never felt better. And I say that in terms of client engagement globally, the strategic execution of the team. And I think that when I say that, I'm talking about all aspects of the firm. So you see it in solutions, you see it in the wealth channel, you see it across credit, it's a quiet year for private equity and fundraising, but the performance by the team, as I mentioned, has been remarkable returning 150% of the average of capital.

好的，太好了，Alex，謝謝。所以我覺得，就目前而言，公司的發展動能從未如此強勁。就全球客戶互動而言，我認為這反映了團隊的策略執行力。我認為我這麼說的時候，指的是公司的各個方面。所以，在解決方案領域、財富管道、信貸領域，你都能看到這一點。對於私募股權和融資而言，今年是平靜的一年，但正如我所提到的，團隊的表現非常出色，資本回報率達到了平均水平的 150%。

You think through 2026, the demand for capital is going to be quite high. So I think deployment will be good and I think the opportunities will be great. We see opportunity virtually in every part of the platform. We think about credit, they're building quite quickly in the asset-backed business. You'll see more activity there. Same across insurance. The pipeline remains very good in fortitude and the engagement just broadly speaking with insurance clients as they continue to invest in private credit, so the team's done a remarkable job there.

預計到 2026 年，資本需求將相當高。所以我認為部署情況會很好，而且我認為機會也會很多。我們幾乎在平台的每個部分都看到了機會。我們考慮信貸，他們在資產支援業務領域發展得相當迅速。你會看到那裡更熱鬧。保險業普遍如此。該專案的進展依然非常順利，與保險客戶的互動也十分活躍，因為他們繼續投資於私募信貸，所以團隊在這方面做得非常出色。

We have the two flagship wealth funds, Evergreen funds up, CPAP, will really be in the market next year and so you'll see another wealth flagship vehicle which will give our wealth investors the opportunity to participate there. So really, when you sort of look at all aspects, either through the client lens or the specific business, I feel very good about the momentum and about flows and about growth, and then capital markets still has a lot of room to run and that's just going to be levered to activity.

我們有兩隻旗艦財富基金，分別是 Evergreen Funds Up 和 CPAP，它們將於明年真正進入市場，因此您將會看到另一隻旗艦財富投資工具，這將使我們的財富投資者有機會參與其中。所以，當你從客戶的角度或具體業務的角度審視所有方面時，我對目前的勢頭、資金流動和成長都感到非常樂觀，而且資本市場還有很大的發展空間，這將與市場活動掛鉤。

And so all the pieces now that we've been putting in place over the last couple of years, and I have to thank John for his leadership and partnership in that role, and you're really starting to see it, but we're really, I really feel we're just very much at the beginning of that.

所以，過去幾年我們一直在努力搭建的各個環節，我必須感謝約翰在這個角色中的領導和合作，你們也開始看到成效了，但我真的覺得我們才剛起步。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Hi, thanks very much.

您好，非常感謝。

Hey, Glen.

嘿，格倫。

Hello there. So I'm curious, you had a lot of good things to say about the forward momentum and realization pipeline and all the banks are super supportive in the deal environment coming through. So when you go through your comments of your $5 billion of announced transactions, I don't know if you can help us a little bit on timing with that, but fourth quarter better than third quarter metal line IPO happening.

你好呀。所以我很好奇，你對未來的發展勢頭和專案實現管道給予了很多肯定，而且所有銀行都對當前的交易環境給予了極大的支持。所以，當你談到你宣布的50億美元交易時，我不知道你是否能幫我們稍微解釋一下時間安排，但第四季度比第三季度要好，金屬線IPO也會發生。

I guess my question is if we could peel back that onion a little more because I think that's the part of softness in the core, and just a light realization quarter. And then as you move into next year, I think that's where the extreme bullishness on the bank's part was as we head into early '26, does your forward pipeline align with that and then again, trying to get at what some of the other questions get at is, what does that mean for an FRE story for next year? This year, what you beat your 10%, is it shaping up to be a bigger story than that next year? Thanks, Harv.

