KKR & Co Inc (KKR) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's Second Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加 KKR 2020 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

I will now hand the call over to Craig Larson, Head of Investor Relations for KKR. Craig, please go ahead.

我現在將把電話轉給 KKR 投資者關係主管 Craig Larson。克雷格，請繼續。

Thank you, operator. Good morning, everyone. Welcome to our second quarter 2022 earnings call. This morning, as usual, I'm joined by Rob Lewin, our CFO; and Scott Nuttall, our Co-Chief Executive Officer.

謝謝你，接線員。大家，早安。歡迎來到我們的 2022 年第二季度財報電話會議。今天早上，像往常一樣，我們的首席財務官 Rob Lewin 加入了我的行列。和我們的聯合首席執行官 Scott Nuttall。

We'd like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our press release, which is available on the Investor Center section at kkr.com. And as a reminder, we report our segment numbers on an adjusted share basis.

我們想提醒大家，我們將在電話會議上提及非 GAAP 措施，這些措施與我們新聞稿中的 GAAP 數據一致，該新聞稿可在 kkr.com 的投資者中心部分獲得。提醒一下，我們根據調整後的份額報告我們的細分市場數量。

This call will contain forward-looking statements, which do not guarantee future events or performance. Please refer to our earnings release and our SEC filings for cautionary factors about these statements.

本次電話會議將包含前瞻性陳述，不保證未來的事件或業績。有關這些聲明的警示因素，請參閱我們的收益發布和我們的 SEC 文件。

This quarter, we're reporting fee-related earnings per share of $0.52 and after-tax distributable earnings of $0.95. Looking at the first half of 2022 compared to 2021, we feel very good about our performance. Against a challenging market backdrop, our management fees are up 39%, fee-related earnings increased 28% and our after-tax DE increased 14%.

本季度，我們報告的與費用相關的每股收益為 0.52 美元，稅後可分配收益為 0.95 美元。與2021年相比，2022年上半年我們對自己的表現感覺非常好。在充滿挑戰的市場背景下，我們的管理費增長了 39%，與費用相關的收益增長了 28%，我們的稅後 DE 增長了 14%。

Now before we go into more details on our results We'd like to highlight the changes to our business lines that we posted to our website last week and are also reflected in today's earnings release. We've seen a dramatic increase in the scale of our Real Assets business. So we split private markets into 2 business lines, Private Equity and Real Assets.

現在，在我們詳細了解我們的結果之前，我們想強調一下我們上週在我們的網站上發布的業務線的變化，這些變化也反映在今天的收益發布中。我們已經看到我們的不動產業務規模急劇增加。因此，我們將私募市場分為兩條業務線，私募股權和不動產。

Our Private Equity business line is comprised of our traditional PE, core PE and growth strategies while Real Assets includes Real Estate, Infrastructure and Energy.

我們的私募股權業務線由我們的傳統私募股權、核心私募股權和增長戰略組成，而不動產包括房地產、基礎設施和能源。

And at the same time, we're changing the name of our Public Markets business line to Credit and Liquid Strategies, a more descriptive name for the capital that we manage here. The driver of these changes is the growth and increasing significance of our Real Assets business. KKR today is a meaningfully more diversified firm by strategy and by geography than it was only a few years ago.

同時，我們將公共市場業務線的名稱更改為信用和流動性策略，這是我們在這裡管理的資本的更具描述性的名稱。這些變化的驅動力是我們的不動產業務的增長和日益重要的意義。與幾年前相比，如今的 KKR 在戰略和地域方面是一家更加多元化的公司。

To give you a sense of the growth we've experienced here at the end of 2019, so 2.5 years ago, Real Assets AUM was $28 billion. Today, that number is $114 billion. So it's over 4x the size today compared to just 2.5 years ago, and the drivers of this growth are several.

為了讓您了解我們在 2019 年底所經歷的增長，因此 2.5 年前，Real Assets AUM 為 280 億美元。今天，這個數字是 1140 億美元。因此，與 2.5 年前相比，它的規模是今天的 4 倍以上，而這種增長的驅動因素有很多。

At the end of 2019, Infrastructure AUM was $15 billion, driven by the scaling of our flagship fund. Together with our expansion into adjacencies like Asia and core infra, AUM today is almost $50 billion.

在我們旗艦基金規模擴大的推動下，2019 年底，基礎設施資產管理規模為 150 億美元。連同我們向亞洲和核心基礎設施等鄰近地區的擴張，今天的 AUM 接近 500 億美元。

Within Real Estate, AUM has increased from $9 billion at the end of 2019 to over $60 billion today, and that's pretty evenly split between real estate equity and real estate credit. Our opportunistic equity strategies have been scaling. We now have core plus strategies across the Americas, Europe and Asia.

在房地產領域，資產管理規模從 2019 年底的 90 億美元增加到今天的 600 億美元以上，這在房地產股權和房地產信貸之間相當平均。我們的機會主義股票策略一直在擴展。我們現在在美洲、歐洲和亞洲擁有核心加戰略。

We acquired a Japanese REIT business earlier this year, and that's all alongside a meaningful increase in the breadth of our real estate credit platform, driven by Global Atlantic. And in Energy, our strategic positioning has improved through our ownership interest in Crescent Energy, while AUM has increased to almost $4 billion.

今年早些時候，我們收購了一家日本 REIT 業務，與此同時，在 Global Atlantic 的推動下，我們的房地產信貸平台的廣度顯著增加。在能源方面，通過我們對 Crescent Energy 的所有權權益，我們的戰略定位得到了改善，而 AUM 已增加到近 40 億美元。

Page 9 of the earnings release helps profile this increasing significance more visually. So the bars that you see on this page in total reflect what we previously referred to as Private Markets. And you see each of the bars broken into their Private Equity and Real Assets components.

收益發布的第 9 頁有助於更直觀地描述這一日益增長的重要性。因此，您在此頁面上看到的條形圖完全反映了我們之前所說的私人市場。您會看到每個條形都分解為它們的私募股權和實物資產部分。

So alongside of the AUM growth we just ran through, you're beginning to see a meaningful increase in Real Asset management fees and deployment. And at the same time, Private Equity strategies have been scaling.

因此，除了我們剛剛經歷的 AUM 增長之外，您開始看到不動產管理費用和部署的顯著增加。與此同時，私募股權策略一直在擴展。

AUM increased from $92 billion at the end of 2019 to $172 million today, driven by the continued growth of our flagship private equity funds, alongside the scaling of core private equity and our growth strategies. When you look at the Private Equity figures for June 30, 2022, and compare those to 2019, AUM, management fees and capital invested have all been growing at a compounded annual growth rate of approximately 30%.

資產管理規模從 2019 年底的 920 億美元增加到今天的 1.72 億美元，這得益於我們旗艦私募股權基金的持續增長，以及核心私募股權的規模化和我們的增長戰略。當您查看 2022 年 6 月 30 日的私募股權數據並將其與 2019 年進行比較時，AUM、管理費和投資資本都以約 30% 的複合年增長率增長。

Now turning to the quarter itself and our key operating metrics. Assets under management came in at $491 billion. That's up 14% year-over-year. While fee-paying AUM increased to $384 billion, up 20% compared to last year. This growth is driven by our continued fundraising momentum, with $25 billion of new capital raised in Q2 and $52 billion for the first half of the year.

現在轉向季度本身和我們的關鍵運營指標。管理的資產為 4910 億美元。這比去年同期增長了 14%。付費資產管理規模增加到 3840 億美元，比去年增長 20%。這一增長是由我們持續的籌資勢頭推動的，第二季度籌集了 250 億美元的新資金，上半年籌集了 520 億美元。

In terms of fundraising for the quarter, we'd highlight 4 things. First, really building on what we just ran through a few moments ago is the increasing significance of Real Assets as fundraising across infrastructure and real estate contributed over 40% of new capital raised in the quarter. Of particular note, we closed on over $4 billion of capital for our Asia infrastructure strategy.

在本季度的籌款方面，我們將強調四件事。首先，真正建立在我們剛才經歷的基礎上的是，不動產的重要性日益增加，因為基礎設施和房地產的籌款貢獻了本季度籌集的新資金的 40% 以上。特別值得注意的是，我們為亞洲基礎設施戰略籌集了超過 40 億美元的資金。

Second, we closed on a new $5 billion multi-asset class strategic partnership in the quarter. The broad framework of this partnership is similar to those we've talked about with you before. It's long-dated in nature with recycling provisions. And with around $2 billion recently committed, the net impact on new capital raised in Q2 was approximately $3 billion. This helps bring our total strategic and perpetual capital to $232 billion or 44% of our fee-paying AUM.

其次，我們在本季度完成了一項價值 50 億美元的新的多資產類別戰略合作夥伴關係。這種夥伴關係的廣泛框架與我們之前與您討論過的框架相似。它在性質上早已過時，有回收規定。最近承諾了約 20 億美元，對第二季度籌集的新資本的淨影響約為 30 億美元。這有助於使我們的戰略和永久資本總額達到 2320 億美元，占我們付費 AUM 的 44%。

Third is Global Atlantic. It's been a good environment for organic activity at GA as new capital raised in the quarter totaled approximately $6 billion. This is seen in both our Credit and Real Assets business lines.

第三是全球大西洋。由於本季度籌集的新資金總額約為 60 億美元，因此這是 GA 有機活動的良好環境。這在我們的信貸和不動產業務線中都可以看到。

And finally, the fourth point is really the breadth of activity that we're seeing across the Credit business. In addition to GA, we were active in the CLO markets in the U.S. and Europe and the private credit markets. And of note here, in Q2, we held the final closing of our Asia credit fund. And early in Q3, we announced the final close of our asset-based finance firm.

最後，第四點是我們在信貸業務中看到的活動的廣度。除 GA 外，我們還活躍於美國和歐洲的 CLO 市場以及私人信貸市場。值得注意的是，在第二季度，我們舉行了亞洲信貸基金的最後收盤。第三季度初，我們宣布最終關閉我們的資產金融公司。

Now alongside of our capital raising, we also continue to find compelling opportunities in which to invest. We deployed $19 billion in the quarter and over $40 billion year-to-date. Again, one of the key drivers of our activity in the quarter was our Real Assets business, with $8 billion of capital invested.

