KKR & Co Inc (KKR) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to KKR's second quarter 2024 earnings conference call.

歡迎參加 KKR 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

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

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

Craig, please go ahead.

克雷格，請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning, everyone.

大家，早安。

Welcome to our second quarter 2024 earnings call.

歡迎參加我們的 2024 年第二季財報電話會議。

This morning as usual, I'm joined by Rob Lewin, our Chief Financial Officer; and Scott Nuttall our Co-Chief Executive Officer.

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 would 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.

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。

Please refer to our earnings release as well as our SEC filings for cautionary factors about these statements.

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。

So first, beginning with our results for the second quarter, we are pleased to be reporting fee-related earnings of $0.84 per share, the highest we reported in our history and 25% above the figures we reported one year ago.

首先，從第二季的業績開始，我們很高興報告與費用相關的每股收益為 0.84 美元，這是我們歷史上報告的最高水平，比一年前報告的數字高出 25%。

And adjusted net income of $1.9 per share is up approximately 50% compared to one year ago.

調整後淨利潤為每股 1.9 美元，比一年前成長約 50%。

Going into a little more detail, management fees in the quarter were $847 million.

更詳細地說，本季的管理費為 8.47 億美元。

This is up 13% year-over-year, driven by the breadth of our fundraising activities alongside a pickup in deployment.

由於我們籌款活動的廣泛性以及部署的增加，這一數字同比增長了 13%。

Capital markets transaction fees were strong in the quarter at $192 million, mainly from activity in new and existing portfolio companies within private equity and infrastructure, as well as an overall improvement in both the debt in equity capital markets backdrops.

本季資本市場交易費用強勁，達到 1.92 億美元，主要來自自私募股權和基礎設施領域新的和現有投資組合公司的活動，以及股權資本市場背景下債務的整體改善。

Fee-related performance revenues in the quarter were $37 million.

本季與費用相關的績效收入為 3,700 萬美元。

This was the first quarter our offshore K-series vehicles earned their annual incentive fee given their launches about a year ago.

這是我們的離岸 K 系列車輛自大約一年前推出以來首次獲得年度獎勵費。

The fee-related performance revenue figure includes our infrastructure vehicle while to be clear, our performance allocation on our private equity vehicle is reflected in our realized performance income line item that is below fee-related earnings.

與費用相關的績效收入數據包括我們的基礎設施工具，而需要明確的是，我們對私募股權工具的績效分配反映在我們已實現的業績收入項目中，該項目低於與費用相關的收益。

The related compensation was right at the midpoint of our guided range, which as a reminder, is 17.5%.

相關薪酬正好處於我們指導範圍的中點，提醒一下，即 17.5%。

Other operating expenses came in at $158 million.

其他營運費用為 1.58 億美元。

So in total, FRE was $755 million and our FRE margin came in at 68%.

因此，FRE 總計為 7.55 億美元，我們的 FRE 利潤率為 68%。

Insurance operating earnings were $253 million in Q2 and strategic holdings operating earnings were $41 million in the second quarter as we continue to track towards our expected $300 million-plus net dividends by 2026.

第二季保險營業利潤為 2.53 億美元，第二季戰略控股營業利潤為 4,100 萬美元，我們將繼續朝著 2026 年預計超過 3 億美元的淨股息目標邁進。

Importantly, we're continuing to see consistent growth across the underlying businesses.

重要的是，我們繼續看到基礎業務的持續成長。

KKR share of these businesses as of the first quarter so on a one quarter lag basis, LTM revenues were $3.6 billion and EBITDA was approximately $900 million or so with 14% and 12% like-for-like growth in revenue and EBITDA year over year, respectively.

截至第一季度，KKR 在這些業務中所佔份額，因此在一個季度滯後的基礎上，LTM 收入為 36 億美元，EBITDA 約為 9 億美元左右，收入和 EBITDA 同比增長 14% 和 12% ， 分別。

So all together, total operating earnings were $1.17 per share.

因此，總營業利潤為每股 1.17 美元。

As a reminder, total operating earnings equals our fee-related earnings together with insurance and strategic holdings operating earnings.

提醒一下，總營業收入等於我們的費用相關收入加上保險和策略控股營業收入。

This quarter, total operating earnings represents over 80% of pretax adjusted net income.

本季度，總營業利潤佔稅前調整後淨利的 80% 以上。

So said differently, over 80% of our pretax earnings this quarter were driven by our more recurring revenue streams.

換句話說，本季我們 80% 以上的稅前收益是由我們更多的經常性收入來源所推動的。

Turning to investing earnings.

轉向投資收益。

Realized performance income was $482 million and realized investment income was $139 million.

已實現業績收入為4.82億美元，已實現投資收入為1.39億美元。

This was driven by secondary and strategic sale activity across a number of asset classes, including private equity infrastructure as well as across multiple geographies pointing to the maturity and the diversity of our business.

這是由跨多個資產類別（包括私募股權基礎設施）以及跨多個地區的二級和策略銷售活動推動的，這表明我們業務的成熟度和多樣性。

So in aggregate, adjusted net income was $972 million or the $1.9 per share figure I mentioned a moment ago.

因此，調整後淨利潤總計為 9.72 億美元，也就是我剛才提到的每股 1.9 美元的數字。

Moving to investment performance in page 10 of our earnings release.

轉向我們財報第 10 頁的投資績效。

The traditional private equity portfolio appreciated 4% in the quarter and 18% in the last 12 months.

傳統私募股權投資組合本季上漲 4%，過去 12 個月上漲 18%。

Opportunistic real estate was up 1%, in the quarter and up 3% in the LTM.

機會型房地產本季上漲 1%，LTM 上漲 3%。

Infrastructure continues to perform well, up 3% in Q2 and up 17% LTM.

基礎設施持續表現良好，第二季成長 3%，LTM 成長 17%。

And in credit, de-leveraged credit composite was up 2% in the alternative credit composition was up 3% in Q2.

在信貸方面，第二季去槓桿信貸組合成長了 2%，另類信貸組合成長了 3%。

And over the past 12 months performance here was 12% for both strategies.

在過去 12 個月中，這兩種策略的績效均為 12%。

And given this investment performance our gross unrealized carried interest balance increased to $7.1 billion, and that is up over 40% from Q2 of 2023.

鑑於這種投資表現，我們的未實現附帶利息總額增加至 71 億美元，比 2023 年第二季增加了 40% 以上。

And finally, before turning over to Rob, we wanted to reflect for a moment on an exciting milestone as KKR entered the S&P 500 Index in June.

最後，在交給 Rob 之前，我們想先回顧一下 KKR 在 6 月進入標準普爾 500 指數時這一激動人心的里程碑。

We believe this is a strong reflection and endorsement of the firm's performance, our people and our culture.

我們相信這是對公司業績、我們的員工和我們的文化的強烈反映和認可。

And we want to thank and recognize everyone at KKR for their creativity, innovation and focus that got us to where we are today and will continue to propel us going forward.

我們要感謝並認可 KKR 的每個人的創造力、創新和專注，正是他們的創造力、創新和專注讓我們取得了今天的成就，並將繼續推動我們前進。

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

這樣，我就把電話轉給羅布。

Thanks a lot, Craig.

非常感謝，克雷格。

Given the recent S&P 500 inclusion, we expect that there are many on the call listening for the first time, welcome.

鑑於最近納入標準普爾 500 指數，我們預計會有很多人第一次收聽電話會議，歡迎。

We would encourage you to also take a look at our April Investor Day replay and presentation that is found on our website.

我們鼓勵您也觀看我們網站上的四月投資者日重播和演示。

We feel as good as ever, to our 2026 guidance figures that we introduced in April.

對於我們 4 月推出的 2026 年指導數據，我們的感覺一如既往。

As a reminder, those include $300 billion-plus of new capital raised over the course of 2024 through 2026.

需要提醒的是，其中包括 2024 年至 2026 年期間籌集的超過 3,000 億美元的新資本。

And in terms of our financial metrics by 2026, $4.50-plus per share of FRE, $7-plus per share of total operating earnings and between $7 and $8 of adjusted net income per share, which is after tax.

就我們到 2026 年的財務指標而言，FRE 每股將超過 4.50 美元，每股總營業收益將超過 7 美元，調整後每股淨利潤將在 7 至 8 美元之間（稅後）。

So looking at the LTM figures that we reported this morning.

看看我們今天早上報告的 LTM 數據。

Our 2026 guidance implies a 20% annual growth rate, plus or minus across all three of these key financial metrics.

我們的 2026 年指引意味著年增率為 20%，所有這三個關鍵財務指標均有所增減。

Overall, our activity levels and the momentum across the firm yield varies from.

總體而言，我們的活動水平和整個公司收益率的勢頭各不相同。

We are continuing to see our management fees scale meaningfully with 13% year-over-year growth.

我們的管理費規模持續大幅成長，年增 13%。

And this is before our in-market flagship funds have turned on.

這是在我們的市場旗艦基金啟動之前。

We are also seeing continued real signs of the monetization backdrop improving, as evidenced by our Q2 realized performance fees and investment income.

我們也看到貨幣化背景持續改善的真實跡象，第二季實現的績效費用和投資收入證明了這一點。

Last quarter, I mentioned that we had very healthy pipelines on the back of the improved environment as well as our diversified and performing portfolio.

上個季度，我提到，在環境改善以及多元化且績效良好的投資組合的支持下，我們擁有非常健康的管道。

I will echo the same comments again this quarter.

本季我將再次回應同樣的評論。

So far in Q3, we have already completed a secondary sale of our shares in Kokusai.

到目前為止，第三季度，我們已經完成了 Kokusai 股票的二次出售。

Took our portfolio company one stream public and advise Lineage Logistics, a third party capital markets client on their IPO as well.

我們的投資組合公司首次公開募股，並為第三方資本市場客戶 Lineage Logistics 的首次公開募股 (IPO) 提供諮詢服務。

As a result of the current activity levels, our capital markets business saw its second highest revenue quarter in the past couple of years in Q2.

由於目前的活動水平，我們的資本市場業務在第二季度實現了過去幾年中第二高的收入季度。

Looking forward, unless something changes in the market or our deal pipeline gets pushed Q3 capital markets fees are shaping up to be one of the highest in our history.

展望未來，除非市場發生變化或我們的交易管道受到推動，否則第三季資本市場費用將成為我們歷史上最高的費用之一。

Turning to strategic holdings, we've only reported the segment on a stand-alone basis for two quarters, but we remain confident in our ability to take the business to over $1 billion of operating earnings by 2030.

談到戰略控股，我們僅在兩個季度單獨報告了該部門的情況，但我們仍然相信我們有能力在 2030 年之前將該業務的營業收入超過 10 億美元。

Stepping back, I don't think there are a lot of corporates giving seven year guidance.

退一步來說，我認為沒有很多公司提供七年指導。

So I think this really does speak to our confidence about the durability and growth orientation of these cash flows.