我想問的是，我們能否再剝開一點洋蔥皮，因為我認為那是核心柔軟的部分，只是一個輕微的領悟。然後，隨著我們進入明年，我認為銀行方面表現出的極度樂觀情緒，尤其是在我們進入 2026 年初的時候，你們的未來發展計劃是否與此相符？此外，試著回答其他一些問題，那就是，這對明年的 FRE 故事意味著什麼？今年你超過了10%的目標，這是否會成為明年更大的新聞？謝謝你，哈維。

Sure, I think that was four questions. I just want to point out you're violating Dan's rule, but we're going to address it all. So, I'm going to ask John to talk to the distributors in the pipeline. One thing I will say is, that's not a quarter to quarter thing in our business and so I think people should understand it.

沒錯，我想那是四個問題。我只是想指出你違反了丹的規定，但我們會處理好這件事的。所以，我打算請約翰去和正在洽談的經銷商談談。我想說的是，在我們這個行業，這不是一個季度性的事情，所以我認為人們應該理解這一點。

But John, why don't you give a little more color on how we think about that pipeline monetizations and realizations?

但約翰，你能否更詳細地說明我們是如何看待管道貨幣化和實現的？

Yeah, I would just echo a little bit what Harvey said, Glenn, we as a management team don't look at quarter to quarter. It's much more of a multi-quarter view that we take. I mean, it's just part of the private equity business.

是的，我只想稍微附和一下哈維的說法，格倫，我們管理團隊不會只專注在季度業績。我們採取的是一種更側重於多個季度的視角。我的意思是，這只是私募股權業務的一部分。

It's hard to control when when deals close and it's just, it is what it is. I think just take a step back in terms of, we have been very this management team and our investors have been very focused on performance and we are incredibly pleased with our investment performance, and I would say the team, the investment teams have been very focused on realizations and the numbers show that realization activities are up 35% the last 12 months.

交易何時完成很難控制，事情就是這樣。我認為，讓我們退一步來看，我們的管理團隊和投資者一直非常注重業績，我們對我們的投資績效非常滿意。而且，我想說的是，投資團隊一直非常注重收益實現，數據顯示，過去 12 個月的收益實現活動成長了 35%。

In global private equity, which I think most people focus in on in terms of realizations, that's where most of our carry funds are. We've returned nearly $20 billion in the last 12 months, and that's 30% higher than the prior period. And as Harvey said in his prepared remarks, as a third quarter in global private equity, we're 150% the industry average. So clearly we're an outlier in a positive way.

在全球私募股權領域（我認為大多數人關注的焦點是收益實現），我們的大部分收益分成基金都集中在這個領域。過去 12 個月，我們已返還近 200 億美元，比上一期增長了 30%。正如哈維在事先準備好的演講稿中所說，作為全球私募股權投資的第三季度，我們的業績是行業平均的 150%。顯然，我們是個例外，而且是往好的方向發展。

I would also say, our engagement with our investors is very positive, but let's just focus in on your question in terms of the pipeline. In our US private equity business, I would say we are returning more capital than we have our goals or our targets. Since we had the end of the third quarter, we've closed on a billion of transactions that includes the Carlylestone transaction, which was a very good transaction across a couple of different funds for us.

我還要補充一點，我們與投資者的互動非常積極，但我們還是專注於回答您關於專案儲備的問題。就我們的美國私募股權業務而言，我認為我們返還的資本超過了我們的目標或指標。自第三季結束以來，我們已經完成了十億美元的交易，其中包括凱爾特斯通的交易，這筆交易對我們來說是一筆非常好的交易，涉及我們幾個不同的基金。

We also will likely close, announce and close on a deal today, which is in our US private equity business. In terms of the $4 billion of deals that are signed and pending close, that does not include Glenn, the Medline IPO, which, as you know we publicly filed for an IPO on Tuesday, but look, I can't say all this $4 billion a pipeline will close in the fourth quarter, but it's a big number.

