KKR & Co Inc (KKR) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's third-quarter 2024 earnings conference call. (Operator Instructions) And 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 2024 年第三季財報電話會議。 （操作員說明）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. 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 2024 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 2024 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 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. Please refer to our earnings release and our SEC filings for cautionary factors about these statements.

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

So to begin this quarter, we thought we would highlight three things. First, as you would have already seen through our earnings release, we had a strong Q3. Fee-related earnings for the quarter eclipsed $1 billion for the first time, and on a per share basis, the $1.12 of FRE per share is 32% ahead of the results we reported just last quarter, which was, up until today, a record figure for KKR.

因此，在本季開始時，我們認為應該強調三件事。首先，正如您已經透過我們的收益發布所看到的那樣，我們的第三季表現強勁。本季與費用相關的收益首次超過 10 億美元，以每股計算，每股 1.12 美元的 FRE 比我們上個季度報告的結果高出 32%，截至今天，這一結果仍創歷史新高KKR 的數字。

And ANI per share of $1.38 is the second highest quarterly figure we've reported in our history, up over 50% compared to Q3 of last year. So impressive growth and delivered in a quarter where the pace of exit activity across our industry is still accelerating.

每股 ANI 為 1.38 美元，是我們歷史上報告的第二高季度數字，與去年第三季度相比增長了 50% 以上。如此令人印象深刻的成長是在整個行業的退出活動仍在加速的一個季度內實現的。

Second, you're seeing tangible signs of momentum across our operating metrics. Investment performance continues to be a bright spot as we perform on behalf of our clients. And reflecting this performance, our gross unrealized carried interest balance increased 11% from just last quarter and has increased 42% compared to one year ago.

其次，您在我們的營運指標中看到了明顯的勢頭跡象。當我們代表客戶行事時，投資績效仍然是一個亮點。反映這一業績的是，我們的未實現附帶利息總額較上季增加了 11%，比一年前增加了 42%。

On the heels of strong investment performance, we raised $87 billion of new capital year to date. This is more than double the amount we raised over the first nine months of 2023. And we remain at an early stage of our current fundraising super cycle at the same time that we're seeing continued progress in scaling across our wealth initiatives.

憑藉強勁的投資業績，我們今年迄今籌集了 870 億美元的新資本。這是我們 2023 年前 9 個月籌集的金額的兩倍多。

And deployment year to date totaled $61 billion, also more than double the investment activity reported over the first nine months of 2023. And third, you're seeing tangible signs of how KKR and our business model, in our view, can deliver differentiated financial results for all of us as shareholders.

今年迄今的部署總額為610 億美元，也是2023 年前9 個月報告的投資活動的兩倍多。的跡象。

Total operating earnings. Remember, this is our fee-related earnings together with our insurance segment as well as the net dividends from Strategic Holdings were $1.47 per share in Q3. These are our more durable businesses.

總營業收入。請記住，這是我們與保險部門的費用相關收益以及策略控股公司第三季每股 1.47 美元的淨股息。這些是我們更持久的業務。

So looking at this differently, total operating earnings, the more durable and recurring pieces of our business, comprised over 80% of our pre-tax earnings as a firm for Q3 as well as on a year to date and a trailing 12-month basis. And thinking through the profile and trajectory of total operating earnings, remember that we expect the net dividends from Strategic Holdings to increase materially over the coming years.

因此，從不同的角度來看，總營業收入（我們業務中更持久和經常性的部分）占我們第三季度以及今年迄今和過去 12 個月的稅前收入的 80% 以上。考慮到總營業收入的概況和軌跡，請記住，我們預計戰略控股公司的淨股息將在未來幾年大幅增加。

We believe Strategic Holdings will be a truly unique driver of future financial performance for KKR for years to come. And finally, also highlighting our business model and how we work together, the results we reported in the third quarter in our Capital Markets business are noteworthy with $424 million of Capital Markets revenues in the quarter driven by the increased investment activity that I mentioned a moment ago.

我們相信，Strategy Holdings 將成為 KKR 未來幾年財務表現的真正獨特驅動力。最後，也強調了我們的業務模式以及我們如何合作，我們在第三季報告的資本市場業務結果值得注意，在我剛才提到的投資活動增加的推動下，本季資本市場收入達到 4.24 億美元前。

So with that as an introduction, let me walk through our segment income statement in more detail. Management fees in the quarter were $893 million, representing an increase of 5% since Q2 and 18% year over year, again, 18% growth in management fees year over year. This increase was driven by fees turning on in the quarter for our flagship infrastructure fund, the final close of Ascendant and fees from Global Climate as well as continued success within our private wealth vehicles.

因此，作為介紹，讓我更詳細地介紹我們的部門損益表。本季管理費為 8.93 億美元，較第二季成長 5%，年增 18%，管理費年增 18%。這一增長是由我們的旗艦基礎設施基金本季開始收取費用、Ascendant 的最終收盤和全球氣候費用以及我們私人財富工具的持續成功所推動的。

Total transaction and monitoring fees totaled $467 million. This includes the $424 million of Capital Markets fees mentioned a moment ago, a record figure for us as a public company. Fee-related performance revenues in the quarter were $57 million.

交易和監控費用總計 4.67 億美元。其中包括剛才提到的 4.24 億美元資本市場費用，這是我們作為一家上市公司的創紀錄數字。本季與費用相關的績效收入為 5,700 萬美元。

This quarter was the first quarter our onshore K-Series infra vehicle earned its annual incentive fee. And as you'll recall, our offshore vehicle earned its annual incentive fee for the first time last quarter in Q2. So with good performance, we expect this cadence to continue annually for both our onshore and offshore vehicles.

本季是我們的陸上 K 系列基礎設施車輛首次獲得年度獎勵費。您可能還記得，我們​​的離岸工具在上個季度第二季度首次獲得了年度獎勵費。因此，憑藉良好的性能，我們預計我們的陸上和海上車輛每年都會繼續保持這種節奏。

In aggregate, fee-related revenues were $1.4 billion. This is up over 50% compared to the third quarter of 2023. Fee-related compensation, as usual, was right at the midpoint of our guided range, which, as a reminder, is 17.5%. Other operating expenses came in at $168 million.

總體而言，與費用相關的收入為 14 億美元。與 2023 年第三季相比，這一數字成長了 50% 以上。其他營運費用為 1.68 億美元。

As we noted earlier this year, we would expect this line item to increase modestly over time. As an example, we do expect placement fees to increase as fundraising continues to ramp. So putting this all together, FRE was just over $1 billion for the quarter or $1.12 per share with an FRE margin of 71%, and FRE per share is up 78% compared to Q3 of '23.

正如我們今年早些時候指出的那樣，我們預計該項目將隨著時間的推移而適度增長。例如，我們確實預計安置費會隨著籌款的持續增加而增加。因此，總而言之，本季 FRE 的銷售額略高於 10 億美元，即每股 1.12 美元，FRE 利潤率為 71%，與 23 年第三季相比，每股 FRE 成長了 78%。

Insurance operating earnings were $308 million for the quarter. The run rate here is still at that $250 million level, plus or minus, as we discussed on last quarter's call as the results this quarter benefited from approximately $50 million of earnings that came primarily from GA's annual actuarial assumption review.

該季度保險營業收入為 3.08 億美元。正如我們在上個季度的電話會議上討論的那樣，這裡的運行率仍然處於2.5 億美元的水平，上下浮動，因為本季度的業績受益於大約5000 萬美元的收益，這些收益主要來自GA 的年度精算假設審查。

Strategic Holdings operating earnings were $7 million in Q3 and we expect a similar level in Q4. These figures compare to the $62 million of net dividends reported for the first half of 2024, which were ahead of our expectations. And as we discussed, the trajectory of these earnings won't be linear in these early days.

Strategy Holdings 第三季的營業利潤為 700 萬美元，我們預計第四季也將達到類似水準。這些數字與 2024 年上半年報告的 6,200 萬美元淨股息相比，超出了我們的預期。正如我們所討論的，這些收益的軌跡在早期不會是線性的。

And more importantly, we continue to see consistent growth across the underlying businesses and are tracking nicely towards our expected $300 million-plus of net dividends by '26 and $600 million-plus by 2028. And as context for the portfolio as a whole, taking our share of the 12-month revenue and EBITDA generated by these 18 businesses was $3.6 billion and approximately $900 million, respectively.

更重要的是，我們繼續看到基礎業務的持續成長，並且正在順利實現我們預期的到26 年淨股息超過3 億美元、到2028 年淨股息超過6 億美元的目標。 ，我們在這 18 家企業產生的 12 個月收入和 EBITDA 中所佔的份額分別為 36 億美元和約 9 億美元。

And year over year, we saw 14% like-for-like growth in revenue and 11% growth in EBITDA. The portfolio is scaled and continues to grow nicely. And importantly, again, remains on track to deliver meaningful net dividends in the years ahead. So in aggregate, total operating earnings were $1.47 per share, a record quarter and 25% ahead of last quarter and represented 81% of segment earnings.

與去年同期相比，我們的營收年增 14%，EBITDA 成長 11%。該投資組合已擴大規模並繼續良好成長。再次重要的是，該公司仍有望在未來幾年實現有意義的淨股息。因此，總體而言，總營業利潤為每股 1.47 美元，創歷史新季度記錄，比上一季增長 25%，佔部門利潤的 81%。

Moving on to investing earnings. Within our asset management segment, realized performance income was $392 million, and realized investment income was $152 million. And we had $88 million of net realized investment income within our Strategic Holdings segment.

繼續投資收益。在我們的資產管理部門，已實現的業績收入為3.92億美元，已實現的投資收入為1.52億美元。我們的戰略控股部門實現了 8,800 萬美元的淨投資收入。

So in total, investing earnings after compensation were $318 million. After interest expense and taxes, adjusted net income was $1.2 billion or $1.38 per share, up 57% on a year-over-year basis from the third quarter of last year.

因此，補償後的投資收益總計為 3.18 億美元。扣除利息費用和稅費後，調整後淨利為 12 億美元，即每股 1.38 美元，較去年第三季年增 57%。

Now finally turning to investment performance on Page 10 of the earnings release. The traditional private equity portfolio appreciated 5% in the quarter and 17% in the last 12 months. Opportunistic real estate was up 2% in the quarter and up 3% in the LTM.

現在終於轉向財報第 10 頁的投資績效。傳統私募股權投資組合本季升值 5%，過去 12 個月升值 17%。機會型房地產本季上漲 2%，LTM 上漲 3%。

Infrastructure continues to perform well, up 6% in Q3 and 18% in the LTM. And in credit, the leverage credit composite was up 2% and the alternative credit composite was up 3% in the third quarter. And performance here over the last 12 months was up 11% and up 12%, respectively.

基礎設施持續表現良好，第三季成長 6%，LTM 成長 18%。在信貸方面，第三季槓桿信貸綜合成長了 2%，另類信貸綜合成長了 3%。過去 12 個月的業績分別成長了 11% 和 12%。

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

至此，我很高興將電話轉給羅布。

Thanks a lot, Craig, and thank you all for joining our call this morning. Last quarter, we highlighted that we were seeing significantly greater market activity and momentum across the firm. Those trends were clearly seen in the results that Craig just ran through.

