KKR & Co Inc (KKR) 2022 Q4 法說會逐字稿

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

女士們，先生們，謝謝你們的支持。歡迎參加 KKR 2022 年第四季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

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

我現在將電話轉交給 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 fourth 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. We'd like to remind everyone that we will 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.

謝謝你，運營商。大家，早安。歡迎來到我們的 2022 年第四季度財報電話會議。今天早上，和往常一樣，我們的首席財務官 Rob Lewin 加入了我的行列；和我們的聯席首席執行官 Scott Nuttall。我們想提醒大家，我們將在電話會議上提及非 GAAP 指標，這些指標與我們新聞稿中的 GAAP 數據相一致，可在 kkr.com 的投資者中心部分獲取。提醒一下，我們在調整後的份額基礎上報告我們的部門數量。

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美國證券交易委員會備案。

So this quarter, we're pleased to be reporting solid results with $0.63 of fee-related earnings per share and $0.92 of after-tax distributable earnings per share. I'll start by walking through the quarter. So beginning first with management fees. Management fee growth continues to be a real bright spot for us. In Q4, management fees were $706 million, that's up 5% compared to last quarter and up 19% compared to Q4 of 2021. And comparing full year 2022 to 2021, management fees increased 28% from $2.1 billion to $2.7 billion. Growth in full year 2022 was greatest within our Real Assets business where management fees increased over 50%. Net transaction and monitoring fees were $195 million, with our Capital Markets business, generating $144 million of revenue in the quarter.

因此，本季度，我們很高興地報告了穩健的業績，每股費用相關收益為 0.63 美元，每股稅後可分配收益為 0.92 美元。我將從遍歷該季度開始。所以首先從管理費開始。管理費的增長對我們來說仍然是一個真正的亮點。第四季度，管理費為 7.06 億美元，與上一季度相比增長 5%，與 2021 年第四季度相比增長 19%。與 2022 年全年和 2021 年相比，管理費從 21 億美元增長 28% 至 27 億美元。 2022 年全年增長最大的是我們的實物資產業務，管理費增長超過 50%。淨交易和監控費用為 1.95 億美元，我們的資本市場業務在本季度產生了 1.44 億美元的收入。

Now to go through expenses. Our fee-related compensation margin for the quarter was 20%, which is at the low end of our 20% to 25% range. Rob is actually going to circle back on this topic in a moment. And other operating expenses for us were $177 million. The increase here compared to last quarter was driven by higher professional fees given activity levels across the firm as well as increased expenses related to capital raising. So in total, fee-related earnings for Q4 were $559 million or $0.63 per share with an FRE margin of 61%.

現在要處理費用。我們本季度與費用相關的薪酬利潤率為 20%，處於我們 20% 至 25% 範圍的低端。 Rob 稍後實際上會回過頭來討論這個話題。我們的其他運營費用為 1.77 億美元。與上一季度相比，這裡的增長是由於考慮到整個公司的活動水平以及與融資相關的費用增加而導致的專業費用增加。因此，總的來說，第四季度與費用相關的收益為 5.59 億美元或每股 0.63 美元，FRE 利潤率為 61%。

Moving to realized performance income. We generated $339 million with realized carried interest driven by monetizations of Minnesota Rubber and Plastics as well as a number of public positions while realized incentive fees were driven by the crystallization of performance fees at Marshall Wace. Realized investment income was $223 million for the quarter. Overall, our asset management operating earnings came in at $946 million.

轉向已實現的績效收入。我們通過明尼蘇達橡膠和塑料公司的貨幣化以及一些公共職位驅動的已實現附帶權益產生了 3.39 億美元，而已實現的激勵費用則是由 Marshall Wace 績效費用的結晶驅動的。本季度已實現投資收益為 2.23 億美元。總體而言，我們的資產管理營業收入為 9.46 億美元。

Now turning to our insurance segment. Global Atlantic had another strong quarter, generating $165 million of operating earnings. This quarter, the results were driven by an increase in invested assets from new business growth alongside a continued rotation into higher-yielding assets. This resulted in after-tax DE for us of $822 million or $0.92 per share.

現在轉向我們的保險部門。 Global Atlantic 又一個強勁的季度，產生了 1.65 億美元的營業收入。本季度的業績是由新業務增長帶來的投資資產增加以及繼續轉向高收益資產推動的。這導致我們的稅後 DE 為 8.22 億美元或每股 0.92 美元。

Now turning to investment performance in Pages 7 and 8 of our earnings release. Page 7 shows investment performance across our major asset classes for the fourth quarter as well as the full year. Beginning first with traditional private equity, the portfolio was flat in Q4 and off 14% for the year. Those figures are below public indices for the quarter and ahead of public indices for 2022. In real estate in the quarter, the portfolio was marked down by 8%, driven by a widening of cap rates on unrealized investments, offset some by strong rent growth in the quarter. And for the year, the portfolio appreciated 3% meaningfully ahead of public REITs as well as broad real estate indices.

現在轉向我們收益發布第 7 頁和第 8 頁中的投資業績。第 7 頁顯示了我們主要資產類別在第四季度和全年的投資業績。首先是傳統的私募股權，該投資組合在第四季度持平，全年下跌 14%。這些數字低於本季度的公共指數，但領先於 2022 年的公共指數。在本季度的房地產中，投資組合下降了 8%，這是由於未實現投資的資本化率擴大，但被強勁的租金增長所抵消在本季度。今年，該投資組合比公共房地產投資信託基金和廣泛的房地產指數大幅升值 3%。

The infrastructure portfolio was up 3% in the quarter and up 9% for the year. Very strong performance in infra given broad volatility again across markets. And on the leveraged credit side, the portfolio was up 3% for the quarter and minus 3% for the year, and our alternative credit portfolio was up 1% in Q4 and up 2% for the year. Volatility in 2022, of course, was not limited to just the equity markets, investment-grade and high-yield indices declined 13% and 11% over the course of the year.

基礎設施組合在本季度增長了 3%，全年增長了 9%。鑑於市場再次出現廣泛波動，基礎設施的表現非常強勁。在槓桿信貸方面，本季度投資組合增長 3%，全年增長負 3%，我們的另類信貸投資組合在第四季度增長 1%，全年增長 2%。當然，2022 年的波動不僅限於股票市場，投資級和高收益指數在這一年中分別下跌了 13% 和 11%。

Now perhaps more important are the figures that you see on Page 8 of the earnings release. This page shows investment performance since inception across our recent funds that have been investing for 2-plus years. The figures you see here, of course, reflect any marks taken in Q4 or over the course of 2022. Looking at this page and taken together, we continue to feel very good about the returns we've been generating on behalf of our clients.

現在，也許更重要的是您在收益發布第 8 頁上看到的數字。此頁面顯示了我們最近投資 2 年多的基金自成立以來的投資業績。當然，您在這裡看到的數字反映了第四季度或 2022 年期間取得的任何成績。看看這個頁面並綜合考慮，我們繼續對我們代表客戶產生的回報感到非常滿意。

In terms of our balance sheet investments, performance was flat in the quarter and down 5% for the year, again, against a volatile backdrop. Of note here, core private equity investments on the balance sheet have continued to perform. For the quarter and the year, the core PE portfolio appreciated 7% -- excuse me, appreciated 5% and 7%, respectively.

就我們的資產負債表投資而言，在動蕩的背景下，本季度業績持平，全年下降 5%。值得注意的是，資產負債表上的核心私募股權投資繼續表現出色。本季度和本年度，核心 PE 投資組合升值 7%——對不起，分別升值 5% 和 7%。

Turning to capital metrics. We raised $16 billion in the quarter. This was driven by fundraising across our growth and traditional PE strategies, leveraged credit, a block transaction at Global Atlantic, alongside incremental flows at GA. This brings our full year 2022 total new capital raised to $81 billion. Our assets under management increased to $504 billion as of 12/31, with fee-paying AUM coming in at $412 billion. We continue to find opportunities to invest, deploying $16 billion in the quarter. Infrastructure and traditional private equity accounted for about half of the Q4 deployment with opportunities dispersed globally.

轉向資本指標。我們在本季度籌集了 160 億美元。這是由我們的增長和傳統 PE 策略的籌資、槓桿信貸、Global Atlantic 的大宗交易以及 GA 的增量資金推動的。這使我們 2022 年全年的新融資總額達到 810 億美元。截至 12 月 31 日，我們管理的資產增加到 5040 億美元，付費 AUM 達到 4120 億美元。我們繼續尋找投資機會，本季度部署了 160 億美元。基礎設施和傳統私募股權約佔第四季度部署的一半，機會分散在全球。

And finally, before handing it to Rob, consistent with our historical approach, we're pleased to announce our intention to increase our annual dividend policy from $0.62 to $0.66 per share. This change will go into effect for the dividend announced alongside first quarter 2023 earnings. And at the same time, we've increased our stock repurchase authorization back up to $500 million.

最後，在將其交給 Rob 之前，按照我們的歷史做法，我們很高興地宣布，我們打算將年度股息政策從每股 0.62 美元提高到 0.66 美元。這一變化將對與 2023 年第一季度收益一起宣布的股息生效。同時，我們將股票回購授權增加到 5 億美元。

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

有了這個，我會把它交給羅布。

Thanks a lot, Craig, and thank you, everyone, for joining our call this morning. I thought I'd begin by giving you a sense of our recent annual planning meetings. We got our senior team together earlier this year to review where we are as a firm, where we're going and most importantly, what we need to get right to capture the opportunity that is in front of us. Listening and participating in these discussions was incredibly energizing. We've never had a stronger team and been more aligned around where we are going as a firm. We have a number of very clear avenues for long-term and sustainable growth and more confidence than ever in our ability to achieve it.

非常感謝克雷格，也感謝大家今天早上加入我們的電話會議。我想我應該首先讓您了解一下我們最近的年度計劃會議。今年早些時候，我們將我們的高級團隊召集在一起，回顧了我們作為一家公司的現狀、我們的發展方向，最重要的是，我們需要做些什麼才能抓住擺在我們面前的機會。聆聽和參與這些討論令人難以置信地充滿活力。我們從未有過一個更強大的團隊，並且圍繞我們公司的發展方向更加一致。我們有許多非常明確的長期和可持續增長途徑，並且比以往任何時候都更有信心實現這一目標。

I'm going to step through some of these more material opportunities for growth in a minute, but before I do that, I first wanted to emphasize just a few points about 2022. Starting with our fundraising. We raised $81 billion of capital last year, the second most active year in our history. And of course, all against a much more complex market backdrop and without significant contributions from our flagship strategies. Over 70% of our fundraising last year came in our real assets and credit businesses, strategies that are often front-of-mind for our clients in rising interest rate as well as inflationary environments.

