Carlyle Group Inc (CG) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Carlyle Group second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加凱雷集團（Carlyle Group）2026 年第二季財報電話會議。（接線員指示）請注意，今日會議將被錄音。

I would now like to hand the conference over to your host today, Daniel Harris, Head of Investor Relations. Please go ahead.

現在我想將會議交給今日的主持人——投資人關係主管 Daniel Harris。請開始。

Thank you, Shannon. Good morning and welcome to Carlyle's second-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. This call is being webcast and a replay will be available.

謝謝你，Shannon。各位早安，歡迎參加凱雷 2026 年第二季財報電話會議。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。本次電話會議將以網路直播方式進行，並提供重播。

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 reconciliation of these measures to GAAP in our earnings release to the extent reasonably available.

在今日的電話會議中，我們將提及若干非 GAAP 財務衡量指標。這些指標不應被孤立看待，亦不應作為依一般公認會計原則編製之指標的替代。我們已在財報新聞稿中於合理可得的範圍內，提供這些指標與 GAAP 之間的調節。

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 factors section of our annual report on Form 10-K that could cause actual results to differ materially from those indicated.

今日所作之任何前瞻性陳述均不保證未來表現，且不應過度依賴。這些陳述係基於管理層目前的預期，並涉及固有風險與不確定性，包括我們於 Form 10-K 年報風險因素章節中所列之風險，可能導致實際結果與所示內容存在重大差異。

Carlyle assumes no obligation to update any forward-looking statements at any time. In order to ensure participation by everyone on the line today, please limit yourself to one question and return to the queue for any additional follow-ups.

凱雷不承擔在任何時間更新任何前瞻性陳述之義務。為確保今日線上所有與會者皆能參與，請每位提問者僅提出一個問題；如需追加提問，請返回排隊序列。

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

接下來，讓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 delivered an outstanding second quarter with record results across our diversified global platform. Our momentum is a result of disciplined execution, focusing on investment performance and delivering on our strategic plan.

謝謝，Dan。各位早安，感謝大家加入。我們在第二季交出卓越成績，在我們多元化的全球平台上創下多項紀錄。我們的動能來自於嚴謹的執行，聚焦投資績效並落實我們的策略計畫。

Highlights in the quarter include our highest level of distributed earnings in nearly four years at $472 million, which includes record distributable earnings in both Carlyle AlpInvest and Global Credit. Record FRE of $358 million, up 11% year-over-year, driven by record fee-related performance revenue and record capital markets fees.

本季亮點包括：可分配盈餘（Distributed Earnings）達到近四年來最高水準的 4.72 億美元，其中包含 Carlyle AlpInvest 與 Global Credit 兩大業務皆創下可分配盈餘新高。費用相關盈餘（FRE）創紀錄達 3.58 億美元，年增 11%，主要受惠於創紀錄的費用相關績效收入以及創紀錄的資本市場費用。

Net realized performance revenues increased more than fivefold from last quarter, and another strong quarter of inflows with nearly $17 billion. Our fundraising momentum is exceptional, with $56 billion of inflows over the last 12 months, a 10% increase from the prior year. All of this drove AUM to a record $485 billion. As we enter our fundraising super cycle, we've already attracted $30 billion of organic inflows in the first half of 2026, another firm record.

淨已實現績效收入較上季增加逾五倍，資金流入亦再度強勁，接近 170 億美元。我們的募資動能極為出色，過去 12 個月資金流入達 560 億美元，較前一年增加 10%。上述表現推動資產管理規模（AUM）創新高至 4,850 億美元。隨著我們進入募資超級循環（super cycle），我們在 2026 年上半年已吸引 300 億美元的有機資金流入，再創公司紀錄。

In Carlyle AlpInvest, our strong start to the year continued with another $5 billion of inflows in the second quarter, including a final close of our single asset secondary strategy, capital for our portfolio finance strategy and continued growth in our evergreen wealth solutions.

在 Carlyle AlpInvest 方面，我們延續年初的強勁開局，第二季再取得 50 億美元資金流入，其中包括我們單一資產次級（single asset secondary）策略的最終關帳（final close）、投資組合融資（portfolio finance）策略的資金，以及我們常青型（evergreen）財富解決方案的持續成長。

In Global Private Equity, this quarter was exceptionally busy. We raised an anchor commitment of $5 billion towards the first close of our US buyout fund, and we've officially launched marketing for this strategy. We launched a dedicated defense and industrials platform and announced its first transaction, the acquisition of Secturion Systems, an NSA-certified hardware data encryption provider. I'll give you more detail in a moment, but we also continue to be an industry leader in realizations.

在全球私募股權（Global Private Equity）方面，本季特別忙碌。我們為美國收購基金（US buyout fund）首輪關帳（first close）募集到 50 億美元的基石承諾（anchor commitment），並已正式啟動該策略的行銷募集。我們推出專注國防與工業的專屬平台，並宣布其首筆交易——收購 Secturion Systems，該公司為通過美國國安局（NSA）認證的硬體資料加密供應商。我稍後會提供更多細節；同時，我們在退出變現（realizations）方面也持續領先同業。

And in Global Credit, we attracted $6 billion of inflows with solid activity in structured credit, asset-backed finance and flow reinsurance. Looking forward, we expect to have nearly all of our core strategies in the market raising capital over the next few years. This will support accelerating revenue and earnings across our platform, underpinning our conviction in our three-year strategic plan.

在全球信貸（Global Credit）方面，我們吸引 60 億美元資金流入，結構型信貸、資產擔保融資（asset-backed finance）與流量再保險（flow reinsurance）活動穩健。展望未來，我們預期未來幾年幾乎所有核心策略都將在市場上募資。這將支持我們平台收入與盈餘加速成長，並強化我們對三年策略計畫的信心。

Let me pivot to realizations. As I mentioned, Carlyle remains an industry leader and an outperformer in returning capital to our clients. We returned nearly $7 billion to our clients this quarter and $37 billion over the past year. Second quarter realizations were strong and diversified across asset classes and geographies. These include realizations in US and Japan buyout, financial services, real estate, opportunistic credit and aviation among others.

接著談退出變現。如我所提，凱雷仍是業界領先者，也是向客戶返還資本的優異表現者。本季我們向客戶返還近 70 億美元，過去一年合計返還 370 億美元。第二季的退出表現強勁，且在資產類別與地理區域上均相當多元，包括美國與日本收購、金融服務、不動產、機會型信貸與航空等領域的退出。

In our largest private equity strategy, US buyout, we've returned 23% of its fair value to investors over the last 12 months. I want to underscore that this is more than twice the current industry average and also more than the long-term average for capital return of 20% for the industry. Lastly, our global forward pipeline is similarly strong with several announced transactions already closed in July or expected to close over the next few quarters.

在我們最大的私募股權策略——美國收購（US buyout）中，過去 12 個月我們已向投資人返還其公允價值的 23%。我想強調，這不僅是目前產業平均的兩倍以上，也高於產業長期資本返還平均 20% 的水準。最後，我們的全球前瞻交易管線同樣強勁，已有數筆已公告交易於 7 月完成交割，或預期在未來幾季完成。

Shifting to deployment. We invested $14 billion this quarter, including several significant transactions in Corporate Private Equity. Surventis, the coatings business, carve-out from BASF; MAI Capital, an RIA and wealth management firm; and Sugiko, Japanese construction company. Those transactions and the capital raised for US buyout helped generate record US capital market fees of more than $100 million. This is a direct result of repositioning the Capital Markets business three years ago to capture a higher level of transaction fees across the platform. Again, these fees are high quality and very low risk earnings.

