KKR & Co Inc (KKR) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加 KKR 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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

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

Thank you, operator. Good morning, everyone. Welcome to our third quarter 2023 earnings call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer; and Scott Nuttall, our Co-Chief Executive Officer.

謝謝你，接線生。大家，早安。歡迎參加我們的 2023 年第三季財報電話會議。今天早上，像往常一樣，我們的財務長 Rob Lewin 也加入了我的行列。和我們的聯合執行長 Scott Nuttall。

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

我們想提醒大家，我們將在電話會議中提及非 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 as well as our SEC filings for cautionary factors about these statements. So to begin, I'm going to walk through the quarter's financial results before Rob discusses our key operating metrics.

本次電話會議將包含前瞻性陳述，不保證未來的事件或績效。請參閱我們的收益發布以及我們向 SEC 提交的文件，以了解有關這些聲明的警示因素。首先，在 Rob 討論我們的關鍵營運指標之前，我將先介紹本季的財務表現。

Turning to our results for the quarter. We're pleased to be reporting fee-related earnings per share of $0.63 and after-tax distributable earnings of $0.88 per share. Management fees in the quarter came in at $759 million. This was up 13% compared to Q3 of 2022 and up 16% over the trailing 12 months. Relapse of management fees have been a bright spot for us, increasing 6% compared to last quarter and 25% over the last 12 months, driven by growth across several infrastructure and real estate strategies.

轉向我們本季的業績。我們很高興地報告與費用相關的每股收益為 0.63 美元，稅後可分配收益為每股 0.88 美元。該季度的管理費為 7.59 億美元。與 2022 年第三季相比成長了 13%，在過去 12 個月中成長了 16%。管理費的復發對我們來說是一個亮點，在多項基礎設施和房地產戰略增長的推動下，管理費比上季度增長了 6%，在過去 12 個月中增長了 25%。

Net transaction and monitoring fees were $124 million in the quarter, $100 million of which came from our Capital Markets business. Fee-related compensation was right at the midpoint of our guided range at 22.5% of fee-related revenues.

本季淨交易和監控費用為 1.24 億美元，其中 1 億美元來自我們的資本市場業務。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%。

Other operating expenses were $142 million. This expense figure is actually a little lower compared to both last quarter as well as Q3 of 2022. Here, you're really seeing us continue to invest for growth while maintaining our discipline at the same time. So putting this together, fee-related earnings came in at $558 million or the $0.63 per share figure I mentioned a moment ago.

其他營運費用為 1.42 億美元。與上一季以及 2022 年第三季相比，這一費用數字實際上要低一些。在這裡，您確實可以看到我們繼續投資以促進成長，同時保持我們的紀律。因此，綜合起來，與費用相關的收益為 5.58 億美元，也就是我剛才提到的每股 0.63 美元的數字。

In Q3, our FRE margin was 61.7%. We've talked consistently about our FRE margin being in this low 60s areas, and we've delivered on this. This is the 12th consecutive quarter where that margin has been at or above the 60% level, and we continue to feel very good about this margin, excuse me, migrating up from here into the mid-60s.

第三季度，我們的 FRE 利潤率為 61.7%。我們一直在談論我們的 FRE 利潤率處於 60 多歲以下的區域，並且我們已經兌現了這一點。這是該利潤率連續第 12 個季度達到或高於 60% 的水平，對不起，我們繼續對這一利潤率感到非常好，從這裡上升到 60 年代中期。

Realized performance income was $329 million, and realized investment income generated $231 million. Both realized performance and investment income together were up over 2x from last quarter as exit activity increased in both our private equity as well as our U.S. real estate businesses. Realized performance and investment income compensation ratios were again both right at the midpoints in the quarter. So in total, our asset management operating earnings were $869 million.

實現績效收入3.29億美元，實現投資收入2.31億美元。由於我們的私募股權和美國房地產業務的退出活動增加，實現的業績和投資收入合計比上季度增長了 2 倍以上。已實現績效和投資收益補償比率再次位於本季的中點。因此，我們的資產管理營業收入總計為 8.69 億美元。

Global Atlantic again had a very strong quarter with our insurance segment generating $210 million of pretax earnings. To spend a moment on GA, on the institutional front, GA's block reinsurance transaction with MetLife remains on track to close in Q4 2023. We disclosed this transaction on last quarter's call. We expect our AUM to increase by approximately $13 billion upon closing.

Global Atlantic 再次迎來了非常強勁的季度，我們的保險部門創造了 2.1 億美元的稅前收益。花點時間談談 GA，在機構方面，GA 與大都會人壽的大宗再保險交易仍有望於 2023 年第四季度完成。我們在上個季度的電話會議上披露了這筆交易。我們預計交易完成後我們的 AUM 將增加約 130 億美元。

And looking further ahead, GA's pipeline and level of dialogue on future block activity remains healthy. And in terms of GA's individual business, GA experienced an increase in activity in Q3. So overall, business momentum within this channel continues to feel very good as well.

展望未來，GA 關於未來區塊活動的對話管道和水準仍然保持健康。而就GA的個體業務而言，GA在第三季的活動增加。因此總體而言，該通路內的業務動能仍然非常良好。

Global Atlantic AUM pro forma for the MetLife block now totals $158 billion. This is up from $72 billion or over 2x since the announcement of our acquisition in July of 2020. In our view, this really demonstrates the strength of GA's franchise, the power of the KKR-GA partnership as well as the high level of execution we've seen since the outset. So back to our P&L. In aggregate, after-tax distributable earnings totaled $780 million or $0.88 per share.

大都會人壽區塊的全球大西洋資產管理規模預計目前總計 1,580 億美元。這是自2020 年7 月宣布收購以來的720 億美元或超過2 倍。在我們看來，這確實證明了GA 特許經營權的實力、KKR-GA 合作夥伴關係的力量以及我們的高水平執行力。從一開始就看到了。回到我們的損益表。總的來說，稅後可分配收益總計 7.8 億美元，即每股 0.88 美元。

Next, just turning to Page 7 of our earnings release. We see investment performance summarized for the quarter as well as a trailing 12-month period. Looking at the figures on the page for the third quarter, our performance metrics broadly compare very favorably relative to public indices, which were mixed in the quarter. The traditional private equity portfolio was up 5% in the quarter, and over the 12 months, is up 12%. And looking to -- at our inception-to-date, blended IRR for our most recent flagship funds, that figure continues to stay strong at 23%.

接下來，請翻到我們收益報告的第 7 頁。我們看到了本季以及過去 12 個月的投資績效總結。從第三季頁面的數據來看，我們的業績指標總體上與公共指數相比非常有利，該季度的公共指數好壞參半。傳統私募股權投資組合在本季成長了 5%，在過去 12 個月中成長了 12%。從我們成立至今，我們最新旗艦基金的混合 IRR 來看，這一數字繼續保持在 23% 的強勁水平。

In Real Assets, the real estate portfolio was up 1% for the quarter and down 9% over the last 12 months. Importantly, underlying NOI growth has remained strong across our portfolios, so the decline you see over the trailing 12 months reflects the change in interest rates as well as cap rate assumptions.

在實體資產方面，房地產投資組合本季成長了 1%，但在過去 12 個月中下降了 9%。重要的是，我們的投資組合的潛在 NOI 成長仍然強勁，因此您在過去 12 個月看到的下降反映了利率和資本化率假設的變化。

Infrastructure was up 3% in the quarter and is up 14% over the last 12 months as this asset class has continued to be resilient for us. In credit, the leverage in alternative composites were both up 3% in the quarter and 14% and 9%, respectively, over the last 12 months.

基礎設施在本季成長了 3%，在過去 12 個月中成長了 14%，因為該資產類別對我們來說持續具有彈性。在信貸方面，另類組合的槓桿率在本季均上升了 3%，在過去 12 個月中分別上升了 14% 和 9%。

And turning for a moment to Page 25. Our core private equity portfolio has performed. Today, we are the largest manager of Core PE capital with $35 billion of AUM, which includes third-party capital alongside of our balance sheet. And as you can see on the page, the fair value of investments we've made off the balance sheet at 9/30 was $6.5 billion.