我們今天也可能完成、宣布並最終敲定一項交易，該交易涉及我們的美國私募股權業務。就已簽署和待完成的 40 億美元交易而言，這還不包括 Glenn 和 Medline 的 IPO，正如您所知，我們已於週二公開提交了 IPO 申請，但是，我不能說所有這些 40 億美元的交易都會在第四季度完成，但這確實是一個很大的數字。

Most of it will probably close in the fourth quarter. Some of it might spill over into the first quarter, but we feel very good in terms of, we are giving our investors in our private equity business. We are giving them back more money then we're investing, which is a positive in the environment. We're, in terms of just kind of high level pipeline going into 2026, I'd say our deal teams are very busy both in terms of deployment and realizations, and I think the pipeline, including the Medline IPO, speaks volumes to kind of how our business is positioned in terms of momentum and realizations.

大部分交易可能會在第四季完成。其中一些可能會延續到第一季度，但我們感覺非常好，因為我們為私募股權業務的投資者帶來了豐厚的回報。我們回饋給他們的錢比我們投資的錢還多，這對環境來說是件好事。就我們2026年的高層專案儲備而言，我認為我們的交易團隊在部署和實現方面都非常忙碌，而且我認為包括Medline IPO在內的專案儲備充分說明了我們業務在發展勢頭和實現方面所處的地位。

Thank you.

謝謝。

Thanks, Glenn.

謝謝你，格倫。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Okay, thank you very much. Maybe just a two part. Just a moment, to make sure I understand the math. If it's $4 billion to $5 billion of announced transactions, is the typical (inaudible) 2x to sort of think through the realization opportunity?

好的，非常感謝。或許就分成兩部分。稍等片刻，我確認一下我是否理解了這些數學公式。如果已公佈的交易額為 40 億至 50 億美元，那麼通常（聽不清楚）2 倍的時間是否足以讓人仔細考慮實現這一機會？

And then the broader question is just as I think about you getting toward the end of your repurchase activity, could you maybe refresh a bit on capital management priorities? How do you think about maybe where the stock is trading today versus any kind of inorganic opportunity now that the core business is stabilized. Thank you.

那麼更廣泛的問題是，考慮到您的回購活動即將結束，您能否稍微回顧一下資本管理的重點？您如何看待目前股票的交易價格與任何非內生性成長機會之間的關係，尤其是在核心業務已經穩定的情況下？謝謝。

He, it's John. So I, we are near the end of our $1.4 billion authorization. We repurchased $200 million in the quarter, I think year-to-date we're around $500 million of repurchases. I would expect a similar amount, probably in the fourth quarter.

他是約翰。所以，我們14億美元的授權預算即將用完。本季我們回購了 2 億美元，我認為今年迄今為止，我們的回購總額約為 5 億美元。我預計金額會差不多，可能在第四季。

And look, just more broadly, how do we think about capital allocation? There are various ways we can allocate capital as a management team. One of them is, we can invest in our businesses for growth. We are clearly doing that. That's our first priority. We are laser-like focused on growth, so anytime we can invest capital in a business to accelerate or achieve growth, that is our first priority.

更廣泛地說，我們該如何看待資本配置？作為管理團隊，我們可以透過多種方式分配資金。其中之一是，我們可以投資我們的企業以實現成長。我們顯然正在這樣做。這是我們的首要任務。我們非常注重成長，所以任何時候只要有機會投資企業以加速或實現成長，那就是我們的首要任務。

We can give capital back to our shareholders via dividends or via repurchase. We still think, and you should assume based on our repurchase activity that we still view our stock as inexpensive and attractive investment and the other use of capital can be something on the inorganic front, but we focus on all three areas with driving growth our main priority.

