KKR & Co Inc (KKR) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 KKR 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我將電話交給 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 second-quarter 2025 earnings call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer; as well as Scott Nuttall, our Co-Chief Executive Officer.

謝謝您，接線生。大家早安。歡迎參加我們的 2025 年第二季財報電話會議。今天早上，和往常一樣，我們的財務長 Rob Lewin 和聯合執行長 Scott Nuttall 也和我一起出席了會議。

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

我們想提醒大家，電話會議中我們將引用非公認會計準則 (Non-GAAP) 指標，這些指標已根據我們新聞稿中的公認會計準則 (GAAP) 數據進行了調整，新聞稿可在 kkr.com 的投資者中心查看。此外，我們報告的分部數據均基於調整後的每股盈餘。本次電話會議將包含前瞻性陳述，不保證未來事件或表現。因此，請參閱我們的收益報告以及美國證券交易委員會 (SEC) 文件，以了解有關這些聲明的警告因素。

So first, beginning with our results that we've just announced for the second quarter. We're pleased to be reporting fee-related earnings of $0.98 per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share. All of these figures are among the highest we've reported in our history as a public company.

首先，我們先來看看剛公佈的第二季業績。我們很高興地報告，費用相關收益為每股 0.98 美元，總營業收益為每股 1.33 美元，調整後淨收入為每股 1.18 美元。所有這些數字都是我們作為上市公司歷史上報告的最高數字。

Now going into more detail, management fees in the quarter were $996 million. With Americas XIV turning on in Q2, alongside of our broader fundraising initiatives and continued deployment, management fees in total are up 18% on a year-over-year basis. Total transaction and monitoring fees were $234 million in the quarter.

現在更詳細地講，本季的管理費為 9.96 億美元。隨著 Americas XIV 在第二季度啟動，以及我們更廣泛的籌款計劃和持續部署，管理費總額比去年同期增長了 18%。本季交易和監控費用總額為 2.34 億美元。

Capital markets transaction fees were $200 million, driven by activity with infrastructure and private equity, with just over half of capital markets fees this quarter coming from our activities in Europe. Fee-related performance revenues in the quarter were $54 million. That figure is up 45% year over year, with the growth here driven by the performance allocation from our offshore infrastructure K-Series vehicle.

資本市場交易費用為 2 億美元，主要受基礎設施和私募股權活動的推動，本季超過一半的資本市場費用來自我們在歐洲的活動。本季費用相關績效收入為 5,400 萬美元。這一數字年增了 45%，成長主要得益於我們海上基礎設施 K 系列工具的績效分配。

Fee-related compensation was again right at the midpoint of our guided range, which as a reminder, is 17.5%. Other operating expenses for the quarter came in at $172 million. So in total, FRE was $887 million or the $0.98 per share that I mentioned a moment ago; and our FRE margin came in at 69%.

與費用相關的補償再次處於我們指導範圍的中間點，提醒一下，即 17.5%。本季其他營運費用為 1.72 億美元。因此，總體而言，FRE 為 8.87 億美元，也就是我剛才提到的每股 0.98 美元；我們的 FRE 利潤率為 69%。

Looking at fee-related earnings, more broadly, for a moment and the results you've seen over the last 12 months, driven by healthy management fee growth and a strengthening in our capital markets activities, alongside of operating leverage, FRE per share increased 33% for the 12-month period ended June 30, 2025 compared to June 30, 2024, with a 360-basis-point improvement in our FRE margin.

更廣泛地看一下與費用相關的收益，以及您在過去 12 個月中看到的結果，受管理費健康增長和資本市場活動加強以及經營槓桿的推動，截至 2025 年 6 月 30 日的 12 個月期間，每股 FRE 與 2024 年 6 月 30 日相比增長了 33%，我們的每股 FRE 與 2024 年 6 月 30 日相比增長了 33。

Now back to the quarter, Insurance segment operating earnings came in at $278 million, so modestly ahead of the $250 million, plus/minus, level we discussed last quarter, which is where we continue to expect to see Insurance operating earnings over the next few quarters. And remember that this line item alone does not capture how our model works and all of our Insurance-related economics, recognizing the economics that show up within our Asset Management segment.

現在回到本季度，保險部門的營業利潤為 2.78 億美元，略高於我們上個季度討論的 2.5 億美元上下浮動的水平，我們預計未來幾個季度保險部門的營業利潤將繼續保持在這個水平。請記住，僅此一項並不能反映我們的模型如何運作以及我們所有與保險相關的經濟狀況，而是要認識到資產管理部門中出現的經濟狀況。

So when you include the management fees from the approximately $50 billion of AUM from our Ivy sidecar and co-invest vehicles, capital markets fees also associated with Global Atlantic, as well as the management fees from our investment management agreement with GA, our all-in pretax ROE continues to approach that 20% level.

因此，如果算上來自我們的常春藤邊車和共同投資工具的約 500 億美元 AUM 的管理費、與 Global Atlantic 相關的資本市場費用以及我們與 GA 的投資管理協議的管理費，我們的全稅前 ROE 將繼續接近 20% 的水平。

Strategic Holdings operating earnings were $29 million. So total operating earnings, which again represents the more recurring components of our earnings streams, were $1.33 per share. And over the last 12 months, nearly 80% of our segment earnings were driven by our more recurring earnings streams, demonstrating, in our view, the durability that you're seeing across our business model.

戰略控股公司的營業利潤為 2,900 萬美元。因此，總營業利潤（再次代表了我們利潤流中更經常性的部分）為每股 1.33 美元。在過去的 12 個月中，我們分部收益的近 80% 是由我們更經常性的收入流推動的，在我們看來，這表明了您在我們的整個商業模式中看到的持久性。

Turning to investing earnings, realized performance income was $419 million, and realized investment income was $154 million. These earnings were driven by a combination of public secondary sales and private transactions, as well as K-PRIME's annual crystallization alongside with dividends and interest income.

談到投資收益，實現績效收益為 4.19 億美元，實現投資收益為 1.54 億美元。這些收益是由公開二級銷售和私人交易以及 K-PRIME 的年度結晶以及股息和利息收入共同推動的。

And finally, turning to investment performance on page 10 of our earnings release. Broadly, when you look at the statistics on the page, you're seeing healthy investment performance on behalf of our clients across asset classes during periods of time with uncertainty alongside a real spike in volatility.

最後，我們來看看收益報告第 10 頁的投資績效。總體而言，當您查看頁面上的統計數據時，您會看到在充滿不確定性和波動性真正飆升的時期，我們的客戶在各個資產類別中都取得了健康的投資績效。

Looking at the statistics themselves, the private equity portfolio was up 5% in the quarter and 13% over the last 12 months. Within real assets, the opportunistic real estate portfolio was up 3% in the quarter and 7% over the LTM. Infrastructure, up 3% in the quarter and appreciated 14% over the last 12 months. In credit, the leverage credit composite was up 2% in the quarter and up 7% over the last 12 months, with the alternative credit composite up 1% and 9%, respectively, over those same periods.

從統計數據本身來看，私募股權投資組合在本季上漲了 5%，在過去 12 個月中上漲了 13%。在實體資產中，機會型房地產投資組合本季上漲 3%，較 LTM 上漲 7%。基礎設施本季上漲 3%，過去 12 個月上漲 14%。在信貸方面，槓桿信貸綜合指數在本季上漲了 2%，在過去 12 個月中上漲了 7%，而替代信貸綜合指數在同一時期分別上漲了 1% 和 9%。

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

說完這些，我很高興將電話轉給羅布。

Thanks a lot, Craig, and thanks to everyone for joining our call this morning. As Craig just walked through, our model continues to deliver consistent results. I'd like to begin by highlighting our deployment and monetization activity, which demonstrates the strength of our global and diversified platform.

非常感謝，克雷格，也感謝大家今天早上參加我們的電話會議。正如 Craig 剛剛走過的那樣，我們的模型繼續提供一致的結果。首先，我想強調我們的部署和貨幣化活動，這反映了我們全球多元化平台的實力。

KKR has been around now for 49 years and has navigated a range of macroeconomic backdrops over those five decades. We understand that volatility and uncertainty create opportunity and have positioned our firm to ensure that we are maximizing that opportunity on behalf of our clients.

KKR 已成立 49 年，五十年來經歷了各種宏觀經濟背景。我們明白波動性和不確定性會創造機遇，我們公司已做好準備，確保代表客戶最大限度地利用這一機會。

We build portfolios for the very long term. And when you invest in companies and assets for 5- to 10-plus-year horizons, you need to be thoughtful about how the world is going to evolve. And we have found it less important to try and time the market. It is why we are so disciplined in linear deployment and creating outperformance through our approach to value creation at the asset level.

我們建立的是長期投資組合。當您對公司和資產進行 5 至 10 年以上的投資時，您需要認真考慮世界將如何發展。我們發現嘗試把握市場時機已經不再那麼重要。這就是為什麼我們如此嚴格地進行線性部署並透過在資產層面創造價值的方法來創造卓越績效。

Since the start of the year, we've deployed nearly $37 billion of capital, with around half of that deployed in the second quarter. Within private markets, nearly 50% of our year-to-date activity has been outside of the US. And we've been balanced in deploying capital across traditional private equity, growth equity, infrastructure, and real estate.

自今年年初以來，我們已經部署了近 370 億美元的資本，其中約一半是在第二季部署的。在私人市場中，我們今年迄今近 50% 的活動都在美國以外。我們在傳統私募股權、成長型股權、基礎設施和房地產領域的資本配置一直保持平衡。

In Credit, we've deployed $18 billion of alternative capital since January, diversified largely across direct lending and asset-based finance. ABF, in particular, is an area where we continue to see a lot of growth opportunity, which I'll touch on in a bit more detail in a few minutes. Importantly, there remains a healthy pipeline for deployment in the second half of 2025. And we feel well positioned with $115 billion of uncalled capital.

在信貸方面，自一月份以來，我們已經部署了 180 億美元的另類資本，主要透過直接貸款和資產融資進行多元化投資。特別是 ABF，我們繼續看到很多成長機會，幾分鐘後我將更詳細地談及這一點。重要的是，2025 年下半年仍有健康的部署管道。我們擁有 1,150 億美元的未催繳資本，感覺處於有利地位。

As a result of this consistent approach to investing, we also have a mature portfolio that we can monetize opportunistically. Over the last 12 months, realized performance and investment income totaled $2.6 billion. That number is up over 20% from the same period a year ago. Even with that healthy momentum on monetizations, our unrealized carried interest across our global portfolio today stands at a record $9.2 billion. And that number is up roughly 30% from $7.1 billion just 12 months ago.