翻到第 25 頁。我們的核心私募股權投資組合已經表現出色。如今，我們是最大的核心私募股權管理公司，資產管理規模達 350 億美元，其中包括第三方資本以及我們的資產負債表。正如您在頁面上看到的，截至 9 月 30 日，我們在資產負債表外進行的投資的公允價值為 65 億美元。

As a reminder, Core PE is a long-duration investment strategy. We expect to hold these investments for 10- to 15-plus years. These investments generally have lower leverage over their whole periods compared to traditional PE and are more cash-generative. The portfolio at this point is global, spans a wide range of industries, so we've continued to see strong growth in our portfolio that, in our view, is more stable and less cyclical in nature, which has really helped during periods of dislocation, such as the early stages of COVID as well as over the last 12 to 18 months.

提醒一下，核心私募股權是一種長期投資策略。我們預計將持有這些投資 10 至 15 年以上。與傳統私募股權投資相比，這些投資在整個期間的槓桿率通常較低，並且產生更多現金。目前的投資組合是全球性的，涵蓋廣泛的行業，因此我們繼續看到我們的投資組合強勁增長，在我們看來，這種投資組合本質上更加穩定且週期性較小，這在混亂時期確實有所幫助，例如 COVID 的早期階段以及過去 12 至 18 個月。

We got into this asset class and have really treated it as a strategic growth avenue for us since we started because it's an area where we firmly believe that our business model, including our industry depth, geographic breadth, collaborative culture and ability to drive business building all set us up very well to be the best global player in the asset class. We're big believers in the earnings power this strategy can create, and we continue to think about how to unlock that potential.

我們進入這個資產類別，並從一開始就將其視為我們的戰略成長途徑，因為在這個領域，我們堅信我們的業務模式，包括我們的行業深度、地理廣度、協作文化和推動業務建設的能力所有這些都使我們成為該資產類別中最好的全球參與者。我們堅信這項策略可以創造獲利能力，並且我們將繼續思考如何釋放這種潛力。

And with that summary, I'll turn the call over to Rob.

有了這個總結，我會將電話轉給羅布。

Thanks a lot, Craig. I thought it would be helpful this morning to go through what we are experiencing across the firm day-to-day. Despite what has been a dynamic operating environment, we find ourselves with a significant amount of momentum, especially across our key strategic growth areas. We are seeing a noticeable uptick in our pipelines around fundraising, deployment and monetizations, and I'll take you through each today.

非常感謝，克雷格。我認為今天早上回顧一下我們公司每天所經歷的事情會很有幫助。儘管營運環境充滿活力，但我們發現自己擁有巨大的動力，尤其是在我們的關鍵策略成長領域。我們看到籌款、部署和貨幣化方面的管道顯著增加，今天我將帶您逐一介紹。

Turning first to fundraising. This quarter, we raised $14 billion, bringing the past 12 months to $54 billion. While the fundraising environment has been tough, we feel as though we're positioned very differently than a number of our peers. None of the $54 billion that we have raised over the LTM period has come from our flagship strategies, which are due to begin fundraising in the next year or so.

首先轉向募款。本季度，我們籌集了 140 億美元，使過去 12 個月的融資額達到 540 億美元。雖然籌款環境很艱難，但我們感覺我們的定位與許多同行截然不同。我們在 LTM 期間籌集的 540 億美元中沒有一個來自我們的旗艦戰略，這些戰略將於明年左右開始籌款。

Global Atlantic continues to have a lot of success in this rate environment and remains incredibly well positioned. Across our private wealth strategies, while still early, our momentum is strong, and our conviction around the size of the addressable market and our ability to take share continue to grow. And in the framework of KKR, this is really all upside for us from here. Finally, many of our younger strategies continue to scale.

環球大西洋在這種費率環境下繼續取得巨大成功，並且仍然處於令人難以置信的有利地位。在我們的私人財富策略中，雖然還處於早期階段，但我們的勢頭強勁，我們對目標市場規模的信心和我們佔領市場份額的能力不斷增強。在 KKR 的框架內，這對我們來說確實是有利的。最後，我們的許多年輕策略繼續擴大規模。

Looking at the quarter in a bit more detail. First, our K Series suite of products. As a reminder, these primarily serve the private wealth end market globally, providing individuals with access to alternative investments that are traditionally have not been accessible to noninstitutional clients.

更詳細地了解本季。首先是我們的 K 系列產品套件。提醒一下，這些主要服務於全球私人財富終端市場，為個人提供傳統上非機構客戶無法獲得的另類投資機會。

We now have vehicles for all 4 of our major asset classes: private equity, infrastructure, real estate and credit. And we continue to be added to more private wealth platforms as these vehicles ramp. Two years ago, we were on approximately 10 platforms, and today, that number is closer to 40% across this suite of products that we manage, with more to come.

我們現在擁有適用於所有 4 個主要資產類別的工具：私募股權、基礎設施、房地產和信貸。隨著這些工具的增加，我們將繼續加入更多的私人財富平台。兩年前，我們在大約 10 個平台上運行，而今天，在我們管理的這套產品中，這個數字接近 40%，而且還會有更多平台。

Looking at our private equity and infra wealth products specifically, they are now raising approximately $500 million a month. So a really strong start for us, especially relative to our expectations, only reinforcing our confidence in the scale and impact of the long-term opportunity here.

具體來看我們的私募股權和基礎設施財富產品，他們現在每月籌集約 5 億美元。因此，這對我們來說是一個非常強勁的開始，特別是相對於我們的預期而言，只會增強我們對這裡長期機會的規模和影響的信心。

Second, we raised $8 billion of capital in credit and liquid strategies in the quarter, and we were particularly active in private credit. As a reminder, private credit is comprised of our direct lending and our asset-based finance businesses, where AUM has scaled significantly. Today, in total, private credit AUM is $83 billion. That's up roughly 3x from $25 billion just 3 years ago.

其次，本季我們透過信貸和流動性策略籌集了 80 億美元的資金，其中我們在私人信貸領域尤其活躍。需要提醒的是，私人信貸由我們的直接貸款和資產金融業務組成，其中資產管理規模已大幅擴大。如今，私人信貸資產管理規模總計為 830 億美元。這比 3 年前的 250 億美元增長了約 3 倍。

In direct lending, where we have $36 billion of assets under management, you're seeing us raise capital in a variety of forms. In the quarter, we raised capital for our U.S.-focused strategy in traditional fund format, and through evergreen structures in both the U.S. as well as in Europe.

在直接貸款方面，我們管理著 360 億美元的資產，您會看到我們以各種形式籌集資金。本季度，我們以傳統基金形式以及美國和歐洲的常青結構為我們以美國為中心的策略籌集了資金。

We're seeing more interest in these perpetual vehicles as the asset classes become more mature and a more permanent part of institutions allocations. And we're at the outset of fundraising for our private BDC and continue to raise capital in our separately managed accounts.

隨著資產類別變得更加成熟並成為機構配置的更永久的一部分，我們看到人們對這些永久工具越來越感興趣。我們剛開始為我們的私人 BDC 籌款，並將繼續在我們單獨管理的帳戶中籌集資金。

In asset-based finance, we're continuing to build on our leadership position here. ABF is now close to $50 billion of AUM as of 9/30. We are raising capital in a variety of forms, including closed-end and open-ended fund structures in both our high-grade and opportunistic ABF strategies.

在以資產為基礎的金融領域，我們將繼續鞏固我們的領導地位。截至 9 月 30 日，ABF 的資產管理規模現已接近 500 億美元。我們以多種形式籌集資金，包括我們的高級和機會主義 ABF 策略中的封閉式和開放式基金結構。

There will be more to come here in future quarters as interest in both direct lending and ABF remains very high. This all really builds on the back of strong performance within our leverage credit business, with many of our investment strategies ranking at the top of their respective peer categories. As an example, our investment returns in both our opportunistic leverage credit strategy and our multi-asset credit strategy ranked in the top 1 percentile against their peer universes since their inceptions in 2008.

由於對直接貸款和 ABF 的興趣仍然很高，未來幾季將會有更多的人來到這裡。這一切都建立在我們槓桿信貸業務強勁表現的基礎上，我們的許多投資策略在各自的同業類別中名列前茅。例如，自 2008 年推出以來，我們的機會槓桿信貸策略和多元資產信貸策略的投資回報在同業中均名列前 1%。

And the third area on fundraising I wanted to address were some of the more recent announcements that happened post 9/30. We held the final close in Next Generation Technology III at approximately $3 billion. That represents an over 30% increase to its predecessor fund. Global Impact Fund II is our growth equity platform investing behind proven companies that deliver scalable commercial solutions to global problems also helped this final close post quarter end totaling $2.8 billion, which is over twice the size of its predecessor fund.

