KKR & Co Inc (KKR) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

女士們，先生們，謝謝你們的支持。歡迎參加 KKR 2022 年第三季度收益電話會議。 （操作員說明）作為提醒，此通話正在錄音中。

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

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，先生。

Thank you, operator. Good morning, everyone. Welcome to our Third Quarter 2022 Earnings Call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer; 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 年第三季度財報電話會議。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不保證未來事件或業績的前瞻性陳述。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。

I'm going to begin the call by spending a few minutes walking through the quarter. So we look at our results and think they really highlight the resiliency of our business model. Our management fees for the quarter were $671 million. That's up 20% compared to Q3 of last year. Management fee growth for the quarter as well as over the last 12 months has been most meaningful within our Real Assets business, which, as you'll recall, we began reporting separately last quarter. Net transaction and monitoring fees were $168 million for the quarter with Capital Markets contributing $116 million.

我將花幾分鐘步行穿過這個季度來開始通話。因此，我們查看我們的結果並認為它們確實突出了我們商業模式的彈性。我們本季度的管理費為 6.71 億美元。與去年第三季度相比，增長了 20%。本季度以及過去 12 個月的管理費增長在我們的不動產業務中最為顯著，正如您所記得的，我們在上個季度開始單獨報告。本季度的淨交易和監控費用為 1.68 億美元，資本市場貢獻了 1.16 億美元。

To go through our expenses. Our fee-related compensation margin, consistent with prior quarters, was 22.5%. And other operating expenses increased modestly from last quarter, coming in at $146 million.

支付我們的費用。與前幾個季度一致，我們與費用相關的薪酬利潤率為 22.5%。其他運營費用較上一季度略有增加，達到 1.46 億美元。

In total, our fee-related earnings grew to $542 million or $0.61 per share with an FRE margin of 61%. This is now the eighth consecutive quarter that our FRE margin has exceeded 60%. Next, realized performance income was $498 million, with realized carried interest driven by monetizations of CHI Overhead Doors, Fiserv as well as Max Healthcare. Realized investment income was $285 million, driven by similar monetization events.

總的來說，我們與費用相關的收入增長到 5.42 億美元或每股 0.61 美元，FRE 利潤率為 61%。這是我們的 FRE 利潤率連續第八個季度超過 60%。接下來，已實現業績收入為 4.98 億美元，其中 CHI Overhead Doors、Fiserv 和 Max Healthcare 的貨幣化推動了已實現的附帶權益。在類似的貨幣化事件的推動下，實現的投資收入為 2.85 億美元。

Adding these 2 lines together, so looking at realized performance income together with realized investment income, really to get a complete picture of our monetization activities, total realized gains for this first 9 months of the year are 10% ahead of last year. Given all of the volatility experienced across markets in 2022, we think this speaks to the breadth of our platform, and again, the resiliency of our business model.

將這兩條線加在一起，將已實現的績效收入與已實現的投資收入結合起來，真正全面了解我們的貨幣化活動，今年前 9 個月的總已實現收益比去年高出 10%。鑑於 2022 年各市場經歷的所有波動，我們認為這說明了我們平台的廣度，以及我們業務模式的彈性。

So overall, our asset management operating earnings were $959 million. And our insurance segment had another very strong quarter, generating $127 million of operating earnings. Together, this resulted in after-tax distributable earnings of $824 million or $0.93 per share.

因此，總體而言，我們的資產管理營業收入為 9.59 億美元。我們的保險部門又一個非常強勁的季度，產生了 1.27 億美元的營業收入。總之，這導致稅後可分配收益為 8.24 億美元或每股 0.93 美元。

Turning to investment performance. You can see the details of the quarter and the LTM period on Page 7 of the press release. Just looking at this page, the traditional private equity portfolio was down 4% in the quarter compared to broad indices that were down 5% to 6%. And over the last 12 months, the PE portfolio was minus 8% compared to the S&P 500 and MSCI World indices that were down 15% and 19%, respectively.

轉向投資業績。您可以在新聞稿的第 7 頁查看季度和 LTM 期間的詳細信息。僅看這一頁，傳統的私募股權投資組合在本季度下降了 4%，而廣泛的指數下降了 5% 至 6%。在過去 12 個月中，與標準普爾 500 指數和 MSCI 世界指數分別下跌 15% 和 19% 相比，PE 投資組合為負 8%。

In Real Assets, our portfolios continued to perform again in a quarter with a lot of volatility. The opportunistic real estate portfolio was minus 1% in the quarter and plus 11% over the last 12 months, while the infra portfolio was up 1% in the quarter and is plus 5% LTM.

在實物資產方面，我們的投資組合在一個季度內再次表現出色，波動性很大。機會型房地產投資組合在本季度為負 1%，在過去 12 個月中增長了 11%，而基礎設施投資組合在本季度增長了 1%，LTM 為 5%。

On the leveraged credit side, the portfolio was up 1% in the quarter and down 5% over the last 12 months. And our alternative credit portfolio was down 1% for the quarter and up 3% in the LTM. There's been meaningful volatility in the credit markets over these periods as well. The high-yield index declined 1% in the quarter and is off 15% over the last 12 months, just as a point of comparison.

在槓桿信貸方面，該投資組合在本季度上漲了 1%，在過去 12 個月中下跌了 5%。我們的替代信貸組合在本季度下降了 1%，在 LTM 中上升了 3%。在這些時期，信貸市場也出現了有意義的波動。高收益指數本季度下跌 1%，過去 12 個月下跌 15%，僅作為比較點。

In terms of our balance sheet investments. Investment performance was flat in the quarter and down 5% over the last 12 months. Core private equity, which Rob will touch on in a moment and is still our largest allocation, was up 2% in the quarter, and it's up 8% over the LTM.

就我們的資產負債表投資而言。本季度投資表現持平，過去 12 個月下降 5%。 Rob 稍後會談到的核心私募股權，仍然是我們最大的配置，在本季度上漲了 2%，比 LTM 上漲了 8%。

Turning to fundraising in the quarter. We raised $13 billion, bringing new capital raised to $65 billion year-to-date. With that, our assets under management increased to $496 billion, and fee-paying AUM now totals $398 billion. To help put these figures into perspective, over the past 2 years, both our AUM and our fee-paying AUM have more than doubled.

轉向本季度的籌款活動。我們籌集了 130 億美元，使今年迄今籌集的新資本達到 650 億美元。至此，我們管理的資產增加到 4960 億美元，付費資產管理規模現在總計 3980 億美元。為了幫助我們正確看待這些數字，在過去 2 年中，我們的 AUM 和付費 AUM 都增加了一倍以上。

We also continue to deploy capital with $16 billion invested in Q3. Credit strategies invested $7 billion in the quarter, with the remainder of the quarter's deployment roughly split between Real Assets and Private Equity.

我們還繼續部署資本，在第三季度投資了 160 億美元。信貸策略在本季度投資了 70 億美元，本季度剩餘時間的部署大致分為不動產和私募股權。

And with that, I'm pleased to turn the call over to Rob.

有了這個，我很高興將電話轉給 Rob。

Thanks a lot, Craig, and good morning, everyone. Let me start by saying a few words on the operating environment.

非常感謝，克雷格，大家早上好。讓我先說一下運行環境。

As you know, the third quarter and really the first 9 months of 2022 were very challenging across markets. High levels of inflation are clearly impacting global consumers, while the sharp increase in interest rates has had multiple knock-on effects that will invariably slow much of the global economy. In turn, equity and bond indices have been very volatile and virtually all of them are down significantly year-to-date. And capital markets activity has meaningfully slowed. Global equity and credit issuance is significantly below historical norms.

如您所知，第三季度以及 2022 年的前 9 個月在各個市場都非常具有挑戰性。高通脹顯然正在影響全球消費者，而利率的急劇上升產生了多重連鎖反應，這將不可避免地減緩全球經濟的大部分發展。反過來，股票和債券指數波動很大，幾乎所有指數今年以來都大幅下跌。資本市場活動明顯放緩。全球股票和信貸發行量大大低於歷史標準。

Now despite all of this volatility and uncertainty, the overall mood and sentiment across KKR is quite positive. And we thought it would be worthwhile this morning to go through 5 key reasons why we feel the way we do.

