Carlyle Group Inc (CG) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to The Carlyle Group first quarter 2026 earnings call. (Operator Instructions) At this time, it is my pleasure to turn the floor over to your host, Daniel Harris, Head of Investor Relations. Sir, the floor is yours.

各位女士、先生，大家好，歡迎參加凱雷集團（The Carlyle Group）2026 年第一季財報電話會議。（接線員指示）此刻，我很榮幸將會議交給今天的主持人——投資人關係主管 Daniel Harris。先生，請開始。

Thank you, operator. Good morning and welcome to Carlyle’s first quarter 2026 earnings call. With me on the call this morning is our Chief Executive Officer, Harvey Schwartz; and our Chief Financial Officer, Justin Plouffe. Earlier this morning, we issued a press release and a detailed earnings presentation, which is available on our investor relations website.

謝謝接線員。各位早安，歡迎參加凱雷 2026 年第一季財報電話會議。今天早上與我一同出席的有我們的執行長 Harvey Schwartz，以及財務長 Justin Plouffe。今天稍早，我們已發布新聞稿與詳細的財報簡報，已上傳至我們的投資人關係網站。

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.

本次會議將以網路直播，並提供重播。我們在今天的電話會議中將提及若干非 GAAP 財務衡量指標。這些指標不應單獨看待，亦不應作為依一般公認會計原則編製之衡量指標的替代。

We have provided reconciliation of these measures to GAAP in our earnings release to the extent reasonably available. Any forward-looking statements made today do not guarantee future performance, and undue reliance should not be placed on them.

在合理可得的範圍內，我們已於財報新聞稿中提供這些指標與 GAAP 的調節表。今日所作之任何前瞻性陳述不保證未來表現，且不應對其過度依賴。

These statements are based on current management expectations and involve inherent risks and uncertainties, including those identified in the risk factors section of our annual report on Form 10-K, that could cause actual results to differ materially from those indicated. Carlyle 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 then return to the queue for any additional follow-ups.

這些陳述係基於管理階層目前的預期，並涉及固有風險與不確定性（包括我們 Form 10-K 年報風險因素章節所列者），可能導致實際結果與所示內容有重大差異。凱雷不承擔於任何時間更新任何前瞻性陳述之義務。為確保今日所有與會者皆能提問，請每位僅提一個問題，若有追加問題，請回到隊列重新排隊。

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

接下來，我把電話交給我們的執行長 Harvey Schwartz。

Thanks, Dan. Good morning, everyone, and thank you for joining us. We wrapped up another strong quarter headlined by record US buyout realizations, a high level of inflows, fee-related earnings of $300 million and a 47% margin. Momentum across the platform continues to accelerate and performance remains strong, reinforcing our confidence in our strategic plan.

謝謝 Dan。各位早安，感謝各位加入。我們又完成了一個強勁的季度，亮點包括創紀錄的美國收購型基金（US buyout）變現、強勁的資金流入、3 億美元的費用相關收益（FRE）以及 47% 的利潤率。整個平台的動能持續加速、績效表現依然強勁，進一步強化我們對策略計畫的信心。

These results came against a complex global backdrop. Before we go deeper into the quarter, I want to spend a few minutes on the environment and the global macro trends. Geopolitical uncertainty and splintering are front of mind for investors and are influencing capital allocation and investment decisions. Of course, this is not new. Over the past five years, we’ve navigated COVID, the ongoing Ukraine-Russia war, and now the war in the Middle East.

這些成果是在複雜的全球背景下取得的。在更深入討論本季之前，我想先花幾分鐘談談環境與全球總體趨勢。地緣政治不確定性與分裂是投資人最關注的議題，並影響資本配置與投資決策。當然，這並非新鮮事。過去五年，我們歷經 COVID、持續的俄烏戰爭，以及如今的中東戰事。

As a result, there are two subjects that every government official I meet with wants to discuss: national security and stimulating economic growth. By national security, I mean both investment in traditional defense but also energy security. The focus on economic growth and competition across regions is intense, with a focus on reindustrialization and onshoring top of mind.

因此，我與每位政府官員會面時，對方都想討論兩個主題：國家安全與刺激經濟成長。所謂國家安全，不僅指傳統國防投資，也包括能源安全。各地區對經濟成長與競爭的關注非常強烈，重點聚焦在再工業化與製造回流（onshoring）。

Underpinning all of this change is an increasing need for capital and innovative client solutions. Everywhere I go in the world, the message is the same. The demand for private capital continues to grow. Our team and the breadth of our platform is well-positioned in this environment. Our diversified set of businesses span private equity, real assets, private and liquid credit, and Carlyle AlpInvest. In today’s environment, diversification is a distinct advantage.

支撐這些變化的是對資本與創新客戶解決方案日益增加的需求。我走訪世界各地，聽到的訊息都一樣：對私募資本的需求持續成長。我們的團隊與平台廣度在此環境下具備良好定位。我們多元化的業務涵蓋私募股權、實體資產、私募與流動性信貸，以及 Carlyle AlpInvest。在當前環境中，多元化是一項明顯優勢。

Our deep sector expertise in aerospace and defense, industrials, energy, and healthcare maps directly towards a growing investment opportunity set. We’ve been doing this at scale for decades. Before Justin and I run through the quarter’s financial performance, I would like to highlight an important milestone from earlier this week. We closed a first-of-its-kind investment solution anchored by a $5 billion commitment secured for our next vintage US buyout fund.

我們在航太與國防、工業、能源與醫療保健等領域的深厚產業專長，正好對應到日益擴大的投資機會集合。我們以規模化方式深耕這些領域已數十年。在 Justin 與我說明本季財務表現之前，我想先強調本週稍早的一項重要里程碑：我們完成了一項首創的投資解決方案，並以為我們下一期（next vintage）美國收購型基金所取得的 50 億美元承諾作為基石。

This innovation provides a capital-efficient way to address our clients’ needs. It’s a solution that provides both access to our next US buyout fund and simultaneously offers them a tailored solution to provide liquidity.

這項創新提供一種資本效率更高的方式，以滿足客戶需求。該方案一方面讓客戶得以參與我們下一期美國收購型基金，同時也提供量身打造的流動性解決方案。

This solution underscores how we are leveraging Carlyle Alpha, AlpInvest capabilities in portfolio finance and secondaries alongside our private equity platform to deliver differentiated outcomes for our investors. It was truly a win-win for our investors and for Carlyle.