非常感謝克雷格，也感謝大家今天早上加入我們的電話會議。上個季度，我們強調我們看到整個公司的市場活動和勢頭顯著增加。這些趨勢在克雷格剛剛運行的結果中清晰可見。

In a lot of ways, this was a quarter where the numbers speak for themselves so I thought that I would focus on a few of the key drivers looking forward: deployment, monetization, fundraising, as well as our unique business model. Starting first with deployment.

從很多方面來說，這個季度的數字是不言而喻的，所以我認為我應該關註一些未來的關鍵驅動因素：部署、貨幣化、籌款以及我們獨特的商業模式。首先從部署開始。

We have seen a meaningful acceleration in activity. And if you take a step back, we have built scaled global businesses to invest behind many of the mega themes that are driving global growth. We discussed this at Investor Day earlier this year, but I will highlight three particularly significant areas this morning.

我們看到活動顯著加速。如果你退後一步，我們已經建立了規模化的全球業務，以投資許多推動全球成長的大型主題。我們在今年早些時候的投資者日討論了這個問題，但今天早上我將強調三個特別重要的領域。

Number one is infrastructure. We know that the need for infrastructure investment is massive. Our footprint here positions us incredibly well. Our Global Infra business has now scaled to $77 billion of AUM. Remember, we were just $13 billion five years ago, and all of that growth has been organic.

第一是基礎建設。我們知道基礎設施投資的需求是巨大的。我們在這裡的足跡使我們處於非常有利的位置。我們的全球基礎設施業務現已擴大至 770 億美元的資產管理規模。請記住，五年前我們的規模僅為 130 億美元，而且所有這些成長都是有機的。

We are particularly well positioned across all things digital infrastructure, and we are seeing this theme play out globally. There are really three pillars of activity here.

我們在數位基礎設施的所有方面都處於特別有利的位置，並且我們看到這個主題在全球範圍內展開。這裡其實有三個活動支柱。

The first is mobile infrastructure, so think of the tower industry; second is fixed line infrastructure, fiber-to-the-home; and third are themes in the cloud, AI, storage, and data center space. Our footprint in data centers is particularly large.

首先是行動基礎設施，所以想想鐵塔產業；第二是固網基礎設施，光纖到府；第三是雲端、人工智慧、儲存和資料中心領域的主題。我們在資料中心的足跡特別大。

To give you a sense, we currently own four platforms operating across the US, Europe, and Asia. And looking on a 100% owned basis because we don't own 100% of all of them, the total enterprise value of those platforms and their contracted and highly visible pipeline is over $150 billion.

讓您了解一下，我們目前擁有四個在美國、歐洲和亞洲營運的平台。從 100% 持股的角度來看，因為我們並不 100% 擁有所有這些平台，所以這些平台及其簽約且高度可見的管道的企業總價值超過 1500 億美元。

The second theme that I wanted to highlight this morning is credit. The credit markets that we participate in is a $40 trillion-plus market, and we are seeing the benefits of a scaled global platform with $240 billion-plus of AUM.

今天早上我想強調的第二個主題是信用。我們參與的信貸市場是一個價值超過 40 兆美元的市場，我們正在看到管理規模超過 2,400 億美元的規模化全球平台的好處。

Our asset-based finance team, as an example, continues to be particularly active. In total, AUM across our ABF platform exceeds $65 billion. That's up 40% versus last year. And we have a real leadership position across an area that has significant market tailwinds.

例如，我們的資產融資團隊繼續特別活躍。我們 ABF 平台的資產管理規模總計超過 650 億美元。比去年增加了 40%。我們在具有顯著市場優勢的領域擁有真正的領導地位。

And finally, Asia remains one of the most dynamic parts of the world. We've had a meaningful presence in the region for close to two decades and are, by far, the leading alternatives platform on the ground today with nearly $70 billion of AUM.

最後，亞洲仍然是世界上最具活力的地區之一。近二十年來，我們在該地區佔據了重要地位，迄今為止，我們是當地領先的另類平台，資產管理規模接近 700 億美元。

We are incredibly well positioned to generate significant scale and value for our enterprise over the next decade-plus. And we are particularly excited about the opportunities in Japan across multiple asset classes.

我們處於非常有利的位置，可以在未來十多年為我們的企業創造巨大的規模和價值。我們對日本跨多個資產類別的機會感到特別興奮。

Japan is a market where today, we have real leadership. We opened our first office in the country in 2006 so almost two decades ago. Together with KGRM, we have over 200 people in Tokyo, helping us source and originate investment opportunities up and down the capital structure.

今天，我們在日本市場擁有真正的領導地位。我們於 2006 年在該國開設了第一個辦事處，距今已近二十年。我們與 KGRM 一起在東京擁有 200 多名員工，幫助我們在資本結構上下尋找並創造投資機會。

Global Atlantic has now closed on two reinsurance transactions with the last -- within the last 12 months. And in aggregate, we have $25 billion of AUM across all of our strategies in Japan. Taken together, our footprint provides us with a lot of confidence around competing in the local markets and further scaling from here.

Global Atlantic 現已完成兩筆再保險交易，其中最後一筆是在過去 12 個月內完成的。總的來說，我們在日本的所有策略的資產管理規模總計達 250 億美元。總而言之，我們的足跡為我們在當地市場競爭和進一步擴大規模提供了極大的信心。

Turning next to monetizations. We've seen an uptick here, given readily accessible debt markets, the improved tone across global equity markets and increased M&A volumes.

接下來轉向貨幣化。鑑於債務市場易於進入、全球股市基調改善以及併購數量增加，我們已經看到了這一增長。

To give you a sense of this, the total gross proceeds from monetization activity in our private equity and real assets businesses year to date have been approximately $13 billion. That is up over 60% from the same time last year.

為了讓您了解這一點，我們的私募股權和實體資產業務今年迄今的貨幣化活動總收益約為 130 億美元。比去年同期增長了 60% 以上。

And as we look ahead, presuming the market backdrop remains constructive, we expect you'll see a further acceleration of activity across the industry. And against this backdrop, we feel very well positioned. One of the areas that we watch closely as a management team is the maturity of our portfolios.

展望未來，假設市場背景仍具有建設性，我們預期整個產業的活動將進一步加速。在這種背景下，我們感覺自己處於非常有利的位置。作為管理團隊，我們密切關注的領域之一是我們投資組合的成熟度。

Today, we are in a very good position, which reflects our discipline, we think, around investment pacing and linear deployment. First, we have a number of public positions with meaningful embedded gains. As of quarter end, six of our sizable positions were trading between four times and over 30 times cost.

今天，我們處於非常有利的位置，我們認為這反映了我們圍繞投資節奏和線性部署的紀律。首先，我們擁有許多具有有意義的內在利益的公共職位。截至季末，我們有 6 個規模較大的部位的交易價格在成本的 4 倍到 30 倍以上之間。

Just looking at our private equity portfolio overall. Over 60% of fair value is marked at 1.5 times cost or greater, with approximately 30% marked at two times cost or greater. In addition, our real assets businesses are currently under-earning as our portfolios continue to mature.

只是看看我們的私募股權投資組合的整體情況。超過 60% 的公允價值以 1.5 倍或更高成本標記，約 30% 以 2 倍或更高成本標記。此外，隨著我們的投資組合不斷成熟，我們的實體資產業務目前獲利不足。

In total, our gross unrealized carried interest stands at $7.9 billion at quarter end. That's up 40% year on year. And looking more broadly, if you include our balance sheet investments, so as a reminder, this does not include core private equity, the total embedded gains are $10.9 billion, which is also up 40% year on year.

截至季末，我們的未實現附帶權益總額總計為 79 億美元。較去年同期成長 40%。從更廣泛的角度來看，如果包括我們的資產負債表投資，那麼提醒一下，這不包括核心私募股權，總嵌入收益為 109 億美元，同比也增長了 40%。

When you factor in that we have been monetizing at a healthy pace relative to the industry, this stat really does speak to the strength of our investment performance as well as the health of our global portfolio. And I think all of this really positions us well to generate future investing earnings.

當您考慮到我們相對於行業而言一直以健康的速度實現貨幣化時，這一統計數據確實說明了我們投資業績的實力以及我們全球投資組合的健康狀況。我認為所有這些確實使我們能夠很好地產生未來的投資收益。

Turning next to new capital raised. This totaled $24 billion for the quarter, bringing us to over $85 billion year to date. In the quarter, nearly half of this activity was driven by credit as our business has grown alongside the capabilities of Global Atlantic.

接下來轉向新籌集的資金。該季度的總收入為 240 億美元，年初至今已超過 850 億美元。本季度，近一半的活動是由信貸推動的，因為我們的業務隨著 Global Atlantic 的能力而成長。

Two additional topics of note here. First, our K-Series vehicle saw strong fundraising with over $2 billion of new capital raised in Q3, driven by our private equity and our infrastructure strategies. And looking at K-Series across all four investing verticals, we are now at $14 billion of AUM. That's up from $5 billion a year ago.

這裡還有兩個值得注意的主題。首先，在我們的私募股權和基礎設施策略的推動下，我們的 K 系列融資強勁，第三季籌集了超過 20 億美元的新資金。縱觀所有四個投資垂直領域的 K 系列，我們現在的資產管理規模為 140 億美元。這比一年前的 50 億美元有所增加。

We're continuing to launch our products and new platforms and are still ramping on those that we've been added to already. We remain really encouraged by our progress to date with a tremendous amount of opportunity still in front of us.

我們將繼續推出我們的產品和新平台，並且仍在增加我們已經添加的產品和新平台的力度。迄今為止我們所取得的進展仍然讓我們深受鼓舞，大量的機會仍然擺在我們面前。

And second, over time, we have talked about long-dated multi-asset class strategic partnerships that have recycling provisions. Given the breadth as well as the connectivity across our firm, we are uniquely positioned to create these types of partnerships. This quarter rather, we closed on a $3 billion real asset strategic partnership with a large sovereign wealth fund, which we expect will positively impact both our infrastructure and real estate platforms for two-plus decades.

其次，隨著時間的推移，我們討論了具有回收條款的長期多資產類別策略合作夥伴關係。鑑於我們公司的廣泛性和連結性，我們在建立此類合作夥伴關係方面擁有獨特的優勢。相反，本季度，我們與一家大型主權財富基金建立了價值 30 億美元的房地產戰略合作夥伴關係，我們預計這將在未來二十多年內對我們的基礎設施和房地產平台產生積極影響。

Before I conclude, I did want to spend a few minutes on a couple of elements of our model that I think are really unique and also operating at a very high level. First on Global Atlantic. On the last couple of earnings calls, we talked about GA operating with elevated levels of liquidity after the large block transactions closed at the end of last year as well as early this year.