再談投資部署（deployment）。本季我們投資 140 億美元，其中包含企業私募股權（Corporate Private Equity）數筆重要交易：Surventis（塗料業務，從巴斯夫 BASF 分拆的 carve-out）、MAI Capital（註冊投資顧問 RIA 與財富管理公司），以及 Sugiko（日本建築公司）。這些交易以及美國收購基金所募集的資金，協助帶動美國資本市場費用創紀錄、超過 1 億美元。這是我們三年前重新定位資本市場業務、以在整個平台上取得更高交易費用水準的直接成果。再次強調，這些費用屬高品質且風險極低的盈餘來源。

In Wealth and Retirement, we continue to see strong momentum across the platform and are generating strong net inflows led by Carlyle AlpInvest. We generated over $7 billion in gross sales across evergreen wealth over the past year, driving AUM in these strategies to a record $20 billion. That's up more than 60% year-over-year.

在財富與退休（Wealth and Retirement）方面，我們持續看到平台各項業務的強勁動能，並在 Carlyle AlpInvest 的帶動下產生強勁的淨流入。過去一年，我們在常青型財富（evergreen wealth）產品的總銷售額超過 70 億美元，推動這些策略的 AUM 創新高至 200 億美元，年增逾 60%。

I'll now finish with a few thoughts on the macro backdrop. The market and US economy continue to display a remarkable degree of resilience in the face of the war in the Middle East, significant pressure on energy markets, stubborn inflation and increasing public market volatility related to questions around AI. When we look at our proprietary data, largely KPIs rolled up each month across our nearly 300 portfolio companies, we see a US economy that continues to expand at an annual rate of 2% to 2.5% in real terms with 6% annual growth in corporate revenues.

最後我分享幾點對總體環境的看法。面對中東戰爭、能源市場的顯著壓力、頑固的通膨，以及與 AI 相關疑慮所帶來的公開市場波動加劇，市場與美國經濟仍展現出驚人的韌性。從我們的專有數據來看——主要是每月彙總我們近 300 家投資組合公司之 KPI——我們看到美國經濟以實質年化 2% 至 2.5% 的速度持續擴張，企業營收年增約 6%。

While there are some pockets of stress from the Hormuz related price shock, US consumption continues to grow at an impressive rate overall. Outside of the US, the positive effects of the AI CapEx boom are visible across Asia. And reality seems better than market perceptions in Europe. The energy impact is real, but so too are the defense and infrastructure-related industrial orders, which made a meaningful contribution to growth in recent months.

儘管因荷姆茲海峽（Hormuz）相關的價格衝擊而出現部分壓力區域，美國整體消費仍以令人印象深刻的速度成長。美國以外地區，AI 資本支出（CapEx）熱潮的正面效應在亞洲各地清晰可見；而歐洲的實際情況似乎優於市場觀感。能源影響確實存在，但國防與基礎建設相關的工業訂單同樣真實，並在近幾個月對成長做出顯著貢獻。

All these near-term market dynamics continue to support the longer-term considerations that drive the need for capital investment around the world. National security issues, including defense spending, energy security, data security and an urgent focus on economic growth across the industrials and health care sectors are driving the demand for durable capital across the globe.

上述短期市場動態，持續支撐推動全球資本投資需求的長期考量。國家安全議題（包括國防支出、能源安全、資料安全），以及在工業與醫療保健領域對經濟成長的迫切關注，正推動全球對耐久資本（durable capital）的需求。

This longer-term macro landscape maps directly to where Carlyle is positioned to lead and deliver. As you've heard me say before, the demand for private capital continues to grow and has been growing in areas where Carlyle has built deep sector expertise for decades.

這樣的長期總體格局，正好對應凱雷具備領先與交付成果的定位。如同我之前所說，私募資本的需求持續成長，且成長主要發生在凱雷數十年來建立深厚產業專業的領域。

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

接下來，讓我把電話交給 Justin。

Thanks, Harvey, and good morning, everyone. As Harvey mentioned, we had a strong second quarter with results that reflect the continued operating momentum and diversification across our platform. We generated distributable earnings of $472 million in the second quarter or $1.07 per share. As Harvey noted, this was our best pretax DE quarter in nearly four years, powered by record FRE and a substantial step-up in net realized performance revenue from the first quarter. Fee-related earnings were a record $358 million, up 11% year-over-year at a 47% margin.

謝謝你，Harvey，各位早安。如 Harvey 所提，我們第二季表現強勁，成果反映出我們平台持續的營運動能與多元化。我們第二季創造可分配盈餘 4.72 億美元，或每股 1.07 美元。如 Harvey 所指出，這是我們近四年來稅前可分配盈餘（DE）表現最佳的一季，主要由創紀錄的 FRE 以及相較第一季大幅提升的淨已實現績效收入所帶動。費用相關盈餘創紀錄達 3.58 億美元，年增 11%，利潤率為 47%。

In the second quarter, fund management fees were $560 million, up 3% from the first quarter. Carlyle AlpInvest management fees increased 10% year-to-date, as we are benefiting from strong momentum across that segment. Transaction fees were a record $111 million, more than double the level a year ago and up more than 30% year-to-date.

在第二季，基金管理費為5.60億美元，較第一季成長3%。Carlyle AlpInvest 的管理費年初至今增加10%，因為我們正受惠於該業務板塊的強勁動能。交易費創下1.11億美元的紀錄，較一年前水準高出一倍以上，且年初至今成長逾30%。

As we've said, capital markets revenues are a natural extension of the activity happening across the firm, and you're continuing to see that accelerate as our momentum continues across businesses. Fee-related performance revenues were a record $89 million in the quarter, more than double last year's second quarter and were driven by continued strength in our evergreen strategies, notably in Carlyle AlpInvest and asset-backed finance within Global Credit.

如同我們所說，資本市場收入是公司各項活動的自然延伸；隨著我們在各業務線的動能持續，你也持續看到這一點加速。當季與費用相關的績效收入創下8,900萬美元的紀錄，較去年第二季高出一倍以上，主要由我們常青策略的持續強勁表現所帶動，尤其是在 Carlyle AlpInvest 以及全球信貸（Global Credit）中的資產擔保融資。

Turning now to inflows. We had another very strong quarter, raising $16.8 billion with solid activity across all three segments. This quarter included $5 billion of commitments earmarked for our next vintage US buyout fund in Global Private Equity, continued momentum in our Carlyle AlpInvest secondaries and portfolio finance strategies and the closing of three new issue US CLOs along with increasing flow reinsurance activity in Global Credit.

接著談資金流入。我們又迎來一個非常強勁的季度，募得168億美元，三大業務板塊皆有穩健活動。本季包括為我們全球私募股權（Global Private Equity）下一期美國併購基金預留的50億美元承諾額；我們在 Carlyle AlpInvest 的次級市場與投資組合融資策略延續動能；以及在全球信貸中完成三檔新發行的美國CLO，同時流量再保險活動也在增加。

Turning now to the segments. Carlyle AlpInvest delivered record distributable earnings of $96 million in the quarter, and fee-related earnings of $87 million were up 27% compared to the second quarter of 2025. Total AUM at Carlyle AlpInvest reached $112 billion, up 16% year-over-year with $4.5 billion of inflows, driven by our secondaries and portfolio finance strategies as well as continued inflows into our evergreen strategies. Our second vintage single-asset secondary strategy closed at 4 times larger than its predecessor fund.