現在，除了籌集資金之外，我們還繼續尋找引人注目的投資機會。我們在本季度部署了 190 億美元，今年迄今已超過 400 億美元。同樣，我們本季度活動的主要驅動力之一是我們的不動產業務，投資了 80 億美元。

Within Infrastructure, core infra was most active deploying across the U.S. and Europe. Real estate credit, including Global Atlantic and KREF totaled $4 billion. Real estate equity investment was concentrated in the Americas, really on both the opportunistic and core plus fronts. And private equity accounted for $6 billion in the quarter, driven by activity in the U.S.

在基礎設施中，核心基礎設施在美國和歐洲的部署最為活躍。包括 Global Atlantic 和 KREF 在內的房地產信貸總額為 40 億美元。房地產股權投資集中在美洲，實際上是在機會主義和核心優勢方面。在美國活動的推動下，本季度私募股權投資總額為 60 億美元。

In Credit, deployment of $5 billion was driven by GA-related private credit activity. And importantly, at the end of the quarter, we had $115 billion of dry powder ready to deploy into new opportunities.

在信貸方面，50 億美元的部署是由與 GA 相關的私人信貸活動推動的。重要的是，在本季度末，我們有 1150 億美元的干粉準備好部署到新的機會中。

Now before turning it over to Rob, we want to spend a few minutes on a piece of KKR that permeates everything that we do, and that's ESG. So two things here.

現在，在將它交給 Rob 之前，我們想花幾分鐘時間來研究一個貫穿我們所做的一切的 KKR，這就是 ESG。所以這裡有兩件事。

First, in June, we published our 11th Annual Sustainability Report. The report this year titled Scaling Up outlines how we've been scaling efforts to manage ESG issues across our investment portfolio as well as our global operations. This year marked a significant expansion of the scope of our ESG reporting, which builds on our history of transparency. We hope you'll take time to go through the report in more detail.

首先，在 6 月，我們發布了第 11 份年度可持續發展報告。今年題為“擴大規模”的報告概述了我們如何在我們的投資組合和全球運營中擴大管理 ESG 問題的努力。今年標誌著我們的 ESG 報告範圍顯著擴大，這建立在我們的透明度歷史之上。我們希望您能花時間更詳細地閱讀報告。

And on the back of that, we want to drill down and spend a few minutes on the S in ESG, the social component. This is really important to us. And one spot where we've shown real leadership, and we're going to walk through now, is our work around broad employee ownership in our portfolio of companies. And we plan to share more stories like this with you in the future.

在此基礎上，我們想深入研究並花幾分鐘時間研究 ESG 中的 S，即社交組件。這對我們來說真的很重要。我們表現出真正領導力的一個地方，我們現在將要介紹的地方是我們圍繞公司投資組合中廣泛的員工所有權所做的工作。我們計劃在未來與您分享更多這樣的故事。

Many of you will recall Pete Stavros' presentation on C.H.I. Overhead Doors at our 2018 Investor Day. We were the fourth private equity owner of the business. It's a garage to our manufacturing business, and EBITDA margins at that time were already top quartile for building products company at 21%.

你們中的許多人都會記得 Pete Stavros 在 C.H.I. 上的演講。 2018 年投資者日的高架門。我們是該業務的第四位私募股權所有者。這是我們製造業務的車庫，當時的 EBITDA 利潤率已經是建築產品公司的前四分之一，為 21%。

Now one of the things that our team saw was an opportunity to engage with this workforce in a way that hadn't been done before. And so began our 7-year journey. We introduced a broad-based equity program at the outset of our investment. So all 800 employees, largely hourly workers, received an ownership interest in the company, and we continue to invest in the employee base along the way.

現在，我們的團隊看到的一件事是有機會以前所未有的方式與這支員工隊伍互動。就這樣開始了我們7年的旅程。我們在投資之初就引入了基礎廣泛的股權計劃。因此，所有 800 名員工，主要是小時工，都獲得了公司的所有權權益，並且我們繼續在此過程中對員工基礎進行投資。

And by partnering with the workforce, operational improvements were seen at every level. Injury rates declined meaningfully, employee engagement increased meaningfully and product quality improved. So in total, revenues more than doubled over our ownership, and EBITDA more than tripled as EBITDA margins increased from 21% to 35%, all organic.

通過與員工合作，在各個層面都看到了運營改進。工傷率顯著下降，員工敬業度顯著提高，產品質量得到改善。因此，總的來說，隨著 EBITDA 利潤率從 21% 增加到 35%，所有有機的收入比我們的所有權增加了一倍多，EBITDA 增加了兩倍多。

So it was a very successful investment for us. It was a 10x multiple of money transactions for our clients. And through the broad-based equity program, it was also a very successful investment for the employees of C.H.I. On average, the warehouse and factory workers each made $175,000 on the sale, and the most tenured workers made approximately $800,000. So they are in multiples of their annual salary through the sale.

所以這對我們來說是一項非常成功的投資。對於我們的客戶來說，這是 10 倍的貨幣交易。並且通過廣泛的股權計劃，這對於 C.H.I. 的員工來說也是一次非常成功的投資。平均而言，倉庫和工廠工人每人的銷售收入為 175,000 美元，而大多數終身僱員的收入約為 800,000 美元。因此，他們通過銷售獲得了年薪的倍數。

And now just this morning, we're pleased to have announced the sale of Minnesota Rubber and Plastics or MRP. Like C.H.I., we introduced a broad-based equity ownership program across all of MRP's employees, including many hourly workers, when we acquired MRP in 2018, over 1,300 nonmanagement employees across 6 countries and 4 states.

現在就在今天早上，我們很高興宣佈出售明尼蘇達橡膠和塑料或 MRP。與 C.H.I. 一樣，我們在 2018 年收購 MRP 時，在 6 個國家和 4 個州的 1,300 多名非管理人員中引入了一項基礎廣泛的股權計劃，涵蓋 MRP 的所有員工，包括許多小時工。

And the company and its employees have performed. We've seen significant improvements in safety, waste reduction, the speed of new product delivery and earnings growth as EBITDA margins grew from 21% to 25% over our ownership.

公司及其員工都有表現。隨著 EBITDA 利潤率從我們所有權的 21% 增長到 25%，我們在安全、減少浪費、新產品交付速度和收益增長方面取得了顯著改善。

So again, this will be a strong investment for our fund investors. We expect the sale to be a 3x multiple of our cost in approximately 3.5 years. And at the same time, we think it's a great event for MRP's employees. On average, employees will receive 100% of their annual income and equity payouts from the sale, with the more tenured employees receiving 200% of their annual income.

因此，對於我們的基金投資者來說，這將是一項強有力的投資。我們預計在大約 3.5 年內，銷售額將是我們成本的 3 倍。同時，我們認為這對 MRP 的員工來說是一件大事。平均而言，員工將從此次出售中獲得 100% 的年收入和股權支出，而擁有更多終身職位的員工將獲得 200% 的年收入。

And now we want to turn these experiences into a movement. We've implemented broad-based employee ownership programs across many of our traditional PE and impact investments, over 25 to-date. We've touched over 50,000 employees, and that number is going to grow meaningfully from here.

現在我們想把這些經歷變成一場運動。我們已經在我們的許多傳統 PE 和影響力投資中實施了基礎廣泛的員工所有權計劃，迄今為止已超過 25 個。我們已經接觸了超過 50,000 名員工，而且這個數字將從這裡開始顯著增長。

In addition, we have found a new nonprofit called Ownership Works to support public and private companies that are transitioning to shared ownership models like the ones we implemented at C.H.I. and MRP. At this time, Ownership Works includes over 60 member firms pursuing this mission.

此外，我們還找到了一個名為 Ownership Works 的新非營利組織，以支持正在過渡到共享所有權模式的公共和私營公司，就像我們在 C.H.I. 實施的模式一樣。和物料需求計劃。目前，Ownership Works 包括 60 多家致力於這一使命的成員公司。

We think part of creating a movement will be storytelling, which is why we walked through the C.H.I. and MRP examples. And we look forward to having many additional stories to review with you in the quarters and years ahead.

我們認為創造運動的一部分將是講故事，這就是我們走過 C.H.I. 的原因。和 MRP 示例。我們期待在未來的幾個季度和幾年內與您一起回顧更多的故事。

And with that, I'll turn it over to Rob.

有了這個，我會把它交給 Rob。

Thanks a lot, Craig, and thank you, everyone, for joining our call this morning.

非常感謝克雷格，感謝大家今天早上加入我們的電話會議。

First, to go through our quarterly P&L. Our management fees came in at $655 million. That's up 36% compared to the second quarter of 2021. To put that into context, Q2 of 2021 already reflected a full quarter of Global Atlantic management fees. So the 35-plus percent growth really reflects the organic momentum that we have across the firm today.

首先，查看我們的季度損益表。我們的管理費為 6.55 億美元。與 2021 年第二季度相比，這一數字增長了 36%。為了說明這一點，2021 年第二季度已經反映了全球大西洋管理費的整個季度。因此，35% 以上的增長確實反映了我們今天整個公司的有機發展勢頭。

Net transaction and monitoring fees were $107 million for the quarter. The decrease here was driven by our Capital Markets business, which I will spend a bit of time on shortly.

本季度的淨交易和監控費用為 1.07 億美元。這裡的下降是由我們的資本市場業務推動的，我很快就會花一些時間來討論這個業務。

As it relates to our expenses, our fee-related comp margin, consistent with prior quarters, was 22.5%. Operating expenses totaled $137 million. This increase was driven by a few things, including a heightened level of activity in corporate travel and office operations as well as continued investments in both our technology build-out and marketing organization. This is all critical investment that we feel is setting us up for future growth and is very consistent with our plans for the year. Bringing it all together, our fee-related earnings totaled $461 million or $0.52 per share this quarter.