由於採取這種一致的投資方式，我們也擁有成熟的投資組合，可以隨時將其貨幣化。過去 12 個月，實現績效和投資收益總計 26 億美元。與去年同期相比，這一數字成長了 20% 以上。即使貨幣化勢頭良好，我們全球投資組合中未實現的附帶權益目前仍達到創紀錄的 92 億美元。這一數字比 12 個月前的 71 億美元增長了約 30%。

Looking at our private equity portfolio specifically, approximately 60% is marked at over 1.5 times our cost. And on average, our public names are marked at over 5 times our cost. So our portfolio is in very good shape. And ultimately, that is the most important indicator of future monetizations. I would say that it is really our global footprint that is a large driver of the continued deployment and monetization activity that we are seeing across the firm.

具體來看我們的私募股權投資組合，約 60% 的標價是我們成本的 1.5 倍以上。平均而言，我們的公開名稱標記成本是其成本的 5 倍以上。所以我們的投資組合狀況非常好。最終，這是未來貨幣化最重要的指標。我想說的是，我們的全球影響力才是整個公司持續部署和貨幣化活動的巨大推動力。

As an example, we've seen robust activity out of Asia recently, where we have 9 offices, nearly 600 executives, and manage over $75 billion of assets. Over the past 20 years, we've built a very large localized business, and we've grown and diversified. Today, traditional private equity comprises less than half of our Asia AUM. That's compared to approximately 90% in 2019.

例如，我們最近看到亞洲的業務活動十分活躍，我們在亞洲設有 9 個辦事處，擁有近 600 名高階主管，管理超過 750 億美元的資產。在過去的20年裡，我們建立了非常龐大的在地化業務，並且不斷成長和多元化。如今，傳統私募股權在我們亞洲資產管理規模中所佔比例不到一半。相較之下，2019 年這一比例約為 90%。

Just to give you a sense of our activity here, we recently signed a definitive agreement to exit an investment in a pharmaceutical company in India, closed on our previously announced exits of a telecom tower company in the Philippines and a grocery store chain in Japan, invested in a leading agricultural infrastructure business in Australia and a new financial services platform in Singapore, and established a battery energy storage joint venture in Korea. As you can hear, we got a lot going on across Asia and really continue to be at the forefront of activity in the region.

只是為了讓您了解我們在這裡的活動，我們最近簽署了一項最終協議，退出對印度一家製藥公司的投資，完成了我們之前宣布的退出菲律賓一家電信塔公司和日本一家連鎖雜貨店的交易，投資了澳大利亞一家領先的農業基礎設施企業和新加坡的一個新的金融服務平台，並在韓國建立了一家電池儲能合資企業。正如您所聽到的，我們在亞洲各地開展了許多活動，並且確實繼續處於該地區活動的前沿。

To close out my remarks this morning on monetizations, if you take a look at our pending monetization as we head into the second half of 2025, so transactions that are signed but not yet closed, we have direct line of sight to north of $800 million of monetization-related revenue, the vast majority of which will be performance income. This is a healthy figure for us and consistent with the overall health of our portfolio.

在結束我今天早上關於貨幣化的發言時，如果您看一下我們即將進入 2025 年下半年的待定貨幣化項目，那麼已經簽署但尚未完成的交易，我們可以直接看到 8 億美元以上的貨幣化相關收入，其中絕大部分將是績效收入。對我們來說這是一個健康的數字並且與我們投資組合的整體健康狀況一致。

Now turning to the fundraising environment and a few other notable items for the quarter. In Q2, we raised $28 billion of capital and continue to see meaningful progress across asset classes. We held a final close in the second vintage of our asset-based finance drawdown fund and parallel separately managed accounts, with a total of $6.5 billion in commitments.

現在來談談籌資環境和本季其他一些值得注意的事項。在第二季度，我們籌集了 280 億美元的資金，並繼續在各個資產類別中取得有意義的進展。我們完成了第二輪資產融資提取基金和平行獨立管理帳戶的最終結算，總承諾金額為 65 億美元。

This is more than triple the $2.1 billion predecessor pool of capital. The composition of investors in the fund is encouraging, with approximately 50% of limited partners new to the KKR Credit platform. And commitments are roughly evenly split across clients from the US, Europe, and Asia. More broadly, our ABF business continues to see meaningful growth, with AUM increasing over 20% from this time last year to $75 billion.

這比之前 21 億美元的資本池高出三倍多。該基金的投資者組成令人鼓舞，其中約 50% 的有限合夥人是 KKR 信貸平台的新成員。承諾大致平均分配給美國、歐洲和亞洲的客戶。更廣泛地說，我們的 ABF 業務繼續實現有意義的成長，其 AUM 較去年同期成長了 20% 以上，達到 750 億美元。

We see ABF as a $6 trillion addressable market today, increasing to over $9 trillion over the next four years. The alternative credit ecosystem overall, including not only ABF, but also direct lending and capital solutions, is now larger than the traditional high-yield and leveraged loan markets combined. So ABF is a growing market with secular tailwinds for our industry. And we believe that we are already a leader in the space today.

我們認為 ABF 目前的潛在市場規模為 6 兆美元，未來四年將成長至 9 兆美元以上。整個替代信貸生態系統（不僅包括 ABF，還包括直接貸款和資本解決方案）現在比傳統的高收益和槓桿貸款市場的總和還要大。因此，ABF 是一個不斷成長的市場，對我們的產業來說具有長期的順風優勢。我們相信，我們今天已經是該領域的領導者。

In real assets, we've begun raising capital for our Asia infrastructure strategy. And as we think about demand, we feel encouraged by our historical success in this asset class and the differentiated investment returns that we've been able to achieve, as well as the depth of our Pan-Asian presence and breadth of our global connectivity.

在實體資產方面，我們已經開始為亞洲基礎設施策略籌集資金。當我們考慮需求時，我們對此資產類別的歷史成功和我們所取得的差異化投資回報以及汎亞業務的深度和全球連結的廣度感到鼓舞。

Turning to wealth, K-Series AUM was $25 billion across private equity, infrastructure, real estate, and credit as of June 30. That figure compares to $11 billion just a year ago. We've been really pleased here to see inflows continue to track at or ahead of our expectations despite the market volatility that we've experienced year-to-date.

談到財富，截至 6 月 30 日，K 系列的私募股權、基礎設施、房地產和信貸資產管理規模為 250 億美元。而一年前這數字僅 110 億美元。儘管今年迄今為止我們經歷了市場波動，但我們非常高興地看到，流入資金繼續達到或超過我們的預期。

As you know, in April, we launched two public private solutions through our strategic partnership with Capital Group, making the KKR platform available to an even broader universe of clients. Our continued momentum is earmarked most recently with the filing of a registration statement with the SEC for a public private equity product, which, on the private side, will be investing in a K-Series private equity vehicle as well as PE co-invest opportunities.

眾所周知，今年 4 月，我們透過與 Capital Group 的策略合作推出了兩項公私解決方案，使 KKR 平台能夠惠及更廣泛的客戶群。我們持續的發展勢頭最近體現在向美國證券交易委員會提交了一份公共私募股權產品的註冊聲明，該產品在私人方面將投資於 K 系列私募股權工具以及 PE 共同投資機會。

And looking ahead, we continue to work on a real asset product. We feel great about our partnership with Capital Group and believe that there is more to do together as partners. Next, I'd like to give a brief update on our Insurance business. First, with a focus on elongating and further diversifying our liabilities.

展望未來，我們將繼續致力於真正的資產產品。我們對與 Capital Group 的合作感到非常高興，並相信作為合作夥伴，我們可以做更多的事情。接下來我想簡單介紹一下我們的保險業務。首先，重點是延長並進一步分散我們的負債。

Over the last four months, we successfully issued approximately $2.5 billion of funding agreements with a weighted average duration of eight years through separate transactions in the US, Europe, Japan, and Canada. We believe the local currency liability funding will also help support asset origination outside of the US. And you should expect us to continue to be active here, with a real focus on the longer-duration parts of the FABN market.

在過去的四個月中，我們透過在美國、歐洲、日本和加拿大的單獨交易成功發行了約 25 億美元的融資協議，加權平均期限為八年。我們相信，本幣負債融資也將有助於支持美國以外的資產發起。您應該期望我們繼續在這裡活躍，真正關注 FABN 市場的長期部分。

Alongside of this, we continue to make very good progress on the addition of alternatives to the portfolio, where we believe that we have a differentiated sourcing advantage as a firm. We expect these changes will ultimately drive up overall returns, while at the same time, naturally reducing our leverage profile.

除此之外，我們在增加產品組合替代品方面繼續取得了非常好的進展，我們相信我們作為一家公司擁有差異化的採購優勢。我們預計這些變化最終將提高整體回報，同時自然降低我們的槓桿率。

And second, an update on third-party capital, which is a critical component of our strategy at Global Atlantic. Earlier this week, Japan Post Insurance announced that it would invest $2 billion through a new vehicle managed by Global Atlantic, expanding our existing strategic partnership.

其次，更新第三方資本，這是我們 Global Atlantic 策略的重要組成部分。本週早些時候，日本郵政保險宣布將透過 Global Atlantic 管理的新工具投資 20 億美元，擴大我們現有的策略合作夥伴關係。

As we have talked about since our initial purchase of Global Atlantic, our ability to marry third-party capital alongside the GA balance sheet is a real differentiator for us. Our Ivy sidecar vehicles, which pay fee and carry similar to a drawdown credit or PE fund, allow us to grow GA in a very capital-efficient way.

正如我們自首次收購 Global Atlantic 以來所討論的那樣，我們將第三方資本與 GA 資產負債表結合起來的能力對我們來說是一個真正的差異化因素。我們的常春藤邊車工具支付費用並承擔類似於提取信貸或 PE 基金的義務，使我們能夠以非常資本高效的方式發展 GA。

More specific to the Japan Post commitment, this is another milestone in that effort. And when you aggregate the JPI commitment and where we stand on our Ivy strategy capital raise, we currently have approximately $6 billion of third-party capital capacity versus Ivy II, which was at $2.7 billion.

更具體地說，對於日本郵政的承諾來說，這是這項努力的另一個里程碑。如果將 JPI 承諾和我們的常春藤策略融資情況匯總起來，我們目前擁有約 60 億美元的第三方資本能力，而常春藤 II 的資本能力為 27 億美元。

Once this new capital is put to work, we expect it will translate to over $60 billion of additional fee-paying AUM. So we are seeing significant momentum and an important part of our strategy, and are pleased by the receptivity of our client base to Insurance as a new and compelling asset class.

一旦這些新資本投入使用，我們預計它將轉化為超過 600 億美元的額外付費資產管理規模 (AUM)。因此，我們看到了巨大的發展勢頭和策略的重要組成部分，並且很高興看到我們的客戶群對保險作為一種新的、引人注目的資產類別的接受度。

The last item I wanted to touch on is more of a strategic update. Yesterday, we announced an expansion of our life sciences footprint through the acquisition of a majority stake in HealthCare Royalty Partners or HCR, a leader in biopharma royalty investing. The company's total AUM of approximately $3 billion is largely perpetual in nature.