我們可以透過分紅或股票回購的方式將資金返還給股東。我們仍然認為，而且根據我們的回購活動，你應該也認為我們仍然認為我們的股票是一項便宜且有吸引力的投資，而資本的其他用途可能是在非有機增長方面，但我們專注於所有這三個領域，並將推動增長作為我們的首要任務。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi, good morning and thanks for taking my questions and welcome Justin to the call. So I did want to ask on the FRE growth, just looking out to next year. I recognize you're tracking above the 10% year on year guide. You spoke of the strong momentum heading into next year at the same time you do have some headwinds just in the form of elevated catch up fees that may not repeat, as well as the fee rate step down from CP7. So I just wanted to gauge your confidence level and the ability to drive FRE growth next year, even in the face of some of those headwinds and speak to some of the building blocks that support that view.

您好，早安，謝謝您回答我的問題，也歡迎賈斯汀參加通話。所以我想問FRE的成長狀況，展望一下明年。我注意到你的成長速度超過了10%的年增長率指導目標。您提到明年將迎來強勁的發展勢頭，但同時，您也面臨一些不利因素，例如可能不會再次出現的較高追趕費用，以及 CP7 之後費用的逐步降低。因此，我只是想了解您對明年推動 FRE 成長的信心程度和能力，即使面臨一些不利因素，並談談支持這一觀點的幾個基本要素。

As we've been saying, and we'll give you guys better guidance as we come to the year, but we feel very good about the momentum across the platform. Again, you pick your sleeve, capital markets, insurance flows, investments are making in credit, the wealth channel, and then we'll have a bigger pickup in private equity flows into next year. So I'd say overall coming into the end of the year, the momentum feels, as we have said, as good as it ever felt.

正如我們一直所說，隨著新年的臨近，我們會給大家更好的指導，但我們對整個平台的發展勢頭感到非常樂觀。再說一遍，你可以選擇專注於資本市場、保險業的資金流動、信貸投資、財富管道，然後明年私募股權資金流入將會大幅回升。所以我覺得，總的來說，進入年底，正如我們所說，目前的勢頭感覺和以往一樣好。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

Good morning. Thanks for taking my questions. The credit flows were really strong this quarter, but I, actually the fee rate looked a little bit light versus my expectations. Was there anything to do with timing on those flows? I know sometimes that can kind of skew the averages and cause the fee rate to look a little wonky. Did the flows come in at a lighter fee rate with the mix or was that fee rate impact more of a timing thing? Thanks for taking my question.

早安.謝謝您回答我的問題。本季信貸流動非常強勁，但實際上，手續費率與我的預期相比略低。這些流程的時間安排是否與此有關？我知道有時這可能會使平均值產生偏差，導致費率看起來有點奇怪。是這種組合導致流量費率降低，還是費率變動更多是時間因素造成的？謝謝您回答我的問題。

Yeah, thanks for the question. It's Justin. Look, I think some of that might have been skewed by some of the insurance transactions where the fee rate can be a little bit wonky, but overall we have great momentum across credit. We're up 18% year-to-date in fee revenues. We're up 28% year-to-date in FRE, and we really see broad-based momentum.

謝謝你的提問。是賈斯汀。你看，我認為其中一些數據可能受到了保險交易的影響，因為保險交易的費率可能有點不穩定，但總體而言，我們在信貸領域擁有強勁的發展勢頭。今年迄今為止，我們的費用收入增加了 18%。今年以來，FRE 的漲幅已達 28%，我們確實看到了廣泛的成長動能。

It's not just one business, right? Asset backed is taking in capital significantly. Our COO business is really hitting on all cylinders having another great year, and we're seeing really consistent and strong flows from wealth as well with our CTA products and our BDCs. So, quarter to quarter, it sort of just depends on the mix, but really every part of that business is doing well and we're really excited about the momentum we're going to carry the 2026.

這不僅僅是一家企業，對吧？資產支持證券正在大量吸收資金。我們的營運長業務發展勢頭強勁，又迎來了一個豐收年，同時，我們的 CTA 產品和 BDC 產品也帶來了持續強勁的財富流入。所以，從季度來看，這在某種程度上取決於業務組合，但實際上，該業務的每個部分都發展良好，我們對 2026 年將保持的發展勢頭感到非常興奮。

Thanks for that color.