由於與我們的費用有關，我們與費用相關的利潤率為 22.5%，與前幾個季度一致。運營費用總計1.37億美元。這一增長是由幾件事推動的，包括商務旅行和辦公室運營活動水平的提高，以及對我們的技術建設和營銷組織的持續投資。這是我們認為正在為未來增長做好準備的所有關鍵投資，並且與我們今年的計劃非常一致。綜上所述，本季度我們與費用相關的收益總計 4.61 億美元或每股 0.52 美元。

Moving to our realization-related revenue, which was very positive for us this quarter and, in aggregate, represented one of our highest in the firm's history. Realized performance income came in at $731 million. Our carried interest was driven by monetization of Internet Brands, a number of public market exits and the sales of opportunistic real estate assets. Realized investment income totaled $277 million, driven by these same transactions. In total, our asset management operating earnings were just over $950 million.

轉向我們與實現相關的收入，這對我們本季度非常有利，總的來說，這是我們公司歷史上最高的收入之一。已實現的業績收入為 7.31 億美元。我們的附帶權益是由互聯網品牌的貨幣化、一些公開市場退出和機會性房地產資產的銷售驅動的。在這些交易的推動下，已實現的投資收入總計 2.77 億美元。總的來說，我們的資產管理營業收入剛剛超過 9.5 億美元。

Our Insurance segment also had a very strong quarter, generating $137 million of operating earnings. Together, these earnings streams resulting in after-tax DE of $840 million or $0.95 per share. Year-to-date, our after-tax fee was over $1.8 billion, up 14% year-on-year, which, I think, highlights the continued strength of our business model.

我們的保險部門也有一個非常強勁的季度，產生了 1.37 億美元的營業收入。這些收益流加在一起，產生了 8.4 億美元或每股 0.95 美元的稅後 DE。年初至今，我們的稅後費用超過 18 億美元，同比增長 14%，我認為這凸顯了我們商業模式的持續實力。

Taking a step back from the quarterly numbers, the momentum across the firm continues to be exceptionally strong, and there is high confidence that we're doing the things that we need to do really across the board to set ourselves up for the future. We have had continued fundraising success, with $52 billion of new capital raised year-to-date.

從季度數據後退一步，整個公司的勢頭繼續異常強勁，並且我們高度相信我們正在做我們真正需要做的事情，以便為未來做好準備。我們在籌款方面持續取得成功，今年迄今已籌集到 520 億美元的新資金。

We are on our way to reaching our goal of being top 3 in everything that we do. And with 65% of that new capital coming into our Real Assets and Credit businesses, we're becoming a meaningfully more diversified asset management firm.

我們正在努力實現我們所做的一切都成為前三名的目標。隨著 65% 的新資本進入我們的不動產和信貸業務，我們正在成為一家更加多元化的資產管理公司。

Management fees, in turn, are up 39% for the first half of 2022. And with $44 billion of AUM that will become fee-paying when it enters its investment period, we have a good line of sight on future management fee growth. The quality of our investment portfolio is evidenced by our relative investment performance as well as our ability to monetize these investments through the cycle.

反過來，管理費在 2022 年上半年增長了 39%。隨著 440 億美元的資產管理規模在進入投資期時將成為付費的，我們對未來的管理費增長有很好的看法。我們的投資組合的質量體現在我們的相對投資表現以及我們在整個週期中將這些投資貨幣化的能力。

Realized gains for KKR are up in the first half of 2022 compared to the same period last year. Though we had a lighter quarter in capital markets, fees for the first half of 2022 are approximately $340 million, very solid against what has clearly been a challenged market backdrop since the beginning of the year.

與去年同期相比，KKR 的已實現收益在 2022 年上半年有所上升。儘管我們在資本市場上的季度表現較輕，但 2022 年上半年的費用約為 3.4 億美元，在自年初以來顯然充滿挑戰的市場背景下非常穩健。

We remain really excited about the potential for our Capital Markets business. We have a unique business model and an ability to recruit and retain best-in-class talent. Additionally, we have $25 billion of total cash and investments on our balance sheet.

我們仍然對我們資本市場業務的潛力感到非常興奮。我們擁有獨特的商業模式以及招募和留住一流人才的能力。此外，我們的資產負債表上有 250 億美元的現金和投資總額。

Last quarter, on this call, we spent a lot of time detailing the strength of both our investment portfolio as well as the unique nature of our long-dated and fixed liabilities. We have no doubt that our position here represents a real competitive advantage, especially in a more volatile market environment, and it will allow for us to emerge from this period in an even stronger position.

上個季度，在這次電話會議上，我們花了很多時間詳細說明我們投資組合的實力以及我們長期和固定負債的獨特性質。毫無疑問，我們在這裡的地位代表了真正的競爭優勢，尤其是在更加動蕩的市場環境中，這將使我們能夠以更強大的地位擺脫這一時期。

Turning to our investment performance. The traditional Private Equity business was down 7% in the quarter compared to broad indices that were down over 16%. And over the last 12 months, the portfolio was up 4%, while the MSCI World was down 14%.

轉向我們的投資業績。傳統的私募股權業務在本季度下降了 7%，而廣泛的指數下降了 16% 以上。在過去 12 個月中，該投資組合上漲了 4%，而 MSCI World 下跌了 14%。

Importantly, inception-to-date IRRs for the key flagship returns across geographies remains strong at 32%, 19% and 38% across our Americas, Europe and Asia portfolio companies. Similarly, opportunistic real estate was up 1% in the quarter, and over the last 12 months, up 23%, with infrastructure down 1% and up 8% over the last 12 months.

重要的是，在我們的美洲、歐洲和亞洲投資組合公司中，各地區主要旗艦回報的初始至今內部收益率保持強勁，分別為 32%、19% 和 38%。同樣，本季度投機性房地產上漲 1%，過去 12 個月上漲 23%，基礎設施下降 1%，過去 12 個月上漲 8%。

On the leveraged credit side, the portfolio was down 6% for the quarter and down 5% for the last 12 months. Our alternative credit portfolio was down 1% in Q2 and up 6% in the LTM.

在槓桿信貸方面，本季度投資組合下降了 6%，過去 12 個月下降了 5%。我們的替代信貸組合在第二季度下降了 1%，在 LTM 中上升了 6%。

Next, to go through our balance sheet. Investment performance was down 5% in the quarter and up 1% over the last 12 months. We spent time last quarter reviewing the core private equity portfolio. Core PE remains the largest allocation on our balance sheet today. Over 30% of our investments are in the strategy.

接下來，通過我們的資產負債表。本季度投資業績下降 5%，過去 12 個月增長 1%。我們在上個季度花時間審查了核心私募股權投資組合。核心 PE 仍然是我們今天資產負債表上最大的配置。我們超過 30% 的投資用於該戰略。

For Q2, this portfolio was down 2.5%, but up 16% over the last 12 months. The underlying fundamentals of the core PE portfolio remain resilient, with organic revenue and EBITDA up approximately 12% and 10%, respectively, through the first half of 2022.

對於第二季度，該投資組合下降了 2.5%，但在過去 12 個月中增長了 16%。核心 PE 投資組合的基本面保持彈性，到 2022 年上半年，有機收入和 EBITDA 分別增長約 12% 和 10%。

Turning a minute to focus on our Asia franchise. With the closing of our acquisition of the Japanese REIT manager KJRM, the growth in our Asia infra strategy and our first Asia private credit fund, we continue to feel that we have a really differentiated position in a critical geography.

花一點時間專注於我們的亞洲特許經營權。隨著我們完成對日本房地產投資信託基金管理公司 KJRM 的收購、我們亞洲基礎設施戰略的增長以及我們的首個亞洲私人信貸基金，我們繼續感到我們在關鍵地區擁有真正與眾不同的地位。

Our Asia-focused capital has increased threefold since the end of 2019, now reaching $59 billion. Most recently, we have raised over $4 billion of capital so far for our Asia infrastructure strategy, making the capital raised already larger than its predecessor, which, at $3.8 billion, was previously the largest infra fund in the region.

自 2019 年底以來，我們專注於亞洲的資本增加了三倍，目前達到 590 億美元。最近，迄今為止，我們為亞洲基礎設施戰略籌集了超過 40 億美元的資金，使得籌集的資金已經超過了其前身的規模，後者的前身為 38 億美元，此前是該地區最大的基礎設施基金。

We now clearly have the #1 franchise in a space that is a tremendous addressable market and real secular tailwinds. As a result of all of this activity, the moat that we have created around our Asia business continues to expand.

我們現在顯然在一個巨大的可尋址市場和真正的長期順風的空間中擁有排名第一的特許經營權。由於所有這些活動，我們圍繞亞洲業務建立的護城河繼續擴大。

Finally, I want to take a minute just to review our long-term financial goals. As we have stated on the last few calls, we expect our FRE to be $4-plus per share and our after-tax distributable earnings to be over $7 per share by 2026. These goals have not changed, and we continue to have a great deal of confidence in our ability to meet or exceed our targets.

最後，我想花一點時間來回顧一下我們的長期財務目標。正如我們在最近幾次電話會議中所說的那樣，我們預計到 2026 年，我們的 FRE 將超過每股 4 美元，我們的稅後可分配收益將超過每股 7 美元。這些目標沒有改變，我們將繼續擁有良好的業績對我們達到或超過目標的能力充滿信心。

Relative to what we are all reading right now in many corporate headlines, KKR is in a really unique position, where we have both the P&L and the business momentum to be able to continue investing back into our business for growth. It's one of the many reasons that we are all so excited about the long-term potential.

相對於我們現在在許多公司頭條新聞中所讀到的內容，KKR 處於一個非常獨特的位置，我們擁有損益表和業務動力，能夠繼續投資於我們的業務以實現增長。這是我們對長期潛力如此興奮的眾多原因之一。

And with that, let me hand it off to Scott.

有了這個，讓我把它交給斯科特。

Thank you, Rob, and thank you, everybody, for joining our call this morning. A few weeks ago, we hosted a conference for our global Private Equity and Real Asset clients. People from around the world came and spent 3 days with us at our first in-person event like this since 2019. I thought, today, I'd share a handful of key takeaways from the event.