我想談的第三個募款領域是 9 月 30 日之後發布的一些最新公告。我們以約 30 億美元的價格完成了下一代技術 III 的最終收盤。這比其前身基金增長了 30% 以上。 Global Impact Fund II 是我們的成長型股權平台，投資於那些為全球議題提供可擴展的商業解決方案的成熟公司，這也幫助我們在最後一個季度末籌集了總計28 億美元的資金，是其前身基金規模的兩倍多。

And Asia infrastructure Chip. We have already raised $6.1 billion of capital here, making it the largest dedicated infra fund in the region and up from the $3.8 billion predecessor fund, and we have not yet held the final close. This is another sizable platform that we have added to our infrastructure franchise, and I think further cements our leadership position in Asia more broadly.

以及亞洲基礎設施晶片。我們已經在這裡籌集了 61 億美元的資金，使其成為該地區最大的專用基礎設施基金，高於 38 億美元的前身基金，而且我們尚未完成最終交割。這是我們在基礎設施特許經營中添加的另一個大型平台，我認為這進一步鞏固了我們在亞洲更廣泛的領導地位。

These 3 funds, in aggregate, have increased from $7 billion across their prior vintages to approximately $12 billion of total capital today. This is all very high-margin AUM for us and in strategies that are still relatively young for KKR. As we look to 2024 and 2025, we expect fundraising at KKR will accelerate relative to the last 12 months.

這 3 檔基金的總資本已從先前的 70 億美元增加到目前的約 120 億美元。對我們來說，這都是非常高利潤的資產管理規模，而對 KKR 來說，這些策略還相對年輕。展望 2024 年和 2025 年，我們預計 KKR 的募款活動將較過去 12 個月加速。

We have 30-plus strategies and are coming to market, including a number of flagships such as Global Infrastructure, Americas Private Equity and Asia Private Equity, with the opportunity for continued scaling in our private wealth products alongside the traditional fund format.

我們擁有 30 多項策略並即將推向市場，其中包括全球基礎設施、美洲私募股權和亞洲私募股權等眾多旗艦產品，並有機會在傳統基金形式的基礎上繼續擴大我們的私人財富產品規模。

We are also launching a new climate investing strategy. We have recruited a really talented and experienced team, which is now fully integrated into our broader infrastructure platform, giving us confidence that we can become a real leader and a scaled player in the space.

我們也推出了新的氣候投資策略。我們招募了一支非常有才華且經驗豐富的團隊，該團隊現在已完全融入我們更廣泛的基礎設施平台，這讓我們有信心成為該領域真正的領導者和規模化參與者。

Moving next to deployment. We continue to be very constructive on risk/reward here across a number of our asset classes. We have about $100 billion of dry powder available to deploy, and we've seen an uptick in announced investment activity since June. However, only a small portion of that closed in the 90 days ended September 30.

接下來進行部署。我們對許多資產類別的風險/回報仍然非常有建設性。我們有大約 1000 億美元的乾粉可供部署，而且自 6 月以來已宣布的投資活動增加。然而，其中只有一小部分在截至 9 月 30 日的 90 天內關閉。

We do expect an increase in investment activity in Q4 given our pipelines here. This dynamic should help the invested capital figures in addition to our Capital Markets revenues in Q4.

鑑於我們的管道，我們確實預計第四季度的投資活動將會增加。除了我們第四季的資本市場收入之外，這種動態還應該有助於投資資本數據。

And finally, our monetization activity has continued to pick up. In the quarter, our realized performance and investment income totaled $560 million. Activity in the quarter came from a wide variety of strategies and products. And as we look into the fourth quarter, standing here today, we currently have visibility on $400-plus million of monetization-related revenue.

最後，我們的貨幣化活動持續增加。本季度，我們實現的業績和投資收益總計 5.6 億美元。本季的活動來自多種策略和產品。當我們今天站在這裡展望第四季時，我們目前可以看到超過 4 億美元的貨幣化相關收入。

One of the realizations in Q4 is from our investment in Kokusai Electric. Kokusai is a Japan-based manufacturer of semiconductor production equipment. We invested in the business back in December of 2017 through our Asia Private Equity platform. It is 1 of the 3 carve-out transactions where we've collaborated within Hitachi Group.

第四季的實現之一是我們對國際電氣的投資。 Kokusai 是一家日本半導體生產設備製造商。我們早在 2017 年 12 月就透過我們的亞洲私募股權平台投資了這項業務。這是我們在日立集團內部合作的 3 項剝離交易之一。

You've heard us talk about Japanese carve-outs as a key investment theme a number of times on these calls. Given our operational skills, together with our relationships in the region, we feel particularly well positioned to pursue these investments. This is just the latest example for us. At the end of October, Kokusai was listed on the Tokyo Stock Exchange in the largest IPO in Japan since 2018 and the largest-ever private equity-backed IPO. The stock has performed well since pricing, trading up approximately 35%. And based on last week's closing price, our total investment is now marked at over 15x multiple money on a gross basis. We continue to own 40% of the company.

您在這些電話會議上多次聽到我們將日本的剝離作為一個關鍵的投資主題。鑑於我們的營運技能以及我們在該地區的關係，我們感覺特別有能力進行這些投資。這只是我們的最新例子。 10月底，國際藻業在東京證券交易所上市，這是2018年以來日本最大規模的IPO，也是有史以來規模最大的私募股權支持的IPO。該股自定價以來表現良好，交易價格上漲約 35%。根據上週的收盤價，我們的總投資現在已超過總額的 15 倍。我們繼續持有該公司 40% 的股份。

In addition to the positive outcome for our Asia Private Equity investors, the IPO also helps our branding across everything that we do in Japan. And likely, as a result, also creates more opportunity as we distribute K-Series products in this market.

除了為我們的亞洲私募股權投資者帶來正面成果外，此次首次公開募股還有助於我們在日本開展的所有業務中建立品牌形象。因此，當我們在這個市場分銷 K 系列產品時，也可能創造更多機會。

Turning to the firm as a whole. We still have $11-plus billion of embedded gains between our investments in carried interest. So the future around monetization-related revenue remains robust. This is compared to $9 billion of embedded gains at the beginning of the year. So we're up roughly 25% in what has been a volatile environment, while, at the same time, having monetized a healthy amount of that embedded gain since 12/31.

轉向整個公司。我們的附帶權益投資仍有超過 11 億美元的內含收益。因此，與貨幣化相關的收入的未來仍然強勁。相比之下，年初的嵌入收益為 90 億美元。因此，在動盪的環境中，我們的股價上漲了大約 25%，同時，自 12 月 31 日以來，我們已經將大量的嵌入收益貨幣化。

As you can hear, we continue to be really excited as a management team about our growth and our evolution. We have been executing on our plan of building a very high-growth and high-margin asset management business, which benefits from, and is accelerated by, what we are doing across insurance and core private equity.

正如您所聽到的，作為管理團隊，我們仍然對我們的成長和發展感到非常興奮。我們一直在執行建立高成長和高利潤資產管理業務的計劃，該業務受益於我們在保險和核心私募股權領域所做的工作，並加速了這項業務的發展。

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

史考特、克雷格和我很樂意回答你們的問題。

(Operator Instructions) And the first question is from the line of Craig Siegenthaler with Bank of America.

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

So 2 weeks ago, the press was reporting that KKR entered into a relationship with 2 of the mega online brokers to sell some of your retail vehicles. Now this approach is different than the wirehouses, which are mainly selling your products like KREST to high-net worth investors, and so I believe this is mainly focused on the mass affluent. So I was wondering if you could provide an update on the strategy and what you're looking to accomplish.

兩週前，媒體報導 KKR 與兩家大型線上經紀商建立了合作關係，出售你們的一些零售工具。現在這種做法與wirehouse不同，wirehouse主要將KREST等產品出售給高淨值投資者，所以我相信這主要針對大眾富裕階層。所以我想知道您是否可以提供有關策略的最新資訊以及您希望實現的目標。

Craig, do you want to kick off?

克雷格，你想開始嗎？

Sure. Craig, why don't I start? I think the main takeaway from what you're mentioning is the focus we have on broadening the funnel at the top end, and we're going to be focused on the wirehouses here in the U.S. We're going to be focused on independent broker-dealers. We're going to be focused on broad private wealth internationally.