因此，我認為這確實表明了我們對這些現金流的持久性和成長方向的信心。

Now turning to insurance, there are a lot of really positive developments this quarter.

現在轉向保險業，本季有很多真正積極的進展。

So I wanted to spend a bit of extra time taking you through a number of business building initiatives.

因此，我想花一些額外的時間來引導您完成一些業務建設計劃。

In Q2, we saw record volume of inflows from Global Atlantic across annuity sales and flow reinsurance totaling over $8 billion in the quarter compared to less than $3 billion just a year ago.

在第二季度，我們看到來自 Global Atlantic 的年金銷售和流量再保險的流入量創紀錄，該季度總計超過 80 億美元，而一年前還不到 30 億美元。

And looking at the last four quarters in aggregate, total inflows, including block activity have been over $50 billion.

從過去四個季度的總體來看，包括大宗活動在內的總流入量已超過 500 億美元。

That's the highest point in any 12 month period in GA's history.

這是 GA 歷史上任何 12 個月期間的最高點。

On the earnings front, we continue to feel good about our ability to generate 14% to 15% pretax ROEs is the right long-term target.

在獲利方面，我們繼續對我們產生 14% 至 15% 稅前 ROE 的能力感到滿意，這是正確的長期目標。

The ROE for Q2 came in below this range, as a result of a couple of factors, but mostly a function of us leaning into the long-term opportunity at GA.

第二季的股本回報率低於這個範圍，這是由於幾個因素造成的，但主要是我們傾向於 GA 的長期機會。

The drivers for the quarter include elevated levels of liquidity from our big block reinsurance transactions, as well as the significant ramp-up in quarterly volumes.

本季的驅動因素包括我們的大宗再保險交易帶來的流動性水準提高，以及季度交易量的大幅增加。

And some of the investments we are choosing to make that favor longer term ROEs really at the expense of near term ROEs.

我們選擇進行的一些投資實際上有利於長期股本回報率，但實際上是以犧牲近期股本回報率為代價的。

Overall, we continue to feel great about the long-term trajectory at GA and the opportunity for us to create significant value together.

總體而言，我們仍然對 GA 的長期發展軌跡以及我們共同創造重大價值的機會感到滿意。

In particular, given that we are now six plus months into owning 100%, we thought we'd bring you through some tangible examples of our closer collaboration across investments as well as capital markets are driving real business performance.

特別是，考慮到我們現在已經擁有100% 的股權已經有六個多月的時間，我們認為我們應該向您展示一些具體的例子，說明我們在投資和資本市場方面的更密切合作正在推動真正的業務績效。

First in real estate.

首先是房地產。

We recently closed on a $2 billion unlevered acquisition of a 5,000 plus unit multifamily portfolio.

我們最近完成了對 5,000 多套多戶住宅投資組合的 20 億美元無槓桿收購。

Given the dearth of real estate of excuse me, of core real estate capital globally.

對不起，鑑於全球核心房地產資本的缺乏。

We are seeing excellent risk return for the few very well capitalized buyers in the market of which we are one.

我們看到市場上少數資本雄厚的買家擁有出色的風險回報，而我們就是其中之一。

We have conservatively priced this deal to an 8% unlevered return with significant upside potential, which we think is a really compelling risk-adjusted return, but it's a type of deal that is going to put some pressure on a near term ROEs for the benefit of longer-term profitability.

我們保守地將這筆交易定價為 8% 的無槓桿回報，具有巨大的上行潛力，我們認為這是一個非常引人注目的風險調整回報，但這種交易會給近期 ROE 帶來一些壓力。長期盈利能力。

As an example, we expect the year one yield on this portfolio to be in the low 4% range, obviously less than where we are originating our liabilities today.

舉個例子，我們預計該投資組合的第一年收益率將在 4% 的低水平範圍內，並明顯低於我們今天負債的初始水準。

But the combination of yields increasing over time and the expected appreciation of the asset make this a really interesting deal and one we're excited to pursue for the long term.

但隨著時間的推移，收益率不斷增加，加上資產的預期升值，這使得這是一筆非常有趣的交易，我們很高興能夠長期追求這筆交易。

Now there will naturally be a limit to how much of this type of investment that we want to make.

現在我們想要進行的此類投資自然會受到限制。

But I think it's a really great example of our increased coordination between our real estate equity team, NGA.

但我認為這是我們房地產股權團隊 NGA 之間加強協調的一個很好的例子。

We also had a very positive development this quarter on the infrastructure side of our business.

本季我們的業務基礎設施方面也取得了非常積極的發展。

We announced an investment in Labrador Island Link, which is a transmission line that brings renewable energy to Eastern Canada.

我們宣布投資拉布拉多島連接線，這是一條為加拿大東部帶來再生能源的輸電線路。

This is the first collaboration between Global Atlantic and KKR infrastructure teams who work together to structure the equity interest with significant downside protection.

這是 Global Atlantic 和 KKR 基礎設施團隊之間的首次合作，雙方共同建構具有重大下行保護的股權結構。

And finally, we wanted to take you through a brief case study from early Q3 that combines Global Atlantic, our credit teams as well as our capital markets franchise.

最後，我們想向您介紹第三季初期的簡短案例研究，其中結合了 Global Atlantic、我們的信貸團隊以及我們的資本市場特許經營權。

CyrusOne, a data center portfolio company of ours has been growing rapidly with demand for hyperscale facilities continuing to increase, driven by cloud and AI deployments.

我們的資料中心投資組合公司 CyrusOne 一直在快速成長，在雲端和人工智慧部署的推動下，對超大規模設施的需求不斷增加。

To support this growth, our capital markets team helped arrange an $8 billion facility of which we sole led the $3 billion institutional tranche that was anchored by Global Atlantic.

為了支持這一成長，我們的資本市場團隊協助安排了一項 80 億美元的融資，其中我們獨家牽頭了由 Global Atlantic 提供支援的 30 億美元的機構部分。

Strategically, this represents a really exciting evolution in our playbook where we generated a great outcome for a portfolio company, made a compelling credit investment, and we're able to simultaneously drive capital markets fees.

從策略上講，這代表了我們的策略中真正令人興奮的演變，我們為投資組合公司帶來了巨大的成果，進行了引人注目的信貸投資，並且我們能夠同時推動資本市場費用。

All of these examples would not have been possible without the interconnectivity across the firm and our model.

如果沒有整個公司和我們的模型的互連性，所有這些例子都是不可能的。

We expect many more examples like this to come.

我們預計還會出現更多這樣的例子。

Now before handing it off to Scott, I wanted to briefly touch on some of our operating metrics across the firm where there continues to be very significant momentum.

現在，在將其交給斯科特之前，我想簡要介紹我們整個公司的一些營運指標，這些指標仍然保持著非常顯著的勢頭。

In the quarter, we raised $32 billion of capital.

本季度，我們籌集了 320 億美元的資金。

This is second most active fundraising quarter in our history.

這是我們史上第二個最活躍的募款季度。

Of particular note, we're very pleased with the initial reception of our global infrastructure five fund.

特別值得注意的是，我們對全球基礎設施五號基金的初步反應感到非常高興。

Through July, approximately $10 billion of capital has been raised.

截至 7 月份，已籌集了約 100 億美元的資金。

And in June, we launched our Americas private equity flagship fund raise.

六月，我們啟動了美洲私募股權旗艦基金募集活動。

So our fundraising super cycle is now well underway.

所以我們的籌款超級週期現在正在順利進行中。

Also within private equity, our middle market strategy called ascend that has already achieved its fundraising goal of $4 billion, and we have not yet held its final close.

同樣在私募股權領域，我們名為 ascend 的中間市場策略已經實現了 40 億美元的融資目標，但我們尚未完成最終交割。

To great outcome for a first time fund, obviously something that is adjacent and benefiting from our existing private equity team.

首次基金要想取得巨大成果，顯然與我們現有的私募股權團隊相鄰並受益。

I think it really speaks to the receptivity of our investors to a quality of our team and our track record as we look to fund raise for our next flagship.

我認為這確實說明了我們的投資者對我們團隊的品質和我們的業績記錄的接受度，因為我們希望為我們的下一個旗艦籌集資金。

Focusing for a moment specifically on private wealth, our K-Series vehicles in the quarter raised $2.8 billion of capital, 60% of which was driven by our private equity strategy.

我們特別關注私人財富，我們的 K 系列投資工具在本季籌集了 28 億美元的資金，其中 60% 是由我們的私募股權策略推動的。

The K-Series suite has gained real momentum, but we are still in the earliest of days of what we view to be a really long term strategic focus.

K 系列套件已經獲得了真正的動力，但我們仍處於我們認為真正長期戰略重點的早期階段。

As a reminder, we now have vehicles across our [4T] investment verticals, that's private equity, infrastructure, real estate, as well as credit, representing over $11 billion of AUM.

提醒一下，我們現在擁有跨 [4T] 投資垂直領域的工具，即私募股權、基礎設施、房地產以及信貸，資產管理規模超過 110 億美元。

And that's up from approximately $3 billion just a year ago.

這一數字比一年前的約 30 億美元有所增加。

And looking beyond K-Series, we recently announced our exclusive strategic partnership with Capital Group, one of the largest global active asset managers.

除了 K 系列之外，我們最近還宣布與全球最大的主動資產管理公司之一 Capital Group 建立獨家策略合作夥伴關係。

With $2.6 trillion of AUM and serving 67 million individual investors Capital Group has built a leading client franchise with world-class wealth distribution capabilities.

Capital Group 擁有 2.6 兆美元的資產管理規模，為 6,700 萬個人投資者提供服務，建立了具有世界一流財富分配能力的領先客戶特許經營權。

By combining Capital Groups public market investing as well as distribution expertise with KKR's nearly 50 year track record in alternatives investing.

透過將 Capital Group 的公開市場投資以及分銷專業知識與 KKR 在另類投資領域近 50 年的業績記錄相結合。

We plan to introduce a series of hybrid public private investment solutions that meet the KKR platform available to a broader universe of investors.

我們計劃推出一系列混合公私投資解決方案，以滿足 KKR 平台的需求，為更廣泛的投資者提供服務。

Importantly, the hybrid products are a step beyond what we are already doing with the K-Series and the accredited investor universe, as they expand our reach to include the mass market.

重要的是，混合產品比我們已經在 K 系列和認可投資者領域所做的事情更進一步，因為它們擴大了我們的覆蓋範圍，涵蓋了大眾市場。

We're excited about the future of this collaboration, and we will share much more as we approach the product's expected launch in 2025.

我們對此次合作的未來感到興奮，隨著該產品預計於 2025 年推出，我們將分享更多資訊。

Turning to capital invested, we deployed $23 billion of capital in Q2.

談到資本投資，我們在第二季部署了 230 億美元的資本。

For the first half of 2024 we have now deployed $37 billion which is almost double the first half of 2023.

2024 年上半年，我們已部署 370 億美元，幾乎是 2023 年上半年的兩倍。

Real estate in particular, had a strong deployment quarter across equity and credit.

