KKR & Co Inc (KKR) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

女士們先生們，感謝你們的支持。歡迎參加 KKR 2023 年第二季度收益電話會議。 （操作員說明）

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

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

Good morning, everyone. Welcome to our second quarter 2023 earnings call. 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'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.

大家，早安。歡迎參加我們的 2023 年第二季度財報電話會議。像往常一樣，我們的首席財務官 Rob Lewin 也加入了我的行列。和我們的聯席首席執行官斯科特·納托爾 (Scott Nuttall)。我們想提醒大家，我們將在電話會議中提及非 GAAP 衡量標準，這些衡量標準與我們新聞稿中的 GAAP 數據進行了核對，該新聞稿可在 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據。

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

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

Turning now to the quarter. We're pleased to be reporting fee-related earnings per share of $0.67 and after-tax distributable earnings of $0.73 per share. I'm going to begin by walking through the financials. Management fees in the quarter came in at $749 million. Net transaction and monitoring fees were $190 million in Q2, with Capital Markets generating $150 million of revenues. Capital Markets activity was most pronounced in our infrastructure business, which contributed approximately 45% of revenues in the quarter. And along with core private equity, these 2 strategies generated over 60% of Capital Markets' transaction fees in the quarter, reflecting the continued diversification of the business.

現在轉向本季度。我們很高興地報告與費用相關的每股收益為 0.67 美元，稅後可分配收益為每股 0.73 美元。我將首先介紹一下財務狀況。該季度的管理費為 7.49 億美元。第二季度淨交易和監控費用為 1.9 億美元，資本市場收入為 1.5 億美元。資本市場活動在我們的基礎設施業務中最為明顯，約佔本季度收入的 45%。與核心私募股權一起，這兩種策略產生了本季度資本市場交易費用的 60% 以上，反映了業務的持續多元化。

So in total, fee-related revenues were $967 million. This was up 7% from last quarter and is up 25% year-over-year. Fee-related compensation was right at the midpoint of our guided range at 22.5% of fee-related revenues, and other operating expenses were $147 million. Putting this together, fee-related earnings came in at $602 million or $0.67 per share with an FRE margin of 62%, which continues to be best-in-class looking across our industry. And for the quarter, FRE improved 10% from last quarter and on a year-over-year basis, so this is compared to the second quarter of 2022, FRE is up 31%.

因此，與費用相關的收入總計為 9.67 億美元。較上季度增長 7%，同比增長 25%。與費用相關的薪酬正好處於我們指導範圍的中點，佔與費用相關的收入的 22.5%，其他運營費用為 1.47 億美元。總而言之，費用相關收益為 6.02 億美元，即每股 0.67 美元，FRE 利潤率為 62%，這在整個行業中仍然是同類最佳水平。本季度，FRE 比上季度增長了 10%，同比增長了 10%，因此與 2022 年第二季度相比，FRE 增長了 31%。

Moving to realized performance income. Realization activity, as we discussed last quarter, was more muted against the slower transaction environment. So for the quarter, we generated $149 million of realized performance income, while realized investment income came in at $115 million. In total, our asset management operating earnings were $752 million. Our insurance segment generated $170 million of pretax earnings in the quarter as Global Atlantic continues to operate at a high level. As a reminder, we expect pretax ROE to be in that 14% to 15% range, so performance this quarter was just above the top end of that range. In aggregate, this resulted in after-tax distributable earnings of $653 million or the $0.73 per share figure that I mentioned a minute ago.

轉向已實現的績效收入。正如我們上季度討論的那樣，在交易速度較慢的環境下，變現活動更加平靜。因此，本季度，我們實現了 1.49 億美元的已實現業績收入，而已實現的投資收入為 1.15 億美元。我們的資產管理營業收入總計為 7.52 億美元。隨著 Global Atlantic 繼續保持高水平運營，我們的保險部門在本季度創造了 1.7 億美元的稅前收益。提醒一下，我們預計稅前 ROE 將在 14% 至 15% 的範圍內，因此本季度的業績略高於該範圍的上限。總的來說，這帶來了 6.53 億美元的稅後可分配收益，即我剛才提到的每股 0.73 美元的數字。

Next, moving to investment performance. The traditional private equity portfolio was up 5% in the quarter, and over the last 12 months, appreciated 2%. Importantly here, inception-to-date IRRs for our blended flagship funds, so that's Americas XII, Europe V and Asia IV, remain strong at 22%, which is meaningfully ahead of the corresponding 9% figure for the MSCI World. In real assets, the real estate portfolio was flat for the quarter and down 11% over the last 12 months. Our portfolio continues to be heavily weighted towards those assets and themes where you're seeing strong fundamentals and cash flow growth, so think industrial assets, data centers, rental housing, student housing and self storage. However, as cap rates have increased over the last 12 months, that more than offset the underlying NOI growth and that's what's leading to the decline you've seen over the LTM period.

接下來，轉向投資績效。傳統私募股權投資組合在本季度上漲了 5%，在過去 12 個月中上漲了 2%。重要的是，我們的混合旗艦基金（即美洲 XII、歐洲 V 和亞洲 IV）成立至今的 IRR 仍保持在 22% 的強勁水平，明顯高於 MSCI World 相應的 9% 數字。在實物資產方面，房地產投資組合本季度持平，較過去 12 個月下降 11%。我們的投資組合繼續重點關注那些基本面強勁且現金流增長的資產和主題，因此請考慮工業資產、數據中心、租賃住房、學生住房和自助倉儲。然而，由於資本化率在過去 12 個月中有所上升，這遠遠抵消了潛在 NOI 的增長，這就是導致 LTM 期間出現下降的原因。

Infrastructure was up 2% in the quarter and up 10% over the last 12 months, reflecting the strength of the portfolio really on a global basis. And with higher interest rates, we've strategically leaned into more inflation-protected assets. And in credit, the leverage in alternative composites were up 3% and 2%, respectively, for the quarter and 12% and 5%, respectively, over the last 12 months.

基礎設施在本季度增長了 2%，在過去 12 個月中增長了 10%，反映出該投資組合在全球範圍內的真正實力。隨著利率上升，我們戰略性地傾向於投資更多的抗通脹資產。在信貸方面，另類組合的槓桿率本季度分別上升了 3% 和 2%，過去 12 個月分別上升了 12% 和 5%。

Moving next to capital metrics, we raised $13 billion in the quarter. Fundraising activity was actually quite diverse, driven by our middle market private equity strategy, our K Series suite of products focused on private wealth, which Rob is going to touch further on in a moment, our core infrastructure strategy and real estate across all geographies. And this is in addition to inflows from Global Atlantic as well as capital raised for our Ivy reinsurance sidecar fund, which held its final close in the quarter. With that, our assets under management increased to $519 billion and fee-paying AUM to $420 billion.

接下來看資本指標，我們在本季度籌集了 130 億美元。籌款活動實際上相當多樣化，由我們的中間市場私募股權戰略、我們專注於私人財富的 K 系列產品套件（Rob 稍後將進一步討論）、我們的核心基礎設施戰略和所有地區的房地產推動。這還不包括 Global Atlantic 的資金流入以及我們的 Ivy 再保險 Sidecar 基金籌集的資金，該基金在本季度完成了最終收盤。至此，我們管理的資產增至 5,190 億美元，付費資產管理規模增至 4,200 億美元。

And finally, we've continued to deploy capital. In the quarter, we invested approximately $10 billion pretty evenly spread across private equity, real assets and credit. Deployment within private equity was largely driven by core PE while real estate deployment was most focused on credit in the U.S. as well as equity investments in Asia. And in our credit business, deployment was relatively diversified across asset-based finance and direct lending.

最後，我們繼續部署資本。本季度，我們投資了約 100 億美元，相當均勻地分佈在私募股權、實物資產和信貸領域。私募股權投資主要由核心私募股權投資驅動，而房地產投資則主要集中在美國的信貸以及亞洲的股權投資。在我們的信貸業務中，資產融資和直接貸款的部署相對多元化。

Now before turning it over to Rob, we want to spend a minute or 2 on our work to create and protect value through sustainability, which we detailed in our 12th annual sustainability report that we published in June and is also available on our website. Now one of the areas where we've shown real leadership is our work around broad-based employee ownership in our portfolio companies. And building off of the C.H.I Overhead Doors and Minnesota Rubber and Plastics examples discussed previously, we have another case study in RBmedia. RBmedia is one of the largest audiobook publishers in the world. And in connection with our investment, we introduced a broad equity ownership program across the company.

現在，在將其交給Rob 之前，我們想花一兩分鐘的時間來討論通過可持續發展創造和保護價值的工作，我們在6 月份發布的第12 份年度可持續發展報告中詳細介紹了這一點，該報告也可以在我們的網站上獲取。現在，我們表現出真正領導力的領域之一是我們在投資組合公司中圍繞廣泛的員工所有權所做的工作。基於之前討論的 C.H.I 高架門和明尼蘇達橡膠和塑料公司的例子，我們在 RBmedia 上進行了另一個案例研究。 RBmedia 是世界上最大的有聲讀物出版商之一。與我們的投資相關，我們在整個公司引入了廣泛的股權計劃。

And by partnering with the workforce and through all of their great work, wonderful things have happened, including a 22% CAGR in its core publishing business EBITDA over the life of our investment. So we announced the sale of RBmedia in late July, and this will be a very successful outcome for its employees. All RBmedia colleagues will earn significant cash payouts, with nonmanagement employees receiving 100% of annual income on average and the most tenured employees receiving 2 years of their annual income.