當然。克雷格，我為什麼不開始呢？我認為您提到的主要內容是我們專注於拓寬高端通路，我們將專注於美國的電線公司。我們將專注於獨立經紀商-經銷商。我們將重點放在國際上廣泛的私人財富。

And the products that we've created are ones that are going to be designed and tailored for those markets, different markets geographically, and again, with a focus on broadening the funnel as much as we can. One of the topics we've been particularly focused on was making sure that we could appeal not only to the qualified purchaser market, but the accredited investor market.

我們創建的產品將針對這些市場、不同地理位置的市場進行設計和客製化，並且重點是盡可能地拓寬通路。我們特別關注的主題之一是確保我們不僅能夠吸引合格的購買者市場，而且能夠吸引經過認可的投資者市場。

Again, a credit investor market is 8 or 9x the size of the qualified purchaser market. So again, that's just one example of a focus for us is, again, just wanting to broaden that funnel at the top end as much as we can.

同樣，信用投資者市場的規模是合格購買者市場的 8 或 9 倍。再說一次，這只是我們關注的一個例子，我們只是想盡可能地擴大頂端的漏斗。

Yes. The only thing I'd add, Craig, is I think it just part of the strategy. Our approach is really quite broad-based. It's global. It's multichannel all around the world. So what got picked up was just 1 element of that in the U.S.

是的。克雷格，我唯一要補充的是，我認為這只是策略的一部分。我們的方法確實基礎廣泛。這是全球性的。它在世界各地都是多渠道的。所以，被採納的只是美國的其中一個要素。

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

我們的下一個問題來自 Glenn Schorr 和 Evercore 的對話。

I am going to just focus on, I guess, GA a little bit. I heard your comments about potential for more blocks ahead. In the quarter, the cost of insurance went up a little bit more than the net investment income. I'm curious on your thoughts on how a higher-for-longer environment, a, plays into that dynamic; and, b, plays into your distribution mix? And whether or not you saw much impact from the DOL rules that have been floated out there?

我想我會稍微關註一下 GA。我聽到了您關於未來更多街區潛力的評論。本季度，保險成本增幅略高於淨投資收益。我很好奇你對更高、更長期的環境 a 是如何影響這種動態的想法； b 是否會影響您的發行組合？您是否看到了已經出台的勞工部規則帶來的巨大影響？

Yes. Glenn, thanks a lot for the question. I'd take a step back, and we're seeing a lot of momentum across, really, all aspects of GA right now. Year-over-year basis, our operating income is up close to 30% in the business. We're seeing success distributing through the individual channel through the institutional channel. Well, of course, you've seen cost of insurance tick up over the past months given where crediting rates are on products. I think you've also seen a commensurate step-up in net investment income as well.

是的。格倫，非常感謝你的提問。我想退一步說，我們現在確實在通用航空的各個方面都看到了巨大的動力。與去年同期相比，我們的營業收入成長了近 30%。我們看到成功透過個人管道和機構管道進行分配。嗯，當然，考慮到產品的計入利率，您已經看到過去幾個月保險成本上升。我認為您也看到了淨投資收入的相應增長。

And if you look quarter-over-quarter, our net investment income margin ticked up a little bit north of where cost of insurance was. And so net-net, we came in about 15 basis points higher on a return on asset basis in GA. So we're feeling like the team is executing across all aspects of that business right now.

如果你看一下季度環比，我們的淨投資收益利潤率略高於保險成本。因此，我們在 GA 的資產回報率上獲得了約 15 個基點的淨收益。所以我們感覺團隊現在正在執行該業務的各個方面。

You mentioned the DOL rules. I'm glad you brought that up. Our punchline from our perspective is based on the draft regs that we have seen. We don't expect this to have a material impact on our business going forward. In many ways, the draft regs are similar to what came out in 2016.

您提到了勞工部的規則。我很高興你提出這個問題。從我們的角度來看，我們的妙語是基於我們所看到的法規草案。我們預計這不會對我們未來的業務產生重大影響。在許多方面，該法規草案與 2016 年發布的法規相似。

So I think the industry is well prepared for that. GA is well prepared for that. 90-plus percent of our distribution today is through the bank and broker-dealer channel. We feel it's this channel that's most prepared to be able to deal with wherever the regulations come out.

所以我認為業界已經為此做好了充分準備。 GA 對此已做好充分準備。今天，我們 90% 以上的分銷是透過銀行和經紀自營商管道進行的。我們認為這個管道最有能力應付任何法規的推出。

But I think it's important to note that, fundamentally, we support what the regulator here is trying to accomplish. They want to make sure that consumers get the value they're paying for when they buy an investment product, and I think that's good for everybody in the space. So punchline, no material issues, and we continue to work very closely with the GA team to continue the momentum there.

但我認為值得注意的是，從根本上來說，我們支持監管機構試圖實現的目標。他們希望確保消費者在購買投資產品時獲得物有所值，我認為這對這個領域的每個人都有好處。重點是，沒有實質問題，我們將繼續與 GA 團隊密切合作，以繼續保持這一勢頭。

Next question comes from Steven Chubak with Wolfe Research.

下一個問題來自 Wolfe Research 的 Steven Chubak。

So wanted to start off with a question on capital markets, where activity continues to be subdued. But as we think about what the business could generate in a more normalized environment, the growth in your PE real asset AUM versus the average level in '19, so pre-COVID baseline, suggests normalized capital markets fees could be about 160% higher than 2019 levels. So closer to about a $1.2 billion fee bogey.

因此，我想從資本市場的問題開始，資本市場的活動持續低迷。但當我們考慮業務在更正常化的環境中可以產生什麼時，您的PE 實際資產AUM 相對於19 年平均水平的增長，即新冠疫情之前的基線，表明正常化的資本市場費用可能比19 年的平均值高出約160% 2019 年水準。如此接近 12 億美元的費用柏忌。

And I was hoping you could frame what your view is on normalized capital markets activity, what that might look like? And is the increase in AUM the right lens for assessing the potential upside here?

我希望您能闡述一下您對資本市場活動正常化的看法，那會是什麼樣子？資產管理規模的增加是否是評估潛在上行空間的正確觀點？

Great. Thanks a lot for the question. So a couple of things on our Capital Markets business, and maybe I'll just start with this year and then frame how we think about the go-forward. So as you look at really 2022 and 2023, we've been in a really tough operating environment for much of that period of time.

偉大的。非常感謝您的提問。關於我們資本市場業務的一些事情，也許我會從今年開始，然後框架我們如何思考未來。因此，當你真正審視 2022 年和 2023 年時，我們在這段時間的大部分時間都處於非常艱難的營運環境中。

IPO markets have been largely shut. Secondary markets have been close to shut. The leveraged finance market has been up and down, but certainly more down than up. And we're really proud of how that business has protected revenue in that down market.

IPO市場已基本關閉。二級市場已接近休市。槓桿金融市場有起有落，但肯定是下跌多於上漲。我們對該業務如何在低端市場保護收入感到非常自豪。

If you look, we were mid-500s in terms of revenue last year, while year-to-date, we're averaging about $110 million, $120 million a quarter in that range. We do feel good about where our pipeline suggests our revenue should be in Q4. And so I feel like the team has done a great job being able to protect revenue in a down market.

如果你看一下，我們去年的營收在 500 多美元左右，而今年迄今為止，我們的平均收入約為 1.1 億美元，每季為 1.2 億美元。我們確實對我們的管道表明我們第四季度的收入應該達到的水平感到滿意。所以我覺得團隊做得很好，能夠在低迷的市場中保護收入。

Now I think you raised an important question around more normalized environment. If you look at 2021, we generated $840 million of revenue in our Capital Markets business. And as you suggest, we're doing more things today as a firm than we did in 2021. And I think we've got an opportunity to take greater share with a third-party component of our capital markets franchise.

現在我認為你提出了一個關於更正常化的環境的重要問題。如果你看看 2021 年，我們的資本市場業務創造了 8.4 億美元的收入。正如您所建議的，我們作為一家公司今天所做的事情比 2021 年更多。我認為我們有機會透過我們資本市場特許經營權的第三方部分獲得更大的份額。

So we look at a more normalized environment, we feel like that plus or minus $200 million a quarter is very achievable. But to us, that's not the top end. We're building out a platform that we think, over time, can have real growth off that number.

因此，我們著眼於更規範化的環境，我們覺得每季增減 2 億美元是非常可以實現的。但對我們來說，這還不是最高端的。我們正在建立一個平台，我們認為隨著時間的推移，這個平台可以實現這個數字的真正成長。

In terms of forward-looking indicators, AUM could be one, but I think it's really the scale and breadth of what we're doing across the firm or maybe more the breadth of what we're doing across the firm as opposed to necessarily the scale. It's our ability to take share in the third-party part of our business, where we think we've got some real competitive differentiators versus the marketplace. I think those are more what the indicators are to us for growth than necessarily what the AUM is for the firm.