接著看各業務板塊。Carlyle AlpInvest 本季可分配盈餘（DE）創下9,600萬美元的紀錄；與費用相關的盈餘（FRE）為8,700萬美元，較2025年第二季成長27%。Carlyle AlpInvest 的總資產管理規模（AUM）達到1,120億美元，年增16%，其中資金流入45億美元，主要由我們的次級市場與投資組合融資策略帶動，並且常青策略持續有資金流入。我們第二期單一資產次級市場策略的募資規模為前一檔基金的4倍。

Shifting to Global Credit. We also delivered record distributable earnings of $158 million, up more than 30% year-over-year. Fee-related earnings of $138 million were also a record, nearly 25% higher than the prior record set in the second quarter of 2025. That growth was driven by record transaction fees of $93 million and record fee-related performance revenue of $54 million, nearly twice the level of a year ago.

轉向全球信貸（Global Credit）。我們同樣交出可分配盈餘（DE）1.58億美元的紀錄，年增超過30%。與費用相關的盈餘（FRE）1.38億美元也創新高，較2025年第二季創下的前一項紀錄高出近25%。成長主要由創紀錄的9,300萬美元交易費，以及創紀錄的5,400萬美元與費用相關的績效收入所帶動，後者幾乎是一年前水準的兩倍。

Total AUM in Global Credit was $211 billion, up 4% year-over-year, and inflows for the last 12 months totaled $25 billion. Deployment was $7 billion in the quarter, led by our US liquid credit, direct lending and opportunistic credit strategies. Credit quality across the portfolio remains strong, and the diversification we've built continues to position this business to perform through market cycles. We also announced in Global Credit alongside Fortitude Re, a second block reinsurance transaction with Unum. The transaction is expected to close later this year, and upon closing, should add more than $5 billion to Global Credit AUM.

全球信貸的總資產管理規模（AUM）為2,110億美元，年增4%，過去12個月的資金流入合計250億美元。本季投放金額為70億美元，主要由我們的美國流動性信貸、直接放款與機會型信貸策略帶動。投資組合整體信用品質仍然強勁，而我們建立的多元化配置也持續使該業務能在不同市場循環中維持表現。我們也宣布全球信貸將與 Fortitude Re 共同進行與 Unum 的第二筆區塊再保險交易。該交易預計於今年稍晚完成，完成後預期將為全球信貸AUM增加逾50億美元。

In Global Private Equity, fee-related earnings were $134 million, and distributable earnings were $219 million. DE rose nearly 50% sequentially on a significant increase in net realized performance revenue. Realized proceeds were $3.9 billion in the quarter and over $20 billion over the last 12 months, reflecting our continued prioritization of returning capital to fund investors. As Harvey noted, our US buyout strategy has returned capital at more than double the industry rate over the past year.

在全球私募股權（Global Private Equity）方面，與費用相關的盈餘（FRE）為1.34億美元，可分配盈餘（DE）為2.19億美元。由於已實現淨績效收入大幅增加，DE 較前一季成長近50%。本季已實現回收款為39億美元，過去12個月超過200億美元，反映我們持續優先將資本返還給基金投資人。如 Harvey 所提，我們的美國併購策略在過去一年返還資本的速度超過產業平均的兩倍。

In the second quarter, our realized net performance revenues were driven by Japan buyout and our sixth US buyout fund. Across the firm, net accrued performance revenues were $2.4 billion and remain a significant source of future shareholder earnings at nearly $7 of pretax earnings per share.

第二季，我們已實現的淨績效收入主要來自日本併購以及我們第六檔美國併購基金。全公司層面，淨應計績效收入為24億美元，仍是未來股東盈餘的重要來源，折合每股稅前盈餘接近7美元。

Finally, let me turn to capital management. We ended the quarter with a strong balance sheet and declared a quarterly dividend of $0.35 per common share, consistent with our dividend policy. We saw a very attractive opportunity to repurchase CG shares during the quarter. We were active buyers deploying a record $304 million to repurchase or withhold 6.7 million shares. We reduced our adjusted share count by more than 1% this year with $1.6 billion still remaining on our $2 billion repurchase authorization.

最後談資本管理。我們以強健的資產負債表結束本季，並依照股利政策宣告每股普通股0.35美元的季度股利。本季我們看到回購 CG 股票的極具吸引力機會。我們積極買回，投入創紀錄的3.04億美元用於回購或扣留670萬股。今年我們已將調整後股數減少逾1%，而在20億美元的回購授權額度中仍剩餘16億美元可用。

Investing in growth remains our first priority, but we'll continue to be disciplined and opportunistic as it relates to returning capital to shareholders. We entered the third quarter with strong momentum across the platform. We see substantial growth opportunities in every segment, and we will continue to take advantage of solid capital markets to drive realizations and new investments.

投資成長仍是我們的首要任務，但在向股東返還資本方面，我們將持續保持紀律並把握機會。我們以平台各面向的強勁動能進入第三季。我們在每個業務板塊都看到可觀的成長機會，並將持續利用穩健的資本市場來推動已實現回收與新投資。

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，開始提問。

(Operator Instructions)

（接線員指示）

Steven Chubak, Wolfe Research.

Wolfe Research 的 Steven Chubak。

Hi, good morning, Harvey and Justin. Thanks for taking my question. So I was hoping to drill down into the fundraising outlook. You've had a strong start to the year, $30 billion raised in the first half, tracking up about 8% year-on-year. Can you remind us which funds will be in the market in the back half? And how that informs the outlook for both fundraising as well as management fee growth in the second half?

嗨，早安，Harvey 和 Justin。謝謝讓我提問。我想深入了解募資展望。你們今年開局強勁，上半年募得300億美元，年增約8%。能否提醒我們下半年有哪些基金會在市場上？以及這如何影響下半年募資與管理費成長的展望？

Yeah. We had a great first half in fundraising, one of the best halves we've ever had in terms of organic inflows. And it's really across many different strategies. As you know, we're entering the super cycle in the second half. We really just started that. So in the quarter, $5 billion earmarked for US buyout will also be over the next 24 months in the market with basically every single one of our flagship funds in terms of secondaries, portfolio finance, credit opportunities.

是的。我們上半年募資表現非常好，就有機資金流入而言，是我們歷來最好的上半年之一，而且涵蓋許多不同策略。如你所知，我們在下半年將進入超級循環，而我們其實才剛開始。因此，本季為美國併購預留的50億美元，也將在未來24個月於市場上推進，基本上涵蓋我們所有旗艦基金，包括次級市場、投資組合融資、信貸機會等。

And obviously, we have a fantastic defense and reindustrialization platform. So we really have these numbers in the first half without really leaning into the flagship strategies that are coming to market. So our momentum there is really great. And I'll call out one more thing on fundraising. Our inflows for our wealth platform, we're actually up more than 60% year-over-year. So in wealth, we're building an incredibly good platform and really see good momentum there.

而且很明顯，我們也有非常出色的國防與再工業化平台。因此，我們在上半年取得這些數字，還沒有真正倚重即將進入市場的旗艦策略。所以那邊的動能非常好。我再補充一點募資方面：我們財富平台的資金流入年增其實超過60%。在財富業務上，我們正在打造一個極其優質的平台，並且確實看到良好動能。

Any expectation just on back half fundraising and management fee growth just given the funds will be in the market?

考量這些基金將在市場上推進，你們對下半年募資與管理費成長有任何預期嗎？

Those funds are really going to start accelerating in the second half. You're not going to see -- as we talked about in the Investor Day, you're not going to see closing on those funds. But the momentum is pretty meaningful. And as Justin also mentioned, we also had the Unum transaction, which will close later this year.