通過與員工的合作以及他們的出色工作，美好的事情發生了，包括在我們的投資期限內其核心出版業務 EBITDA 的複合年增長率為 22%。所以我們在7月下旬宣佈出售RBmedia，這對於其員工來說將是一個非常成功的結果。 RBmedia 的所有同事都將獲得大量現金支付，非管理人員平均獲得 100% 年收入，任期最長的員工將獲得 2 年年收入。

This outcome can be a financial game changer for people, and it's driving real value. Over these 3 recent exits, we've averaged approximately a 6x multiple of costs on behalf of our clients. So at this point, we've introduced broad-based employee ownership programs at over 35 companies and we've touched over 60,000 employees. And we expect these numbers to continue to grow from here and hope and expect we'll have more stories like RBmedia to share with you in the quarters and years ahead.

這一結果可能會改變人們的金融遊戲規則，並且正在推動真正的價值。在最近的這 3 次退出中，我們代表客戶的平均成本約為 6 倍。目前，我們已在超過 35 家公司推出了基礎廣泛的員工持股計劃，覆蓋超過 60,000 名員工。我們預計這些數字將繼續增長，並希望並期待我們將在未來幾個季度和幾年內與您分享更多像 RBmedia 這樣的故事。

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

有了這個，我會把它交給羅布。

Great. Thanks a lot, Craig. The operating backdrop has begun to improve. And as Craig just ran through, our model continues to deliver consistent results. With that, let's shift the focus of the conversation to the future. Our model, growth trajectory and culture are differentiated within our industry. I thought it would be beneficial to go through 3 of the foundational building blocks that have driven much of our differentiation, and more importantly, be a key driver of KKR's future earnings quality and growth. We have taken very deliberate steps to build a business that benefits from several different growth engines, providing both greater earnings stability and significant long-term earnings power.

偉大的。非常感謝，克雷格。經營環境已開始改善。正如克雷格剛剛經歷的那樣，我們的模型繼續提供一致的結果。說到這裡，讓我們把談話的焦點轉向未來。我們的模式、增長軌跡和文化在我們的行業中是與眾不同的。我認為，了解推動我們實現差異化的 3 個基本要素是有益的，更重要的是，它們將成為 KKR 未來盈利質量和增長的關鍵驅動力。我們採取了非常審慎的措施來建立一個受益於多種不同增長引擎的業務，提供更大的盈利穩定性和顯著的長期盈利能力。

Number one, we've built a business that has meaningfully increased the durability and recurring nature of our revenues, and we expect that trend to continue. Page 4 of the earnings release highlights this point very well. On the left-hand side of the page, you see that over just the past 2.5 years, we have doubled our management fees, our most recurring revenue stream, from $1.4 billion in 2020 to $2.9 billion over the last 12 months. And fee-related earnings in turn have also increased meaningfully from $1.3 billion in 2020 to approximately $2.3 billion over the prior 12 months. Alongside this growth, the quality of these earnings has significantly improved as we've become much more diversified by strategy and by geography.

第一，我們建立的業務顯著提高了收入的持久性和經常性，我們預計這種趨勢將持續下去。財報的第四頁很好地強調了這一點。在頁面左側，您可以看到僅在過去2.5 年裡，我們的管理費（我們最大的經常性收入來源）就增加了一倍，從2020 年的14 億美元增加到過去12 個月的29億美元。與費用相關的收入也從 2020 年的 13 億美元大幅增加到過去 12 個月的約 23 億美元。除了這種增長之外，隨著我​​們在戰略和地域方面變得更加多元化，這些收益的質量也顯著提高。

In addition, the form of our capital base has also evolved with our perpetual capital increasing from $22 billion at the end of 2020 to $200 billion today. Our perpetual capital now accounts for roughly 50% of our fee-paying AUM relative to approximately 10% at the end of 2020. We will continue this focus of increasing both our recurring revenue and profitability as well as diversifying the form of our fundraising and capital base.

此外，我們的資本基礎形式也發生了變化，我們的永久資本從2020年底的220億美元增加到今天的2000億美元。目前，我們的永續資本約占我們付費資產管理規模的50%，而到2020 年底，這一比例約為10%。我們將繼續專注於增加經常性收入和盈利能力，並使我們的籌款和資本形式多樣化根據。

The second building block are the multiple identifiable growth avenues across our business. We have discussed a number of these drivers over the last couple of earnings calls. But today, I'm going to focus on just 2 areas that have been more notable in the quarter, insurance and private wealth. Global Atlantic has continued to be a fantastic acquisition for us. Looking at the past few months, we would highlight 2 very important initiatives. In May, GA announced a reinsurance agreement with MetLife, funded by GA's balance sheet, our Ivy platform and co-investors. With this transaction, AUM will increase by $13 billion upon closing, and the transaction will be beneficial to both management fees as well as insurance operating earnings.

第二個組成部分是我們業務中多種可識別的增長途徑。在過去的幾次財報電話會議中，我們討論了其中的一些驅動因素。但今天，我將重點關注本季度最引人注目的兩個領域：保險和私人財富。 Global Atlantic 對我們來說仍然是一次很棒的收購。回顧過去幾個月，我們將重點強調兩項非常重要的舉措。 5 月，GA 宣布與 MetLife 達成再保險協議，資金由 GA 的資產負債表、我們的 Ivy 平台和聯合投資者提供。通過本次交易，交易完成後AUM將增加130億美元，交易將有利於管理費和保險營業收入。

And in June, KKR and GA together formed a strategic partnership with Japan Post Insurance. This partnership allows us to pursue additional growth opportunities through our collaboration with a key player in the Japanese insurance market. And as part of this, Japan Post committed meaningfully to Ivy II, which, as Craig mentioned, held its final close in the quarter. Overall, GA has continued to demonstrate significant momentum with $144 billion of AUM as of Q2. This has doubled since we announced the acquisition in 2020, a further proof point of our acquisition and a demonstration of how the alignment we've created can drive real success.

6月，KKR和GA共同與日本郵政保險公司建立了戰略合作夥伴關係。這種夥伴關係使我們能夠通過與日本保險市場的主要參與者的合作來尋求更多的增長機會。作為其中的一部分，日本郵政對 Ivy II 做出了有意義的承諾，正如克雷格提到的那樣，該項目在本季度完成了最後的交割。總體而言，截至第二季度，GA 繼續展現出強勁的勢頭，資產管理規模達 1,440 億美元。自我們在 2020 年宣布收購以來，這一數字已經翻了一番，這進一步證明了我們的收購，也證明了我們所建立的聯盟如何能夠推動真正的成功。

A specific area where GA has really helped accelerate the growth of one of our businesses is private credit. Today, we manage $78 billion in private credit with $45 billion of that in asset-based finance. We are a leader in the ABF space, encompassing both our high-grade and higher-yielding strategies. And with recent regional bank retrenchment, the already $5-plus trillion ABF addressable market has even more structural tailwinds for us, as those seeking capital look to KKR as a real solutions provider with scale. The multiyear relationship announced in the quarter with PayPal is just 1 recent example.

GA 真正幫助加速我們業務增長的一個具體領域是私人信貸。如今，我們管理著 780 億美元的私人信貸，其中 450 億美元用於資產融資。我們是 ABF 領域的領導者，涵蓋高品位和高收益策略。隨著最近區域銀行的緊縮，已經超過 5 萬億美元的 ABF 潛在市場為我們帶來了更多的結構性順風，因為那些尋求資本的人將 KKR 視為真正具有規模的解決方案提供商。本季度宣布的與 PayPal 的多年合作關係只是最近的一個例子。

I'll now turn it to private wealth. We've touched on this topic a number of times, given the market opportunity alongside the significant investments we have made in order to launch and distribute a number of new products. In Q2, we started fundraising for 2 new private wealth strategies focused on private equity and infrastructure. The launch of these products was a critical step in addressing the massive private wealth end market and introducing, on a global scale, products that traditionally have not been accessible to noninstitutional clients. We're off to a really good start here. In total, including capital that was raised in Q2 and so far in Q3, we've raised $1.9 billion across these 2 strategies. While we are still in the very early days, these initial results are ahead of our expectations. We have also launched in just a handful of platforms so far, and we would expect that to increase over the coming quarters.

我現在將把它變成私人財富。鑑於市場機會以及我們為推出和分銷許多新產品而進行的重大投資，我們已經多次談到這個話題。第二季度，我們開始為兩項新的私人財富策略籌集資金，重點關注私募股權和基礎設施。這些產品的推出是應對龐大的私人財富終端市場並在全球範圍內推出傳統上非機構客戶無法獲得的產品的關鍵一步。我們在這裡有了一個非常好的開始。總的來說，包括第二季度和第三季度迄今為止籌集的資金，我們通過這兩項策略籌集了 19 億美元。雖然我們仍處於早期階段，但這些初步結果超出了我們的預期。到目前為止，我們還只在少數幾個平台上推出了產品，我們預計這一數量在未來幾個季度將會增加。

In our credit business, we look forward to the launch of a new private BDC later this year. In addition to direct lending, this strategy incorporates a specific allocation to asset-based finance, which we think will be viewed as a real differentiator.