此方案凸顯我們如何運用 Carlyle Alpha、AlpInvest 在投資組合融資與次級市場（secondaries）的能力，並結合我們的私募股權平台，為投資人帶來差異化成果。這對投資人與凱雷而言，確實是雙贏。

Through this structure, several cornerstone investors have increased their exposure to US buyout, further demonstrating their confidence in our platform and continued interest in the core sectors we focus on. It’s important to note that we haven’t launched fundraising for the next US buyout fund. That will come later this year.

透過此架構，數位基石投資人提高了其對美國收購型策略的曝險，進一步展現他們對我們平台的信心，以及對我們聚焦核心產業的持續興趣。需要強調的是，我們尚未啟動下一期美國收購型基金的募資；相關工作將於今年稍晚展開。

Let me move on to some of the strong activity trends we saw in the quarter. As you have seen in prior quarters, we continue to return capital to investors at a faster pace than the industry. Realizations were more than $12 billion, reflecting the high quality of our portfolio and continued prioritization of returning capital to our fund investors.

接著談談本季我們看到的一些強勁活動趨勢。如同前幾季所見，我們持續以快於產業的速度向投資人返還資本。變現金額超過 120 億美元，反映我們投資組合的高品質，以及我們持續優先將資本返還給基金投資人的策略。

It is also worth noting that we returned a record amount of capital to US buyout fund investors this quarter, a rate which is more than 40% higher than our prior record set in 2021. We continue to have a deep set of assets to monetize for our investors.

同時也值得注意的是，本季我們向美國收購型基金投資人返還的資本創下紀錄，其速度較我們先前於 2021 年創下的紀錄高出逾 40%。我們仍有大量資產可為投資人進行變現。

The point was $10 billion in the quarter, and we also announced two large transactions that will close in the coming months: the $8 billion carve-out of the coatings business from BASF and the $3 billion acquisition of MAI Capital Management.

本季投資金額為 100 億美元；我們也宣布兩筆將於未來數月完成的大型交易：自巴斯夫（BASF）分拆塗料業務的 80 億美元 carve-out 交易，以及以 30 億美元收購 MAI Capital Management。

We also invested $4 billion in private credit and nearly [$4 million] across a diverse set of strategies in Carlyle AlpInvest. These transactions should also contribute to a pickup in transaction fee revenue in the coming quarters.

我們亦在私募信貸投資 40 億美元，並透過 Carlyle AlpInvest 在多元策略上投資近 [400 萬美元]。這些交易也可望在未來幾季帶動交易手續費收入回升。

On inflows, we had a great start to the year, attracting $13 billion of new capital. In Carlyle AlpInvest, we raised nearly $7 billion in the quarter, reflecting strong demand for our broad set of secondaries, co-investment, and portfolio finance strategies. We also saw sustained inflows in our wealth vehicles, including CAPM and CAPS.

在資金流入方面，我們今年開局良好，吸引了 130 億美元的新資金。在 Carlyle AlpInvest，我們本季募得近 70 億美元，反映市場對我們廣泛的次級市場、共同投資與投資組合融資策略需求強勁。我們的財富管理產品亦持續有資金流入，包括 CAPM 與 CAPS。

AlpInvest is benefiting from both favorable market dynamics and strong performance. In global credit, we raised $4 billion in the quarter. Demand remains strong across our diversified platform. We had a first close on a new closed-end asset-backed finance strategy. That strategy now tops $12 billion, up more than 30% compared to last year.

AlpInvest 同時受惠於有利的市場動態與強勁表現。在全球信貸方面，我們本季募得 40 億美元。我們多元化平台各項策略的需求仍然強勁。我們也完成一項新的封閉式資產擔保融資（asset-backed finance）策略的首次募集（first close）。該策略目前規模已超過 120 億美元，較去年成長逾 30%。

In summary, Carlyle continues to benefit from a diversified platform that can provide durable results across dynamic changes in geopolitics and market environments. As you would expect, two months after the shareholder update, we remain quite confident that we will reach or exceed the targets we laid out for you in February.

總結而言，凱雷持續受惠於多元化平台，能在地緣政治與市場環境的動態變化下提供穩健成果。如同各位所預期，在股東更新會後兩個月，我們仍相當有信心達成或超越我們在 2 月向各位提出的目標。

With that, let me turn the call over to Justin.

接下來，我把電話交給 Justin。

Thanks, Harvey. Good morning, everyone. In the first quarter, we generated Distributable Earnings of $327 million or $0.89 per share. Fee-Related earnings were $300 million at a 47% margin compared to $290 million in Q4. Fund management fees were $545 million, up 4% year-over-year, driven by continued growth in Carlyle AlpInvest and global credit.

謝謝 Harvey。各位早安。第一季我們創造可分配收益（Distributable Earnings）3.27 億美元，或每股 0.89 美元。費用相關收益（Fee-Related Earnings）為 3 億美元，利潤率 47%，相較於第四季的 2.90 億美元。基金管理費為 5.45 億美元，年增 4%，主要受 Carlyle AlpInvest 與全球信貸持續成長所帶動。

Carlyle AlpInvest continues to be a great growth story with a record level of AUM and record inflows during the quarter. Our underlying recurring fee base continues to grow, and we expect to see management fees accelerate over the next two years, consistent with the path we laid out at our shareholder update.

Carlyle AlpInvest 持續是一個亮眼的成長故事，本季資產管理規模（AUM）與資金流入皆創新高。我們的基礎經常性費用收入持續成長，且我們預期未來兩年管理費將加速成長，與我們在股東更新會所提出的路徑一致。

Fee-related performance revenues of $45 million in the quarter were 15% higher year-over-year, driven by growth in our evergreen wealth strategies, where AUM now stands at $19 billion. That’s four times the level from just three years ago.

本季費用相關績效收入（fee-related performance revenues）為 4,500 萬美元，年增 15%，主要由我們的常青型（evergreen）財富策略成長所帶動；該部分 AUM 目前為 190 億美元，為三年前水準的四倍。

We produced $54 million in transaction fees in Q1, and we expect this to increase next quarter, driven by the completion of several transactions that have already signed or closed. In Q1, we generated $12 billion of realized proceeds, our third-best quarter ever.

第一季我們產生 5,400 萬美元的交易手續費，並預期下季將增加，主要受數筆已簽約或已完成交易的結案所帶動。第一季我們實現變現所得 120 億美元，為我們史上第三佳季度。

Net realized performance revenue of $21 million this quarter was lower year-over-year, but this was simply a matter of composition. Most of the first quarter exits were in funds not yet realizing carry, notably CP 7 and CP 8.

本季淨已實現績效收入（Net Realized Performance Revenue，NRPR）為 2,100 萬美元，較去年同期下降，但這只是組合結構所致。第一季多數退出交易發生在尚未開始認列業績分成（carry）的基金中，尤其是 CP 7 與 CP 8。

As we continue to return capital to fund investors and drive value creation, we expect our level of NRPR to increase. We have several transactions that should drive realized carry over the remainder of 2026, notably in our Carlyle Japan Partners IV, Carlyle Global Financial Services Partners III, and Carlyle Europe Technology Partners IV.