謝謝你，Rob，謝謝大家今天早上加入我們的電話會議。幾週前，我們為我們的全球私募股權和不動產客戶舉辦了一次會議。自 2019 年以來，來自世界各地的人們前來參加我們的第一次這樣的面對面活動，並與我們共度了 3 天。我想，今天，我將分享活動中的一些關鍵要點。

First, as a whole, investment performance has never been stronger across the firm. This is a quarterly earnings call so the discussion on investment performance tends to be focused on the last 90 days. But when you take a step back and look at inception-to-date IRRs across our key funds, we've been delivering differentiated, absolute and relative performance for our clients.

首先，作為一個整體，整個公司的投資業績從未如此強勁。這是一個季度收益電話會議，因此有關投資業績的討論往往集中在過去 90 天。但是，當您退後一步查看我們主要基金的成立至今的內部收益率時，我們一直在為我們的客戶提供差異化、絕對和相對的業績。

Second, we've talked a great deal on these calls about how we're highly thematic in our investment approach. This was evident in all of the presentations. We think we got the macro right. And with volatility expected to continue and a more challenging economic environment ahead of us, it will be critical for us to continue to be on the right side of key macro trends and highly connected across the firm.

其次，我們在這些電話會議上談了很多關於我們如何在投資方法中高度主題化。這在所有的演講中都很明顯。我們認為我們的宏觀是正確的。由於預計波動性將繼續存在，並且我們面臨更具挑戰性的經濟環境，因此我們必須繼續站在關鍵宏觀趨勢的右側並在整個公司內保持高度聯繫。

Third, we've been balanced investors. As just one example, across our traditional PE funds over the last 12 months, we've returned more capital than we deployed. This is in contrast to perception and has helped us in the fundraising numbers that you've been seeing.

第三，我們一直是平衡的投資者。僅舉一個例子，在過去 12 個月中，在我們的傳統私募股權基金中，我們返還的資本比我們部署的要多。這與人們的看法形成鮮明對比，並幫助我們提高了您所看到的籌款數字。

Fourth, our newer businesses are off to a fantastic start. Over the last 5 years, we've launched a series of adjacencies that are early in their life cycle. You're seeing innovation across our firm. And in our experience, it takes 10 years for businesses to scale and inflect in a way that can move the needle. So there continues to be a great deal of growth ahead of us.

第四，我們的新業務開局良好。在過去的 5 年中，我們推出了一系列處於生命週期早期的鄰接。您正在看到我們公司的創新。根據我們的經驗，企業需要 10 年的時間才能擴大規模並以一種可以改變現狀的方式進行調整。因此，我們面前仍然有很大的增長空間。

And finally, our people. We have never felt better about the talent in the firm. It was fun to be able to show up our deep bench at the conference. As we listened to 3 days of presentations and discussions, it becomes apparent we have a unified team that is focused on generating exceptional outcomes. Our numbers speak to the strength, quality and resiliency, not only of our model, but of our most important asset, our people.

最後，我們的人民。我們對公司的人才感覺從未如此好過。能夠在會議上展示我們的替補席很有趣。當我們聽了 3 天的演示和討論時，很明顯我們有一個統一的團隊，專注於產生卓越的成果。我們的數字體現了實力、質量和彈性，不僅體現了我們的模式，還體現了我們最重要的資產——我們的員工。

As we step back from the conference and the markets for a minute, while there's no doubt the operating environment has shifted compared to 6 months ago, we are not overly concerned with near-term volatility or the business cycle. In fact, nothing has changed about the path we are on. With record dry powder, multiple-scaling businesses, a large and liquid balance sheet and further innovation and expansion underway, our confidence level is high.

當我們從會議和市場退後一分鐘時，雖然與 6 個月前相比，運營環境毫無疑問已經發生了變化，但我們並沒有過度關注近期波動或商業周期。事實上，我們所走的道路沒有任何改變。憑藉創紀錄的干粉、多重規模的業務、龐大而流動的資產負債表以及正在進行的進一步創新和擴張，我們的信心水平很高。

And we find it as exactly times like this when we make some of our best investments and strategic moves. So our outlook has not changed, and we are focused on capitalizing on the opportunity any short-term market behavior gives us to create even greater long-term value for all of us.

當我們進行一些最佳投資和戰略舉措時，我們發現正是這樣的時刻。所以我們的前景沒有改變，我們專注於利用任何短期市場行為給我們帶來的機會，為我們所有人創造更大的長期價值。

With that, we're happy to take your questions.

有了這個，我們很高興回答您的問題。

(Operator Instructions) The first question then is from Alex Blostein of Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Alex Blostein。

Question on deployment and a bit of a multipart, I guess, but all related. So the $44 billion of committed capital, they'll turn on fees once deployed. Can you help break down which businesses these balances sit within? And how are you thinking about the pace and timing of deploying this capital over the next over the next 12 months or so? What it means for management fees and transaction fees is kind of part of that.

我猜，關於部署和多部分的問題，但都是相關的。因此，440 億美元的承諾資本，一旦部署，他們就會收取費用。你能幫助分解這些餘額屬於哪些業務嗎？您如何看待在未來 12 個月左右部署這筆資金的速度和時機？它對管理費和交易費的意義是其中的一部分。

And I guess, when you take a little bit of a step back, we've seen a pretty meaningful decline in sponsor-backed announcements in the space over the last month or 2. To what extent is sort of tighter financial conditions do you think could weigh on KKR's ability to deploy capital?

而且我想，當你稍微退後一步時，我們已經看到過去一個月或 2 個月內贊助商支持的公告出現了相當大的下降。你認為財務狀況在何種程度上收緊會影響 KKR 部署資本的能力嗎？

Alex, it's Rob. Thanks a lot for the question. When you look at the $44 billion of capital, that's up, I think, $8 billion quarter-over-quarter from last quarter. Blended management fee rate on that is just north of 1%, at 1.04%, and it's spread pretty nicely across our 3 asset management businesses.

亞歷克斯，我是羅伯。非常感謝這個問題。當您查看 440 億美元的資本時，我認為這比上一季度環比增加了 80 億美元。混合管理費率略高於 1%，為 1.04%，在我們的 3 個資產管理業務中分佈得相當好。

And so in our Private Equity business, our core Private Equity business would be reflected in that number. Across Real Assets, you see our Asia infrastructure strategy, where, so far, we've raised over $4 billion of capital. As Craig noted, that has not yet turned on, so it would be in that $44 billion figure. And then our Credit business, most of our Credit business, the closed-end funds are going to be turned on when that capital gets invested. And so it's spread nicely across our 3 asset management businesses.

因此，在我們的私募股權業務中，我們的核心私募股權業務將反映在這個數字上。在 Real Assets，您可以看到我們的亞洲基礎設施戰略，到目前為止，我們已經籌集了超過 40 億美元的資金。正如克雷格所指出的那樣，這還沒有開啟，所以它將是 440 億美元的數字。然後是我們的信貸業務，我們的大部分信貸業務，封閉式基金將在資金投入時啟動。因此，它很好地分佈在我們的 3 個資產管理業務中。

Then Alex, it's Craig, maybe just on point 2. Look, I think as it relates to deployment, it's interesting. A couple of things. One, just on the stats. Private Equity and Real Assets deployment in the first half of the year was $27 billion, and that's up from 12% in the first half of last year. So when you look broadly in terms of overall level of activity, you've actually seen a healthy amount of activity.

然後是 Alex，是 Craig，也許就在第 2 點。看，我認為它與部署有關，這很有趣。有幾件事。一，只是統計數據。今年上半年的私募股權和不動產部署為 270 億美元，高於去年上半年的 12%。因此，當您從整體活動水平的角度進行廣泛觀察時，您實際上已經看到了健康的活動量。

Now your point on the state of the credit markets, though, is certainly a fair one. I think we're seeing a couple of dynamics there. Announced M&A as a whole is down. So I think when you look at new issuance, you're seeing that, that overall new issuance number is down. I think banks, to us, are feeling more cautious.

不過，現在你關於信貸市場狀況的觀點肯定是公平的。我認為我們在那裡看到了一些動態。已宣布的併購整體呈下降趨勢。因此，我認為當您查看新發行時，您會看到總體新發行數量下降。我認為銀行對我們來說更加謹慎。

So I think when you're -- you're seeing both of those things reflected in terms of overall levels of activity in the private credit markets. But I think, importantly, markets are open and functioning. And we still have the ability to finance transactions. We're not at a point where our ability to finance transactions is impacting our ability to get things done.

所以我認為，當你——你看到這兩件事都反映在私人信貸市場的整體活動水平上。但我認為，重要的是，市場是開放的、運轉良好的。而且我們仍然有能力為交易融資。我們還沒有為交易融資的能力影響我們完成工作的能力。

The next question is from Craig Siegenthaler of Bank of America.

下一個問題來自美國銀行的 Craig Siegenthaler。

I had a question on Private Equity performance. And I know it's just 90 days, but inside of the 7% mark for corporate private equity, do you have the breakout of public versus private in the quarter? And also, do you have any color on the main funds, like Americas XII, Next Gen II?

我有一個關於私募股權表現的問題。而且我知道這只是 90 天，但在企業私募股權的 7% 大關內，您是否在本季度出現了公開與私有的突破？另外，你對主要基金有什麼看法嗎，比如 Americas XII，Next Gen II？

Craig, it's Rob. Thanks a lot for the question. Certainly, what you would have seen in the quarter is that our publics were down more than our privates. In part, that was impacted by an M&A trade, where -- on one of our privates, a strategic trade that resulted in a north of $1 billion write-up on our private portfolio.

克雷格，是羅伯。非常感謝這個問題。當然，你會在本季度看到的是，我們的公眾比我們的私人下降更多。在某種程度上，這受到了併購交易的影響，在我們的一個私人公司中，一項戰略交易導致我們的私人投資組合增持了 10 億美元。

I think you're right when you said it is only a 90-day period. I think that's important to put into context. We feel really good about how we valued our book this quarter. We spent a lot of time on it. Of course, we've got a mix about DCF and comparable companies that are going to flow through and impact our marks.