我想要談的最後一件事是戰略更新。昨天，我們宣布透過收購生物製藥特許權使用費投資領域的領導者 HealthCare Royalty Partners 或 HCR 的多數股權來擴大我們的生命科學業務範圍。該公司的總資產管理規模約為 30 億美元，基本上是永久性的。

As part of this transaction, HCR's approximately 30 employees will continue to focus on royalties and credit investing opportunities, and will collaborate closely with KKR's existing teams. HCR builds on KKR's long-standing experience in healthcare investing across traditional private equity and middle market funds, our dedicated healthcare strategic growth strategy, as well as our existing strategic investment in Catalio Capital.

作為交易的一部分，HCR 的約 30 名員工將繼續專注於特許權使用費和信貸投資機會，並將與 KKR 現有團隊密切合作。HCR 以 KKR 在傳統私募股權和中型市場基金醫療保健投資方面的長期經驗、我們專門的醫療保健策略成長策略以及我們對 Catalio Capital 的現有策略投資為基礎。

This acquisition is also very consistent with our framework for evaluating strategic asset manager M&A. HCR brings us long-duration, unique, and largely perpetual capital, access to large addressable markets where HCR is already a top three player. And importantly, we believe that HCR will bring additional origination capacity to our overall platform, primarily across Global Atlantic and our credit pools of capital.

此次收購也與我們評估策略性資產管理公司併購的架構非常一致。HCR 為我們帶來了長期、獨特且基本上是永久性的資本，並讓我們能夠進入大型可尋址市場，HCR 在這些市場中已經是前三大參與者之一。重要的是，我們相信 HCR 將為我們的整體平台帶來額外的發起能力，主要是在整個 Global Atlantic 和我們的信貸資本池中。

Thank you all for joining our call this morning. Our team remains very excited around the business momentum that we are seeing across the firm and importantly, how that will translate into further P&L outcomes.

感謝大家今天上午參加我們的電話會議。我們的團隊對於整個公司所看到的業務發展勢頭感到非常興奮，更重要的是，這將如何轉化為進一步的損益結果。

And to be clear, given all of this momentum, we continue to feel confident in our ability to achieve the 2026 guidance that we shared last year across both our fundraising and our core financial metrics, which include FRE per share, TOE per share, and, of course, ANI per share.

需要明確的是，鑑於所有這些勢頭，我們仍然對我們實現去年在籌款和核心財務指標（包括每股 FRE、每股 TOE，當然還有每股 ANI）中分享的 2026 年指導目標的能力充滿信心。

And now before we move on to questions, I'd like to briefly hand it off to Scott.

現在，在我們開始提問之前，我想先簡單地將問題交給史考特。

Thank you, Rob. Before we start today, we want to acknowledge the tragic events of earlier this week. We all have a lot of friends at Blackstone, and a number of people here were friends with Wesley. Our hearts and thoughts are with all of the victims and their families. We mourn with them.

謝謝你，羅布。在今天開始之前，我們想回顧一下本週早些時候發生的悲劇。我們在黑石集團有很多朋友，這裡的很多人都是韋斯利的朋友。我們的心與所有受害者及其家人同在。我們與他們一起哀悼。

Operator, let's please open the line.

接線員，請接通線路。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Good morning, Scott, Rob. Hope everyone's doing well, and thanks for taking my question. You called out K-Series Credit in the release, and we wanted to circle back on K-FIT. This was previously somewhat of a gap for KKR and wealth, but it's been progressing as of late.

早安，史考特、羅布。希望大家一切順利，謝謝您回答我的問題。您在發布中提到了 K-Series Credit，而我們想回到 K-FIT。這對 KKR 和財富來說以前是一個差距，但最近一直在進步。

So I was hoping you could update us on the fundraising front, progress on platform additions, and how this product is differentiating itself versus an increasingly crowded field of players in private wealth.

因此，我希望您能向我們介紹一下籌款方面的情況、平台新增方面的進展，以及該產品如何在日益擁擠的私人財富領域中脫穎而出。

Hey, Craig. It's Craig. Why don't I start on that? And just to take a step back for a moment on K-Series more broadly before diving into credit, just to level set for everyone, as of June 30, we had approximately $120 billion of assets under management from individuals. And that number does not include policyholders at Global Atlantic. So if anything, again, that figure is understated as you think of the breadth that we have and the presence that we have with individuals.

嘿，克雷格。是克雷格。我為什麼不從那裡開始呢？在深入討論信貸之前，我們先來更廣泛地回顧 K 系列，為了給每個人設定一個水平，截至 6 月 30 日，我們管理的個人資產約為 1200 億美元。而且這個數字還不包括 Global Atlantic 的保單持有人。所以，如果有什麼不同的話，當你想到我們的廣度和我們與個人的存在時，這個數字還是被低估了。

And in terms of K-Series, Rob gave some of these stats, obviously. A year ago, we were at $11 billion of AUM. And as we look at where we are today, we're at $25 billion. So early days, but we are really encouraged about the progress that we have. I think that is particularly true in infra and private equity which are newer asset classes for more mass affluent investors.

就 K 系列而言，Rob 顯然給出了一些統計數據。一年前，我們的資產管理規模為 110 億美元。看看我們今天的狀況，我們的資產總額已經達到 250 億美元。雖然還處於早期階段，但我們對所取得的進展感到非常鼓舞。我認為在基礎設施和私募股權領域尤其如此，因為對於更多的富裕投資者來說，它們是較新的資產類別。

And in terms of credit, if you look at the decisions that -- and how we're situated, we did make the active decision to launch PE and infra ahead of our private BDC. I think we did want to be earlier to market in these newer asset classes. And when you look at market share across new capital raise across all of these different strategies, we rank second on a year-to-date basis. So I think we feel very good about our progress.

就信貸而言，如果你看一下這些決定以及我們的處境，你會發現，我們確實做出了積極的決定，在私人 BDC 之前推出 PE 和基礎設施。我認為我們確實希望更早進入這些較新的資產類別的市場。當您查看所有這些不同策略的新資本籌集的市場份額時，按年初至今，我們排名第二。所以我認為我們對我們的進展感到非常滿意。

In terms of K-FIT, specifically, we do have a specific allocation to asset-based finance as we think about how to position and how to differentiate K-FIT relative to, as you noted, a space where you have a lot of competition. And it's early days. We are continuing to see progress from here as it relates to distribution partners.

具體來說，就 K-FIT 而言，我們確實對資產型融資進行了特定的分配，因為我們正在考慮如何定位以及如何區分 K-FIT，正如您所說，這是一個競爭激烈的領域。現在還為時過早。我們在分銷合作夥伴方面繼續取得進展。

We did raise more capital on K-FIT in Q2 than we have in its history. So we are seeing progress albeit off a lower base and where we see lots of continued opportunities for runway for us. And then just to be clear, we also are converting what is called KCOP, which was a multi-sector credit vehicle to a primarily asset-based finance-focused vehicle, which we're calling K-ABF.

我們在第二季為 K-FIT 籌集的資金確實比其歷史上任何時候都多。因此，儘管基數較低，但我們仍看到了進展，並且看到我們仍有許多持續的發展機會。然後需要明確的是，我們也將所謂的 KCOP（一種多部門信貸工具）轉換為主要以資產為基礎的融資工具，我們稱之為 K-ABF。

And so I think as we look at this opportunity in asset-based finance, it feels to us like there is real demand for dedicated evergreen ABF product that's tailored to individuals. And it felt to us like converting KCOP was the best way for us to develop this solution efficiently.

因此，我認為，當我們看到資產融資中的這一機會時，我們感覺到對針對個人量身定制的專用常青 ABF 產品確實存在需求。我們認為轉換 KCOP 是我們有效開發此解決方案的最佳方式。

This is contingent to be clear on a proxy that we have with KCOP shareholders. We do anticipate that conversion to take effect on or around the end of August. So I think at the heart, lots of progress. It does feel like there's a lot more for us to do on this front, most specifically. And then just to be clear, everything that we've launched with Capital Group is incremental to all of this.

這取決於我們與 KCOP 股東之間的代理協議是否明確。我們確實預計該轉換將在 8 月底左右生效。所以我認為從本質上來說，我們已經取得了很大的進步。具體來說，我們確實感覺在這方面還有很多事情要做。然後需要明確的是，我們與 Capital Group 合作推出的所有產品都是所有這些產品的增量產品。

Craig, it's Scott. I think that's well said. The main difference, I think, we're hearing in the market is this allocation to asset-based finance is part of K-FIT. I think that's helping. We're getting added to more platforms every quarter. So I appreciate you pointing out the momentum that we're starting to see there.

克雷格，我是史考特。我認為說得很好。我認為，我們在市場上聽到的主要區別是，這種基於資產的融資分配是 K-FIT 的一部分。我認為這是有幫助的。我們每季都會加入更多平台。因此，我很感謝您指出我們開始看到的勢頭。

We'll keep it posted on K-ABF that Craig just referenced. We're optimistic about that. And as you know, it's early days with capital in terms of what we've done there. And as a reminder, that public-private solution that we've launched with our partner has a 40% allocation to what we do, about 20 of those points to direct lending, 20 to asset-based finance. So we have another avenue to the wealth channel through our partnership with Capital. So we'll keep you posted, but I appreciate you highlighting it.

我們將在 K-ABF 上發布 Craig 剛才提到的消息。我們對此持樂觀態度。而且如你所知，就我們在那裡所做的工作而言，資本投入還處於早期階段。需要提醒的是，我們與合作夥伴共同推出的公私合作解決方案有 40% 的份額分配給了我們的業務，其中約 20% 分配給了直接貸款，20% 分配給了資產融資。因此，透過與 Capital 的合作，我們獲得了另一條通往財富管道的途徑。因此我們會隨時向您通報情況，但我很感謝您強調這一點。

And, Craig, there's just one other thought here. I'd be remiss if I didn't mention, if you do look at K-FIT returns, whether that's on a year-to-date basis or on an inception-to-date basis, they're as good as it gets in the industry in terms of private BDCs.

克雷格，這裡還有另一個想法。如果我不提的話，那我就是失職了，如果你看一下 K-FIT 的回報，無論是按年初至今還是按成立至今計算，就私人 BDC 而言，它們在業內都是最好的。

So I think if we continue to perform from an investment standpoint, that again will bode exceptionally well in terms of where we think we can end up in terms of ultimately in the size of the vehicle.

因此，我認為，如果我們繼續從投資的角度表現，那麼就我們最終在車輛尺寸方面能夠取得的成果而言，這將再次是一個非常好的預兆。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, good morning. Thank you guys for taking the question. I wanted to zone in a little bit on the institutional dynamic. The environment, of course, has changed drastically relative to prior quarter's call. I know we've talked in the past more about, I guess, a barbelled approach to institutional fundraising.