我將在一分鐘內逐步介紹其中一些更多的物質增長機會，但在我這樣做之前，我首先想強調關於 2022 年的幾點。從我們的籌款開始。去年我們籌集了 810 億美元的資金，這是我們歷史上第二活躍的年份。當然，所有這些都是在更加複雜的市場背景下進行的，並且我們的旗艦戰略沒有做出重大貢獻。去年我們超過 70% 的籌資來自我們的實物資產和信貸業務，在利率上升和通脹環境下，這些策略通常是我們客戶的首要考慮。

Moving to deployment. We invested a healthy amount of capital over the last 12 months. Looking at private equity and real assets taken together, deployment here was approximately 20% greater in 2022 compared to 2021 as teams were able to find very creative ways to put capital to work. For example, across PE, growth, and infra, we announced or closed on 10 take-private transactions over the course of the year. And as our footprint has scaled and become more diversified, so has our deployment. Real assets strategies were 16% of total firm deployment activity in 2020. That number totaled almost 40% in 2022. Over that same 2-year period, credit deployment has increased approximately 2.5x as the business has expanded with Global Atlantic as a partner and new focus funds such as asset-based finance.

轉到部署。在過去的 12 個月裡，我們投入了大量資金。將私募股權和實物資產放在一起看，與 2021 年相比，2022 年這裡的部署增加了約 20%，因為團隊能夠找到非常有創意的方式來投入資金。例如，在 PE、增長和基礎設施領域，我們在這一年中宣布或完成了 10 筆私有化交易。隨著我們的足跡擴大並變得更加多樣化，我們的部署也在擴大。 2020 年，實物資產策略占公司總部署活動的 16%。到 2022 年，這一數字總計接近 40%。在同一 2 年期間，隨著業務與 Global Atlantic 作為合作夥伴的擴展，信貸部署增加了約 2.5 倍，並且資產融資等新的焦點基金。

And finally, I'd like to circle back to our compensation expense and the comp margins that you saw in Q4. Fee-related compensation was 20% of fee-related revenues. That is at the low end of the 20% to 25% range that we've articulated historically, while realized investment income comp was 10% of realized investment income, also at the low end, in this case, of the outlined 10% to 20% range. Carried interest comp was at the midpoint for the quarter which, as a reminder, is 65%. This had the impact of reducing our total compensation margin for the quarter, which, including equity-based comp, was 32%.

最後，我想回到我們的補償費用和您在第四季度看到的補償利潤率。與費用相關的報酬佔與費用相關的收入的 20%。這是我們歷史上所闡述的 20% 至 25% 範圍的低端，而已實現的投資收益佔已實現投資收益的 10%，在這種情況下，也處於概述的 10% 至 25% 的低端20% 的範圍。附帶利益補償處於本季度的中點，提醒一下，為 65%。這降低了我們本季度的總薪酬利潤率，其中包括基於股權的薪酬，為 32%。

Given realized carried interest generation across KKR over the course of 2022, we felt that we could move to a low end of our FRE and investment income compensation ranges and show some expense discipline in support of our operating earnings, while importantly, still ensuring that we have the capacity to recruit, retain and incent world-class investment, distribution and operations talent.

鑑於 KKR 在 2022 年期間實現的附帶利息生成，我們認為我們可以轉向 FRE 和投資收入補償範圍的低端，並顯示一些支出紀律來支持我們的營業收入，同時重要的是，仍然確保我們有能力招募、留住和激勵世界一流的投資、分銷和運營人才。

As we think about levers that we have as a firm to generate long-term earnings growth from here, operating leverage is really a key component. As a reminder, KKR employees own approximately 30% of our stock. So we are very well aligned to drive margin improvement across the business.

當我們考慮我們作為一家公司從這裡產生長期收益增長的槓桿時，經營槓桿確實是一個關鍵組成部分。提醒一下，KKR 員工擁有我們大約 30% 的股票。因此，我們非常一致地推動整個業務的利潤率提高。

And before I switch gears, let me give you an update on the outlook for Q1 monetization activity. Things have slowed a bit on the monetization side, but nothing that is surprising to us given the environment and how we're thinking about the timing of when we want to generate realization outcomes for our limited partners. So as we stand here today, we have visibility on approximately $250 million of monetization-related revenue for the first quarter.

在我換檔之前，讓我向您介紹一下第一季度貨幣化活動前景的最新情況。貨幣化方面的事情有所放緩，但考慮到環境以及我們如何考慮我們希望為我們的有限合夥人產生實現結果的時間，這對我們來說並不奇怪。因此，當我們今天站在這裡時，我們可以預見第一季度與貨幣化相關的收入約為 2.5 億美元。

Now turning the page and looking forward. We think there are really 6 key areas that are going to drive significant growth for KKR for several years to come. The first area is Real Assets, where we have seen meaningful growth across our platform. AUM at the end of Q4 stood at $119 billion. That's compared to just $28 billion at the end of 2019, so 4x growth in 3 years. Growth in infrastructure has been driven not only by our flagship fund, but also our extension into areas such as core as well as Asia Pacific. The real estate platform continues to grow across a full suite of 10-plus products, further propelled by both Global Atlantic on the credit side and our acquisition of KJRM on the equity side. Our momentum across our Real Assets platform is obviously quite significant and aligns well with a big area of current focus from our limited partners.

現在翻開這一頁，展望未來。我們認為確實有 6 個關鍵領域將在未來幾年推動 KKR 的顯著增長。第一個領域是實物資產，我們在整個平台上看到了有意義的增長。第四季度末的資產管理規模為 1190 億美元。相比之下，2019 年底僅為 280 億美元，因此 3 年增長了 4 倍。基礎設施的增長不僅受到我們旗艦基金的推動，還受到我們向核心和亞太地區等領域的擴展的推動。在信貸方面的 Global Atlantic 和我們在股權方面收購 KJRM 的進一步推動下，該房地產平台繼續發展，涵蓋全套 10 多種產品。我們在 Real Assets 平台上的勢頭顯然非常顯著，並且與我們的有限合夥人當前關注的一大領域非常吻合。

The second area of meaningful growth for KKR is continuing to leverage our market-leading position in Asia Pacific. Looking at our progress in 2022, our Asia infrastructure strategy raised almost $6 billion, the largest in the geography, and we closed on our first Asia credit fund as well. Looking ahead, we expect our Asia real estate strategy to expand in 2023 as well our Asia tech growth franchise. And as I mentioned a moment ago, our acquisition of KJRM, which is our Japanese real estate business, is a great example of how we can use our balance sheet to strategically pursue inorganic growth to both enhance our market position as well as to access differentiated forms of capital.

KKR 的第二個重要增長領域是繼續利用我們在亞太地區的市場領先地位。看看我們在 2022 年取得的進展，我們的亞洲基礎設施戰略籌集了近 60 億美元，是該地區最大的，我們也關閉了我們的第一隻亞洲信貸基金。展望未來，我們預計我們的亞洲房地產戰略以及我們的亞洲科技增長特許經營權將在 2023 年擴大。正如我剛才提到的，我們對日本房地產業務 KJRM 的收購是一個很好的例子，說明我們如何利用我們的資產負債表來戰略性地追求無機增長，以增強我們的市場地位並獲得差異化的機會資本形式。

Looking at this progress altogether, our Asia-focused AUM has now increased to $60 billion at the end of the year. That's up roughly 3x since 2019. Our local presence, paired with our KKR toolkit, has created an industry-leading business against very compelling long-term macro fundamentals in the region.

綜觀這一進展，我們以亞洲為重點的資產管理規模在年底已增至 600 億美元。自 2019 年以來，這一數字增長了大約 3 倍。我們在當地的業務與我們的 KKR 工具包相結合，在該地區非常引人注目的長期宏觀基本面的背景下，創造了行業領先的業務。

The third area for us is core private equity, which is just a massive opportunity as the addressable market is very significant, and the P&L impact can be positive across so many different parts of our financials. And most importantly, it is an area where we believe that we have the business model and culture that sets us up well to be the best global player in the asset class. As a quick reminder, core PE is a long-duration investment strategy, and we expect to hold these investments for 10- to 15-plus years.

對我們來說，第三個領域是核心私募股權，這是一個巨大的機會，因為潛在市場非常重要，而且損益影響可能對我們財務的許多不同部分產生積極影響。最重要的是，在這個領域，我們相信我們擁有的商業模式和文化可以讓我們成為資產類別中最好的全球參與者。快速提醒一下，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。

We currently have 19 businesses within our core portfolio. These businesses generally have lower leverage than traditional private equity investments, tend to be less cyclical and are more cash generative. These traits do create a more stable earnings profile within the portfolio. Today, we manage roughly $18 billion of third-party capital, which I believe is the largest in our space. The AUM we manage positively impacts our management fees, transaction fees as well as carried interest. But core PE now also accounts for over 30% of our balance sheet investments, yet these investments only accounted for 1% of our after-tax distributable earnings in 2022 when you look at their flow-through impact to realized investment income.

目前，我們的核心投資組合中有 19 項業務。與傳統私募股權投資相比，這些企業的槓桿率通常更低，週期性更小，現金生成能力更強。這些特徵確實在投資組合中創造了更穩定的收益狀況。今天，我們管理著大約 180 億美元的第三方資本，我認為這是我們所在領域最大的。我們管理的資產管理規模對我們的管理費、交易費和附帶權益產生積極影響。但核心私募股權現在也占我們資產負債表投資的 30% 以上，但當您查看它們對已實現投資收入的流動影響時，這些投資僅占我們 2022 年稅後可分配收益的 1%。

Looking at this another way, and to highlight this point even further, if you look through our balance sheet to the core PE portfolio, our portion of the company's EBITDA totals over $600 million. This is not accounted for in our distributable earnings. Make no mistake, this 30-plus percent allocation is purposeful. It is by design because we have a substantial opportunity to really compound our investments in an asset class where we know that we have differentiated capabilities.

從另一個角度來看，為了進一步強調這一點，如果您通過我們的資產負債表查看核心 PE 組合，我們在公司 EBITDA 中所佔的部分總計超過 6 億美元。這不計入我們的可分配收益。別搞錯了，這 30% 以上的分配是有目的的。這是設計使然，因為我們有大量機會真正複合我們在我們知道我們具有差異化能力的資產類別中的投資。

The fourth big macro driver for us is private wealth. We currently manage $67 billion of capital here compared to $37 billion in 2019. Approximately 15% of new capital raised has historically been sourced from this investor cohort, mostly from high net worth clients and in traditional drawdown products. Over time, we expect all private wealth focused capital will account for 30% to 50% of the capital that we raise as a firm. And along this path, we will continue to expand our footprint in the democratized access vehicle space. Our ambitions and views of the long-term opportunities we see for KKR have not changed.