我認為你說的只有 90 天是對的。我認為這很重要。我們對本季度如何評價我們的書感到非常滿意。我們花了很多時間在上面。當然，我們有一個關於 DCF 和可比公司的組合，它們將通過並影響我們的分數。

I do think it's important, though, to think about, coming into 2022, where our private equity performance was. And in 2019, we generated a 27% return for our investors. That was 17% in 2020 and 46% in 2021.

不過，我確實認為重要的是要考慮到 2022 年，我們的私募股權表現在哪裡。 2019 年，我們為投資者帶來了 27% 的回報。 2020 年為 17%，2021 年為 46%。

So we came into this period of volatility with a lot of embedded gains. If you invested a $1 with us, there's a lot of ins and outs of course, but just on those returns alone, in 2019, it would still be worth close to $2 today with some of the marks that we've taken in Q2.

因此，我們進入了這個波動時期，並獲得了很多嵌入式收益。如果您在我們這裡投資了 1 美元，當然會有很多來龍去脈，但僅就這些回報而言，在 2019 年，今天仍然價值接近 2 美元，其中包含我們在第二季度取得的一些成績。

Yes. I think the only thing I'd add, Craig, fundamentally, the companies are continuing to perform well. So I think you're largely seeing some multiple contraction this quarter. But in terms of the underlying fundamental performance of the portfolio, it continues to be strong.

是的。克雷格，我想我唯一要補充的是，從根本上說，這些公司繼續表現良好。因此，我認為本季度您在很大程度上看到了多次收縮。但就投資組合的基本面表現而言，它繼續強勁。

The next question is from Gerry O'Hara of Jefferies.

下一個問題來自 Jefferies 的 Gerry O'Hara。

Gerry, are you there? We can't hear you.

格瑞，你在嗎？我們聽不見你的聲音。

How about now? Can you hear me all right?

現在怎麼樣？你能聽到我的聲音嗎？

There we go.

我們去吧。

Okay. Just actually hoping to get a little bit of an update on capital management. And it looks like, just during the quarter, there wasn't any incremental buybacks, or at least from the period from May 1 onward. Just kind of hope we might get a little bit of an update how you're thinking about that and potentially how we should think about it going forward.

好的。實際上只是希望獲得一點關於資本管理的最新信息。看起來，就在本季度，沒有任何增量回購，或者至少從 5 月 1 日開始。只是希望我們可能會得到一點更新，您對此的看法以及我們未來應該如何考慮它。

Gerry, thanks for the question. Like most things, I think, in our business, probably looking quarter-to-quarter is a little bit less relevant than looking over time. And since we initiated our buyback program several years ago, we've bought back or canceled approximately 85 million shares. I think that's done, give or take, at around $25 per share, which is a little bit lower than our book value today. And so when we look back at our body of work over the last several years, we feel good.

格里，謝謝你的問題。像大多數事情一樣，我認為，在我們的業務中，可能按季度查看比隨著時間的推移查看的相關性要小一些。自從我們幾年前啟動回購計劃以來，我們已經回購或註銷了大約 8500 萬股股票。我認為這是以每股約 25 美元的價格完成的，給予或接受，這比我們今天的賬面價值略低。因此，當我們回顧過去幾年的工作時，我們感覺很好。

In addition to that, if you look at Q2 in isolation, we had also completed the acquisition of KJRM, almost $2 billion, and issued no equity as part of that. And so as we think about capital allocation and buybacks, what we are most focused on as a management team is ensuring that we drive the highest level of profitability on a per share basis, and there's multiple ways of being able to get there.

除此之外，如果你孤立地看第二季度，我們還完成了對 KJRM 的收購，將近 20 億美元，並且沒有發行任何股權。因此，當我們考慮資本配置和回購時，作為管理團隊，我們最關注的是確保我們在每股基礎上推動最高水平的盈利能力，並且有多種方法可以實現這一目標。

And ultimately, if we're moving our capital around in a way that maximizes ROE, and we think that's a real core competency of ours, then ultimately, we will drive long-term best performance from a profitability on a per share basis. Our expectation is share buybacks are going to continue to be a part of that as we move forward.

最終，如果我們以最大化 ROE 的方式轉移我們的資本，並且我們認為這是我們真正的核心競爭力，那麼最終，我們將在每股盈利基礎上推動長期最佳業績。我們的預期是，隨著我們前進，股票回購將繼續成為其中的一部分。

Then the next question is from Brian Mckenna of JMP.

下一個問題來自 JMP 的 Brian Mckenna。

So if I look at net realized performance income prior to 2021, it was running at about $1 billion annually for a few years despite varying operating backdrops. And then as the business scaled, that essentially doubled the $2 billion plus in 2021. And based on results in the first half of this year, you're still run rating at about $2 billion.

因此，如果我查看 2021 年之前的淨實現業績收入，儘管經營背景各不相同，但幾年來每年的業績收入約為 10 億美元。然後隨著業務規模的擴大，到 2021 年，這基本上是 20 億美元以上的兩倍。根據今年上半年的結果，你的評級仍然在 20 億美元左右。

So is this $2 billion run rate level a reasonable expectation moving forward despite the more challenging backdrop? Or if the volatility persists, do you think you'll trend back towards the prior $1 billion level? Just trying to get some additional perspective here on the baseline level of realizations moving forward.

那麼，儘管面臨更具挑戰性的背景，這 20 億美元的運行率水平是否是一個合理的預期？或者，如果波動持續存在，你認為你會回到之前的 10 億美元水平嗎？只是試圖在這裡獲得一些關於實現的基線水平的額外觀點。

Yes. Thanks a lot for the question. And so we're probably going to stay away from providing levels of forward guidance, certainly on things like realization. I think what we will say, though, is that we've been really proud of our ability to be able to monetize through the first half of this year in a highly volatile environment. I think that speaks to a couple of things. Scott touched on the strength of our underlying portfolio. And no doubt, without real strong performance in our portfolio, we wouldn't have been able to achieve those exits. It also speaks to the diversification of our business model.

是的。非常感謝這個問題。因此，我們可能會遠離提供前瞻性指導水平，當然是在實現之類的事情上。不過，我認為我們要說的是，我們為能夠在今年上半年在高度動蕩的環境中獲利感到非常自豪。我認為這說明了幾件事。斯科特談到了我們基礎投資組合的實力。毫無疑問，如果我們的投資組合沒有真正強勁的表現，我們將無法實現這些退出。這也說明了我們業務模式的多樣化。

And what we have talked about over time is a real scaling of our capital that is eligible for carry as well as our deployment. And as a result of that, our expectation over time is you're going to see our carried interest and realized performance income scaling over time, and we think can be pretty significant scaling as we move out a number of years and some of our newer funds that are much larger start to get to scale and are maturing. So hopefully, that gives you a bit of color.

隨著時間的推移，我們談論的是我們有資格進行攜帶和部署的資本的真正擴展。因此，隨著時間的推移，我們的預期是您將看到我們的附帶權益和已實現的績效收入隨著時間的推移而擴大，我們認為隨著我們搬出幾年和一些新的規模大得多的基金開始規模化並日趨成熟。所以希望這能給你一些色彩。

The next question then is from Patrick Davitt of Autonomous Research.

下一個問題來自 Autonomous Research 的 Patrick Davitt。

It looks like the mark-to-market on the fee-paying side of the AUM rolled forward was significantly worse than most people expected. So could you flush out kind of some of the key drivers in the negative marks on the fee-paying AUM side, maybe by strategy and/or vehicle?

看起來 AUM 前滾的付費方的按市值計價比大多數人預期的要差得多。那麼，您能否在付費 AUM 方面消除一些關鍵驅動因素，可能是通過策略和/或車輛？

And in that vein, it looks like management fees actually came in more or less in line. So is it fair to assume that the fee rate on the more negatively marked AUM was dramatically lower than the inflows?

在這種情況下，看起來管理費實際上或多或少是一致的。那麼，是否可以假設更負標記的 AUM 的費率大大低於流入量？

Patrick, you hit it perfectly. So the majority of that change in value is a result in, really, interest rates going up and the fixed income portfolio at Global Atlantic trading down. And so that's what's driving it. And as you think about our fee rate on the Global Atlantic pool of capital, that's materially lower than the rest of our business. And so that's why you end up in a scenario where our management fees are hit pretty disproportional to what you see in terms of the change in value on our fee-paying assets.

帕特里克，你完美地擊中了它。因此，價值的大部分變化實際上是利率上升和 Global Atlantic 的固定收益投資組合交易下降的結果。這就是它的驅動力。當您考慮我們對全球大西洋資本池的收費率時，這大大低於我們其他業務。這就是為什麼你最終會遇到這樣一種情況，即我們的管理費與你所看到的付費資產價值變化不成比例。

The next question is from Arnaud Giblat of BNP.

下一個問題來自法國巴黎銀行的 Arnaud Giblat。

My question is on secondaries. Could you discuss your view on the ARPU for secondary funds at this point in the cycle? And how you're thinking about positioning there and gaining exposure, either organically or inorganically?

我的問題是關於次級的。您能否談談您對本週期此時二級基金的 ARPU 的看法？你是如何考慮在那裡定位並獲得曝光的，無論是有機的還是無機的？

Yes. And so we have not -- thanks a lot for the question. We have nothing that's imminent to report as it relates to secondaries, whether that's organic or inorganic. It's a space that we continue to look at with interest. It is certainly adjacent to our core private equity strategies across the firm. And so it's one that we're spending time on.

是的。所以我們沒有——非常感謝這個問題。我們沒有任何即將報告的內容，因為它與次級物質有關，無論是有機的還是無機的。這是一個我們繼續感興趣的空間。它肯定與我們整個公司的核心私募股權戰略相鄰。所以這是我們花時間的一個。

I think what's important to note is we've talked about our goals, our financial measures that we expect to achieve over the next 4 to 5 years, generating $4-plus of FRE. That's based on principally things that KKR is doing today. It doesn't rely on any inorganic activity.

我認為需要注意的重要一點是我們已經討論了我們的目標，我們預計在未來 4 到 5 年內實現的財務措施，產生 4 美元以上的 FRE。這主要基於 KKR 今天所做的事情。它不依賴於任何無機活性。

And so while we'll continue to look at the space and spend time on it, there's a lot of areas that we're focused on KKR that are in front of us that we've started, where we have track records. And we've got a lot of opportunity to scale this.