在我們的信貸業務中，我們期待在今年晚些時候推出新的私人 BDC。除了直接貸款之外，該策略還包括對基於資產的融資的特定配置，我們認為這將被視為真正的差異化因素。

So at this point, we have a full suite of private wealth solutions strategically aligned with our 4 key investment verticals across the firm. Our focus here remains very much long-term oriented, ensuring that we are a real winner in the space over the next 5- to 10-plus years. Our conviction around success is high and is driven by a number of factors, including our brand, investment track record, our significantly expanded distribution and marketing teams and our scale to be able to invest into the opportunity set. And importantly, each one of our core products across PE, infra, real estate and credit have aspects that are unique and a real testament to the innovation capabilities of our team.

因此，目前，我們擁有一整套私人財富解決方案，與我們公司的 4 個關鍵投資垂直領域戰略一致。我們的重點仍然是長期導向，確保我們在未來 5 到 10 多年內成為該領域的真正贏家。我們對成功抱有很高的信心，並受到許多因素的推動，包括我們的品牌、投資記錄、顯著擴大的分銷和營銷團隊以及我們能夠投資機會集的規模。重要的是，我們在私募股權、基礎設施、房地產和信貸領域的每一項核心產品都有其獨特之處，真正證明了我們團隊的創新能力。

Now turning to building block #3. We continue to achieve substantial growth in our earnings power because of both an increase in our fee-paying AUM and capital deployment. We currently have $10 billion of embedded gains that sit on our balance sheet. That's the fair value of our carry and investment portfolio relative to the underlying cost. That's up from $3.7 billion just a few years ago. This provides a real lens into our ability to create meaningful revenue outcomes in the future. And over the next few years, with continued investment performance and further capital deployment, that number is biased to increase, even as we expect to monetize more as the environment hopefully becomes more constructive.

現在轉向構建塊 #3。由於付費資產管理規模和資本配置的增加，我們的盈利能力繼續實現大幅增長。目前，我們的資產負債表上有 100 億美元的內含收益。這是我們的套利和投資組合相對於基本成本的公允價值。這個數字比幾年前的 37 億美元有所上升。這為我們在未來創造有意義的收入成果的能力提供了一個真實的視角。在接下來的幾年裡，隨著持續的投資表現和進一步的資本部署，這個數字預計會增加，儘管我們預計隨著環境變得更有建設性而實現更多的貨幣化。

A reminder for how we think about earnings power, distributable earnings is largely a cash metric. So in times like these, when we sell less through the monetization environment, we are underearning that intrinsic earnings power. And embedded gains are only one piece of that equation. Our expectation here is for continued scaling of our more recurring revenue businesses as well. Just looking at management fees alone, without raising another dollar, we currently have $38 billion of AUM with a weighted average management fee rate of almost 100 basis points that has not yet turned on. This capital, once activated, would directly flow into management fees and be additive to earnings but is not reflected today in our FRE or after-tax DE. We also have $100 billion of dry powder, 96% of which is carry-eligible. When we invest that capital, it creates the potential for more embedded gains and therefore, revenue over time.

提醒我們如何看待盈利能力，可分配收益在很大程度上是一個現金指標。因此，在這樣的時期，當我們通過貨幣化環境銷售較少時，我們的內在盈利能力就會不足。嵌入收益只是其中的一部分。我們的期望是繼續擴大我們的經常性收入業務。僅看管理費，在不籌集額外資金的情況下，我們目前擁有 380 億美元的 AUM，加權平均管理費率接近 100 個基點，尚未開啟。該資本一旦激活，將直接流入管理費並增加收益，但目前並未反映在我們的 FRE 或稅後 DE 中。我們還有價值 1000 億美元的干粉，其中 96% 符合攜帶條件。當我們投資這些資本時，它會創造更多嵌入收益的潛力，從而隨著時間的推移創造收入。

These are the main reasons why we are so constructive around the potential for further significant and sustainable growth in our earnings per share over time. We have never been more confident around our model and our prospects, which is one of the reasons that you saw us buy back some stock in the quarter. Since the end of Q1, we have bought back or canceled approximately 6 million shares at an average price per share of less than $50. Share repurchases have historically been and will continue to be an important driver of value creation for our shareholders. As a reminder, since we initiated our buyback program in 2015, we have bought back or canceled approximately 92 million shares at an average price per share of just over $27. This represents more than 10% of KKR's shares outstanding today and almost 15% of our free float.

這些是我們對每股收益隨著時間的推移進一步顯著和可持續增長的潛力如此具有建設性的主要原因。我們對我們的模式和前景從未如此有信心，這也是您看到我們在本季度回購一些股票的原因之一。自第一季度末以來，我們已以每股不到 50 美元的平均價格回購或註銷了約 600 萬股股票。股票回購歷來都是並將繼續成為股東價值創造的重要驅動力。提醒一下，自 2015 年啟動回購計劃以來，我們已回購或註銷了約 9200 萬股股票，每股平均價格略高於 27 美元。這相當於 KKR 目前已發行股票的 10% 以上，以及我們自由流通股的近 15%。

And with our recent acquisitions such as KJRM, our Japanese REIT manager and Global Atlantic, we have completed almost $5 billion of purchase price M&A with limited share issuance. We remain, as a management team, the largest owners of stock and are highly aligned with shareholders in our focus on equity value creation.

通過最近收購 KJRM、我們的日本 REIT 管理公司和 Global Atlantic，我們已經通過有限的股票發行完成了近 50 億美元的收購價格併購。作為管理團隊，我們仍然是最大的股票所有者，並且在關注股權價值創造方面與股東高度一致。

So to summarize, our earnings growth will continue to be supported by more stable forms of income, including our diversified, high-quality and growing management fee business, underpinned by our $200 billion of perpetual capital. Number two, we have several differentiated growth avenues, including insurance and private wealth, amongst many others. And finally, our embedded gains and, more broadly, our earnings power is expected to continue to increase. These compounding pieces are why we continue to feel more confident than ever in our 2026 targets of $4-plus of FRE and $7-plus of after-tax DE per share.

總而言之，我們的盈利增長將繼續得到更穩定的收入形式的支持，包括我們多元化、高質量和不斷增長的管理費業務，並以我們2000億美元的永續資本為支撐。第二，我們有多種差異化的增長途徑，包括保險和私人財富等。最後，我們的內在收益以及更廣泛地說，我們的盈利能力預計將繼續增強。這些複合因素是我們對 2026 年每股 FRE 超過 4 美元和稅後 DE 超過 7 美元的目標比以往任何時候都更有信心的原因。

With that, Scott, Craig and I are happy to take your questions.

斯科特、克雷格和我很樂意回答你們的問題。

(Operator Instructions) And our first question comes from the line of 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。

My focus is on the next fundraising cycle. When do you expect to have the first close for Global Infrastructure Investors V? And do you believe this will be a first of the flagship in rate?

我的重點是下一個籌款週期。您預計全球基礎設施投資者 V 的首次交割預計何時完成？您認為這將是首款旗艦產品嗎？

Craig, it's Craig. Why don't I start? Thanks for the question. I think as we look forward, we continue to see a really active amount of funds and strategies that we expect to be in the market with. We talked historically about having 30-plus strategies in the market over the coming 12, 18 months. I think if anything, that number probably would have increased relative to what we would have talked about 6 or 12 -- 3 or 6 months ago. So I think the level of activity and the number of strategies remains at a high level.

克雷格，是克雷格。我為什麼不開始呢？謝謝你的提問。我認為，展望未來，我們將繼續看到市場上有大量非常活躍的資金和策略。我們過去曾討論過在未來 12、18 個月內市場上有 30 多種策略。我認為，如果有的話，這個數字可能會比我們在 6 個月或 12 個月、3 個月或 6 個月前討論的數字有所增加。所以我認為活動水平和策略數量仍然處於較高水平。

We don't have any guidance or specificity as it relates specifically to our infrastructure strategy. But I think when you look at the back of the tables and you look at invested and committed capital relative to the size of the fund, I think fair to assume that, that's something that is becoming a front-of-mind topic for us. But nothing to announce specifically as it relates to individual timings, let alone closings at this point.

我們沒有任何指導或具體規定，因為它與我們的基礎設施戰略具體相關。但我認為，當你看看表格的後面，看看相對於基金規模的投資和承諾資本時，我認為可以公平地假設，這正在成為我們首先考慮的話題。但沒有什麼可以具體宣布的，因為它與個別時間相關，更不用說此時關閉了。

Our next question is from the line of Alex Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

Rob, I wanted to go back to some of the points you made at the end of your prepared remarks around the buyback and just capital management. Definitely nice to see a little bit of a pickup in repurchases here. Just curious that whether we are at a point now where you feel like the balance sheet has enough sort of scale to recycle capital for what you guys need, and the buybacks could become a bigger part of the story going forward, where M&A aside, we could actually expect the total share count to start to decline in absolute terms.

羅布，我想回顧一下您在準備好的有關回購和資本管理的講話結束時提出的一些觀點。很高興看到這裡的回購有所回升。只是好奇我們現在是否處於這樣一個階段：您是否覺得資產負債表有足夠的規模來回收資本來滿足你們的需要，並且回購可能會成為未來故事的一個更重要的部分，除了併購之外，我們實際上可以預計總股數的絕對值將開始下降。

Yes, great. Alex, and thanks a lot for the question. So taking a step back just more broadly as it relates to capital allocation, the most important thing for us, and you've heard me say this and us as a management team say this before, the most important thing is to have a consistent approach. And ours is one that I think is really maniacally focused on driving ROE and the highest per share earnings that we can with the lowest per unit of risk.