我們的第四大宏觀驅動力是私人財富。我們目前在這裡管理著 670 億美元的資本，而 2019 年為 370 億美元。從歷史上看，大約 15% 的新籌集資金來自這一投資者群體，主要來自高淨值客戶和傳統的提款產品。隨著時間的推移，我們預計所有專注於私人財富的資本將占我們公司籌集的資本的 30% 至 50%。沿著這條道路，我們將繼續擴大我們在民主化接入車輛領域的足跡。我們對 KKR 長期機遇的抱負和看法沒有改變。

Next, my fifth point is our continued focus on the insurance space. Going back to July 2020 at the announcement of the Global Atlantic acquisition, their AUM was $72 billion. Today, it's close to $140 billion. So it's grown about 2x in the last 2.5 years. Our thesis in buying GA was multifold. We believe that the combination of a leading life and annuity franchise with multiple ways to expand against compelling market fundamentals, combined with KKR's origination and capital capabilities could lead to strong growth in AUM, operating earnings and book value, while also delivering for policyholders. This has really played out and looking ahead remains a key strategic priority for us.

接下來，我的第五點是我們繼續關注保險領域。回到 2020 年 7 月宣布收購 Global Atlantic 時，他們的資產管理規模為 720 億美元。今天，它接近 1400 億美元。所以它在過去 2.5 年裡增長了大約 2 倍。我們購買 GA 的論點是多方面的。我們認為，領先的人壽和年金特許經營權與多種方式相結合，可以根據令人信服的市場基本面進行擴張，再加上 KKR 的起源和資本能力，可能會導致資產管理規模、營業收入和賬面價值的強勁增長，同時也為保單持有人帶來收益。這確實發揮了作用，展望未來仍然是我們的關鍵戰略重點。

Not only is the $139 billion of GA capital itself perpetual, but the business has also helped us grow our third-party insurance client AUM to $56 billion. That's up from $26 billion at the time of the GA acquisition announcement as we have continued to create products that are tailored to this unique investor base.

GA 資本本身的 1390 億美元不僅是永久性的，而且該業務還幫助我們將第三方保險客戶的 AUM 增長到 560 億美元。這比 GA 收購公告時的 260 億美元有所增加，因為我們繼續創造為這個獨特的投資者群體量身定制的產品。

And finally, the sixth high-impact long-term growth driver for us is our balance sheet. I said the same thing last quarter as well, but there's really not a corporate that I know that doesn't wish they had more capital availability right now. The balance sheet has a clear competitive advantage in its continued ability to enable and accelerate growth in a way that is less dilutive for our public shareholders. To highlight this point, M&A, our investments in core private equity, our buildup in the insurance space and share buybacks have all accounted for roughly 90% of our net balance sheet deployment over the past 5 years. And we expect that trend to continue over the coming several years as well. This is just another tool that we have to be able to drive earnings per share over time.

最後，我們的第六大影響長期增長動力是我們的資產負債表。上個季度我也說過同樣的話，但我知道真的沒有一家公司不希望他們現在有更多的可用資本。資產負債表具有明顯的競爭優勢，因為它能夠持續以對我們的公眾股東攤薄較少的方式實現和加速增長。為了強調這一點，併購、我們對核心私募股權的投資、我們在保險領域的積累和股票回購在過去 5 年中都占我們淨資產負債表配置的大約 90%。我們預計這種趨勢在未來幾年也將持續下去。這只是我們必須能夠隨著時間的推移推動每股收益的另一種工具。

To summarize, we continue to feel extremely positive about our future outlook. The 6 drivers that I just went through are particularly impactful for our long-term success, and we have real conviction across the entirety of our management team in our ability to build on our existing momentum.

總而言之，我們繼續對我們的未來前景感到非常樂觀。我剛剛經歷的 6 個驅動因素對我們的長期成功特別有影響，我們整個管理團隊都堅信我們有能力在現有勢頭的基礎上再接再厲。

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, everyone, for joining our call today. I thought today, I would share how things look from Joe's and my seat. There is no doubt that markets and the economy remain dynamic. There's also no doubt mainly remaining focused on the macro, quarterly results, short-term catalysts and the near-term outlook for our industry and business.

謝謝 Rob，也謝謝大家今天加入我們的電話會議。我想今天，我會分享從喬和我的座位上看的情況。毫無疑問，市場和經濟仍然充滿活力。毫無疑問，我們仍然主要關注宏觀、季度業績、短期催化劑以及我們行業和業務的近期前景。

In summary, there's a lot of noise out there. We find that noise is just that, noise. We continue to raise capital, find interesting deployment opportunities and selectively monetize our portfolio. It's business as usual at KKR. So from our seats, while the noise creates some questions, it's important to not let it become a distraction. Building KKR is a long-term effort that takes years of planning and investment to get right. Many of the businesses we are scaling now were started over 10 years ago. And many of the businesses we are starting now will be scaling for decades to come. So we are singularly focused on what we need to get right: talent, culture, performance, clients and operations. If we get those things right, we will double KKR again at a rapid pace. If we don't, our growth will be slower than it could be.

總之，那裡有很多噪音。我們發現噪音就是噪音。我們繼續籌集資金，尋找有趣的部署機會，並有選擇地通過我們的投資組合獲利。 KKR 一切如常。因此，在我們的座位上，雖然噪音會引起一些問題，但重要的是不要讓它分散注意力。打造 KKR 是一項長期的工作，需要多年的規劃和投資才能取得成功。我們現在正在擴展的許多業務都是 10 多年前開始的。我們現在開始的許多業務將在未來幾十年內擴大規模。因此，我們特別關注我們需要做對的事情：人才、文化、績效、客戶和運營。如果我們做對了這些事情，我們將以快速的速度再次將 KKR 翻倍。如果我們不這樣做，我們的增長將比預期的要慢。

Growth is the result of execution. So as a management team, we are focused on what we can control and executing on those 5 fronts. The good news is that as we look back at recent progress, we feel like our strategy is being executed well and the results are emerging. To name just a couple of things we look to as evidence. In the last 2 years, our AUM has doubled from $250 billion to $500 billion and our fee-paying AUM has more than doubled. And over the same 2 years, our management fees and TDE per share have almost doubled as well. So the results of execution are starting to come through.

成長是執行的結果。因此，作為一個管理團隊，我們專注於我們可以在這 5 個方面控制和執行的內容。好消息是，當我們回顧最近的進展時，我們覺得我們的戰略執行得很好，結果正在顯現。僅舉幾件我們視為證據的事情。在過去的兩年裡，我們的資產管理規模從 2500 億美元翻了一番，達到 5000 億美元，而我們的付費資產管理規模也翻了一番多。在同樣的 2 年裡，我們的管理費和每股 TDE 也幾乎翻了一番。所以執行的結果開始顯現。

But these metrics are backward looking. What's even more encouraging to us is the strong evidence we have of growth continuing to be very attractive for years to come. Some of this may be apparent from these calls and some less so. To name just a few of the things that we are looking at. First, we've continued to create new businesses over the last several years. In fact, over 50% of the capital we raised last year was in strategies that did not even exist 5 years ago. And over 50% of our AUM is not yet scaled in our definition. Said another way, we have had a lot of recent innovation and half of the assets we now manage are still approaching the inflection part of the growth curve.

但這些指標是向後看的。更令我們鼓舞的是，我們有強有力的證據表明，未來幾年的增長將繼續極具吸引力。從這些電話中，有些可能是顯而易見的，有些則不那麼明顯。僅舉幾個我們正在關注的事情。首先，我們在過去幾年中不斷創造新業務。事實上，我們去年籌集的資金中有超過 50% 用於 5 年前甚至不存在的戰略。在我們的定義中，超過 50% 的 AUM 尚未擴展。換句話說，我們最近有很多創新，我們現在管理的一半資產仍接近增長曲線的拐點。

Second, our dry powder has grown from $67 billion to $108 billion over the last 2 years, positioning us well to invest into this environment, which we continue to find attractive.

其次，我們的干火藥在過去 2 年中從 670 億美元增長到 1080 億美元，使我們能夠很好地投資於我們繼續認為具有吸引力的環境。

Third, our efforts in democratized products are just starting. We expect to have multiple vehicles launched this year after 2 years of structuring and team building work. This is upside for us and we expect will be an additional growth engine for the firm across all of our asset classes.

第三，我們在產品大眾化方面的努力才剛剛開始。經過 2 年的架構和團隊建設工作，我們預計今年將推出多款車型。這對我們來說是有利的，我們預計這將成為公司所有資產類別的額外增長引擎。

Fourth, Global Atlantic goes from strength to strength, and has almost doubled assets since we announced the transaction 2.5 years ago, well ahead of schedule with significant opportunity ahead.

第四，Global Atlantic 不斷壯大，自我們 2.5 年前宣布交易以來，資產幾乎翻了一番，遠超預期，未來將迎來重大機遇。

Fifth, and maybe less visible, our sales team has grown from 100 people to 280 people in the last 2 years across institutions, insurance, family offices and private wealth. It typically takes a year or 2 for a new salesperson to learn our products and hit their stride. The result of this investment will show up over the next couple of years and create even more wind at our back.

第五，也許不太明顯，我們的銷售團隊在過去兩年中從 100 人增加到 280 人，涉及機構、保險、家族辦公室和私人財富。新銷售人員通常需要一到兩年的時間來學習我們的產品並大踏步前進。這項投資的結果將在未來幾年顯現出來，並為我們創造更多的動力。

Sixth, our carry-bearing invested dollars in the ground have increased dramatically. It's important to understand that the cash carry we generated last year largely came from investments we made 5-plus years ago when our AUM was a fraction of what it is today and our carry eligible invested capital was as well. To be specific, the vast majority of last year's carry came from harvesting investments made when our carry-earning invested capital was roughly $50 billion. Today, it's about $150 billion, up 3x. So don't let the near-term monetization environment divert your attention from what matters. The forward is incredibly strong as this much larger scale of invested capital matures with the returns on the slide Craig showed you. And finally, and perhaps most important, our team has never been stronger or more cohesive.

第六，我們在地面上的承載投資大幅增加。重要的是要了解我們去年產生的現金收益主要來自我們 5 年多前的投資，當時我們的 AUM 只是今天的一小部分，我們的合格投資資本也是如此。具體而言，去年的絕大部分收益來自於我們的收益投資資本約為 500 億美元時進行的收穫投資。今天，它約為 1500 億美元，增長了 3 倍。因此，不要讓近期的貨幣化環境將您的注意力從重要的事情上轉移開。隨著 Craig 向您展示的幻燈片上的回報，隨著這種規模大得多的投資資本的成熟，遠期前景非常強勁。最後，也許也是最重要的，我們的團隊從未如此強大或更具凝聚力。

In summary, over the last several years, we've made the investments for the next leg of growth at KKR and see years of opportunity ahead. And as we've done all this, the earnings power of KKR continues to increase. This is true regardless of the near-term noise in markets and is what gives us such confidence in our outlook. So don't get distracted by the noise. The signals are strong and our confidence is high.