在結束之前，我確實想花幾分鐘時間討論我們模型中的幾個元素，我認為這些元素非常獨特，並且運行水平非常高。全球大西洋第一。在過去幾次財報電話會議上，我們談到了去年底和今年年初大宗交易結束後，GA 的流動性水平有所提高。

We have seen increased coordination and investment activity across several of our asset classes, including now infrastructure, real estate, and credit. We remain encouraged by the quality of the deal flow that we were able to match up against some of the very long-dated liabilities that we have taken on.

我們看到多個資產類別的協調和投資活動增加，包括目前的基礎設施、房地產和信貸。我們仍然對交易流的品質感到鼓舞，我們能夠與我們承擔的一些非常長期的負債相匹配。

And the second area I wanted to touch on was that you really saw the power of our business model this quarter, with our Capital Markets business producing record revenues of $424 million. This reflected activity across infrastructure, traditional private equity and credit as well as existing portfolio company opportunistic financings and third-party transactions.

我想談的第二個方面是，您確實看到了本季我們業務模式的力量，我們的資本市場業務創造了創紀錄的 4.24 億美元收入。這反映了基礎設施、傳統私募股權和信貸以及現有投資組合公司機會主義融資和第三方交易的活動。

While the quarter did benefit from a few sizable fee events as well as timing, around 100 different transactions contributed to the outcome this quarter, which demonstrates the breadth and diversification of our business. Now we don't think $400 million-plus is the new quarterly run rate for our Capital Markets business.

雖然本季確實受益於一些規模較大的費用事件和時機，但大約 100 筆不同的交易為本季度的結果做出了貢獻，這表明了我們業務的廣度和多元化。現在，我們認為 4 億美元以上並不是我們資本市場業務的新季度運行率。

But this quarter really illustrates the degree to which our model is built to capture very significant economics. We have built this part of our business very deliberately and being able to achieve these types of outcomes is not a surprise.

但本季確實說明了我們的模型在多大程度上是為了捕捉非常重要的經濟數據而建構的。我們非常謹慎地建立了這部分業務，能夠實現這些類型的成果並不令人意外。

Just to close out, our management team remains incredibly excited about the potential of our firm and our ability to inflect up in a recovering deal and exit environment. And as we look to the rest of the year, we will continue to stay just as focused on scaling our businesses and taking full advantage of the unique capabilities that our model presents.

最後，我們的管理團隊仍然對我們公司的潛力以及我們在復甦的交易和退出環境中發揮作用的能力感到非常興奮。展望今年剩餘時間，我們將繼續專注於擴展我們的業務並充分利用我們模型所呈現的獨特功能。

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) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Hope everyone is doing well. My question is on the infrastructure business. So very strong returns, best performing business over the last 12 months and also in the quarter, and infra also contributed to about 50% of your capital market transaction fees, which were also at record levels.

希望每個人都做得很好。我的問題是關於基礎設施業務的。非常強勁的回報、過去 12 個月以及本季度表現最佳的業務以及基礎設施也為您的資本市場交易費用貢獻了約 50%，這也達到了創紀錄的水平。

So these are really big numbers for infra where return targets and size are both smaller than P. So two questions here. Big picture, what's driving the outside performance and is it sustainable into 2025? And I know there was at least one large lumpy item in the capital market transaction fee line, too.

因此，對於回報目標和大小都小於 P 的基礎設施來說，這些數字確實很大。整體而言，是什麼推動了外在表現？我知道資本市場交易費用線中至少也有一項大塊的項目。

Why don't I start? Rob, I'll let you pick up on the capital market piece at the end. Look, in terms of the franchise as a whole, I thought Raj, and again, thank you for the kind introduction. I think Raj did a great job reviewing our infra business and the opportunities we see at our Investor Day just a little over three months ago. And -- or I guess maybe five months ago at this point.

我為什麼不開始呢？羅布，最後我會讓你了解資本市場的部分。看，就整個特許經營權而言，我想拉傑，再次感謝您的熱情介紹。我認為拉吉在回顧我們的基礎設施業務以及我們在三個多月前的投資者日看到的機會方面做得非常出色。而且——或者我猜可能是五個月前的這個時候。

And I think as we look how the business is situated, we've got a series of very distinct market segments. We've got the Global Infra series, Asia Infra, diversified core. We now have the intra-vehicles customized for private wealth investors, and that's even with climate as another strategy that's adjacent where there's lots of opportunity. And Rob mentioned a couple of statistics that really are super impressive.

我認為，當我們審視業務定位時，我們發現了一系列非常獨特的細分市場。我們有全球基礎設施系列、亞洲基礎設施系列、多元化核心。我們現在擁有為私人財富投資者量身定制的車內車，甚至將氣候作為與存在大量機會相鄰的另一種策略。羅布提到了一些令人印象深刻的統計數據。

Five years ago, AUM was $15 billion. As at 9/30, we're at $77 billion, all organic. And so I think what you're seeing here is a business that continues to grow in scale. We do think there are scale advantages as it relates to the business in the formation and the outlook from here. The performance has been one that's very strong.

五年前，資產管理規模為 150 億美元。截至 9 月 30 日，我們的資產總額為 770 億美元，全部為有機資產。因此，我認為您在這裡看到的是一家規模持續成長的企業。我們確實認為存在規模優勢，因為這與業務的形成和前景有關。表現非常強勁。

You're going to have, again, puts and takes in any individual quarter. But I think when you look at performance over the trailing 12-month basis and you look back historically, you've seen this dynamic where you're seeing consistent performance over time, and of course, performance is really going to be the key driver of outcomes here.

再次，您將在任何一個季度都有看跌期權和拿跌期權。但我認為，當你查看過去 12 個月的表現並回顧歷史時，你會看到這種動態，隨著時間的推移，你會看到一致的表現，當然，表現確實將成為關鍵驅動因素這裡的結果。

And I think when you look at our Infra I and our Infra II fund series, those are very mature funds for us. You've seen a very consistent series of results. And I think you're seeing that same pattern of performance as Funds III and IV then mature, and you're seeing just performance progress from the time that those investment periods first begin.

我認為當你看看我們的 Infra I 和 Infra II 基金系列時，這些對我們來說都是非常成熟的基金。您已經看到了一系列非常一致的結果。我認為您會看到與基金 III 和 IV 成熟後相同的績效模式，並且您會看到從這些投資期首次開始時起的績效進步。

Craig, I'll pick up on just the Capital Markets question real quick. Obviously, a really strong quarter for us in Capital Markets. I did mention that we had a couple of few chunkier transactions, which is really to be expected in quarters of high levels of deployment and activity.

克雷格，我將很快回答資本市場問題。顯然，對於我們資本市場來說，這是一個非常強勁的季度。我確實提到過，我們有一些更粗的交易，這在高水準部署和活動的季度中確實是可以預期的。

But I also note that we had over 100 different transactions contribute to the quarter, and I really do think it shows the diversification and breadth of the business model. And you mentioned it, a big quarter as it relates to infrastructure.

但我也注意到，本季我們有超過 100 筆不同的交易，我確實認為這顯示了業務模式的多元化和廣度。您提到了這一點，這是一個與基礎設施相關的重要季度。

But obviously, we have lots of other parts of our business that contribute a great deal to our Capital Markets business over time, whether that's private equity, traditional core private equity, aspects of credit where we're building across Global Atlantic, our geographic breadth. So lots of different ways for us to positively impact the P&L.

但顯然，隨著時間的推移，我們業務的許多其他部分對我們的資本市場業務做出了巨大貢獻，無論是私募股權、傳統核心私募股權、我們在全球大西洋建立的信貸方面、我們的地理廣度。我們有很多不同的方式來正面影響損益。

Glenn Schorr, Evercore.

格倫·肖爾，Evercore。

Curious if we could talk a little bit about asset-backed finance. I know it was a very active quarter. You mentioned the 45%-or-so growth to $65 billion, but I was looking for a little more color of where do those assets sit? Which product strategies?

很好奇我們能否談談資產支持金融。我知道這是一個非常活躍的季度。您提到了 45% 左右的成長，達到 650 億美元，但我一直在尋找更多關於這些資產位於何處的資訊？哪些產品策略？

And then where are you sourcing the assets from? What's coming from your direct origination channels? Where are you growing platforms versus forming some partnerships? Just a little more behind the scenes would be great.

那你要從哪裡採購資產呢？您的直接發起管道有哪些內容？與建立合作夥伴關係相比，您在哪些方面發展平台？如果能在幕後再多一點就太好了。

Glenn, it's Craig. Why don't I start? Scott may have a couple of things to add at the end. But you're correct, that part of our business has been super active. So as you heard from Rob, $66 billion of AUM, up 40% over the last 12 months. And the great thing about having a business of that scale is we can be relevant at a whole bunch of different levels of risk reward.

格倫，我是克雷格。我為什麼不開始呢？斯科特最後可能還需要補充一些內容。但你是對的，我們的這部分業務非常活躍。正如您從 Rob 那裡聽到的那樣，AUM 達到 660 億美元，在過去 12 個月中增長了 40%。擁有如此規模的業務的好處是我們可以在一系列不同級別的風險回報方面發揮作用。

So insurance activity, when we look at Global Atlantic together with our other insurance clients, so this is really investment grade, really single A-rated credit. If you look at our origination here, this is both on a funded and committed basis. Origination was $22 billion year to date.

因此，當我們與其他保險客戶一起審視 Global Atlantic 的保險活動時，這確實是投資等級、真正的單一 A 級信用。如果你看看我們的起源，你會發現這既是在資金支持的基礎上，也是在承諾的基礎上。年初至今，發起金額為 220 億美元。

So on a run rate basis, we're at a $30 billion annual pace, more than double our pace of equity in 2023. And on the platforms, I'm glad you mentioned across KKR as a whole. Look, we have 35 platforms, including real estate, helping generate differentiated origination for us.

因此，以運行率計算，我們的年增長率為 300 億美元，是 2023 年股本增長率的兩倍多。看，我們有 35 個平台，包括房地產，幫助我們創造差異化的起源。

7,000 people waking up every day, looking to help source proprietary origination. It's a real advantage for us. And then on top of that activity, you've got flow, you've got partnership, you've got big corporate deals.

每天都有 7,000 人醒來尋求幫助尋找專有來源。這對我們來說是一個真正的優勢。然後，除了這些活動之外，你還獲得了流量，獲得了合作夥伴關係，獲得了大型企業交易。

And so I think you've seen a number of transactions involving our team with a lot of really big brands in finance, PayPal, Discover would be examples that come to mind. So it just feels like there's a lot of momentum behind the business, and honestly, a lot more for us to do at the same time.

因此，我認為您已經看到了許多涉及我們團隊與金融領域許多大品牌的交易，PayPal、Discover 就是您想到的例子。所以感覺業務背後有很大的動力，說實話，我們同時還有很多事情要做。

Glenn, it's Scott. Thanks for the question. In terms of where it sits, that part of your question, a variety of places. So we have funds, separate accounts, obviously, Global Atlantic. These are great assets for the GA balance sheet and third-party insurers.