因此，雖然我們將繼續關注這個空間並花時間在上面，但我們已經開始關注 KKR 的很多領域，我們已經開始了這些領域，我們有記錄。我們有很多機會來擴大規模。

The next question is from Brian Bedell of Deutsche Bank.

下一個問題來自德意志銀行的 Brian Bedell。

Great. Maybe just to focus on the Real Asset segmentation and more strategically on how you're thinking about it. I guess, a 2-parter. First, are you -- you've already built this business, obviously, hence the reason or justification for segmenting it out. But is there also a change in management focus in focusing on this area disproportionately going forward?

偉大的。也許只是專注於不動產細分，更有策略地關注您的想法。我想，一個2部分。首先，你是不是 - 顯然，你已經建立了這項業務，因此有理由或理由將其分割出來。但是，管理重點是否也會發生變化，不成比例地關注這一領域？

And then the second part of that is on the Infrastructure side. Can you talk about your view on energy transition? I don't know if that would fit into an infrastructure strategy, or whether you would consider over the long term raising an energy transition fund. And maybe just your views long term in that area given that you've got a lot of focus on Real Assets broadly in general.

然後第二部分是在基礎設施方面。您能談談您對能源轉型的看法嗎？我不知道這是否適合基礎設施戰略，或者您是否會考慮長期籌集能源轉型基金。考慮到您在廣義上廣泛關注實物資產，也許只是您在該領域的長期看法。

Brian, it's Craig. Why don't I start? I'm sure on the overarching question you're asking, Scott will add. Look, I think in terms of the 2 businesses you mentioned in Infrastructure, you're right, we have seen really dramatic scaling in both of those businesses.

布萊恩，我是克雷格。我為什麼不開始？我敢肯定，對於您提出的首要問題，Scott 會補充。看，我認為就您在基礎設施中提到的兩項業務而言，您是對的，我們已經看到這兩項業務的規模都在急劇擴大。

If you go back to our Investor Day in April of last year, we walked through Infrastructure as a case study of how honestly we look to build investment platforms: begin with strong performance of flagship strategies and then look to scale and innovate at the same time. And that innovation can come geographically as big with Asia infra, and it also could come in terms of expansion into new risk/reward as we've seen also with core infra.

如果您回到去年 4 月的投資者日，我們通過基礎設施作為案例研究，展示了我們如何誠實地建立投資平台：從旗艦策略的強勁表現開始，然後同時尋求規模和創新.這種創新可以在地域上與亞洲基礎設施一樣大，也可以在擴展到新的風險/回報方面，正如我們在核心基礎設施中所看到的那樣。

So we have, at this point, 3 distinct market segments in infra. We've got the global infra fund series: Asia, diversified, core. It's interesting at that Investor Day, again, a little over a year ago, we gave some goals or targets we set out. AUM at that point was $17 billion. We estimated that infra AUM at the end of this year would exceed $30 billion. We're in the high 50s now.

因此，在這一點上，我們在 infra 中有 3 個不同的細分市場。我們有全球基礎基金系列：亞洲、多元化、核心。有趣的是，在一年多前的那個投資者日，我們再次提出了一些目標或目標。當時的資產管理規模為 170 億美元。我們估計今年年底的基礎設施資產管理規模將超過 300 億美元。我們現在已經 50 多歲了。

So we've obviously had a lot of success there, all organic. We talked to management fees doubling from $150 million to about $300 million for 2022. Through the first 6 months, we're at $170 million. So we're comfortably on our way to exceeding that target.

所以我們顯然在那裡取得了很大的成功，都是有機的。我們談到了管理費從 1.5 億美元翻倍到 2022 年的約 3 億美元。在前 6 個月，我們達到了 1.7 億美元。因此，我們正在輕鬆地超越該目標。

And in terms of real estate, really, from a blank -- beginning with a bank-like slate in 2013, the platform has grown into a powerful, fully integrated platform, $60 billion of AUM today, split pretty equally between debt and equity. We have over a dozen vehicles with independent economics.

就房地產而言，實際上，從一個空白開始——從 2013 年的銀行類名單開始，該平台已經發展成為一個強大的、完全集成的平台，今天的 AUM 為 600 億美元，債務和股權幾乎平分。我們有十多輛具有獨立經濟性的車輛。

So I think when we look at how we're situated and the opportunities for continued growth, on top of that, we feel great about how we're positioned. And then you're right, as it relates to the opportunities that we have to continue to grow and invest in a lot of the areas of ESG. I think to date, you've seen that both through our impact strategy. You've also seen that through our infrastructure strategy. So nothing new to report on that.

所以我認為，當我們看到我們的定位和持續增長的機會時，最重要的是，我們對自己的定位感覺很好。然後你是對的，因為它關係到我們必須繼續發展和投資於 ESG 的許多領域的機會。我認為迄今為止，您已經通過我們的影響力戰略看到了這一點。您還通過我們的基礎架構戰略看到了這一點。所以沒有什麼新的報導。

As it relates to how we think about renewals or a dedicated strategy along those lines, nothing to report today. But I think you'll continue to see that as a real focus of ours. It's absolutely one of the 6 or 7 core themes that we're pursuing on a global basis.

由於它與我們如何看待續約或沿著這些思路制定專門的戰略有關，所以今天沒有什麼可報告的。但我認為你會繼續將其視為我們的真正重點。這絕對是我們在全球範圍內追求的 6 或 7 個核心主題之一。

Yes, Brian, just in terms of your question on the strategic focus, is there any change? The answer is no. I think it was really just recognition that these businesses had scaled. Both infrastructure and real estate were efforts that we started post financial crisis. And we've been in business-building mode. We continue to be.

是的，Brian，就您關於戰略重點的問題而言，有什麼變化嗎？答案是不。我認為這真的只是承認這些業務已經擴大規模。基礎設施和房地產都是我們在金融危機後開始的努力。我們一直處於商業建設模式。我們繼續存在。

But we found that there was, at times, a bit of a misunderstanding under the Private Markets' prior segmentation. There is periodically a presumption that, that was mostly Private Equity. And that's just not the case, as you can see in the chart.

但我們發現，在私人市場之前的細分中，有時存在一些誤解。定期有一個假設，這主要是私募股權。正如您在圖表中看到的那樣，情況並非如此。

Just to give you a sense for the numbers. We deployed about $40 billion in the first half of this year. Real Assets was $17 billion of the $40 billion; Credit was $13 million; and Private Equity was $10 million.

只是為了讓您對數字有所了解。我們在今年上半年部署了大約 400 億美元。實物資產是 400 億美元中的 170 億美元；信貸為 1300 萬美元；私募股權為 1000 萬美元。

So to partially pick up the prior question on the deal environment, Private Equity has been sub-25% of our deployment over the last 12 months, give or take. And Real Assets, just as a larger and larger part of our firm, so we thought it was time to break it out and share it with you more explicitly going forward, but no change in focus.

因此，為了部分解決之前關於交易環境的問題，私募股權在過去 12 個月中占我們部署的比例不到 25%，無論是給予還是接受。 Real Assets 是我們公司越來越大的一部分，所以我們認為是時候將其拆分出來並更明確地與您分享，但重點沒有改變。

The next question is from Finian O'Shea of Wells Fargo Securities.

下一個問題來自 Wells Fargo Securities 的 Finian O'Shea。

A question on BDCs. One of your peers lowered its fee pretty meaningfully this morning, seeing if you have any initial take on what that might mean for the product line and maybe if this is more of a first mover or just a one-off for that group.

關於 BDC 的問題。今天早上你的一個同行相當有意義地降低了它的費用，看看你是否對這對產品線可能意味著什麼有任何初步的看法，也許這對那個群體來說更像是先行者還是一次性的。

Fin, it's Craig. Thanks for the question. FSK is obviously a publicly traded entity. It got its own management team, its own shareholders, its own board. So really, it's probably a better question for their upcoming earnings call and not ours.

芬，是克雷格。謝謝你的問題。 FSK 顯然是一個公開交易的實體。它有自己的管理團隊、自己的股東、自己的董事會。所以說真的，對於他們即將召開的財報電話會議來說，這可能是一個更好的問題，而不是我們的。

Just in terms of FSK, broadly, we're really pleased with the performance of the business and the progress that we've seen over the last couple of years. But in terms of your specific question on fee structure, we point you to FSK.

就 FSK 而言，總的來說，我們對過去幾年的業務表現和我們所看到的進展感到非常滿意。但就您關於費用結構的具體問題而言，我們將您指向 FSK。

The next question is from Michael Cyprys of Morgan Stanley.

下一個問題來自摩根士丹利的 Michael Cyprys。

I was hoping you could talk about retail on the private wealth side. Hoping you could just update us on some of the initiatives there that you have on the retail side. How much was raised in the quarter, maybe where that sits from an AUM standpoint today?

我希望你能談談私人財富方面的零售。希望您能向我們介紹您在零售方面的一些舉措。本季度籌集了多少資金，從今天的 AUM 的角度來看，這可能是什麼情況？

And more broadly on retail, talk about some of the distribution initiatives in the private wealth channel, including around the KREST product and platform expansion. And just a quickie for -- a cleanup question for Rob at the end, just around the amount of capital raised and monetized off the balance sheet in the quarter.

在更廣泛的零售方面，談談私人財富渠道中的一些分銷舉措，包括圍繞 KREST 產品和平台擴展。並且只是一個快速的問題 - 最後是 Rob 的一個清理問題，大約是本季度從資產負債表中籌集和貨幣化的資本數量。

Thanks, Mike. So why don't I begin? Just first, as it relates to overall AUM, we have about $70 billion in total. That's in 3 buckets. That includes funds and strategies that we market through channels. That also includes the efforts of our own team that is focused on direct sales and activities with wealth and private wealth and high net worth and ultra-high net worth individuals. And then that also includes the democratized piece that you're mentioning, which was a hair below $6 billion as of June 30.