就前瞻性指標而言，資產管理規模可能是其中之一，但我認為這實際上是我們在整個公司所做的事情的規模和廣度，或者可能更多的是我們在整個公司所做的事情的廣度，而不是必然的規模。這是我們在第三方業務中分享份額的能力，我們認為與市場相比，我們在這方面擁有一些真正的競爭優勢。我認為這些指標對我們來說更多的是成長指標，而不是資產管理規模對公司的意義。

But thanks for the question. I'm -- so part of our business that we feel really good about right now on the experience of the past 21 months, relative to what it could have been or what it would have been in past cycles, I think, really speaks to the -- to what our team has built over the past 10-plus years.

但謝謝你的提問。我是——所以我們業務的一部分，我們現在對過去 21 個月的經歷感覺非常好，相對於它本可以做到的或在過去週期中會發生的事情，我認為，這確實說明了這一點- 我們的團隊在過去十多年所建立的。

Yes. Thanks for the question, Steven. There's no doubt the baseline for the Capital Markets business has gone up materially over the last few years. I think AUM is one metric you could look to. We could also look to deployment. And frankly, you could also, to some extent, look to monetizations.

是的。謝謝你的提問，史蒂文。毫無疑問，資本市場業務的基線在過去幾年中已經大幅上升。我認為 AUM 是您可以關注的一項指標。我們也可以考慮部署。坦白說，在某種程度上，你也可以考慮貨幣化。

As the Capital Markets business often participates in particularly our public market exits, so I'd probably look at those few things. As Rob said in the prepared remarks, we're seeing activity pick up in the fourth quarter across those areas. So I would expect that to flow through to the Capital Markets business as well.

由於資本市場業務經常參與特別是我們的公開市場退出，所以我可能會關注這幾件事。正如羅佈在準備好的發言中所說，我們看到這些領域的活動在第四季度有所回升。因此，我預計這也將滲透到資本市場業務。

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。

I was hoping we could talk for a couple of minutes around the interplay between your deployment comments in the coming quarter and the quarters ahead and the flagship fundraising cycle, especially as it relates to some of the big funds like the Global Infra and North America and Asia.

我希望我們能就您在下一季和未來幾季的部署評論與旗艦籌款週期之間的相互作用進行幾分鐘的討論，特別是因為它與全球基礎設施和北美等一些大型基金有關亞洲。

So the North America and Asia, in particular, still seems to have a lot of dry powder. So maybe help us frame what kind of deployment outlook you're seeing for those strategies and how that informs your view on when you can come back to the market with the next vintages.

因此，尤其是北美和亞洲，似乎仍然有很多乾粉。因此，也許可以幫助我們建立您對這些策略的部署前景，以及這如何影響您對何時可以帶著下一個年份重返市場的看法。

Alex, it's Craig. Thanks for the question. So a couple of thoughts here. First, when you look at the fund table in the back of our press release, the numbers you see on an invested basis will, if anything, be understated as if we have dollars that are committed to in investment.

亞歷克斯，這是克雷格。謝謝你的提問。這裡有一些想法。首先，當您查看我們新聞稿後面的基金表時，您看到的投資數字（如果有的話）將被低估，就好像我們有致力於投資的美元一樣。

Those dollars actually won't show up in that table until those dollars are actually called and invested. So I think as you look at where we are in terms of the status of those funds, on an invested and committed basis, we're actually farther along than you might think just by looking those -- at that table on a face value.

在實際調用和投資這些美元之前，這些美元實際上不會顯示在該表中。因此，我認為，當你看看我們在這些基金的狀況方面的情況時，在投資和承諾的基礎上，我們實際上比你想像的要走得更遠——從表面上看那些表格。

And in terms of broad timing, nothing to announce specifically here, but we do expect over '24 and '25 that we'll be active in both of those. And that activity will supplement infrastructure for us, which is a front-burner topic, as well as climate. And on those last 2, we expect we'll be able to give some updates on those in the first half of next year. So again, this just feels like our fundraising team is going to continue to be very active.

就大體時間安排而言，這裡沒有什麼可具體宣布的，但我們確實預計在 24 和 25 年期間，我們將積極參與這兩個領域。這項活動將為我們補充基礎設施（這是一個熱門話題）以及氣候。對於最後兩個問題，我們預計能夠在明年上半年提供一些更新。再說一次，這感覺就像我們的籌款團隊將繼續非常活躍。

Our next question comes from the line of Patrick Davitt with Autonomous Research.

我們的下一個問題來自自主研究中心的 Patrick Davitt。

So I appreciate the strong trends at Global Atlantic you highlighted. But the May deck they put out suggested some fairly significant offsetting outflows there. So understanding you have $13 billion coming in, in 4Q, but could you also give a little more specifics on how the regular way retail flows versus lapses and other outflow items have been tracking at Global Atlantic?

因此，我很欣賞您強調的 Global Atlantic 的強勁趨勢。但他們發布的 5 月數據表明，那裡存在一些相當大的抵銷性資金外流。因此，您知道第四季度有 130 億美元的收入，但您能否提供更多具體信息，說明 Global Atlantic 的常規零售流量與失誤和其他流出項目的跟踪情況如何？

Yes. Patrick, thanks a lot for the question. As we look forward in our business, really, the way I think about it is, in regular way, organic part of our business. And in the individual side, as we look to '24, I think would be in that $10 billion to $15 billion range of organic flows.

是的。派崔克，非常感謝你的提問。當我們展望我們的業務時，實際上，我的思考方式通常是我們業務的有機組成部分。在個人方面，當我們展望 24 年時，我認為有機流量將在 100 億至 150 億美元之間。

The institutional part of our business, again, more on that organic flow basis, probably in that plus or minus $10 billion range. And the outflows, call it, in the mid-teens. And so on a net basis, organically, we feel like GA should have, call it, $5 billion to $10 billion of organic growth next year. Now you layer on top of that block activity, as an example, the MetLife block, which is all incremental and upside to that.

同樣，我們業務的機構部分更基於有機流動基礎，可能在正負 100 億美元的範圍內。資金外流，可以說是在十幾歲左右。因此，從有機角度來看，我們認為 GA 明年應該實現 50 億至 100 億美元的有機成長。現在，您可以在該區塊活動之上進行分層，例如大都會人壽區塊，這都是增量和向上的。

As we look at our pipeline on the block side, it feels as good today as it has since we started our ownership of Global Atlantic. We're seeing some very specific deals out there where we can really partner with close relationships and be able to come up with win-win solutions for both us and our clients and partners in that space.

當我們審視區塊方面的管道時，今天的感覺和我們開始擁有 Global Atlantic 以來一樣好。我們看到了一些非常具體的交易，我們可以真正與密切的關係合作，並能夠為我們、我們的客戶和該領域的合作夥伴提出雙贏的解決方案。

And so that's really how I would think about Global Atlantic and its ability to grow over the coming 12 months, both organically. And then on the block side, we continue to see real momentum there, offset, of course, as you noted, by regular-way withdrawals.

這就是我對 Global Atlantic 及其在未來 12 個月內有機成長的能力的看法。然後在區塊方面，我們繼續看到那裡的真正勢頭，當然，正如您所指出的，被常規提款所抵消。

Yes. The only thing I would add, Patrick, because I wouldn't get too focused on any shorter period of time. Since the deal was announced in 2020, GA's assets have gone from $72 billion to now, pro forma for MetLife, $158 billion. So we've meaningfully exceeded all of our expectations in terms of net growth, and we expect to see very consistent trends going forward.

是的。派崔克，我唯一要補充的是，因為我不會太關注任何較短的時間。自 2020 年宣布該交易以來，GA 的資產已從 720 億美元增至目前的大都會人壽預計資產 1,580 億美元。因此，我們在淨成長方面大大超出了我們的所有預期，並且我們預計未來的趨勢將非常一致。

Our next question is from the line of Brian McKenna with JMP Securities.

我們的下一個問題來自 JMP 證券的 Brian McKenna。

So you've recently announced a partnership with a life sciences investment firm. So could you talk about this investment a little bit, what the broader opportunity is within Life Sciences? How this partnership accelerates growth in this part of the market? And then how it plays into the longer-term health care strategy at KKR?