格倫，是史考特。謝謝你的提問。就它所在的位置而言，你問題的這一部分，有很多不同的地方。所以我們有資金、獨立帳戶，顯然是全球大西洋銀行。這些對於 GA 資產負債表和第三方保險公司來說都是寶貴的資產。

And we've also been able to create structures that allow us to deliver this on an investment-grade basis and a non-investment-grade basis, depending on what the other underlying client wants. And I think Craig did a great job summarizing.

我們還能夠創建結構，使我們能夠在投資級和非投資級的基礎上提供此服務，具體取決於其他潛在客戶的需求。我認為克雷格的總結做得很好。

The only other thing I would point out, this is a very large market, so call it $5 trillion on its way to $7 trillion, so a significant opportunity for growth ahead, so $65 billion is just a start.

我唯一要指出的另一件事是，這是一個非常大的市場，所以稱其為5 兆美元，並正在走向7 兆美元，因此這是未來成長的重大機會，因此650 億美元只是一個開始。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

I wanted to ask a question on real asset segment but maybe a little bit more broadly, really strong fundraising momentum there, and I know there's been a lot of focus on Global Infra. But this quarter, it seemed to be pretty broad-based. You talked about climate and real estate in the prepared remarks, in the press release.

我想問一個關於實際資產領域的問題，但也許更廣泛一些，那裡的融資勢頭非常強勁，而且我知道全球基礎設施受到了很多關注。但本季度，它的基礎似乎相當廣泛。您在新聞稿中準備好的演講中談到了氣候和房地產。

How are you thinking about sizing these other flagships, so Climate North America real estate? And it also looks like you're pretty far along in European and Asia real estate, APAC infra.

您如何考慮調整這些其他旗艦店以及北美氣候房地產的規模？而且看起來您在歐洲和亞洲房地產以及亞太地區的基礎設施方面也取得了相當大的進展。

So maybe a little bit more holistically, how are you thinking about fundraising outside of the mega flagship infra fund there? And then specifically within real estate, what are you hearing from clients on the ground as far as demand for that product goes?

因此，也許更全面一點，您如何考慮在大型旗艦基礎設施基金之外進行籌款？然後，特別是在房地產領域，就該產品的需求而言，您從當地客戶那裡聽到了什麼？

Alex, why don't I start? It's been really great within real asset since we split out that business line a couple of years ago to see the development of both of those businesses. Infra at this point is approaching $80 billion, real estate is at $80 billion, pretty equally split between real estate equity and real estate credit in terms of the opportunities for us to continue to grow, build and scale.

亞歷克斯，我為什麼不開始呢？自從我們幾年前將該業務線拆分出來以看到這兩項業務的發展以來，實體資產領域的表現確實很棒。目前，基礎設施接近 800 億美元，房地產為 800 億美元，就我們持續成長、建造和規模化的機會而言，房地產股本和房地產信貸之間的比例相當平均。

Honestly, it's one of the things that we love talking about and how we think about how we're situated. If you go back again to some of the things you've heard us talk about over time, over 80% of our strategies, in our view, are yet at scale. And so if you think of real estate, in particular, we've got over a dozen independent vehicles that are growing, building, scaling, and just creates a tremendous amount of opportunity.

老實說，這是我們喜歡談論的事情之一，也是我們如何思考我們所處的位置的方式。如果您再次回顧您長期以來聽到我們談論的一些事情，我們認為我們 80% 以上的策略尚未形成規模。因此，如果你特別想到房地產，我們有十多個獨立的工具，它們正在成長、建造、擴展，並且創造了大量的機會。

And I think on the investment side and dialogue from LPs, I think one of the most encouraging signs, if anything, relates to operating trends over the course of this year. It does feel as though, again, you would have heard this in the market, but it does feel like valuations, knock on wood, bottomed a year ago or so. You've seen us vote with our wallets, if you will, like investment activity over the last 12 months in real estate has increased significantly for us.

我認為在投資方面和有限合夥人的對話方面，我認為最令人鼓舞的跡象之一（如果有的話）與今年的營運趨勢有關。確實感覺好像你會在市場上聽到這一點，但確實感覺估值在一年前左右就觸底了。如果你願意的話，你已經看到我們用錢包投票，就像過去 12 個月我們的房地產投資活動顯著增加一樣。

To give you a snap, within real estate year to date, total deployment is -- approaches $12 billion. The first nine months of '23, we were at about $5 billion. And I think when we think of that investment activity and the progress we've seen operationally, we feel really good about that decision to lean in. So lots of momentum, lots of opportunities for us looking forward.

簡單介紹一下，今年迄今為止，房地產業的總部署額接近 120 億美元。 2023 年的前 9 個月，我們的營收約為 50 億美元。我認為，當我們想到投資活動和我們在營運上看到的進展時，我們對這一決定感到非常滿意。

Alex, it's Scott. Just on your question. So I would say just higher level, the infrastructure and real estate credit, along with private credit and areas like ABF, we've continued to see a lot of activity and interest from a fundraising standpoint. Allocations have been created, commitments are being made. I would put climate in that category. It's a younger strategy. Well, I'd put it in that same category.

亞歷克斯，這是史考特。就你的問題而言。因此，我想說的是，在更高層面上，基礎設施和房地產信貸，以及私人信貸和 ABF 等領域，從籌款的角度來看，我們繼續看到很多活動和興趣。分配已經創建，承諾也正在做出。我會把氣候歸類在這一類別。這是一個年輕化的策略。嗯，我會把它歸入同一類別。

So I don't have a target to give you today, but obviously, the investment need is significant. And we think that could be a really large scale business for us over time. Real estate equity, as we talked about last quarter, the perspective has been evolving in the markets.

所以我今天沒有給你們一個目標，但顯然，投資需求是巨大的。我們認為，隨著時間的推移，這對我們來說可能是一項非常大規模的業務。正如我們上個季度談到的那樣，房地產股票的觀點在市場上一直在演變。

Our view is that the real estate markets bottomed in the last half of last year. Part of the reason that we've leaned in so much this year, and you heard stats from Craig, is our view that the bottom was behind us. And I think that perspective is starting to be shared by others.

我們的觀點是，房地產市場在去年下半年已經觸底。今年我們如此傾斜的部分原因是我們認為底部已經過去，您也聽到了克雷格的統計數據。我認為其他人也開始認同這種觀點。

So we are hearing sentiments shift on real estate equity. I think with the rates starting to come down, you're going to hear more of that. So we've been leaning in, and I think there's beginning to be a perspective that this is a good time to invest.

因此，我們聽到人們對房地產股票的情緒發生了轉變。我認為隨著利率開始下降，你會聽到更多這樣的消息。所以我們一直在努力，我認為人們開始認為現在是投資的好時機。

And over time, you'll see that show up in our Americas, Europe, and Asia funds, we believe. But sentiment is definitely turning and it may take a little bit of time for the capital to start to show up, but we feel like we're in a good spot today and we have those strategies in the market.

我們相信，隨著時間的推移，你會看到這一點出現在我們的美洲、歐洲和亞洲基金中。但市場情緒肯定正在轉變，資本可能需要一點時間才能開始顯現，但我們覺得我們今天處於一個良好的位置，並且我們在市場上有這些策略。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Maybe just to look at the wealth management opportunity a little bit, which is scaling very nicely, and I appreciate you gave a little bit of snippets in the prepared commentary. I was wondering if you could unpack that a little bit further. And maybe just talk about where you're seeing the best traction, which vertical. You mentioned that you're getting on to more platforms, a few new ones yet coming.

也許只是稍微看看財富管理機會，它的擴展性非常好，我很感謝您在準備好的評論中提供了一些片段。我想知道你是否可以進一步解釋一下。也許只是談談你在哪裡看到最好的牽引力，哪個垂直方向。您提到您正在進入更多平台，其中一些新平台即將推出。

Wonder if you could talk a little bit about like where you are in the arc of those, if you will. And then I was wondering now with three months closer, if you could update us a little bit on any early-stage opportunities or fund design with Capital Group.

如果你願意的話，想知道你是否可以談談你在這些弧線中的位置。然後我想知道現在還有三個月的時間，您是否可以向我們介紹 Capital Group 的任何早期機會或基金設計的最新情況。

Bill, it's Craig. Why don't I start? First, just stepping back for a moment for everybody. So as of September 30, we have around $75 billion of AUM from individuals and that does not include policyholders at GA. So if anything, that $75 billion is probably understated when you think about the breadth of our presence and the activity that we have.

比爾，這是克雷格。我為什麼不開始呢？首先，為大家退後一步。截至 9 月 30 日，我們的個人資產管理規模約為 750 億美元，其中不包括 GA 的保單持有人。因此，如果考慮到我們存在的廣度和我們所進行的活動，這 750 億美元可能還是被低估了。

And the majority of that has been capital from high net worth, ultra-high net worth individuals over time who've been investing in our funds. And over time, that capital from individuals has been a low double-digit percentage of new capital raised for us.

其中大部分資金來自長期以來一直投資於我們基金的高淨值、超高淨值人士。隨著時間的推移，來自個人的資本在我們籌集的新資本中只佔兩位數的比例。

And then most recently, as you noted, we've introduced our K-Series suite of products. We've got products currently that are being marketed across the four investing verticals for us, private equity, infrastructure, real estate, and credit. They're all in different stages of their evolution, $14 billion today, $5 billion a year ago. It just continues to feel like we've got lots of great momentum.

最近，正如您所指出的，我們推出了 K 系列產品套件。目前，我們的產品在私募股權、基礎設施、房地產和信貸這四個投資領域進行行銷。它們都處於不同的發展階段，今天是 140 億美元，一年前是 50 億美元。我們仍然感覺我們擁有巨大的動力。

We think we look at the market share statistics in terms of capital raised year to date, feel great about our position, albeit with a lot of wood to chop from here. I think recognizing, I think, in particular, we felt real strength in private equity as well as infrastructure. And I'd say that is both with those asset classes and that is international as well as domestic.

我們認為，從今年迄今籌集的資金來看，我們對市場份額統計數據感到滿意，儘管還有很多工作要做。我認為，我們特別認識到，我們在私募股權和基礎設施方面感受到了真正的力量。我想說的是，這既適用於這些資產類別，也適用於國際和國內資產類別。

So when you look within those two vehicles, AUM is probably a 60-40 split between the US and outside the US. That feels like a really healthy balance to us. So I think when we look at that opportunity, it's multiple asset classes and it's global.

因此，當你觀察這兩種工具時，美國和美國以外地區的 AUM 可能是 60-40 的比例。這對我們來說是一種非常健康的平衡。所以我認為，當我們看到這個機會時，它是多種資產類別，而且是全球性的。

I think the other -- just the other point to highlight, we had launched those vehicles ahead of the fundraising that we've launched for our private BDC. So I think when you look in the industry, you've seen a lot of capital that has been raised in the private credit opportunity, in private BDCs.