謝謝，邁克。那我為什麼不開始呢？首先，由於它與整體 AUM 相關，我們總共有大約 700 億美元。那是3個桶。這包括我們通過渠道營銷的資金和策略。這還包括我們自己的團隊的努力，該團隊專注於財富和私人財富以及高淨值和超高淨值個人的直銷和活動。然後這還包括你提到的民主化部分，截至 6 月 30 日，它的價值低於 60 億美元。

In terms of the update on the democratized front, so first, on KREST. So reminder on KREST, we began taking third-party capital in June of 2021. As of June 2022, it was $1.3 billion. It crossed that $1 billion threshold earlier this year, obviously. We believe that's the fastest that any private REIT has crossed that threshold. Performance has been very strong. Net annualized returns net north of 20%. And the distribution footprint is growing, which is great to see.

就民主化戰線的更新而言，首先是在 KREST 上。所以在 KREST 上提醒一下，我們從 2021 年 6 月開始接受第三方資本。截至 2022 年 6 月，它是 13 億美元。顯然，它在今年早些時候突破了 10 億美元的門檻。我們相信這是任何私人房地產投資信託基金跨越這一門檻的最快速度。表現一直很強勁。淨年化回報淨額超過 20%。而且分銷足跡正在增長，這很高興看到。

So as I know you will be well aware, in particular, there are 3 main wire houses in the U.S. KREST has been one of those since launch. It was onboarded at a second quite recently within the last week, actually, and it's scheduled to be launched on the third in the coming weeks. So also in Q3.

所以我知道你會很清楚，特別是美國有 3 家主要的電線公司。KREST 自推出以來就是其中之一。實際上，它是在最近一周內的第二次上線，併計劃在未來幾週內的第三次發布。第三季度也是如此。

And these are important milestones for us with the wire houses. And at the same time, we're focused on expanding distribution. That's true as it relates to the RIA and broker-dealer channels domestically as well as the private wealth channels internationally. So we feel great about the long-term path that KREST is on, the performance it's delivered and the opportunity ahead of us.

這些對我們來說是電線廠的重要里程碑。同時，我們專注於擴大分銷。確實如此，因為它與國內的 RIA 和經紀自營商渠道以及國際上的私人財富渠道有關。因此，我們對 KREST 所走的長期道路、它所提供的性能以及我們面前的機會感到非常滿意。

And then as it relates to, again, to the -- just your questions on the democratized -- where we are holistically. Again, AUM in total was 5.7%. A year ago, it was at 3.5%. We've been hiring distribution talent, and we expect to continue to do so as we think about broadening distribution of these products.

然後再一次涉及到 - 只是你關於民主化的問題 - 我們在整體上所處的位置。同樣，總資產管理規模為 5.7%。一年前，這一比例為 3.5%。我們一直在招聘分銷人才，我們希望在考慮擴大這些產品的分銷範圍時繼續這樣做。

And then finally, you're going to see more innovation here. So we expect, over the coming 2 or 3 quarters, we'll have launched democratized infrastructure and private equity strategies. And we expect to see those launched quite broadly, both in the U.S. as well as internationally.

最後，您將在這裡看到更多創新。因此，我們預計，在未來 2 或 3 個季度，我們將推出民主化的基礎設施和私募股權戰略。我們希望看到這些產品在美國和國際上廣泛推出。

So I think to date, these democratized products have really been focused in real estate and credit. And it feels to us like there's real interest in expanding those opportunities into additional asset classes like infra NPE, where, honestly, there's a lot more white space for us. So I think with our track record, our ability to innovate the brand, how we're positioned, it just feels like we're really well positioned.

所以我認為迄今為止，這些民主化的產品確實專注於房地產和信貸。在我們看來，真正有興趣將這些機會擴展到其他資產類別，如基礎設施 NPE，老實說，我們有更多的空白空間。所以我認為，憑藉我們的業績記錄、我們創新品牌的能力、我們的定位，感覺我們的定位真的很好。

And then my quick follow-up. In the quarter, we had realizations of about $400 million off the balance sheet, deployment of about $800 million. And that $800 million does not include the roughly $1.7 billion that went into the KJRM acquisition.

然後我的快速跟進。在本季度，我們在資產負債表外實現了約 4 億美元，部署了約 8 億美元。而這 8 億美元不包括用於收購 KJRM 的大約 17 億美元。

Our next question is from Rufus Hone of BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Rufus Hone。

I wanted to come back to the fund performance in traditional private equity. Could you give us a little more detail around the fundamental performance of the portfolio companies? You gave us some helpful metrics related to the core PE book. And I was wondering how that was tracking relative to the core book. And could you also update us on the marks in growth equity this quarter?

我想回到傳統私募股權中的基金表現。您能否詳細介紹一下投資組合公司的基本表現？您為我們提供了一些與核心 PE 書籍相關的有用指標。我想知道這是如何相對於核心書籍進行跟踪的。您能否也向我們介紹本季度增長股權的最新情況？

Sure. And Rufus, you cut out on the second part there. So I'll let you repeat that. Or actually, if you could repeat that in a second. So it was private equity portfolio. And then what was the second part?

當然。還有 Rufus，你刪掉了第二部分。所以我會讓你重複一遍。或者實際上，如果你能在一秒鐘內重複一遍。所以這是私募股權投資組合。然後第二部分是什麼？

It was around the marks in growth equity this quarter, if you could provide us any detail, that would be great.

本季度的增長股本接近標準，如果您能提供任何細節，那就太好了。

Got it. First, as it relates to the revenue and EBITDA trends, I think, as Scott noted at the outset, we've been really well situated given the focus we have and the themes that we've invested behind. So the underlying performance of the portfolio of companies continues to be quite strong.

知道了。首先，由於它與收入和 EBITDA 趨勢有關，我認為，正如斯科特在一開始就指出的那樣，鑑於我們所擁有的重點和我們所投資的主題，我們已經處於非常有利的位置。因此，公司投資組合的基本表現仍然相當強勁。

So we're in -- looking back historically, and we look at this on a fair value-weighted basis, the revenue and EBITDA growth that we've seen in the private equity portfolio is in double digits on a trailing 12-month basis. So we've been really pleased with the resiliency that you've been seeing in terms of the underlying private equity portfolio.

所以我們在——回顧歷史，我們在公允價值加權的基礎上看待這一點，我們在私募股權投資組合中看到的收入和 EBITDA 增長在過去 12 個月的基礎上達到兩位數.因此，我們對您在基礎私募股權投資組合方面看到的彈性感到非常滿意。

And then as it relates to the growth strategies that we've seen in performance this quarter, again, recognizing that the S&P and MSCI were down 16% in the quarter, our Next Gen Tech portfolio was down in the low double digits. Health Care was actually up honestly in the quarter. So I think, in the quarter, a really volatile period, we feel good about that overall performance and, in particular, feel very good about the performance and the experience that our LPs have had on an inception-to-date basis.

然後，由於它與我們在本季度業績中看到的增長戰略有關，再次認識到標準普爾和 MSCI 在本季度下跌了 16%，我們的下一代技術投資組合以兩位數的低位下跌。醫療保健實際上在本季度確實上漲了。因此，我認為，在本季度，一個非常動蕩的時期，我們對整體表現感覺良好，特別是對我們的 LP 從成立至今的表現和經驗感覺非常好。

The next question is from Chris Kotowski of Oppenheimer & Company.

下一個問題來自 Oppenheimer & Company 的 Chris Kotowski。

Yes. I thought Craig's discussion of the equity participation was interesting. But both of the examples you listed were kind of traditional Midwestern industrial companies. And so I'm wondering, that kind of deep equity participation, is that a strategy that you kind of pursue across the board in all your transactions, whether it's Private Equity, Energy, Health Care? Or do certain industries lend themselves to this kind of deep, broad participation and others don't? And just kind of curious how you think about employing that strategy strategically.

是的。我認為克雷格關於股權參與的討論很有趣。但是你列出的兩個例子都是傳統的中西部工業公司。所以我想知道，這種深度參股是你在所有交易中全面推行的一種策略，無論是私募股權、能源還是醫療保健？或者某些行業是否適合這種深度、廣泛的參與，而其他行業則不適合？只是有點好奇你如何看待戰略性地採用該策略。

It's a great question, Chris. It's Scott. And astute. So you're right. We actually started piloting this program with our U.S. industrial's private equity investments. And this was a bit over 10 years ago that we started this effort. And so some of what you're seeing is some of those early investments now being exited, which is why you got C.H.I. and MRP as the 2 examples that have happened in the very recent past.

這是一個很好的問題，克里斯。是斯科特。並且精明。所以你是對的。我們實際上開始通過我們美國工業的私募股權投資來試點這個項目。 10 多年前，我們開始了這項工作。因此，您所看到的一些早期投資現在正在退出，這就是您獲得 C.H.I. 的原因。和 MRP 作為最近發生的兩個例子。

What we have done, though, is now that we've kind of developed this strategy, as we are rolling this out across all of our control investments in private equity, starting in North America. And we're actually looking at it now for Europe and potentially Asia as well.

不過，我們現在所做的是，我們已經制定了這一戰略，因為我們正在從北美開始，將這一戰略推廣到我們對私募股權的所有控制投資中。我們現在實際上正在為歐洲和潛在的亞洲尋找它。

So it was piloted there, and we're now expanding across everything that we do that's control. So there'll be more to come on this, but we've been really pleased with the results. And we think this effort is applicable across industries and geographies..

所以它在那裡進行了試點，我們現在正在擴展我們所做的一切控制。所以會有更多的事情發生，但我們對結果非常滿意。我們認為這項工作適用於各個行業和地區。

The next question is from Robert Lee of KBW.

下一個問題來自 KBW 的 Robert Lee。

Great. I guess I'll actually have a little bit of a multi-parter. So the first one is, maybe, Rob, if you could update us on where things stand this quarter, so far, as you're thinking -- as you're looking ahead for realization activity?

偉大的。我想我實際上會有一點多方。所以第一個可能是 Rob，如果您可以向我們介紹本季度到目前為止的情況，正如您所想的那樣 - 當您期待實現活動時？

And then a follow-up -- a second question on -- really on the insurance business. Could you give us a sense of kind of Global Atlantic's contribution to flows, organic growth this quarter? Kind of how that business -- should be a very good environment for, obviously, annuity sales, and maybe update us on the momentum of that business and with that kind of current spread expectations.