隨著我們持續向基金投資人返還資本並推動價值創造，我們預期 NRPR 水準將提高。我們有數筆交易可望在 2026 年剩餘期間帶動已實現 carry，尤其是在 Carlyle Japan Partners IV、Carlyle Global Financial Services Partners III，以及 Carlyle Europe Technology Partners IV。

Now let me turn to some details on our individual segments. In Carlyle AlpInvest, FRE was $68 million in Q1, higher year-over-year, despite having $13 million less in catch-up fees for the quarter. Total AUM reached a record $107 billion, up 20% year-over-year. Record quarterly inflows of $6.8 billion were driven by broad-based institutional and wealth activity across the platform. Net accrued performance revenues reached $643 million, a 13% increase year-over-year.

現在我來談談我們各個業務分部的一些細節。在 Carlyle AlpInvest，第一季的費用相關收益（FRE）為 6,800 萬美元，年增，儘管本季的追補費（catch-up fees）較去年同期少了 1,300 萬美元。總管理資產（AUM）達到創紀錄的 1,070 億美元，年增 20%。本季創紀錄的 68 億美元淨流入，來自平台上機構與財富管理客戶的廣泛活動所帶動。淨應計績效收入達 6.43 億美元，年增 13%。

Carlyle AlpInvest continues to show great momentum with our next vintage funds expected to have first closings later this year. In global credit, FRE was $93 million in the quarter. Management fees of $147 million increased 6%, while transaction fees were modestly lower. Total AUM of $209 billion was up 5% from a year ago. Inflows of $3.9 billion in the quarter were led by the $1.5 billion first close of our new asset-backed finance fund.

Carlyle AlpInvest 持續展現強勁動能，我們下一期（vintage）的基金預計將於今年稍晚完成首次募集（first closing）。在全球信貸方面，本季 FRE 為 9,300 萬美元。管理費收入 1.47 億美元成長 6%，而交易費用則小幅下降。總 AUM 為 2,090 億美元，較一年前成長 5%。本季 39 億美元的資金流入，主要由我們新的資產擔保融資基金（asset-backed finance fund）首次募集 15 億美元所帶動。

For the last 12 months, credit inflows totaled $25 billion. We continue to see strength in the credit metrics of our underlying portfolio across our diversified credit platform. In direct lending, our current non-accrual rate is only 1%. Our inception to date loss rate over 13 years is just 8 basis points per annum.

過去 12 個月，信貸資金流入合計 250 億美元。我們持續在多元化信貸平台上，看見底層投資組合的信貸指標維持強勁。在直接放款（direct lending）方面，我們目前的不計息（non-accrual）比率僅 1%。自成立至今 13 年的損失率每年僅 8 個基點。

In structured credit, our default rate of about 50 basis points remains at half the industry average. We continue to actively manage the entire portfolio, we feel well-positioned to take advantage if credit markets experience increased volatility over the rest of 2026.

在結構性信貸（structured credit）方面，我們約 50 個基點的違約率仍僅為產業平均的一半。我們持續積極管理整體投資組合；我們認為，若 2026 年剩餘期間信貸市場波動加劇，我們已具備良好條件把握機會。

In global private equity, FRE of $140 million in the first quarter was in line with Q1 last year. The key operating metrics for this business, notably fundraising and realizations, show strong momentum. As Harvey noted, we already have earmarked $5 billion in commitments for our next vintage US buyout strategy. This was a fantastic outcome. The solution broadly leveraged the entire firm and highlights our differentiated ability to deliver tailored solutions for our LPs. We returned a record $7 billion in proceeds to US buyout investors this quarter.

在全球私募股權方面，第一季 FRE 為 1.40 億美元，與去年第一季持平。此業務的關鍵營運指標，特別是募資與退出（realizations），展現強勁動能。如 Harvey 所提，我們已為下一期美國收購（US buyout）策略預先鎖定 50 億美元的承諾資金（commitments）。這是非常出色的成果。該方案廣泛運用全公司資源，凸顯我們為有限合夥人（LPs）提供量身打造解決方案的差異化能力。本季我們向美國收購策略投資人返還創紀錄的 70 億美元收益。

CP 7 alone returned nearly $5 billion of proceeds, driving DPI in the fund to more than 70%, with nearly $17 billion in remaining fair value. We’ve made great progress for CP 7 investors over the past two years and expect to continue returning capital for at least the next several quarters before we start realizing carry from this fund.

僅 CP 7 就返還了近 50 億美元收益，推動該基金的 DPI 超過 70%，且仍有近 170 億美元的剩餘公允價值。我們在過去兩年為 CP 7 投資人取得重大進展，並預期在開始自該基金實現業績報酬分成（carry）之前，至少在接下來幾個季度仍將持續返還資本。

Shifting to the balance sheet, we ended the quarter in a strong position. Balance sheet assets attributable to Carlyle shareholders, including cash, net accrued performance revenues, and investments net of debt totaled approximately $5 billion or roughly $14 per share. We declared a quarterly dividend of $0.35 per common share in line with the quarterly level in 2025.

轉到資產負債表方面，我們在本季末維持強勁狀態。歸屬於 Carlyle 股東的資產負債表資產（包含現金、淨應計績效收入，以及扣除負債後的投資）合計約 50 億美元，約每股 14 美元。我們宣告每股普通股 0.35 美元的季度股利，與 2025 年的季度水準一致。

We repurchased or withheld 3.8 million shares totaling $205 million in the quarter, and we have $1.9 billion remaining on our $2 billion repurchase authorization. Our diluted share count of 360 million is down over the past year.

本季我們回購或扣留（withheld）380 萬股，合計 2.05 億美元；在 20 億美元的回購授權額度中，尚餘 19 億美元可用。我們的稀釋後股數為 3.60 億股，較去年下降。

We remain disciplined and opportunistic in how we think about capital allocation. Investing in growth remains the priority, but share repurchases are an important part of the equation as well, and we will continue to be active on that front.

我們在資本配置的思考上仍維持紀律並把握機會。投資成長仍是優先事項，但股票回購也是方程式中的重要一環，我們也將持續在這方面保持積極。

Looking ahead, we enter the second quarter with strong momentum. Dry powder of $96 billion is a record and up 13% year-over-year. Our platform is diversified across strategies, geographies, and client channels, making us extremely well-positioned to navigate the current market and continue creating value for our investors and shareholders.