我認為另一點——只是需要強調的另一點，我們在為私人 BDC 發起籌款之前就推出了這些工具。所以我認為，當你觀察這個行業時，你會看到很多資本是透過私人信貸機會、私人 BDC 籌集的。

That is one of the pieces that I think we're going to, in particular, see lots more growth and momentum and opportunity for us as we continue to see growth across a number of platforms, a handful of larger ones, which are in the very near term. And then, Scott, I don't know if you have anything to add on Capital Group?

這是我認為我們將特別看到更多成長、動力和機會的部分之一，因為我們繼續看到許多平台（一些較大的平台）的成長，這些平台位於非常近期。然後，史考特，我不知道你對資本集團還有什麼要補充的嗎？

No, I think first off on the wealth management topic. I think there's a lot of different parts of our firm, Bill, that we've got a lot of growth ahead, and the potential is far greater than what's showing up in the numbers. And I think Craig covered it well but we are getting on to a number of different platforms every quarter.

不，我認為首先是財富管理話題。比爾，我認為我們公司的許多不同部分都將迎來很大的成長，而且潛力遠大於數字所顯示的。我認為克雷格（Craig）很好地涵蓋了這一點，但我們每個季度都會進入許多不同的平台。

We've now launched in all four product areas. But the full run rate is not in the numbers yet. So we think you're going to continue to see gaining momentum across everything we're doing in wealth. You're also seeing this across a bunch of different parts of the firm, including the real asset space. We talked about capital raising and infrastructure.

我們現在已經推出了所有四個產品領域。但完整的運行率尚未體現在數字中。因此，我們認為您將繼續看到我們在財富領域所做的一切都獲得動力。您還在公司的許多不同部門看到了這一點，包括實際資產領域。我們討論了融資和基礎設施建設。

But these businesses in terms of what's showing up in the P&L that carry the investment earnings, they're not showing up yet, but they're going to show up. And so I think we've got a lot of different parts of the firm that we see embedded growth. There's latent earnings that will continue to show up and in AUM that will continue to show up as we continue to scale here.

但是，就損益表中顯示的包含投資收益的業務而言，它們還沒有出現，但它們將會出現。因此，我認為我們在公司的許多不同部分都看到了嵌入式成長。隨著我們繼續擴大規模，潛在收益將繼續顯現出來，資產管理規模也將繼續顯現出來。

On Capital Group, we shared earlier this year that we're going to start with two credit vehicles together. That's very much on track. We are also spending time on product design across the other product verticals and alternatives. And so you'll hear more about that in future quarters.

關於資本集團，我們今年稍早表示，我們將同時推出兩種信貸工具。這一切都步入正軌了。我們也花時間進行其他產品垂直領域和替代品的產品設計。因此，您將在未來幾季聽到更多相關資訊。

Brian Mckenna, Citizens JMP.

Brian Mckenna，公民 JMP。

So it was great to see the nice step-up in accrued performance income during the quarter. I'm assuming a lot of this was driven by strong investment performance. But were there any funds that flipped into carry during the quarter?

因此，很高興看到本季應計績效收入的大幅成長。我認為這很大程度上是由強勁的投資績效所推動的。但本季是否有基金轉入套利？

Or any newer strategies that are starting to contribute more meaningfully to the accrual? And then with respect to the [$3 billion] of asset management, embedded gains on the balance sheet, how should we think about just the timing of monetizing this over time?

或是有什麼新策略開始對應計收益做出更有意義的貢獻？然後，對於[30億美元]的資產管理，即資產負債表上的嵌入收益，我們應該如何考慮隨著時間的推移將其貨幣化的時機？

Brian, it's Rob. Thanks for the question. What you saw in the quarter in the $7.9 billion of accrued carry, I'd say that, that is much more broad-based performance. Where you're really starting to see us inflect up, it comes from our real assets portfolio, in particular, infrastructure, of course.

布萊恩，我是羅布。謝謝你的提問。我想說的是，您在本季看到的 79 億美元的應計收益，是更廣泛的表現。當你真正開始看到我們的變化時，它來自我們的實體資產組合，當然，特別是基礎設施。

If you look at our flagship infrastructure funds, we went from $1 billion to $3 billion to $7 billion to $17 billion-plus. And so as we scaled and performed, you're going to see that accrued carry build. And then importantly, now you're starting to see that realized carry start to flow through the P&L as well.

如果你看看我們的旗艦基礎設施基金，我們的規模從 10 億美元增加到 30 億美元，再到 70 億美元，再到 170 億美元以上。因此，當我們進行擴展和執行時，您將看到累積的進位建置。重要的是，現在您開始看到已實現的利差也開始流經損益表。

As it relates to the balance sheet embedded gains, listen, I think that's going to be a function of the monetization environment. And when you're going to see that flow through the P&L right now, we are seeing more opportunities to be able to create exits for our portfolio companies, which is where largely most of that embedded gain on the balance sheet sits.

由於它與資產負債表嵌入收益相關，聽著，我認為這將是貨幣化環境的函數。當你現在看到損益表中的流動時，我們看到了更多能夠為我們的投資組合公司創造退出的機會，而這在很大程度上是資產負債表上大部分嵌入收益所在的地方。

And so if the -- I would say if the environment remains constructive over the course of 2025, we would expect to be able to generate some more material balance sheet-related realizations through the next 12 months.

因此，如果 - 我想說，如果環境在 2025 年期間保持建設性，我們預計將能夠在未來 12 個月內實現更多與資產負債表相關的實質成果。

Yes. The only thing I would add, Brian, is just -- and thanks for the question. From a higher altitude comment standpoint, as we've talked about in the past, including at the Investor Day, it takes about 10 to 15 years to scale AUM in our business. You got to get to Fund III, Fund IV.

是的。布萊恩，我唯一要補充的是──謝謝你的提問。從更高的角度來看，正如我們過去包括在投資者日談到的那樣，我們業務的 AUM 規模大約需要 10 到 15 年的時間。你必須去基金三、基金四。

As you know, we used to have five or six strategies at KKR. I was looking at our fundraising sheet last week. We have 57 line items this year, just to give you a sense. So it's 10 to 15 years to get to scale. And then it's oftentimes 5 to 10 years after you get to scale that you start to see carry and investing earnings show up at scale.

如你所知，我們 KKR 曾經有五、六種策略。上週我正在查看我們的籌款表。今年我們有 57 個訂單項，僅供您了解。因此，需要 10 到 15 年的時間才能達到規模化。然後，通常在你達到規模後 5 到 10 年，你開始看到套利和投資收益大規模出現。

And remember, we went from that six line items to 57 since the end of the financial crisis. So as you think about the momentum we have behind us, to Rob's point, and just what's coming, the $1 billion to $3 billion to $7 billion to $17 billion as an example in infrastructure, that's not really in our earnings yet from a carry standpoint. We have that happening in a lot of different places across the firm, which is part of the reason you hear such confidence in our voices.

請記住，自金融危機結束以來，我們從這 6 個項目增加到了 57 個。因此，當你思考我們背後的動力時，就羅布的觀點而言，以及即將發生的事情，以基礎設施領域為例，10 億至30 億美元、70 億至170 億美元，從套利的角度來看，這還沒有真正體現在我們的收益中。我們公司的許多不同地方都在發生這種情況，這也是您從我們的聲音中聽到如此自信的部分原因。

Got it. Congrats on another great quarter.

知道了。恭喜又一個偉大的季度。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

I wanted to ask a follow-up question just on the fundraising outlook. If we benchmark fundraising trends year to date versus the target $300 billion that you outlined at Investor Day, you've already fundraised $85 billion, tracking ahead of goal despite a limited contribution from flagships.

我想問一個關於籌款前景的後續問題。如果我們將今年迄今為止的籌款趨勢與您在投資者日概述的 3000 億美元目標進行比較，您已經籌集了 850 億美元，儘管旗艦公司的貢獻有限，但仍領先於目標。

And just given the constructive tone on this call improving momentum, both institutional and retail, just was hoping to get a bit of a mark to market on whether that target feels conservative, given some of the tailwinds that you're seeing. I recognize it's supposed to be a multiyear target. But any perspective you can offer, just given some of the strength in the recent fundraising momentum would be helpful.

鑑於這次電話會議的建設性基調改善了機構和散戶的勢頭，鑑於您所看到的一些有利因素，我們只是希望在市場上了解該目標是否保守。我認識到這應該是一個多年目標。但只要考慮到最近籌款勢頭的一些力量，你能提供的任何觀點都會有所幫助。

Steven, why don't I start? And Scott or Rob, I'm sure, may have another couple of thoughts. I think first, in terms of the $300-plus billion, I think you're correct. Look, we feel great about the momentum that we have in the execution you've seen today. We don't have a new number for you today.

史蒂文，我為什麼不開始呢？我確信斯科特或羅布可能還有另外一些想法。我認為首先，就3000多億美元而言，我認為你是對的。看，我們對你們今天看到的執行勢頭感到非常高興。今天我們沒有為您提供新號碼。

But I think if anything, our confidence level on the $300 billion-plus, just given everything that we've done, if anything, just would have increased. Now I think in terms of some of the statistics because you're right, it is worth spending a moment just on the implications from a flagship standpoint because we've, in the last couple of years, that activity has been pretty modest.

但我認為，如果有的話，我們對 3000 億美元以上的信心水平，只要考慮到我們所做的一切，如果有的話，只會增加。現在，我認為就一些統計數據而言，因為你是對的，值得花點時間從旗艦角度來看其影響，因為在過去幾年中，我們的活動相當有限。

So just for a little bit of background, when we refer to our flagships, these are really our largest fund complexes across KKR. So I think Americas PE, Asia and Europe PE, core private equity, Global Infra. And over 2020 and 2021, over $60 billion of new capital raised came from our flagships. It was almost 40% of fundraising. And those numbers more recently have been quite modest.

因此，僅介紹一點背景知識，當我們提到我們的旗艦產品時，這些實際上是 KKR 最大的基金綜合體。所以我認為美洲私募股權、亞洲和歐洲私募股權、核心私募股權、全球基礎建設。 2020 年和 2021 年，我們的旗艦公司籌集了超過 600 億美元的新資本。幾乎佔募款的40%。最近這些數字相當溫和。

So in 2022 and 2023, we raised $150 billion, but only $6 billion came from the flagships, again, $6 billion versus that $60 billion. And so now over the LTM, you're starting to see some progress, $118 billion in total, $11 billion coming from the flagships, so a nice start.

因此，在 2022 年和 2023 年，我們籌集了 1,500 億美元，但只有 60 億美元來自旗艦產品，同樣是 60 億美元，而 600 億美元。現在，在 LTM 期間，您開始看到一些進展，總計 1180 億美元，其中 110 億美元來自旗艦店，這是一個很好的開始。

But as we think about the balance of '24 and '25, just given continued activity across infra, as well as our Americas and Asia PE strategies, we just think that activity has the opportunity to be meaningful and incremental to what you've seen from us. And so when you think about us as a whole, we've got flagship opportunities.