尤其是房地產，在股票和信貸方面的部署季度表現強勁。

On the credit and liquid strategy side, direct lending continued to put capital to work as well as opportunities and high-grade ABS.

在信貸和流動性策略方面，直接貸款繼續發揮資本作用以及機會和高等級資產支持證券。

Importantly, there remains a very healthy pipeline for deployment in the second half of 2024 as well.

重要的是，2024 年下半年的部署仍然非常健康。

Overall, we remain very excited around the business momentum that we are seeing across the firm and how that can really translate into further P&L outcomes of the second half of the year.

總體而言，我們對整個公司所看到的業務勢頭以及如何真正轉化為今年下半年的進一步損益結果感到非常興奮。

And with that, let me turn it over to Scott.

接下來，讓我把它交給史考特。

Thank you, Rob, and thank everybody for joining our call today.

謝謝你，羅布，也謝謝大家今天加入我們的電話會議。

Last month, we held our Annual Meeting for our fund investors, followed by KKR's partners meeting.

上個月，我們為基金投資者舉行了年會，隨後舉行了 KKR 合作夥伴會議。

I thought while we are together today, I would share some of the messages we shared in those sessions and some reflections from Joe and me on the first half of the year and our expectations for the second half.

我想當我們今天聚在一起時，我會分享我們在這些會議上分享的一些信息，以及喬和我對上半年的一些反思以及我們對下半年的期望。

The main message we shared with our investors is that we are seeing significantly greater market activity since the beginning of the year.

我們與投資者分享的主要訊息是，自今年年初以來，我們看到市場活動顯著增加。

The macro inflation and rates backdrop as improved, markets are open and the deal market is back.

宏觀通膨和利率背景有所改善，市場開放，交易市場回歸。

To give you a sense globally, year to date leveraged credit issuance is up over 100%.

從全球範圍來看，今年迄今為止槓桿信貸發行量增加了 100% 以上。

IPOs are up nearly 50% and announced M&A is up approximately 25%.

IPO 成長近 50%，宣布的併購成長約 25%。

And given it typically takes a couple of quarters for the market to turn back on.

鑑於市場通常需要幾個季度才能恢復正常。

These numbers understate the run rate activity we are feeling today.

這些數字低估了我們今天感受到的運行率活動。

If this momentum continues, we believe you will see even more activity and announced deals and exits in the second half of the year.

如果這種勢頭持續下去，我們相信您將在今年下半年看到更多的活動以及宣布的交易和退出。

We are seeing this dynamic across our businesses.

我們在我們的企業中看到了這種動態。

Deployment is up.

部署已完成。

Monetization’s are up.

貨幣化率上升。

Capital markets, revenues are up.

資本市場，收入上升。

Deal pipelines are up and visibility is high.

交易管道增多，知名度也很高。

Unless something happens to disrupt this momentum, we expect to see increased activity in the second half of this year relative to the first.

除非發生什麼事破壞這種勢頭，否則我們預計今年下半年的活動將比上半年增加。

What's also encouraging is that we believe this is a very attractive investment environment.

同樣令人鼓舞的是，我們相信這是一個非常有吸引力的投資環境。

Volatility and uncertainty are still with us.

波動性和不確定性仍然存在。

So far, 2024 feels like it could be a sweet spot year where values are attractive and activity levels are high.

到目前為止，2024 年感覺可能是一個最佳年份，價值有吸引力且活動水平很高。

This is in contrast to last year when values were attractive, but transaction volumes were more muted as owners of mature assets didn't want to sell or finance them in a closed market.

這與去年形成鮮明對比，去年的價值很有吸引力，但交易量更加平淡，因為成熟資產的所有者不想在封閉的市場上出售或融資。

This year, we not only have an open market, we have pent-up supply of deals that didn't get done the last couple of years coming to market.

今年，我們不僅有一個開放的市場，而且還有過去幾年未完成的被壓抑的交易供應進入市場。

So we are optimistic a couple of other things we shared in our June sessions.

因此，我們對六月會議中分享的其他一些事情感到樂觀。

In private equity, while many in our industry over deployed in and around 2021, we did not.

在私募股權領域，雖然我們行業的許多人在 2021 年及前後過度部署，但我們沒有。

We have been applying the lessons we learned before and during the financial crisis and have been deploying in a linear fashion in the last many years.

我們一直在應用金融危機之前和期間學到的經驗教訓，並在過去的許多年裡一直以線性方式進行部署。

As a result, we have strong returns, dry powder and a healthy portfolio.

因此，我們擁有強勁的回報、乾粉和健康的投資組合。

In credit, we're seeing the benefits of a scaled at $230 billion-plus platform with significant opportunity across now a $40 trillion global credit space.

在信貸領域，我們看到規模超過 2,300 億美元的平台帶來的好處，在目前 40 兆美元的全球信貸空間中蘊藏著巨大的機會。

Our private credit business is now over $100 billion, and we continue to see attractive investing opportunities in asset based finance, Asia credit, opportunistic investing and junior debt amongst other areas.

我們的私人信貸業務現已超過 1000 億美元，我們繼續在資產融資、亞洲信貸、機會主義投資和初級債務等領域看到有吸引力的投資機會。

In infrastructure, the global opportunity is immense.

在基礎設施領域，全球機會龐大。

Across our efforts in core, value add, and climate, the capital need and massively outstrips supply, and we feel very well positioned.

在我們在核心、增值和氣候方面的努力中，資本需求遠遠超過供應，我們感覺自己處於非常有利的位置。

In real estate, the credit opportunity remains compelling with banks on the sidelines and the equity investment opportunity is very attractive.

在房地產領域，信貸機會仍然引人注目，而銀行則處於觀望狀態，而股權投資機會也非常有吸引力。

As a reminder, we started our real estate business in 2011.

提醒一下，我們在 2011 年開始了房地產業務。

We don't have office and retail exposure of any consequence.

我們沒有任何影響力的辦公室和零售業務。

So we have the ability to play offense in this environment and we believe we will take share over the next several years and will benefit from the current and coming dislocation.

因此，我們有能力在這種環境下發動進攻，我們相信我們將在未來幾年內佔據份額，並將從當前和即將到來的混亂中受益。

The real estate investment opportunity is highly compelling.

房地產投資機會非常引人注目。

We have closed or under exclusive contract and over $10 billion of real estate equity deals since April 1.

自 4 月 1 日以來，我們已完成或根據獨家合約完成了超過 100 億美元的房地產股權交易。

And with our four pipelines as some owners of real estate seek liquidity and sell their best assets.

隨著我們的四個管道的出現，一些房地產所有者尋求流動性並出售他們最好的資產。

And in this environment, scale is trading at a discount.

在這種環境下，規模正在打折扣。

And we also introduced a fifth asset class to our investors in June, insurance.

我們也在六月向投資者推出了第五種資產類別：保險。

This is the IV start sidecar franchise that invests alongside the Global Atlantic balance sheet in block and flow deals.

這是 IV start sidecar 特許經營權，與 Global Atlantic 資產負債表一起投資於大額和流動交易。

This area has amongst the most compelling capital supply demand imbalances we see across the firm.

該領域是我們在整個公司中看到的最引人注目的資本供應需求失衡問題之一。

And speaking of GA, we're now roughly seven months since we became 100% owners.

說到 GA，距離我們成為 100% 所有者已經過去了大約 7 個月的時間。

We've been focused on mining the untapped opportunities we shared with you last November, when we announced the deal.

我們一直專注於挖掘去年 11 月宣布這項交易時與您分享的尚未開發的機會。

As you heard, GA is growing rapidly.

正如您所聽到的，GA 正在快速增長。

And as we transition the business to 100% ownership, we're seeing the combined impact of simultaneous fast growth and investing in the business for the long term.

當我們將業務轉變為 100% 所有權時，我們看到了同時快速成長和長期投資業務的綜合影響。

As we sit here today, we feel very optimistic about the opportunities to create value with GA at 100%, investing across more KKR asset classes, scaling KKR capital markets and structured assets, going global particular in Japan and finding more ways to work together more broadly.

當我們今天坐在這裡時，我們對 100% GA 創造價值的機會感到非常樂觀，投資更多 KKR 資產類別，擴大 KKR 資本市場和結構性資產，走向全球（特別是日本）並尋找更多合作方式寬廣地。

Overall, the opportunity with GA is greater in our minds today, than it was at the beginning of the year.

總體而言，今天我們認為 GA 的機會比年初更大。

So to keep it simple, the market is open.

因此，為了簡單起見，市場是開放的。

The firm is very active.

該公司非常活躍。

Our investment performance is particularly strong.

我們的投資表現特別強勁。

We've never felt better about our team, and we are well positioned to execute the plan we shared with you at our April investor day.

我們對我們的團隊的感覺從未如此好過，我們完全有能力執行我們在四月份投資者日與您分享的計劃。

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

因此，我們很樂意回答您的問題。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Good morning, everyone.

大家，早安。

My question is on GA's net investment income and your comments on long term versus near term ROEs.

我的問題是關於 GA 的淨投資收入以及您對長期與近期股本回報率的評論。

So given GA's investment portfolio yield that it's currently depressed because you have excess levels liquidity, that have yet to be deployed, how do you expect yields to improve as you fully deploy the excess liquidity and over what time line?

因此，鑑於 GA 的投資組合收益率目前處於低迷狀態，因為您擁有過剩的流動性，但尚未部署，您預計當您充分部署過剩流動性時，收益率會如何改善？

Hey, Greg, it's Rob.

嘿，格雷格，我是羅布。

Thanks for the question.

謝謝你的提問。

Why don't I start out.

我為什麼不開始。

And there's a couple of things going on and maybe the shorter part of your answer is going to ultimately depend on what the growth is from here, but maybe let's talk a little bit about what we're seeing in the business.

正在發生一些事情，也許你的答案中較短的部分最終取決於這裡的成長情況，但也許讓我們談談我們在業務中看到的情況。

You referenced a lot of growth and just to put some numbers around that, if you look at the past nine months, we've taken $50 billion of additional capital.

您提到了很多成長，只是為了提供一些數字，如果您看看過去 9 個月，我們已經獲得了 500 億美元的額外資本。

That compares to $20 billion in the preceding nine months.

相比之下，前 9 個月的銷售額為 200 億美元。

And we're trying to be very thoughtful as you can imagine around deployment as we're digesting that growth.

當我們正在消化這種增長時，我們正在努力對部署進行非常周到的考慮，正如您可以想像的那樣。

We're also using new muscles inside of our firm as it relates to linking up our real estate equity team, our infrastructure team, our capital markets team so there's a lot of really good work going on.

我們也在公司內部使用新的力量，因為這涉及到我們的房地產股權團隊、我們的基礎設施團隊、我們的資本市場團隊的聯繫，所以有很多非常好的工作正在進行中。

And as a result, we've been operating at elevated levels of liquidity.