展望未來，我們以強勁動能進入第二季。可投資資金（dry powder）達 960 億美元，創新高，年增 13%。我們的平台在策略、地理區域與客戶通路上高度多元化，使我們在因應當前市場並持續為投資人與股東創造價值方面，具備極佳的定位。

As we said at our February shareholder update, our growth plan is grounded in a bottoms-up organic strategy for each of our businesses. We see a clear path to $200 billion of inflows, $1.9 billion in Fee-Related Earnings, and $6 or more in per share in DE by the end of 2028. We fully expect to achieve or exceed each of these goals.

如同我們在 2 月的股東更新中所說，我們的成長計畫建立在各業務自下而上（bottoms-up）的有機成長策略之上。我們清楚看見在 2028 年底前達成 2,000 億美元資金流入、19 億美元費用相關收益（FRE），以及每股 6 美元或以上的可分配盈餘（DE）的路徑。我們完全預期能達成或超越上述每一項目標。

With that, let me turn it back to the operator to take your questions.

接下來我把時間交還給接線員，開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛。

Hi, good morning, everybody. Thank you for taking the question. I was hoping we could start with two questions just around the structure that you announced earlier this week. Obviously quite unique and a creative way to move the franchise forward.

嗨，各位早安。謝謝讓我提問。我想先從兩個問題開始，主要是關於你們本週稍早宣布的那個架構。顯然這相當獨特，也是推動平台向前發展的一個很有創意的方法。

I was hoping, Harvey, you could expand on how this solution was originated. Just maybe spend two minutes on the actual dynamics within the structure. There’s two things going on, but how the assets will be coming into the SPV and how it’s ultimately funded.

Harvey，我希望你能進一步說明這個方案是如何發起的。也許花兩分鐘談談該架構內部的實際運作動態。這裡同時有兩件事在進行：資產將如何注入 SPV，以及最終如何取得資金（funded）。

Curious also on the response from other [LPs], ultimately, when it comes to financial implications for Carlyle, anything we need to think about with respect to changes in economics, either to Fund 7 or 8, or how the fee structure will work for Fund 9.

也想了解其他有限合夥人（[LPs]）的反應；以及最終就 Carlyle 的財務影響而言，我們是否需要考量經濟條件（economics）的任何變動——不論是對第 7 或第 8 號基金，或是第 9 號基金的費用結構將如何運作。

Great. Thanks for the question, Alex. Maybe take a step back for a minute. The Carlyle AlpInvest platform often sort of secondhand is thought of by people as a secondaries business. As you’re seeing, for the last couple years, as we’ve strategically repositioned the platform, it really is obviously much more than that. It’s secondaries, it’s co-invest, it’s a primary business, and it’s a solutions business.

很好。謝謝你的問題，Alex。我先退一步說明一下。Carlyle AlpInvest 平台常常在某種程度上被外界視為一個次級市場（secondaries）業務。但如你所見，過去幾年我們策略性地重新定位該平台後，它顯然遠不止於此。它包含次級市場、共同投資（co-invest）、主投（primary）業務，以及解決方案（solutions）業務。

And one of the most, you know, important parts of that business is this growing solutions business, which really is about providing GPs with thoughtful solutions when they wanna take incremental exposure or LPs, where LPs wanna dynamically manage their portfolios. They’ve had huge success providing LPs with that value.

而該業務中最重要、你知道的，其中一個部分就是這個持續成長的解決方案業務，核心在於：當普通合夥人（GPs）希望增加額外曝險，或有限合夥人（LPs）希望動態管理其投資組合時，提供周全的解決方案。他們在為 LPs 提供這種價值方面取得了巨大成功。

The genesis of this was really thinking about how Carlyle could, as a very capital-light firm, optimize the use of our capital. We knew of strategic LPs that wanted to reposition their portfolios in ways that made sense for them.

這個方案的起點，主要是思考 Carlyle 作為一家非常輕資本（capital-light）的公司，如何最佳化我們資本的使用。我們也知道有一些策略性 LP 希望以對他們有利的方式重新配置其投資組合。

They also wanted increased exposure to US buyout and we were able to come up with this solution, which is not particularly complicated, but I would say for this industry, is innovative, creative, and again, solves our clients’ objectives. For the firm, obviously, and the team, it’s a good outcome because it’s a cornerstone financing of $5 billion-plus at full fees. There’s no impact.

他們也希望增加對美國收購（US buyout）的曝險，而我們得以提出這個解決方案。它並不特別複雜，但我會說就這個產業而言，它是創新且有創意的，同時也再次解決了我們客戶的目標。對公司與團隊而言，顯然也是很好的結果，因為這是一筆超過 50 億美元、按全額費率（full fees）計收的基石融資（cornerstone financing）。沒有影響。

The most important thing about putting this together was obviously solving for our LPs’ needs, but also ensuring that there was perfect alignment with the fund and the future fund raise. And so all of that was really critical to how we brought this together. In terms of the firm and alignment. There’s a subordinated portion of equity where the firm is aligned there too, supporting, which obviously our LPs love.

把這件事整合起來最重要的，當然是滿足我們 LP 的需求，但同時也要確保與基金以及未來募資之間完全一致的利益對齊。因此，這些都是我們能夠促成此方案的關鍵。就公司與對齊而言，其中有一部分是次順位（subordinated）的股權，公司也在那部分與投資人同向對齊並提供支持，而這點顯然深受我們 LP 喜愛。

But I think this really reflects where this industry is going. I can tell you, the solutions business was already at huge momentum because of what they’re able to provide LPs and GPs. Since announcing this, the phone’s been ringing off the hook, with people looking to engage in terms of how they can either replicate this, and create value for their LPs or their GPs. And so I just think this is a direction of travel for the industry, but you really have to have the thoughtful experience of a Carlyle AlpInvest team to actually bring this together.

但我認為，這確實反映了這個產業的發展方向。我可以告訴你，解決方案業務原本就因其能為 LP 與 GP 提供的價值而動能強勁。自從宣布這件事之後，電話幾乎響個不停，很多人希望洽談如何複製這種做法，並為他們的 LP 或 GP 創造價值。所以我認為這是產業的趨勢，但你必須具備像 Carlyle AlpInvest 團隊那樣周全且有經驗的能力，才能真正把它落地完成。

Alex, does that complete your question?

Alex，這樣有回答到你的問題嗎？

Oh, yes. Thank you. Sorry.

喔，有的。謝謝你。不好意思。

Thanks, Alex.

謝謝你，Alex。

Kenneth Worthington, JPMorgan.