但當我們考慮24 和25 的平衡時，考慮到基礎設施領域的持續活動，以及我們的美洲和亞洲私募股權策略，我們認為這些活動有機會變得有意義，並比您所看到的有所增量來自我們。因此，當你將我們視為一個整體時，我們擁有旗艦機會。

We've got continued scaling. And in institutional fundraising, as you would have heard, again, back to 80% of our strategy is not yet at scale. And then on top of that, we've got the continued scaling and the opportunities we have in wealth, both through K-Series and Capital Group.

我們不斷擴大規模。在機構籌款方面，正如您再次聽到的那樣，我們策略的 80% 尚未達到規模。最重要的是，我們透過 K-Series 和 Capital Group 獲得了持續的規模擴張和財富機會。

And that's alongside the opportunity we have at Global Atlantic and Global Atlantic sidecars for that matter. So there's just -- there's a lot for us to do. It feels like we have a lot of momentum. And again, thanks for the question.

這與我們在 Global Atlantic 和 Global Atlantic sidecar 中擁有的機會一樣。所以我們還有很多事情要做。感覺我們有很大的動力。再次感謝您的提問。

Yes. The only thing I'd add, Steven, is we do feel quite positive. We really like our setup. Not surprisingly, you're really good at math. So I would just -- I would lean even more into the plus.

是的。史蒂文，我唯一要補充的是，我們確實感覺非常正面。我們真的很喜歡我們的設置。毫不奇怪，你的數學非常好。所以我會——我會更傾向於優勢。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

I'm going to be a Debbie Downer and ask an election question. We usually take the view that elections don't matter much either way, but one looming big change that could come this time is clearly tariffs on markets appear to be pricing that in to some extent. So aside from inflation and rate impacts, do you have any initial thoughts on how the existing portfolio could be negatively or even positively impacted by tariffs and/or a trade war?

我將成為黛比唐納並提出一個選舉問題。我們通常認為選舉無論哪種方式都無關緊要，但這次可能出現的一個迫在眉睫的重大變化是，市場關稅顯然在某種程度上反映了這一點。那麼，除了通貨膨脹和利率影響之外，您對關稅和/或貿易戰如何對現有投資組合產生負面甚至正面影響有什麼初步想法嗎？

Yes, Patrick, I'm not going to surprise you. We spend most of our time here focusing on things that we can control. That's not one of them. But at the same time, we also do have a team here that's focused on scenario planning across multiple different areas, whether that's the existing portfolio or new portfolio.

是的，派崔克，我不會讓你感到驚訝。我們在這裡花費大部分時間專注於我們可以控制的事情。那不是其中之一。但同時，我們也有一個團隊專注於多個不同領域的場景規劃，無論是現有的產品組合或是新的產品組合。

As you said, I think there's going to be some pluses and minuses depending on the geography of our portfolio companies, the sectors they're in, what their cost base are made out. There's all kinds of different inputs. And so we're watching it closely.

正如你所說，我認為會有一些優點和缺點，這取決於我們投資組合公司的地理位置、它們所在的行業以及它們的成本基礎。有各種不同的輸入。所以我們正在密切關注它。

I think it's fair to say that our teams are ready to react. And we're also ready to react to the extent that we end up in an environment with a little bit more volatility. We've got a lot of dry powder to be able to invest into that.

我認為可以公平地說，我們的團隊已準備好做出反應。我們也準備好應對最終處於波動性更大的環境中的情況。我們有很多乾粉可以投資於此。

Yes. The only thing I'd add is this isn't a new effort here. We've been focused on this for the last several years. So as we've been constructing portfolios, we've been doing it with a mindset that this could happen over time.

是的。我唯一要補充的是，這並不是一項新的努力。過去幾年我們一直專注於此。因此，當我們建立投資組合時，我們一直抱著這樣的心態：隨著時間的推移，這可能會發生。

Mike Brown, Wells Fargo.

麥克布朗，富國銀行。

I wanted to ask on the fee rates, I guess, specifically on the real asset and private equity segments. So in real assets, it looks like the fee rate ticked up and it sounds like that was probably driven by a turn-on of fees from the Global Infra fund. Could you just maybe quantify that impact or maybe help us understand the right run rate for the go forward?

我想我想問費率，特別是實體資產和私募股權領域的費率。因此，在實體資產中，費用率似乎有所上升，聽起來這可能是由全球基礎設施基金的費用開啟所推動的。您能否量化這種影響，或幫助我們了解未來的正確運行率？

And then in private equity, it looks like the fee rate came down a little bit. Anything to point to there? And then can you remind us, are those K-Series products, are they on fee holiday? And if so, when does that end?

然後在私募股權領域，費用率似乎有所下降。有什麼可以指點的嗎？那麼您能否提醒我們，那些 K 系列產品是否有收費假期？如果是這樣，那什麼時候結束？

Yes. So I'll try and take that piece, maybe start with the last piece. Some of our K-Series products do have a bit of a fee holiday that's baked in, depending on the product. And so that's a little bit of what you're seeing in private equity. But I think the private equity fee rates come down a couple of basis points over the past three quarters.

是的。所以我會試著拿下那一塊，也許從最後一塊開始。我們的一些 K 系列產品確實有一定的費用假期，具體取決於產品。這就是你在私募股權中看到的一些情況。但我認為私募股權費用率在過去三個季度下降了幾個基點。

The other thing to factor in is our core private equity strategy, as that scales, that's going to come in and a little bit of a lower fee rate as well. Real assets, to your point, what you're seeing, in particular, is the turning on of Infra V in the third quarter, which would have contributed.

另一件需要考慮的事情是我們的核心私募股權策略，隨著規模的擴大，這將會出現，而且費用率也會降低一些。就您而言，實際資產尤其是您所看到的是第三季 Infra V 的啟用，這將有所貢獻。

But I would say, more importantly, Mike, the right way to evaluate these types of trends is over a longer period of time because there's a lot that can happen intra-quarter. And overall, we feel really good about our aggregate fee rates and how they've stood up even with the introduction of a number of new products that come in naturally at a little bit of a lower fee rate.

但我想說，更重要的是，麥克，評估這些類型趨勢的正確方法是在較長一段時間內進行，因為季度內可能會發生很多事情。總的來說，我們對我們的總費率以及它們的表現感到非常滿意，即使推出了許多新產品，這些新產品自然會以較低的費率出現。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Just going back to Capital Markets. Obviously, a very strong improvement. Obviously, Telecom Italia helped with that. But as we look into the fourth quarter, I'm not sure to what extent you can give any color on the potential and whether that could be another strong quarter, [not for '24] not the run rate, but could it rival the next, next quarter, which was $320 million in ['21.]

回到資本市場。顯然，這是一個非常強大的改變。顯然，義大利電信在這方面提供了幫助。但當我們展望第四季度時，我不確定你能在多大程度上對潛力進行任何描述，以及這是否會是另一個強勁的季度，[不適用於24 年]不是運行率，但它能否與下一個，下個季度，['21.] 為 3.2 億美元

And if Discover something that could potentially close in 4Q and give you fees. And I think also just North America, I think, was more than half or around half of the fees this time, so over $200 million. I think it was up from about $130 million. So was there anything especially lumpy in North America that was contributing to the third quarter?

如果發現有可能在第四季度關閉並給你費用的東西。我認為，這次費用的一半以上或大約一半是在北美，因此超過 2 億美元。我認為這個數字比 1.3 億美元有所增加。那麼，北美有什麼特別不穩定的因素對第三季做出了貢獻嗎？

Yes, sure. Brian, thanks for the question. Obviously, a really great quarter for us. And there's a lot of reasons for us to feel really positive about our Capital Markets business. And you would have heard us say this in the past, this is not the type of business that is great to evaluate on a quarterly basis. Certainly, as a senior leadership team, as we evaluate performance, it's much more on an annual basis.

是的，當然。布萊恩，謝謝你的提問。顯然，這對我們來說是一個非常棒的季度。我們有很多理由對我們的資本市場業務感到非常積極。您過去可能聽過我們這樣說，這不是那種適合按季度評估的業務類型。當然，作為一個高階領導團隊，當我們評估績效時，更多的是按年度評估。

And maybe as we talk about the future, it's obstructive a little bit to go back in history a bit on this business. If you look at our Capital Markets business in 2021, we generated roughly $850 million of revenue. Now obviously, the Capital Markets were buoyant through that 12-month period of time, but it was a record fee number for our business.

也許當我們談論未來時，稍微回顧一下這個行業的歷史會有點阻礙。如果你看看我們 2021 年的資本市場業務，我們的收入約為 8.5 億美元。顯然，在這 12 個月的時間裡，資本市場表現活躍，但對我們的業務來說，這是創紀錄的費用數字。

Now if you look at 2022 and 2023, when capital markets were largely shut across that 24-month period of time, our Capital Markets business still generated $600 million of revenue, plus or minus, in each of those two years. Now we're actually more proud of that performance because I really do think it shows the durability of the franchise.

現在，如果你看看 2022 年和 2023 年，當資本市場在這 24 個月的時間內基本上關閉時，我們的資本市場業務在這兩年中每年仍產生 6 億美元的收入（上下）。現在我們實際上對這樣的表現感到更加自豪，因為我確實認為它顯示了該系列的耐用性。

And as you look at 2024, the year started off a little bit slower. You had some catch-up on activity. It's in part the reason why you saw a spike that happened through the third quarter. But as we look at the year in aggregate, our expectation is that we're going to be up 50%-ish, plus or minus, relative to 2022 and 2023. So it should be a new record year for us on the Capital Markets side, assuming no deals we expect to close in Q4 don't end up getting pushed.

展望 2024 年，這一年的開局有點慢。您已經完成了一些活動。這就是為什麼第三季出現高峰的部分原因。但當我們從整體來看這一年時，我們的預期是，相對於2022 年和2023 年，我們的成長率將增加或減少50% 左右。的一年另一方面，假設我們預計在第四季度完成的交易不會最終被推動。

But we're really constructive around that four-year trajectory and journey. And it really helps inform our views of the future, both around the durability of the franchise in down markets but really our ability to inflect up continue to grow as KKR does more continue to grow geographically.

但我們對這四年的軌跡和旅程確實具有建設性。它確實有助於我們對未來的看法，無論是在低迷市場中特許經營權的持久性，還是隨著 KKR 在地域上的不斷增長，我們的轉型能力也在不斷增強。

We've talked about the very big opportunities that we see existing between GA and our Capital Markets structured finance teams working in partnership together. And I really do think our third-party Capital Markets business is a unique model and very differentiated approach to the market that will continue to add market share over time.

我們已經討論過 GA 和我們的資本市場結構融資團隊之間的合作所存在的巨大機會。我確實認為我們的第三方資本市場業務是一種獨特的模式和非常差異化的市場方法，隨著時間的推移，市場份額將繼續增加。

So we're, as you can tell, really constructive on the business, but it's not really the type of business that I think is great to evaluate quarter in, quarter out.