因此，我們的流動性一直處於較高水準。

And so just again, put some numbers behind that, if you look at the end of the quarter, we had roughly $8 billion of cash.

再次強調一下，如果你看看本季末，我們有大約 80 億美元的現金。

If you look a year ago, that number was closer to $4 billion.

如果你看看一年前，這個數字接近 40 億美元。

And that doesn't even take into account a lot of the high-grade corporates that we have that are being weighted to be rotated into higher yielding assets.

這甚至還沒有考慮到我們擁有的許多高等級企業，這些企業正在被加權以轉向更高收益的資產。

And I think the other point that I think is worth talking about as we think about what the medium term net investment income can look like in ROE, it could look like, it's really this point, I was trying to get out in the prepared remarks around us actively making investments today that we believe will generate meaningful long-term ROE, but that's coming at the expense shorter term ROE.

我認為我認為值得討論的另一點是，當我們考慮中期淨投資收益在股本回報率中的表現時，它可能看起來像，這確實是這一點，我試圖在準備好的發言中表達出來今天，我們周圍積極進行投資，我們相信這些投資將產生有意義的長期股本回報率，但這是以犧牲短期股本回報率為代價的。

It's that core real estate example that I mentioned, where day one, we expect running yields to be roughly 4%.

這就是我提到的核心房地產例子，第一天，我們預期運作報酬率約為 4%。

But where we're originating liabilities today, that's north of 5%.

但我們今天的負債比率已超過 5%。

And so not only are those investments not accretive to our near-term P&L, they're actually dilutive.

因此，這些投資不僅不會增加我們的近期損益，而且實際上會帶來稀釋效應。

But for those who have followed us a while, share been shareholders with us for a long time.

但對於那些關注我們一段時間的人來說，長期與我們分享股東。

I think they'll know that we're always going to make the decision to take some pain and short term P&L for long-term earnings power.

我認為他們會知道，我們總是會做出決定，為了長期獲利能力而承受一些痛苦和短期損益。

And so it's tough to then extrapolate from there exactly what that's going to mean to near term ROEs and returns is a lot of that is a function of the growth that we expect.

因此，很難從那裡準確地推斷出這對近期股本回報率和回報意味著什麼，其中很大一部分是我們預期的成長的函數。

But as we look forward, we look at Q3 and Q4.

但當我們展望未來時，我們會關注第三季和第四季。

Our expectation is we'll have operating earnings that are in and around where we are in Q2.

我們的預期是我們的營業收入將與第二季的水平相當。

And as we think about how we ramp up into 2025.

當我們思考如何邁向 2025 年。

My expectation is we're probably based on the growth we see in front of us.

我的期望是，我們可能會基於我們眼前所看到的成長。

We're probably operating at a level that's a little bit below our 14% to 15% long-term ROE range.

我們的營運水準可能略低於 14% 至 15% 的長期 ROE 範圍。

But again, all in service for that long-term growth that we feel across the KKR platform and that we believe pretty strongly will benefit GA's, long-term P&L.

但同樣，所有這些都是為了我們在 KKR 平台上感受到的長期成長，我們強烈相信這將有利於 GA 的長期損益。

Thank you, Rob.

謝謝你，羅布。

Thanks, Craig.

謝謝，克雷格。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Okay.

好的。

Thank you very much.

非常感謝。

So many questions but in so little time, just in terms of volume so reiterate the $300 billion so you well on your way to that, you launched, -- you got the first closing on global five.

這麼多的問題，但在這麼短的時間內，就數量而言，所以重申 3000 億美元，所以你很好地實現了這一點，你啟動了，你得到了全球五號的第一次收盤。

And fives Craig and then you mentioned that you saw now in the market for the North America fund.

克雷格五歲，然後你提到你現在在北美基金市場上看到了這一點。

I was wondering if you could just comment about what you're hearing from the LPs on demand across the asset classes and then maybe tie that into Asia when that might start to come into market as well.

我想知道您是否可以就您從有限合夥人那裡聽到的跨資產類別的需求發表評論，然後在亞洲也可能開始進入市場時將其與亞洲聯繫起來。

Thank you.

謝謝。

Hey, Bill, it's Scott, thanks for the question.

嘿，比爾，我是史考特，謝謝你的提問。

There's a couple of things.

有幾件事。

One just broader context for you.

為您提供一個更廣泛的背景。

I know this tends to be a lot of focus on the flagship funds.

我知道這往往會專注於旗艦基金。

But if you go back and think about what's been going on with the firm, even go back to beginning of 2022, so call it the last 2.5 years, we raised $214 billion, only $14 billion of the $214 billion was in flagships.

但如果你回顧一下公司最近發生的事情，甚至回到 2022 年初，所以稱之為過去 2.5 年，我們籌集了 2,140 億美元，其中 2,140 億美元中只有 140 億美元用於旗艦業務。

So happy to chat about the flagships, but we should also keep in mind the vast majority of the activity that we've been generating has been outside of that.

很高興談論旗艦產品，但我們也應該記住，我們所產生的絕大多數活動都在旗艦產品之外。

And to your point, we now have the flagships coming back as well.

就您而言，我們現在也有旗艦產品回歸。

The overall tone in the fundraising market continues to improve.

融資市場整體基調持續向好。

I think it kind of depends on where you are and what you're talking about.

我認為這取決於你在哪裡以及你在談論什麼。

So let's just talk about asset classes.

那我們只討論資產類別。

Infrastructure and private credit.

基礎設施和私人信貸。

We continue to see investors very interested on trying to catch up to the allocations that they have made.

我們繼續看到投資者對追趕他們所做的分配非常感興趣。

So it continues to be quite a bit of activity in those asset classes.

因此，這些資產類別的活動仍然相當多。

I would also include real estate credit in that area.

我還將房地產信貸納入該領域。

It's kind of a similar theme to private corporate credit.

這與私人企業信貸的主題類似。

Then you kind of move on into a real estate equity where I think the sentiment is shifting a bit right now.

然後你會轉向房地產股票，我認為現在的情緒正在發生一些變化。

There has been more caution.

人們更加謹慎。

No doubt.

毫無疑問。

Our perspective is that the sentiment has bottomed, right.

我們的觀點是，市場情緒已經觸底，對吧。

In the last year valuations have bottomed in the first half of this year.

去年估價已於今年上半年觸底。

And as you heard in the prepared remarks, we've been quite active deploying into real estate equity.

正如您在準備好的發言中聽到的那樣，我們一直非常積極地部署到房地產股權領域。

I'd say the fundraising is going to lag that reality a little bit, but we're starting to have more conversations with investors that understand may be perceived as a bit contrarian.

我想說，籌款活動將稍微滯後於現實，但我們開始與投資者進行更多對話，他們理解這可能被認為有點逆勢而行。

This is a really good time to invest in real estate equity.

現在確實是投資房地產股權的好時機。

And then in private equity, activity is picking up, as you heard, monetization’s are up and deployment is up, people are starting to get more money back.

然後，在私募股權領域，活動正在回升，正如您所聽到的，貨幣化和部署都在增加，人們開始收回更多資金。

So those with more mature programs are starting to see some of that.

因此，那些擁有更成熟專案的人開始看到其中的一些。

I think you'll see more of that as we get into the latter half of the year.

我想當我們進入今年下半年時，你會看到更多這樣的情況。

We have just launched our flagship US private equity fund.

我們剛剛推出了我們的旗艦美國私募股權基金。

So not a lot to report as of yet, I'll let Craig give an update on our [ascendant] strategy, which is a recent data point in a minute, but it feels to us like there's a decent chance the private equity fundraising environment has bottomed as well.

因此，目前還沒有太多要報告的內容，我將讓克雷格更新我們的[上升]策略，這是一分鐘內的最新數據點，但我們感覺私募股權融資環境很有可能也已經觸底。

And you'll start to see sentiment shift positive.

你會開始看到情緒轉變為正面的。

More broadly, as you know, private wealth, big opportunity for us, all upside.

更廣泛地說，如您所知，私人財富對我們來說是巨大的機會，而且都有好處。

Insurance companies we thought might pull back from August a little bit as rates went up, have not seen that, actually are seeing as much activity and momentum as insurance as we've seen in a while.

我們認為隨著利率上升，保險公司可能會從8 月開始稍微回調，但實際上並沒有看到這種情況，實際上他們看到了與保險業一樣多的活動和勢頭，正如我們一段時間以來所看到的那樣。

And so we do think there's quite a bit of activity, sorry, for long answer, but hopefully it gives you a sense that there's a variety of different things happening underneath the surface.

因此，我們確實認為存在相當多的活動，抱歉，答案很長，但希望它能讓您感覺到在表面之下正在發生各種不同的事情。

And on private equity, Craig, why don't you just give a the latest data point we have.

關於私募股權，克雷格，為什麼不提供我們掌握的最新數據點？

It's not a big one, but it's at least indicative.

雖然規模不大，但至少具有指示性。

Sure.

當然。

Hey Bill, thanks for the question.

嘿比爾，謝謝你的提問。

So as you heard from Rob in our prepared remarks, we've made what we feel is some great progress on ascendant that's our middle market, private equity strategy first on vehicle for us.

因此，正如您在我們準備好的演講中從羅布那裡聽到的那樣，我們認為我們在中間市場、私募股權策略首先是我們的工具方面取得了一些巨大進展。

As of June 30, we're at $4.1 billion.

截至 6 月 30 日，我們的資產規模為 41 億美元。

We have a $4.6 billion hard cap there, and we're in a pretty advantageous spot at the moment.

我們的硬上限為 46 億美元，目前我們處於非常有利的位置。

We're oversubscribed that hard cap.

我們已經超額認購硬頂了。

And so to be clear, we are turning away clients that want to begin final diligence there.

因此需要明確的是，我們正在拒絕那些想要在那裡開始最終調查的客戶。

And for some of those clients through final diligence, we're cutting back on allocations.

對於其中一些客戶，透過最終調查，我們正在削減分配。

So the backdrop is one that, that feels constructive there again.

因此，背景是一個讓人感覺再次具有建設性的背景。

Far too early to try to lead through those dynamics as it relates to North America 14.

嘗試引導這些與北美相關的動態還為時過早 14。

But again thought that would also be helpful data points.

但我再次認為這也是有用的數據點。

Bill, just one other thing for me, maybe two quick.

比爾，對我來說只是另一件事，也許很快就兩件事。

There's a lot of interest in the fundraising environment.

人們對籌款環境很感興趣。

We are continuing to see a couple of other themes.

我們正在繼續看到其他幾個主題。

One is concentration of relationships.

一是關係集中。

So we're finding more investors want to do more with fewer partners.

因此，我們發現更多的投資者希望用更少的合作夥伴做更多的事情。

And so we're continuing to see that trend accelerate.

因此，我們將繼續看到這種趨勢加速。

Also, I think there's increased recognition of what we've been talking about for last decade, plus the power portfolio construction, deployment pacing through that add value, and you're going to see much higher dispersion of results.