總而言之，在過去幾年中，我們為 KKR 的下一階段增長進行了投資，並看到了未來多年的機遇。隨著我們完成所有這些工作，KKR 的盈利能力繼續增強。不管市場近期的噪音如何，這都是事實，這也是我們對前景充滿信心的原因。所以不要被噪音分散注意力。信號很強，我們的信心很高。

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

有了這個，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from Craig Siegenthaler with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Craig Siegenthaler。

So my question is on Global Atlantic. I wanted to get an update and hear how early stage credit quality metrics have trended inside of this business, especially given prospects that we may be entering a recession in the U.S. in the first half of this year.

所以我的問題是關於全球大西洋。我想了解最新情況並了解早期信用質量指標在該業務中的趨勢如何，尤其是考慮到我們可能會在今年上半年進入美國經濟衰退的前景。

Craig, it's Rob. Thanks a lot for the question. The very short answer is that GA continues to trend really well as it relates to its credit exposures. We've talked about this in prior calls, but 95% of GA's book is rated NAIC 1 or NAIC 2, so investment-grade in nature. The equity book at GA is sub 1% of total assets. And so we've done a bottoms up across the entire portfolio as we've gone into year-end and feel really good with how the strength of the balance sheet is holding up.

克雷格，是羅伯。非常感謝你的提問。非常簡短的回答是，GA 繼續保持良好的趨勢，因為它與其信用風險有關。我們在之前的電話中已經討論過這個問題，但 GA 95% 的賬簿被評為 NAIC 1 或 NAIC 2，因此本質上屬於投資級。 GA 的股權賬面不到總資產的 1%。因此，隨著我們進入年底，我們對整個投資組合進行了自下而上，並且對資產負債表的實力如何保持感到非常滿意。

Our next question comes from Alex Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

I was hoping maybe we could talk a little bit about margins and scale in the business. So Rob, this one's probably for you, but you guys were able to bring down FRE comp this year, partially because of pretty good monetization activity this year, I think, as you alluded in your prepared remarks. So if monetization income weakens in '23 for a variety of cyclical factors, should we think about that drifting back higher? Or is there enough sort of scale in the business where FRE comp rate could be at a lower run rate on a more sustainable basis?

我希望也許我們可以談談業務的利潤率和規模。所以 Rob，這可能是給你的，但你們今年能夠降低 FRE comp，部分原因是今年非常好的貨幣化活動，我認為，正如你在準備好的評論中提到的那樣。因此，如果 23 年的貨幣化收入因各種週期性因素而減弱，我們是否應該考慮回升？還是在業務規模足夠大的情況下，FRE 補償率可以在更可持續的基礎上以較低的運行率運行？

And I guess, bigger picture, I was hoping we can maybe just again kind of double-click into how monetization activity flows through the margins in other parts of the business. You guys report and we've sort of think about it in silos, but that's ultimately not how you sort of pay your people. So wrapping all of that around, we're hoping to get a little more color.

而且我想，從更大的角度來看，我希望我們可以再次雙擊以了解貨幣化活動如何流經業務其他部分的利潤率。你們報告，我們有點孤立地考慮它，但這最終不是你支付員工的方式。因此，將所有這些都包裹起來，我們希望獲得更多顏色。

Yes. Got it. Thanks, Alex. A lot in there, so let me try and tackle one at a time. First, let me just start with margins. We believe that we've created a business model that allows for best-in-class FRE margins. And we've been consistent for a number of quarters now, a number of years now, probably, that assuming reasonable market conditions, we've got a business that can sustainably drive a low 60% FRE margins in spite of some of the investments that we're making back into our business.

是的。知道了。謝謝，亞歷克斯。裡面有很多，所以讓我嘗試一次處理一個。首先，讓我從邊距開始。我們相信，我們已經創建了一種商業模式，可以實現一流的 FRE 利潤率。而且我們現在已經有幾個季度，幾年了，可能，假設合理的市場條件，我們有一個業務可以可持續地推動低 60% 的 FRE 利潤率，儘管有一些投資我們正在重新投入我們的業務。

But over time, as those investments that we're making pay off and as the fees come in on the back of those investments as well as the efficiencies, we believe that we can create a business model that delivers mid-60% operating margins. I think that's going to come in a couple of forms. I think that will come from operating expense. Leverage, I think it also has the potential to come from compensation expense leverage as you would have seen in Q4 of this year.

但隨著時間的推移，隨著我們正在進行的投資得到回報，隨著這些投資和效率的提高產生費用，我們相信我們可以創建一種商業模式，提供 60% 左右的營業利潤率。我認為這將以幾種形式出現。我認為這將來自運營費用。槓桿，我認為它也有可能來自薪酬費用槓桿，正如您在今年第四季度所看到的那樣。

Now taking back to how we thought about compensation margin inside of the quarter, I'd say a couple of things as it relates to that. The first, we want to make sure that we've got -- and I said this on the prepared remarks, the right amount of compensation in our business such that we can recruit, retain and incent world-class talent across the board at KKR. And as we looked at the pool of compensation that we had available in 2022, we made the determination that in Q4, we can operate at the bottom end of that range.

現在回到我們如何考慮本季度內的薪酬利潤率，我想說幾件與此相關的事情。首先，我們要確保我們已經——我在準備好的發言中說過，我們的業務中有適當的薪酬，這樣我們就可以在 KKR 全面招聘、留住和激勵世界一流的人才.當我們查看 2022 年可用的薪酬池時，我們決定在第四季度，我們可以在該範圍的底端運營。

Now you asked the question of monetization activity comes down next year, where might that shake out? I instead would look at it across our total comp margin. And what we've guided historically is on a total comp margin, we can operate in the low 40% range. In 2022, we were at 39.7%, I believe. 2019, '20 and '21, we were below that 40% guidance number. And if monetization comes down and carried interest comes down, that's our highest comp margin at 65%. And so all things equal, you would expect compensation margin across the board to come down. So there was a lot in your question, but hopefully I got most of it and happy to catch up more offline on the topic.

現在你問的問題是明年貨幣化活動會減少，那會在哪裡發生變化？相反，我會在我們的總利潤率中查看它。我們歷史上指導的是總利潤率，我們可以在 40% 的低範圍內運營。我相信，到 2022 年，我們的比例為 39.7%。 2019 年、20 年和 21 年，我們低於 40% 的指導數字。如果貨幣化和附帶權益下降，那將是我們最高的 65% 的利潤率。因此，在所有條件相同的情況下，您會期望薪酬幅度全面下降。所以你的問題有很多，但希望我能理解其中的大部分內容，並且很高興能夠在線下了解更多關於該主題的內容。

Yes. The only thing I would add is that our people understand that monetizations, if they come down, compensation is going to come down as a result. Our business, you get paid on cash outcomes. So I don't think that would be a surprise to anybody.

是的。我唯一要補充的是，我們的員工明白，如果貨幣化下降，薪酬也會因此下降。在我們的業務中，您會根據現金結果獲得報酬。所以我認為這不會讓任何人感到驚訝。

Our next question comes from Glenn Schorr with Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

So I'm a big believer in the big picture growth picture that you laid out. So cool with that. One of the 5 things you talked about getting right is performance, and I think your long-term performance is awesome. I want to focus on 2022 for a second, get the right perspective. PE down 14%. I think just the fourth quarter real estate was down 8%, leveraged credit down 3%. I want to -- if you -- I know it's a longer tail. I know your long-term track record is great. I wonder if we could talk about the right perspective on portfolio composition or how you do marks relative to publics. That was only the only Achilles heel I -- that caught my eye in the quarter.

所以我非常相信你所描繪的增長大局。太酷了。你談到做對的 5 件事之一是表現，我認為你的長期表現很棒。我想關注 2022 年，獲得正確的視角。市盈率下降 14%。我認為僅第四季度房地產就下降了 8%，槓桿信貸下降了 3%。我想——如果你——我知道它是一條更長的尾巴。我知道你的長期業績記錄很好。我想知道我們是否可以談談關於投資組合構成的正確觀點，或者你如何做相對於公眾的標記。那隻是我在本季度引起我注意的唯一致命弱點。

Glenn, it's Rob. Thanks for question. Why don't I just start with valuation methodology because I think that, that's really important for this discussion. Then Craig and Scott could spend some time as it relates to performance. We've been reporting as a public entity now for close to 17 years if you include KPE, which was the predecessor closed-end fund the KKR merged into. And we really do believe that over that period of time, we've developed best-in-class process for determining fair value for our Level 3 assets, which are those assets that don't have observable marks.

格倫，是羅伯。謝謝提問。為什麼我不從估值方法開始，因為我認為這對於這次討論非常重要。然後 Craig 和 Scott 可以花一些時間討論性能。如果包括 KPE，我們現在作為公共實體進行報告已有將近 17 年的歷史，KPE 是 KKR 合併的前身封閉式基金。我們確實相信，在那段時間裡，我們已經開發出一流的流程來確定我們的 3 級資產的公允價值，這些資產沒有明顯的標記。

Our exact process and methodology is, of course, by its nature, different by asset class, but what is most important to us is that we have a consistent process and methodology quarter after quarter after quarter. And we believe that aspect is critical in delivering a fair and representative view on fair value, which we think you've seen over time and in 2022.

當然，我們確切的流程和方法在本質上因資產類別而異，但對我們來說最重要的是我們每個季度都有一個一致的流程和方法。我們認為，這一方面對於就公允價值提供公平和有代表性的觀點至關重要，我們認為您已經在 2022 年和過去的時間裡看到了這一點。

I think the other thing that's worth mentioning on valuation methodology, as part of our consistent process, we've got a third-party valuation agent, excuse me, who is an expert in their respective space and they either perform the valuation exercise or provide positive assurance on those investments. So if you look at our history, we feel we've gotten that balance right and that our portfolio is certainly impacted by market movements as well as by inputs like interest rates and equity risk premiums that might impact DCF's offset over the course of the year by operating performance as well. And so I think it's important really to understand that our methodology doesn't change and it's consistent quarter-over-quarter. And in that respect, we feel really good that we're delivering the right representative mark across our portfolio.

我認為關於估值方法的另一件事值得一提，作為我們一貫流程的一部分，我們有第三方估值代理人，對不起，他們是各自領域的專家，他們要么執行估值工作，要么提供對這些投資的積極保證。因此，如果您回顧一下我們的歷史，我們會覺得我們已經取得了正確的平衡，而且我們的投資組合肯定會受到市場變動以及利率和股票風險溢價等可能影響 DCF 在這一年中的抵消的投入的影響經營業績也是如此。因此，我認為真正重要的是要了解我們的方法不會改變並且每個季度都是一致的。在這方面，我們感到非常高興，因為我們在我們的產品組合中提供了正確的代表性商標。

And then Glenn, it's Craig. I did have -- why don't I just pick up on one of the statistics you mentioned on opportunistic real estate. And there are really 2 points there. Rob has already hit on the first just as it relates to the consistency around that process for us and the work we do with the valuation agent. In the case of real estate specifically, that valuation agent will look at recent transactions and they'll come up with cap rate and discount rate assumptions for that specific quarter. So in a quarter like Q4, transaction activity was really muted. Volumes in the U.S. were off something like 60%. But in those observable transactions, cap rates widened. And so that's really what drove the performance figure in real estate that you saw for the quarter.