現在，儘管存在所有這些波動和不確定性，但 KKR 的整體情緒和情緒相當積極。我們認為今天早上有必要回顧一下我們為什麼會有這種感覺的 5 個關鍵原因。

First, let me remind you why our business model positions us well for periods like this one. There are a few key reasons why. About 90% of our capital is perpetual or committed for an average of 8 years or more from inception. Our management fees are largely calculated on committed or invested capital, and as a result, are more insulated from fluctuating NAVs of our funds. Therefore, much of our management fees are highly predictable, and that visibility in turn provides us with the continued ability to invest back into the firm for growth.

首先，讓我提醒您為什麼我們的商業模式在這樣的時期對我們有利。有幾個關鍵原因。我們大約 90% 的資本是永久的或從成立之日起平均承諾 8 年或更長時間。我們的管理費主要是根據承諾或投資資本計算的，因此，更不受我們基金資產淨值波動的影響。因此，我們的大部分管理費用都是高度可預測的，而這種可見性反過來又為我們提供了持續投資於公司以實現增長的能力。

We also have $43 billion of committed capital yet to turn on that has a weighted average management fee rate of about 100 basis points. And finally, and maybe most critical in moments like these, we have $113 billion of uncalled capital from our investors that we can use to invest into the current dislocation.

我們還有 430 億美元的承諾資本尚未啟動，加權平均管理費率約為 100 個基點。最後，也許在這樣的時刻最關鍵的是，我們從投資者那裡獲得了 1130 億美元的未收回資金，我們可以用這些資金來投資當前的混亂局面。

While those statistics are all meaningful in their own right, I think it's also helpful when viewed in comparison to where we were as a firm, even a short while back.

雖然這些統計數據本身都很有意義，但我認為與我們作為一家公司的情況相比，即使是不久前，它也很有幫助。

2.5 years ago, March 31, 2020, so right as we entered COVID, we had $57 billion of dry powder with $19 billion of committed capital yet to earn management fees. That compares to the $113 billion and $43 billion I mentioned a moment ago. So both of these figures have doubled more or less over the last 2.5 years. And when you consider our relative positioning as a firm, those numbers don't account for the significant increase we have had in perpetual capital. largely due to our partnership with Global Atlantic and our acquisition of KJRM, as well as the meaningful increase in the diversification of our business, both by geography and strategy.

2.5 年前，即 2020 年 3 月 31 日，當我們進入 COVID 時，我們有 570 億美元的干粉和 190 億美元的承諾資本尚未賺取管理費。相比之下，我剛才提到的 1130 億美元和 430 億美元。因此，在過去的 2.5 年裡，這兩個數字都或多或少翻了一番。當你考慮我們作為一家公司的相對定位時，這些數字並不能解釋我們在永久資本方面的顯著增長。主要歸功於我們與 Global Atlantic 的合作以及我們對 KJRM 的收購，以及我們業務在地理和戰略上的多元化的顯著增加。

This brings me to my second reason for optimism. We're fortunate, due to our fundraising success and definitely a bit of luck on timing, that we are in a position to deploy a significant amount of dry powder with asset prices more dislocated and while capital is quite scarce. As a result, we are starting to become a lot more constructive on our opportunity sets.

這讓我想到了我樂觀的第二個理由。我們很幸運，由於我們的籌款成功並且在時間上絕對有一點運氣，我們能夠在資產價格更加錯位且資本非常稀缺的情況下部署大量乾粉。因此，我們開始在機會集上變得更具建設性。

We are already finding opportunities across the credit landscape. Our real estate and corporate credit teams are all very active. But more exciting is our outlook for the coming 12 to 18 months across all asset classes and geographies. We are mobilizing our teams and resources against what we see as a growing opportunity to put our client capital to work.

我們已經在整個信貸領域尋找機會。我們的房地產和企業信貸團隊都非常活躍。但更令人興奮的是我們對所有資產類別和地區未來 12 至 18 個月的展望。我們正在調動我們的團隊和資源，以應對我們認為讓客戶資金發揮作用的不斷增長的機會。

Take for example, in private equity. Oftentimes, our best vintages result from investments made during periods of market distress. Think the early 2000s, the GFC, or what we went through a couple of years ago. We think 2023 could present such an opportunity.

以私募股權為例。通常，我們最好的年份來自於市場低迷時期的投資。想想 2000 年代初，全球金融危機，或者我們幾年前經歷的事情。我們認為 2023 年可能會出現這樣的機會。

And the key here is that we have really set ourselves up to be able to outperform in this environment, given our expertise and breadth across geographies, industries and asset classes. And most importantly, our culture really incentivizes our people to work across the firm to ensure that both information and capability travel, and that we can make each other better. As a result, we are uniquely positioned to find creative and attractive investment opportunities.

這裡的關鍵是，鑑於我們在地理、行業和資產類別方面的專業知識和廣度，我們已經真正做好了能夠在這種環境下表現出色的準備。最重要的是，我們的文化真正激勵我們的員工在整個公司工作，以確保信息和能力都能傳播，並且我們可以讓彼此變得更好。因此，我們具有獨特的優勢，可以找到具有創造性和吸引力的投資機會。

Turning now to performance, which is my third point. Please turn to Page 8 of the earnings release. As Craig went through, every quarter, we report our investment performance for the quarter and trailing 12-month period across our major asset classes. This really though only tells part of the story as it doesn't capture investment returns since inception. These funds all continue to outperform their comparable public indices. Our clients, really, in all channels, rely on us to produce differentiated outcomes compared to what they can achieve in traditional asset classes. And that is just what we've been doing.

現在轉向性能，這是我的第三點。請轉到收益發布的第 8 頁。正如克雷格所經歷的那樣，每個季度，我們都會報告我們在主要資產類別中本季度和過去 12 個月期間的投資業績。這實際上只是說明了部分情況，因為它自成立以來並未獲得投資回報。這些基金的表現都繼續優於其可比的公共指數。與他們在傳統資產類別中所能取得的成果相比，我們的客戶實際上在所有渠道中都依賴我們產生差異化的結果。這正是我們一直在做的事情。

Now to be clear, we certainly have today, and will in the future, a handful of more difficult situations to manage. But our thematic approach, which we have talked about many times, and our focus on portfolio construction, are 2 critical reasons why you see this kind of outperformance.

現在要明確一點，我們今天和將來肯定會遇到一些更困難的情況需要處理。但是我們多次討論過的主題方法以及我們對投資組合構建的關注是您看到這種優異表現的兩個關鍵原因。

Which brings me to my fourth point. The strength of our fund performance continues to allow us to raise capital from our investors. Q3 new capital raised of $13 billion brings year-to-date fundraising to $65 billion. To put that number in perspective, that's already our second-best year of fundraising ever, and we still have a quarter to go.

這就引出了我的第四點。我們的基金業績強勁，繼續使我們能夠從投資者那裡籌集資金。第三季度籌集的 130 億美元新資本使年初至今的籌資額達到 650 億美元。從這個數字來看，這已經是我們有史以來籌款第二好的一年，我們還有一個季度要走。

Even more notably, this was against a much more challenging fundraising backdrop than the past few years and without many of our largest flagships in the market. And looking ahead over the next 12 to 18 months, we continue to have a really active calendar and remain constructive about the outlook for scaling our strategies that are coming to market.

更值得注意的是，這是在比過去幾年更具挑戰性的籌款背景下，而且我們在市場上沒有許多最大的旗艦店。展望未來 12 到 18 個月，我們將繼續擁有非常活躍的日曆，並對擴展我們即將上市的戰略的前景保持建設性。

And finally, I want to turn to my fifth point and focus on the competitive differentiation that our balance sheet creates in periods like these. There's not a corporate that I know that doesn't wish they had more capital availability right now. And we are very confident in our ability to deploy our excess capital in opportunities that can both generate compelling investment returns and also help build and scale the firm at the same time.

最後，我想轉向我的第五點，關注我們的資產負債表在這樣的時期創造的競爭差異化。據我所知，沒有一家公司不希望他們現在擁有更多的可用資金。我們非常有信心將多餘的資本部署到既能產生可觀的投資回報又能同時幫助建立和擴大公司規模的機會中。

Part of what generates this confidence is the strength of our existing investment portfolio. Our focus on asset allocation, and really where the puck is going, has served us well. While the S&P 500 declined 15% over the last 12 months, our balance sheet was off only 4.7%. And over the last 3 and 5 years, our annual returns have been 16% and 14%, also several hundred basis points ahead of the S&P over these periods.