此外，我認為人們對過去十年我們一直在談論的內容的認識有所提高，再加上電源組合構建、透過增值實現的部署節奏，並且您將看到結果的更大分散性。

I think and we'll figure out who did a good job the last five years, and we feel really well positioned in that context.

我認為我們會找出過去五年誰做得很好，我們感覺在這方面處於有利位置。

Thank you.

謝謝。

Thank you.

謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, good morning, everybody.

嘿，大家早安。

Thank you for the question.

感謝你的提問。

So I wanted to start with a question around the outlook for deployment.

所以我想從部署前景的問題開始。

You mentioned that a number of times that the pipelines look pretty robust and you've announced a handful of deals as well.

您多次提到管道看起來相當強勁，並且您也宣布了一些交易。

So when we think about private equity in particular, as you deploy this capital, how are you thinking about utilization of direct lending markets versus syndicated markets over the coming several quarters?

因此，當我們特別考慮私募股權時，當您部署這些資本時，您如何考慮未來幾季直接貸款市場與銀團市場的利用？

And on the flip side, I guess what does that mean for your own direct lending business as you're navigating this environment where syndicated bank loan market seems to be back and kind of full fourth?

另一方面，我想這對您自己的直接貸款業務意味著什麼，因為您正在經歷銀團貸款市場似乎回歸併達到第四位的環境？

Thanks.

謝謝。

Alex, it's Craig.

亞歷克斯，這是克雷格。

Why don't I start?

我為什麼不開始呢？

So first just as it relates to private equity, and you would have seen some of this in the page in our press release, we are have a very healthy backlog of traditional private equity investments.

首先，正如它與私募股權相關一樣，您可能已經在我們新聞稿的頁面中看到了其中的一些內容，我們有大量的傳統私募股權投資積壓。

It feels like in the second half of the year, we're going to continue to see an acceleration of activity there, which is great to see.

感覺在今年下半年，我們將繼續看到那裡的活動加速，這是很高興看到的。

I think on your point on the syndicated versus the direct lending or private debt markets.

我認為您關於銀團與直接貸款或私人債務市場的觀點。

It just provides optionality when we think back or when we all think back to a year ago and the syndicated debt markets were closed.

當我們回想起來，或者當我們都回想起一年前銀團債務市場關閉時，它只是提供了選擇。

I think you saw M&A volumes honestly be pretty modest.

老實說，我認為您看到的併購數量相當有限。

And as Scott had mentioned, we were very constructive on risk reward.

正如斯科特所提到的，我們對風險回報非常有建設性。

But with many of those financing markets effectively shut in the syndicated markets, in particular, it just led to a reduced level of activity.

但由於許多融資市場實際上在銀團市場中關閉，這只會導致活動水準下降。

So I think it's actually very helpful in terms of private equity deployment and honestly, in terms of private debt deployment and the outlook to have a very healthy syndicated debt market.

因此，我認為這實際上對私募股權部署非常有幫助，老實說，對私人債務部署和擁有非常健康的銀團債務市場的前景也非常有幫助。

But we'll be able to -- from a again, a PE standpoint it.

但我們將能夠——再次從 PE 的角度來看。

It gives us the flexibility to think through what we think the right solution is in the framework of that particular investment.

它使我們能夠靈活地思考在特定投資框架內我們認為正確的解決方案。

So I think with a private debt had on you may see a smaller market share versus those environments where the syndicated debt markets are really volatile, but you'll see overall volumes being higher.

因此，我認為，與銀團債務市場確實波動的環境相比，私人債務的市場份額可能會更小，但整體交易量會更高。

Yes, Alex, it's Scott.

是的，亞歷克斯，是史考特。

I think that's well said we use both.

我認為這句話說得好，我們兩者都使用。

It depends on the circumstance and the deal.

這取決於具體情況和交易。

The way I think about this is last year, the deal volumes were so muted.

我對這個問題的看法是去年，交易量非常低迷。

It's quite a bit of focus on how large a share of the private credit market had.

人們非常關注私人信貸市場的份額有多大。

This is one of these environments where it becomes clear that a smaller share of more pie, can still be more pie.

在這種環境中，很明顯，以較小的份額獲得更多的蛋糕，仍然可以帶來更多的蛋糕。

And so that's how we think about it.

這就是我們的想法。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

Hey, good morning, everyone.

嘿，大家早安。

Could you give us an update on the K-Series distribution rollout and to what extent you can give specifics on any large platforms coming online with certain products over the next few quarters and then more broadly, any update on or thoughts on plans to add new products to the suites?

您能給我們介紹一下K 系列發行版的最新情況嗎？的計劃的任何更新或想法？

Thank you.

謝謝。

Patrick, it's Craig.

派崔克，我是克雷格。

Why don't I begin?

我為什麼不開始呢？

It's just a step back to level set for everyone.

這只是回到每個人設定的水平的一步。

As of June 30, we had around $75 billion of assets under management from individuals.

截至 6 月 30 日，我們管理約 750 億美元的個人資產。

And that number does not include policy holders at Global Atlantic.

這個數字不包括環球大西洋的保單持有人。

So if anything that would understate our presence as you think about the breadth of activities that we have.

因此，當您考慮我們活動的廣度時，如果有什麼會低估我們的存在的話。

Now, most of that capital is from high net worth and ultra-high net worth individuals and family offices that are invested directly in our funds and strategies.

現在，大部分資本來自高淨值和超高淨值人士以及家族辦公室，直接投資於我們的基金和策略。

And over time, we've tended to see a [teens] percentage of our new capital raise come from individuals.

隨著時間的推移，我們傾向於看到我們新籌集的資金中有[十幾]%來自個人。

So it's been a healthy part of our fundraising.

所以這是我們籌款的一個健康的部分。

Now, most recently, again, as I know you know, wonderfully well, we've introduced our K-Series suite of products.

現在，正如我所知，您也知道，最近我們再次推出了 K 系列產品套件。

These are the funds and strategies that are designed and tailored specifically for that wealth market.

這些是專門為該財富市場設計和定制的基金和策略。

So we've K and K for the US and non-US vehicles focused on infrastructure.

因此，我們為美國和非美國車輛提供了 K 和 K ，重點是基礎設施。

Similarly, we have US and non-US vehicles focused on private equity, private BECs also.

同樣，我們有專注於私募股權和私募 BEC 的美國和非美國工具。

And then we also have additional real estate and credit vehicles.

然後我們還有其他房地產和信貸工具。

And so of that $75 billion around $11 billion, are from these K-Series suite of products and a year ago that was three.

因此，這 750 億美元中約有 110 億美元來自這些 K 系列產品套件，而一年前只有 3 美元。

So we're in the early days, but we feel really good about our progress.

所以我們還處於早期階段，但我們對我們的進展感到非常滿意。

And I think that's particularly true in infrastructure as well as in private equity, which are newer asset classes here.

我認為這在基礎設施和私募股權領域尤其如此，它們是這裡較新的資產類別。

And it feels like we have an opportunity as a first mover.

感覺我們有機會成為先行者。

Now in terms of ramp and pace at the end of '23, we mentioned that we were raising about $500 million a month.

現在，就 23 年底的成長和速度而言，我們提到我們每月籌集約 5 億美元。

In Q1, we raised

在第一季度，我們籌集了

[$1.8 billion].

[18億美元]。

We were at $600 million a month.

我們每個月的收入為 6 億美元。

Q2 we raised $2.8 billion, so $900 million a month they're thereabouts.

第二季我們募集了 28 億美元，所以每個月大約有 9 億美元。

So it seems like reception and interests and momentum feels really good.

所以看起來接待、興趣和勢頭感覺真的很好。

We don't have a specific update in terms of number of platforms.

我們沒有關於平台數量的具體更新。

But to be clear, we do expect the number of platforms where we're present to increase over the coming months and quarters.

但需要明確的是，我們確實預計我們現有的平台數量在未來幾個月和幾季將會增加。

I think that's going to be particularly true in terms of the private BDC, which is the youngest of those products for us and it feels like great progress.

我認為對於私人 BDC 來說尤其如此，它對我們來說是這些產品中最年輕的，感覺是巨大的進步。

And again, I wouldn't take the eye away from the price like we do think them more interesting, point here is really that long-term secular opportunity of mass affluent individual investors have not had an easy way to access alts.

再說一遍，我不會像我們認為它們更有趣那樣將目光從價格上移開，這裡的要點實際上是，大眾富裕個人投資者的長期長期機會還沒有一種簡單的方法來獲得替代品。

Over the coming years, we do expect an opportunity for trillions of dollars of assets to flow into these products.

未來幾年，我們確實預計數兆美元的資產有機會流入這些產品。

And given our brand, our track record and the investments we've made in distribution and marketing.

考慮到我們的品牌、我們的業績記錄以及我們在分銷和行銷方面所做的投資。

It just feels like we're really well positioned to continue to be a winner in our strategic partnership with Capital Group, as we touched on in our prepared remarks, just increases this opportunity set.

感覺我們確實處於有利位置，可以繼續成為與 Capital Group 的戰略合作夥伴關係的贏家，正如我們在準備好的發言中提到的那樣，這只會增加這一機會。

So hopefully that's helpful.

希望這對您有所幫助。

Hey, Patrick, this is Scott, just a couple of quick additions.

嘿，派崔克，我是史考特，我只是簡單補充幾句。

The platform rollout is kind of at or slightly ahead of our expectations.

該平台的推出有點達到或略高於我們的預期。

And as you know, it takes a while once you get on a platform to have a really kick in and work and train the advisers and the sales team.

如您所知，一旦您進入平台，就需要一段時間才能真正投入工作並培訓顧問和銷售團隊。

So I'd say really pleased with the progress, but the kind of capital raising power isn't embedded yet in the numbers that Craig walked through.

所以我想說，我對進展感到非常滿意，但那種籌集資金的力量還沒有體現在克雷格經歷的數字中。

To your question on new products, we don't have anything new to announce in the K-Series front today.

關於您關於新產品的問題，我們今天在 K 系列方面沒有任何新產品要發布。

But in the prepared remarks, we did mention our capital group partnership -- as a reminder, there we're creating hybrid product in partnership with Capital Group.

但在準備好的演講中，我們確實提到了我們的資本集團合作夥伴關係 - 作為提醒，我們正在與資本集團合作創建混合產品。

We announced two credit products that we're going to launch in the first half of next year together.

我們宣布將在明年上半年共同推出兩款信貸產品。

But be clear, that is not the extensive division, we expect to roll out hybrid products across the other parts of the alternative space as well with our partner.

但要明確的是，這並不是一個廣泛的部門，我們希望與我們的合作夥伴一起在替代空間的其他部分推出混合產品。

So more to come on that over the next few quarters.

因此，未來幾季還會有更多相關內容。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks.

謝謝。

Good morning.

早安.

So just wanted to build upon that the Capital Group partnership, if you could maybe talk about the context and the background of how you came to choosing each other in terms of the partner?