因此，正如您所知，我們對這項業務確實具有建設性，但我認為這並不是一種值得逐季評估的業務類型。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

I was hoping you could update us on your progress building out the climate strategy. Maybe you could talk about some of the steps you're taking to build that out, types of investments you're making in the portfolio, what return targets you're looking at.

我希望您能為我們介紹制定氣候策略的最新進展。也許您可以談談您為實現這一目標而採取的一些步驟、您在投資組合中進行的投資類型以及您正在尋找的回報目標。

And how do you envision expanding this strategy over the next several years? Seems like there could be opportunities across asset classes and clearly across the globe. Just curious, your thoughts there.

您預計如何在未來幾年內擴展這項策略？似乎跨資產類別以及全球範圍內都可能存在機會。只是好奇，你的想法就在那裡。

Mike, it's Craig. Why don't I start? Thanks for asking. Look, there's a massive need for capital here. And so if the physical economy is going to align with the net zero pathway by 2050, like the capital needs are massive, $200 trillion, so think about that. That's $7 trillion annually of required investment for the next 25-plus years.

麥克，我是克雷格。我為什麼不開始呢？謝謝你的詢問。看，這裡對資本的需求龐大。因此，如果實體經濟要到 2050 年與淨零路徑保持一致，例如資本需求龐大，達到 200 兆美元，那麼請考慮這一點。這意味著未來 25 年以上每年需要 7 兆美元的投資。

And it's renewable, certainly, but it extends far beyond that. It's energy, it's transportation, it's building, it's agriculture. And in our view, when you look at the capital that's been formed to date, it almost feels barbelled.

當然，它是可再生的，但它的用途遠遠不止於此。它是能源、交通、建築、農業。在我們看來，當你看到迄今為止已經成立的資本時，你會感覺它幾乎是被束縛的。

So on the one hand, you have lots of climate strategies that are dedicated to core power and renewables, so the very mature part of that framework, or climate technology in a very early stage. And so in our view, there's a real sweet spot between these two extremes.

因此，一方面，有許多專門針對核心電力和再生能源的氣候策略，因此該框架的非常成熟的部分，或處於非常早期階段的氣候技術。因此，我們認為，這兩個極端之間確實存在著一個最佳點。

And at the same point in time, it lends itself very well with our experience and the things that we've been doing as a firm in infrastructure, in particular, for 15 years now. So if it becomes a front-burner topic for us, we're at $2.5 billion round numbers.

同時，它非常適合我們的經驗以及我們作為基礎設施公司一直在做的事情，特別是 15 年來。因此，如果它成為我們的首要主題，我們的估值將達到 25 億美元。

We're continuing to fundraise. It's a very front-burner topic for our team. So more to come here over time but we think this does have an opportunity to, yes, become an opportunity for us that can move the needle in the long term in the framework over time.

我們正在繼續籌集資金。對我們團隊來說，這是一個非常重要的議題。隨著時間的推移，會有更多的人來到這裡，但我們認為這確實有機會，是的，成為我們的一個機會，可以隨著時間的推移在框架中長期發揮作用。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Maybe just a question on GA. Just given some of the recent shift in the macro environment and given timing dynamics with deploying the significant capital you've taken in over the past few quarters, I was wondering if you could provide an update on the glide path to getting back to the 14% to 15% pre-tax ROE target and if 2026 is still the right timing for that?

也許只是關於 GA 的問題。考慮到近期宏觀環境的一些變化，以及部署您在過去幾個季度獲得的大量資本的時機動態，我想知道您是否可以提供有關回到 1​​4 的下滑路徑的最新信息% 至15% 的稅前ROE目標，2026 年是否仍是實現這一目標的正確時機？

Kyle, thanks a lot for the question. At the most important level, which is how we're performing across the enterprise, how we're going out and sourcing low-cost, simple liabilities of scale, how we're taking those liabilities and then putting them to work, we feel like we're operating at a really high level.

凱爾，非常感謝你的提問。在最重要的層面上，我們認為，我們在整個企業中的表現如何，我們如何走出去並採購低成本、簡單的規模負債，我們如何承擔這些負債然後將它們付諸實踐。非常高的水平運作一樣。

And so as we think about our ability to generate meaningful and ultimately, operating earnings for our shareholders, know that we continue to be on a really great path. The question as to how we operate and at what level of ROE is going to depend on a whole number of factors that we're watching, which including how quickly we grow and in what way that we grow. Let's take our institutional business as an example.

因此，當我們思考我們為股東創造有意義的、最終的營業收入的能力時，我們知道我們仍然走在一條真正偉大的道路上。關於我們如何運作以及股本回報率處於什麼水平的問題將取決於我們正在觀察的一系列因素，其中包括我們成長的速度以及我們成長的方式。我們以我們的機構業務為例。

We've talked about the block business. We've been really active and have found some really exciting opportunities. As you know, Q4 and Q1 of this past year, put to work a material amount of capital. Now in those transactions, we underwrite IRRs to 12- to 18-month redeployment period. So you're taking on the full cost of those liabilities but not yet generating the full asset return for some period of time.

我們已經討論過區塊業務。我們一直非常活躍，並發現了一些非常令人興奮的機會。如您所知，去年第四季和第一季投入了大量資金。現在，在這些交易中，我們承保 12 至 18 個月的重新部署期的 IRR。因此，您承擔了這些負債的全部成本，但在一段時間內尚未產生全部資產回報。

The (inaudible) to the IRRs, which we think are really attractive but not going to come through operating earnings initially. So I think there's multiple different things that will impact your question. But you followed us now for some time. I think you know that as a management team, we're always going to lean in around upfront investment for a longer-term gain.

IRR（聽不清楚），我們認為這確實很有吸引力，但最初不會透過營業收入來實現。所以我認為有許多不同的因素會影響你的問題。但你現在已經關注我們一段時間了。我想你知道，作為一個管理團隊，我們總是會依靠前期投資來獲得長期利益。

And so as we think about the long-term ROE for this business, undoubtedly, we continue to feel like 14% to 15% pre-tax, right level to model going forward. But at the same time, we don't have a specific time line. It's going to depend on these variables that we went through. But we do feel really great how our teams are working together. And no doubt, it's been elevated since we bought 100% earlier this year.

因此，當我們考慮這項業務的長期 ROE 時，毫無疑問，我們仍然認為稅前 14% 至 15% 是未來模型的正確水平。但同時，我們沒有具體的時間表。這將取決於我們經歷過的這些變數。但我們確實對我們團隊的合作感到非常高興。毫無疑問，自今年初我們購買了 100% 以來，該價格已經有所提高。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

I was wondering if you could talk about the sale out of the core private equity portfolio. In the past, you've indicated that those were really businesses you wanted to own for a very long time and let their earnings compound. So could you talk about the circumstances that led to that sale? To what extent might that be something that recurs?

我想知道您是否可以談談出售核心私募股權投資組合的問題。過去，您曾表示，這些企業確實是您想要長期持有的企業，並讓它們的收益實現複合成長。那麼您能談談導致這次出售的情況嗎？這種情況在多大程度上可能會重複發生？

And then on the other hand, I think the comments for your longer-term dividend income expectation was predicated on -- I think in the near term, it's predicated on the existing portfolio, but longer term, you assume more additions. So I guess both sides, the circumstances of the recent sale and how you think about monetizing other assets and then how you think about deploying capital and adding assets to that portfolio.

另一方面，我認為對您的長期股息收入預期的評論是基於——我認為在短期內，它是基於現有的投資組合，但從長遠來看，您假設會有更多的增加。因此，我猜測雙方，最近出售的情況以及您如何考慮將其他資產貨幣化，然後您如何考慮部署資本並將資產添加到該投資組合中。

Yes, great. Thanks a lot for the question. So we're always going to be focused on portfolio optimization. So it's possible that you could see some names come in and out of the portfolio over time. But the overall plan of long term holds within our Strategic Holding segment is unchanged.

是的，太好了。非常感謝您的提問。因此，我們始終關注投資組合優化。因此，隨著時間的推移，您可能會看到一些名字進出投資組合。但我們戰略控股部門長期持有的整體計畫並沒有改變。

As it relates to fiber specifically, this was a portfolio company that we actually owned in partnership with Telecom Italia. And so when we closed on our much broader transaction with Telecom Italia in July, we ended up cleaning up the capital structure and the legacy holding ended up getting cashed out. So that's why you see the monetization flow through in Q3 of this year.

由於它與光纖特別相關，因此這是我們實際上與義大利電信合作擁有的投資組合公司。因此，當我們在 7 月完成與義大利電信的更廣泛的交易時，我們最終清理了資本結構，而遺留的控股最終被兌現。這就是為什麼你會在今年第三季看到貨幣化的情況。

As it relates to our guidance, the $300 million-plus of operating earnings by '26, $600 million-plus by '28, and $1 billion-plus by 2030, if anything, our conviction level as a management team and our ability to achieve those numbers has only gone up since we initially provided that guidance first last November and then updated at Investor Day in April.

就我們的指導而言，到26 年營業收入將超過3 億美元，到28 年將營業收入超過6 億美元，到2030 年將營業收入超過10 億美元（如果有的話），我們作為管理團隊的信念水平以及我們實現這一目標的能力自去年 11 月我們最初提供該指導並在 4 月的投資者日更新以來，這些數字一直在上升。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

I wanted to follow up on both the capital markets and the GA opportunity. Just curious, given the strength you just posted in the third quarter, how much GA contributed or a percentage of that activity and how much is obviously still on the come as you build and integrate that business more?

我想跟進資本市場和 GA 機會。只是好奇，考慮到您剛剛在第三季度發布的實力，GA 貢獻了多少或該活動的百分比，以及隨著您進一步構建和整合該業務，顯然還有多少？

I think the very short answer, Dan, is it was a solid contributor in the quarter but not all that material in the context of $420 million-plus of revenue. That said, we talked about believing that the opportunity in that line of business for us is in the hundreds of millions of dollars over time and that perspective is unchanged.

Dan，我認為非常簡短的答案是，它在本季度做出了堅實的貢獻，但在 4.2 億美元以上的收入背景下，它並不是那麼重要。也就是說，我們談到相信隨著時間的推移，我們在該業務領域的機會將達到數億美元，而這種觀點不會改變。

Mike Brown, Wells Fargo.

麥克布朗，富國銀行。

I wanted to follow up on the wealth channel discussion earlier in the call. I guess getting more focused is the potential opportunity for private assets in the retirement or DC channel and maybe perhaps the more near-term opportunity to actually model portfolios.

我想在電話會議早些時候跟進財富管道的討論。我想更加關注的是退休或 DC 管道中私人資產的潛在機會，也許是實際投資組合模型的近期機會。

But I guess understanding that's all largely unknown today, but I'm interested to hear about what's that long-term opportunity for KKR? How important is it to be a first mover into 401(k)s? And is partnership integral for success here? I'm just curious if the partnership you have with Capital Group could actually give you a bit of a leg up here.