產生這種信心的部分原因是我們現有投資組合的實力。我們對資產配置的關注，以及真正的目標，對我們很有幫助。雖然標準普爾 500 指數在過去 12 個月內下跌了 15%，但我們的資產負債表僅下跌了 4.7%。在過去的 3 年和 5 年中，我們的年回報率分別為 16% 和 14%，在這些期間也領先標準普爾指數數百個基點。

One of the key drivers of this outperformance is the shift that we made a few years ago to increase our exposure to Real Assets. The fair value of our Real Assets investments have increased from $2.4 billion 2 years ago,to $4.2 billion as of 9/30 and today represent almost 1/4 of our investment portfolio. Our largest allocation on the balance sheet remains core private equity, and this really gets into business building and how the balance sheet allows us to play offense.

這種優異表現的關鍵驅動因素之一是我們幾年前為增加對實物資產的敞口而做出的轉變。我們不動產投資的公允價值從 2 年前的 24 億美元增加到 9/30 的 42 億美元，如今幾乎占我們投資組合的 1/4。我們在資產負債表上最大的配置仍然是核心私募股權，這確實涉及到業務建設以及資產負債表如何讓我們進攻。

As a reminder, core PE is a long-duration investment strategy where we expect to hold these investments for 10 to 15-plus years and believe they carry a more modest risk/return profile compared to our traditional private equity model. We're looking for mid- to high-teens gross IRRs that we can compound for north of a decade. These are businesses we believe have strong secular tailwinds with defensible market positions, solid cash flow dynamics, and as a result, benefit from a more stable earnings profile.

提醒一下，核心 PE 是一種長期投資策略，我們預計將持有這些投資 10 到 15 年以上，並認為與我們的傳統私募股權模型相比，它們的風險/回報率更適中。我們正在尋找可以在 10 年內復合的中高收入 IRR。我們認為，這些業務具有強大的長期順風，具有可防禦的市場地位、穩健的現金流動態，因此受益於更穩定的盈利狀況。

So from a standing start 6 years ago, we've put together this really incredible global portfolio of 17 companies with $32 billion of AUM that is both third-party capital together with balance sheet capital. We believe we have the largest core PE asset management business in the world. And as shareholders, we are all participating in core PE through the compounding of value on our balance sheet, alongside the management fees, capital markets revenue, fee-related earnings and carried interest that is generated over time. That combination is incredibly powerful.

因此，從 6 年前開始，我們已經將這個真正令人難以置信的全球投資組合組合在一起，該投資組合由 17 家公司組成，資產管理規模達 320 億美元，既是第三方資本，又是資產負債表資本。我們相信我們擁有全球最大的核心私募股權資產管理業務。作為股東，我們都通過資產負債表上的價值複合參與核心 PE，以及隨著時間的推移產生的管理費、資本市場收入、與費用相關的收益和附帶權益。這種組合非常強大。

Our acquisition of Global Atlantic in July 2020, right on the heels of COVID, is perhaps the best example of how our balance sheet positioned us to play offense when others could not during that period of severe dislocation. We have deep conviction that GA can be a long-term compounder of capital, much like core private equity, and we are partnered here with a first rate management team.

在 COVID 之後，我們於 2020 年 7 月收購了 Global Atlantic，這也許是我們的資產負債表如何使我們在嚴重混亂期間其他人無法進攻的最佳例子。我們堅信 GA 可以成為資本的長期復合者，就像核心私募股權一樣，我們在這裡與一流的管理團隊合作。

So far, GA has been performing exceptionally well. Over the last 12 months, they have generated an ROE of about 21%, well ahead of our expectations. While AUM has increased from approximately $70 billion at announcement to over $130 billion as of 9/30, really helping to also drive our asset management economics.

到目前為止，GA 的表現非常出色。過去 12 個月，它們的 ROE 約為 21%，遠超我們的預期。雖然 AUM 從宣佈時的約 700 億美元增加到截至 9 月 30 日的超過 1300 億美元，這確實有助於推動我們的資產管理經濟。

Core private equity and Global Atlantic are great examples, but they're just 2 of many. We know that our model will continue to allow us to find ways to use the balance sheet where we can simultaneously generate compelling investment returns and also use it to grow and scale the firm at the same pace.

核心私募股權和 Global Atlantic 就是很好的例子，但它們只是眾多例子中的兩個。我們知道，我們的模型將繼續讓我們找到使用資產負債表的方法，我們可以同時產生令人信服的投資回報，並利用它以同樣的速度發展和擴大公司規模。

We have also created a liability structure on our balance sheet that allows for playing real offense in this environment. We have very intentionally funded ourselves with long-dated liabilities that have fixed cost of capital. The average maturity of our recourse debt is around 20 years, and it has a weighted average fixed coupon of approximately 3% after tax. Obviously, that just isn't replicable today and represents a huge asset for us right now. With all of this, hopefully, it's clear why we remain so excited about our long-term opportunities.

我們還在資產負債表上創建了一個負債結構，允許在這種環境下進行真正的進攻。我們非常有意識地為自己提供了具有固定資本成本的長期負債。我們的追索權債務的平均期限約為 20 年，其加權平均固定票息約為稅後 3%。顯然，這在今天是不可複制的，對我們來說是一筆巨大的財富。有了這一切，希望我們清楚為什麼我們仍然對我們的長期機會如此興奮。

So in summary. Number one, our model is durable and diverse with significant recurring revenues. Two, the next 12 to 18 months should present great deployment opportunities, and we are extremely well positioned to invest then into them. Number three, we are generating excellent investment performance on behalf of our clients. And four, our fundraising success has been notable, especially given the backdrop, and we remain very well positioned to achieve growth from here. And finally, number five, our balance sheet is a strategic differentiator whose value is even more meaningful in moments like these.

所以總結一下。第一，我們的模式經久耐用且多樣化，經常性收入可觀。第二，接下來的 12 到 18 個月應該會提供很好的部署機會，我們已經做好了投資的準備。第三，我們正在代表客戶創造出色的投資業績。第四，我們的籌款成功非常顯著，尤其是在這種背景下，我們仍然處於有利地位，可以從這裡實現增長。最後，第五點，我們的資產負債表是一個戰略差異化因素，它的價值在這樣的時刻更有意義。

The opportunity set in front of us over the next 5 to 10 years is immense, and we have never felt better positioned competitively. That's why the tone inside the firm is so constructive right now. Our long-term goals that we have articulated for 2026 are unchanged, and we have a great deal of confidence in our ability to achieve that.

未來 5 到 10 年擺在我們面前的機會是巨大的，我們在競爭中的定位從未像現在這樣好。這就是為什麼公司內部的語氣現在如此具有建設性。我們為 2026 年制定的長期目標沒有改變，我們對實現這一目標的能力充滿信心。

And with that, Scott, Craig and I are happy to take any questions that you have.

有了這個，斯科特、克雷格和我很樂意回答你的任何問題。

(Operator Instructions) Our first question is from Alex Blostein with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Alex Blostein。

Apologies for a 2-parter, but promise, they're kind of related.

為兩方道歉，但承諾，他們有點相關。

So just starting with private equity. So financing costs are obviously up pretty meaningfully growth slower, credit spreads are widening. So I hear the optimism to deploy capital, but curious how you're thinking about deployment in private equity specifically. And how are the return profile of where you could deploy money today varies versus what you could have done a couple of years ago? In other words, are you still underwriting to high teen to 20% IRRs? And I guess are the lower multiples, the lower entry multiples, enough to offset both the growth headwinds as well as high financing costs?

所以從私募股權開始。因此，融資成本明顯上升，增長放緩，信用利差正在擴大。所以我聽到了部署資本的樂觀情緒，但很好奇你是如何考慮部署私募股權的。你今天可以在哪裡部署資金的回報情況與幾年前你可以做的有什麼不同？換句話說，您是否仍在承保高達 20% 的內部收益率？我猜較低的倍數，較低的進入倍數，是否足以抵消增長阻力和高融資成本？

And then I had a quick follow-up just on the growth in private equity management fees for the next 12 to 18 months.

然後我快速跟進了未來 12 到 18 個月私募股權管理費用的增長情況。

Alex, thank you for the multiple-parter. Why don't I start? Look, a couple of observations just on deployment. One, public market -- and why don't we start there. Public market valuations have obviously come down very meaningfully. Our macro team does this work every quarter, where they look across a breadth of markets and asset classes and look at current valuations versus the 20-year average. And Japanese equities, as an example, are at 8% of their long-term average. That's just one example. That's a pretty remarkable statistic.