因此，我只是想以資本集團夥伴關係為基礎，您能否談談您如何選擇彼此合作夥伴的背景和背景？

And then you just mentioned a couple of products next year and then kind of the longer-term vision.

然後你剛剛提到了明年的一些產品，然後是長期願景。

So I think you said previously that you're not looking to have a whole suite of products out there for the retail market.

所以我認為您之前說過您不希望為零售市場提供一整套產品。

But curious as how you're going to differentiate between the K-Series and the capital partnerships and what you think a more mature product lineup looks like?

但好奇您將如何區分 K 系列和資本合作夥伴關係，以及您認為更成熟的產品陣容是什麼樣子？

Thanks, Dan.

謝謝，丹。

I'll take a crack.

我來破解一下。

So how they come together?

那麼他們是如何走到一起的呢？

Capital Group called us and they had been thinking about how they wanted to participate in the alternatives space.

資本集團給我們打電話，他們一直在考慮如何參與另類投資領域。

And if you go back, I think the original press release that our partner, Mike Catlin did a really nice job laying out how they thought about it.

如果你回頭看，我認為我們的合作夥伴 Mike Catlin 最初的新聞稿很好地闡述了他們的想法。

Should they acquire something?

他們應該獲得一些東西嗎？

Should they partner?

他們應該合作嗎？

Should they buy pieces of different businesses?

他們應該購買不同企業的股份嗎？

And they decided that partnering with the best banks.

他們決定與最好的銀行合作。

And so to be clear, they called us.

需要明確的是，他們打電話給我們。

We spent quite a bit of time together, got to know each other really, really well as firms and as people.

我們在一起度過了很多時間，對公司和人都非常非常了解。

And I think the reason this came together is the reason most things coming together, are just an extraordinary cultural fit.

我認為這一切走到一起的原因就是大多數事情走到一起的原因，只是一種非凡的文化契合。

We thought about the world the same way, same focus on delivering value for all the clients, are counting on us and understanding really who we work for.

我們以同樣的方式思考世界，同樣專注於為所有客戶提供價值，依賴我們並真正理解我們為誰工作。

So that's how it came together, it's kind of a joint vision and shared values and how we see the world.

這就是我們如何走到一起的，這是一種共同的願景和共同的價值觀以及我們看待世界的方式。

In terms of kind of where we're going and how this is different.

就我們要去的地方以及這有何不同而言。

So one simple way to think about it.

這是一種簡單的思考方式。

Let's just take the US market and the numbers are never precise, but to be close enough. with our K-Series, we're targeting the accredited investor and the qualified purchaser.

讓我們以美國市場為例，這些數字從來都不是精確的，但也夠接近了。透過我們的 K 系列，我們的目標客戶是經過認可的投資者和合格的購買者。

That's roughly 5% give or take of US households, I'm close, but it's single digits, mid-single digits percent, depending on what you look at.

這大約是美國家庭的 5%，我很接近，但它是個位數，中間個位數百分比，取決於你看什麼。

That means there's 95% of US households that it does not access.

這意味著 95% 的美國家庭無法接觸。

And so what we're doing with Capital Group is creating a product that will allow the other 95% of households to participate in what we do.

因此，我們正在與 Capital Group 合作開發一款產品，讓其他 95% 的家庭也能參與我們的工作。

In its simplest form that's what we're doing.

以最簡單的形式，這就是我們正在做的事情。

So it's hybrid.

所以它是混合動力。

So there's going to be an element, there's going to be the liquid strategies that will be managed by Capital Group.

因此，將會有一個因素，將會有由資本集團管理的流動性策略。

And then a portion that is the private market strategies that will be managed by us.

然後一部分是我們將管理的私人市場策略。

So think of all of these products as having a component of both and geared toward that broader audience that mass market.

因此，可以將所有這些產品視為兩者的組成部分，並面向大眾市場更廣泛的受眾。

And as I said, we're starting with credit.

正如我所說，我們從信用開始。

So think of it as a component of liquid credit plus private credit.

因此，可以將其視為流動信貸加上私人信貸的組成部分。

And for us, that will include both direct lending and asset-based finance in the private credit sleeve.

對我們來說，這將包括私人信貸套中的直接貸款和基於資產的融資。

And then for the other products that we're talking about, launching, infrastructure, private equity, real estate, we're in the design phase.

然後，對於我們正在談論的其他產品，推出、基礎設施、私募股權、房地產，我們正處於設計階段。

So I would expect over time, I'm not going to put a timeframe on it today, but over time, you will likely see products from us together across all of those areas.

因此，我預計隨著時間的推移，我今天不會給出一個時間表，但隨著時間的推移，您可能會看到我們在所有這些領域提供的產品。

And so that's how we expect it to play out over the coming years, but we'll keep you posted.

這就是我們預計未來幾年的發展情況，但我們會隨時通知您。

But hopefully that helps.

但希望這會有所幫助。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Great.

偉大的。

Thanks.

謝謝。

Morning.

早晨。

Lots of questions to ask, maybe if I can read a two-party here on to capital markets that you talked about for the third quarter being elevated.

有很多問題要問，也許我可以在這裡閱讀一篇關於資本市場的兩方文章，您談到了第三季的上漲。

Is there on any Telecom Italia lumpiness in that?

義大利電信是否有任何笨拙之處？

And do you see the environment for cap for your capital markets fees improving as we move into the end of the year, given the pent-up demand that you were talking about.

考慮到您所說的被壓抑的需求，您認為隨著年底的到來，資本市場費用上限的環境是否會有所改善？

And then just if I can squeeze in an FRE margin question, the incremental margin on cap markets, obviously, I think being or maybe income you can comment is that above your overall FRE margin, therefore accretive and you see the 68% as sort of a peak.

然後，如果我可以提出一個FRE 利潤率問題，很明顯，資本市場上的增量利潤率，我認為您可以評論的存在或收入可能高於您的整體FRE 利潤率，因此是增值的，您將68% 視為某種一個頂峰。

Right.

正確的。

Thanks, Brian, good morning.

謝謝，布萊恩，早安。

So as it relates to capital markets, you're right, the Telecom Italia transaction closed July 1.

因此，就資本市場而言，你是對的，義大利電信交易已於 7 月 1 日結束。

We will generate a meaningful capital markets fee as part of being involved multiple different aspects of that transaction.

作為參與該交易多個不同方面的一部分，我們將產生有意義的資本市場費用。

But I would tell you, as I look at our broad-based capital markets pipeline, I think pipelines for that business are certainly good one quarter out, but probably two quarters.

但我想告訴你，當我審視我們廣泛的資本市場管道時，我認為該業務的管道在一個季度後肯定會很好，但可能在兩個季度後。

As I look at that back half of the year, I would tell you that our aggregate pipeline is as good as we've ever seen it.

當我回顧今年下半年時，我會告訴你們，我們的整體管道是我們所見過的最好的。

And that includes 2021 when we generated roughly a $850 million of revenue in our capital markets business.

其中包括 2021 年，我們的資本市場業務收入約為 8.5 億美元。

So we're quite encouraged around what the back half of the year could look like again, these are pipelines.

因此，我們對今年下半年的情況感到非常鼓舞，這些都是管道。

They're forward indicators, a lot of stuff needs to come to fruition, but it is broad based.

它們是前瞻性指標，很多事情需要實現，但基礎廣泛。

It's across equity, it's US, Europe, Asia, and it's also third party.

它跨越股權，它是美國、歐洲、亞洲，它也是第三方。

So we're feeling really good about what the back half of the year could look like.

因此，我們對今年下半年的情況感覺非常好。

As it relates to FRE margin, I would say, absolutely in an elevated capital markets quarter, you are going to see higher FRE margin to flow through is just higher given our operating expenses are more fixed in nature relative to that incremental capital markets revenue.

由於它與FRE 利潤率相關，我想說，絕對在資本市場上升的季度，你會看到更高的FRE 利潤率流動得更高，因為我們的營運費用相對於增量資本市場收入本質上更加固定。

Here's how I've described our FRE margin in the past.

以下是我過去如何描述我們的 FRE 利潤。

I believe that today we can operate sustainably in the mid-60s on FRE margin a basis across the firm, and that includes in most market environments.

我相信，今天我們可以在整個公司的 FRE 利潤率基礎上在 60 年代中期可持續運營，這包括在大多數市場環境中。

But that is definitely not the cap for us.

但這絕對不是我們的上限。

And if we're successful with the business model that we've got a lot of conviction here, as a management team.

如果我們的商業模式成功，那麼作為管理團隊，我們就會充滿信心。

We're going to scale our revenue.

我們將擴大我們的收入。

We're going to scale our fees at a pace that's meaningfully above our headcount growth and our operating complexity across the firm.

我們調整費用的速度將明顯高於我們的員工數量成長和整個公司的營運複雜性。

And we would expect more margin expansion in the future if we're successful.

如果我們成功的話，我們預計未來利潤率會進一步擴大。

So hopefully, that gives you some color on the back half of the year and what we're feeling in capital markets and how that might translate into FRE margin.

希望這能讓您對今年下半年的情況以及我們在資本市場的感受以及如何轉化為 FRE 利潤率有所了解。

Super.

極好的。

Super helpful.

超有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Brian McKenna, Citizens JMP.

Brian McKenna，公民 JMP。

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

So you have $215 billion of carry eligible AUM that's above cost and accruing carry, would be great to get an update on how much this has grown over the past year, specifically on the heels of strong performance and then as you continue to deploy capital.

因此，您擁有2150 億美元的符合條件的AUM，高於成本和應計利差，如果您能了解過去一年增長了多少，特別是在強勁業績之後以及繼續部署資本的情況下，那就太好了。

And then is there a way to think about the breakdown of this AUM by vintage, how much is less than a few years old versus how much is older than that?

那麼，有沒有一種方法可以按年份來考慮 AUM 的細分，即小於幾年的資產和超過幾年的資產？

I'm just trying to get a sense of the magnitude of the step-up in accrued performance fees and ultimately realizations over the next couple of years?

我只是想了解未來幾年應計績效費和最終實現的增幅有多大？

Yeah.

是的。

Thanks, Brian.

謝謝，布萊恩。

And let me let me take a shot at that.

讓我嘗試一下。

And we don't breakout the vintage, but we could tell you that our -- we've spent a lot of time around linear deployment as a firm.

我們不會突破傳統，但我們可以告訴你，作為一家公司，我們已經在線性部署上花費了大量時間。

And so feel good that as you look back over the past seven or eight years, you're going to find a healthy level of dispersion across different vintages.

因此，當您回顧過去七、八年時，您會發現不同年份的健康分散程度，因此感覺良好。

I think that to me, the metric that I look at and as the best forward indicator, honestly is the simplest one, and that's our gross accrued carried interest that today on our balance sheet is roughly $7.1 billion if you look back just two quarters ago, that number was $6 billion.