這些基金在下半年確實會開始加速。你不會看到——正如我們在投資人日所談到的——你不會看到這些基金完成最終關帳。但動能相當顯著。而且如 Justin 也提到，我們還有 Unum 的交易，將在今年稍晚完成。

So there's already sort of $5 billion, but we're not going to give you specific guidance on quarter-to-quarter. There will be timing issues and things like that. But the underlying message should not be confused. The momentum across the platform is enormous, and the pipeline of fundraising is very broad in all our key strategies.

所以已經大概有50億美元的量，但我們不會提供逐季的具體指引，因為會有時點等因素。不過，核心訊息不應被誤解：整個平台的動能非常巨大，而募資管線在我們所有關鍵策略上都非常廣泛。

Thanks for all that additional color. Much appreciated.

謝謝你們補充這麼多細節，非常感謝。

Sure. Have a great end of the summer.

當然。祝你夏末愉快。

Alexander Blostein, Goldman Sachs.

Goldman Sachs 的 Alexander Blostein。

Hey, good morning. Hey, Harvey. Hey, Justin. I wanted to dig into two specific areas for you guys on the wealth channel. One, I was hoping to double-click into the MAI capital acquisition that you highlighted and how that could potentially accelerate and broaden your ambitions in the wealth channel.

嗨，早安。嗨，Harvey。嗨，Justin。我想就財富通路的兩個具體面向請教。第一，我希望更深入了解你們提到的 MAI Capital 收購案，以及它如何可能加速並擴大你們在財富通路的企圖與布局。

And second, in MAI, you guys launched a private market solution with AllianceBernstein and Brookfield, so curious if you have any early feedback to share with us on how material this could be in your plans in the defined contribution space?

第二，在 MAI，你們與 AllianceBernstein 和 Brookfield 推出了一個私募市場解決方案；我想了解你們是否有任何早期回饋可以分享，關於這在你們確定提撥（defined contribution）領域的規劃中可能有多重要？

So thanks for the questions, Alex. So just taking a step back, over the past several years, we have very systematically studied how to think about the various channels across wealth and retirement and been systematically putting the building blocks together for a strategy that we think really leverages the brand, and we've been very selective about how we thought about partnerships and growth. And so earlier this year, we hired a Head of Retirement -- or Head of our Retirement Practice. And so you're starting to see all this come together.

謝謝你的問題，Alex。先退一步說，過去幾年我們非常系統性地研究，如何看待財富與退休領域的各種通路，並且有系統地把策略所需的基礎建設逐步搭建起來；我們認為這能真正發揮品牌優勢，同時我們在合作夥伴與成長方式上也非常審慎、非常有選擇性。因此在今年稍早，我們聘請了一位退休業務主管——也就是我們退休業務實務（Retirement Practice）的負責人。你現在開始看到這一切逐步整合到位。

We do think the 401(k) channel, along with the target date fund channel will be very significant over time. So we were selected by AllianceBernstein to -- as this particular solution, we also announced with SEI as a trustee for the CIT launches. And so you'll start to see that begin to manifest itself over time. This is not a third, fourth quarter material thing. You're going to start to see this build, I think, in '27. I can't put a pin in the date, but more importantly, taking a step back, I think it's a real indication of how the team is coming together and thinking very strategically.

我們確實認為 401(k) 通路以及目標日期基金通路，隨著時間推移將會非常重要。因此，AllianceBernstein 選擇我們作為——就這個特定解決方案而言；我們也宣布由 SEI 擔任 CIT 發行的受託人。接下來你會開始看到這些在時間推移中逐步顯現。這不是第三、第四季就會有重大影響的事情。我認為你會在 2027 年開始看到這個規模建立起來。我無法把日期釘死，但更重要的是，退一步來看，我認為這真實地顯示出團隊正在凝聚，並以非常策略性的方式思考。

We want to be very effective at the partnerships and the solutions we put together versus -- it takes a lot of work to do because we don't want to put too many in the market. We've been very selective about how we've done this. And so that's how -- that's important how we're approaching it.

我們希望在合作夥伴關係以及我們所組合出的解決方案上做到非常有效——因為這需要投入大量工作，我們不希望把太多產品推向市場。我們在這方面一直非常有選擇性。因此，這就是——這也是我們採取這種做法的重要原因。

The MAI acquisition, that was actually done in our US buyout business. So that's a portfolio company, not unlike other portfolio companies. The team is super excited about it. It's a great business. As a fiduciary, we have an obligation for our LPs there. Often we work with our portfolio companies when there's opportunities, but we're excited about that business.

MAI 的收購其實是在我們的美國併購（buyout）業務中完成的。所以那是一家投資組合公司，和其他投資組合公司並無不同。團隊對此非常興奮。那是一門很棒的業務。作為受託人（fiduciary），我們對那裡的 LP（有限合夥人）負有義務。通常當有機會時，我們會與投資組合公司合作，但我們對那門業務感到很振奮。

Great. Thank you.

很好。謝謝。

Thank you.

謝謝。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

Good morning. Thanks for taking my questions. Hey, how are you, Harvey? Good to hear from you. So the comp ratio ticked up a little bit quarter-over-quarter. You guys had a really strong result in FRPR and transaction revenues, which is both growth avenues for you. Could you help us understand, is the comp ratio on those revenue lines maybe a little bit different? Could that have had something to do with it? And how should we think about those models -- those lines as we begin to model out growth?

早安。謝謝回答我的問題。嘿，Harvey，你好嗎？很高興聽到你的聲音。所以薪酬比率（comp ratio）較上一季小幅上升。你們在 FRPR 和交易收入方面表現非常強勁，這兩者都是你們的成長途徑。你能否協助我們理解：這些收入線的薪酬比率是否可能略有不同？這是否可能與此有關？以及當我們開始建立成長模型時，應該如何看待這些模式——這些收入線？

Yeah. Brennan, we expect the comp ratio this year to be roughly consistent with last year, around that 47%. And the reason is because we're investing back in the business, right? We've said in many occasions, we want to invest for growth, and we're investing right now, not just into our people, but also in AI and technology, which we think is critical to our next phase of growth and our wealth platform. So in terms of the outlook for margin, I think we'll be in that 47% range for this year. And then as all the fundraising we've talked about starts to flow through the financials in '27 and '28, that's when I'd expect to see the margin tick up. But the important thing here is that we're focused, number one, on growth in 2026, and that's why we're investing back in the business.

是的。Brennan，我們預期今年的薪酬比率大致會與去年一致，約在 47% 左右。原因是我們正在把資金再投入到業務中，對吧？我們在很多場合都說過，我們希望為成長而投資，而我們現在正在投資，不僅是投資在人才上，也投資在 AI 與科技上；我們認為這對我們下一階段的成長以及我們的財富平台至關重要。因此，就利潤率展望而言，我認為今年會在 47% 這個區間。然後，當我們談到的所有募資開始在 2027、2028 年反映到財務報表時，我才會預期利潤率會上升。但這裡最重要的是，我們在 2026 年的首要重點是成長，這也是我們把資金再投入業務的原因。

Makes a ton of sense. Thanks for the call, Justin.

非常合理。謝謝這通電話，Justin。

Mike Brown, UBS.

Mike Brown，UBS。

Hey, good morning guys. Thanks for taking my question. I wanted to ask on the capital market side of the business. It's certainly become a more meaningful contributor to the bottom line. Can you just double click on some of the key drivers for this quarter and then just touch on whether you see this level of activity continuing to broaden out and maybe just touch on the kind of run rate as we start to think about the back half of '26 and '27?