Kenneth Worthington，摩根大通。

Hi, good morning. Thanks for taking the question. Wanted to dig into the outlook for carry in private equity and AlpInvest. For private equity, can you talk us through cash carry in Japan 4 and Financial Services 2 and 3 while we wait for CP 7 and 8 to kind of come into cash carry? And for AlpInvest, carry comp was the lowest level. I think we’ve seen on record. Are we sort of at the point where carry is coming from funds in AlpInvest with really better economics for shareholders?

嗨，早安。謝謝讓我提問。我想深入了解私募股權與 AlpInvest 的業績報酬分成（carry）展望。就私募股權而言，在等待 CP 7 與 8 逐步進入現金 carry（cash carry）之前，你們能否談談 Japan 4 以及 Financial Services 2 和 3 的現金 carry 情況？至於 AlpInvest，carry 薪酬（carry comp）處於我認為是歷史最低水準。我們是否已經來到一個階段：AlpInvest 的 carry 將開始來自對股東而言經濟條件更佳的基金？

Yeah. So let me take the AlpInvest side first. As you probably know, yeah, AlpInvest has a European style waterfall, a little bit more difficult to predict. I think the most important thing for AlpInvest is the returns continue to be really great. Tremendous momentum in that business. Admittedly hard to predict the timing of carry, as long as the returns continue to be strong, ultimately, you know, that’s gonna be a great outcome.

好的。我先談 AlpInvest 的部分。如你可能知道的，AlpInvest 採用歐式分配瀑布（European style waterfall），因此較難預測。我認為對 AlpInvest 最重要的是其報酬表現仍然非常出色，該業務動能也非常強。坦白說 carry 的時間點確實難以預測；但只要報酬持續強勁，最終你知道的，這將會是非常好的結果。

We’ve got a variety of deals that are already signed, closed or deeply in process in some of our other funds. You noted Japan Buyout, you noted Europe Tech. Those are all gonna come through, we would expect in the next few quarters.

我們在其他一些基金裡有各式各樣的交易，已經簽約、完成交割，或正處於深入推進的過程中。你提到了日本收購基金（Japan Buyout），也提到了歐洲科技（Europe Tech）。這些都會落地，我們預期在接下來幾個季度內會陸續實現。

Again, I’m hesitant to give specifics on timing and amounts because some of those are public, and it will depend on pricing and market environment over the next few quarters. Those are very near term. They’re well along the way. In the rest of 2026, they will definitely come through. So we’re pretty optimistic about the future, next few quarters of carry realizations. Lot of activity going on around the firm, lot of great returns for shareholders.

再說一次，我不太願意就時間點和金額給出具體細節，因為其中一些是公開資訊，而且也取決於未來幾個季度的定價與市場環境。這些都非常近在眼前，進展也很順利。在 2026 年剩餘時間裡，它們一定會實現。所以我們對未來、對接下來幾個季度的業績分成（carry）實現相當樂觀。公司周邊有很多活動在進行，股東也有很多很好的回報。

Great. Thank you.

很好。謝謝。

Steven Chubuck, Wolfe Research.

Steven Chubuck，Wolfe Research。

Good morning. This is Brendan O’Brien filling in for Steven.

早安。我是 Brendan O’Brien，代替 Steven 提問。

Hey, Brendan.

嗨，Brendan。

Good morning. Just wanna touch on the AlpInvest business. You know, you guys have had a lot of success in the wealth channel with your CAPS and CAPM products. The practice of day one markups has come under increased scrutiny of late, with one of your competitors seeing pretty meaningful outflows in their retail product as a result.

早安。我想談一下 AlpInvest 業務。你們在財富通路（wealth channel）透過 CAPS 和 CAPM 產品取得了很大成功。近期「第一天加價估值（day one markups）」的做法受到更多審視，你們的一位競爭對手也因此在其零售產品上出現相當明顯的資金流出。

I understand you may not wanna overreact to the headlines, just given what we’re seeing in some of the other asset classes within the retail space, it does seem reasonable to be a bit more front-footed here. Just wanted to give you an opportunity to respond to this criticism, whether you’re considering any changes to your approach, and if you’re seeing this have an impact on your conversations with advisors.

我理解你們可能不想對新聞標題反應過度；但考量我們在零售領域其他資產類別看到的情況，現在更積極一些似乎也合理。我想給你們一個機會回應這項批評：你們是否在考慮調整做法？以及你們是否看到這件事對你們與理財顧問的對話造成影響？

The conversation with advisors remains very robust, and you see that obviously in the inflows. In terms of any practices, we’re not changing any of our practices. The industry participates in different types of asset pools.

我們與理財顧問的對話仍然非常熱絡，從資金流入也看得出來。至於任何做法，我們不會改變我們的做法。整個產業都會參與不同類型的資產池。

The team has always, for the most part, purchased asset pools that are much closer to par. Historically, when we’ve had our best performance, in this business for 25 years is actually buying higher performing assets. The team doesn’t really historically buy deep discounted, very aged assets. The reception continues to be very strong. As Justin pointed out, the performance has been very strong. We feel really quite good about our partnerships and the platform and the engagement from advisors. Thanks.

我們的團隊一直以來大多是買接近面值（par）的資產池。歷史上，我們在這個做了 25 年的業務裡表現最好的時候，其實是買進表現更好的資產。團隊過去並不常買深度折價、存續很久的老舊資產。市場反應仍然非常強勁。正如 Justin 所說，績效一直很強。我們對合作夥伴關係、平台，以及理財顧問的參與度都感覺非常好。謝謝。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO Capital Markets。

Good morning. Thanks for taking my question.

早安。謝謝讓我提問。

Hey, Brennan.

嗨，Brennan。

Hey, Harvey. How are you?

嗨，Harvey。你好嗎？

Good, man.

很好，老兄。

Excellent. Base fees were relatively flat year-over-year, although they didn’t benefit from catch-ups here this quarter, clearly. You guys have spoken a lot about how active the back half of the year in particular is going to be for fundraising, you know, with the super cycle coming up. Could you maybe walk us through your expectations for what the profile of the base fee growth will look like as we progress through that fundraising and it starts to hit the top line? Thanks.

太好了。基本管理費年增相對持平，雖然很明顯本季沒有受益於追補（catch-ups）。你們談了很多，尤其是下半年募資活動會非常活躍，因為超級週期（super cycle）即將到來。你能否帶我們了解一下，隨著募資推進並開始反映在營收端，你們預期基本管理費成長的輪廓會是什麼樣子？謝謝。

Yeah, sure, Brennan. Thanks for the question. Look, the base fees were up 4% year-over-year. They’re up 7% on a LTM to LTM basis. We expect that to accelerate. You mentioned the super cycle in fundraising. We’re just really starting that for AlpInvest, for private equity. We’re gonna have opportunistic credit out for the credit business.