然後是關於保險業務的第二個問題。您能否讓我們了解一下 Global Atlantic 在本季度對流量和有機增長的貢獻？那種業務 - 顯然應該是年金銷售的一個非常好的環境，並且可能會向我們更新該業務的勢頭以及這種當前的傳播預期。

Yes. Rob, I'll take both of those. And so on the monetization point, another positive area for us this quarter, and I think continues to show the momentum. So as we sit here today, based on transactions that have happened or where we have deals that have been signed up and we expect to close this quarter, we have visibility to around $500 million of monetization-related revenue. So again, some pretty good momentum on the monetization front in spite of the environment that we're in. And if we achieve those numbers, ballpark will be about 75% realized performance revenue and the balance from realized investment income.

是的。羅布，這兩個我都要。等等貨幣化點，這是本季度我們的另一個積極領域，我認為繼續顯示勢頭。因此，當我們今天坐在這裡時，根據已經發生的交易或我們已經簽署的交易以及我們預計本季度結束的交易，我們可以看到大約 5 億美元的貨幣化相關收入。因此，儘管我們所處的環境如此，但在貨幣化方面還是有一些相當不錯的勢頭。如果我們達到這些數字，大約 75% 的已實現績效收入和已實現投資收入的餘額將達到。

As it relates to Global Atlantic, you are right. In a rising rate environment, I think we see a little bit more momentum certainly in the individual channel from a sales perspective. And flows this quarter were really strong. They were about $6 billion of total inflows in the quarter, which is a great quarter for GA.

因為它與全球大西洋有關，所以你是對的。在利率上升的環境中，我認為從銷售的角度來看，我們肯定會在單個渠道中看到更多的動力。本季度的流量非常強勁。該季度的總流入量約為 60 億美元，這對 GA 來說是一個很好的季度。

Again, there's no block activity in that number. And the spread, give or take, around 100 basis points in the business. And so we're feeling really good about how GA is positioned going into this period of time. And their relationships across the bank and broker-dealer channel, I think, have served them really well and to take advantage of what is quite a pliant environment in terms of annuity sales.

同樣，該數字中沒有塊活動。以及業務中大約 100 個基點的價差，給予或接受。因此，我們對 GA 在這段時間內的定位感到非常滿意。我認為，他們在銀行和經紀自營商渠道中的關係為他們提供了非常好的服務，並利用了年金銷售方面相當順從的環境。

The next question is a follow-up from Brian McKenna.

下一個問題是 Brian McKenna 的後續問題。

Great. Just on the quarter-to-date realizations, how much of that $500 million is tied to the C.H.I. transaction? And it might be a little early for this, but how has Marshall Wace been performing year-to-date? Just trying to think through what that incentive fee might look like in the fourth quarter.

偉大的。僅在本季度迄今的實現中，這 5 億美元中有多少與 C.H.I. 相關。交易？這可能還為時過早，但馬歇爾·韋斯今年迄今為止的表現如何？只是想通過第四季度的激勵費可能會是什麼樣子。

Yes, sure. Thanks, Brian. And so we're not going to give specific numbers on individual deals as it relates to the Q3 monetization. I think the punchline is we feel pretty good across the board in terms of our ability to generate monetization outcomes, at least, so far this year. And you've seen that in Q1 and Q2, and we're off to a good start in Q3.

是的，當然。謝謝，布賴恩。因此，我們不會提供與第三季度貨幣化相關的個別交易的具體數字。我認為關鍵是，就我們產生貨幣化結果的能力而言，我們總體感覺非常好，至少今年到目前為止是這樣。你已經在第一季度和第二季度看到了這一點，我們在第三季度有了一個良好的開端。

As it relates to Marshall Wace, maybe just take a step back, and we feel great about that partnership. They're north of $60 billion of AUM today. When we started that partnership, that business was right around $20 billion of AUM, maybe a touch below. So they've done just a phenomenal job on behalf of their clients and have grown considerably as a result.

由於它與馬歇爾·韋斯有關，也許只是退後一步，我們對這種夥伴關係感覺很好。他們今天的 AUM 超過 600 億美元。當我們開始建立合作夥伴關係時，該業務的資產管理規模約為 200 億美元，可能略低於 200 億美元。因此，他們代表客戶完成了一項非凡的工作，並因此取得了長足的進步。

Again, year-to-date, they've got a bunch of different strategies. But overall, their performance has been strong. It's been on the positive side. We'll see how things wrap up between now and the end of September.

同樣，年初至今，他們有很多不同的策略。但總的來說，他們的表現一直很強勁。這是積極的一面。從現在到 9 月底，我們將拭目以待。

As you know, that will dictate their annual incentive fee for most of what they do. And so as we sit here today, they're in positive territory. Certainly not quite like last year, but we feel, overall, just great about that partnership so far.

如您所知，這將決定他們大部分工作的年度激勵費用。因此，當我們今天坐在這裡時，它們處於積極的領域。當然不像去年，但總的來說，到目前為止，我們覺得這種合作關係很好。

The next question is a follow-up from Rufus Hone.

下一個問題是 Rufus Hone 的後續問題。

I wanted to come back to your earlier comments around returning more capital to LPs than you've deployed, and that's helping conversations in Private Equity. And I was wondering whether you've seen any change in LP appetite for core private equity? And how do you view the outlook for deployment there?

我想回到您之前關於向 LP 返還的資本比您部署的更多的評論，這有助於私募股權領域的對話。我想知道你是否看到 LP 對核心私募股權的興趣發生了任何變化？您如何看待那裡的部署前景？

So I think we feel -- and Rufus, thanks. I think on core, we're just really thrilled with how the business is positioned, the opportunities for us as we think about our trajectory going forward.

所以我想我們覺得——還有Rufus，謝謝。我認為在核心方面，我們對業務的定位以及我們在思考未來發展軌跡時的機會感到非常興奮。

Now just to give you a sense, 2 years ago, AUM was $12 billion. As of June 30, that number is $32 billion. And you're going to see that through our balance sheet. You'll see that through the management fee line. Over time, with continued performance, you'll see that in investment income. And again, you're going to see that over time as it relates to Capital Markets.

現在只是給你一個感覺，兩年前，AUM 是 120 億美元。截至 6 月 30 日，這一數字為 320 億美元。您將通過我們的資產負債表看到這一點。你會通過管理費線看到這一點。隨著時間的推移，隨著持續的表現，您會在投資收益中看到這一點。再一次，隨著時間的推移，你會看到它與資本市場有關。

So we have a number of ways to win, which is exciting for us. That business is global. So I think it's just -- it continues to feel like the business is wonderfully well-positioned.

所以我們有很多取勝的方法，這對我們來說是令人興奮的。該業務是全球性的。所以我認為這只是 - 它繼續感覺該業務處於非常有利的位置。

On the deployment outlook, again, we're in a choppy environment. So we'll have to see the willing buyer, willing seller dynamic, certainly. But as we think about the long-term trajectory and opportunity for us, just feel exceptionally and uniquely well-positioned.

在部署前景方面，我們再次處於波濤洶湧的環境中。所以我們必須看到願意的買家，願意的賣家動態，當然。但是，當我們思考我們的長期發展軌跡和機遇時，就會覺得自己處於異常和獨特的有利位置。

Yes. Just a quick follow-up there, Rufus. So of our $15 billion of dry powder, approximately $13 billion of that is in core private equity. So we came into this period of time with a lot of firepower in that part of our business. And as Craig said, we feel pretty advantaged.

是的。只是快速跟進，魯弗斯。因此，在我們 150 億美元的干粉資產中，約有 130 億美元用於核心私募股權。因此，我們在這部分業務中擁有強大的火力。正如克雷格所說，我們感到非常有優勢。

And as we think about owning businesses in that part of our business for a 10- to 15-year period of time gives you just a different lens in being able to evaluate acquisition opportunities and some of the things that might matter more than a 3- to 5- to 7-year investment might matter a little bit less when your hold period is for that duration of time. So we would, yes, continue to expect there to be a real deployment across that business over the next several quarters.

當我們考慮在這部分業務中擁有 10 到 15 年的業務時，您可以從不同的角度評估收購機會以及一些可能比 3- 更重要的事情當您的持有期為該時間段時，5 至 7 年的投資可能不那麼重要。因此，是的，我們會繼續期待在接下來的幾個季度中，該業務將進行真正的部署。

Yes. Just more broadly, as a reminder, Rufus, we came into this period of time in a really fortunate position around PE broadly, that we had raised the vast, vast majority of the capital for our flagship private equity funds before this year started, including the vast bulk of the capital for our core strategy.

是的。更廣泛地說，提醒一下，Rufus，我們進入這段時期在私募股權領域處於非常幸運的位置，我們在今年開始之前為我們的旗艦私募股權基金籌集了絕大多數資本，包括大部分資金用於我們的核心戰略。

So while investors maybe take a little bit of time to get their bearings on PE in particular, that's not really impacting much what we're seeing in terms of PE fund raise. The vast majority of capital we're raising right now is around Credit and Real Assets, where we continue to see a good amount of interest.

因此，儘管投資者可能需要一些時間來特別了解私募股權，但這並沒有真正影響我們在私募股權基金籌集方面看到的情況。我們現在籌集的絕大多數資金都圍繞著信貸和實物資產，我們繼續看到大量的興趣。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would now like to turn the call back to Craig Larson for some closing comments.

女士們，先生們，問答環節到此結束。我現在想將電話轉回給 Craig Larson 以徵求一些結束意見。

Chris, thanks for your help, and thank you, everybody, for joining us. We really appreciate the time and attention on our quarterly results. And if we don't speak with you in between, I look forward to chatting with everybody next quarter. Thank you again.

克里斯，感謝您的幫助，也感謝大家加入我們。我們非常感謝花時間和關注我們的季度業績。如果我們中間不與您交談，我期待在下個季度與大家聊天。再次感謝你。

Thank you, sir. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝你，先生。女士們，先生們，今天的會議到此結束。此時您可以斷開線路，感謝您的參與。