亞歷克斯，謝謝你的多方合作。我為什麼不開始？看，關於部署的一些觀察。一，公開市場——我們為什麼不從那裡開始。公開市場估值顯然已經非常有意義地下降。我們的宏觀團隊每季度都會開展這項工作，他們會查看廣泛的市場和資產類別，並查看當前估值與 20 年平均水平的對比。例如，日本股市的長期平均水平為 8%。這只是一個例子。這是一個非常了不起的統計數據。

And at the same point in time, capital is obviously very precious, as you noted. So I think the combination of markets coming down, together with capital being very precious, is a great thing for us. And we have lots of tools at our disposal in terms of finding ways to be relevant.

正如您所指出的，在同一時間點，資本顯然非常寶貴。所以我認為市場下跌的結合，加上資本非常寶貴，對我們來說是一件好事。在尋找相關方法方面，我們有很多工具可供使用。

I expect you remember our deployment history during COVID. Again, in a period which even arguably was more dramatically dislocated and more dramatically shut down, I think we feel great about the connectivity that we had as a firm and the opportunities that we were able to find in terms of deploying capital in private equity and private markets broadly.

我希望您記得我們在 COVID 期間的部署歷史。再一次，在一個甚至可以說是更加混亂和更加嚴重關閉的時期，我認為我們對我們作為一家公司所擁有的連通性以及我們能夠在私募股權和廣泛的私人市場。

And I guess the final thought that I'd make just as it relates to the financing market is, look, we have 70 people globally in our capital markets business, and the strategic value of this business increases during periods of volatility and distress. And so I think as it relates to our ability to finance transactions, given our position, the best-in-class talent we have here on a global basis, our ability to access and finance the capital markets during periods of distress is actually something that we think of as being as a real competitive advantage for us.

我想我最後的想法與融資市場有關，看，我們在全球有 70 人在我們的資本市場業務中工作，並且在波動和困境期間，這項業務的戰略價值會增加。因此，我認為，由於這與我們為交易融資的能力有關，鑑於我們的地位，我們在全球範圍內擁有一流的人才，我們在困難時期進入資本市場並為其融資的能力實際上是我們認為這是我們真正的競爭優勢。

Alex, it's Scott. Just a couple of things I'd add on to what Craig said. You're right. Financing costs are up. I'd say multiples, generally speaking, are down more than financing costs are up. And if you look kind of over time and you run out the math, paying a little bit more to get the financing in place doesn't have that large an impact on returns as long as you've got the right asset, the right thematic and you're able to make the company better while you own it.

亞歷克斯，是斯科特。我想補充幾件事來補充克雷格所說的。你是對的。融資成本上升。我想說，一般來說，倍數下降的幅度大於融資成本的上升幅度。如果你看起來隨著時間的推移而計算出來，只要你擁有正確的資產、正確的主題，多花一點錢來獲得融資就不會對回報產生太大影響當你擁有它時，你就能讓公司變得更好。

So the bottom line is we are still pricing the IRRs to where we were before, it's just a bit of a different mix.

所以底線是我們仍然將內部收益率定價到我們之前的水平，這只是一個不同的組合。

And then, Alex, switching to your question as it relates to management fees across private equity and growth from here. Obviously, as you know, a couple of our big flagships, we got done over the last 12 to 24 months. But we continue to raise a number of adjacent products that we're excited about that are in their scaling phase.

然後，亞歷克斯，轉向你的問題，因為它與私募股權的管理費和從這裡開始的增長有關。顯然，如您所知，我們的幾個大旗艦在過去 12 到 24 個月內完成了。但我們繼續推出一些我們感到興奮的相鄰產品，這些產品正處於擴展階段。

And also remember that our core private equity business is a business that generates management fees as capital is deployed as opposed to committed capital at the onset of the fund. And so as we continue to deploy capital and core private equity, you should see some natural growth there as well.

還要記住，我們的核心私募股權業務是一項在資本部署時產生管理費的業務，而不是在基金成立時的承諾資本。因此，隨著我們繼續部署資本和核心私募股權，您應該也會看到那裡的一些自然增長。

So we're constructive as it relates to growth in our private equity management fees over the coming quarters. And then obviously, at some point there in the future, we'll have a reraise of our flagship strategies.

因此，我們具有建設性，因為這與未來幾個季度我們的私募股權管理費用的增長有關。然後很明顯，在未來的某個時候，我們將重新提升我們的旗艦戰略。

Our next question comes from Craig Siegenthaler with Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

So my question is on Global Atlantic. I wanted to see how early stage credit quality metrics have trended inside of GA in 3Q. And we know it's coming off very strong levels, but have you seen a pickup in delinquencies, non-accruals, criticized assets, OTTIs? And then if the U.S. does enter an economic recession next year, or at least if the economy does slow a lot, do you expect to see a pickup in OTTIs next year off of a very, very low base currently?

所以我的問題是關於全球大西洋的。我想看看早期信用質量指標在第三季度在 GA 內部的趨勢如何。而且我們知道它正在脫離非常強勁的水平，但是您是否看到拖欠、非應計、受批評資產和 OTTI 的增加？然後，如果美國明年確實進入經濟衰退，或者至少如果經濟確實大幅放緩，您是否預計明年 OTTI 會從目前非常非常低的基數中回升？

Great. Craig, thanks for the question. So the short answer is that we have not seen any deterioration of credit quality across Global Atlantic. And as you look forward and as you look at different sensitivities, we feel really good with how that book is positioned. I would note that of their NAIC-rated assets, that 95-plus percent of them are NAIC 1 or 2, so investment-grade in nature. And so we feel really good about the underlying strength of the book at Global Atlantic.

偉大的。克雷格，謝謝你的問題。因此，簡短的回答是，我們沒有看到全球大西洋地區的信用質量出現任何惡化。當你向前看時，當你看到不同的敏感性時，我們對這本書的定位感到非常滿意。我會注意到，在他們的 NAIC 評級資產中，95% 以上是 NAIC 1 或 2，因此屬於投資級。因此，我們對全球大西洋這本書的潛在力量感到非常滿意。

Our next question comes from Gerry O'Hara with Jefferies.

我們的下一個問題來自 Jefferies 的 Gerry O'Hara。

Just kind of circling back, I guess, on some comments made in some of the recent quarters just around the expansion of platform distribution for some of the democratized retail products. Hoping we could get an update there. And perhaps any kind of commentary around flows in the quarter would also be helpful.

我想，這有點像最近幾個季度圍繞一些民主化零售產品的平台分銷擴展所做的一些評論。希望我們能在那裡得到更新。也許對本季度流量的任何評論也會有所幫助。

Gerry, it's Craig. I'm glad you asked about it. Why don't I start? First, just to your specific question on flows. We did see new capital raise in the quarter slow versus Q2 with volatility in the quarter. I guess we're not really terribly surprised by that. So new capital raised across all of our democratized products was about $500 million in the quarter, and KREST would have been about half of that.

格里，是克雷格。我很高興你問到這件事。我為什麼不開始？首先，僅針對您關於流程的具體問題。我們確實看到與第二季度相比，本季度的新資本籌集緩慢，本季度出現波動。我想我們對此並不感到非常驚訝。因此，本季度我們所有民主化產品籌集的新資金約為 5 億美元，而 KREST 將是其中的一半左右。

Now what that doesn't tell you is all that's going on under the hood because there's quite a lot. I think, first, just as it relates to KREST and distribution, there are 3 main wirehouses in the U.S. As you know, we've been on 1 of those since we launched 15 months ago, and we're really pleased with our market share and our positioning there. We were added to a second wirehouse in August and then launched on the third right at the very end of September. So with all the volatility in the quarter and the timing of these launches, you're not really seeing the impact of that in our 9/30 numbers. But the breadth of our distribution there certainly increased in the quarter.

現在，這並不能告訴你的是幕後發生的一切，因為有很多。我認為，首先，正如它與 KREST 和分銷有關，美國有 3 家主要的接線公司。如你所知，自 15 個月前推出以來，我們一直在其中一家，我們對我們的市場感到非常滿意分享和我們在那裡的定位。我們在 8 月被添加到第二個接線室，然後在 9 月底在第三個權利發射。因此，由於本季度的所有波動以及這些發布的時間安排，您並沒有真正看到我們 9/30 數字中的影響。但我們在該季度的分銷範圍肯定有所增加。

Second, we did make a series of filings, as you may have seen, on our infrastructure products. Now unfortunately, now that we have an active registration statement on file, there isn't a lot of additional detail we can give you here because of the SEC's private placement rules. But wanted to highlight that as something noteworthy.