然後是格倫，是克雷格。我確實有 - 為什麼我不只是接受你提到的關於機會主義房地產的統計數據之一。那裡真的有 2 點。 Rob 已經找到了第一個，因為它與我們圍繞該流程的一致性以及我們與估值代理所做的工作有關。具體就房地產而言，該估值代理人將查看最近的交易，他們將提出該特定季度的資本化率和貼現率假設。因此，在第四季度這樣的季度，交易活動真的很低迷。美國的銷量下降了大約 60%。但在那些可觀察的交易中，資本化率擴大了。因此，這才是真正推動您在本季度看到的房地產業績數據的原因。

Now the second point, which we think is more important, honestly, is the fundamentals and the portfolio itself as our -- we continue to feel great about the portfolio as well as those fundamentals. So our exposures continue to be weighted towards those assets and themes where you're seeing strong fundamentals and strong growth. Industrial assets, data centers, rental housing, student housing, storage. Those are over 80% of the portfolio in total, and we're seeing strong fundamentals and cash flow growth there.

老實說，我們認為更重要的第二點是基本面和投資組合本身——我們繼續對投資組合和這些基本面感覺良好。因此，我們的風險敞口繼續偏向那些您看到強勁基本面和強勁增長的資產和主題。工業資產、數據中心、出租房、學生宿舍、倉庫。這些佔投資組合總數的 80% 以上，我們看到那裡有強勁的基本面和現金流增長。

On the flip side, we globally have only 1% exposure to retail, and our U.S. OpEx exposure is below 5%. And then just to help put those 2 things together to give you a sense, if we had used constant cap rate and discount rate assumptions in Q4, you actually would have seen the portfolio marked up in the quarter instead of that down for the quarter percentage that you did see.

另一方面，我們在全球範圍內只有 1% 的零售業務敞口，而我們在美國的 OpEx 敞口低於 5%。然後只是為了幫助將這兩件事放在一起給你一個感覺，如果我們在第四季度使用恆定的資本化率和貼現率假設，你實際上會看到投資組合在本季度標記而不是季度百分比下降你確實看到了。

So again, we are really benefiting from strong underlying NOI growth. And that dynamic is really the reason that we put in Page 8. So I think as our clients evaluate us across our strategies, they're looking at this inception performance much less focused on any 90-day period, et cetera. And I think when you look at this since inception, as you noted, and we appreciate that in your beginning of the question, the performance figures, and in the case of real assets and real estate, the blue bars, I think we feel great about how we've been performing on behalf of our clients.

因此，我們再次真正受益於強勁的潛在 NOI 增長。這種動態確實是我們在第 8 頁上的原因。所以我認為當我們的客戶評估我們的戰略時，他們正在關注這個初始績效，而不是關注任何 90 天的時間等等。我想當你從一開始就看到這個，正如你所指出的，我們很欣賞你在問題開始時的表現數據，以及在不動產和房地產的情況下，藍色條，我認為我們感覺很好關於我們如何代表我們的客戶表現。

Glenn, it's Scott. Just -- if I were you, I'd be trying to figure out is there anything to worry about here? And the punchline from my standpoint is no. I think as the guy said, we've had a very consistent methodology. It's not at all surprised, given the markets have been off, multiples have been off. They'd see some marks come down, but they're just that, marks. What matters to us is the fundamental operating performance of the portfolio, which continues to be really strong. If anything, we feel even better that we got it right in terms of investing behind the right themes in the last several years. Revenue and profitability metrics remain strong. The fundamental operating performance of our real asset book and our credit book remains strong, candidly, a bit stronger than I might have expected given what's going on with the economy and the backdrop.

格倫，是斯科特。只是——如果我是你，我會試著弄清楚這裡有什麼值得擔心的嗎？從我的角度來看，妙語是不。我認為正如那個人所說，我們有一個非常一致的方法。這一點也不奇怪，因為市場已經關閉，倍數已經關閉。他們會看到一些標記掉下來，但它們只是標記。對我們來說重要的是投資組合的基本經營業績，它仍然非常強勁。如果有的話，我們感覺更好，因為在過去幾年中，我們在正確的主題下進行投資是正確的。收入和盈利指標依然強勁。坦率地說，我們的實物資產賬簿和信貸賬簿的基本運營表現仍然強勁，比我在經濟和背景下的預期要強一些。

So overall, we're not worried about it. I would suggest you not worry about it either. My expectation is as markets rebound, you'll see the marks rebound as well.

所以總的來說，我們並不擔心。我建議你也不要擔心。我的預期是隨著市場反彈，您也會看到標記反彈。

Our next question comes from Brian McKenna with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Brian McKenna。

So you've done a great job expanding into a number of adjacent strategies and products over the past several years. I'm curious though, as we think about the next 3 to 5 years, should we expect this expansion into new areas to persist? Or will more of the focus be going deeper in the strategies you have today and moving more of these platforms from earlier stages of the life cycle to more maturing scale stages?

所以在過去的幾年裡，你在擴展到許多相鄰的策略和產品方面做得很好。不過，我很好奇，當我們考慮未來 3 到 5 年時，我們是否應該期望這種向新領域的擴張會持續下去？還是更多的重點會深入到您今天擁有的戰略中，並將更多這些平台從生命週期的早期階段轉移到更成熟的規模階段？

Brian, thanks for the question. I think it's going to be much more focused around taking what we have today and scaling that up. We think there's more than enough room to have very substantial growth. And as we've outlined, our 2026 profitability measure is greater than $4 of FRE per share, $7 of TDE per share. That doesn't rely on adding a lot of new products that we're doing. That said, we continue the focus on innovation. We are likely to add products over time where we believe there's large addressable markets and where we can be a top player in the world of what we do. But that list is going to be small because I think we believe that if we go execute on what we have in front of us today, take that 50% of our products that aren't yet at scale and get them to scale, that the growth opportunity is going to be much larger than starting something new from scratch.

布賴恩，謝謝你的提問。我認為它將更加專注於利用我們今天擁有的東西並擴大規模。我們認為有足夠的空間實現非常可觀的增長。正如我們所概述的那樣，我們 2026 年的盈利能力指標超過每股 FRE 4 美元，每股 TDE 7 美元。這並不依賴於添加我們正在做的很多新產品。也就是說，我們繼續專注於創新。隨著時間的推移，我們可能會在我們認為有很大的可尋址市場並且我們可以在我們所做的事情的世界中成為頂級參與者的地方添加產品。但這個清單會很小，因為我認為我們相信，如果我們繼續執行今天擺在我們面前的東西，將我們尚未規模化的產品中的 50% 進行規模化，那麼增長機會將比從頭開始新事物大得多。

Our next question is from Mike Brown with KBW.

我們的下一個問題來自 KBW 的 Mike Brown。

I wanted to start with GA. It's clearly a strong quarter there. And then given the favorable rate backdrop and the good new business trends that you've been seeing, any thoughts on how we should think about the next 6 to 12 months from that business? If you could maybe touch on the net investment income and the net cost of insurance, that would certainly be helpful.

我想從 GA 開始。這顯然是一個強勁的季度。然後考慮到有利的利率背景和您所看到的良好的新業務趨勢，關於我們應該如何考慮該業務未來 6 到 12 個月的任何想法？如果您能談談淨投資收入和保險的淨成本，那肯定會有所幫助。

Yes. Great. Thanks a lot for the question. Clearly, Global Atlantic in the 2 years of our ownership has had really outstanding performance. And we had targeted 12% to 13% type of ROEs. We've outachieved that over the course of 2021 and again in 2022. I do still believe that that's the right level which to model GA on a go-forward basis. We are benefiting from -- right now.

是的。偉大的。非常感謝你的提問。顯然，Global Atlantic 在我們擁有的 2 年裡取得了非常出色的表現。我們的目標是 12% 到 13% 的 ROE。我們在 2021 年和 2022 年再次實現了這一目標。我仍然相信這是在前進的基礎上對 GA 進行建模的正確水平。我們正在受益於——現在。

On the investment -- net investment side of the business, we're certainly benefiting from greater deployment as we've rotated on our portfolio, which we took some upfront losses on given where interest rates are and have put that into higher-yielding securities. We've also benefited. While we are pretty well asset liability matched, we do have a decent sized floating rate book. And so as interest rates have gone up, GA has benefited from that as well.

在投資 - 業務的淨投資方面，我們肯定會從更大的部署中受益，因為我們已經輪換了我們的投資組合，我們在考慮到利率的情況下承擔了一些前期損失並將其投入更高收益的證券.我們也受益匪淺。雖然我們的資產負債匹配得很好，但我們確實有一本規模不錯的浮動利率賬簿。因此，隨著利率上升，GA 也從中受益。

At the same time, though, cost of insurance has, of course, gone up. The price of which we price our annuities has gone up. But I think the team has done a really good job on the operating expense side of the business. And overall, you're seeing that operating leverage flow through. So we continue to be really encouraged. I think 12% to 13% is still the right range to model that business going forward, and hopefully, they're going to continue to be able to outperform.

但與此同時，保險費用當然也上漲了。我們為年金定價的價格已經上漲。但我認為該團隊在業務的運營費用方面做得非常好。總的來說，您會看到運營槓桿正在流動。所以我們繼續受到鼓舞。我認為 12% 到 13% 仍然是模擬未來業務的正確範圍，希望他們能夠繼續表現出色。

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

我們的下一個問題來自 Jefferies 的 Gerry O'Hara。

Obviously, funding remains a topical item. So just sort of hoping you could comment a little bit on how conversations with LPs have been evolving over the past several months. And also to the extent you might be able to sort of address this whole dynamic around LP allocations and their sort of "budget" as we look into 2023 and beyond.

顯然，資金仍然是一個熱門話題。因此，希望您能對過去幾個月與 LP 的對話如何發展發表一些評論。而且在我們展望 2023 年及以後的時候，您可能能夠解決圍繞 LP 分配及其“預算”的整個動態。

Thank, Gerry. It's Scott. I'll take that one. It's hard to answer that question in a clear fashion because it kind of depends on where you are and who you're talking to. So there's no doubt, kind of as we got into the back half of last year, some of our LPs were struggling with allocations on the back of a reduced denominator. That was predominantly a U.S. pension fund dynamic. As the calendar has turned, and there's a new budget year, some of that has softened and we're having conversations that indicate they're looking to put capital to work.