但我想現在人們對這一點還知之甚少，但我很想知道 KKR 的長期機會是什麼？成為 401(k)s 的先行者有多重要？合作關係是成功的必要條件嗎？我只是好奇您與 Capital Group 的合作關係是否真的能為您提供一點幫助。

Mike, it's Craig. Thanks for asking about it. Look, so the majority of new dollars going in the 401(k) plans are going through target date funds. I believe that percentage is north of 60%. And we've talked to some participants who've indicated that percentage is actually well north of 60%.

麥克，我是克雷格。感謝您詢問此事。看，401(k) 計劃中的大部分新資金都通過目標日期基金。我相信這個百分比超過 60%。我們與一些參與者交談過，他們表示這一比例實際上遠高於 60%。

And at the same time, you probably won't be surprised to hear that we think there's a lot of industrial logic to introducing alternative strategies into target date strategies as individuals invest behind their continued retirement. So we expect that's where you'll see alternative strategies first introduced.

同時，您可能不會感到驚訝，因為我們認為，當個人在持續退休後進行投資時，將替代策略引入目標日期策略是有很多工業邏輯的。因此，我們預計您將首先在此處看到替代策略的引入。

It's a massive market. It's one that we do view as being a really interesting long-term opportunity for KKR and the industry. And you're correct. Remember, we've got our partnership with Capital Group. We've got a big target date fund business.

這是一個巨大的市場。我們確實認為這對 KKR 和整個行業來說是一個非常有趣的長期機會。你是對的。請記住，我們與 Capital Group 建立了合作夥伴關係。我們擁有龐大的目標日期基金業務。

And don't forget about GA here. Annuities, we think, are also going to be very relevant within the framework of these pools over time as well.

並且不要忘記這裡的 GA。我們認為，隨著時間的推移，年金在這些資金池的框架內也將非常重要。

So look, it's a topic that has mind share at our firm. There's no question about that, but it's going to take some time. So I don't think you need to adjust your Q4 '24 fundraising numbers for us. But yes, over time, we do think this is a driver that will feel very tangible in the framework of our firm as well as our industry.

所以看，這是我們公司的熱門話題。毫無疑問，但這需要一些時間。因此，我認為您不需要為我們調整 24 年第 4 季的募款數字。但是，是的，隨著時間的推移，我們確實認為這是一個在我們公司和行業框架中非常切實的驅動因素。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

A quick housekeeping item. Could you give the updated visible realization pipeline numbers, please?

快速的家務用品。您能否提供更新後的可見實作管道編號？

Yes, of course, Patrick. So we've got a pretty good amount of visibility into Q4 right now, so call it plus or minus $500 million of monetization-related revenue. Again, that consists of revenue that has already happened or revenue that is signed up and we feel really confident we'll end up closing.

是的，當然，派崔克。因此，我們現在對第四季有了相當好的了解，因此稱其為正負 5 億美元的貨幣化相關收入。同樣，這包括已經發生的收入或已簽約的收入，我們非常有信心最終完成交易。

Importantly, and it's a little bit different in Q4 of '24, so you look at that $500 million. Approximately 60% of that will come through our P&L at the lower 10% to 20% compensation ratio. So the flow through to our P&L will be more significant in Q4 as a result of that dynamic.

重要的是，24 年第四季有點不同，所以你看看那 5 億美元。其中約 60% 將透過我們的損益表以較低的 10% 至 20% 補償率實現。因此，由於這種動態，第四季損益表的流量將更加重要。

Obviously, we're also only a month into the quarter, and so hopefully, the markets maintain the constructive posture, and we're able to generate some additional monetization-related revenue through the remainder of '24.

顯然，我們也才進入本季一個月，因此希望市場保持建設性態勢，並且我們能夠在 24 年剩餘時間內產生一些額外的貨幣化相關收入。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Just thinking through your commentary on the Capital Markets opportunity. Can you remind me just the split between how much of the revenues come from deployment as you continue to scale geographically across the segments versus exit activity? And given the 70%-plus FRE margin, should we presume that, that related revenue effectively drops to the bottom line?

只要想想你對資本市場機會的評論。您能否提醒我，隨著您繼續在各個細分市場上進行地理擴展，有多少收入來自於部署，與退出活動之間有多少收入？鑑於 FRE 利潤率超過 70%，我們是否應該假設相關收入實際上已降至底線？

Bill, thanks for the question. We've put some charts out there in some past presentations around the correlation between deployment and our Capital Markets revenue. That's going to be the largest driver of our business. I would think about the regional expansion of Capital Markets, particularly in Asia, as upside for what we can create over time as well.

比爾，謝謝你的提問。我們在過去的一些演示中列出了一些關於部署與資本市場收入之間相關性的圖表。這將成為我們業務的最大驅動力。我認為資本市場的區域擴張，特別是在亞洲，也是我們隨著時間的推移所能創造的優勢。

Historically, the third-party part of our business has been roughly 20% of our revenue. In 2024, it's a little bit less than that. Really, the result of the mid-market sponsor community being a little bit more quiet on the deployment side, but we do expect that to come back and again, feel really good about our market share.

從歷史上看，我們業務的第三方部分約占我們收入的 20%。到了 2024 年，這個數字會稍微少一點。確實，中端市場贊助商社群在部署方面更加安靜的結果，但我們確實希望這種情況能夠再次出現，並對我們的市場份額感到非常滿意。

On the topic of margins is an important one for us, clearly. What I've said historically is that we feel we could sustainably operate in that mid-60% FRE margin range, which is industry-leading. But what I've also said is that's not a cap for us. And if we're able to go out and execute on our business plan, which we've got a lot of confidence we're going to be able to do, it's really all about scaling things that we've already started.

顯然，關於利潤的話題對我們來說是一個重要的議題。我過去說過的是，我們認為我們可以在 60% 左右的 FRE 利潤率範圍內持續運營，這是行業領先的。但我還說過，這不是我們的上限。如果我們能夠出去執行我們的業務計劃（我們對此充滿信心），那麼這實際上就是擴展我們已經開始的事情。

And so we believe that we're going to be able to grow our revenue at a materially higher pace than our headcount or the operating complexity that's required to operate KKR. And so the output of that should be, if we're successful here, additional operating leverage and an expansion of what is already industry-leading FRE margins. And as you saw the spike in revenue in Q3, you would have seen that flow through.

因此，我們相信，我們的收入成長速度將遠高於我們的員工人數或經營 KKR 所需的營運複雜性。因此，如果我們在這裡取得成功，其產出應該是額外的營運槓桿和擴大業已領先的 FRE 利潤率。當您看到第三季收入激增時，您就會看到這種情況的發生。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Just a quick one on the monetization pipeline coming into 2025. We had an exchange this morning that was also saying the pipeline is very strong, but they did expect 1Q to be slow seasonally. So just wondering if you're seeing that same situation for IPOs coming into '25 because I think you were talking about obviously the deployment momentum picking up. And then I guess maybe just the potential mix of the IPO market versus sales to other companies for monetizations.

這是關於 2025 年貨幣化管道的快速介紹。因此，我想知道 25 年 IPO 是否會出現相同的情況，因為我認為您正在談論明顯的部署勢頭正在增強。然後我想也許只是 IPO 市場與向其他公司出售以實現貨幣化的潛在組合。

Sure. Maybe let's just talk broadly about the monetization environment, which we feel has really recovered through 2024. And the backdrop here is pretty positive. You've had a period of really sustained strength in the leveraged finance market, which is to us as big a leading indicator as there is.

當然。也許我們只是廣泛地討論一下貨幣化環境，我們認為到 2024 年，貨幣化環境確實已經恢復。槓桿金融市場已經經歷了一段真正持續強勁的時期，這對我們來說是一個最大的領先指標。

Obviously, fixed income spreads have come way in and equity markets are as strong as they have been. The one area of the capital markets that has been a little bit more sluggish is the IPO market. But we do expect that to change over the coming quarters. I think just looking at our own portfolio.

顯然，固定收益利差已經開始顯現，股市也一如既往地強勁。資本市場中較低迷的一個領域是IPO市場。但我們確實預計這種情況會在未來幾季發生變化。我認為只要看看我們自己的投資組合。

If you look back over the past 12 months, we've had four IPOs of size and they include businesses in different sectors and different geographies, a growth-oriented business, some mature businesses that are slower growth. And it's just a very small data point, obviously, but all of those IPOs are trading well above issue price.

如果你回顧過去12個月，我們已經進行了四次規模較大的IPO，其中包括不同行業和不同地區的企業、成長型企業，以及一些成長較慢的成熟企業。顯然，這只是一個非常小的數據點，但所有這些 IPO 的交易價格都遠高於發行價。

And on average, they're trading close to 50% above their issue price. And as one of the probably largest equity issuers in the marketplace, that's, while a small data point, I think, a helpful one as we think about what the IPO market could look like through 2025.

平均而言，它們的交易價格比發行價高出近 50%。作為市場上可能最大的股票發行人之一，我認為這雖然是一個小數據點，但在我們思考 2025 年 IPO 市場的情況時卻很有幫助。

The only thing I'd add, Brian, is we did see the deal market rebound in the first half. It took probably the first six months to gain momentum to start to come back. So we're seeing -- and there's a lot of discussion about the IPO market, which I think is highly relevant. But we're seeing that momentum continue.

布萊恩，我唯一要補充的是，我們確實看到上半年交易市場反彈。可能花了前六個月的時間才開始恢復勢頭。所以我們看到，關於 IPO 市場有很多討論，我認為這是高度相關的。但我們看到這種勢頭仍在繼續。

It's not just IPOs but it's strategic M&A as well. But there's nothing that we're looking at today. We don't look at this by quarter per se that would cause us to think there's an air pocket coming.

這不僅是首次公開募股，也是策略併購。但我們今天沒有看到任何內容。我們不會以季度本身來看待這個問題，這會讓我們認為出現了氣泡。

As the guys referenced, the portfolio is mature, it's been performing well. If anything, because a bunch of our industry did not sell things last year, there's a pent-up supply of exits coming.

正如這些人所提到的，該產品組合已經成熟，並且表現良好。如果有什麼不同的話，那就是因為我們行業的許多公司去年都沒有賣出東西，所以被壓抑的退出供應即將到來。

Yes, that's what I anticipated.

是的，這正是我所預料的。

This concludes the question-and-answer session. I'll turn the call back to Craig Larson for closing remarks.

問答環節到此結束。我將把電話轉回克雷格·拉爾森（Craig Larson），讓其結束語。

I just would like to thank everybody for your continued interest in KKR. Please follow up with us directly, of course, if you have any questions. Otherwise, we look forward to chatting with everybody again in 90 days or so. Thanks so much.

我只想感謝大家對 KKR 的持續關注。當然，如果您有任何疑問，請直接與我們聯繫。否則，我們期待90天左右再次與大家聊天。非常感謝。

This concludes today's conference. You may now disconnect your lines. Enjoy the rest of your day.

今天的會議到此結束。現在您可以斷開線路。享受你一天剩下的時間。