其次，您可能已經看到，我們確實就我們的基礎設施產品提交了一系列文件。不幸的是，現在我們有一份有效的註冊聲明存檔，由於美國證券交易委員會的私募規則，我們無法在此處為您提供很多額外的細節。但想強調這一點是值得注意的。

Third, we have made additional filings on additional private equity as well as credit products in the quarter. And fourth, we continue to hire and onboard and build the team that's focused on this opportunity for us.

第三，我們在本季度對額外的私募股權和信貸產品進行了額外的備案。第四，我們將繼續招聘和加入並建立專注於為我們提供這個機會的團隊。

I think the main takeaways, if you were to kind of step back from the 90-day period, if you will, is we expect to have democratized products across our 4 main asset classes: Real estate, infrastructure, private equity and credit. This continues to be a real priority for us. And the great news for us, one, this is a huge end market. It's a massive opportunity. And in many ways, it's all upside for us, and it continues to feel like we're really wonderfully well positioned against this just enormous opportunity.

我認為，如果你想從 90 天的期限中退後一步，我認為主要的收穫是，我們期望在我們的 4 個主要資產類別中擁有民主化的產品：房地產、基礎設施、私募股權和信貸。這對我們來說仍然是一個真正的優先事項。對我們來說，好消息是，這是一個巨大的終端市場。這是一個巨大的機會。在許多方面，這對我們來說都是有利的，而且繼續感覺我們在這個巨大的機會面前處於非常有利的位置。

Yes. The only thing I would add, Gerry, it's Scott, as Rob mentioned that we continue to feel great about what we shared with you in terms of our growth plans through 2026. We had very little on private wealth in those numbers. So to Craig's point, this is all in front of us and upside for us relative to what's in the firm today. And hopefully, it will provide upside to the trajectory we shared with you at our Analyst Day, amongst other quarterly calls.

是的。格里，我唯一要補充的是斯科特，正如 Rob 提到的，我們仍然對我們與您分享的到 2026 年的增長計劃感到滿意。在這些數字中，我們幾乎沒有私人財富。因此，就克雷格而言，這一切都擺在我們面前，相對於我們今天的公司而言，這對我們來說是有利的。希望它將為我們在分析師日與您分享的軌跡提供上行空間，以及其他季度電話會議。

Our next question is with Patrick Davitt with Autonomous Research.

我們的下一個問題是與自主研究的帕特里克·戴維特（Patrick Davitt）。

Can you give us an update on the announced but not closed realizations for 4Q? And then maybe taking a step back, any updated broader thoughts on the potential for realized cash flow to come down over the next few quarters into next year, given the decrease that could carry, and more difficulty getting deals done.

您能否向我們提供有關第四季度已宣布但尚未結束的實現的最新信息？然後可能會退後一步，考慮到可能帶來的減少以及完成交易的難度更大，任何關於已實現現金流量在明年未來幾個季度內可能下降的更廣泛想法。

Sure. Patrick, thanks for the question. Based on transactions that have happened or where we have deals that have either been signed up or we expect -- that have closed or we expect to close this quarter, we've got approximately $350 million of realized performance revenue and realized investment revenue that we feel good about. So continued momentum on the monetization front in spite of the environment.

當然。帕特里克，謝謝你的問題。根據已經發生的交易或我們已經簽署或我們預期的交易——已經完成或我們預計在本季度完成的交易，我們獲得了大約 3.5 億美元的已實現績效收入和已實現投資收入感覺不錯。因此，儘管環境如此，但在貨幣化方面仍保持著持續的勢頭。

And if we achieve those numbers, and this price is important, ballpark around 30% comes from carried interest and the balance from realized investment income and incentive fees that will come in at that lower comp range. And so a higher flow-through on monetization is at least what we've got quarter-to-date.

如果我們達到這些數字，而且這個價格很重要，大約 30% 的大概來自附帶權益，以及來自已實現投資收入和激勵費用的餘額，這些費用將在較低的補償範圍內進入。因此，在貨幣化方面更高的流通量至少是我們迄今為止所擁有的。

In respect of realized monetization revenue in the future, of course, some of this is going to be impacted by the environment. And I've said this before, we don't need straight line-up markets. What we need are periods of time where volatility is down, and pockets of time where volatility is down, to be able to monetize our portfolio.

當然，就未來已實現的貨幣化收入而言，其中一部分將受到環境的影響。我之前說過，我們不需要直線市場。我們需要的是波動率下降的時間段和波動率下降的時間段，以便能夠將我們的投資組合貨幣化。

And while you're right, we've taken some marks as an industry and as a firm, we still have approximately $9 billion of embedded revenue that sits on the balance sheet across our carried interest line item as well as our balance sheet. And so that's the fair value of those assets relative to their cost. That gives us a good bit of visibility in terms of generating meaningful revenue in the future when we do get those pockets, or opportunities, to be able to monetize our portfolio.

雖然你是對的，但我們作為一個行業和一家公司已經取得了一些成績，但我們仍然有大約 90 億美元的嵌入式收入存在於我們的附帶權益項目和資產負債表的資產負債表上。這就是這些資產相對於成本的公允價值。當我們確實獲得這些口袋或機會時，這讓我們在未來產生有意義的收入方面有了很好的知名度，從而能夠將我們的投資組合貨幣化。

Our next question is from Bill Katz with Credit Suisse.

我們的下一個問題來自瑞士信貸的比爾卡茨。

So maybe circling back to the insurance platform. Just wondering if you could talk a little bit about the implications of higher interest rates as it relates to any kind of lapse or surrender dynamics and/or block opportunities.

所以也許會回到保險平台。只是想知道您是否可以談談更高利率的影響，因為它與任何類型的失效或放棄動態和/或阻止機會有關。

Bill, it's Rob. I'll take this, or I'll start. Overall, the punchline is we think GA should be a net beneficiary of a rising rate environment for a couple of reasons, and I'll touch on surrenders at the end.

比爾，是羅伯。我會接受這個，或者我會開始。總體而言，關鍵是我們認為 GA 應該是利率上升環境的淨受益者，原因有幾個，我將在最後談到投降。

One, flows should be better, both on the individual as well as on the institutional side of that business. I think on the individual side, it's just easier to be able to sell and distribute a 4% annuity than it is a 1.5% annuity.

第一，流動應該更好，無論是在個人方面還是在該業務的機構方面。我認為在個人方面，能夠銷售和分配 4% 的年金比 1.5% 的年金更容易。

And then on the institutional side, you referenced blocks. We should benefit here, and we're seeing this in our pipeline because, all things equal, our reinsurance clients are going to realize lower losses in a higher rate environment. And so I think that's why you're seeing our pipeline pick up on the block side.

然後在機構方面，您引用了區塊。我們應該在這裡受益，而且我們在我們的管道中看到了這一點，因為在所有條件相同的情況下，我們的再保險客戶將在更高利率的環境中實現更低的損失。所以我認為這就是為什麼你會看到我們的管道在區塊方面有所回升。

As it relates to the balance sheet specifically, assets and liabilities are pretty tightly matched at GA, as you know. So we don't expect much impact here, but we definitely do have some floating rate exposure. And so overall, we should be doing better on the balance sheet in a higher rate environment.

如您所知，由於它與資產負債表特別相關，資產和負債在 GA 非常緊密地匹配。因此，我們預計不會有太大影響，但我們確實有一些浮動利率風險敞口。所以總的來說，我們應該在更高利率的環境下在資產負債表上做得更好。

And then you mentioned surrenders at the end. It's still early, of course. But so far in 2022, as well as in Q3 of 2022, we've experienced lower surrenders than what we were expecting. We attribute a good part of this to the design of our products, which dis-incentivize policyholders from surrendering before they are expected to do so.

然後你在最後提到了投降。當然，現在還早。但到目前為止，在 2022 年以及 2022 年第三季度，我們的投降率低於我們的預期。我們將其中很大一部分歸功於我們產品的設計，這會抑制投保人在預期投保之前投保。

And so as you think about Global Atlantic and our policies, both 75% of those policies either have surrender charges or aren't able to be surrendered, again, back to product design and why we feel like we got our arms around that kind of a risk in a rising rate environment. But of course, something that we continue to watch.