對，很好。亞歷克斯，非常感謝你的提問。因此，更廣泛地退後一步，因為這與資本配置有關，這對我們來說是最重要的事情，你已經聽過我這麼說過，我們作為管理團隊之前也這麼說過，最重要的是採取一致的方法。我認為我們的公司真正瘋狂地專注於提高股本回報率和最高的每股收益，同時單位風險最低。

And we talked about 4 strategic areas of deployment that we think can accomplish that. And so that's core private equity, investing -- continuing to invest across the insurance space. You mentioned strategic M&A and the fourth one is share buybacks. And we think the real core competency of our management team is being able to move that marginal dollar of liquidity around to the highest return opportunity and the thing that's going to drive the most earnings per share over time.

我們討論了我們認為可以實現這一目標的 4 個戰略部署領域。這就是私募股權投資的核心——繼續在保險領域進行投資。您提到戰略併購，第四個是股票回購。我們認為，我們管理團隊的真正核心能力是能夠將邊際流動性資金轉移到最高回報機會以及隨著時間的推移推動最大每股收益的事情。

And maybe the final point here is we're highly aligned in that decision-making process. As you know, KKR management owns close to 30% of KKR stock. And so back to your specific question on share buybacks, as you mentioned, I noted on the prepared remarks, we've bought back over 90 million shares that represents almost 15% of our free float since we initiated our buyback program 7, 8 years ago and just over $27 per share. So we really like the body of work that's been accomplished over a long period of time.

也許這裡的最後一點是我們在決策過程中高度一致。如您所知，KKR 管理層擁有 KKR 近 30% 的股票。回到你關於股票回購的具體問題，正如你提到的，我在準備好的評論中指出，自從我們啟動回購計劃七、八年來，我們已經回購了超過9000 萬股，幾乎占我們自由流通量的15%之前每股剛剛超過 27 美元。所以我們真的很喜歡長期完成的工作。

And so all to say, share buyback is going to continue to be a very important part of our go-forward capital framework and capital allocation policy. But we're going to continue to look at other ways of driving growth in earnings per share over time as well, including areas like core private equity insurance and M&A. I hope that's a helpful overview.

總而言之，股票回購將繼續成為我們未來資本框架和資本配置政策的一個非常重要的組成部分。但我們也將繼續尋找其他方法來推動每股收益隨著時間的推移增長，包括核心私募股權保險和併購等領域。我希望這是一個有用的概述。

The only thing I'd add, Alex, if you look at what we've been doing the last several years, as you know, we've deployed several billion dollars to M&A that's been quite additive to our fee-paying AUM, our FRE, our TDE. So to Rob's point, we look at it holistically, look at the relative trade-offs. It's less about needing to invest in the business to start new strategies or seed new businesses. It's more about what's going to give us that highest marginal return on capital, as Rob mentioned.

我唯一要補充的是，亞歷克斯，如果你看看我們過去幾年所做的事情，你知道，我們已經在併購上投入了數十億美元，這對我們的付費資產管理規模、我們的資產管理規模來說是相當大的補充。 FRE，我們的 TDE。因此，就羅布的觀點而言，我們從整體上看待它，著眼於相對的權衡。這與需要投資業務來啟動新戰略或培育新業務無關。正如羅布提到的，更多的是關於如何為我們帶來最高的邊際資本回報。

Our next question is from the line of Glenn Schorr with Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

I'm curious to get a little more color on CapEx. I know it's early. I know it was on 1 platform in a short period of time in a slow PE backdrop, but you raised a couple of hundred million. So I'm curious what you learned from that 1 platform in that short period of time, maybe the timing of the other platform adds. And then sidebar question, is this structure able to be included in 401(k)s if and when we get there?

我很想了解更多有關資本支出的信息。我知道現在還早我知道它是在 PE 緩慢的背景下短時間內在一個平台上出現的，但你籌集了幾億美元。所以我很好奇你在這麼短的時間內從第一個平台學到了什麼，也許另一個平台的時機會增加。然後是側邊欄問題，如果我們到達 401(k)，該結構是否能夠包含在 401(k) 中？

Glenn, it's Craig. Why don't I start? Look, I think -- let's take a step back for a moment, and I know that you know all of this very well. But I think when we look at this opportunity, it's a real long-term secular opportunity that we have ahead of us. So individual investors have not had an easy way to access the alt space historically. I think that is certainly true as it relates to private equity most specifically. And so if individual investors have 1% of their assets invested in alts today, and that goes to 5% over the next several years, that's $8 trillion to $10 trillion of additional capital that has the potential to flow into alternative products.

格倫，我是克雷格。我為什麼不開始呢？聽著，我想——讓我們退後一步，我知道您非常了解這一切。但我認為，當我們看到這個機會時，這是我們面前的一個真正的長期機會。因此，個人投資者歷史上一直沒有一種簡單的方法來進入替代空間。我認為這當然是正確的，因為它與私募股權最具體相關。因此，如果個人投資者今天將 1% 的資產投資於另類產品，並在未來幾年內增加到 5%，那麼就有 8 萬億至 10 萬億美元的額外資本有可能流入另類產品。

And as it relates to a number of the points that Rob mentioned in terms of the strength of our brand, relationships that we have, the track record that we bring, all the investments we've made in terms of distribution, all of these things are super positive. And then you layer on top of that the product creation and creativity that we think that we brought to a number of these products. So on our last earnings call, we noted that we had launched our PE vehicle, as you'd indicated outside of the U.S. It closed on just over $400 million with distribution expected to increase and infrastructure also soon to be accepting capital. And so 90 days later, here we are with $1.9 billion raised across both PE and infrastructure, which is great. So it's ahead of our expectations.

因為它涉及羅布提到的一些要點，包括我們的品牌實力、我們擁有的關係、我們帶來的業績記錄、我們在分銷方面所做的所有投資，所有這些都超級積極。然後，我們認為我們為許多此類產品帶來了產品創造和創造力。因此，在我們上次的財報電話會議上，我們注意到我們已經推出了PE 工具，正如您在美國境外所指出的那樣。它的收盤價略高於4 億美元，預計分配將增加，基礎設施也很快將接受資本。 90 天后，我們通過私募股權投資和基礎設施籌集了 19 億美元，這非常棒。所以它超出了我們的預期。

I think in terms of lessons learned, I guess I'd point to 3. One, brand, again, is super important. I think number two, again, I'd emphasize the product creation point, starting with KREST and as you then see that expansion. And then finally, I think that we have the ability to leverage the relationships that we've earned through KREST as we continue to expand into new distribution channels in private equity and infrastructure. So hopefully, that gives you a sense on that.

我認為就經驗教訓而言，我想我會指出3。第一，品牌再次非常重要。我認為第二點，我會再次強調產品創建點，從 KREST 開始，然後你會看到這種擴展。最後，我認為，隨著我們繼續擴展到私募股權和基礎設施領域的新分銷渠道，我們有能力利用通過 KREST 贏得的關係。希望這能讓您對此有所了解。

And Glenn, just a quick follow-up on the 401(k). No plans in the immediate future as it relates to that. I do think it's worth noting, though, that CapEx is structured in a way that can be distributed through to the accredited investor and not just qualified purchasers. It's one of those points of innovation that I highlighted in our prepared remarks.

Glenn，只是 401(k) 的快速跟進。近期沒有與此相關的計劃。不過，我確實認為值得注意的是，資本支出的結構方式可以分配給經過認可的投資者，而不僅僅是合格的購買者。這是我在準備好的發言中強調的創新點之一。

Our next question comes from the line of Ben Budish with Barclays.

我們的下一個問題來自巴克萊銀行的本·布迪什 (Ben Budish)。

I wanted to ask about the performance in the insurance business. It sounds like a lot of things kind of firing well over there. But just when we look at the reported ROE, which is still ahead of your target, it looks like the decline from Q4 to Q1 to Q2 was a bit steeper than we would have expected. So just curious if there's any other color you can share there in terms of the kind of sequential growth in cost of insurance and G&A versus the investment income and how we should think about those various pieces going forward.

我想問一下保險業務的表現。聽起來那裡很多東西都進展順利。但當我們查看報告的股本回報率時，它仍然領先於您的目標，看起來從第四季度到第一季度再到第二季度的下降幅度比我們預期的要大一些。因此，我很好奇，在保險成本和一般行政費用與投資收入的連續增長方面，您是否可以分享任何其他顏色，以及我們應該如何考慮未來的各個方面。

Yes, great. Thanks a lot for the question. As you noted, GA continues to perform at a really high level and in Q2 was ahead of our targeted returns for GA at a 15-plus percent pretax ROE. In terms of the operating earnings in the quarter and why you saw that quarter-on-quarter decline that you referenced, really a function of a strategic decision at the GA level to position our book with more liquid securities at the beginning of Q2, more cash, more liquid fixed income. If you think back to early part of Q2, we were still in that regional bank crisis timeframe, and I think we made the right decision to reposition the book at that point in time, gave up a little bit of ROE in the quarter, as you noted, but I think the right decision for the business.

對，很好。非常感謝您的提問。正如您所指出的，GA 繼續保持非常高的水平，並且在第二季度超出了我們 GA 的目標回報，稅前 ROE 達到 15% 以上。就本季度的營業收入以及您所提到的季度環比下降的原因而言，這實際上是GA 層面戰略決策的一個功能，即在第二季度初將我們的賬簿定位為更具流動性的證券，更多現金，更具流動性的固定收益。如果你回想一下第二季度的早期，我們仍然處於區域銀行危機的時間範圍內，我認為我們在那個時間點重新定位賬簿做出了正確的決定，在本季度放棄了一點淨資產收益率，因為你注意到了，但我認為這對企業來說是正確的決定。

The next question is from the line of Brian Mckenna with JMP Securities.