我認為對我來說，我所關注的指標和最佳前瞻性指標實際上是最簡單的指標，這就是我們的總應計附帶利息，如果您回顧兩個季度前，今天我們資產負債表上的附帶利息約為71 億美元，這個數字是 60 億美元。

So in an environment where we've actually been realizing a little bit more carry than we were expecting to realize.

因此，在這樣的環境中，我們實際上實現的進位比我們預期的要多一些。

Those are pretty healthy levels of step-ups across the firm.

這些是整個公司相當健康的晉升水準。

And I think it's a pretty good picture for what the forward could look like as it relates to monetization related revenue, but carried interest, but also we feel good about how investment income might ramp from here as well.

我認為這是一幅非常好的圖景，因為它與貨幣化相關的收入相關，但附帶利息，而且我們對投資收入也將從這裡開始增加感到滿意。

(multiple speaker) And then just one additional statistic there.

（多位發言者）然後是額外的統計數據。

And this is not going to tie your question specifically on the capital that is about cost and accruing carry.

這不會將您的問題專門與有關成本和應計利得的資本聯繫起來。

But just to look at the private equity portfolio as a whole and give you a sense, well over 50% of that when we look at our remaining fair value is marked at 1.5 times cost or greater and roughly 30% of that capital dollars is at roughly 30% of that -- excuse me, is marked at 2 times cost and greater.

但只要將私募股權投資組合作為一個整體來觀察，就會發現，當我們查看剩餘的公允價值時，其中超過50% 的資產被標記為成本的1.5 倍或更高，並且大約30% 的資本美元處於抱歉，其中大約 30% 的價格是成本的 2 倍或更高。

So I think one of the things that our team talked about at Investor Day, Pete and Nate, was this approach we've had on linear deployment.

因此，我認為我們的團隊在投資者日上討論的一件事，皮特和內特，就是我們在線性部署方面採用的方法。

I think that has really served us well in terms of having a more mature portfolio.

我認為這對我們擁有更成熟的產品組合確實很有幫助。

And I think some of the discipline that you you've seen in how we've invested capital over the last several years and honestly lessons that we learned dating back to the GFC, have an opportunity to really pays dividends in the years ahead.

我認為，您在過去幾年中我們投資資本的方式中看到的一些紀律，以及我們從全球金融危機以來學到的誠實教訓，有機會在未來幾年真正帶來紅利。

Got it.

知道了。

Thank you, guys.

感謝你們。

Thank you.

謝謝。

Thank you.

謝謝。

Benj Budish, Barclays.

班傑·布迪什，巴克萊銀行。

Hi, good morning and thanks for taking the question.

你好，早上好，感謝您提出問題。

Given a lot of color around the capital markets outlook going into Q3, I was wondering if you could give us an update on the visible pipeline in terms of realizations?

鑑於進入第三季的資本市場前景有很多色彩，我想知道您是否能為我們提供有關實現方面的可見管道的最新資訊？

And along the same lines, could you talk about the $500 million in expected realization of revenues there about, what ended up shaking out better than you expected for Q2?

同樣，您能否談談預計實現的 5 億美元收入，第二季的結果比您預期的要好？

Thank you.

謝謝。

Sure.

當然。

Thanks, Ben.

謝謝，本。

I'll hand it, but let me start with just visibility around monetization’s for Q3.

我會交出它，但讓我從第三季貨幣化的可見性開始。

It's at a pretty healthy level.

它處於一個相當健康的水平。

We are plus or minus $500 million of monetization related revenue for Q3.

第三季的貨幣化相關收入正負 5 億美元。

That is either -- that has either happened or from deals that are signed up that we expect to close this quarter.

這要么是已經發生的事情，要么是我們預計在本季度完成的已簽署的交易。

Just breakdown wise, that's roughly 60% carry and 40% investment income. So that pipeline is better today than it's been in quite some time.

就細分而言，大約有 60% 的利差收益和 40% 的投資收益。因此，今天的管道比相當長一段時間以來要好。

And then your question is relates to the end of quarter press release.

然後你的問題與季度末新聞稿有關。

We put out on our monetization update.

我們發布了貨幣化更新。

That I think that press release went out around June 20, we gave our best estimate in view of the quarter at that time.

我認為新聞稿是在 6 月 20 日左右發布的，鑑於當時的季度情況，我們給出了最好的估計。

And of course, things can happen in the next 10 days.

當然，未來 10 天內可能會發生一些事情。

And we had a few things that ended up on one side of the quarter versus the other.

我們有一些事情最終出現在本季的一邊與另一邊。

But I wouldn't say anything necessarily, significant in size -- one thing of a significant size, a few things that that added up to create that delta that you're referring to between where we landed, which is a bit over $600 million and that June 20 press release that I believe stated, we were at greater than $500 million through that point in time.

但我不會說任何必然的、規模巨大的事情——一件事情規模很大，一些事情加起來就形成了你所指的我們著陸點之間的三角洲，這個三角洲略高於 6 億美元我相信6 月20 日的新聞稿指出，到那時我們的收入已超過5 億美元。

Got it.

知道了。

Thank you.

謝謝。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Good morning.

早安.

So wanted to squeeze in just a another question on cap markets.

所以想再問一個關於資本市場的問題。

If I want to look at it with a longer-term lens, it is something I press you guys on in the past.

如果我想用更長遠的眼光來看待它，這是我過去向你們施加的壓力。

But just given the pipeline strength, sponsor recovery still feels like it's in the early stages, you expect to at least monetize the 100% GA ownership better you're certainly going to see significant franchise growth over the next few years.

但考慮到通路實力，贊助商復甦仍然處於早期階段，您預計至少可以更好地利用 100% GA 所有權貨幣化，您肯定會在未來幾年看到特許經營權的顯著增長。

Relative to the prior cycle peak, how would you frame?

相對於之前的周期峰值，您會如何建構？

What the capital markets trajectory for revenues might look like?

資本市場的收入軌跡可能是什麼樣的？

Is there a way to maybe size what under a normalized lens or by '26, what you think the fee generation potential could be in that business?

有沒有一種方法可以衡量在標準化鏡頭下或到 26 年，您認為該業務的費用產生潛力是多少？

Thank you.

謝謝。

I'm not going to give you a number.

我不會給你一個數字。

We haven't given a number in the past, but let me try and frame it.

我們過去沒有給出具體數字，但讓我嘗試框定一下。

In 2021, we did $850 million of revenue.

2021 年，我們的收入為 8.5 億美元。

Now with the capital markets, we're pretty buoyant in 2021.

就資本市場而言，2021 年我們將相當活躍。

But when you look at KKR and our platform, we do so much more across the firm, we take the opportunity to expand from a geographic perspective as the Asia capital markets mature is one that's very meaningful that's both across Asia-PAC but also in Japan, and we're building for that effort.

但當你看看KKR 和我們的平台時，我們在整個公司做了更多的事情，隨著亞洲資本市場的成熟，我們抓住機會從地理角度進行擴張，這對於整個亞太地區乃至日本都非常有意義，我們正在為此努力。

We're doing a lot more on the equity side of our business and the structured debt side of our business in combination as you said with Global Atlantic, we've talked about that being a couple of hundred plus million dollars revenue opportunity in its own right.

正如您對 Global Atlantic 所說，我們在業務的股權方面和業務的結構性債務方面做了很多工作，我們已經討論過這本身就是數億美元的收入機會正確的。

And I really believe that our third party capital markets business is going to continue to take share.

我真的相信我們的第三方資本市場業務將繼續佔據份額。

We just have a very differentiated model and how we're approaching corporates and sponsors that we see resonate with the market daily and we think we're also in a position where we're able to continue to recruit and retain best-in-class professionals to both execute and distribute those capital markets transactions.

我們只是有一個非常差異化的模式，以及我們如何與我們每天看到的市場產生共鳴的企業和贊助商打交道，我們認為我們也能夠繼續招募和留住一流的人才專業人員執行和分發這些資本市場交易。

And so while we're not going to give you sort of that number.

因此，雖然我們不會給你這個數字。

I think we're painting a picture of a business that we think can grow meaningfully from the base that we're at today.

我認為我們正在描繪一幅我們認為可以在今天的基礎上有意義地發展的企業圖景。

It's a really good question, Steven, maybe we should invite you to our budget meetings.

這是一個非常好的問題，史蒂文，也許我們應該邀請您參加我們的預算會議。

But to Rob's point, we're working across more asset classes, doing more in Europe and Asia third parties up.

但就 Rob 而言，我們正在跨更多資產類別開展工作，在歐洲和亞洲第三方方面做了更多工作。

GA we think it's hundreds of millions of dollars of potential year as we get that right.

GA 我們認為，如果我們做對了，今年的潛在收入將達到數億美元。

And the other thing that I would point out is our portfolio is bigger across all these asset classes and maturing, which I think is at least as big a contributor as some of the other topics.

我要指出的另一件事是，我們的投資組合在所有這些資產類別和成熟度中都更大，我認為這至少與其他一些主題的貢獻者一樣大。

So we're not going to give you a number.

所以我們不會給你一個數字。

But if you're positing that it should be a lot more than it's been, I agree with you.

但如果你認為它應該比以前多得多，我同意你的觀點。

Well said.

說得好。

Thanks a lot for taking my question.

非常感謝您提出我的問題。

Thank you.

謝謝。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great, thank you.

太好了謝謝。

Good morning.

早安.

Just a question on infrastructure.

只是一個關於基礎設施的問題。

Saw the recent partnership announcement with [Halsey] on sustainable infrastructure projects seems like an interesting deal sourcing funnel.

看到最近與 [Halsey] 在永續基礎設施項目上的合作公告似乎是一個有趣的交易採購管道。

Just hoping you could elaborate a little bit on this partnership, how you view this strategically helping KKR, then just more broadly on infrastructure just curious where you're seeing some of the most exciting opportunities right now for putting capital to work in the infrastructure space and how you're thinking about other potential opportunities for other partnerships over time.

只是希望您能詳細說明一下這種合作夥伴關係，您如何看待這種策略性幫助KKR，然後更廣泛地談談基礎設施，只是好奇您現在在哪裡看到了一些最令人興奮的機會，可以將資本投入基礎設施領域以及隨著時間的推移，您如何考慮其他合作夥伴關係的其他潛在機會。

And Mike, it's Craig.

麥克，我是克雷格。

Why don't I start?

我為什麼不開始呢？

Thanks for the question.

謝謝你的提問。

Again, much like Steven’s question would echo a lot of the broad themes in your question on infrastructure.

同樣，就像史蒂文的問題一樣，它也呼應了您關於基礎設施的問題中的許多廣泛主題。

So I think as we think about the platform and how we're situated today, we're just really encouraged with our progress to date.

因此，我認為，當我們思考這個平台以及我們今天的定位時，我們對迄今為止的進展感到非常鼓舞。

Four years ago, AUM was around $15 billion as of June 30th, we were at $73 billion, so $15 billion to $70 billion, all organic, that's a CAGR of 50%.