因此，當您考慮 Global Atlantic 和我們的保單時，這些保單中有 75% 要么有退保費用，要么無法退保，再次回到產品設計，以及為什麼我們覺得我們對那種利率上升環境中的風險。但是，當然，我們會繼續觀察。

But the punchline is, we think, in this kind of a rising rate type of environment that we're in right now, GA should be a net beneficiary.

但關鍵是，我們認為，在我們現在所處的這種利率上升的環境中，GA 應該是淨受益者。

Our next question is from Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

My question is on fundraising, the $13 billion for 3Q. Can you unpack the real asset component of the fundraising? I could only get about 1/3 or so of that from the fund tables within that $6 billion in that segment. And then also if you can sort of comment on the pension plan appetite and your view on that channel given rising long-term rates.

我的問題是關於籌款，第三季度的 130 億美元。你能解開籌款的實物資產部分嗎？我只能從那部分 60 億美元的基金表中得到大約 1/3 左右。然後，如果您可以對養老金計劃的興趣以及您對長期利率上升的渠道的看法發表評論。

And then just one comment on the fundraising so far year-to-date being the second-best year. I imagine it's still a challenging environment, near term at least. So I just want to be sure that you're not expecting fundraising to exceed the 2021, which, of course, was a record year with flagships.

然後只有一條評論到目前為止的籌款活動是第二好的一年。我想這仍然是一個充滿挑戰的環境，至少在短期內是這樣。所以我只是想確保你不會期望籌款超過 2021 年，這當然是旗艦店創紀錄的一年。

Brian, it's Craig. Why don't I start? And I'll start on your last point first. Look, I think with market volatility, the tone of the fundraising market has become more challenging. But to be clear, we feel great about the body of work here. So as Rob noted and as you mentioned a second ago, new capital raise for the first 9 months of $65 billion, again, through 9 months, already the second most active fundraising year for our -- in our history without a lot of flagships in the market.

布萊恩，我是克雷格。我為什麼不開始？我先從你的最後一點開始。看，我認為隨著市場的波動，籌款市場的基調變得更具挑戰性。但需要明確的是，我們對這裡的工作感覺很好。因此，正如 Rob 所指出的，正如你之前提到的那樣，前 9 個月的新籌資額為 650 億美元，在過去的 9 個月裡，這已經是我們歷史上第二個最活躍的籌款年——在我們的歷史上，沒有很多旗艦店市場。

And when I think back to where consensus estimates were for us at the beginning of this year, that number for 2022 for the full year was in that $55 billion to $60 billion range. So again, we've already raised more capital relative to what was expected at the outset of the year, and that's been accomplished in a more difficult fundraising environment, and we still got another quarter to go.

當我回想起今年年初對我們的共識估計時，2022 年全年的這個數字在 550 億美元到 600 億美元之間。再說一次，相對於年初的預期，我們已經籌集了更多的資金，而且這是在更加困難的籌款環境中完成的，我們還有一個季度要走。

So look, I think, again, we feel great about everything that we've accomplished. A couple of other thoughts. One, you mentioned the fundraising that we've had in some of the real assets areas. And when I think of activity for us in strategy, like infrastructure, real estate and credit, so strategies that can -- or should participate in a rising rate environment or are inflation-protected, that's been 2/3 of the capital that we've raised over the trailing 12 months.

所以看，我想，再一次，我們對我們所完成的一切都感覺很好。還有一些其他的想法。一，你提到了我們在一些有形資產領域進行的籌款活動。當我想到我們在戰略方面的活動時，比如基礎設施、房地產和信貸，因此可以——或應該參與利率上升環境或受通脹保護的戰略，這是我們資本的 2/3在過去的 12 個月裡籌集了資金。

And then finally, I think also in terms of innovation, over half of the capital we raised in the trailing 12 months, again, were in strategies that didn't exist within KKR 5 years ago. In Real Assets, one of those contributors to the quarter is a great example.

最後，我認為在創新方面，我們在過去 12 個月中籌集的資金中有一半以上再次用於 KKR 5 年前不存在的戰略。在 Real Assets 中，本季度的貢獻者之一就是一個很好的例子。

So our Asia Infrastructure strategy is a great example of this. It was outside of the mandate of our flagship fund series. The first generation fund, again, we feel great about performance. And that was certainly one of the contributors to Real Assets in the quarter. That would have been the largest piece as it relates to the infrastructure component. And then within real estate, you had a handful of components. The largest of which would have included GA's contribution within our real estate footprint.

我們的亞洲基礎設施戰略就是一個很好的例子。這超出了我們旗艦基金系列的授權範圍。第一代基金，我們再次對業績感到滿意。這無疑是本季度 Real Assets 的貢獻者之一。這將是與基礎設施組件相關的最大部分。然後在房地產領域，你有一些組件。其中最大的一筆將包括 GA 在我們的房地產足跡中的貢獻。

But again, I think the main takeaway, we feel really great about everything that we've done so far this year.

但同樣，我認為主要的收穫是，我們對今年迄今為止所做的一切都感覺非常好。

Yes. The only thing I would add, Brian, to your pension plan question. There's no doubt some U.S. pension plans are getting their bearings right now and trying to figure out where the market is going to go. But we're having a lot of very productive conversations, to Craig's point, around anything that's got an inflation protection element or yield. So think credit, infrastructure, real estate, we're having a lot of good dialogues on those fronts, even with some of those that are still getting their bearings and may be more active early part of next year than the end of this year.

是的。布賴恩，我唯一要補充的就是你的養老金計劃問題。毫無疑問，美國的一些養老金計劃現在正在發揮作用，並試圖弄清楚市場將走向何方。但就克雷格而言，我們正在進行很多非常富有成效的對話，圍繞任何具有通脹保護因素或收益的事物。所以想想信貸、基礎設施、房地產，我們在這些方面進行了很多很好的對話，即使其中一些仍在取得進展，明年年初可能比今年年底更活躍。

But remember, we're spending a lot of time with institutions we've never spent time with before. So insurance companies globally are trying to figure out how to navigate the rate environment. Sovereign wealth funds have a different dynamic entirely, as do family offices and high net worth investors. So we're having more dialogue than we've ever had before about the markets and the macro and introducing what we're doing.

但請記住，我們花了很多時間與以前從未接觸過的機構打交道。因此，全球的保險公司都在試圖弄清楚如何駕馭利率環境。主權財富基金的動態完全不同，家族辦公室和高淨值投資者也是如此。因此，我們就市場和宏觀進行了比以往更多的對話，並介紹了我們正在做的事情。

And I think to the bigger, broader point, and you referenced this in your question, we were incredibly fortunate. We raised over $120 billion last year. Our large flagships have been in the market over the last couple of years before the more recent more challenged markets. So we really got a bit lucky with our timing, and that's why we have the $113 billion of dry powder to put to work.

我認為從更大、更廣泛的角度來看，您在問題中提到了這一點，我們非常幸運。去年我們籌集了超過 1200 億美元。我們的大型旗艦產品在最近幾年更早於更具挑戰性的市場之前已經進入市場。所以我們的時機真的有點幸運，這就是為什麼我們有 1130 億美元的干粉可以投入使用。

In an environment like this, companies still need capital, and we find private capital tends to have less competition at a time like this. Public markets are more difficult. Corporate M&A is more challenged. So we've got a lot of capital to put to work, companies still need it.

在這樣的環境下，企業還是需要資金的，而我們發現在這樣的時候，民營資本的競爭往往會比較少。公共市場更加困難。企業併購面臨更大挑戰。所以我們有很多資金可以投入工作，公司仍然需要它。

Our next question is with Arnaud Giblat with BNP.

我們的下一個問題是關於法國巴黎銀行的 Arnaud Giblat。

My question is regarding capital deployment and infrastructure. You helpfully gave us quite an update on private equity. I'm just wondering if you could zoom in for a second on infra.

我的問題是關於資本部署和基礎設施。您很有幫助地為我們提供了有關私募股權的最新信息。我只是想知道您是否可以在基礎設施上放大一秒鐘。

Other key players out there have been broadly unaffected by the macro environment, deploying quite quick. I'm just wondering specifically how you see the outlook in terms of deployment in infrastructure. And should we be thinking of a similar time frame as you experienced in the past? And where the opportunity sets may lie in infra?