下一個問題來自 JMP 證券的 Brian Mckenna。

So core private equity continues to be a great story. Fair value now totals over $6 billion with about $3 billion in days on the balance sheet, and it's generated a 20% return. It also looks like core private equity AUMs total $34 billion today. So could you talk about demand for this product specifically from third parties? And then is there a way to think about the absolute level of third-party fundraising for the strategy over time?

因此，核心私募股權仍然是一個偉大的故事。目前公允價值總計超過 60 億美元，資產負債表上的天數約為 30 億美元，並且產生了 20% 的回報。目前，核心私募股權資產管理規模總計達 340 億美元。那麼您能具體談談第三方對該產品的需求嗎？那麼有沒有辦法考慮隨著時間的推移該策略的第三方籌款的絕對水平？

Brian, it's Craig. Why don't I start first? First, thanks for all of the detail and noticing core PE again. It's one of the reasons we've added that page in our press release, focused on the asset class and the strategy. So a lot of innovation in our firm happens when we can't find a home for great investments, and that's what happens with core private equity. It's a long duration strategy where we expect to hold investments in compound value for 10 to 15 years, but the risk/reward is fundamentally different than our -- relative to our opportunistic PE funds.

布萊恩，我是克雷格。為什麼我不先開始呢？首先，感謝所有細節並再次注意到核心 PE。這是我們在新聞稿中添加該頁面的原因之一，重點關注資產類別和策略。因此，當我們找不到合適的投資場所時，我們公司的許多創新就會發生，核心私募股權就是如此。這是一項長期策略，我們預計持有復合價值投資 10 到 15 年，但風險/回報與我們的機會主義 PE 基金有根本不同。

And so at this point, we put together what we think is a really great portfolio of companies diversified across the world. As you noted, the since-inception returns have been very positive. That $34 billion of AUM was $12 billion 3 years ago. That's all organic growth. And I think another point, just as it relates to this in our model, because you're right, we've got the $6.2 billion of fair value relative to the $3 billion of cost. So with shareholders, we're participating in the economics, both in terms of the management fees and performance fees on the third-party piece, the compounding you see on the balance sheet.

因此，在這一點上，我們整合了我們認為非常出色的全球多元化公司投資組合。正如您所指出的，自成立以來的回報一直非常積極。這 340 億美元的資產管理規模在 3 年前是 120 億美元。這就是有機增長。我認為另一點，正如它與我們的模型中的這一點相關一樣，因為你是對的，相對於 30 億美元的成本，我們得到了 62 億美元的公允價值。因此，對於股東來說，我們正在參與經濟，無論是管理費還是第三方的績效費，即您在資產負債表上看到的複利。

And then on top of that, we'd expect Capital Markets revenues to continue to grow alongside. Capital Markets revenues in the quarter were between $25 million and $30 million. So we've got a number of ways to win. I think from an LP standpoint, the types of LPs who find this asset class most interesting are those, I think, probably larger plans with longer-dated liabilities and are interested in the matching aspects related to the asset class. So I think the opportunity for us to continue to grow both the third-party piece as well as on the balance sheet is one we're going to be talking about, have an opportunity to talk about for a long period of time.

最重要的是，我們預計資本市場收入將繼續增長。該季度資本市場收入在 2500 萬美元至 3000 萬美元之間。所以我們有很多獲勝的方法。我認為，從有限合夥人的角度來看，對這一資產類別最感興趣的有限合夥人類型可能是那些擁有長期負債的較大計劃，並且對與資產類別相關的匹配方面感興趣的人。因此，我認為我們將繼續討論第三方業務以及資產負債表的增長機會，並且有機會在很長一段時間內進行討論。

Brian, it's Scott. Just a couple of incremental thoughts for you. One, it is a younger part of the private equity asset class. So to some extent, there is a bit of an education still happening. As you noted, we do have a significant amount of AUM. We have a lot of dry powder as we sit here today. But we've been out talking to investors around the world about why we like it so much and how aligned we are. And we're having some really good conversations.

布萊恩，這是斯科特。只是給您一些增量想法。第一，它是私募股權資產類別中較年輕的一部分。所以在某種程度上，一些教育仍在進行。正如您所指出的，我們確實擁有大量的資產管理規模。今天我們坐在這裡，我們有很多乾粉。但我們一直在與世界各地的投資者討論為什麼我們如此喜歡它以及我們的一致性如何。我們正在進行一些非常好的對話。

In addition to the larger plans that Craig referenced, and those may be focused on 10-, 15-, 20-year compounding, we're also seeing interest from large-scale family offices that tend to think a bit like we do in terms of the power of long-term compounding, probably a greater appreciation for reinvestment risk. And as the portfolio continues to mature and we spend the dry powder we have, we'll be back to market before too long and be happy to share more color then.

除了克雷格提到的更大的計劃之外，這些計劃可能側重於10 年、15 年、20 年的複利，我們還看到大型家族辦公室的興趣，他們的想法往往與我們的想法有點像。長期復利的力量，可能會增加再投資風險。隨著產品組合的不斷成熟，我們用完現有的干粉，我們很快就會回到市場，並很樂意分享更多的顏色。

The next question is from the line of Mike Brown with KBW.

下一個問題來自 KBW 的 Mike Brown。

I just wanted to ask on the capital markets environment. Clearly, there's been some green shoots recently. I just wanted to get your take on how that could translate into a broader recovery and just get your thoughts on maybe the next 6 to 12 months. And then I know it's early in the quarter, but any quick color on the monetizations at a quarter-to-date or expectations for the full quarter?

我只是想問一下資本市場環境。顯然，最近出現了一些新芽。我只是想了解一下您對如何將其轉化為更廣泛的複甦的看法，以及您對未來 6 到 12 個月的看法。然後我知道現在還處於本季度初期，但是對本季度迄今的盈利情況或對整個季度的預期有什麼快速的了解嗎？

Sure. Thanks a lot for the question, Mike. If you look at our Capital Markets business, year-to-date, we've generated $250 million of revenue. If you look back over the past 4 quarters, we've averaged $110 million to $115 million of revenue. And so we're really proud of that performance and environment where the capital markets, both debt and equity, were largely shut for most of that period of time. So we feel like we've built a business model that is quite durable in tough operating conditions.

當然。非常感謝你的提問，邁克。如果你看看我們的資本市場業務，今年迄今為止，我們已經創造了 2.5 億美元的收入。如果您回顧過去 4 個季度，我們的平均收入為 1.1 億至 1.15 億美元。因此，我們對當時的表現和環境感到非常自豪，在這段時間內，資本市場（包括債務和股票）基本上處於關閉狀態。因此，我們覺得我們已經建立了一個在艱難的運營條件下相當耐用的商業模式。

In terms of the back half of the year, you've noted some green shoots, and we've certainly seen some signs of life in the leveraged finance market, a little bit in the IPO market, maybe the secondary market follows. I think it's a little early to call that we're out of it. But we do really think that we're positioned in an environment where the capital markets come back to generate really outsized outcomes. Hopefully, that environment really persists, and we can generate those types of outcomes for our shareholders in 2024 and beyond.

就今年下半年而言，你已經註意到了一些萌芽，我們當然已經在槓桿金融市場上看到了一些生命跡象，在IPO市場上有一點，也許二級市場也會隨之而來。我認為現在說我們已經退出還為時過早。但我們確實認為，我們所處的環境是資本市場回歸併產生真正巨大成果的環境。希望這種環境能夠真正持續下去，我們能夠在 2024 年及以後為我們的股東帶來這些類型的成果。

Mike, I'll remind you that in 2021, our Capital Markets business in a really upmarket generated $850 million of revenue. So we feel like we've built this model that protects in the downside but really offers the opportunity for outsized outcomes when the markets are open. But I think we're doing much more as a firm today than we did in 2021. So I think the opportunity is greater as we go forward here with that business.

邁克，我要提醒您的是，2021 年，我們在高端市場的資本市場業務創造了 8.5 億美元的收入。因此，我們覺得我們已經建立了這個模型，可以在下跌時提供保護，但在市場開放時確實提供了獲得巨大成果的機會。但我認為，作為一家公司，我們今天所做的事情比 2021 年要多得多。因此，我認為，隨著我們在這裡推進這項業務，機會會更大。

Monetizations?

貨幣化？

Yes, thank you. And then on your question on the monetization side, it's a bit of an odd quarter for us. We've got a couple of pretty meaningful monetizations that sit on the bubble between Q3 and Q4. So instead of providing just a Q3 number in isolation, what I can let you know is that we have at least $350 million of visibility around monetization-related revenue over the second half of the year.

是的，謝謝。關於你關於貨幣化方面的問題，這對我們來說有點奇怪。我們在第三季度和第四季度之間的泡沫中獲得了一些非常有意義的貨幣化。因此，我不只是單獨提供第三季度的數字，我可以讓您知道的是，我們在今年下半年的貨幣化相關收入方面至少有 3.5 億美元的可見性。

As usual, as we get to the end of this quarter, we'll provide that specific press release which details our performance through the quarter. And so while we're seeing a bit of an uptick here, for sure, and consistent with the overall tone and what we're all feeling is a bit more of a constructive environment, I'd still say that we're in the part of the cycle where we are underearning our intrinsic earnings power. So hopefully, more to come here but a little bit of upside relative to where we've been.