四年前，截至 6 月 30 日，AUM 約為 150 億美元，我們的資產管理規模為 730 億美元，因此 150 億至 700 億美元都是有機的，複合年增長率為 50%。

And while you've seen AUM grow meaningfully, you've also seen, our deployment stats have increased pretty meaningfully and for deployment in 2019 was$ 2 billion and 2020 was $2.2 billion.

雖然您已經看到 AUM 顯著成長，但您也看到，我們的部署統計數據也顯著增加，2019 年的部署金額為 20 億美元，2020 年為 22 億美元。

And over the trailing 12 months, we've invested

在過去 12 個月裡，我們投資了

[$8 billion].

[80 億美元]。

And then as our footprint increases, again, back to the last topic, capital markets, the fee opportunity there increases as well.

然後，隨著我們足跡的增加，再次回到最後一個主題：資本市場，那裡的費用機會也隨之增加。

And the growth in innovation hasn't stopped here.

創新的成長並沒有就此停止。

So again, we're in the early days as it relates to infrastructure, in private wealth climate, as you noted, is an adjacency where we think we can be really differentiated given our expense today investing behind the energy transition.

因此，正如您所指出的，我們正處於與基礎設施相關的早期階段，在私人財富環境中，考慮到我們今天投資於能源轉型的費用，我們認為我們可以真正實現差異化。

And then finally, again, flagship infrastructure is very front of mind for us as we think about opportunities.

最後，當我們考慮機會時，旗艦基礎設施再次成為我們的首要考慮因素。

I think broadly as it relates to some of the areas where we're most constructive on investing.

我的想法很廣泛，因為它涉及我們投資最具建設性的一些領域。

Like, I do think as it relates to digital infrastructure in particular and some of those opportunities in particular are ones that are very exciting for us.

就像，我確實認為，因為它特別與數位基礎設施有關，其中一些機會對我們來說非常令人興奮。

If we think about our data center investment activity, why don't I hang out there for a moment, it's been one of the core investment themes for several years.

如果我們考慮一下我們的資料中心投資活動，我為什麼不在那裡閒逛一下，這一直是多年來的核心投資主題之一。

And we do believe we're really uniquely positioned to be a major player across the space.

我們確實相信，我們確實具有獨特的優勢，可以成為該領域的主要參與者。

Given the combination of our capabilities, the number of pools where we can invest and that's not just in data center.

考慮到我們的能力組合，我們可以投資的池數量，而不僅僅是資料中心。

It's also wind power generation, transmissions, renewables, technology.

它還包括風力發電、輸電、再生能源和技術。

And then also Capital Markets plays a piece in this as well as you heard from CyrusOne example.

然後資本市場也在這方面發揮了作用，就像您從 CyrusOne 的例子中聽到的那樣。

So again, just to put some numbers around things.

再說一遍，只是為了給事情加上一些數字。

We have four independent data, infrastructure platforms, one in the US, one in Europe, two in Asia Pacific, the global footprint here is one that's a real differentiator and we benefit from the connectivity.

我們擁有四個獨立的數據、基礎設施平台，一個在美國，一個在歐洲，兩個在亞太地區，這裡的全球足跡是一個真正的差異化因素，我們從連結性中受益。

So depending on the risk reward, you've got multiple pools of capital that can be relevant.

因此，根據風險回報，您擁有多個相關的資本池。

So just in this area alone, we have investments in infrastructure, Asia infrastructure, core private equity, real estate as well as our wealth strategies. $5 billion of invested capital today with an active pipeline and if anything, this would understate the size and scale of our footprint here, to give you a sense, if you looked at the total enterprise value on 100% owned basis and included a current investments together with that secured and highly visible pipeline, you'd be north of $150 billion of enterprise value.

因此，僅在這個領域，我們就在基礎設施、亞洲基礎設施、核心私募股權、房地產以及我們的財富策略方面進行了投資。今天的投資資本為50 億美元，擁有活躍的管道，如果有的話，這會低估我們在這裡足蹟的規模和規模，讓您有一個感覺，如果您查看100% 擁有的企業總價值並包括當前投資加上這條安全且高度可見的管道，您的企業價值將超過 1500 億美元。

So the opportunities that we have in an area like this is one that's really exciting.

因此，我們在這樣的領域擁有的機會非常令人興奮。

On the power side, we have 10-plus renewable developers and real estate.

在電力方面，我們擁有十多家再生能源開發商和房地產。

We're active in both real estate equity and credit.

我們活躍於房地產股權和信貸領域。

Our credit vehicles alone this year have evaluated over $10 billion of data center financing opportunities.

光是今年我們的信貸工具就評估了超過 100 億美元的資料中心融資機會。

That's development stabilized as well as ABS and CMBS, and we can be relevant here, both at the opportunistic end of the spectrum, on one then in insurance on the other.

這與 ABS 和 CMBS 一樣，發展穩定，我們可以在這裡發揮作用，無論是在機會主義一端，還是在保險領域。

And again, the capital markets team has also been active.

再次，資本市場團隊也很活躍。

You heard in our prepared remarks, the CyrusOne case study.

您在我們準備好的演講中聽到了 CyrusOne 案例研究。

So I think it's a great example of the thematic approach that we can bring.

所以我認為這是我們可以帶來的主題方法的一個很好的例子。

I think it's also a great example of the connectivity you can see across the firming in our culture and how we're able to work across teams and across geographies.

我認為這也是一個很好的例子，展示了我們文化中的聯繫，以及我們如何能夠跨團隊和跨地域工作。

Yeah.

是的。

Hey, Michael, thanks for the question.

嘿，邁克爾，謝謝你的提問。

I think the two big themes that part of your question I would point to is digitalization, big data centers, fiber towers continue to be incredibly active across all of those areas.

我認為我在你的問題中要指出的兩大主題是數位化、大數據中心、光纖塔在所有這些領域仍然非常活躍。

And if you look at recent deal announcements, you'll see that's a big theme.

如果您查看最近的交易公告，您會發現這是一個大主題。

And then to Craig's point, its energy transition to renewables climate, I think the how the partnership that you referenced I would think of that as a bit similar to what we've talked about in the past, around our partnerships across asset based finance and real estate.

然後到克雷格的觀點，即能源向可再生能源轉型，我認為你提到的合作夥伴關係與我們過去討論過的有點相似，圍繞我們在基於資產的金融和房地產。

And we have 35 platform partnerships there, the better part of 10,000 people out originating.

我們在那裡有 35 個平台合作夥伴，其中大部分來自 10,000 名員工。

So you'll continue to see us develop more relationships like that.

因此，您將繼續看到我們發展更多這樣的關係。

It's in a similar vein.

情況也是如此。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Chris Kotowski, Oppenheimer & Company.

克里斯·科托夫斯基，奧本海默公司。

Yeah, good morning and thank you.

是的，早上好，謝謝。

I heard what Scott said about the flagship funds playing a lesser role.

我聽到史考特說過旗艦基金發揮的作用較小。

But I'm curious kind of about the kind of expected base management fee dynamics that we should be expecting here in the next couple of quarters.

但我對未來幾季我們應該預期的基本管理費動態感到好奇。

So you raised $8 billion in infra five, and you said it's up over $10 billion, but there's still $7 billion left in infra four.

所以你在基礎建設五中籌集了 80 億美元，你說已經超過 100 億美元，但在基礎建設四中還剩下 70 億美元。

So does that quote turn on a later in the year or is that a third quarter event?

那麼，這個報價是在今年稍後發生還是第三季發生？

And kind of similarly with your next flagship private equity fund, do you still have I think, $8 billion left in the prior fund so it does that turn on like later maybe early mid-2025.

與您的下一個旗艦私募股權基金類似，我認為您是否還剩下 80 億美元，以便它在 2025 年中期早些時候啟動。

Is that kind of what we should be expecting?

這是我們該期待的嗎？

Hey, Chris, it's Rob.

嘿，克里斯，我是羅布。

So in the case of infrastructure given some activity through the -- end of the quarter and with some deployment early quarter, we're actually turning on infra five in Q3.

因此，就基礎設施而言，在本季度末進行了一些活動，並在季度初進行了一些部署，我們實際上將在第三季度啟用基礎設施五。

So you'll start to see management fees flow through for infra five starting this quarter.

因此，從本季開始，您將開始看到管理費流向基礎架構五。

As it relates to North America 13, that you referenced in terms of capital still deployed.

由於它與北美 13 相關，您提到的仍是部署的資本。

I think as of [630], we had adverse that's today.

我認為截至[630]，我們今天遇到了不利的情況。

But prior to 630, I think we had four announced, but not yet closed transactions.

但在 630 之前，我認為我們有四筆已宣布但尚未結束的交易。

So we would expect to be nearing the end.

所以我們預計會接近尾聲。

But we still have time to go of our investment period.

但我們的投資期間還有時間。

That's why we've been out fundraising and launching for next fall.

這就是為什麼我們一直在為明年秋天籌款和啟動。

And have you shared kind of the target size of those funds or is that confidential?

您是否分享了這些基金的目標規模，或者這是保密的嗎？

We have not, Chris.

我們沒有，克里斯。

Okay.

好的。

All right.

好的。

Thank you.

謝謝。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Arnaud Giblat, BNP.

阿諾·吉布拉特，法國巴黎銀行。

Hey, good morning.

嗨，早安。

A quick question on the opportunity set to address via the individual market.

關於透過個別市場解決的機會集的快速問題。

Appreciate that you are doing a lot with K-Series and the capital agreement to go after distributing private market assets to individuals.

感謝您在 K 系列和資本協議方面做了大量工作，將私人市場資產分配給個人。

I was just wondering if there was perhaps an opportunity to complement there through distribution or through the production and then distribution of secondaries Thank you.

我只是想知道是否有機會透過分銷或透過生產然後分銷次級產品來補充，謝謝。

Good question Arnaud.

阿諾問得好。

So at this point, there might be an opportunity down the road, but it's not front center for us in terms of the secondaries market.

因此，在這一點上，未來可能會有機會，但就二級市場而言，這並不是我們的首要任務。

We've spent time in that space we've analyzed it.

我們花了時間在這個領域進行了分析。

I'll never say never, but it's not front and center part of how we're thinking about next steps strategy at this stage.

我永遠不會說永遠不會，但這並不是我們現階段考慮下一步策略的首要和核心部分。

We think there's plenty to do candidly across the asset classes that were there.

我們認為，坦白說，在現有的資產類別中，還有很多事情要做。

Got it.

知道了。

Thanks.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

I would like to turn the floor over to Craig Larson for closing remarks.

我想請克雷格·拉森 (Craig Larson) 致閉幕詞。

I would just like to thank everybody for your continued interest in KKR.

我謹感謝大家對 KKR 的持續關注。

We look forward to giving an update on next quarter, in 90 days.

我們期待在 90 天內提供下個季度的最新情況。

And if you have any additional follow-ups, please reach out directly.

如果您有任何其他後續行動，請直接聯絡。

Thank you again.

再次感謝你。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。