您最近宣布與一家生命科學投資公司建立合作關係。那麼您能否談談這項投資，生命科學領域更廣泛的機會是什麼？這種合作關係如何加速這部分市場的成長？那麼它如何融入 KKR 的長期醫療保健策略呢？

Yes. Thanks for the question, Brian. I'll start. And so I think, as you know, we've got a $4-plus billion health care growth strategy at the firm. We've got a big private equity focused on the health care space. And our investment into Catalio, which is really a leading life science investment firm at the more earlier stage. It is a real partnership that we think can help make their business better, and then also make our business better from an origination perspective.

是的。謝謝你的提問，布萊恩。我開始吧。因此，我認為，如您所知，我們公司製定了價值超過 4 億美元的醫療保健成長策略。我們有一個專注於醫療保健領域的大型私募股權公司。我們對 Catalio 的投資，它確實是一家早期領先的生命科學投資公司。我們認為這是一種真正的合作關係，可以幫助他們的業務變得更好，然後從起源的角度來看，也可以讓我們的業務變得更好。

And we think we'll get a very nice return on our capital based on their business growth. And the ability to help originate flow for both our health care growth strategy as well as potentially our private equity strategy, maybe strategies across our credit business is a big reason why we did that transaction.

我們認為，根據他們的業務成長，我們將獲得非常好的資本回報。能夠幫助我們的醫療保健成長策略以及潛在的私募股權策略（也許是我們整個信貸業務的策略）產生流動性，是我們進行該交易的一個重要原因。

Yes. The only thing I would add, Brian, is we started our health care growth strategy a handful of years ago. That has exceeded our expectations to date. There's really 2 areas where we've been focused on, leaning in from the standpoint of just newer business creation more recently. One is climate, which the guys mentioned, and the other is this life sciences space, where we think there could be a meaningful opportunity for us over time. Catalio and that partnership is just part of that effort.

是的。布萊恩，我唯一要補充的是，我們幾年前就開始了醫療保健成長策略。迄今為止，這超出了我們的預期。我們實際上一直關注兩個領域，從最近創建新業務的角度來看。一是氣候，這是人們提到的，另一個是生命科學領域，我們認為隨著時間的推移，這對我們來說可能是一個有意義的機會。 Catalio 和這種合作關係只是這項努力的一部分。

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

我們的下一個問題來自巴克萊銀行的 Ben Budish。

I wanted to ask about Global Atlantic. There was some press earlier, I think, last month about the possibility that KKR might have to buy back the ownership stakes from some of the old Goldman Sachs Asset Management clients. I was wondering if you could speak to that. Is there any truth to it? And if not, could you at least remind us of how that arrangement works and what we should think about or expect going forward?

我想問環球大西洋。我想，上個月早些時候有一些媒體報導 KKR 可能不得不從高盛資產管理公司的一些老客戶手中回購所有權股份。我想知道你是否可以談談這一點。這有什麼道理嗎？如果沒有，您至少能提醒我們這種安排是如何運作的，以及我們應該考慮或期待什麼？

Yes. Thanks for asking that question. I'm glad you asked it because I know when that article came out, Craig Larson and his team got a lot of inbounds and questions. And since the shareholder agreement is not public, there was only so much color that him and his team are able to provide.

是的。感謝您提出這個問題。我很高興你問這個問題，因為我知道當那篇文章發表時，克雷格·拉爾森和他的團隊收到了很多界內問題和問題。由於股東協議並不公開，他和他的團隊只能提供這麼多的色彩。

To be very clear, KKR has got no contractual obligation to buy out the minority shareholders at Global Atlantic. What we do have is an obligation in the future, to the extent that they want to seek liquidity, to help them in that process, which, of course, we'd be happy to do. So no obligation on our part in any way, but of course, that option remains open to us in the future as well.

需要非常明確的是，KKR 沒有合約義務收購 Global Atlantic 的少數股東。我們確實有義務在未來，只要他們想要尋求流動性，就可以在這個過程中幫助他們，當然，我們很樂意這樣做。因此，我們沒有任何義務，但當然，這種選擇在未來也對我們開放。

Our next question comes 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布萊恩‧比德爾 (Brian Bedell)。

Maybe just to focus on the FRE margin comment. I think, Craig, you started off with that in your prepared remarks, the migration up to the mid-60s from the low 60s. Can you just talk a little bit about the timing around that? And is it mostly a scale-based improvement? And so therefore, does that require the flagship fundraising cycles to come in?

也許只是為了關注 FRE 保證金評論。我想，克雷格，你在準備好的演講中首先提到了從 60 年代低到 60 年代中期的轉變。能談談具體的時間安排嗎？這主要是基於規模的改進嗎？那麼，這是否需要旗艦籌款週期的到來？

And then, I guess, just strategically, how you think about that in terms of versus investing in growth initiatives? And I think the big one I'm thinking about is the wealth distribution, particularly if you're having good traction there. Was that something that you're sort of happy to spend into to grow that and maybe delay the improvements in the mid-60s?

然後，我想，就策略而言，您如何看待投資成長計畫？我認為我正在考慮的一個重要問題是財富分配，特別是如果你在那裡有良好的吸引力的話。您是否樂意為此投入資金以實現成長，並可能推遲 60 年代中期的改進？

Yes. Brian, thanks for the question. I'll start. So I think we can do both is the short answer. I think we can invest into the firm for growth like we've been doing and expand our margins. No timetable as, at least, today, to when we think we can achieve that mid-60 sustainable FRE margin. But I can tell you, sitting here today, I have more confidence than I ever have in our ability to be able to achieve that over time.

是的。布萊恩，謝謝你的提問。我開始吧。所以我認為我們可以兩者兼得，這是簡短的答案。我認為我們可以像我們一直在做的那樣投資該公司以實現成長並擴大我們的利潤。至少在今天，我們認為何時能夠實現 60 年中期的可持續 FRE 利潤率還沒有時間表。但我可以告訴你們，今天坐在這裡，我比以往任何時候都更有信心，相信我們有能力隨著時間的推移實現這一目標。

I also, I' say, I don't think that's the cap for us. As we look at the business that we're building across our asset management platform, I think there's opportunity over the long term to expand margins north of that mid-60% level. But one step at a time. We've got, again, a lot of conviction that we're going to be able to achieve that on a more sustainable basis, and we'll give you updates, of course, on our progress.

我也說，我認為這不是我們的上限。當我們審視我們在資產管理平台上建立的業務時，我認為從長遠來看，有機會將利潤率擴大到 60% 中間水平以上。但一步一步來。我們再次堅信，我們將能夠在更永續的基礎上實現這一目標，當然，我們將為您提供最新進展。

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

我們的下一個問題來自 KBW 的 Mike Brown。

I want to ask on the 2026 targets. Clearly, the growth from your next flagship on raising campaign and the margin comments you just made around -- will put you on a visible path to that 2026 FRE target. But can you maybe help me unpack the key drivers to the doubling of DE? So I assume -- if I assume GA can maybe grow at like a low teens growth rate and maybe, correct me if I'm wrong, but if I use that assumption and then I assume -- it seems to imply, I guess, a meaningful ramp in the performance fees. Is that the right way to think about the building blocks? And then what kind of gives you confidence that you'll get to that performance fee contribution piece if that's somewhat out of your control?

我想問一下2026年的目標。顯然，您的下一個旗艦融資活動的成長以及您剛剛發表的利潤率評論將讓您走上實現 2026 年 FRE 目標的可見道路。但你能幫我解開 DE 倍增的關鍵驅動因素嗎？所以我假設——如果我假設 GA 可能會以青少年的低增長率增長，也許，如果我錯了，請糾正我，但如果我使用這個假設，然後我假設——我想，這似乎意味著，績效費的大幅成長。這是思考構建塊的正確方法嗎？那麼，如果這有點超出你的控制範圍，那麼什麼樣的因素會讓你有信心獲得績效費貢獻部分呢？

Great. Thanks for the question, Mike. So I think it's really a multiple different factors. I think it's FRE growth, as you stated, and we can unpack that a little bit. And we definitely see further opportunities to grow and expand what we're doing with Global Atlantic to increase our earnings contribution from there. And then it's our $11 billion-plus of embedded gains that sit on our balance sheet today.