嘿，早安。謝謝你們回答這個問題。我想稍微關心一下機構動態。當然，與上一季相比，環境已經發生了巨大變化。我知道我們過去曾更多地談論過機構籌款的嚴格方法。

But given a better outlook for monetization activity, obviously, a much healthier equity market as well, is that still the case? How are you sort of gauging the pulse of institutional clients as you go through this fundraising cycle?

但考慮到貨幣化活動的前景更好，顯然股票市場也更健康，情況仍然如此嗎？在經歷這項融資週期時，您如何衡量機構客戶的脈搏？

Thanks for the question, Alex. It's Scott. I would say, as you can tell from our numbers, I mean, we've been really busy on the fundraising front, $109 billion in the last 12 months. If you look at the last couple of years, $217 billion, so pretty consistent momentum throughout. So we read the same headlines you do. But as we look at kind of what's happening here in the firm, we remain very, very active.

謝謝你的提問，亞歷克斯。我是史考特。我想說，正如您從我們的數據中看到的那樣，我們在籌款方面一直非常忙碌，過去 12 個月籌集了 1090 億美元。如果你看看過去幾年，你會發現有 2,170 億美元，所以整個成長動能相當穩定。所以我們讀到的標題和您讀到的都是一樣的。但當我們觀察公司內部發生的事情時，我們仍然非常非常活躍。

I'd say investors are kind of back to -- or getting back to business as usual. So we're having highly constructive discussions on multiple fronts and around the world. And I think the punchline that probably matters for most of the people listening is last April, we had shared a target for fundraising for 2024 through 2026 at over $300 billion. We're halfway through those 36 months. And we're ahead of pace and feel really good about the target we shared with you, including the plus behind the $300 billion.

我想說投資者已經回歸正常業務了。因此，我們在多個方面和世界各地進行了高度建設性的討論。我認為對大多數聽眾來說可能最重要的一點是，去年 4 月，我們曾共同設定了 2024 年至 2026 年籌資超過 3,000 億美元的目標。這 36 個月我們已經過了一半。我們已經取得了進展，並且對我們與你們分享的目標感到非常滿意，包括 3000 億美元的額外收入。

So I would say the institutional investors we're talking to is a little bit of a different story depending on where you are and what you're talking about. But I'd say infrastructure people still trying to catch up to their allocation, same thing with private credit with increasing interest in asset-based finance. Rob mentioned this development of Insurance as an asset class that we think has attractive opportunity on the forward.

所以我想說，我們正在談論的機構投資者的情況有點不同，這取決於你在哪裡以及你在談論什麼。但我想說，基礎設施人員仍在努力追趕他們的配置，私人信貸也是如此，人們對資產融資的興趣日益濃厚。羅布提到保險作為一種資產類別的發展，我們認為它在未來具有誘人的機會。

And I think most of the noise has been around private equity and how those would mature programs on the institutional front are thinking and acting. But given the fact that we have sent back so much cash relative to that, which we've called and as a reminder, over the last eight years approaching 2:1 back to dollars [called], we are finding that to be a very productive set of discussions and very much business as usual for us.

我認為大部分的關注點都集中在私募股權以及機構層面的成熟計畫如何思考和行動。但考慮到我們已經退回瞭如此多的現金，我們稱之為，提醒一下，在過去的八年裡，接近 2：1 的美元回報，我們發現這是一系列非常富有成效的討論，對我們來說一切照常。

The other thing I'd call out is -- we've referenced this before, but I think it's actually accelerating as a theme. We are finding institutions consolidating their relationships. They want to do more with fewer partners. So we're having more strategic partnership dialogues, more multiproduct dialogues. And that plays to our strengths, as you know. Then you add on private wealth and Capital Group and GA, it just feels really good right now.

我想說的另一件事是——我們之前提到過這一點，但我認為它實際上正在作為一個主題加速發展。我們發現各機構正在鞏固它們之間的關係。他們希望用更少的合作夥伴做更多的事情。因此，我們正在進行更多的策略夥伴關係對話和更多的多產品對話。如你所知，這發揮了我們的優勢。然後你加上私人財富、資本集團和 GA，現在感覺真的很好。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi, good morning.

嗨，早安。

Morning.

早晨。

And I appreciate you guys taking my questions. So I did want to circle back to the ABF deployment opportunity. The strong fundraise in ABF vehicle is juxtaposed with the announcement of the Harley-Davidson deal, where I know you took a stake in the financing unit, purchased a significant portion of the loan portfolio.

我很感謝你們回答我的問題。所以我確實想回到 ABF 部署機會。ABF 汽車的強勁融資與哈雷戴維森交易的宣布並列，我知道您持有融資部門的股份，並購買了貸款組合的很大一部分。

I was hoping to whether you could speak to opportunities to consummate similar transactions with other retail participants. I'm just trying to gauge whether there's more of a one-off or where other retail firms might be open to exploring similar transactions, just given the positive reaction to HRG shares following the announcement.

我希望您是否可以談談與其他零售參與者完成類似交易的機會。我只是想判斷是否有更多的一次性交易，或者其他零售公司是否願意探索類似的交易，因為在公告發布後對 HRG 股票做出了積極的反應。

Yeah, Steven, thanks for the question. Why don't I start broadly on ABF, and then we can talk about Harley-Davidson?

是的，史蒂文，謝謝你的提問。我先大致談談 ABF，然後再討論哈雷戴維森吧？

So just to level set again on page 13 of our release, we detail in our credit liquid strategies business, the composition of our $290 billion-some-odd of AUM. And within private credit, you've seen that grow at a very healthy rate. We're up 20% year over year, $120 billion of AUM. $75 billion of that is asset-based finance. That year-over-year growth is in the mid-20s.

因此，為了在我們發布的第 13 頁再次進行調整，我們在信貸流動性策略業務中詳細介紹了我們 2900 多億美元的 AUM 的構成。在私人信貸領域，你會看到它以非常健康的速度成長。我們的資產管理規模年增 20%，達到 1,200 億美元，其中 750 億美元是基於資產的融資。年比成長率達 25% 左右。

So I think with $75 billion of ABF AUM growing at a north of 20% year-over-year rate, you get a sense of the significance of this business and the growth trajectory that we've -- that you've seen. And Rob had mentioned in our prepared remarks just how we feel we're really well positioned strategically looking forward from here.

因此，我認為，隨著 ABF AUM 規模達到 750 億美元，年成長率超過 20%，您就會感受到這項業務的重要性以及我們所看到的成長軌跡。羅佈在我們準備好的發言中提到，我們感覺從現在開始我們在戰略上處於非常有利的位置。

And look, in this environment, back to your more specific question on Harley-Davidson in the outlook, but we think this should be a wonderful environment for asset-based finance. And this is one of the things that Henry McVey and our macro team have actually written about as opportunities for us. And as we think about this overall environment are companies that want to see or are electing to go in a more capital-light fashion and if there's a way for them to free up capital and use that capital for other strategic initiatives.

在這種環境下，回到您關於哈雷戴維森前景的更具體的問題，但我們認為這對於資產融資來說應該是一個美好的環境。這正是亨利·麥克維和我們的宏觀團隊所寫的對我們來說是機會的事情之一。當我們思考這個整體環境時，公司希望看到或選擇以更輕資本的方式發展，並看看是否有辦法讓他們釋放資本並將這些資本用於其他策略計畫。

And I think at the heart, that's what you saw in the Harley-Davidson deal. So again, they sold the majority of their motorcycle loan portfolio. And then there's also a long-term flow partnership to sell new motorcycle loan originations.

我認為，從本質上來說，這就是你在哈雷戴維森交易中看到的情況。因此，他們再次出售了大部分摩托車貸款組合。此外，還有長期的流動合作夥伴關係來銷售新的摩托車貸款。

Look, I think as we look at Harley-Davidson, it's a company obviously with a truly iconic brands, a really passionate, loyal customer base. But it is another example of this broader trend. And you've seen this in a number of instances for us, whether this is Discover, PayPal, BMO Financial Group, GreenSky home loan improvements.

看，我認為當我們看哈雷戴維森時，它顯然是一家擁有真正標誌性品牌的公司，擁有真正熱情、忠誠的客戶群。但它是這一更廣泛趨勢的另一個例子。您已經在許多例子中看到過這種情況，無論是 Discover、PayPal、BMO Financial Group 還是 GreenSky 房屋貸款改善。

Again, you've just seen a handful of these instances of companies electing to go capital-light to free up capital to pursue other strategic objectives. And it was great from our standpoint to see the reaction in their stock. I think it was up 12% or 13%. So it certainly seemed to be very well received by Harley-Davidson shareholders. Again, they reacted very positively to the news.

再說一次，您剛剛看到了少數公司選擇輕資本化以釋放資本來追求其他策略目標的例子。從我們的角度來看，看到他們的股票做出這樣的反應真是太好了。我認為它上漲了 12% 或 13%。因此，它顯然受到了哈雷戴維森股東的熱烈歡迎。他們再次對這一消息做出了非常積極的反應。

Glenn Schorr, Evercore.

格倫·肖爾（Glenn Schorr），Evercore。

Hi, thanks very much. I think it was after the quarter, you announced just the other day, the first investment with Energy Capital Partners relationship, that big $50 billion announcement. And so my question is -- I get the huge benefit of having dedicated 24/7 power in your building. The question I have is, do you have those type of relationships pre-leased and pre-spoken for?

你好，非常感謝。我認為是在本季之後，就在前幾天，您宣布了與 Energy Capital Partners 的首筆投資，金額高達 500 億美元。所以我的問題是──你們大樓配備全天候專用電力為我帶來了巨大的好處。我的問題是，你們是否有這種預先租賃和預先約定的關係？

Are we -- if we build it, they will come, and there's so much demand that we're going to start leasing it. I'm just curious on how you put that money to work, how -- and what year the cash flow start beginning. Just curious on how that ramps because the TAMs are so big. I'm looking to get a little --

如果我們建造它，他們就會來，而且需求如此之大，以至於我們將開始租賃它。我只是好奇你如何使用這些錢，如何——以及現金流從哪一年開始。我只是好奇，由於 TAM 太大，其成長速度會如何。我希望得到一點--

Yeah, Glenn. It's Craig. Why don't I start? So just to be clear, we are not speculative builders. So the answer to the question, yes, the project has already been leased to, in our view, a very attractive counterparty. And I think the other broad point, as you note, there is just a massive need for capital.

是的，格倫。是克雷格。我為什麼不開始呢？所以要先明確的是，我們不是投機性建構者。所以這個問題的答案是肯定的，我們認為該項目已經租賃給了一個非常有吸引力的交易對手。我認為另一個主要觀點，正如您所說，就是對資本的需求巨大。

And in many ways, the opportunity is broader than just data centers. So there's going to be a need for data center, certainly. But at the same time, you need massive investment in fiber, massive investment in mobile infrastructure at the same time to support the growth in data creation and consumption.