謝謝你提供的顏色。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Thanks. Good morning. So $3 billion of wealth flows in the quarter are quite strong. Can you talk to the diversity of those flows and then clearly you have momentum in that business, but, and I think you mentioned one product and potentially coming to market next year. Maybe talk about the product roadmap and where you see that evolving as we go into 2026.

謝謝。早安.因此，本季30億美元的財富流動相當強勁。您能否談談這些業務流程的多元性？顯然，您在該業務領域擁有發展勢頭，而且，我想您提到過一款產品，可能會在明年上市。或許可以談談產品路線圖，以及您認為它在 2026 年會如何發展。

Yeah. So, as we talked about on the call, flows are up 10x and the new management team came into place a few years ago and so, what you're really seeing now is, and I still think it's early innings on this, the strategy coming together, and the pillars of that strategy are three flagship funds, CTech, which is best of Credit, our Carlyle AlpInvest Solutions business, and then CPAC, which will be really coming into view in 2026 across the private equity platform. And so, the mix has been quite good. CTech has been out long (technical difficulty) but a steady contributor and then of course, you, what you're really seeing is the pick up in the Carlyle AlpInvest solutions, the partnership with UBS, but I feel really good about the building momentum globally.

是的。正如我們在電話會議上討論的那樣，資金流動增長了 10 倍，新的管理團隊幾年前就已到位，所以，你現在真正看到的是（我仍然認為這只是早期階段），戰略正在逐步成型，而該戰略的支柱是三個旗艦基金：CTech（最佳信貸基金）、我們的凱雷阿爾普投資解決方案業務，以及 CPAC（將在整個 2026 年嶄露頭角。所以，整體組合效果相當不錯。CTech 已經停駛很久了（技術困難），但它一直是一個穩定的貢獻者。當然，你真正看到的是凱雷 AlpInvest 解決方案的成長，以及與瑞銀的合作，但我對全球發展勢頭感到非常樂觀。

Again, all of (technical difficulty) these building blocks connect together and so success (technical difficulty) on each of the strategies really provides an exponential effect to the other strategies, and it's all just about the brand, our connectivity with advisors. Obviously you've seen us continue to invest in any number of ways.

再次強調，所有這些（技術難度）建構模組相互關聯，因此每項策略的成功（技術難度）都會對其他策略產生指數級的影響，而這一切都與品牌以及我們與顧問的聯繫有關。顯然，你們已經看到我們繼續以各種方式進行投資。

There's human resources, product development, and obviously the partnership with Oracle Red Bull in terms of connecting with the global platform. And so you should expect to see good momentum in that business and continue to grow at a good pace.

其中包括人力資源、產品開發，當然還有與 Oracle Red Bull 的合作，以便與全球平台連結。因此，你應該會預期該業務將保持良好的發展勢頭，並繼續以良好的速度成長。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking my question. I had maybe another two parter on the, your sort of public markets exposure. Maybe just in the quarter, it looked like there were a few public investments that were weighing on your private performance. Just curious if you could address is there is it sort of timing related end of quarter to end of quarter, are there any sort of like impaired stories there or is it more market fluctuations?

您好，早安，感謝您回答我的問題。我可能也寫過一篇關於你這類公開市場風險敞口的文章，分為兩部分。或許只是本季，看起來有些公開投資對你的私人業績造成了壓力。我只是好奇，您能否解答一下，這是否與季度末的時間安排有關？是否存在某種減損損失之類的情況？還是這更多是市場波動造成的？

And then as we think out, you've given us some commentary on big specific transactions like Medline, but maybe just philosophically, how should we be thinking about the realization pipeline in terms of strategics versus financial sponsors versus IPOs? What's the historical mix? What would you expect going over into the next couple of years? Thank you.