偉大的。謝謝你的提問，麥克。所以我認為這確實是多種不同因素的結果。正如您所說，我認為這是 FRE 的增長，我們可以稍微解釋一下。我們肯定看到了進一步發展和擴大我們與 Global Atlantic 合作的機會，以增加我們的獲利貢獻。然後是我們今天資產負債表上超過 110 億美元的嵌入收益。

And that gives us a great deal of comfort in terms of our forward-looking earnings power. So it's a combination of those 3 things working together that ultimately gives us confidence in our numbers. And we said it last call, and I'll reiterate this call, we feel more comfortable today than we did when we initiated that guidance, I think, 2 years ago now in our ability to achieve our numbers.

這讓我們對我們的前瞻性獲利能力感到非常放心。因此，這三件事的結合最終讓我們對我們的數字充滿信心。我們在上次電話會議上說過，我會重申這一電話會議，今天我們比兩年前發起該指導時感到更加自在，我想，現在我們有能力實現我們的目標。

And I think that's saying quite a bit because if you think about what's happened, at least in our space, since we initiated that guidance 2 years ago, we've had very tough overall operating conditions, tough fundraising market, tough overall monetization, volatile marks across the board. But we're sitting here now telling you 2 years in that we feel, even in spite of that, more confident than ever in our ability to achieve our targets.

我認為這說明了很多問題，因為如果你想想發生了什麼，至少在我們的領域，自從我們兩年前啟動該指導以來，我們的整體運營狀況非常艱難，融資市場艱難，整體貨幣化艱難，波動性很大全面標記。但我們現在坐在這裡告訴你們，儘管如此，兩年來我們對實現目標的能力比以往任何時候都更有信心。

Yes. Let me pick up, Mike, and I appreciate you asking the question about '26. Inside the firm, it just feels really optimistic, candidly. We've got a lot of different ways to grow. As Rob and Craig mentioned, we've been raising a lot of capital, but our flagship fundraises have not been in those numbers, and those are coming. We have a lot of younger and scaling strategies. And I'm not sure it's fully appreciated just how young the firm is.

是的。讓我接聽，麥克，我很感謝你提出有關「26」的問題。在公司內部，感覺非常樂觀、坦白。我們有很多不同的成長方式。正如羅布和克雷格所提到的，我們一直在籌集大量資金，但我們的旗艦籌款尚未達到這些數字，而這些數字即將到來。我們有很多年輕化和規模化的策略。我不確定人們是否充分認識到這家公司是多麼年輕。

But if you look at the last 12 months, nearly 80% of the money we've raised has been from strategies less than 5 years old. If you look at the next 12 to 18 months, there's roughly 30 different strategies we'll be in the market with, 22 of those are Fund I, II and/or III or equivalent. So we're quite young, and we've been able to scale through this cycle.

但如果你看看過去 12 個月，我們籌集的資金中有近 80% 來自不到 5 年的策略。如果你看看未來 12 到 18 個月，我們將在市場上採用大約 30 種不同的策略，其中 22 種是基金 I、II 和/或 III 或同等策略。所以我們還很年輕，而且我們已經能夠透過這個週期來擴展。

And as we gain more traction and find our way at that inflection part of the curve, we see a lot of upside, and as these businesses start to get closer to top 3 in everything we're doing. Private Wealth is newer for us. So we have a lot of upside ahead of us. GA, we talked about. Asia has significant growth opportunities as well.

隨著我們獲得更多牽引力並找到曲線拐點部分的出路，我們看到了很多上行空間，並且隨著這些業務開始接近我們所做的一切的前三名。私人財富對我們來說是較新的事物。因此，我們還有很多上升空間。 GA，我們討論過。亞洲也有巨大的成長機會。

So the reason you're hearing the optimism is probably 5 to 10 years ago, we were talking about all these businesses that we started that would take 10-plus years to get to scale. And a lot of that is just starting to happen in this period of time, which is why, despite the operating environment, we're still quite optimistic.

因此，您聽到這種樂觀情緒的原因可能是 5 到 10 年前，我們正在談論我們創辦的所有這些業務需要 10 多年才能擴大規模。其中很多事情在這段時間才剛開始發生，這就是為什麼儘管經營環境如此，我們仍然相當樂觀。

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

我們的下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

Just wanted to ask on private credit with the new bank capital rules, just curious how you see that opportunity set potentially unfolding. Any particular areas you view as most attractive coming out of the banks versus less attractive for KKR? And are there any steps you guys need to take at this point in order to capture that? Any gaps you need to fill in? And then just a housekeeping question for Rob, just on the deployment and realizations off the balance sheet in the quarter.

只是想詢問新銀行資本規則下的私人信貸問題，只是好奇您如何看待潛在的機會集。您認為哪些特定領域對銀行最具吸引力，而對 KKR 吸引力較小？為了抓住這一點，你們現在需要採取什麼步驟嗎？有什麼需要填補的空白嗎？接下來是 Rob 的一個內務問題，涉及本季資產負債表外的部署和實現。

Why don't I start with the deployment and realization, and Craig will take up on some of the private credit-related questions. So Mike, this quarter, we're roughly $300 million of deployment and $300 million monetization off our balance sheet. Say, on the deployment side, it's pretty broad-based across our platform. On the monetization side, maybe a little bit heavier weighting towards real assets.

我為什麼不從部署和實現開始，克雷格將討論一些與私人信用相關的問題。麥克，本季我們的部署費用約為 3 億美元，資產負債表外的貨幣化費用約為 3 億美元。比如說，在部署方面，它在我們的平台上有相當廣泛的基礎。在貨幣化方面，可能對實體資產的權重​​更大一些。

And Mike, it's Craig. Just in terms of -- on the bank topic, look, I think our team remains very active as it relates to finding opportunities with the banks. You would have seen a press release in Q3 focused on the acquisition of portfolio from a regional bank through our ABF platform, and that activity will continue.

麥克，我是克雷格。就銀行話題而言，我認為我們的團隊仍然非常活躍，因為這與尋找銀行的機會有關。您可能會在第三季看到一份新聞稿，重點介紹透過我們的 ABF 平台從一家地區銀行收購投資組合，並且該活動將繼續下去。

But when you take a step back and look at our platform, excuse me, we're over $80 billion of private credit AUM, $47 million in asset-based finance and $36 million in direct lending. And if you think of asset-based finance for a moment, it's a $5 trillion market opportunity, and there are real secular tailwinds at play here.

但當你退後一步看看我們的平台時，請原諒，我們的私人信貸資產管理規模超過 800 億美元，資產融資為 4700 萬美元，直接貸款為 3600 萬美元。如果您考慮一下基於資產的金融，您會發現這是一個 5 兆美元的市場機會，並且存在真正的長期推動力。

And in our view, against this really enormous opportunity, you've got a lack of [scale] capital. At the same time, as you know, many traditional providers are even further retrenching. So it's an area that I think we would highlight as one that we just think we're really well positioned to continue to drive real long-term growth here.

我們認為，面對這個巨大的機遇，你缺乏[規模]資本。同時，如您所知，許多傳統提供者甚至在進一步緊縮開支。因此，我認為我們應該強調這一領域，因為我們認為我們確實處於有利地位，可以繼續推動這裡真正的長期成長。

Yes. And Mike, you asked if there's any gaps. There's nothing that I would point to in terms of a cap. We've got a big organic build opportunity here.

是的。麥克，你問是否有任何差距。就上限而言，我沒有什麼要指出的。我們在這裡有一個巨大的有機建設機會。

The next question comes from Chris Kotowski with Oppenheimer.

下一個問題來自克里斯·科托夫斯基和奧本海默。

Yes. I guess, I wonder if you could spend a minute or 2 talking about your approach to the real estate businesses, both in the United States and globally. I mean, your latest flagship fund in the United States has been mostly invested already. And on the one hand, I guess, it just doesn't feel like we're anywhere near the end of the cycle in office or -- and there are concerns about the impact of rising rates. But on the other hand, every commercial bank in the world is trying to reduce their exposure to real estate.

是的。我想，我想知道您是否可以花一兩分鐘談談您對美國和全球房地產業務的態度。我的意思是，你們在美國最新的旗艦基金已經大部分投資了。一方面，我想，我們感覺我們的執政週期還沒有接近尾聲，人們擔心利率上升的影響。但另一方面，世界上每家商業銀行都在努力減少房地產風險敞口。

So this is usually the kind of environment where private equity sponsors can thrive. So what's your general view on real estate? Is it still time to be cautious and defensive? Or is this the time to lean in?