像往常一樣，當我們到本季度末時，我們將提供具體的新聞稿，詳細介紹我們整個季度的業績。因此，雖然我們確實看到了一點上升，並且與整體基調一致，而且我們都感覺這是一個更具建設性的環境，但我仍然想說，我們正處於這是我們內在盈利能力不足的周期的一部分。因此，希望能有更多的人來到這裡，但相對於我們之前的情況來說，會有一點好處。

Mike, it's Scott. Just maybe a little bit more color for me, and away from just the Capital Markets. Let's just leave your question. I'd just speak to overall firm activity. As Rob said, it's far too early to declare a return to normalcy. But there's no doubt that over the last several weeks, it feels like the markets are thawing a bit. The new deal pipeline and activity is up, so monetization discussions are up.

邁克，這是斯科特。對我來說也許有點更多的色彩，遠離資本市場。讓我們留下你的問題吧。我只想談談公司的整體活動。正如羅布所說，現在宣布恢復正常還為時過早。但毫無疑問，在過去幾周里，市場似乎正在解凍。新的交易渠道和活動已經增加，因此貨幣化討論也隨之增加。

If that continues and if the public markets continue to perform, then we'd expect carry through to the fundraising environment over the next few quarters. But all that could reverse again with bad news. We've seen a couple of head fakes from this market. But overall, there's no doubt that activity is up and the tone's improved. It will be interesting to see if this carries through post-Labor Day.

如果這種情況持續下去，並且公開市場繼續表現良好，那麼我們預計未來幾個季度的融資環境也會繼續如此。但隨著壞消息的出現，這一切可能會再次逆轉。我們在這個市場上看到了一些假冒頭。但總體而言，毫無疑問，活動有所增加，基調有所改善。看看這是否會持續到勞動節後將會很有趣。

Our next question is from the line of Arnaud Giblat with BNP.

我們的下一個問題來自法國巴黎銀行的阿諾·吉布拉特 (Arnaud Giblat)。

I was just wondering, wanting to come back on your development of wealth strategies. I was wondering if you could focus in a bit more on the development of your retail strategy globally. Have you had any meaningful conversations with new distributors in Europe and in Asia? I'm just wanting to get a bit more color there.

我只是想知道，想回顧一下您制定的財富策略。我想知道您是否可以更多地關注全球零售戰略的發展。您是否與歐洲和亞洲的新經銷商進行過有意義的對話？我只是想在那裡得到更多的顏色。

Thanks for the question. I think the answer is yes, distribution continues to expand. If you think of this as a funnel, I think from our standpoint, the funnel continues to grow at the very top end, and that's global. So as we talk about, for instance, private equity and infrastructure, those are vehicles where we specifically had created vehicles focused on individual markets in the U.S. and outside of the U.S. That opportunity, again, is one that's global and we're pursuing along those lines.

謝謝你的提問。我想答案是肯定的，分佈不斷擴大。如果您將其視為一個漏斗，我認為從我們的角度來看，該漏斗在最頂端繼續增長，而且是全球性的。例如，當我們談論私募股權和基礎設施時，我們專門針對美國和美國以外的個別市場創建了這些工具。同樣，這個機會是全球性的，我們正在努力追求那些線條。

So nothing specific in terms of the number of platforms today versus a year ago or anything along those lines. But I think the broader point again is just when we look at the opportunity we have ahead of us, trillions of opportunity of dollars that can move over into the alts, and we think we're really well positioned to take a healthy piece of that.

因此，就今天與一年前的平台數量或類似情況而言，沒有什麼具體的內容。但我認為更廣泛的一點是，當我們看到擺在我們面前的機會時，數万億美元的機會可以轉移到替代品中，我們認為我們確實處於有利地位，可以從中獲得健康的份額。

Arnaud, it's Scott. Just a little bit color from my standpoint. As Joe and I have been traveling around the world, we're definitely spending time with other distribution partners. As a reminder, 18 of our 23 offices at KKR are outside the United States. And maybe behind your question, we agree with the sentiment that this is not just a U.S. opportunity in private wealth. We very much look at it as a global one and have built teams in Europe and Asia and are developing partnerships in both places, in addition to the U.S.

阿諾，是斯科特。從我的角度來看，只是一點點色彩。由於喬和我一直在世界各地旅行，我們肯定會花時間與其他分銷合作夥伴在一起。請注意，KKR 的 23 個辦事處中有 18 個位於美國境外。也許在你的問題背後，我們同意這樣的觀點：這不僅僅是美國私人財富的機會。我們非常將其視為全球性的，除了美國之外，我們還在歐洲和亞洲建立了團隊，並正在這兩個地方發展合作夥伴關係。

Our next question is from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Quick question beyond on the deployment versus monetization backdrop. So the monetizations were actually running a little bit more ahead of our forecast than the deployment has been in the last couple of quarters. And just wanted to get your sense of if we are in a better market environment, say, soft landing or no landing, does that create more monetization opportunities over the next few quarters relative to deployment? Or are you still seeing the deployment backdrop as attractive here? And then maybe if you can comment on a couple of areas within that, particularly like infrastructure and then, I guess, even within credit.

關於部署與貨幣化背景的快速問題。因此，貨幣化實際上比過去幾個季度的部署提前了一點。只是想了解一下，如果我們處於更好的市場環境中，例如軟著陸或不著陸，這是否會在未來幾個季度相對於部署創造更多的貨幣化機會？或者您仍然認為這裡的部署背景很有吸引力？然後也許您可以對其中的幾個領域發表評論，特別是基礎設施，然後，我想，甚至在信貸領域。

Brian, it's Craig. Why don't I start? And then Rob will pick up as it relates to the monetization piece, I think, specifically. So a couple of observations. If you think -- and let's start with private equity and real assets and then as you know, we'll switch to credit, but I think over the last 18 months, a lot of the primary markets have effectively been shut. The IPO market has been pretty much shut over this period of time. The syndicated debt markets have been dislocated for the majority of that period. And capital has been quite precious. There's no question.

布萊恩，我是克雷格。我為什麼不開始呢？然後羅布會接聽，因為它與貨幣化部分有關，我認為，具體地說。所以有一些觀察。如果你認為——讓我們從私募股權和實物資產開始，然後如你所知，我們將轉向信貸，但我認為在過去 18 個月裡，許多一級市場實際上已經關閉。 IPO市場在這段時間幾乎處於關閉狀態。在此期間的大部分時間裡，銀團債務市場都處於混亂狀態。而且資本是相當寶貴的。毫無疑問。

Now those from a deployment standpoint, those are all things that are good for us. And so that's why I think on a number of these calls, you've heard us actually be quite constructive on risk reward. I think as it relates to private equity and real assets, we're value-focused. We're looking for those opportunities where we can bring our operational resources to bear and where those can really move the needle. We love corporate carve-outs. We've also been very active on pursuing publics to privates. At this point, we've announced or closed on 14 take-private transactions since the beginning of '22. The most recent of those, you probably would have seen some articles this morning. So I think that's been an area for us where we've been as active as anybody.

從部署的角度來看，這些都是對我們有利的事情。這就是為什麼我認為在許多這樣的電話會議中，你已經聽到我們實際上對風險回報非常有建設性。我認為，由於它與私募股權和實物資產相關，因此我們注重價值。我們正在尋找那些可以利用我們的運營資源並真正發揮作用的機會。我們喜歡公司的剝離。我們也非常積極地推動從公共到私人的發展。自 2022 年年初以來，我們已宣布或完成了 14 筆私有化交易。其中最新的，您今天早上可能會看到一些文章。所以我認為這對我們來說是一個和其他人一樣活躍的領域。

I think as it relates to credit, and again, this is a big business for us. We've detailed in our press release, you see it on Page 11, the composition of that overall amount of AUM, $227 billion. Of that, we have $80 billion in private credit, really broken into those 2 pieces: asset-based finance, real secular drivers, as Rob had mentioned in his prepared remarks. And I think in direct lending, we remain very constructive on the risk reward, but you've seen overall transaction volumes be pretty modest within direct lending. So I think of that asset class as one that has been taking greater share, but of a smaller piece of the pie. But on overall risk reward, we remain very constructive on regular way direct lending at the same time.

我認為這與信貸有關，這對我們來說是一項大生意。我們在新聞稿中詳細介紹了資產管理規模總額（2270 億美元）的構成，您可以在第 11 頁上看到。其中，我們有 800 億美元的私人信貸，實際上分為兩部分：基於資產的金融、真正的長期驅動因素，正如羅佈在他準備好的講話中提到的那樣。我認為在直接貸款中，我們對風險回報仍然非常有建設性，但您已經看到直接貸款中的總體交易量相當有限。因此，我認為該資產類別佔據了更大的份額，但所佔份額較小。但就整體風險回報而言，我們同時對常規直接貸款仍然非常有建設性。

Yes. Thanks for the question, Brian. And I think you could separate a little bit, deployment and monetization. As Craig went through, there's a lot going on in the deployment side, and we've done our best as a firm to really be focused on linear deployment of the dry powder in our strategies. Of course, when the capital markets are open, it makes deployment a little bit easier. But there is no doubt when the capital markets are open and the overall level of volatility comes down for some period of time, that it's going to open up real drivers to be able to generate monetization-related revenue.