嘿，早安各位。謝謝回答我的問題。我想問的是資本市場這一塊業務。它顯然已成為對淨利更有意義的貢獻者。你能否再深入說明一下本季的一些關鍵驅動因素，並談談你是否看到這種活動水準會持續擴大？也請談談當我們開始思考 2026 年下半年與 2027 年時，這類業務的可能運行水準（run rate）？

Yeah. So thanks, Mike, for the question. So as we've discussed a couple of years ago, 3 years ago, we systematically deployed across the firm this strategy. And I would say like all new business strategies, there's that beginning period where you walk before you run, and now, I would just say it's part of the muscle memory of the firm and very much part of a culture to do this. And so you will see this correlate with our growth and activity. So if you see high activity, you're going to see this.

好的。Mike，謝謝你的問題。正如我們在兩年前、三年前討論過的，我們在全公司系統性地推行了這項策略。我會說，像所有新的業務策略一樣，一開始會有一段先學走再學跑的期間；而現在，我只會說它已成為公司的一種肌肉記憶，也非常成為一種文化的一部分。因此，你會看到它與我們的成長與活動量相關聯。如果你看到活動量很高，你就會看到這個表現。

Quarter-to-quarter, the numbers may move around a fair bit. Personally, I think that's completely irrelevant to how you should think about the value generation here. The business will systematically continue to grow as the firm grows and as we launch new funds, particularly as Justin says, we come into the super cycle where all the flagship funds are raising money. That all compounds. And so in a very, very positive way, it creates this enormous flywheel effect, which we expect to manifest over the next couple of years.

就季度對季度而言，數字可能會有相當幅度的波動。就我個人而言，我認為這與你應如何看待這裡的價值創造完全無關。隨著公司成長、以及我們推出新基金，這項業務將會系統性地持續成長；尤其如 Justin 所說，當我們進入超級週期、所有旗艦基金都在募資時，這一切會相互疊加。因此，以非常正面的方式，它會形成巨大的飛輪效應，而我們預期在未來幾年會逐步顯現。

In terms of transaction flows, this was a strong quarter. I don't expect you'd see that in the third or the fourth quarter of this year. But again, I think it's completely irrelevant. The more important takeaway is the momentum in this business and the fact that it's systematically part of the firm now. And then, as we raise these bigger funds and you see activity, it's got this fantastic flywheel effect.

就交易流量而言，這是一個強勁的季度。我不預期你會在今年第三季或第四季看到同樣的情況。但同樣地，我認為那完全無關緊要。更重要的重點是這項業務的動能，以及它如今已系統性地成為公司的一部分。然後，當我們募集到更大的基金、你看到活動量時，它就會產生這種極佳的飛輪效應。

Okay, very clear. Thanks for the color there, Harvey.

好的，非常清楚。謝謝你提供的補充說明，Harvey。

Thanks.

謝謝。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Great. Thanks. Good morning, guys. Thanks for taking my question. Maybe just -- if we could dive a little bit deeper on the defense and industrial platform that you're building out. Clearly, this is a really strong brand for Carlyle for quite a long time. How do you think -- and maybe you could give us some context on the growth trajectory there in terms of how it fits in with the fundraising super cycles? What types of other products can you launch over the next, say, 12 to 18 months in this area? And do you foresee creating a wealth product tier as well?

很好，謝謝。各位早安，謝謝回答我的問題。也許——我們可以更深入談談你們正在打造的國防與工業平台。顯然，這長期以來一直是 Carlyle 非常強勢的品牌。你們如何看待——也許你可以提供一些背景，說明那裡的成長軌跡，以及它如何與募資超級週期相契合？在接下來大約 12 到 18 個月內，你們在這個領域還能推出哪些其他產品？以及你們是否也預期會建立一個財富產品層級（wealth product tier）？

So well, let's take a big step back. The firm, as you know, was formed in 1987 and sort of like a lot of things in life, accident of birth, David Rubenstein forms the firm in DC, which was just a very natural starting point for our platform in aerospace, defense and government services. And it's been a core feature of the firm in terms of our skill set and expertise, and the first transaction we did as a firm actually was in this space.

那麼，先退一步從大方向來看。你知道，公司成立於 1987 年；就像人生中很多事情一樣，某種程度上是「出身的偶然」：David Rubenstein 在華盛頓特區成立公司，這也就很自然地成為我們在航太、國防與政府服務平台的起點。這一直是公司核心特色之一，體現在我們的技能組合與專業能力上；而且我們公司做的第一筆交易，其實就是在這個領域。

And so over nearly 40 years, we've been building this practice. Obviously, events around the world, geopolitical splintering, Russia-Ukraine, the war in the Middle East, and you've seen the numbers. If you tally up all the numbers for the next decade, I think defense spending globally as a global priority now, whether it's in Europe, Canada, obviously, in the US, even Japan, areas of the world that historically haven't invested as much in defense. I think the numbers in aggregate could total as much to $8 trillion.

因此，在將近 40 年的時間裡，我們一直在建立這項業務。顯然，全球各地的事件、地緣政治的分裂、俄烏戰爭、中東戰爭——你也看到了那些數字。如果把未來十年的所有數字加總起來，我認為國防支出如今已成為全球優先事項；無論是在歐洲、加拿大，當然在美國，甚至日本——這些過去在國防上投入相對較少的地區。我認為總體數字加總可能高達 8 兆美元。

So we're the only large-scale firm that has this history of this practice. And what we've seen now is, obviously, this is a core component in terms of a sector expertise in our US buyout business, our large US buyout business. But we're also seeing huge demand from LPs who have interest in this space, and we're seeing lots of deal flow. And the deal flow has gone up so dramatically that the investing team thought it was in the best interest of the LPs to have a sleeve that could focus, for lack of better language, on more middle market expertise.

所以，我們是唯一一家在這項業務上擁有這段歷史的大型機構。現在我們看到的是：顯然，這是我們美國併購業務、我們大型美國併購業務中，作為產業專業能力的一個核心組成部分。但我們也看到 LP 對這個領域有很高的興趣與需求，同時我們也看到大量的案源（deal flow）。而案源大幅增加到一個程度，使得投資團隊認為，為了 LP 的最佳利益，應該設立一個投資「分層／子策略」（sleeve），以便——如果用更貼切的說法——能更聚焦於中型市場的專業。

Now, obviously, this could be something that we can build upon. But again, we're just really focused on how we address this global macro trend, and that's what this is. It's run under the same hub, same experts. Chairman of the business has been doing this for well over 30 years at Carlyle. So we feel very good about this.

現在，顯然這可能是我們可以在其上持續擴建的方向。但同樣地，我們真正專注的是如何因應這個全球宏觀趨勢，而這正是它的本質。它是在同一個中樞（hub）之下運作、由同一批專家負責。該業務的負責人已在 Carlyle 做這件事超過 30 年。因此我們對此非常有信心。

In terms of the wealth, we're going to continue to think about wealth. I'm not sure this particular -- I'm not going to give a hard answer on this because we want to be very thoughtful about the wealth channel. I'm not sure a sleeve in this space necessarily lends itself to like an evergreen, but certainly, there's a lot of interest from the wealth channel in this space. It's so topical, and the value proposition is quite high. But I think it really depends on how we deliver the solution to those clients, both institutionally and wealth, but there's a huge amount of interest.