因此，這通常是私募股權發起人能夠蓬勃發展的環境。那麼您對房地產的整體看法如何？現在仍然是謹慎和防禦的時候嗎？或者現在是時候該靠攏了嗎？

Yes. Why don't I start with the platform, overall, and then I'm sure Scott will add on as it relates to opportunities in the tone of the team and the environment. Just to level set, we're $65 billion of AUM today with a very good balance between real estate equity and real estate credit. So we have round numbers, $30 billion in equity, $35 billion in credit. We have opportunistic strategies across the U.S., Europe, Asia.

是的。為什麼我不從總體上的平台開始，然後我確信斯科特會補充，因為它與團隊基調和環境中的機會有關。就水平而言，我們今天的資產管理規模為 650 億美元，房地產股本和房地產信貸之間保持著非常好的平衡。所以我們有整數，300 億美元的股本，350 億美元的信貸。我們在美國、歐洲、亞洲都有機會主義策略。

In the U.S., we have core plus vehicle. That's now expanded into Europe and Asia. We have half dozen or so credit vehicles. So it's a global business across multiple strategies, fully integrated, that can create solutions up and down the capital structure across equity and debt in the U.S., Europe and Asia. And that's how we're situated against the opportunity.

在美國，我們有核心+車輛。現在已擴展到歐洲和亞洲。我們有六打左右的信貸工具。因此，這是一家跨越多種策略、完全整合的全球業務，可以在美國、歐洲和亞洲的股權和債務資本結構上下創建解決方案。這就是我們面對機會的方式。

Now your point on the current environment is one that's really interesting because we think, in the go-forward, looking over the coming 12, 24 months, we're very constructive on those opportunities. I think, as it relates to a couple of those, I think, first, look, there is a wave of maturities and capital needs that are coming. And this is not U.S. office.

現在，您對當前環境的看法非常有趣，因為我們認為，展望未來 12、24 個月，我們對這些機會非常有建設性。我認為，因為它與其中一些相關，我認為，首先，看，有一波成熟和資本需求即將到來。這不是美國辦公室。

These are assets that are in very strong performing sectors, I think excellent assets, but excellent assets with very levered capital structures. And this is going to take some time to work through, but this is an example of an opportunity that we're very actively talking about with our limited partners, as we see and think through opportunities ahead in terms of our opportunistic pools of capital.

這些資產屬於表現非常強勁的產業，我認為是優秀的資產，但優秀的資產具有非常槓桿化的資本結構。這將需要一些時間來解決，但這是我們正在與有限合夥人非常積極地討論機會的一個例子，因為我們在機會主義資本池方面看到並思考了未來的機會。

And the second I'd mention, again, would be real estate credit. So the dislocations that, in our view, are creating really interesting opportunities. You have high base rates, spreads have widened meaningfully for new credit originations, terms have tightened. And so today's CRE loans have lower LTVs, better interest coverage, higher interest rates with more lender-friendly covenants and structures.

我要再提的第二個是房地產信貸。因此，在我們看來，這種混亂正在創造非常有趣的機會。基本利率很高，新信貸發放的利差大幅擴大，條款收緊。因此，今天的商業房地產貸款具有更低的貸款價值、更好的利息覆蓋率、更高的利率以及更有利於貸款人的契約和結構。

So if you were to look back 2-plus years ago at those subordinated tranches, pricing would have moved up from the low to single mid-digits 2 years ago to low double digits today, and again, in our view, taking less risk with lower LTVs and better terms. So I think, as we think of how we're situated, we're very constructive, and I think we're in a position to be forward-leaning.

因此，如果你回顧兩年多前的這些次級債券，定價會從兩年前的低位中位數數字上升到今天的低位兩位數，而且，在我們看來，採取較小的風險更低的生命週期價值和更好的條款。所以我認為，當我們考慮我們的定位時，我們非常有建設性，而且我認為我們處於前瞻性的位置。

Scott, I'll let you pick it up from there.

史考特，我會讓你從那裡拿。

Sure. Thanks for the question, Chris. Look, we started our real estate platform probably 10 to 12 years ago, somewhere in there, call it, 2011, '12, Chris. And we've been building that business over a period of time. Where, obviously, rates were dropping, we were seeing a significant move in cap rates in 1 direction.

當然。謝謝你的提問，克里斯。聽著，我們可能在 10 到 12 年前開始了我們的房地產平台，就在那裡的某個地方，稱之為 2011 年 '12 年，克里斯。我們已經建立這項業務一段時間了。顯然，在利率下降的情況下，我們看到上限利率朝一個方向發生了重大變化。

I think our team has been incredibly thoughtful about how they built the business. It's been very thematically focused, perhaps our most thematic investing business across the firm. As a result, very careful about where they were deploying capital. As a result, we don't really have much U.S. office exposure. That's just 1 example.

我認為我們的團隊對於他們如何建立業務非常深思熟慮。它非常注重主題，也許是我們整個公司最具主題性的投資業務。因此，他們對資本配置非常謹慎。因此，我們在美國辦事處的業務並沒有太多。這只是 1 個例子。

But we've been building across opportunistic equity, to your point, about the fund table, core plus real estate, and we have a very large real estate credit business. So in terms of kind of where we stand, we're continuing to raise capital. I think the real estate credit opportunity is showing up, to Craig's point, before the opportunity gets really interesting. But we think that will be even more interesting with time.

但就您的觀點而言，我們一直在圍繞基金表、核心加房地產等機會主義股權進行建設，而且我們擁有非常龐大的房地產信貸業務。因此，就我們的立場而言，我們正在繼續籌集資金。我認為，根據克雷格的觀點，房地產信貸機會在機會變得真正有趣之前就已經出現了。但我們認為隨著時間的推移，這會變得更加有趣。

And so we are continuing to raise capital, deploying selectively all around the world and getting ready for things to get even more attractive as we head into the next several quarters. And one of the ways we've been able to grow this business is through Global Atlantic, which we expect to continue to be the case.

因此，我們正在繼續籌集資金，有選擇地在世界各地進行部署，並為進入未來幾季時變得更具吸引力做好準備。我們能夠發展這項業務的方式之一是透過 Global Atlantic，我們預計這種情況將持續下去。

So we're really optimistic about what this business can be. And I think you're right. It's periods of time like this where you can grow significantly, especially if we continue to see valuations under pressure.

因此，我們對這項業務的前景非常樂觀。我認為你是對的。在這樣的時期，你可以顯著成長，特別是如果我們繼續看到估值面臨壓力的話。

(Operator Instructions) The next question comes from the line of Brian McKenna with JMP Securities.

（操作員指令）下一個問題來自 JMP 證券的 Brian McKenna。

Thanks for the follow-up, so just 2 quick items for Rob. The interest income and dividend line ticked up in the quarter. What drove this? And is the $120 million quarterly run rate level a good starting point moving forward? And then out of the $400 million plus of monetization slated for the fourth quarter, how much of that is tied to Marshall Wace?

感謝您的跟進，所以只為 Rob 提供 2 個快速項目。本季利息收入和股息線有所上升。是什麼推動了這一點？ 1.2 億美元的季度運作率水準是一個良好的起點嗎？那麼，在第四季預計超過 4 億美元的貨幣化中，有多少與 Marshall Wace 有關？

Yes. Great. Thanks for the question. Some of the interest in dividends is just, honestly, a function of rates coming up and where beneficiaries at on our cash balances and some of our floating rate closure on the balance sheet. As it relates to $400-plus million, I would say, call it, 80% of that is more carried interest and 20% of that would be balance sheet income and our incentive fee from Marshall Wace in the quarter.

是的。偉大的。謝謝你的提問。老實說，股利的一些利息只是利率上升的函數，以及受益人對我們的現金餘額和資產負債表上的一些浮動利率關閉的函數。由於它涉及 4 億多美元，我想說，其中 80% 是附帶權益，其中 20% 是資產負債表收入和本季來自 Marshall Wace 的激勵費。

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

此時，我們的問答環節已經結束，我將請克雷格·拉森 (Craig Larson) 作結束語。

Rob, first, thank you for your help. And thank you, everybody, for your interest in KKR. We know this is a very busy earnings period for everybody. If you have any additional questions, please follow up with us directly. Otherwise, we'll speak with everybody in 90 days. Thanks so much.

羅布，首先感謝您的幫忙。感謝大家對 KKR 的關注。我們知道這對每個人來說都是一個非常繁忙的盈利時期。如果您還有任何其他問題，請直接與我們聯絡。否則，我們將在 90 天內與所有人交談。非常感謝。

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

謝謝大家。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。