謝謝，格里。是斯科特。我會拿那個。很難以明確的方式回答這個問題，因為這在某種程度上取決於你身在何處以及你在與誰交談。所以毫無疑問，當我們進入去年下半年時，我們的一些有限合夥人在分母減少的背景下苦苦掙扎。這主要是美國養老基金的動態。隨著日曆的轉變，以及新的預算年度的到來，其中一些已經軟化，我們正在進行的對話表明他們正在尋求投入資金。

But if you go outside the U.S., Middle East, Asia, sovereign wealth, insurance, in particular, you find investors aren't struggling with those same issues. In fact, several of them are very forward leaning and trying to figure out how to invest into this environment. So the overall picture is not consistent, depending on where you are.

但如果你走出美國、中東、亞洲、主權財富、保險等領域，你會發現投資者並沒有為同樣的問題苦苦掙扎。事實上，他們中的一些人非常有前瞻性，並試圖弄清楚如何投資於這種環境。因此，整體情況並不一致，具體取決於您所在的位置。

What is very consistent, though, is we're finding this year, just like last, a lot of interest in a couple of themes, anything with inflation protection and yield. So think real estate, infrastructure, credit, significant amount of interest. I'd say an increased awareness that in times like this, all things private equity tend to perform quite well. So it should be a -- some very strong vintage years coming out of this period of time. So people are kind of swinging a bit to thinking about how to take advantage of this environment. So I'd say people are more in their front foot this year overall than maybe late last year. And there's more of the conversations gearing toward how do I invest into this in a thoughtful way.

不過，非常一致的是，我們發現今年與去年一樣，人們對幾個主題非常感興趣，任何具有通脹保護和收益率的主題。所以想想房地產、基礎設施、信貸、大量的利息。我想說的是，人們越來越意識到，在這樣的時代，私募股權的所有業務往往都表現良好。所以這應該是——這段時間裡出現了一些非常強勁的年份。所以人們有點搖擺不定地考慮如何利用這種環境。所以我想說今年總體上人們比去年年底更處於領先地位。還有更多的對話是關於我如何以深思熟慮的方式對此進行投資。

And I think part of that is people look back in post-GFC and maybe post the initial stages of COVID, some of which they were maybe a little bit more aggressive in terms of deploying into the environment spend. And I think that's what's leading to some of this shift in sentiment.

我認為部分原因是人們回顧後 GFC 並可能發布了 COVID 的初始階段，其中一些他們在部署到環境支出方面可能更積極一些。我認為這就是導致這種情緒轉變的部分原因。

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 Bill Katz。

Maybe circling back to one of your growth drivers. One, if you could talk a little bit about on the global private wealth opportunity. You mentioned a couple of new products coming out. Maybe update us on what you're hearing from the respective channels, just given some of the mixed macro backdrop with higher yields in more liquid products. And what might be having in terms of behavior and demand as you scale the business?

也許回到你的增長動力之一。第一，如果你能談談全球私人財富機會。你提到了一些即將推出的新產品。也許向我們更新您從各個渠道聽到的消息，只是考慮到一些混合的宏觀背景，流動性更強的產品收益率更高。當您擴展業務時，在行為和需求方面可能會有什麼？

Bill, it's Craig. Why don't I start. Look, I think the tone in any near-term period is going to be influenced by what we all see in broad markets. But I think we'd encourage everybody not to miss what really is a huge opportunity for us. And when we look at how we're positioned with our brand, our track record, our ability to innovate, the relationships that we enjoy with distribution partners.

比爾，是克雷格。我為什麼不開始。看，我認為任何短期內的基調都會受到我們在廣泛市場上看到的情況的影響。但我認為我們會鼓勵大家不要錯過對我們來說真正是一個巨大的機會。當我們審視我們的品牌定位、我們的業績記錄、我們的創新能力以及我們與分銷合作夥伴的關係時。

I think some of the things that Scott mentioned in our prepared remarks, we spent the better part of the last 2 years really as a firm, positioning ourselves to be able to launch a handful of new products, and we're on the cusp of that currently. So I think we just feel really well positioned in what is an enormous, massive, addressable market. And again, our views of the opportunity here hasn't changed.

我認為斯科特在我們準備好的發言中提到的一些事情，我們在過去兩年的大部分時間裡都真正作為一家公司，將自己定位為能夠推出一些新產品，我們正處於風口浪尖目前。所以我認為我們在這個巨大的、巨大的、可尋址的市場中感覺非常好。再一次，我們對這裡機會的看法沒有改變。

And I think -- I guess one final thought, in a product like KREST, again, we think the performance of KREST and the experience that people have had with that as an entry has been great. So performance was an 8% -- over an 8% return in 2022, 16% inception to date, over a 5% current yield. So I think when we look at the initial experience that investors have had from the democratized products, we feel very good about what they've experienced.

而且我認為 - 我想最後一個想法，在像 KREST 這樣的產品中，我們再次認為 KREST 的性能以及人們作為入門產品的體驗非常好。因此，業績為 8%——2022 年的回報率超過 8%，迄今為止的回報率為 16%，當前收益率超過 5%。所以我認為，當我們審視投資者從民主化產品中獲得的初步體驗時，我們對他們的體驗感到非常滿意。

Our next question is from Patrick Davitt with Autonomous Research.

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

I have another follow-up on the real estate market. Is there any specific region or specific type of assets in the portfolio where those transaction comps drove the mark? And as a follow-up to that, could you give us an idea of where the cap rates were moved to and where they were before?

我有另一個關於房地產市場的後續行動。投資組合中是否有任何特定區域或特定類型的資產在這些交易組合中發揮了作用？作為後續行動，您能否告訴我們上限利率移至何處以及之前的位置？

Patrick, we haven't disclosed the specific cap rates. I think the dynamic this quarter is, one, I think I wouldn't be -- we wouldn't be surprised if you'd actually see a real variability in those cap rate assumptions as, again, it's -- each manager is probably going to view the data points differently in what you're going to see in this 90-day period. And again, like the book that we have is going to be predominantly U.S.-based just given the maturation of our portfolio.

帕特里克，我們還沒有透露具體的上限率。我認為本季度的動態是，第一，我想我不會——如果你真的看到這些上限率假設存在真正的變化，我們也不會感到驚訝，因為，再一次，它是——每個經理可能是將以不同的方式查看您將在這 90 天內看到的數據點。再一次，就像我們擁有的這本書將主要以美國為基礎，只是考慮到我們投資組合的成熟。

And again, from an overall exposure piece, and as I've mentioned, our largest allocation is 35% in those industrial themes and 80% in those themes where we're continuing to see really strong growth, but almost by definition, those are going to have a big -- just given the significance of those in the portfolio, those are the instances that are going to be the biggest contributors to that movement in the quarter.

再一次，從整體曝光度來看，正如我所提到的，我們最大的配置是 35% 的工業主題和 80% 的主題，我們將繼續看到真正強勁的增長，但幾乎按照定義，這些是將有一個很大的 - 考慮到投資組合中那些的重要性，這些實例將成為本季度該運動的最大貢獻者。

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。

Just wanted to come back to the retail democratized part of the retail strategy. Maybe if you could just remind us on the AUM you have right now in the actual democratized products, where you might think that could go to over the long term? I realize it's a -- it's definitely a long-term build. And then how many products you plan to launch this year? And then going back to the FRE margin, part of that as you scale the overall business and improve the FRE margins, should we be thinking of the rollout of those democratized products as a near-term headwind as you pay for shelf space and build up the infrastructure to scale that?

只是想回到零售戰略的零售民主化部分。也許如果你能提醒我們你現在在實際民主化產品中擁有的 AUM，你可能認為這可能會長期存在？我意識到這是一個 - 這絕對是一個長期的建設。那麼您今年計劃推出多少產品？然後回到 FRE 利潤率，其中一部分是隨著您擴展整體業務並提高 FRE 利潤率，我們是否應該將這些民主化產品的推出視為近期的逆風，因為您需要支付貨架空間並建立基礎設施來擴展？

Brian, it's Craig. Why don't I start, and then we'll let Rob pick up on the FRE margin impact. Just in terms of framing that significance for us, again, we've got about $500 billion of AUM, roughly $6 billion are in these democratized vehicles today. So it's a little over 1% of our AUM. In terms of the launch of additional products and where we are from here, given the SEC rules and filings that we've made, we can't get into a lot of the specifics. But suffice to say, we think there's more to come in the first half of the year and we'll keep you abreast as we continue to make progress.

布賴恩，是克雷格。為什麼我不開始，然後我們會讓 Rob 了解 FRE 利潤率的影響。就構建對我們的重要性而言，我們有大約 5000 億美元的資產管理規模，今天大約有 60 億美元在這些民主化的車輛中。所以它略高於我們 AUM 的 1%。就其他產品的推出以及我們從這裡開始的地方而言，鑑於美國證券交易委員會的規定和我們已經提交的文件，我們無法了解很多細節。但可以這麼說，我們認為今年上半年會有更多進展，我們會在繼續取得進展的同時讓您了解最新情況。

Brian, some of those costs that you referenced are costs that we've talked about where we've been investing back into the firm in distribution, in marketing, as well as in technology. Some of that technology supports our efforts in the democratized vehicles. So as we talk about operating in the low 60s and over time, gravitating our business model, get to the mid-60s, that incorporates how we're thinking about the democratized access vehicle space.

布賴恩，你提到的一些成本是我們已經討論過的成本，我們在分銷、營銷和技術方面一直在投資回公司。其中一些技術支持我們在民主化車輛方面的努力。因此，當我們談論在 60 年代後期和隨著時間的推移運營時，吸引我們的商業模式，進入 60 年代中期，這結合了我們對民主化訪問車輛空間的思考方式。

And Brian, the only thing I'd add is, we've said over time, if you look at kind of where we've been selling to individual investors. So I think democratized plus the more traditional fund formats sold through platforms to individuals, that's been roughly 10% to 15% of the capital we've been raising ex-GA. And we said that we expect that over time to trend to 30% to 50%. So to your question of where do we think this goes over time, think of it as kind of an increasing percentage of a larger base. We've also shared over time that we expect to have democratized versions of what we're doing across all of our major product areas in the near term, and that's still the case.

布賴恩，我唯一要補充的是，隨著時間的推移，我們已經說過，如果你看看我們一直在向個人投資者出售的地方。因此，我認為民主化加上通過平台向個人出售的更傳統的基金形式，大約占我們在 ex-GA 籌集的資金的 10% 到 15%。我們說過，我們預計隨著時間的推移會達到 30% 至 50%。因此，對於您的問題，即我們認為隨著時間的推移，這會發生在哪裡，請將其視為更大基數的增加百分比。隨著時間的推移，我們還分享了我們希望在短期內將我們在所有主要產品領域所做的事情的民主化版本，現在仍然如此。

Our next question is from Finian O'Shea with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Finian O'Shea。

A follow-on to the insurance ROE. I appreciate your color on portfolio rotation into higher yields driving the impact. With that considered, how long should we expect the normalized ROE remaining elevated in today's environment with today's portfolio, understanding the inputs can be hard to predict.