從很多方面來看，機會不僅限於資料中心。因此，肯定會需要資料中心。但同時，您需要對光纖進行大量投資，同時對行動基礎設施進行大量投資，以支援資料創建和消費的成長。

And so for us, when we look at our digital infrastructure presence and you add what we've done in those three pieces together, in total, there's over [$40 billion] of equity invested across these areas. Now to be clear, that does include co-investment and co-underwriting. But it certainly gives you a very good sense of how active we've been in this area.

因此，對我們來說，當我們審視我們的數位基礎設施存在並將我們在這三個領域所做的工作加在一起時，總計在這些領域投資的股權超過 [400 億美元]。現在要明確的是，這確實包括共同投資和共同承銷。但它確實讓你很好地了解我們在這一領域的活躍程度。

And I think one of the things that plays to our strength here is the connectivity and the culture you have across the firm. So again, we're able to invest in these themes across a whole bunch of different pools with different risk return, different geographic exposures, et cetera.

我認為我們的優勢之一就是整個公司的連結性和文化。因此，我們可以在一系列不同的投資池中投資這些主題，這些投資池具有不同的風險回報、不同的地理敞口等等。

And so if you look at just the data center piece in that, we have exposure across global infra, Asia infra, real estate, core private equity, our wealth strategies, in addition to Global Atlantic. So it is a huge mega theme. I think you're going to hear more from us over time related to this.

因此，如果只看其中的資料中心部分，除了全球大西洋之外，我們還涉足全球基礎設施、亞洲基礎設施、房地產、核心私募股權、我們的財富策略。所以這是一個巨大的主題。我想隨著時間的推移，你會聽到我們更多關於此事的消息。

And again, thanks for the question. We do look at last night's announcement. It's just a really interesting direction of travel as it relates to the intersection of both as it relates to infrastructure as well as energy infrastructure and the need to link power as a solution.

再次感謝您的提問。我們確實看了昨晚的公告。這是一個非常有趣的發展方向，因為它涉及基礎設施和能源基礎設施的交叉，以及將電力連接作為解決方案的需要。

And, Glenn, it's Scott. To your question on timing, so construction is already underway. Expected completion date, fourth quarter next year, to give you a sense of when we start to turn on in the lead times.

格倫，我是史考特。關於時間的問題，施工已經在進行中。預計完成日期為明年第四季度，以便讓您了解我們何時開始投入生產。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

Hi, good morning, and thank you for taking my question. Helpful updates on Global Atlantic in the prepared remarks. I was wondering if you could unpack a little bit more of just the performance in the quarter itself. What specifically changed that led to the outperformance versus your prior guide of kind of around $250 million for the next couple of quarters?

大家好，早安，感謝您回答我的問題。準備好的評論中有關 Global Atlantic 的有用更新。我想知道您是否可以進一步闡述本季的表現。具體發生了哪些變化，導致未來幾季的業績超出您先前預測的 2.5 億美元左右？

And then as we think longer term, how important is the sort of elongation of the liability profile? How dependent is that on the FABN market or sort of pivoting the liability profile of your retail flows? Does one matter more than the other? And how long may that take to kind of get to where you want it to be? Thank you.

那麼，當我們從更長遠的角度考慮時，負債狀況的延長有多重要？這對 FABN 市場或零售流量負債狀況的依賴程度如何？哪一個比另一個更重要？需要多長時間才能達到您想要的目標？謝謝。

Thanks a lot, Ben, for the question. It was definitely a solid quarter for Global Atlantic in Q2, $278 million of operating earnings. To be clear, there was some variable investment income that drove that number. And so as we've previously provided a guide of plus or minus $250 million of operating earnings, our expectation for the foreseeable future is that is still the right number to model going forward.

非常感謝 Ben 提出這個問題。對 Global Atlantic 來說，第二季度無疑是個穩健的季度，營業收入達 2.78 億美元。需要明確的是，一些可變的投資收入推動了這個數字。因此，正如我們之前提供的營業收入上下浮動 2.5 億美元的指導一樣，我們對可預見的未來的預期是，這仍然是未來建模的正確數字。

As it relates to the evolution of the business, I think there's really three things going on simultaneously. Number one, third-party capital is a big advantage for us. And we talked about where we stand today relative to where we were when we had Ivy II, which we're still investing as a strategy. We're north of double the amount of capital, and that's a really important strategic imperative. So a lot of good momentum there.

就業務發展而言，我認為實際上有三件事同時發生。首先，第三方資本對我們來說是一個很大的優勢。我們討論了我們目前的狀況與 Ivy II 時的狀況，我們仍在將其作為策略進行投資。我們的資本額已經增加了一倍，這是一個非常重要的策略要務。因此那裡有很多良好的勢頭。

In terms of the liabilities and wanting to elongate those liabilities, it's definitely not just the FABN channel, but that's a component. We're seeing that more in the individual channel as well. We continue to have an active pipeline on the block side, which is longer-duration liabilities, too.

就負債和希望延長這些負債而言，絕對不僅僅是 FABN 管道，但這是一個組成部分。我們在個人頻道中也看到了更多這樣的情況。我們在區塊方面繼續保持活躍，這也是長期負債。

And so there's a number of different ways that we can effectuate longer-duration liabilities. But I think that's going to be ultimately a multiyear process. And alongside that, as we are elongating our liabilities, we're going to methodically take up our allocation to alternatives. And we're making good progress there, too. We're still only about 1% allocated to alternatives.

因此，我們可以採用多種不同方式來實現長期負債。但我認為這最終將是一個多年的過程。除此之外，隨著我們負債期限的延長，我們將有條不紊地分配替代方案。我們在那裡也取得了良好的進展。我們仍然只將約 1% 的資金分配給了替代方案。

At Global Atlantic, industry average is closer to 5%. And so we've got some work there to go, but we're not in a rush. We're going to make sure we do this in the right way and to ensure that when all elements of those business model come together, it will really set us in a very differentiated way from the industry and I think to be really beneficial to our shareholders over the long term. So we're excited with the progress, but still relatively early days.

在 Global Atlantic，行業平均接近 5%。因此我們還有一些工作要做，但我們並不著急。我們將確保以正確的方式做到這一點，並確保當這些商業模式的所有要素結合在一起時，它將真正使我們與行業截然不同，並且我認為從長遠來看這將真正有利於我們的股東。因此，我們對這一進展感到非常興奮，但仍處於相對早期階段。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

Good morning, and thank you for the opportunity. Can you talk about the opportunity presented for the company from potential 401(k) retirement reform and how meaningful this could be? Thank you.

早安，感謝您給我這個機會。您能否談談潛在的 401（k）退休改革為公司帶來的機會以及其意義？謝謝。

Craig, do you want to start?

克雷格，你想開始嗎？

Sure. So, John, a couple of thoughts just to begin. Look, at the heart, we are encouraged to hear the policymakers are discussing ways to help make private market investments more available to US retirement plans. And I think as we hear this, I think we have two overarching thoughts.

當然。那麼，約翰，首先我想說幾點。從本質上講，我們很高興聽到政策制定者正在討論如何讓私人市場投資更容易為美國退休計畫所接受。我認為當我們聽到這個消息時，我們有兩個主要想法。

I think the first -- and this is a phrase that our public affairs team uses internally -- that we think in many ways, this is about giving similarly situated people similar options. And what we mean by that is that right now, across many states in the US, if you're a teacher, probably 30% or so of your retirement is provided through alternative investments.

我認為首先——這是我們公共事務團隊內部使用的短語——我們認為在很多方面，這都是為了給處境相似的人提供相似的選擇。我們的意思是，目前，在美國的許多州，如果你是教師，你的退休金大概有 30% 左右是透過另類投資獲得的。

That percentage, though, for a dentist, is going to be closer to zero. And so in many ways, this is about giving people an option to increase to allocate a portion of their savings to higher-performing asset classes, no different than what we've seen from institutions over the last many number of decades. And I think the second part of this is that we think at the heart, fiduciary should be able to act as fiduciaries and increase the investment options that are available to fiduciaries to consider on behalf of their clients.

然而，對於牙醫來說，這個比例將接近零。因此，從許多方面來說，這都是為了讓人們可以選擇將一部分儲蓄分配給表現更好的資產類別，這與我們在過去幾十年中從機構中看到的情況沒有什麼不同。我認為第二部分是，我們認為從本質上講，受託人應該能夠充當受託人，並增加受託人可以代表其客戶考慮的投資選擇。

So back to your question in terms of what this means for us. Look, we think there's a real opportunity here. That's true for individual investors. That's also true for firms like ours. It's a massive market. I think these statistics are broadly well known.

那麼回到你的問題，這對我們意味著什麼。看，我們認為這是一個真正的機會。對於個人投資者來說確實如此。對於我們這樣的公司也是如此。這是一個巨大的市場。我認為這些統計數據是眾所周知的。

But in the US, retirement is a $40 trillion market, with defined contribution being $12 billion, if not even north of that. It does make a lot of sense to us that target date funds, which have been taking 60%-plus of share of 401(k) flows, if you will, is where you'll probably see alternatives first.

但在美國，退休是一個價值 40 兆美元的市場，其中固定繳款額為 120 億美元，甚至更高。對我們來說，目標日期基金確實很有意義，它佔據了 401（k）資金流的 60% 以上的份額，如果你願意的話，你可能會先看到替代方案。

So again, if you think of someone who's early in their retirement planning, it just makes sense to us that someone who's early in that glide path with that really long-term vision is where alts can be most relevant. And so I think as we think about this opportunity, we do look at it as a very interesting long-term opportunity, no question, but it is a long-term opportunity.

所以，再說一次，如果你想到那些剛開始退休計畫的人，我們認為，對於那些剛開始走上退休之路並擁有真正長遠眼光的人來說，另類投資最有意義。因此，我認為，當我們考慮這個機會時，我們確實將其視為一個非常有趣的長期機會，毫無疑問，但這是一個長期機會。

And we don't think you should expect this to be like flipping a switch. But it is incremental to everything that you see across the firm currently, and we think we're really well positioned. We do think brand will matter. We think track records, investment expertise will matter. And we think depth and breadth of origination will matter.

我們認為您不應該期望這就像撥動開關一樣。但它對目前公司各方面而言都是漸進式的，我們認為我們確實處於有利地位。我們確實認為品牌很重要。我們認為業績記錄和投資專業知識很重要。我們認為起源的深度和廣度很重要。

And these are all things that we think are truly differentiated aspects of KKR. And given all of that, again, just to be clear, we are dedicating the resources against this that you'd expect.

我們認為這些都是 KKR 真正與眾不同之處。考慮到所有這些，我們再次明確表示，正如您所期望的，我們將投入大量資源來解決這個問題。

Hey, John. It's Scott. I think to your question, we don't know the quantum, and we don't know the timing. But I think Craig said it right. This is all incremental to everything that we've talked about and the longer-term vision that we've shared for the firm in the past.