然後，當我們思考時，您已經對像 Medline 這樣的大型具體交易發表了一些評論，但也許從哲學角度來看，我們應該如何看待策略投資者、財務贊助商和 IPO 之間的實現管道？歷史淵源是什麼？你對未來幾年有什麼預期？謝謝。

Hey Ben, it's John. Look, your question is obviously focused on corporate private equity, and again, similar to realizations, I look at performance over a multi-quarter period. It's very hard to have a story or narrative on any specific quarter. So, and I think this quarter actually is doesn't really deserve much narrative in the sense we just have the volatility in the public, but, when I kind of look at corporate private equity performance, particularly in the US, we're very pleased.

嘿，本，我是約翰。你看，你的問題顯然集中在企業私募股權上，而且，與實現情況類似，我也會關注多個季度的業績。很難就某個特定季度提出一個故事或敘述。所以，我認為本季其實不值得過多贅述，因為公眾市場波動較大，但是，當我檢視企業私募股權的表現，尤其是在美國，我們非常滿意。

CPA is up kind of 15% the last 12 months. But more importantly, when I look at the operating metrics within the portfolio in the US, we continue to see continued strength, revenues are up, almost double-digits. EBITDA is up 8%. So, I feel good about the underlying performance of the operating performance of the individual portfolio companies.

過去 12 個月，CPA 上漲了約 15%。但更重要的是，當我查看美國投資組合的營運指標時，我們看到持續強勁的成長勢頭，收入成長，幾乎達到兩位數。EBITDA成長8%。因此，我對投資組合中各家公司的營運績效基本面感到滿意。

I say look, we are an outlier in terms of realizations. You can't have the level of realization activity we are having if your performance is not good. So I think that's important to understand. And again, the teams remain very focused on performance and realizations. I think some of the volatility you're referring to was largely isolated to our cap franchise where I think we have an outsized percentage of the assets we manage in public securities and there has been some volatility in those markets and, but fundamentally those are very good companies we own. We don't have any long-term concerns on that in Asia.

我的意思是，就實現情況而言，我們是一個特例。如果你的表現不好，我們就無法達到目前這種程度的活動成果。所以我認為理解這一點很重要。此外，各團隊仍非常注重績效和成果。我認為你提到的部分波動主要集中在我們的資本資產業務上，因為我們管理的資產中有很大一部分是上市證券，這些市場確實出現了一些波動，但從根本上講，我們擁有的都是非常優秀的公司。我們在亞洲這方面沒有任何長期擔憂。

In US CP7 in particular has some, had some some volatility in the public markets as well. It's particularly isolated to Standard (inaudible) and Hexaware. They were down from the previous quarter. If you look at where they are today, actually, they've, we've already erased most of that down movement we saw in Standard A in Hexaware.

特別是美國CP7，也為公開市場帶來了一些波動。這個問題尤其侷限於 Standard（聽不清楚）和 Hexaware。與上一季相比有所下降。如果你看看他們現在的處境，實際上，我們已經抹去了我們在 Hexaware 標準 A 中看到的大部分下跌趨勢。

They're both great companies. So I have absolutely zero concerns long-term about the public securities we own in our US private equity business.

它們都是很棒的公司。因此，我對我們在美國私募股權業務中持有的上市證券的長期前景完全沒有絲毫擔憂。

All right, thanks John.

好的，謝謝你，約翰。

Kenneth Worthington, JPMorgan.

Kenneth Worthington，摩根大通。

Hi, good morning. Thanks for taking the question, John, it's been a pleasure working with you. Best of luck back and buy out. Justin, I'm sorry, John has set a pretty high bar here. When looking at credit, the union block at this quarter, so congrats. At the same time we saw the most significant level of credit are called distributions in both AUM and fee paying AUM. Can you talk about the dynamics that drove the outsized, I guess, distributions this quarter? I don't know if it was unim related or something else recurring, doesn't recur anyway, any flavor would be helpful.