至於財富端（wealth），我們會持續思考財富業務。我不確定這個特定——我不會在這裡給出明確答案，因為我們希望對財富通路非常審慎。我不確定這個領域的一個 sleeve 是否必然適合做成像常青型（evergreen）產品；但可以肯定的是，財富通路對這個領域有很高的興趣。這個主題非常熱門，價值主張也相當高。但我認為這很大程度取決於我們如何把解決方案交付給那些客戶——無論是機構端還是財富端——但市場興趣非常大。

Great color. Thank you.

顏色很棒。謝謝。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Hi, good morning everyone. So as you highlighted, a nice pickup in realized performance fees, and you mentioned more deals in the pipeline here in July. So could you put a little bit more specifics around that comment, even more broadly, just how that pipeline compares to last quarter? And to what extent that balance actually gives you visibility on a path to reported performance fees actually getting even better in the second half?

嗨，各位早安。正如你所強調的，已實現績效費有不錯的回升，而且你提到 7 月這裡的管線中有更多交易。所以你能否就那段評論提供更具體一些的細節？更廣泛地說，這個管線與上一季相比如何？以及在多大程度上，這個餘額實際上能讓你對下半年已申報的績效費進一步改善的路徑有可見度？

I mean, this is all about realizations. And we've been a leader in realizations across the market. We said in the first quarter, we had great realizations. It was just the mix, and that for the rest of the year, as that mix changed that those realizations would ultimately result in net realized performance revenue. You saw that in the second quarter.

我的意思是，這一切都取決於變現。我們一直是市場上變現方面的領導者。我們在第一季就說過，我們有很好的變現；只是組合的問題，而且在今年剩餘時間，隨著組合改變，這些變現最終會轉化為淨已實現績效收入。你在第二季看到了這一點。

We've had some very nice deals in July already although I would say the third quarter historically tends to be a little bit less in terms of transaction flow because you have the months of July and August in there, but we feel great about realizations. And as you know, realizations are very difficult to predict quarter-to-quarter, but the pace of realizations that we've had across the firm is really a market-leading pace.

我們在 7 月已經完成了一些非常不錯的交易，不過我會說，第三季在歷史上通常在交易流量方面會少一些，因為包含了 7 月和 8 月這兩個月份；但我們對變現感覺非常好。而且如你所知，變現很難逐季預測，但我們在全公司層面的變現節奏確實是市場領先的節奏。

And the capital markets are open. We think that there is a good prospect for continued realizations in the second half of the year. So we feel very good about our realization pace, and ultimately, in the second half, that should result in good momentum in the net realized performance revenues.

而且資本市場是開放的。我們認為下半年持續變現的前景良好。所以我們對自身的變現節奏感到非常有信心，而最終在下半年，這應該會帶動淨已實現績效收入的良好動能。

Ben Budish, Barclays.

Ben Budish，Barclays。

Hi, good morning and thanks for taking my question. One of the other line items that surprised in the quarter was your fee-related performance revenues. I know there's a number of evergreen funds that contributed to that line, but it seemed a bit outsized. Could you maybe just unpack a little bit the key drivers in this quarter? And I imagine, like your transaction fees, this is something that as these funds grow will also kind of compound over time. But any color you can give on this quarter? And maybe anything -- any sort of changing expectations we should be thinking about as we think through the next 12 to 24 months?

嗨，早安，謝謝讓我提問。本季另一個讓人意外的項目是你們的與費用相關的績效收入。我知道有一些常青基金對那一行有貢獻，但看起來幅度有點偏大。你能否稍微拆解一下本季的主要驅動因素？我想像這跟你們的交易費一樣，隨著這些基金成長，時間久了也會有複利效應。但你能否就本季提供一些說明？以及在我們展望未來 12 到 24 個月時，有沒有任何——我們應該思考的預期變化？

Sure. The big driver is really the growth of our wealth channel. As I said, our inflows year-to-date, over 60% higher than they were last year. And that ultimately is what's going to drive that fee-related performance revenue line. There was this quarter one fund in asset-backed finance that flipped from a carry structure to a performance fee structure. So that's in there. But the big drivers here are really the continued growth of the wealth platform and specifically the AlpInvest business. I mean, we've seen just tremendous demand for our AlpInvest wealth products. And as we continue to get on new platforms, as we move forward, obviously, with our private equity solutions, CPEP, which is also getting on a number of new platforms, then I would expect that line item to continue to grow at a very nice rate.

當然。最大的驅動因素其實是我們財富通路的成長。如我所說，我們今年迄今的資金流入比去年高出 60% 以上，而這最終會推動那條與費用相關的績效收入。這一季有一檔資產擔保融資（asset-backed finance）的基金，從分成（carry）架構轉為績效費架構，所以也包含在其中。但這裡的主要驅動因素，確實是財富平台的持續成長，特別是 AlpInvest 業務。我的意思是，我們看到市場對 AlpInvest 財富產品的需求非常強勁。隨著我們持續上架到新的平台，並且推進我們的私募股權解決方案 CPEP（也正在上架到多個新平台），我預期那個項目會以非常不錯的速度持續成長。

Just to double check, Justin, does that mean that the credit FRPR, all things equal, assuming continued NAV growth, that's kind of the new run rate and it steps up from here?

我再確認一下，Justin，這是否表示信用的 FRPR，在其他條件不變、假設淨資產價值（NAV）持續成長的情況下，這就是新的常態水準，並且從這裡開始再往上走？

Not necessarily. There was a small one-time in this quarter, but that credit ABF fund will now be part of the run rate going forward. So quarter-to-quarter, again, very difficult to predict exactly where the performance revenues are coming out, but that fund will be in that line item. And all the demand we're seeing in wealth that's going to move that line item up over time as we go into '27.

不一定。本季有一個小的一次性因素，但那檔信用的資產擔保融資（ABF）基金，未來會納入常態水準的一部分。所以逐季來看，同樣很難精準預測績效收入會落在哪裡，但那檔基金會在那個項目裡。而我們在財富端看到的所有需求，會隨著時間推進把那個項目往上推，直到 2027 年。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Thanks. Good morning, Harvey and Justin. Thanks for taking the question. Question directly on AlpInvest and coming off of another great quarter of FRE there. I'd just love to get a sense of how you're thinking about where that business is today and where it's headed?

謝謝。早安，Harvey 和 Justin，謝謝讓我提問。問題直接關於 AlpInvest，且在那裡又繳出一個很棒的 FRE 季度之後。我很想了解你們如何看待該業務目前的狀況，以及未來的走向？

And how much activity right now is just being driven by kind of more near-term liquidity needs versus a more permanent shift in just how your portfolio construction is being done or even kind of the higher bar, you just mentioned, with the wealth distribution? So just trying to get a sense of how you're thinking about where that business is cyclically versus the secular tailwinds just coming off of some nice momentum.

以及目前有多少活動是由較短期的流動性需求所驅動，相較於在你們的投資組合建構方式上更永久性的轉變，甚至你剛提到的、在財富分銷方面更高的門檻？所以只是想了解你們如何看待該業務在景氣循環面，與在結構性順風之間的差異，尤其是在近期動能不錯的背景下。

Yeah. So, well, thanks for the question. I think you kind of nailed it with the cyclical and the secular because clearly, there is a cyclical tailwind. We won't unpack all the numbers here. But if you actually look, again, we're an outlier on realizations, but the industry hasn't been and that's created an enormous opportunity, which we see really persisting for the next several years.