好的，當然可以，Brennan。謝謝你的問題。你看，基本管理費年增 4%。以過去十二個月（LTM）對比前一個 LTM 來看，成長 7%。我們預期這會加速。你提到募資的超級週期。我們在 AlpInvest、在私募股權方面才剛開始進入這個階段。我們也會為信貸業務推出機會型信貸（opportunistic credit）。

So we’re entering a period where we think our fundraising will really accelerate. You know, we had, as you know, a couple of funds step down. We’re past that now. That rate that you see today, 7% LTM over LTM, I expect that to accelerate as we go into this super cycle because we’re getting really great feedback from LPs and that bodes well for the next few quarters of fundraising.

所以我們正進入一個我們認為募資將真正加速的時期。你也知道，我們之前有幾檔基金進入降階（step down）。現在已經過了那段時間。你今天看到的這個速度——LTM 對 LTM 成長 7%——我預期在進入這個超級週期後會加速，因為我們從 LP 那裡得到非常好的回饋，這對未來幾個季度的募資是很好的訊號。

Michael Brown.

Michael Brown。

Great. Good morning, guys. Wanted to ask another question on the wealth channel. CTAC is a diversified credit fund. You have a small portion of direct lending exposure in there, yet it still saw elevated redemptions last quarter. Why do you think that’s the case? And was it just kinda caught up more in the private credit direct lending fears?

很好。各位早安。我想再問一個關於財富通路的問題。CTAC 是一檔多元化信貸基金。裡面只有一小部分是直接放貸（direct lending）曝險，但上季仍出現較高的贖回。你認為原因是什麼？是否只是比較被私募信貸直接放貸的擔憂所波及？

And when you think about maybe the coming quarters, do you think the redemption requests and gross sales could differentiate going forward? And maybe how are you messaging that kind of more different aspect to the wealth channel? Do you think that message is kind of getting through to the channel?

另外，展望接下來幾個季度，你認為贖回申請與總銷售（gross sales）未來會不會開始出現差異化？以及你們如何向財富通路傳達這種更具差異化的特性？你覺得這個訊息有傳達到通路嗎？

Yeah. I spent a lot of time with advisors. I think that the message is getting through. CTAC is quite diversified, as you know. There’s over 900 names. It’s across the platform. It’s marked daily. It’s one of the few solutions, maybe the only solution out there that’s marked daily. I think we’ve been marking it daily for over five years, I think going back to 2020.

是的。我花很多時間和理財顧問交流。我認為訊息有傳達到。你也知道，CTAC 非常多元化，裡面有超過 900 個標的，涵蓋整個平台。它是每日估值（marked daily）。它是少數、也許是唯一一個每日估值的解決方案。我們每日估值應該已經超過五年了，大概從 2020 年就開始。

Advisors respond really well to that. I think when you have an environment like we’ve seen in the last quarter where remember we were later in the queue for redemptions, they were building through the course of the quarter. Sort of going from one fund to the next fund, I think that was to be expected.

理財顧問對此反應非常好。我認為在像我們上季看到的那種環境下——記得我們在贖回隊列中相對靠後，贖回是隨著季度進行逐步累積的——某種程度上從一檔基金轉到下一檔基金，我覺得這是可以預期的。

There was no surprise for us in that. The performance remained strong in the advisor engagement. I think we probably will likely just given what you see across the industry, if I had to guess, it’s a bit of a guess. I think this period of redemptions may persist for a little while. Some of the analysts have come out with their forecasts. I think that’s reasonable. CTAC as a diversified marked daily, credit solution, offers a lot of benefits. The long-term trajectory we feel quite good about.

這對我們來說並不意外。績效依然強勁，顧問端的互動也很強。我想，考量你在整個產業看到的情況，如果要我猜的話——這確實有點猜測——我認為這段贖回期可能還會持續一段時間。有些分析師也已經提出他們的預測，我覺得那是合理的。CTAC 作為一個多元化、每日估值的信貸解決方案，提供很多好處。我們對長期走勢相當有信心。

William Katz, TD Cowen.

William Katz，TD Cowen。

Okay. Excuse me. Thank you very much for taking the questions. Good morning, everybody. I’d like to sort of maybe click into the credit portfolio a little bit. If I look at the AUM, they’ve been keeping AUM relatively stable now for better part of a year or so.

好的。不好意思。非常感謝讓我提問。各位早安。我想稍微深入談一下信貸投資組合。如果我看 AUM，過去大約一年左右你們的 AUM 一直維持相對穩定。

I was wondering if you could maybe speak to the opportunity. I think you were sort of talking about direct lending, what you’re seeing in the insurance channel. Curiously, yesterday, one of your peers had some very pointed commentary about the efficacy of CLOs. I was also wondering if you could talk about maybe the durability of that business as well. Thank you.

我想請你談談機會面。我想你剛才有提到直接放貸，以及你在保險通路看到的情況。有趣的是，昨天你們的一位同業對 CLO 的有效性提出了一些非常尖銳的評論。我也想請你談談這塊業務的耐久性。謝謝。

Sure. Well, we’re seeing good fundraising momentum in credit. We raised nearly $4 billion in the quarter, really, in a broad-based basis. As you know, Bill, we’ve been resetting many of our CLOs over the past few years, so that’s really stabilized the CLO base fees going forward. The CLOs went through the financial crisis, and they did incredibly well.

當然。我們在信貸方面看到不錯的募資動能。本季我們募得將近 40 億美元，而且來源相當多元。你也知道，Bill，過去幾年我們重設（reset）了許多 CLO，所以這讓未來的 CLO 基本管理費更穩定。CLO 經歷過金融危機，而且表現非常好。

There is a very well-established investor base for CLOs, so we actually feel great about that business. Importantly, the most important thing, our investment performance and credit has been really strong. You know, we’ve been managing CLOs for 25 years. We’ve got half the level of defaults as the industry does. In direct lending, we have a fantastic track record that I think investors have been very responsive to as we continue to grow that business.

CLO 有非常成熟且穩固的投資人基礎，所以我們其實對這項業務感覺非常好。更重要的是，最重要的一點：我們在信貸的投資績效一直非常強。你知道，我們管理 CLO 已經 25 年了。我們的違約率只有產業的一半。在直接放貸方面，我們有非常出色的歷史紀錄，我認為投資人對此反應非常正面，讓我們能持續擴大這項業務。

So the private credit, CLOs, these have reached exit velocity in terms of being asset classes that have a place in the financial system. They’re not going anywhere. And with the track record that we have, we think we’re incredibly well-positioned to continue to grow in both areas, frankly.