保險股本回報率的後續。我很欣賞你對投資組合輪換到更高收益率推動影響的看法。考慮到這一點，我們應該期望標準化的 ROE 在今天的投資組合中在今天的環境中保持高位多久，理解投入可能很難預測。

Yes. Fin, thanks for the question. Listen, I do think that, that 12% to 13% range continues to be a good one for next year. And while there are some things that can elevate that number as we look forward, there were some timing elements in 2022 as well on that portfolio rotation. So I think that's still the good range for the near term. As I said, we hope that the GA team is able to generate returns that are in excess of that. They've done that in '21 and '22. But our internal modeling suggests that's the right range for '23.

是的。芬，謝謝你的提問。聽著，我確實認為 12% 到 13% 的範圍對明年來說仍然是一個不錯的範圍。雖然有一些事情可以像我們期待的那樣提高這個數字，但在 2022 年以及投資組合輪換方面也有一些時間因素。所以我認為這仍然是近期的良好範圍。正如我所說，我們希望 GA 團隊能夠產生超過此的回報。他們在 21 年和 22 年就這樣做了。但我們的內部模型表明，這是 23 年的正確範圍。

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。

Just on deployment, just curious how you would characterize the $71 billion of capital that was deployed in '22. It seems like a large quantum of capital, similar levels is 2021, but a tougher backdrop. So just curious how you could characterize that relative to your full potential. And what's the scope for that deployment to say, grow at a meaningfully step function higher level maybe in '23 or '24? Just how you're thinking about the capacity you have to deploy and what that might look like 5 years from now? And then just a quick housekeeping question for Rob, just if you could help quantify the investments and realizations off the balance sheet in the quarter.

就部署而言，只是好奇您如何描述 22 年部署的 710 億美元資金。這似乎是一筆巨大的資本，2021 年的水平與此類似，但背景更為艱難。所以很好奇你如何描述與你的全部潛力相關的特徵。該部署的範圍是什麼，可能在 23 年或 24 年以有意義的步驟功能更高級別增長？您如何考慮必須部署的容量以及 5 年後的情況？然後是 Rob 的一個快速內務管理問題，只要你能幫助量化本季度資產負債表上的投資和實現。

Mike, it's Craig, why don't I start on deployment. I think a couple of things when you look at our activities. One, look, the primary markets are pretty shut. Capital is very precious. Those are good things for us. And particularly, when you look at the $100-plus billion of dry powder that we have as a firm. So I think when we look back at our activities in 2022, I think we feel very good about capital that we put to work. We're value focused. We love carve-outs.

邁克，我是克雷格，我為什麼不開始部署呢？當您查看我們的活動時，我會想到一些事情。第一，看，主要市場非常接近。資本非常寶貴。這些對我們來說都是好事。特別是，當您查看我們公司擁有的 100 多億美元的干火藥時。因此，我認為當我們回顧 2022 年的活動時，我認為我們對投入工作的資本感到非常滿意。我們注重價值。我們喜歡分拆。

One of the things Rob talked about that I think is pretty interesting, again, is just the amount of public to privates we did in an environment where public markets are really dislocated. So I think for us to have announced or closed on 10 take-privates is a pretty interesting statistic. 8 of those were done outside of the U.S. in private equity, infrastructure, real estate. So I think on balance, we feel really good about that balance of activity.

Rob 談到的其中一件我認為非常有趣的事情就是我們在公共市場真正錯位的環境中所做的公共對私人的數量。所以我認為我們已經宣布或結束 10 次私有化是一個非常有趣的統計數據。其中 8 項是在美國以外的私募股權、基礎設施和房地產領域完成的。所以我認為總的來說，我們對活動的平衡感覺非常好。

A couple of other thoughts just, if you look at deployment, some statistics that as we go through things, it's always kind of interesting to reflect back. I think one, you're seeing real diversification. So in '22, traditional private equity deployment for us was $14 billion, real estate was $14 billion, infrastructure was $13 billion. So I think when you look back at this -- it's really a reflection of how the firm has meaningfully grown and diversified by strategy and by geography.

還有一些其他的想法，如果你看看部署，一些統計數據，當我們經歷這些事情時，回想起來總是很有趣。我認為一個，你看到真正的多元化。所以在 22 年，我們的傳統私募股權部署為 140 億美元，房地產為 140 億美元，基礎設施為 130 億美元。所以我認為，當你回顧這一點時——它確實反映了公司如何通過戰略和地理實現有意義的增長和多元化。

Kind of brings us to the second point which is some of the growth you've seen. So in Real Assets, as an example, as our infra and real estate footprint has grown, you've seen deployment grow meaningfully. Rob gave some of the statistics earlier on AUM growth in those businesses, but Real Assets deployment in 2018 through 2020 averaged a little over $4 billion a year, pretty equally split between infra and real estate. Last year, that was $28 billion. So again, we've gone from $4 billion to $28 billion, again, pretty equally split between those 2 businesses for us.

有點把我們帶到第二點，這是你看到的一些增長。因此，在 Real Assets 中，例如，隨著我們的基礎設施和房地產足蹟的增長，您已經看到部署有意義地增長。 Rob 早些時候提供了一些有關這些業務 AUM 增長的統計數據，但 2018 年至 2020 年的實際資產部署平均每年略高於 40 億美元，在基礎設施和房地產之間的分配相當平均。去年，這是 280 億美元。因此，我們再次從 40 億美元增加到 280 億美元，這對我們來說在這兩個業務之間的分配相當平均。

And the third point, and I think this is not as well understood, but it's interesting when you look at private equity deployment for us, as I think there's a -- again, I think we look at -- we feel good about when we deployed, where we leaned in. Let me give you a couple of statistics there. So I think in 2020, during COVID, I think everyone remember, we leaned in. So our deployment was around 33% higher in 2020 versus 2019. I think we were more active than our peers. I think people remember that. In '21, it almost felt like the industry felt the need to play catch-up and industry deployment was up materially. So in the U.S., PE investment activity in '21 was more than double 2020. I think that's what many people remember and in some ways, fear.

第三點，我認為這還沒有被很好地理解，但是當你看看我們的私募股權部署時，這很有趣，因為我認為 - 再一次，我認為我們會看到 - 我們感覺良好部署，我們傾斜的地方。讓我給你一些統計數據。所以我認為在 2020 年，在 COVID 期間，我想每個人都記得，我們向前傾斜了。所以我們在 2020 年的部署比 2019 年高出約 33%。我認為我們比同行更活躍。我認為人們記得這一點。在 21 年，幾乎感覺整個行業都覺得有必要迎頭趕上，行業部署也大幅增加。因此在美國，21 世紀的 PE 投資活動是 2020 年的兩倍多。我認為這是許多人記得的，在某些方面也令人恐懼。

For us, deployment was flat. So again, you didn't see any kind of an acceleration into that really throughout the environment. And then in '22, again, a year with a lot of volatility and challenge to debt markets, as you noted, deployment for the industry was down over 20%, deployment for us in private equity was up 35%. So again, I think you've seen this really thoughtful dynamic over time of how we look to deploy and take advantage of dislocation.

對我們來說，部署是平穩的。再一次，你沒有看到任何一種真正在整個環境中的加速。然後在 22 年，又是一年，債務市場波動很大，面臨挑戰，正如你所指出的，該行業的部署下降了 20% 以上，我們在私募股權中的部署上升了 35%。所以，我想你已經看到了隨著時間的推移我們如何部署和利用錯位的這種非常深思熟慮的動態。

And then the final point just relates to credit. Again, that same scaling thought. So in 2019, total credit deployment was $10 billion. 2020, that deployment was $10.3 billion, and last year deployment for us was $25 billion. So as the credit business has grown, as GA has come online, you've seen a meaningful increase in that deployment. So again, long-winded answer, but hopefully, that gives a little bit of flavor for the activities you saw last year.

然後最後一點只與信用有關。同樣，同樣的縮放思想。因此，2019 年的信貸部署總額為 100 億美元。到 2020 年，該部署為 103 億美元，而去年我們的部署為 250 億美元。因此，隨著信貸業務的增長，隨著 GA 的上線，您已經看到該部署的顯著增加。再次，冗長的回答，但希望這能為您去年看到的活動帶來一點風味。

Yes. The only color I'd add to that, Mike, is if you take the numbers apart, you're right, deployment was relatively flat, in the low $70s billion in '22 versus '21. But if you look at the makeup, there's a bit of a shift. Credit was actually down year-over-year. Part of that is overall transaction activity in the market, part of it is we had a lot of work on the GA front to do in 2021, in particular. But if you look at private markets, I think private equity, infrastructure and real estate, our deployment was actually up 20%. So we were leaning, and to Craig's point, into kind of what was happening with the markets last year after maybe being a little bit more cautious in late '21 in a high valuation environment.

是的。邁克，我要補充的唯一顏色是，如果你把數字分開，你是對的，部署相對平穩，在 22 年和 21 年的 700 億美元之間。但如果你看看妝容，就會有一點轉變。信貸實際上同比下降。部分原因是市場的整體交易活動，部分原因是我們在 GA 方面有很多工作要做，尤其是在 2021 年。但如果你看看私募市場，我認為私募股權、基礎設施和房地產，我們的部署實際上增加了 20%。因此，在克雷格的觀點中，我們傾向於了解去年市場發生的事情，因為在高估值環境下，21 世紀末可能會更加謹慎。

Then Mike, real quickly, our realization deployments were about $400 million for the quarter off the balance sheet.

然後邁克，很快，我們的實現部署在資產負債表上的季度約為 4 億美元。

Our next question is from Arnaud Giblat with BNP.

我們的下一個問題來自 BNP 的 Arnaud Giblat。

If I could just follow up quickly on the last question. Could you talk about -- a bit about the outlook a bit more on deployments? Are you seeing financing conditions improve in private equity? Is the [bid out] spread starting to narrow some of your -- a lot of the participants in the industry are talking about that as an issue. Is that improving? And equally, if you could comment a bit more on infra. I mean that's obviously been a very active area of the market. How are you seeing the pipeline of opportunities for deploying there?

如果我能快速跟進最後一個問題就好了。你能談談——更多關於部署的前景嗎？您是否看到私募股權融資條件有所改善？ [出價] 價差是否開始縮小你的一些——許多業內參與者都在談論這個問題。那是在改善嗎？同樣，如果您可以對基礎設施發表更多評論。我的意思是，這顯然是市場上非常活躍的領域。您如何看待在那裡部署的機會管道？

Yes. Thanks for the question. I think on deployment, looked at the debt markets, I haven't [fully yield]. But despite that, we've continued to find ways to deploy capital. I do think the capital markets business actually gives us a real leg up in helping to put together the debt side of a cap structure. Where we're interested now would include those areas where we think we can really bring our operational resources to bear and move the needle.