嘿，約翰。我是史考特。我認為對於你的問題，我們不知道量子，也不知道時間。但我認為克雷格說得對。這些都是我們過去談論過的一切以及我們為公司所分享的長期願景的增量。

So we're trying to make sure we're well positioned as it plays out. Craig referenced it. But 60% of 401(k) flows go to target date funds. If you think of that format, it just makes sense for an individual investor. Because probably the allocation to alternatives in private markets should be different for somebody who's 30 versus someone who's 70. And so it's a nice format to be able to provide that flexibility.

因此，我們正在努力確保自己處於有利位置。克雷格引用了它。但 401(k) 資金流的 60% 都流向了目標日期基金。如果你考慮這種格式，它對個人投資人來說是有意義的。因為對於 30 歲的人和 70 歲的人來說，私人市場上的替代品的分配應該是不同的。因此，這是一種能夠提供這種靈活性的很好的格式。

The target date market is very concentrated. The top five players have over 80% market share. Our partners at Capital Group are one of those five players. So you can imagine we're having discussions as to what the future might look like together. But not a lot more color to share with you today, but we'll keep you posted over time as this plays out.

目標日期市場非常集中。前五大廠商的市佔率超過80%。我們在 Capital Group 的合夥人就是這五位參與者之一。所以你可以想像我們正在共同討論未來會是什麼樣子。但今天沒有太多細節可以跟大家分享，但我們會隨時向大家通報進度。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good morning. Thanks for taking the question. More of a bigger picture question for you guys on AI and blockchain. Just as you look out over the next 5, 10 years, curious how you see the industry evolving given potential changes here from AI to blockchain. Curious how you're adjusting your business model. What steps are you guys thinking today and might take in the coming years? And what this all mean for your business? Thank you.

嘿，早安。感謝您回答這個問題。向你們提出有關人工智慧和區塊鏈的更宏觀的問題。就像你展望未來 5 年、10 年一樣，考慮到從人工智慧到區塊鏈的潛在變化，你很好奇你如何看待這個產業的發展。好奇您如何調整您的商業模式。你們現在正在考慮採取哪些措施以及未來幾年可能採取哪些措施？這對您的業務意味著什麼？謝謝。

Yeah, Mike, it's Craig. Really interesting question. Again, not surprisingly, lots of activity around this across the globe, both as we're considering our portfolio as well as we're considering new investments.

是的，麥克，我是克雷格。真是有趣的問題。同樣，毫不奇怪，全球各地都在積極開展這方面的活動，無論是我們在考慮我們的投資組合，還是在考慮新的投資。

So very early, but I think what we'd say at this stage, a couple of thoughts. First, our areas of focus are broad, certainly. And we're first focused on building smarter solutions at our companies. And I think that framework is one where we're looking to bring solutions that deliver more value to our customers.

現在還為時過早，但我認為我們現階段會說幾點想法。首先，我們的關注領域當然很廣泛。我們首先專注於在我們的公司建立更聰明的解決方案。我認為，我們希望透過這個框架為客戶帶來更多價值的解決方案。

I think there's a second aspect. And that's helping our people at our portfolio companies be even more productive so they can do more, solve more, and have a better experience on the job. And then finally, in some cases, it's reimagining business models to unlock even bigger upside.

我認為還有第二個面向。這有助於我們投資組合公司的員工提高工作效率，使他們能夠做更多的事情，解決更多問題，並在工作中獲得更好的體驗。最後，在某些情況下，它會重新構想商業模式以釋放更大的優勢。

And I think in addition to the portfolio companies and opportunities, again, back to Glenn's question earlier on data centers, so this is increasing our opportunity set even at the same time. And so again, we've talked a lot about digital infrastructure on these calls and all the activity that you're seeing.

我認為，除了投資組合公司和機會之外，再次回到格倫之前關於資料中心的問題，這同時也增加了我們的機會。因此，我們在這些電話會議中再次討論了很多有關數位基礎設施以及您所看到的所有活動。

But there's just some -- AI is creating a massive need for capital and solutions. And we want to make sure as we look to position ourselves strategically, that we're bringing the right resources to bear for us across those opportunities. So it's our portfolio companies. It's new investments. It's areas like digital infra. And I'm sure there will be more to come over time as it relates to other aspects.

但有一些——人工智慧正在創造對資本和解決方案的巨大需求。我們希望確保在進行策略定位時，我們能夠利用正確的資源來抓住這些機會。這就是我們的投資組合公司。這是新的投資。它是類似數位基礎設施的領域。我相信隨著時間的推移，還會有更多與其他方面相關的內容出現。

And I think you have seen other signs of this for us. Again, I'd point you back to -- and, Mike, I expect you'll remember this -- but even back in '22, we partnered with a firm to offer a tokenized interest in our healthcare growth fund. So again, this was the first time that one of our strategies was offered in a digital blockchain format.

我想您已經看到了這方面的其他跡象。再次，我想讓你回顧一下——麥克，我希望你會記得這一點——但早在 2022 年，我們就與一家公司合作，為我們的醫療保健成長基金提供代幣化的權益。再次強調，這是我們第一次以數位區塊鏈格式提供我們的策略。

So it was not a significant part of that fundraise. And I think these aspects are not material as we think of the go-forward fund raise for us but do think it's a sign of the creativity that you're going to see in our firm as we look at evolving even the more traditional parts of our business model.

所以它並不是那次籌款的重要組成部分。我認為，當我們考慮未來的資金籌集時，這些方面並不重要，但我認為這是您將在我們公司看到的創造力的標誌，因為我們正在考慮改進我們商業模式中更傳統的部分。

Hey, Michael, it's Scott. I appreciate the question. Look, it's early. We're still learning from our companies. We're spending a lot of time with young companies in the AI space and their founders, and helping to connect dots between what they're building and how an alternative asset management firm actually functions.

嘿，邁克爾，我是史考特。我很感謝你提出這個問題。瞧，還早著呢。我們仍在向我們的公司學習。我們花了很多時間與人工智慧領域的年輕公司及其創始人在一起，幫助他們將正在建立的東西與另類資產管理公司的實際運作方式聯繫起來。

So when it comes to how we run KKR, which I think is part of the thrust of your question, we're still figuring that out. And we're connecting those dots. So far, it's clear it's going to help make our teams more productive. It will help us scale the firm using technology in a way that we've never been able to before.

因此，當談到我們如何經營 KKR 時，我認為這是您問題的關鍵部分，我們仍在弄清楚這一點。我們正在把這些點連接起來。到目前為止，很明顯它將有助於提高我們的團隊的工作效率。它將幫助我們以前所未有的方式利用科技擴大公司規模。

But the specific answers to exactly what does that mean, that's what we're still working on. We'll keep you posted. But it's clear that there's meaningful opportunity, especially as we approach areas like private wealth, scale our Insurance businesses to do this -- some of this stuff in a different way operationally.

但對於這到底意味著什麼，我們仍在努力尋找具體答案。我們會及時通知您。但很明顯，這其中存在著重大機遇，特別是當我們涉足私人財富等領域，擴大我們的保險業務規模時——其中一些業務在運營上以不同的方式進行。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Okay, thank you very much. Good morning, everybody. So just coming back, one of the pushbacks we get on KKR and the group at large is as the industry continues to scale, particularly in private credit, that the ability to drive differentiated returns goes down. We don't agree with that. We think scale will win.

好的，非常感謝。大家早安。所以，回到剛才，我們對 KKR 和整個集團的阻力之一是，隨著產業規模不斷擴大，特別是在私人信貸領域，推動差異化回報的能力下降。我們不同意這一點。我們認為規模將會取勝。

But that being said, I'm sort of curious if you could maybe update us on your origination platform. I know a couple of your peers do a pretty good job of delineating what their capacity is. I'd be curious, maybe get a little bit of a refresh of just number of origination platforms you have, and why you think that could translate into the ability to generate further alpha. Thank you.

但話雖如此，我還是有點好奇您是否可以向我們介紹您的發起平台。我知道你們的幾位同事在描述自己的能力方面做得相當不錯。我很好奇，也許可以稍微更新一下您擁有的發起平台的數量，以及為什麼您認為這可以轉化為產生進一步 alpha 的能力。謝謝。

Hey, Bill, it's Craig. Why don't I start? And then I'm sure Scott and Rob will chime in. Just in terms of the platform question, looking holistically across the firm, we have 35 platforms. That's both in asset-based finance as well as in real estate to help generate differentiated origination.

嘿，比爾，我是克雷格。我為什麼不開始呢？然後我相信史考特和羅布也會加入進來。就平台問題而言，從整個公司來看，我們有 35 個平台。這既適用於資產融資，也適用於房地產，有助於產生差異化的起源。

And I think in terms of -- in addition to the activity, you are going to have a whole bunch of different aspects for us to look to drive that origination flow. I do think depth and breadth of origination is a really critical part to your point of generating attractive investment returns for us.

我認為就——除了活動之外，我們還有許多不同的方面可供我們考慮，以推動這個起源流程。我確實認為，起源的深度和廣度對於為我們創造可觀的投資回報是一個非常關鍵的部分。

I think as we look at our IG footprint today and look at that in total, that number for us is approaching of $30 billion to $35 billion annually. So again -- and again, the largest piece of that is going to be in high-grade ABF, which wasn't the heart of your question as it relates to direct lending.

我認為，當我們回顧我們今天的 IG 足跡並總體來看時，這個數字對我們來說每年接近 300 億美元至 350 億美元。所以再說一遍，其中最大的一部分將是高等級 ABF，這不是你問題的核心，因為它與直接貸款有關。

But I think as we think of the framework broadly in the credit business, the connectivity that we have in direct lending, is just becoming a much more mainstream part of how companies look to finance themselves. It just feels like the opportunity set is one that is continuing to increase and does feel very differentiated relative to even even-plus years ago.

但我認為，當我們廣泛思考信貸業務的框架時，我們在直接貸款中所擁有的連結性正成為公司尋求融資方式的更主流的部分。感覺機會集在不斷增加，並且與幾年前相比確實有很大差異。

Hey, Bill, it's Scott. Maybe just historical perspective. Private credit as a space is getting some of the same kind of noise that private equity got 20-plus years ago, number of new entrants. Can it scale? What does this mean?

嘿，比爾，我是史考特。也許只是歷史視角。私人信貸領域正受到與 20 多年前私募股權領域同樣的關注，新進入者的數量也在增加。它可以擴展嗎？這是什麼意思？

And to your point, what we and others have found, if you go up in size, you build different capabilities, you look at adjacencies, there's lots of different ways to continue to grow. In the grand scheme of the capital markets, [$1.8 trillion] even in direct lending is pretty small.