所以私募信貸、CLO，這些資產類別就其在金融體系中的定位而言，已經達到「退出速度」（exit velocity）。它們不會消失。以我們的歷史紀錄來看，我們認為自己在兩個領域都具備非常好的條件，坦白說，可以持續成長。

Yeah. The only thing I’d add to that, Bill, is that in conversations with institutional investors, a lot of the headlines that have been coming around about the wealth channel and direct lending have really piqued the interest of institutional investors.

是的，Bill，我唯一想補充的是：在與機構投資人對話時，近期圍繞財富通路與直接放貸的許多新聞標題，反而大幅提高了機構投資人的興趣。

As you know, we added significant resources to our team over the past six months, so we feel really well-positioned with the new team to build market share across the platform. Actually the momentum feels quite good. Obviously, we don’t have some of the challenges that some of the other market participants have in our portfolio. We feel very well-positioned and feel really good about the CLO business.

如你所知，過去六個月我們為團隊增添了大量資源，因此我們覺得新團隊讓我們在整個平台上擴大市占方面具備非常好的位置。其實動能感覺相當不錯。顯然，我們的投資組合不像某些其他市場參與者那樣面臨一些挑戰。我們覺得自己位置很好，也對 CLO 業務感到非常有信心。

Thanks, Bill.

謝謝，Bill。

Daniel Fannon, Jefferies.

Daniel Fannon，Jefferies。

Thanks. Good morning. Wanted to follow up on credit one more time here, just in terms of the management fee growth, and it’s been a bit more stagnant in recent quarters. Curious about the ins and outs in terms of what you’re fundraising versus what’s leaving and maybe the mix, and change in fees as we think about the products as we go through the rest of this year?

謝謝。早安。我想再追問一次信用業務，主要是管理費成長方面，最近幾季看起來比較停滯。想了解一下細節：你們募資進來的量、流出的量，以及可能的產品組合，還有費率的變化；在我們看今年剩餘時間各項產品時，該如何思考？

Sure. Well, I’ll note, credit management fee is up 10% at LTM basis. We are seeing good momentum there. For a bit, there was some CLO runoff, which has now been stabilized as we’ve gone through so many resets in the past couple of years.

當然。我先提一下，信用業務的管理費以過去十二個月（LTM）計算成長了10%。我們看到那邊有不錯的動能。前一陣子確實有一些CLO到期/縮減（runoff），但在過去幾年做了很多次重設（reset）之後，現在已經穩定下來了。

The other thing I’d note is we’re coming to market, hopefully soon with our opportunistic fund. That’s a higher fee product. We’re raising capital in direct lending, having good success with our private BDC there. That’s another product that would have higher fees than CLOs. I think you’ll continue to see the mix improve, and again, tremendous momentum in that platform.

另外我想補充的是，我們希望很快就能把我們的機會型基金推向市場。那是費率較高的產品。我們也在直接放貸募資，透過我們的私募BDC進展很順利。那也是一個費率會高於CLO的產品。我認為你們會持續看到產品組合改善，而且那個平台的動能非常強。

If you think back seven, eight years ago, it was really only a CLO business. Now it is incredibly diversified and durable. No matter what’s going on in the market, we have a strategy that can take advantage of it. That’s gonna lead to, I think, great fundraising as we go through and navigate these different cycles, where maybe a direct-only shop isn’t so well positioned to take advantage.

如果回想七、八年前，那基本上只是一個CLO業務。現在已經非常多元且具韌性。不管市場發生什麼事，我們都有策略可以加以利用。我認為這會帶來很好的募資表現，因為我們能在不同週期中穿梭前進；相較之下，可能只做直接放貸的同業未必那麼有利於把握機會。

[Michael David], Autonomous Research.

[Michael David]，Autonomous Research。

Hey, good morning, everyone. It’s Patrick Davitt. I go by my middle name. I have a follow-up on Brendan’s fee growth questions. I know it wasn’t an explicit part of the Investor Day debt guidance, but during the Q&A, you suggested a path to mid to high single-digit FRE growth this year. Do you still think that’s achievable? If so, what are the big levers that get you there after the slower 1Q? Thank you.

各位早安。我是Patrick Davitt，我習慣用我的中間名。我要追問Brendan關於費用成長的問題。我知道這不是投資人日（Investor Day）債務指引中的明確部分，但在問答中你們提到今年有機會走向中到高個位數的FRE成長。你們仍然認為可達成嗎？如果可以，在第一季較慢之後，推動你們達標的主要槓桿是什麼？謝謝。

Yeah, we feel confident about that, those numbers. If there was a change in that, we would update you. In Q1, again, well, I feel really good about the momentum, given the fundraising, and we expect things to accelerate. Obviously, we can’t predict the environment. The world’s been a little bit complex. Yeah, we feel confident about the trajectory.

是的，我們對那些數字有信心。如果那方面有任何變化，我們會更新你們。第一季方面，我對動能其實感覺很好，考量到募資情況，我們預期會加速。當然，我們無法預測環境，世界一直有點複雜。但我們對這個走勢有信心。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，Morgan Stanley。

Hey, good morning. Thanks for taking the question. I wanted to ask about AI --

早安。謝謝讓我提問。我想問關於AI——

Hey, Michael.

嗨，Michael。

Thanks. Hey, wanted to ask about AI deployment across the portfolio companies. Just curious where you’re seeing any sort of AI-driven revenue uplifts versus cost savings in the portfolio, how you might quantify any of the benefits you’re seeing so far, and your expectations as you look out in terms of AI as a source of value creation. Maybe you could talk about how easy it is, what’s hard, and any sort of lessons learned from adoption so far.

謝謝。想問一下AI在投資組合公司中的部署情況。好奇你們在哪些地方看到AI帶來的營收提升，相對於成本節省；你們如何量化目前看到的效益；以及往前看，你們對AI作為價值創造來源的期待。也許你可以談談哪些比較容易、哪些比較困難，以及到目前為止導入的任何經驗教訓。

I would say the adoption is steady. I think we’re obviously, you’ve seen it, is where sectors where we’re not as exposed, obviously in software and things like that. I think obviously in high-scale automated functions like accounting, lots of processing, rule-based systems, you’re starting to see the adoption rate.

我會說採用是穩步推進的。我想我們很明顯——你們也看到了——在我們曝險較少的領域，例如軟體等。至於高規模、自動化程度高的職能，例如會計、大量流程處理、以規則為基礎的系統，你開始看到採用率在提升。

I would say across the firm, taking a step back, we’re leaning in very, very heavily into the data science and AI that I would call sort of what’s becoming table stakes in terms of how to think about the point of investment, the 360-degree review of where the opportunity set relates to deploying AI, how to think about disruption, how to drive revenues. All that’s becoming table stakes.