是的。謝謝你的提問，布萊恩。我認為你可以將部署和貨幣化分開一點。正如克雷格所說，部署方面發生了很多事情，作為一家公司，我們已經盡了最大努力，真正專注於我們戰略中乾粉的線性部署。當然，當資本市場開放時，部署會變得更容易一些。但毫無疑問，當資本市場開放並且總體波動水平在一段時間內下降時，它將開闢真正的驅動力，從而能夠產生與貨幣化相關的收入。

I mentioned on the call, we've got $10 billion on our balance sheet today of effective embedded gains between carried interest and our balance sheet investments. So we're very well positioned to be able to take advantage of the market opening. And again, we hope that some of the green shoots we've seen here persist post-Labor Day, and that presents some really good opportunities for us to deliver outsized outcomes in 2024 and beyond.

我在電話會議上提到，今天我們的資產負債表上有 100 億美元的附帶權益和資產負債表投資之間的有效嵌入收益。因此，我們處於非常有利的位置，能夠利用市場開放的機會。再次，我們希望我們在這裡看到的一些萌芽在勞動節後能夠持續存在，這為我們在 2024 年及以後實現巨大成果提供了一些真正的好機會。

Brian, it's Scott. I'd say I would expect both deployment and monetizations to increase if the capital markets open up. As a reminder, we've got $100 billion of dry powder and so that's great news from a deployment standpoint. When markets are shut, it's harder to get deals done. We've been more active especially recently. But there's no doubt if the capital markets open, there'll be more overall M&A activity, which will accrue to our benefit. And you'll also see more monetizations. And that will run across asset classes, including, to your question, infrastructure.

布萊恩，這是斯科特。我想說，如果資本市場開放，我預計部署和貨幣化都會增加。提醒一下，我們有 1000 億美元的干粉，因此從部署的角度來看這是個好消息。當市場關閉時，交易就更難完成。我們更加活躍，尤其是最近。但毫無疑問，如果資本市場開放，整體併購活動將會更多，這將給我們帶來好處。而且您還將看到更多的貨幣化。這將跨越資產類別，包括你的問題，基礎設施。

Our next question is from the line of Finian O'Shea with Wells Fargo.

我們的下一個問題來自富國銀行的菲尼安·奧謝 (Finian O'Shea)。

Another question on wealth. For the nontraded BDC you mentioned, are you going accredited-only or does the feeder structure solve for that? And relatedly, what do you think that means for the potential for eventual monthly flows compared to what your peers are doing?

另一個關於財富的問題。對於您提到的非交易 BDC，您是只進行認證還是支線結構可以解決這個問題？與此相關的是，與您的同行所做的相比，您認為這對於最終每月流量的潛力意味著什麼？

Fin, it's Craig. Why don't I start? And again, I think the product creation part is an important component as it relates to this. So across all 4, as it relates to real estate, private equity, infrastructure as well as the private BDC, we're focused on having the opportunity to launch those vehicles and fundraise across both of those markets. So the entire case suite is, again, allowing us to look to raise capital both through accredited investors and not just through qualified purchasers.

芬，我是克雷格。我為什麼不開始呢？再說一次，我認為產品創建部分是一個重要的組成部分，因為它與此相關。因此，在所有 4 個領域中，由於涉及房地產、私募股權、基礎設施以及私人 BDC，我們專注於有機會在這兩個市場推出這些工具並籌集資金。因此，整個案例集再次使我們能夠通過認可的投資者而不僅僅是通過合格的購買者籌集資金。

And that's meaningful in our view. Like I think the accredited investor market is multiples the size of the qualified purchasers market. So again, that pie or the top of that funnel is one that is, in our view, very broad and helps to just increase that long-term opportunity that we see.

我們認為這很有意義。就像我認為認可的投資者市場的規模是合格購買者市場的幾倍。再說一次，在我們看來，這個餡餅或漏斗的頂部非常廣泛，有助於增加我們看到的長期機會。

Our next question comes from the line of Michael Cyprys with Morgan Stanley.

我們的下一個問題來自邁克爾·賽普里斯 (Michael Cyprys) 與摩根士丹利 (Morgan Stanley) 的對話。

I was hoping you could spend a moment just on infrastructure, which is a real differentiator for KKR. So just how are you thinking about driving the next leg of growth for infrastructure? What sort of steps might you take over the next couple of years? And how are you expanding your capacity to deploy capital into infrastructure? And then just a housekeeping question for Rob, just on how much was invested and deployed off the balance sheet in the quarter?

我希望您能花一點時間討論基礎設施，這對 KKR 來說是一個真正的差異化因素。那麼您如何考慮推動基礎設施的下一階段增長呢？未來幾年您可能會採取哪些措施？您如何擴大將資本部署到基礎設施的能力？接下來是 Rob 的一個內務問題，即本季度在資產負債表外投資和部署了多少資金？

Mike, it's Craig. Why don't I start on infra? So again, thank you for asking about it. So 2.5 years ago, at our '21 Investor Day, it was April of '21, we walked through infra as a case study for us is really how we look to build platforms over the long term. And it begins with strong performance of the flagship strategy. And then that really is what allows you to earn the right to both scale those flagships and innovate into new adjacencies.

邁克，我是克雷格。為什麼我不從基礎設施開始？再次感謝您詢問此事。因此，2.5 年前，在我們的“21 投資者日”上，也就是 21 年 4 月，我們進行了基礎設施建設，作為我們的案例研究，這實際上是我們如何長期構建平台的方式。這要從旗艦戰略的強勁表現開始。這才是真正讓你獲得擴大這些旗艦產品和創新新鄰域的權利的原因。

And so today, our infrastructure platform is built out with 4 distinct segments. We have our Global infra fund series, Asia infra, diversified core, and then most recently, the infrastructure vehicles customized for private wealth investors. And so to give you a sense of how that's grown, AUM at that Investor Day was $17 billion. At June 30, we were at $54 billion, so that's $17 billion to $54 billion, all organic. The growth in innovation hasn't stopped. Again, I think we're in the earliest of days as it relates to infrastructure and private wealth. It's an asset class that we think lends itself very nicely in this marketplace.

因此，今天，我們的基礎設施平台由 4 個不同的部分組成。我們有全球基礎設施基金系列、亞洲基礎設施基金、多元化核心基金，以及最近為私人財富投資者定制的基礎設施工具。為了讓您了解其增長情況，投資者日的 AUM 為 170 億美元。截至 6 月 30 日，我們的營收為 540 億美元，也就是說 170 億美元到 540 億美元都是有機的。創新的增長並未停止。再說一次，我認為我們正處於最早的時期，因為它與基礎設施和私人財富有關。我們認為這是一種非常適合這個市場的資產類別。

And look, the renewables space is an area where we also think we can do more. So more to come here over time. And as it relates to deployment, logically, as you've seen the increase in our footprint, you've seen a step function increase in overall deployment stats for us. So infra deployment in 2019 was a little over $2 billion, it was $2.1 billion. 2020 it's $2.2 billion. Over the last 12 months, we've invested $12 billion in the asset class. And again, as you would have seen and as Rob had touched on Capital Markets, there are flow-through opportunities for us at the same point in time. So more to come but it continues to feel like we're wonderfully well positioned.

看，我們也認為可再生能源領域可以做得更多。隨著時間的推移，會有更多人來到這裡。由於它與部署相關，從邏輯上講，正如您所看到的足蹟的增加一樣，您也看到了我們整體部署統計數據的階躍函數增加。因此，2019 年的基礎設施部署額略高於 20 億美元，達到 21 億美元。 2020 年將達到 22 億美元。在過去 12 個月裡，我們已在該資產類別上投資了 120 億美元。再說一次，正如您所看到的，正如羅伯談到資本市場時，我們在同一時間點也有流動機會。還會有更多的事情發生，但我們仍然感覺我們處於非常有利的位置。

And then, Mike, very quickly your second part of your question. In the quarter, we deployed approximately $850 million off the balance sheet. A good chunk of that, most of it, is at core private equity. And then our realizations were a little under $250 million in the quarter.

然後，邁克，請很快回答你問題的第二部分。本季度，我們在資產負債表外部署了約 8.5 億美元。其中很大一部分是核心私募股權。該季度我們的實現額略低於 2.5 億美元。

The next question is from the line of Rufus Hone with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Rufus Hone。

Maybe if you could spend a minute giving an update on your Asia business. You've now owned the KJRM business for a little over a year. It would be great to hear more about how that acquisition is performing and whether you see any more opportunities to consolidate your position in the region inorganically. And also what the near-term outlook is for fundraising?

也許您能花一點時間介紹一下您的亞洲業務的最新情況。您現在擁有 KJRM 業務已經一年多了。如果您能更多地了解此次收購的表現，以及您是否看到更多機會以無機方式鞏固您在該地區的地位，那就太好了。籌款的近期前景如何？

Great. Rufus, thanks a lot for the question. Asia remains a core part of our growth story at KKR. And we've talked about this in the past for a number of reasons. We feel really good that our Asia business 1 day will be as big as our U.S. business. So we've got a great competitive position in the marketplace plus private equity and infrastructure, both of which are the largest in the region in terms of fund sizes. And we've got real growing businesses across real estate as well as credit as well.