其他主要參與者基本不受宏觀環境的影響，部署速度相當快。我只是想知道您如何看待基礎設施部署方面的前景。我們是否應該考慮與您過去經歷的類似的時間框架？機會集可能在哪裡？

Yes, it's Craig. Why don't I start? Look, on the main point, there is a massive need for infrastructure capital globally. And alongside of that massive need, you're really seeing a step function change in the footprint of our business. So whether that's our Global Infra fund series, Asia fund series, diversified core AUM 2 years ago was $15 billion, and today we're at $50 million.

是的，是克雷格。我為什麼不開始？看，重點是全球對基礎設施資本的巨大需求。除了巨大的需求之外，您還真的看到了我們業務足蹟的階梯函數變化。因此，無論是我們的全球基礎設施基金系列、亞洲基金系列、多元化核心資產管理規模，2 年前都是 150 億美元，而今天我們是 5000 萬美元。

So alongside of that presence, you're seeing similarly a step-function increase in terms of our deployment, and that team's remained among the busiest within KKR. We've invested $11 billion of capital globally over the last 12 months in infrastructure. In 2020, that number was a little over $2 billion. So again, you've seen a big ramp in that activity, and that's something that I think we'd expect that you should continue to see for us.

因此，除了這種存在之外，您還可以看到我們的部署也出現了類似的階梯式增長，並且該團隊仍然是 KKR 中最忙碌的團隊之一。過去 12 個月，我們在全球基礎設施方面投資了 110 億美元。 2020 年，這個數字略高於 20 億美元。因此，您再次看到該活動的大幅增長，我認為我們希望您應該繼續為我們看到這一點。

One of our largest deployments in the quarter was in a -- it was a take-private of a French renewables business. We have another take-private that is announced is scheduled to close in Q4. I think the take-private dynamic is actually also something that's just worth mentioning. It's true in infrastructure, it's also true more broadly. We've announced again -- or we've closed on 4 take-privates this year with a fifth set to close in Q4.

我們在本季度最大的部署之一是 - 它是法國可再生能源業務的私有化。我們宣布了另一項私有化計劃，計劃於第四季度結束。我認為私有化的動態實際上也是值得一提的。在基礎設施中是這樣，在更廣泛的範圍內也是如此。我們再次宣布——或者我們今年已經關閉了 4 次私有化，第五次將在第四季度結束。

But again, the main takeaway on infra is a high level of activity for us.

但同樣，基礎設施的主要內容是我們的高水平活動。

Yes, Arnaud, it's Scott. I'd say the punchline is consistent with your comment. Our pipeline is strong across both value-add and core infrastructure. So we've been announcing deals and we continue to have a full pipeline.

是的，阿諾，是斯科特。我會說妙語與您的評論一致。我們的管道在增值和核心基礎設施方面都很強大。因此，我們一直在宣布交易，並且我們將繼續擁有完整的渠道。

Our next question is from Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Maybe just continuing with the Real Asset theme there. Can you talk a little bit about how you're expanding your capacity to invest in Real Assets? Where are you looking to expand the platform as you look out over the next year or 2? Where are you hiring?

也許只是繼續那裡的 Real Asset 主題。您能談談您如何擴大投資不動產的能力嗎？展望未來一兩年，您希望在哪裡擴展平台？你在哪裡招聘？

And can you also talk about the sort of added benefit on the transactional revenue side as Real Asset deployment continues to come up? It looked like that was pretty strong in the quarter there as well.

隨著不動產部署的不斷出現，您能否談談交易收入方面的額外收益？在那裡的那個季度看起來也很強勁。

And then just a cleanup question for Rob, if you could just mention the investments and realizations off the balance sheet in the quarter.

然後是 Rob 的一個清理問題，如果您可以僅提及本季度資產負債表之外的投資和實現。

You want to start with realizations?

你想從實現開始嗎？

Sure, in the quarter, Mike, thanks for the question. About $800 million of deployment and monetization, so that's a little bit north of $400 million off of the balance sheet.

當然，在本季度，邁克，謝謝你的提問。大約 8 億美元的部署和貨幣化，所以這比資產負債表上的 4 億美元略多一點。

Why don't I start on the first part, I'll let Scott then add in. Look, I think if you look at a statistic to kind of help frame the growth and the presence in the marketplace, we had $118 billion of AUM in Real Assets at the end of the quarter. 2 years ago, that number was $30 billion.

我為什麼不從第一部分開始，然後讓斯科特加入。看，我認為如果你看一個有助於確定市場增長和存在的統計數據，我們有 1180 億美元的 AUM在本季度末的實物資產中。 2 年前，這個數字是 300 億美元。

And naturally, in the evolution of these businesses, your CapEx runs through your income statement. And so you hire people, you need to bring on world-class talent to then have the opportunity to raise capital. And then you're looking to earn your right to grow, build and scale both those funds themselves as well as where you see opportunities to expand into other areas where you can be relevant.

自然，在這些業務的發展過程中，您的資本支出貫穿您的損益表。所以你僱傭人，你需要引進世界級的人才，然後才有機會籌集資金。然後，您希望獲得發展、建立和擴展這些資金本身的權利，以及在您看到機會擴展到您可能相關的其他領域的地方。

So I think we feel great about the progress that we've made, but our hockey sticks aren't in the air as I think we see the opportunity set ahead of us and look where the leading 1 or 2 providers are in some of those businesses. And it just feels like there's a tremendous opportunity for us to continue to build and grow and scale off of all of the growth that we've already -- that you've already begun to see.

所以我認為我們對我們取得的進展感覺很好，但我們的曲棍球棒並沒有懸而未決，因為我認為我們看到了擺在我們面前的機會，並看看其中一些領先的 1 或 2 供應商在哪裡企業。感覺就像我們有一個巨大的機會繼續建立和發展並縮小我們已經 - 你已經開始看到的所有增長。

Yes. Just a couple of other thoughts, Mike. Thanks for the question. Just take real estate, we'll take the 2 pieces of Real Assets in turn.

是的。邁克，還有其他一些想法。謝謝你的問題。就拿不動產，我們會依次拿走2塊不動產。

Real estate, a few things I'd call out. One is Asia. We continue to expand the team. You saw the acquisition that we completed in Japan of the platform now called KJRM. We have 160 people now in Tokyo focused on what is the second-largest real estate market in the world, and that's a J-REIT platform, as a reminder. So Asia would be one thing I'd call out.

房地產，我要說的幾件事。一是亞洲。我們繼續擴大團隊。您看到了我們在日本完成的對現在稱為 KJRM 的平台的收購。我們現在在東京有 160 人專注於世界第二大房地產市場，這是一個 J-REIT 平台，提醒一下。所以亞洲將是我要強調的一件事。

We've also expanded the platform. We started an opportunistic, but we've also now expanded to core-plus. And so we're raising capital across U.S., Europe and Asia, core-plus. So that would be a second area I'd call out.

我們還擴展了平台。我們開始了機會主義，但我們現在也擴展到核心加。因此，我們正在美國、歐洲和亞洲籌集資金，而且是 core-plus。所以這將是我要提到的第二個領域。

Third would be credit. Right now, we think the real estate credit opportunity is very attractive as those financing markets have become more challenged in the traditional format. We're seeing excess return and a very strong pipeline across all we do in real estate credit. That platform, as a reminder, is now approaching $30 billion of AUM, and that's all on top of the regular way opportunistic funds, where we remain highly thematic and we're raising capital and continuing to build the teams.

第三是信用。目前，我們認為房地產信貸機會非常有吸引力，因為這些融資市場在傳統形式下變得更具挑戰性。我們在房地產信貸方面所做的一切都看到了超額回報和非常強大的管道。提醒一下，該平台現在的 AUM 接近 300 億美元，這一切都在常規的機會主義基金之上，我們仍然高度主題化，我們正在籌集資金並繼續建立團隊。

In infrastructure, similar set of themes. I'd call out again Asia. Our Asia infrastructure platform, Rob referenced it from a fundraising standpoint, but we continue to see a lot of opportunity there, and frankly, less on-the-ground competition. And that platform has scaled meaningfully and quite quickly.

在基礎設施中，類似的主題集。我會再次呼籲亞洲。我們的亞洲基礎設施平台 Rob 從籌款的角度引用了它，但我們仍然看到那裡有很多機會，坦率地說，現場競爭較少。該平台已經有意義且非常迅速地擴展。

We are also building out our core infrastructure business and moving from value-add into core in a bigger way. And per the discussion earlier about some of the take-privates, I'd say Europe would be another area that I called out. There's just a lot of activity and a lot of opportunity in particular lately on the renewable and energy transition front.