您好，早安。謝謝你回答這個問題，約翰，和你一起工作非常愉快。祝你一切順利，早日完成收購。賈斯汀，很抱歉，約翰的要求確實很高。從信貸角度來看，本季度工會佔據了主導地位，所以恭喜你。同時，我們看到最重要的信貸水準被稱為資產管理規模 (AUM) 和收費資產管理規模 (AUM) 的分配。您能否談談導致本季出現如此巨大（或異常巨大）的分配的因素？我不知道這與unim有關，還是其他什麼反覆出現的問題，反正現在也不怎麼出現了，任何線索都會有幫助。

Yeah, I can. Look, I characterize it as the normal course of the business. it's not a bad time to realize some of our investments, especially in the opportunistic side. So when we have an opportunity to have a great outcome for our investors, we certainly take advantage of that. And some of it is the normal flow of our CLO business, which we've done, the team has done a really amazing job over the last couple of years.

是的，我可以。你看，我認為這是正常的商業運作。現在正是實現部分投資收益的好時機，尤其是在機會投資方面。所以，當有機會為投資者帶來豐厚回報時，我們一定會抓住機會。其中一部分是我們 CLO 業務的正常流程，在過去的幾年裡，我們的團隊做得非常出色。

Two years ago, about 40% of our CLOs were in runoff, and the team has actually done 41 resets since then and now only 12% of the CLO platform is in runoff. But that, when you call a CLO and you reset it, that can play into the numbers. So I don't think there's anything really specific there, nothing really in the insurance side, just the normal course of raising new capital and realizing investments for our LPs.

兩年前，我們約有 40% 的 CLO 處於失效狀態，而從那以後，團隊實際上已經進行了 41 次重置，現在只有 12% 的 CLO 平台處於失效狀態。但是，當你呼叫 CLO 並重置它時，這可能會影響數字。所以我覺得沒有什麼特別的，保險方面也沒有什麼特別的，只是籌集新資金和為我們的有限合夥人實現投資的正常流程。

Okay, great. I appreciate it thank you.

好的，太好了。非常感謝。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

Hey, good morning, everyone. Obviously been a perfect storm for secondaries here for a while now, but your points early, it feels like the realization window is opening up a bit though in fits and starts. How are you guys thinking about the sustainability of the so-called golden era and secondaries if the realization window keeps opening up? Thank you.

嘿，大家早安。顯然，對於次要目標來說，這已經是一段時間以來的完美風暴了，但正如你早期的觀點，感覺實現窗口正在斷斷續續地打開一些。如果投資機會窗口不斷擴大，你們如何看待所謂的黃金時代和二級市場的可持續性？謝謝。

Yeah, so I think, let's take a step back, there's a reason why we call it called AlpInvest Solutions. That whole business is going through sequential growth, not just because of secondary activity, but because of the broader capabilities set across the platform. Remember that, the shorthand, and I know you know this quite well, the shorthand for that business is secondaries.

是的，所以我想，讓我們退一步想想，我們之所以把它叫做 AlpInvest Solutions 是有原因的。整個業務正在經歷持續成長，這不僅是因為輔助業務的成長，更是因為整個平台更廣泛的能力的提升。記住，這個產業的簡稱是二級市場，我知道你很清楚這一點。

But actually, what they're providing is a suite of solutions. Secondaries co-invest, really corporate finance solutions. We highlighted a few of the trends in terms of credit secondaries and obviously co-invest. So it really is, I think a bit of the evolution of what's happening in our industry. As the industry continues to grow and mature and private capital is really at the center of capital, what you're seeing are the need for liquidity tools.