整體來看、退一步說，我們在全公司非常、非常積極投入資料科學與AI；我會把它稱為在投資思考上逐漸變成「基本配備」（table stakes）的能力：在投資時點如何思考、對AI部署相關的機會集合做360度檢視、如何看待顛覆、如何推動營收。這些都正在成為基本配備。

I don’t have any specific story to share with you that I would call sort of earth-shattering, but I would say the momentum is meaningful. The CEO buy-in at the portfolio level is quite high. Obviously with the advances that the models are coming out with, literally almost feels weekly, it gives you the opportunity to obviously engage a level where you’re really starting to begin to see efficiency and productivity gains. I think it’s gonna overall take a little longer than people might expect, but it’s still a step function change in the way things will operate.

我沒有什麼可以跟你分享、稱得上石破天驚的具體案例，但我會說動能是有意義的。投資組合層面的CEO認同度相當高。隨著模型的進展——幾乎每週都有新進展——你就有機會在更深的層次投入，並且真的開始看到效率與生產力的提升。我認為整體上可能會比人們預期的花更久時間，但它仍然會是營運方式上的一次階躍式改變。

Ben Rubin, Evercore.

Ben Rubin，Evercore。

Hi, good morning. Thanks for taking my question.

嗨，早安。謝謝讓我提問。

Good morning.

早安。

Thank you. I wanted to ask another one on your secondaries business, maybe from a different angle. On last quarter’s call, you noted that the software represents a relatively small proportion of overall firm-wide AUM. Is it fair to assume that exposure to software for AlpInvest and for the secondaries industry more broadly is probably higher, just given the timing of when capital was raised and the type of companies that were coming to market for liquidity at the time?

謝謝。我想從不同角度再問一題關於你們的次級市場（secondaries）業務。上季電話會議你們提到，軟體在全公司整體AUM中占比相對較小。是否可以合理推論：就AlpInvest以及更廣泛的次級市場產業而言，軟體曝險可能更高一些，考量到當時募資的時間點，以及當時為了取得流動性而進入市場的公司類型？

I was hoping you could just touch on your approach to risk management for your secondaries platform, and how do you manage concentration risk as it relates to certain industries or even vintage years where entry multiples were probably higher than they’ve been historically? Thank you.

也希望你能談談你們對次級市場平台的風險管理做法，以及你們如何管理集中度風險——不論是特定產業，或是某些進場倍數可能高於歷史水準的年份（vintage years）。謝謝。

Yeah, thanks for the question. The AlpInvest team is incredibly thoughtful about managing diversification, not just on a manager basis or a position basis, but also on a vintage basis. Their software exposure is low to mid-teens across different portfolios. I would characterize that as market weight or below market weight.

好的，謝謝你的問題。AlpInvest團隊在管理分散度方面非常周全，不僅是以管理人或單一部位為基礎，也會以年份（vintage）為基礎。他們在不同投資組合中的軟體曝險大約在低到中十幾%的區間。我會把這形容為接近市場權重或低於市場權重。

The vintage question that you asked about, that is incredibly important, and I think one of the great values that AlpInvest brings to the table is that they create portfolios that are diversified in vintage exposure. They’ve been doing this for 25 years, have gone through multiple cycles, are thoughtful about that. So I expect that that will serve them well as we find out what some of these 2022 and 2023 vintage deals, you know, really end up looking like.

你問到的年份（vintage）問題非常重要。我認為AlpInvest帶來的一大價值，就是他們打造的投資組合在年份曝險上是分散的。他們做這件事已經25年，經歷過多個週期，對此很有想法。所以當我們逐步看清楚一些2022與2023年份的交易最終會呈現什麼樣貌時，我預期這會對他們很有幫助。

Brian Bedell, Deutsche Bank.

Brian Bedell，Deutsche Bank。

Great, thanks. Good morning. Thanks for squeezing me in here. Maybe just to talk about transaction fees. So the long-term growth trajectory here and also the short term. You mentioned I think, with some transactions you expect a pickup in 2Q.

很好，謝謝。早安。謝謝讓我插個問題。想談一下交易費（transaction fees）。關於這裡的長期成長軌跡以及短期走勢。你提到我想是，隨著一些交易，你們預期第二季會回升。

Just wondering if you could comment whether you think that could approach a record on a quarterly basis, but then more importantly, that growth trajectory over the long term, and the efforts that you guys have been making in enhancing that business. We’ve seen good growth obviously over the last two years. Is that effort getting more mature, or do you still think you’re in early innings in this process?

想請問你能否評論一下：你覺得第二季是否可能在單季層面接近歷史新高？但更重要的是，長期的成長軌跡，以及你們為強化這項業務所做的努力。我們看到過去兩年確實有不錯的成長。這些努力是否已更趨成熟，還是你們仍覺得這個過程還在早期階段？

Well, we definitely do like records around here. I don’t know if Q2 will be a record, but we do feel good about the trajectory because we already have seen a lot of activity in the first month of Q2. So that’s why I said I expect that number will go up.

嗯，我們確實很喜歡在這裡創紀錄。我不確定第二季會不會是紀錄，但我們對走勢感覺良好，因為我們在第二季第一個月就已經看到很多活動。所以我才說我預期那個數字會上升。

Look, remember, our capital markets business really is derived from deals that Carlyle is doing across our broader platform. So it’s a natural expansion of that business that you’d expect to see as we build the rest of the business out. So quarter to quarter, it’ll depend obviously on what’s happening in the market. But just over the last two years, we’ve really started to capture all the work that we were doing across the entire platform. As you continue to see all of our businesses grow, you’ll continue to see the capital markets business grow alongside it.

你看，請記得，我們的資本市場業務其實是來自Carlyle在更廣泛平台上所做的交易。因此，隨著我們把其他業務建構起來，你會自然預期這項業務也會擴張。就單季而言，當然取決於市場發生什麼事。但在過去兩年，我們真的開始把整個平台上所做的所有工作都捕捉到。隨著我們各項業務持續成長，你也會看到資本市場業務同步成長。

Excellent. Thank you. That will conclude our Q&A session. I’d like to turn the floor back to Daniel Harris for closing remarks.

非常好。謝謝。問答環節到此結束。我想把時間交回給Daniel Harris做結語。

Thank you everyone for your time today. If you have any follow-up questions, please reach out to investor relations after the call. We look forward to speaking with you again next quarter.

謝謝各位今天撥冗參與。如果你們有任何後續問題，請在會後聯繫投資人關係團隊。我們期待在下個季度再次與各位交流。

Thank you. Ladies and gentlemen, this does conclude today’s teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線，祝您有美好的一天。