我們還在建設我們的核心基礎設施業務，並以更大的方式從增值業務轉向核心業務。根據之前關於一些私有化的討論，我想說歐洲將是我呼籲的另一個領域。最近有很多活動和很多機會，尤其是在可再生能源和能源轉型方面。

Our next question comes from Rufus Hone with BMO Capital Markets.

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

I was hoping to get your thoughts around the trajectory of fee-related performance revenues.

我希望讓您對與費用相關的績效收入的軌蹟有所了解。

And you had a fairly big increase this quarter from the Real Assets business. Can you give us a bit more detail about how we might think about the growth of that line item looking at a year or 2? And perhaps if you take a normalized view on investment performance and growth of some of the democratized products.

本季度您從不動產業務獲得了相當大的增長。您能否詳細介紹一下我們如何看待該訂單項在 1 年或 2 年內的增長？也許如果你對一些民主化產品的投資業績和增長採取正常的看法。

Yes, Rufus, you hit on it there at the end. As we think about that line item in our P&L, that is going to be largely driven by our open-ended and more perpetual vehicles that are more yield-based in nature. As you would have heard a couple of times already on this call, we have a lot of conviction that we can scale that part of our business. We've got a lot of conviction that we continue to perform on behalf of that client base. And as you combine those 2 things, our view, as you look over the coming quarters and years, you're going to see a real ramp up in that line item over time.

是的，Rufus，你在最後一拍即合。當我們考慮損益表中的該項目時，這將主要由我們的開放式和更永久的工具驅動，這些工具本質上更基於收益。正如您在本次電話會議中已經多次聽到的那樣，我們堅信我們可以擴展這部分業務。我們堅信我們會繼續代表該客戶群開展工作。當您將這兩件事結合起來時，我們的觀點是，當您展望未來幾個季度和幾年時，您將看到隨著時間的推移該項目的真正增長。

(Operator Instructions) Our next question is from Chris Kotowski with Oppenheimer & Company.

（操作員說明）我們的下一個問題來自 Oppenheimer & Company 的 Chris Kotowski。

Yes. I wonder if you could give us your thoughts on the financing markets. I guess Twitter is done, Tenneco got European approval. So the banks are, in fact, kind of perhaps have some inventory to work through. And I'm wondering if you can talk a bit about how long do you think that, that is going to be an obstacle for financing transactions in the public markets? And how much is that an obstacle for you to do -- to pursue public-to-privates in general?

是的。我想知道您是否可以給我們您對融資市場的看法。我猜推特已經完成了，天納克得到了歐洲的認可。因此，事實上，銀行可能有一些庫存需要處理。我想知道你能否談談你認為這將成為公開市場融資交易的障礙多長時間？這對你來說有多大的障礙——一般來說，追求公私合營？

Chris, it's Craig, why don't I start? Look, the financing markets have become more challenging, certainly relative to a year ago and 6 months ago. But again, we look at that, honestly, as an opportunity for us, and we mentioned it earlier.

克里斯，我是克雷格，我為什麼不開始？看，與一年前和六個月前相比，融資市場變得更具挑戰性。但是，老實說，我們再次將其視為我們的機會，我們之前提到過。

If you go back to 2020, we very creatively were able to find lots of ways to deploy capital in very dislocated environments. So I'm not at all trying to minimize your thoughts or points of view on the banks, et cetera. And you've seen a lot of the impacts of that in broad statistics. But when you see that the broadly syndicated market in Q3 was at its lowest level since the global financial crisis, that gives you a sense of how dislocated markets are and what that means in how things can become more challenging in financing in the broadly syndicated markets.

如果你回到 2020 年，我們非常有創意地找到了很多方法在非常混亂的環境中部署資本。因此，我根本不會試圖最小化您對銀行等的想法或觀點。你已經在廣泛的統計數據中看到了很多影響。但是，當您看到第三季度的廣泛銀團市場處於全球金融危機以來的最低水平時，您就會了解市場是多麼混亂，以及這意味著在廣泛銀團市場的融資中變得更具挑戰性意味著什麼.

Now there is a flip side to that coin, obviously, as it relates to private credit. And I think we look at the environment in private credit currently, and we are very, very constructive. So when syndicated markets are challenged, and as Scott mentioned earlier, companies still need capital, that's a really interesting opportunity for us. So base rates are higher, spreads are higher, protections are better. The risk/reward just feels like it feels very attractive to us at this moment in time.

顯然，這枚硬幣有另一面，因為它與私人信貸有關。我認為我們目前正在關注私人信貸的環境，我們非常非常有建設性。因此，當銀團市場受到挑戰時，正如斯科特之前提到的，公司仍然需要資金，這對我們來說是一個非常有趣的機會。所以基本利率更高，點差更高，保護更好。在這個時刻，風險/回報感覺對我們非常有吸引力。

And the opportunity for us in our direct lending business is not only going to be in new transactions and new deals like the ones that you referenced, but historically, around half of our deployment has traditionally come from companies where we're the incumbent lender. And in markets like these, where volumes are down and there's uncertainty, that percentage is even going to be higher. So if you look more recently, that number would be at about 70%.

我們在直接貸款業務中的機會不僅在於您提到的新交易和新交易，而且從歷史上看，我們大約一半的部署傳統上來自我們作為現任貸方的公司。在這樣的市場，交易量下降且存在不確定性，這個百分比甚至會更高。因此，如果您最近查看，該數字將約為 70%。

So I think there are 2 sides of that coin, again, on the topic, broadly.

所以我認為這個硬幣有兩個方面，同樣，關於這個話題，廣義上。

Yes, Chris, it's Scott. Just a couple of other things. One, I use the word obstacle. I think first, it's important to understand, we think it's a real opportunity for us. So to Craig's point, private credit deployment, real estate credit deployment, we are seeing dramatically more interesting risk/reward than we saw even a few months ago.

是的，克里斯，是斯科特。只是其他幾件事。一，我用了障礙這個詞。我認為首先，了解這一點很重要，我們認為這對我們來說是一個真正的機會。因此，就克雷格的觀點而言，私人信貸部署、房地產信貸部署，我們看到的風險/回報比我們幾個月前看到的要多得多。

I'd also point to mezzanine. We think this is going to be a really interesting opportunity for mezz. New transactions with sponsors in particular, tend to be over-equitized in this type of environment, and you've got a more attractive/risk reward there.

我還要指出夾層。我們認為這對 mezz 來說將是一個非常有趣的機會。尤其是與讚助商的新交易，在這種環境下往往會被過度公平化，而你在那裡獲得了更具吸引力/風險的回報。

Opportunistic credit fundraising. Every time the high-yield market trades below 85%, the 1-year returns tend to be in the high 20s. And so we're having really productive dialogue with investors all around the world who are looking to pivot into the leveraged credit markets on the traded side in addition to the private side.

機會信貸融資。每當高收益市場的交易價格低於 85% 時，1 年期的回報往往在 20 多歲的高位。因此，我們正在與世界各地的投資者進行非常富有成效的對話，他們希望除了私人方面之外，還希望在交易方面轉向槓桿信貸市場。

You're right, new deals are harder to finance. It's part of the reason we built the capital markets business, and we have that team sitting in the middle of the firm that can dock directly to debt investors so we can place our own capital structures. You may lean a bit more on the private credit market in this environment, maybe some portable capital structures. But we're finding ways to get deals done. So I think as we sit here today, we're finding ourselves incredibly enthusiastic about the opportunity that this environment represents for a large part of the firm across our credit platforms.

你是對的，新交易更難融資。這是我們建立資本市場業務的部分原因，我們讓這個團隊坐在公司中間，可以直接與債務投資者對接，這樣我們就可以建立自己的資本結構。在這種環境下，你可能會更多地依賴私人信貸市場，也許是一些可移動的資本結構。但我們正在尋找完成交易的方法。因此，我認為，當我們今天坐在這裡時，我們發現自己對這種環境為我們信貸平台上的大部分公司所代表的機會充滿了熱情。

It appears that there are no further questions at this time. I would now like to turn the floor back over to Craig Larson for closing comments.

目前似乎沒有進一步的問題。我現在想請克雷格·拉爾森（Craig Larson）發表最後的評論。

We'd just like to thank everybody for your time and interest in KKR, and we look forward to connecting next quarter. Thank you so much.

我們只想感謝大家對 KKR 的時間和興趣，我們期待下個季度的聯繫。太感謝了。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。