正如您所說，我們和其他人發現，如果擴大規模，建立不同的能力，考慮鄰接關係，就會有很多不同的方法可以繼續發展。從資本市場的宏觀角度來看，即使是直接貸款，[1.8 兆美元] 也是相當小的。

ABF, $5 trillion or $6 trillion on its way to $7 trillion to $9 trillion, much larger space. The 7,500 people or so, we have sourcing today across our platforms; 19 of them just in ABF. That number will continue to grow with the announcement this week, with HCR as another example of adding another platform and a team that's originating really private credit opportunity.

ABF，5兆或6兆美元，正向7兆至9兆美元邁進，空間也大得多。目前，我們平台上的採購人員約有 7,500 人，其中 19 人在 ABF。隨著本週的公告，這個數字還將繼續增長，HCR 是另一個增加平台和團隊以創造真正私人信貸機會的例子。

So you'll continue to see us scale our ability to originate. And it has a bit of an echo to me of a lot of the things we've done in other asset classes across the firm, whether that be private equity or infrastructure or otherwise. So I'm with you on this. I think the sentiment is a bit overdone.

因此，您將繼續看到我們擴大我們的發起能力。對我來說，它與我們在公司其他資產類別中所做的許多事情有點相似，無論是私募股權還是基礎設施還是其他領域。所以我同意你的觀點。我認為這種情緒有點過度了。

Patrick Davitt, Autonomous.

派崔克‧戴維特，《自治》。

Hey, good morning, everyone. To your prepared remarks, KKR obviously in a good position with its large high MOIC public position. But commentary from other execs and even the tangible data, we see still suggest that strategic seem to be hesitant to buy sponsored-backed companies more broadly.

嘿，大家早安。正如您準備好的演講一樣，KKR 憑藉其巨大的 MOIC 公眾地位顯然處於有利地位。但從其他主管的評論甚至有形數據來看，我們仍然看到策略似乎不願意更廣泛地收購有贊助商支持的公司。

So could you update us on your conversations with strategic buyers, where you think that bid-ask is now? And what do you think needs to change to really open up that side of the realization equation? Thank you.

那麼，您能否向我們介紹一下您與策略性買家的對話情況，您認為目前的買賣價差是多少？您認為需要做出哪些改變才能真正打開實現方程式的這一方面？謝謝。

Yeah. We read what you read, Patrick. That hasn't been our experience. We've been really active on the monetization front around the world, particularly in Asia this year. I know a lot gets talked about the IPO market, but we've been selling assets to strategic buyers.

是的。派崔克，我們讀了你所讀的內容。我們的經驗並非如此。我們在全球貨幣化領域一直非常活躍，尤其是今年在亞洲。我知道很多人談論 IPO 市場，但我們一直在向策略性買家出售資產。

I think the bid-ask that we were seeing -- spread that we were seeing 12, 24 months ago continues to dissipate. For the public strategic, their stocks are up, so they have a more attractively priced currency and a lower cost of capital. And we're not experiencing what we're reading about, would be a simple way to say it.

我認為，我們所看到的買賣價差——12、24 個月前看到的價差正在繼續消散。對於公共策略而言，他們的股票上漲，因此他們擁有更具吸引力的貨幣價格和更低的資本成本。簡單來說，我們並沒有經歷過我們所讀到的事。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Great. Thanks. Good morning. Thanks for getting my questions. Just a two-parter, if I may. One, on the investment management fees in both private equity and real assets, they were ahead of our estimates and I think ahead of consensus. I know the Fund XIV turned on.

偉大的。謝謝。早安.感謝您回答我的問題。如果可以的話，我只分兩部分。首先，私募股權和實體資產的投資管理費都超出了我們的預期，我認為也超出了普遍預期。我知道基金 XIV 已啟動。

Just trying to get a sense of, is there anything else unusual in terms of like catch-up fees or anything else? And I think there's maybe some step-down dynamics that might go into third quarter. So any kind of color you could give on that?

只是想了解一下，在補繳費用或其他方面是否還有其他不尋常的情況？我認為第三季可能會出現一些下降趨勢。那麼您可以對此給出什麼解釋嗎？

And then the second question is, just good capital market momentum. And obviously, the environment seemingly good into the second half. So I just wanted to get your view on whether you think the capital markets fees can be even stronger in the second half than they were in the first half.

第二個問題是，資本市場動能良好。顯然，下半年環境似乎會好轉。所以我只是想聽聽你的看法，你是否認為下半年的資本市場費用會比上半年更高。

Great. Thanks a lot for the question. So on investment management fees, there's nothing out of the ordinary. Other than to your point, we're turning on some larger funds. If you look in the quarter, we probably benefited around $30 million from the turn on of [Next IV] in Q2.

偉大的。非常感謝您的提問。因此，就投資管理費而言，沒有什麼異常。除了您的觀點之外，我們還在啟動一些更大的基金。如果你看一下本季度，我們可能從第二季度啟動 [Next IV] 中獲利約 3000 萬美元。

We did have a bit of catch-up fees in our real assets business, but again, nothing really out of the ordinary across the platform. I think it's just solid organic growth across our platform. And feel good about our trajectory on management fees, both on an absolute basis and relative to our industry.

我們的實體資產業務確實收取了一些補繳費用，但整個平台的情況並沒有什麼特別之處。我認為這只是我們平台的穩健有機成長。並且對我們的管理費走勢感到滿意，無論是絕對值還是相對於我們的行業而言。

As it relates to capital markets, I think another solid quarter, roughly $200 million of fees. I think we're $430 million on a year-to-date basis. We see some strength absolutely on the industry-wide side as we look at Q3 and the pipeline. We're only a month in, but feel good that we'll be plus or minus in line with where we were in Q2. Obviously, some upside if the capital markets stay healthy over the course of the rest of the quarter.

就資本市場而言，我認為這將是另一個穩健的季度，費用約為 2 億美元。我認為今年迄今為止我們的收入為 4.3 億美元。當我們觀察第三季和通路時，我們絕對看到整個產業都表現出一些優勢。我們才剛開始一個月，但感覺很好，我們的業績將與第二季的水平保持一致。顯然，如果資本市場在本季剩餘時間內保持健康，那麼將會有一些上漲空間。

And it's probably a little bit premature at this stage to have a view with any precision on Q4. But pipelines are building. I think much more importantly, as we look at our capital markets business, we're able to hire the right talent. I think we've got the business model fully in place. And if the capital markets really do continue to stay strong and healthy and stable, we feel really good about growing our franchise heading into 2026.

目前對第四季做出任何準確的看法可能還為時過早。但管道正在建設中。我認為更重要的是，當我們審視我們的資本市場業務時，我們能夠聘用合適的人才。我認為我們已經完全建立了商業模式。如果資本市場真的繼續保持強勁、健康和穩定，我們對 2026 年我們的特許經營業務的成長感到非常樂觀。

Hey, Brian, it's Scott. I mean, one of the things we reflect on is, I think the sentiment around our space is dramatically more volatile than the reality. If you think about April and May and the commentary over that period of time, and you kind of would have guessed what Q2 would have looked like in terms of activity.

嘿，布萊恩，我是史考特。我的意思是，我們反思的事情之一是，我認為我們所在空間的情緒比現實更不穩定。如果您考慮一下四月和五月以及那段時間的評論，您就會猜到第二季度的活動情況會是什麼樣子。

We raised $28 billion. We invested $18 billion. You heard the financial metrics in terms of fee-related earnings, up over 30% the last 12 months, ANI 27%. Uncertainty creates -- volatility creates opportunity for us in the investing side.

我們籌集了280億美元。我們投資了180億美元。您聽到了與費用相關的收入方面的財務指標，過去 12 個月增長了 30% 以上，ANI 增長了 27%。不確定性－波動性為我們在投資方面創造了機會。

But as we've shared, 70% to 80% and more recently, 80% of our pretax income is coming from activities that we think are highly repeatable and durable and can grow. And so I think you have that come through in the quarter. And so anyway, that's the broader takeaway from our standpoint is the commentary makes it sound like the business is very difficult. The results and our day-to-day experience speaks otherwise.

但正如我們所分享的，我們稅前收入的 70% 到 80% 以及最近的 80% 都來自於我們認為高度可重複、持久且可以成長的活動。所以我認為你會在本季實現這一目標。無論如何，從我們的角度來看，更廣泛的結論是，這些評論聽起來好像這項業務非常困難。但結果和我們的日常經驗卻顯示事實並非如此。

Arnaud Giblat, BNP Paribas.

法國巴黎銀行的 Arnaud Giblat。

Good morning. Thank you for taking my question. I'd like to come back to the KKR-ECP joint venture and just a follow-up on that question. So I was hoping to get a bit more color around the $50 billion JV there in terms of how this money gets deployed.

早安.感謝您回答我的問題。我想回到 KKR-ECP 合資企業的話題，並繼續回答這個問題。因此，我希望能夠更了解這家價值 500 億美元的合資企業的資金使用情況。

I mean, part of that is going to go through existing funds, if I understood well. And the rest probably through SMAs and co-invest. I'm just wondering if you could give us a bit of color around that.

我的意思是，如果我理解得沒錯的話，其中一部分將透過現有資金來支付。其餘的可能透過 SMA 和共同投資來實現。我只是想知道您是否可以告訴我們這方面的情況。

Also, I mean, clearly, there's ECP in that joint venture. So what's -- how should we think about the split of that $50 billion between you and your partner? And in terms of timing, how long should we be looking for the deployment of those $50 billion? Thank you.

另外，我的意思是，顯然，該合資企業中有 ECP。那麼——我們應該如何考慮您和您的合夥人之間對這 500 億美元的分配？從時間角度來說，我們應該等待多久才能部署這 500 億美元？謝謝。

Thanks for the question. It's Craig. Why don't I start? So in late '24, we formed a partnership with Energy Capital Partners that effectively combines our respective capabilities and capital across digital and energy infrastructure.

謝謝你的提問。是克雷格。我為什麼不開始呢？因此，在 2024 年末，我們與 Energy Capital Partners 建立了合作夥伴關係，有效地結合了我們在數位和能源基礎設施方面各自的能力和資本。

And really, again, if you think about the surge in AI demand and what that requires, I think we all have a clear sense of this that it's stretching infrastructure. But it's doing more than that. It's changing the blueprint for how these projects need to be built. And so if you look at the announcement we made last night, that again is really a direct reflection of the reality.

真的，如果你再想想人工智慧需求的激增以及它需要什麼，我想我們都清楚地意識到它正在擴大基礎設施。但它的作用遠不止於此。它正在改變這些項目的建造藍圖。所以，如果你看一下我們昨晚發布的公告，你會發現這又直接反映了現實。

And so what we formed with ECP is the ability for us to approach hyperscalers and make their lives easy and be a one-stop shop and provide creative thoughtful solutions from the construction side, from the real estate side, from the energy solutions side. And it's really that's how we're going to differentiate ourselves.