是的。謝謝你的問題。我認為你把循環性與結構性講得很到位，因為很明顯存在循環性的順風。我們不會在這裡拆解所有數字。但如果你實際去看，再次強調，我們在變現方面是個異數（outlier），但整個產業並不是，而這創造了巨大的機會；我們認為這種機會在未來幾年仍會持續存在。

So I don't personally believe we're yet at a cyclical peak. We're in a long cycle, extended cycle where secondaries will continue to grow, continue to perform well. And obviously, we're one of a few hyperscalers in the world that have the capability, the global footprint to capture all that at the right time, and they've been in this business now for 26 years. And so it's an extraordinary team with great performance.

所以我個人不認為我們已經處在循環高點。我們正處於一個長週期、延長週期之中，次級市場（secondaries）將持續成長、持續表現良好。而且很明顯，我們是全球少數幾家超大規模（hyperscalers）的機構之一，具備能力與全球佈局，能在正確的時間掌握這些機會；他們在這個業務已經做了 26 年。因此這是一支表現卓越、績效出色的非凡團隊。

I think that there's a secular shift here, which we talked about before, which is really about how these businesses are truly now corporate finance solutions providers. If you went back several years, it was really about the secondaries business, which was really more of a point-to-point business in some respects.

我認為這裡存在一個我們之前談過的結構性轉變，核心在於這些業務如今真正成為企業財務解決方案的提供者。如果回到幾年前，重點其實是次級市場業務，在某些方面更像是一種點對點的業務。

But now, our dialogue around the world with GPs and LPs is really about portfolio repositioning, how to think about the optimized portfolio, how do GPs create value for themselves and grow their businesses. And so that is really more of a -- it sounds more like a corporate finance solutions business. You see the success now of our single-asset fund closed this quarter, our portfolio finance fund.

但現在，我們在全球與 GP 與 LP 的對話，更多是在談投資組合重新配置、如何思考最佳化的投資組合、GP 如何為自己創造價值並擴大其業務。因此那更像——聽起來更像是一門企業財務解決方案的業務。你也看到我們本季完成募集的單一資產基金、以及我們的投資組合融資基金所取得的成功。

So when you think about AlpInvest, you really need to think about the full 360-degree circle, not just secondaries. And then obviously, the client constituency of wealth and institutional. And wealth, I do think this business is uniquely built for the wealth audience because it's got so much diversification, and it has obviously the Carlyle brand behind it. So I think there's both cyclical and secular tailwinds, but I think both of those are pretty persistent for a period of time.

所以當你思考 AlpInvest 時，你真的需要從完整的 360 度來看，而不只是次級市場。然後很明顯，客戶群包含財富端與機構端。而在財富端，我確實認為這個業務是為財富客群量身打造的，因為它具有高度分散化，而且背後有 Carlyle 的品牌。我認為同時存在循環性與結構性的順風，而且我認為這兩者在一段時間內都相當持久。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Great, thanks. I had a question on fundraising. And with all the flagships coming to market here in the coming quarters, can you talk about just the fundraising market broadly? How are LPs doing currently? And from a timing perspective, are you seeing the periods for that fundraising being extended, shortened or just generally kind of the outlook versus maybe previous periods?

很好，謝謝。我有一個關於募資的問題。隨著所有旗艦基金在接下來幾季陸續進入市場，你能談談整體募資市場的狀況嗎？LP 目前的情況如何？從時間安排的角度，你看到募資期是拉長、縮短，還是大致持平？以及相較於之前時期的整體展望如何？

Level of engagement is very high. Nothing changed since our -- in terms of our view. Obviously, parts of the wealth channel, specifically credit are more quiet, although that seems to be abating certainly for us and more broadly for the industry. But away from that, wealth channel feels quite good. Wealth creation around the world feels good.

參與度非常高。我們的看法沒有改變。很明顯，財富通路的某些部分，特別是信用，較為安靜，儘管這種情況對我們而言、以及更廣泛的產業而言，似乎正在緩解。除此之外，財富通路的感覺相當不錯。全球的財富創造看起來也不錯。

Institutional interaction is -- look, you want to be in the right business lines at the right time. And as we talked about sort of the old economy is a new economy right now. And so the sectors that we focus in and the geographies we focus in, the power alleys really line up well. So no change to what we described to you back at the beginning of the year. We really think this super cycle, we still feel confident about that $200 million number. But it feels like the momentum is quite good.

機構端的互動——你看，你要在對的時間站在對的業務線上。正如我們談到的，所謂的舊經濟現在成了新經濟。因此，我們聚焦的產業與地理區域，這些「強勢走廊」（power alleys）確實非常契合。所以相較於我們在年初向你們描述的內容，沒有任何改變。我們仍然認為這個超級週期（super cycle）存在，我們對那個 2 億美元的數字仍然有信心。而且動能看起來相當不錯。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Hi, thanks very much.

嗨，非常感謝。

How you doing?

你最近怎麼樣？

Not too bad. Thank you. I wanted to ask a little bit about the capital intensity of the business in the industry. I mean, for you guys, you run a pretty capital-light business, and that's your intention. You did put up a little bit for this SPV on CP IX. There's this infrastructure investment. But in general, your mindset is to run pretty capital light.

還不錯。謝謝你。我想稍微問一下這個產業中，業務的資本密集度。我是說，對你們而言，你們經營的是相當輕資本的業務，而這也是你們的意圖。你們確實為 CP IX 的這個 SPV 投入了一點資本。那是一項基礎設施投資。但總體來說，你們的思維模式是維持相當輕資本的運作。

Around the industry, I see more on the insurance side. And I -- and so I guess industry level question, but for you too, do you see GPs leaning more to help drive fundraising and growth via some balance sheet deployment? And is that actually a huge competitive advantage for the handful of large-scale players like you?

在產業裡，我看到更多是在保險那一側。我——所以我想這是個產業層面的問題，但也包括你們：你是否看到 GP 們更傾向於透過動用資產負債表來推動募資與成長？而對於像你們這樣少數大型玩家而言，這是否其實是一項巨大的競爭優勢？

Well, I think the way we've approached it, I think your point of emphasis is correct. We like the capital-light business as a lean. However, having said that, we're obviously happy to deploy our capital where we think we can use the most efficiency. So ideally, what we want to do is get maximum bang for a buck, maximum ROI for every marginal unit of balance sheet. And you've seen us do this.

嗯，我想以我們的做法來看，我認為你強調的重點是正確的。我們喜歡輕資本的業務作為傾向。不過話雖如此，只要我們認為能以最高效率運用資本，我們當然也樂於部署我們的資本。因此理想上，我們想做的是以每一個邊際單位的資產負債表，取得最大的效益、最大的投資報酬率（ROI）。你也看到我們一直是這麼做的。

And so I think as we invest, and Justin touched on this, when we make the decision, the relative decision about how do we return the capacity we have under the $2 billion buyback versus how do we invest in the business, it's always business first. But we're -- lack of better language, we're pretty religious about the math on that, okay? So we want to make sure that every marginal dollar of balance sheet as it gets deployed because we think of it as a truly scarce asset. Sometimes internally, I refer to it as one of my kids, but it's probably not great for my family to hear. But I do think of balance sheet capital is like family, and we're very protective of it.