偉大的。魯弗斯，非常感謝你的提問。亞洲仍然是 KKR 發展故事的核心部分。我們過去曾出於多種原因討論過這個問題。我們感到非常高興，我們的亞洲業務 1 day 將與我們的美國業務一樣大。因此，我們在市場以及私募股權和基礎設施方面擁有巨大的競爭地位，就基金規模而言，這兩者都是該地區最大的。我們的房地產和信貸業務都在真正增長。

In terms of the KJRM acquisition, that's off to a great start. And from a strategic standpoint, really doing what we wanted it to accomplish, which is to generate very consistent returns for their existing investor base, which translates into very predictable management fees for us at KKR. But much more importantly, in terms of what it does for the rest of our opportunistic strategy and core plus strategy in the Japan market, just markedly changed our approach to what we're able to do in Japan. And really, in terms of one of our big growth engines within Asia is the Japanese market and our competitive position there is, in particular, really strong and KJRM really helped cement that.

就 KJRM 收購而言，這是一個良好的開端。從戰略角度來看，真正做到了我們想要實現的目標，即為現有投資者群體帶來非常穩定的回報，這對我們 KKR 來說意味著非常可預測的管理費。但更重要的是，就我們在日本市場的機會主義戰略和核心+戰略的其餘部分的作用而言，它顯著改變了我們在日本能夠做的事情的方法。事實上，就我們在亞洲的主要增長引擎之一而言，日本市場是我們的競爭地位，特別是，非常強大，KJRM 確實幫助鞏固了這一點。

Rufus, it's Scott. I'd say to your question on would we do more M&A in the region and consolidate in that way, we'd be open to it. We're always looking so definitely open-minded. The only other thing I would add is Global Atlantic is also now growing with partnerships in Asia, something that we've been able to do now that we're together. We announced a block with AXA in Hong Kong. We, of course, announced the Japan Post partnership this past quarter. We've announced some flow partnerships in Singapore. It's just 1 more example. And there's other discussions along those lines, somewhere between organic and inorganic, but we do see opportunities to expand our insurance efforts in Asia as well.

魯弗斯，這是斯科特。對於你提出的關於我們是否會在該地區進行更多併購並以這種方式進行整合的問題，我想說，我們對此持開放態度。我們總是看起來非常開放。我唯一要補充的是，Global Atlantic 目前也在與亞洲的合作夥伴關係中不斷發展，這是我們現在能夠做到的。我們宣布與香港 AXA 達成合作。當然，我們在上個季度宣布了與日本郵政的合作夥伴關係。我們已經宣佈在新加坡建立一些流量合作夥伴關係。這只是 1 個例子。還有其他一些介於有機和無機之間的討論，但我們確實看到了擴大我們在亞洲保險業務的機會。

(Operator Instructions) The next question is from the line of Alex Blostein with Goldman Sachs.

（操作員說明）下一個問題來自高盛的 Alex Blostein。

I wanted to touch on your credit business, specifically asset-backed finance. It's a place where you spend a little bit more time just communicating to the Street of -- sort of how big it's gotten over the years, and you've got a number of origination platforms that are supporting it. So as you think about raising capital for those types of strategies outside of Global Atlantic, so whether it's third-party insurance companies or maybe other institutional LPs, what does that look like over the next couple of years? And maybe just remind us what the fee rates are. I'm assuming it's generally a lower fee rate like separate account type of business, but curious to get more.

我想談談你們的信貸業務，特別是資產支持金融。在這個地方，你要花更多的時間與華爾街進行溝通——這些年來它的規模有多大，而且你有許多支持它的發起平台。因此，當您考慮在 Global Atlantic 之外為此類策略籌集資金時，無論是第三方保險公司還是其他機構有限合夥人，未來幾年會是什麼樣子？也許只是提醒我們費率是多少。我假設它的費率通常較低，就像獨立賬戶類型的業務一樣，但我很想獲得更多。

Why don't I start, Alex? So first, glad that you asked about again back to the detail we provided on Page 11. So we've got $227 billion of AUM in credit and liquid strategies. A key component of that is $80 billion in private credit. Two big pieces here, the $45 billion in asset-based finance alongside of the $33 billion of direct lending. These are big businesses for us. And so back to your question, ABF is a massive end market, $5-plus trillion. You have high barriers to entry, in our view, a lack of scaled capital against this end market.

我為什麼不開始呢，亞歷克斯？首先，很高興您再次詢問我們在第 11 頁提供的詳細信息。因此，我們在信貸和流動性策略方面擁有 2,270 億美元的資產管理規模。其中一個關鍵組成部分是 800 億美元的私人信貸。這裡有兩大塊，450 億美元的資產融資和 330 億美元的直接貸款。這些對我們來說都是大生意。回到你的問題，ABF 是一個巨大的終端市場，價值超過 5 萬億美元。我們認為，進入這個終端市場的壁壘很高，缺乏規模資本。

And we have and we continue to see many traditional providers leaving the market and, in our view, trading avoid. And so we're finding attractive risk reward. I would say that's true in terms of the high-grade ABF strategy, which today has been led really in partnership with everything that Global Atlantic is doing. And that's going to increase opportunities for us to continue to be more relevant to the broad insurance landscape as well as within our traditional asset-based finance strategy, where we have funds and separately managed accounts focused on a mid-teens gross IRR opportunity. Those would be the strategies, for instance, that had pursued the PayPal transaction.

我們已經並將繼續看到許多傳統提供商離開市場，並且在我們看來，交易正在避免。因此，我們正在尋找有吸引力的風險回報。我想說，就高級 ABF 戰略而言確實如此，今天該戰略實際上是與 Global Atlantic 所做的一切合作共同領導的。這將為我們提供更多機會，使我們能夠繼續與廣泛的保險領域以及我們傳統的基於資產的金融戰略保持更相關，在該戰略中，我們擁有專注於十幾歲左右總內部收益率機會的基金和單獨管理的賬戶。例如，這些就是進行 PayPal 交易的策略。

And so deployment has been healthy. I think over the trailing 12 months, it's been about $11 billion for us. So it's been a place where we've been active. And in addition to the PayPal partnership that we announced in June, the team does continue to be active on the regional front. I think our most recent portfolio acquisition here closed about 2 weeks ago.

因此部署是健康的。我認為過去 12 個月裡，我們的收入約為 110 億美元。所以這是我們一直活躍的地方。除了我們在 6 月宣布的 PayPal 合作夥伴關係之外，該團隊確實繼續在區域方面保持活躍。我認為我們最近的投資組合收購大約兩週前結束。

And in terms of fee rates, we haven't really gone into detail in terms of the separation between the high-grade and the asset-based finance strategy. But fair to say that, that's commensurate with that risk return, that you're correct, the high-grade would be in a different area as it relates to blended fee rate relative to the asset-based finance fund itself.

在費率方面，我們還沒有真正詳細說明高級和基於資產的融資策略之間的分離。但公平地說，這與風險回報相稱，你是對的，高等級將處於不同的區域，因為它與相對於基於資產的金融基金本身的混合費率有關。

Alex, it's Scott. Just maybe a little bit more color on the types of capital raising. This is going to be a bunch of different formats. So you're not going to see a large flagship fund, would be my guess. But we do have an ABF fund. We have our BDCs. We have leveraged separate accounts. We have unleveraged separate accounts. We have a high-grade ABF strategy, which also tends to be in separate account format, and there's other things that we're working on. So it all aggregates up to the $45 billion or so that Craig mentioned.

亞歷克斯，這是斯科特。也許只是對融資類型有更多的了解。這將是一堆不同的格式。所以我猜你不會看到大型旗艦基金。但我們確實有 ABF 基金。我們有我們的 BDC。我們利用單獨的賬戶。我們有無槓桿的獨立賬戶。我們有一個高級 ABF 策略，它也往往採用單獨的帳戶格式，並且我們正在研究其他事情。所以這一切加起來大約是 Craig 提到的 450 億美元。

I'd say you're right, the initial interest over the last several years has been from a number of different places. But if there's a thematic to it, it's insurance. We now manage roughly $200 billion for insurance companies, $140 billion, $150 billion, give or take, from GA, the rest from third parties. And we have 150 insurance companies that invest with us on a third-party basis. But also increasingly, we're seeing interest from institutions.

我想說你是對的，過去幾年最初的興趣來自許多不同的地方。但如果有一個主題的話，那就是保險。我們現在為保險公司管理大約 2000 億美元，1400 億美元、1500 億美元來自 GA，其餘來自第三方。我們有 150 家保險公司與我們進行第三方投資。但我們也越來越多地看到機構的興趣。

This asset class reminds me a little bit of infrastructure 10-plus years ago. There's a lot of education in the early days, growing market. Not a lot of people understood what it was. We are finding that there's increased interest in it as the focus on private credit has continued to broaden and go global. So we're optimistic.

這個資產類別讓我想起了十多年前的基礎設施。早期有很多教育，市場不斷增長。沒有多少人明白那是什麼。我們發現，隨著對私人信貸的關注不斷擴大並走向全球，人們對此越來越感興趣。所以我們很樂觀。

At this time, we've reached the end of our question-and-answer session. I'll hand the call back to Craig Larson for closing remarks.

此時，我們的問答環節已經結束。我會將電話轉回克雷格·拉爾森 (Craig Larson) 作結束語。

Rob, thank you for your help, and thank you, everybody, for your continued interest in KKR. Please feel free, of course, to follow up with me or the IR team post this call. Otherwise, we look forward to speaking to everybody in 90 days or so. Thank you so much.

Rob，感謝您的幫助，也感謝大家對 KKR 的持續關注。當然，請隨時與我或 IR 團隊跟進此電話會議。否則，我們期待在 90 天左右的時間內與大家交談。太感謝了。

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

今天的會議到此結束。感謝您的參與。此時您可以斷開線路。