是的。謝謝你的問題。我認為在部署方面，看看債務市場，我還沒有[完全屈服]。但儘管如此，我們仍在繼續尋找部署資金的方法。我確實認為資本市場業務實際上為我們提供了真正的支持，幫助我們整合上限結構的債務方面。我們現在感興趣的領域將包括那些我們認為我們可以真正利用我們的運營資源來承擔和推動的領域。

Again, we love carve-outs. We've been very active public to privates. I think by strategy, you actually hit on probably the single busiest area in our firm, and that's infrastructure. And I think infrastructure has just continued to be a real success story and a real growth story for us. I think it's -- when we look back at our April '21 Investor Day, we gave a bunch of statistics there of actually where we thought infra would be over the course of 2022. Just to give you a sense, at that point, infra AUM was $17 billion. We estimated at that Investor Day that infra AUM would exceed $30 billion. And as of year-end, we're at $51 billion against that $30 billion estimate, all organic.

同樣，我們喜歡分拆。我們一直非常積極地向公眾公開。我認為通過戰略，你實際上可能擊中了我們公司最繁忙的領域，那就是基礎設施。而且我認為基礎設施一直是我們真正的成功故事和真正的成長故事。我認為這是 - 當我們回顧 21 年 4 月的投資者日時，我們在那裡提供了一系列統計數據，這些統計數據實際上是我們認為基礎設施在 2022 年期間的位置。只是為了給你一個感覺，在那個時候，基礎設施資產管理規模為 170 億美元。我們在那個投資者日估計基礎資產管理規模將超過 300 億美元。截至年底，我們的收入為 510 億美元，而此前的估計為 300 億美元，而且都是有機收入。

We look for management fees effectively to double from that $150 million to $275 million to $300 million was our estimate for 2022. And for the full year, infra management fees came in at $340 million, so nicely ahead of the top end of that range. And we've got $9 billion of infra capital that will become fee-paying as it's invested at a weighted average fee rate of about 120 basis points.

我們預計管理費將從我們對 2022 年的估計值 1.5 億美元增加一倍至 2.75 億美元至 3 億美元。全年，基礎設施管理費為 3.4 億美元，遠遠高於該範圍的上限。我們有 90 億美元的基礎設施資本，這些資本將以約 120 個基點的加權平均費率進行投資，因此將成為收費項目。

So not only will we build the high end, but we've got lots of visibility towards future management fee growth. And I think as we look at opportunities for us, that opportunity for continued growth and innovation hasn't stopped. So again, we think it's an asset class that can lend itself nicely to the democratized marketplace. And we think the renewable space is again an area where our presence can increase. So I appreciate you're asking about, but it's been a real [price spike] for us.

因此，我們不僅會打造高端產品，而且我們對未來管理費的增長也有很多了解。而且我認為，當我們為我們尋找機會時，持續增長和創新的機會並沒有停止。因此，我們再次認為這是一種可以很好地適應民主化市場的資產類別。我們認為可再生空間再次成為我們可以增加影響力的領域。所以我很感激你的詢問，但這對我們來說是一個真正的[價格飆升]。

Yes. The only color I'd add, Arnaud, is that our pipelines have been strong this year across asset classes. And I think to your question, it does take about a year for the public and private market valuations to start to align. We're getting close to lapping that, and we're starting to see that show up in the pipeline.

是的。我要添加的唯一顏色，Arnaud，是今年我們的管道在資產類別中表現強勁。我認為對於你的問題，公共和私人市場的估值確實需要大約一年的時間才能開始對齊。我們已經接近完成它，我們開始看到它出現在管道中。

Our next question is from Rufus Hone with BMO.

我們的下一個問題來自 BMO 的 Rufus Hone。

Just a follow-up question on Global Atlantic. I was just curious to get your thoughts around the outlook for inorganic growth for GA in the coming quarters. Any color on the pipeline, that would be helpful. And would you consider raising or bringing on third-party investors to accelerate organic growth and M&A even further?

只是關於全球大西洋的後續問題。我只是想知道您對未來幾個季度 GA 無機增長前景的看法。管道上的任何顏色都會有所幫助。您會考慮籌集或引入第三方投資者以進一步加速有機增長和併購嗎？

Yes. Thanks for the question, Rufus. You've hit on a spot of a lot of activity, actually. And our pipeline around the institutional side of our business at Global Atlantic, frankly, is big as it's been certainly since our ownership and probably since GA's founding. And so a lot of resources going into the institutional side of the business. And that's both in the U.S., but that's also global. I think there's a real opportunity to leverage KKR's franchise in Europe and Asia to help Global Atlantic grow in those parts of the world. So a lot of effort there.

是的。謝謝你的問題，魯弗斯。實際上，您已經找到了很多活動的地點。坦率地說，我們在 Global Atlantic 圍繞我們業務的機構方面的管道是巨大的，因為它肯定是自我們擁有以來，可能自 GA 成立以來。因此，大量資源進入了業務的機構方面。這既發生在美國，也發生在全球。我認為利用 KKR 在歐洲和亞洲的特許經營權來幫助 Global Atlantic 在世界這些地區發展是一個真正的機會。那裡付出了很多努力。

We do have, today, as you talk about third-party posted capital, we do have a sidecar pool of capital called Ivy today, that participates alongside some of our block reinsurance activity. It's a big part of our go-forward strategy, and I would certainly look to continue to be able to add capacity to the Ivy strategy to help support Global Atlantic and its growth in the future.

今天，當你談論第三方過賬資本時，我們確實有一個名為 Ivy 的附屬資本池，它與我們的一些大宗再保險活動一起參與。這是我們前進戰略的重要組成部分，我當然希望能夠繼續增加常春藤戰略的能力，以幫助支持全球大西洋及其未來的發展。

Our next question is from Chris Kotowski with Oppenheimer.

我們的下一個問題來自 Chris Kotowski 和 Oppenheimer。

I wanted to ask about the core private equity business. And I think if I heard him correctly, I think Rob referenced that it's $600 million of EBITDA, which is about 15% of your pretax earnings, but only 1% of DE. And I guess I'm wondering when and how -- what is your philosophy or outlook on when and how the EBITDA starts converting into DE? I mean, do we have to wait 15 or 20 years until these investments are mature and ready to be monetized?

我想問一下核心的私募股權業務。而且我想如果我沒聽錯的話，我認為 Rob 提到了 6 億美元的 EBITDA，這大約是你稅前收入的 15%，但只有 DE 的 1%。我想我想知道何時以及如何 - 您對 EBITDA 何時以及如何開始轉化為 DE 的理念或看法是什麼？我的意思是，我們是否必須等待 15 年或 20 年，直到這些投資成熟並準備好貨幣化？

Or are these companies in a position where they can start throwing off steady dividends? Or do their cash flows have to be reinvested to keep the growth going? Or are there dividend recaps down the line? Or what is the, I guess, the strategy for converting the EBITDA into DE for KKR shareholders?

或者這些公司是否可以開始發放穩定的股息？或者他們的現金流是否必須重新投資以保持增長？或者是否有股息回顧？或者，我猜，將 EBITDA 轉換為 KKR 股東的 DE 的策略是什麼？

Really appreciate the question, Chris. Let me start. Really, what we're -- what want to do first is highlight to you and all of our shareholders the fact that we think there is a fantastic portfolio that we're building in core that is generating a significant amount of underlying value creation. And you're right, it's not yet showing up in our distributable earnings.

非常感謝這個問題，克里斯。讓我開始吧。真的，我們 - 首先想要做的是向您和我們所有的股東強調一個事實，即我們認為我們正在核心構建一個很棒的投資組合，它正在產生大量的潛在價值創造。你是對的，它還沒有出現在我們的可分配收益中。

Part of that -- the reason for that is because we report DE, which as you know, is a cash metric. These investments, by their very nature, are meant to compound for a very long period of time. So it shows up in our marked book value per share, but not in DE. And you're right, we would need to sell them or we would need to pay dividends or do some kind of a dividend recap for actually needed to show up in DE. But even that, I think it would understate the quality of the underlying earnings because these businesses are designed to have recurring revenue and recurring bottom line.

部分原因 - 原因是因為我們報告 DE，正如你所知，這是一個現金指標。這些投資，就其本質而言，意味著在很長一段時間內復合。所以它顯示在我們標記的每股賬面價值中，而不是在 DE 中。你是對的，我們需要出售它們，或者我們需要支付股息或對實際需要出現在 DE 中的股息進行某種形式的回顧。但即便如此，我認為它會低估潛在收益的質量，因為這些業務旨在獲得經常性收入和經常性底線。

And so part of what we're doing now is just sharing with you that we've got a little bit of that disconnect, that we're building this portfolio that we feel great about. And as the largest shareholder, and we think it will show up in some parts of the financial statements, but not others today. Some of these businesses will start to pay dividends in the near term. So we'll share that with you as we go along. But one of the things that we've been discussing is how over time, can we make it even more clear the value that's being created in that part of our strategy and what are the ways to do that.

因此，我們現在正在做的部分工作就是與您分享我們有一點脫節，我們正在構建我們感覺很好的投資組合。作為最大的股東，我們認為它會出現在財務報表的某些部分，但不會出現在今天的其他部分。其中一些企業將在短期內開始支付股息。因此，我們將在進行過程中與您分享。但我們一直在討論的一件事是，隨著時間的推移，我們能否更清楚地了解我們戰略的這一部分所創造的價值以及實現這一目標的方法。

And just one example, Global Atlantic, as you know, we consolidate our share of GA's earnings, which is a long-term compounding investment that has a lot of other strategic benefits to it, but not dissimilar to some of the things that we're doing with the core portfolio in terms of the underlying. It's just GA shows up in earnings and core today doesn't, at least yet. So part of what we want to do is create a dialogue with you and our shareholders so you know what we're seeing. And then over time, we'll discuss how can we actually remedy that, but it's a good problem, not a bad problem.

舉個例子，Global Atlantic，如你所知，我們合併了我們在 GA 收益中的份額，這是一項長期的複利投資，它有很多其他戰略利益，但與我們的一些事情沒有什麼不同就底層證券而言，我們正在處理核心投資組合。只是 GA 出現在收益中，而 Core 今天至少還沒有。因此，我們想要做的部分工作是與您和我們的股東進行對話，以便您了解我們所看到的情況。然後隨著時間的推移，我們將討論如何真正解決這個問題，但這是一個好問題，而不是壞問題。

We have reached the end of the question-and-answer session. I'd like to turn the call back to Craig Larson for closing comments.

我們已經結束了問答環節。我想將電話轉回 Craig Larson 以徵求意見。

Rob, thanks for your help this morning, and thank you all for your continued interest in KKR. And we look forward to giving you further updates on our progress in the quarters ahead. Thanks again, everybody.

Rob，感謝你今天早上的幫助，也感謝大家一直以來對 KKR 的關注。我們期待著為您提供有關我們在未來幾個季度取得的進展的進一步更新。再次感謝大家。

Thank you.

謝謝。

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

今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。