因此我認為，當我們投資時——Justin 也提到這點——當我們做決策時，在相對的取捨上：我們是要如何運用 20 億美元回購額度所帶來的能力，還是要如何投資於業務，我們永遠是以業務優先。但我們——沒有更好的說法——對這套數學計算非常「虔誠」，好嗎？所以我們要確保資產負債表上的每一個邊際美元在被部署時，都符合我們的要求，因為我們把它視為真正稀缺的資產。有時候在內部我會把它比喻成我的某個孩子，但讓家人聽到可能不太好。不過我確實把資產負債表資本當作家人一樣看待，我們非常保護它。

And I think there are ways that the industry will go in the future where you'll continue to see creative use, thoughtful, efficient use of capital like we did and you've seen us do in other SPVs. But that I think is the industry trend. I think everybody wants to be efficient. But there's lots of different models out there, and some that are very balance sheet heavy can be hugely successful as well. But this is the path we're on for now.

我認為未來產業會朝一些方向發展，你會持續看到像我們在其他 SPV 所做的那樣，對資本進行更具創意、深思熟慮且高效率的運用。但我認為那就是產業趨勢。我想每個人都希望有效率。不過市場上有許多不同的模式，有些非常依賴資產負債表的模式也能非常成功。但就目前而言，這是我們正在走的路。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Hey, good morning. Thanks for taking the question. I want to circle back to one of your earlier comments about reinvesting back in the business. One of the areas you called out was AI and technology-related investments. I was hoping you could unpack that a bit more. I'm curious where AI is having the most measurable financial impact on the business today. And if you could touch upon how you're redesigning workflows, and how you expect the financial impact to progress over the next couple of years?

嗨，早安。謝謝讓我提問。我想回到你先前關於把資金再投資回業務的一個評論。你點到的其中一個領域是 AI 與科技相關投資。我希望你能再多拆解一下。我很好奇，AI 目前在哪些方面對業務帶來最可衡量的財務影響？另外也請談談你們如何重新設計工作流程，以及你們預期未來幾年財務影響會如何演進？

So I'll give you a big picture on that. We're 2,500 people at Carlyle. Maybe the precise headcount is 2,600, but we're roughly 2,500 people across today. But obviously, across our portfolio companies, we have 750,000 employees. We're one of the largest employers in the world across aerospace, defense, government services, health care, financial services, industrials, et cetera, globally. And so from our perspective, the way we think about data science, AI and technology is maybe overly simplified 2 ways.

我先給你一個大方向的說法。我們在凱雷（Carlyle）有 2,500 人。也許精確的人數是 2,600，但目前大約是 2,500 人。不過很明顯地，在我們的投資組合公司中，我們有 75 萬名員工。就航太、國防、政府服務、醫療保健、金融服務、工業等領域而言，我們在全球範圍內合計是世界上最大的雇主之一。因此從我們的角度來看，我們對資料科學、AI 與科技的思考方式，可能過度簡化為兩個面向。

One is, how can we work with all of our portfolio companies to make sure that they're completely enabled and have access to all the resources around the world so that those CEOs, those management teams can deploy technology in the most efficient way, and they obviously have the flexibility to do that, and we work very closely with them on that across the global platform.

第一個是，我們如何與所有投資組合公司合作，確保他們完全具備能力並能取得全球各地的所有資源，讓那些 CEO、那些管理團隊能以最有效率的方式部署科技；而他們當然也有這樣做的彈性，我們在全球平台上也會與他們非常緊密地合作。

Internally, at Carlyle, and the reason I started out with the 2,500 employees, is because really for us this is not about -- we're not a large organization, a large bank with 100,000, 200,000, 300,000 people where we're trying to think of, oh, how can we reduce head count by 10%. That's not how we're approaching this. The way we're thinking about data science is how can we use this data science as it continues to evolve to run our business more effectively, have better investment outcomes, how can we help our teams make the best choices. By the way, that's how do our investment teams work, how do we run Carlyle. So that's how we're thinking about it at a very high level.

在凱雷內部——我之所以先提到 2,500 名員工——是因為對我們來說，這真的不是關於……我們不是那種有 10 萬、20 萬、30 萬人的大型組織或大型銀行，然後在想，喔，我們要怎麼把人頭減少 10%。我們不是這樣看待的。我們思考資料科學的方式是：隨著資料科學持續演進，我們如何用它更有效地經營我們的業務、取得更好的投資成果、如何幫助我們的團隊做出最佳選擇。順帶一提，這包括我們的投資團隊如何運作、我們如何經營凱雷。所以在很高的層次上，我們是這樣思考的。

I won't go through individual use cases, but use cases are super important for all of us in the management team to really understand what we can learn from as we go through this. And so yes, so we're investing capital on this. We're adding talent, but this is quite an important initiative for us, and we think, will go on for many years because I personally think we're in the early innings of the impact data science can have across all businesses. It's probably going to take longer than people thought originally, but some pretty exciting things to do.

我不會逐一談個別使用案例，但使用案例對我們管理團隊所有人而言都非常重要，因為我們需要真正理解在這個過程中可以學到什麼。因此，是的，我們正在為此投入資本。我們也在增加人才，但這對我們而言是一項相當重要的計畫，而且我們認為會持續很多年，因為我個人認為，我們仍處於資料科學對各行各業影響的早期階段。它可能會比人們原先想像的花更久時間，但有一些相當令人興奮的事情可以做。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，加拿大皇家銀行資本市場（RBC Capital Markets）。

Great. Thanks. Good morning, everyone. I wanted to ask around the insurance solutions business. AUM is ticking at around $86 million, $87 billion. That's flat year-to-date, but it will get a boost later this year from the Unum deal. So maybe just stepping back, how we should think about growth of that insurance solutions AUM over the near term beyond the Unum deal? Thanks.

很好，謝謝。各位早安。我想問一下保險解決方案業務。AUM 目前大約在 860 億到 870 億美元左右。今年以來持平，但今年稍晚會因 Unum 交易而獲得提振。所以也許退一步來看，除了 Unum 交易之外，我們應該如何看待短期內保險解決方案 AUM 的成長？謝謝。

Sure. So the flow business has been good, steady. The block business went through a period of time where it's a little quieter, but the pipeline remains good. There was a point in time where the market sort of almost felt ultra-competitive, it's still competitive, but the team is doing an excellent job in sourcing opportunities where they think they can add the most value.

好的。流量型（flow）業務表現不錯且穩定。存量型（block）業務有一段時間比較安靜一些，但案源管線仍然良好。曾經有一段時間市場幾乎讓人感覺競爭極度激烈；現在仍然競爭，但團隊在尋找他們認為能創造最大價值的機會方面做得非常出色。

And so I think you're going to see continued growth, but -- because the pipelines feel good and the team is very focused. But I wouldn't point to say, okay, X is going to happen over the next 6 months or a year because the business really is transaction point to transaction point, but they've been able to create really solid value consistently. And their brand as a partner -- as a true partner is pretty exceptional around the world.

因此我認為你會看到持續成長——因為案源管線感覺良好，而且團隊非常專注。但我不會指著說，好，接下來 6 個月或一年會發生 X，因為這個業務本質上真的是一筆交易接著一筆交易地推進；但他們一直能夠持續創造非常扎實的價值。而他們作為合作夥伴——作為真正合作夥伴的品牌——在全球範圍內相當卓越。

Great. Thanks for the color.

很好，謝謝補充說明。

Thank you. I would now like to hand the call back over to Daniel Harris for closing remarks.

謝謝。現在我想把電話交回給 Daniel Harris 做結語。

Thank you, everyone, for your time this morning. Should you have any follow-ups, please contact Investor Relations. We're happy to take your questions and enjoy the end of the summer. We'll look forward to talking to you next quarter.

謝謝各位今天早上撥冗參與。如有任何後續問題，請聯絡投資人關係部。我們很樂意回答各位的問題，也祝各位夏末愉快。我們期待在下個季度再與各位交流。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。