但實際上，他們提供的是一套解決方案。二級市場共同投資，真正的企業融資解決方案。我們重點介紹了一些信貸二級市場和共同投資的趨勢。所以，我認為這確實反映了我們行業正在發生的一些變化。隨著產業的不斷發展和成熟，私人資本真正成為資本的核心，你會看到流動性工具的需求。

So Alpinvest, Carlyle invest creates the entire solution set for that. Now in terms of the more narrow slice of secondaries, anything you look at in terms of statistics suggests that demand for secondary capital is going to grow for several years. We would see that in our pipelines, and our engagement with clients, and this is not again, sometimes there are sort of misunderstood or stale narratives in the world around the industry.

因此，Alpinvest 和 Carlyle Invest 為此打造了一整套解決方案。現在，就二級市場這個更為狹窄的領域而言，任何統計數據都表明，對二級資本的需求將在未來幾年內持續增長。我們會在業務流程和與客戶的互動中看到這一點，而且這並非再次發生，有時行業內外存在一些被誤解或陳舊的說法。

This is not about the (inaudible) portfolios or people who can't sell things. A lot of this now is about capital allocation and repositioning of capital. And so we could be in a room with a CEO or CIO, and the whole discussion is about how to reposition our portfolio. So again, we need to start really thinking about this being at the center of a flywheel of corporate finance solutions, but the narrow question on secondaries, it feels quite good.

這與（聽不清楚）的作品集或不會賣東西的人無關。現在很多事情都與資本配置和資本重新定位有關。因此，我們可能會和執行長或資訊長在一個房間裡，而整個討論的內容都是關於如何重新定位我們的投資組合。所以，我們再次需要認真思考如何將其置於企業融資解決方案的核心位置，但就二級市場而言，這個狹義的問題感覺相當不錯。

Michael Cyprus, Morgan Stanley.

麥可‧賽普魯斯，摩根士丹利。

Hey, good morning. Thanks for taking the question. Wanted to ask about ABF. I think you mentioned $10 billion platform today. I was hoping you could elaborate on some of the steps you're taking to expand the platform to accelerate growth, how you see this platform contributing as you look out over the next 12 to 24 months. Thanks.

嘿，早安。感謝您回答這個問題。想問一下關於ABF的問題。我想你今天提到了一個價值100億美元的平台。我希望您能詳細說明您為擴展平台、加速成長所採取的一些措施，以及您認為該平台在未來 12 到 24 個月內將如何做出貢獻。謝謝。

Yeah, I think it's Justin. We're very excited about the ABF platform that we've built. It really started as a partnership with Fortitude and it's expanded from there. We have multiple partnerships with origination platforms that have been feeding into that portfolio. We've had a lot of interest from the non-insurance space which ABF has historically been really an insurance product, but we have some vehicles that we are discussing with a number of counterparties outside the insurance space to expand that business.

是的，我覺得是賈斯汀。我們對所建構的 ABF 平台感到非常興奮。這一切最初是與 Fortitude 的合作，然後逐漸發展壯大。我們與多家電影發行平台建立了合作關係，這些平台一直在為我們的投資組合提供電影資源。我們已經收到了很多來自非保險領域的關注，ABF 從歷史上看實際上是一種保險產品，但我們正在與保險領域以外的一些交易對手討論一些工具，以擴大這項業務。

So we're at $10 billion today and it's accelerating. I actually think that is probably one of the greatest growth areas that we see in our credit business. He's done a fantastic job and I think there's a lot of potential for that as we go into the fourth quarter and in 2026.

所以今天我們已經達到了100億美元，而且這個數字還在加速成長。我認為這可能是我們信貸業務中成長最快的領域之一。他做得非常出色，我認為隨著我們進入第四季以及到 2026 年，他還有很大的潛力。

I show no further questions in the queue at this time. I would now like to turn the call back over to Daniel for closing remarks.

目前隊列中沒有其他問題了。現在我想把電話交還給丹尼爾，請他作總結發言。

Thank you everyone for your time today. If you have any further questions, feel free to follow with Investor Relations. We look forward to talking to you next quarter.

感謝各位今天抽出時間。如果您還有其他疑問，請隨時聯繫投資者關係部門。我們期待下個季度與您再次洽談。

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了。