因此，我們與 ECP 合作使我們能夠接觸超大規模企業，使他們的生活變得輕鬆，成為一站式服務中心，並從建築方面、房地產方面、能源解決方案方面提供富有創意的周到解決方案。這確實就是我們脫穎而出的方式。

So I think a lot of these firms, again, are incredibly cash-generative firms with a lot of capital. And I think if you're only showing up with capital, that's not going to be a differentiator. So again, how do we look to be a really value-added partner. And so this was our approach, and I think the transaction you saw last night is a direct reflection of that.

所以我認為，這些公司中的許多都是擁有大量資本、現金流極為充沛的公司。我認為，如果你只展示資本，那不會成為差異化因素。那麼，我們如何成為一個真正具有增值的合作夥伴呢？這就是我們的做法，我認為您昨晚看到的交易直接反映了這一點。

We would think of that, that overall partnership is being 50/50 between the two of us. Yes, I would expect over time that capital from us to come from our existing funds and strategies. And again, there's no timing or specific threshold through which that we need to invest that capital, et cetera, in partnership with ECP. But I think, again, a really powerful outcome as you would have seen last night.

我們認為，我們雙方的整體合作關係應該是 50/50。是的，我希望隨著時間的推移，我們的資本將來自我們現有的資金和策略。再說一次，我們沒有時間或特定的門檻來要求我們與 ECP 合作投資這些資本等等。但我認為，正如你昨晚所看到的那樣，這是一個非常強大的結果。

The only thing I'd add, Arnaud, is that as we find more projects in addition to using our existing funds and SMAs as you point out, there's definitely an ability to raise capital -- incremental capital to further fund the activity.

阿諾德，我唯一要補充的是，正如您所指出的，除了使用我們現有的資金和 SMA 之外，我們還發現了更多的項目，我們肯定有能力籌集資金——增量資本來進一步資助這項活動。

Brian McKenna, Citizens JMP.

布萊恩·麥肯納 (Brian McKenna)，公民 JMP。

Great. Thanks for squeezing me in. I appreciate all the detail this morning. I just had a quick question on the trajectory of earnings over the next 12 to 18 months.

偉大的。謝謝你把我擠進來。我感謝今天早上提供的所有細節。我只是想問一下未來 12 到 18 個月的獲利走勢。

So you're on track to generate about $5 of adjusted EPS in 2025. That implies about 40% earnings growth in '26 to get to the low end of your target. So can you just help us bridge the gap here, and what some of the bigger drivers will be for this earnings growth over the next four to six quarters?

因此，您預計在 2025 年產生約 5 美元的調整後每股收益。這意味著 26 年的獲利成長約為 40% 才能達到目標的低端。那麼，您能否幫助我們彌補這一差距？未來四到六個季度，獲利成長的主要驅動力是什麼？

Brian, thanks a lot for the question. Maybe just to unpack a bit of the P&L, you're seeing, obviously, a lot of momentum on the management fee line item. A lot of ways, I think this speaks maybe best to the financial health of our firm and where we're going. We feel like we got a lot of momentum in our capital markets franchise, especially as the capital markets continue to open up, feel really well positioned to be able to grow.

布萊恩，非常感謝你的提問。也許只是為了了解讀損益表，你顯然會看到管理費專案的巨大成長動能。從很多方面來說，我認為這也許最能說明我們公司的財務狀況以及我們的發展方向。我們感覺我們的資本市場特許經營權獲得了很大的發展勢頭，特別是隨著資本市場的不斷開放，我們感覺自己已經做好了很好的成長準備。

You're starting to see some fee-related performance revenue now flow into our P&L, which we think can scale really nicely. We've talked about a lot of the things that we're doing across the Insurance space, including a much more meaningful contribution of third-party capital.

您開始看到一些與費用相關的績效收入現在流入我們的損益表，我們認為這可以很好地擴展。我們討論了在保險領域所做的許多事情，包括第三方資本的更有意義的貢獻。

And then one of the things that's really important to think about over the next 12 to 18 months as we look at how our earnings can scale. Today, we have roughly $17.1 billion of embedded gains that sit on our balance sheet. That's the record high for us.

當我們考慮如何擴大我們的收益時，未來 12 到 18 個月內真正需要考慮的事情之一就是。如今，我們的資產負債表上有約 171 億美元的內含收益。這對我們來說是歷史最高紀錄。

So that's an aggregation of our gross unrealized carried interest as well as the differential between the fair value and the cost of both our Asset Management investment portfolio and what sits in Strategic Holdings. So when you add all those things together, and we look forward, not just in '26, but importantly, over the long term, we feel like we're in a really good position to be able to scale the firm and its earnings trajectory.

因此，這是我們未實現的附帶權益總額以及資產管理投資組合和策略控制的公允價值與成本之間的差額的總和。因此，當你把所有這些因素加在一起時，我們不僅展望 26 年，更重要的是，從長遠來看，我們覺得我們處於一個非常有利的位置，能夠擴大公司規模及其獲利軌跡。

In addition to that, what we're doing in Strategic Holdings, we think, will further benefit the overall growth of our platform as just this new segment that today is still not generating a lot of operating earnings. But as you look at 2026, as a management team, we look at that portfolio, we look at our $350 million of operating earnings guidance for next year, and we feel really good in our ability to beat that.

除此之外，我們認為，我們在策略控股中所做的事情將進一步有利於我們平台的整體成長，因為這個新部門目前仍然沒有產生大量的營業利潤。但當你展望 2026 年時，作為管理團隊，我們會審視該投資組合，審視明年 3.5 億美元的營業利潤預期，我們對自己超越這一目標的能力感到非常有信心。

So those are a bunch of the pieces to the puzzle as we look over the course of the next 12 months. But importantly, as a management team, we're looking long term as well. And so we not only feel good about what we're going to be able to achieve in '26, but also feel like we're really very much on track for some of our longer-term goals, which, as you know, is to grow to $15-plus per share of earnings, and think that we've got the business model to be able to do that without creating anything new. And we do see some new things on the horizon that we think we can add to our platform.

因此，當我們展望未來 12 個月時，這些都是謎題的碎片。但重要的是，作為管理團隊，我們也著眼於長遠。因此，我們不僅對 26 年能夠取得的成就感到滿意，而且感覺我們已經非常順利地實現了一些長期目標，即每股收益增長到 15 美元以上，並且認為我們擁有無需創造任何新事物就能實現這一目標的商業模式。我們確實看到了一些新事物，我們認為可以將它們添加到我們的平台中。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Hi, good morning. So, Rob, you just mentioned management fee growth as a kind of key part of the algorithm to how to get to your targets for 2026. I'm just wondering if I can get some clarity on 2025.

嗨，早安。所以，羅布，你剛才提到管理費成長是如何實現 2026 年目標的演算法的關鍵部分。我只是想知道我是否能對 2025 年有更清晰的了解。

I know you previously outlined that you could see a bit of an acceleration in '25 versus the 14% realized in 2024. I think you posted 15% in the first half of the year, but that accelerated to 18% in 2Q with NA XIV turning on.

我知道您之前曾概述過，與 2024 年實現的 14% 相比，2025 年可能會出現一定程度的加速。我認為你們在今年上半年的成長率是 15%，但隨著 NA XIV 的開啟，第二季的成長率加速到了 18%。

So just wondering if we can get update on how to think about second-half management fee growth. Is that 18% year-on-year growth rate the right jumping off point for the second half of the year? And then any other notable activations or final closes to call out for 2H? I know Infra V is still in the market. So anything to call out there from a timing perspective?

所以我只是想了解我們是否可以了解如何看待下半年管理費成長的最新情況。18%的年成長率是下半年正確的起點嗎？然後還有其他值得注意的激活或最終關閉來呼籲 2H 嗎？我知道 Infra V 仍在市場上。那麼從時間角度來看，有什麼需要注意的嗎？

Yeah. Thanks a lot for the question, Kyle. We continue to raise capital across the platform. I think it's worth noting as you look at that 18% growth rate we had in the quarter, talked about $30 million having come from [Next IV]. So our largest product only contributed $30 million of growth in the quarter, fairly immaterial number as you think about our roughly $1 billion of management fee in the quarter.

是的。非常感謝你的提問，凱爾。我們繼續在整個平台上籌集資金。我認為值得注意的是，我們本季的成長率為 18%，其中 3,000 萬美元來自[下一步 IV]。因此，我們最大的產品在本季僅貢獻了 3,000 萬美元的成長，考慮到我們本季約 10 億美元的管理費，這個數字相當微不足道。

So I don't have any specificity for you around the back-half-of-the-year management fee other than to say, we feel good about the capital raising momentum we have across all of KKR, not just in our big flagship products. And our expectation is that we'll continue to post solid results as we go through the end of the year.

因此，關於下半年的管理費，我無法向您提供任何具體信息，但我可以告訴您，我們對整個 KKR 的融資勢頭感到滿意，而不僅僅是我們的大型旗艦產品。我們的期望是，到今年年底我們將繼續取得穩健的業績。

And Kyle, it's Craig. Just one thing. Rob, at our firm meeting, had mentioned statistics earlier that I thought I was interesting. Like, I think the breadth and diversification in our fundraising is just worth highlighting. So over the trailing 12 months, we've raised $110 billion. If you look at that, that's $50 billion in credit, $30 billion in private equity, $30 billion in real assets.

凱爾，我是克雷格。只有一件事。在我們公司會議上，羅布早些時候提到了統計數據，我認為我對此很感興趣。就像，我認為我們籌款的廣度和多樣性值得強調。因此，在過去的 12 個月裡，我們籌集了 1100 億美元。如果你看一下，那就是 500 億美元的信貸、300 億美元的私募股權、300 億美元的實際資產。

And we've noted historically on some of these calls in turn, the diversification you're seeing in management fees. So on -- again, on a trailing 12-month basis, management fees are between $1.1 billion and $1.4 billion across each of our three businesses. So I think when you think of the breadth and diversification we have across strategies, across geographies, again, it just feels like we've got a number of ways to win.

我們從歷史上註意到，在這些電話會議中，管理費呈現多樣化。因此，在過去 12 個月中，我們三項業務的管理費分別在 11 億美元至 14 億美元之間。因此，我認為，當你想到我們在各個策略、各個地區的廣度和多樣化時，你會再次感覺到我們有很多方法可以取勝。

Thank you. We have no further questions at this time. Mr. Larson, I'd like to turn the floor back over to you for closing comments.

謝謝。目前我們沒有其他問題。拉森先生，我想把發言權交還給您，請您發表最後評論。

Elizabeth, just thank you for your help this morning. And everybody who joined, thank you for your interest in KKR. We look forward to following up further with those of you who have more specific questions. And otherwise, we'll be back chatting with everybody in 90 days. Thank you so much.

伊麗莎白，非常感謝你今天早上的幫助。感謝每一位與會人員對 KKR 的關注。我們期待與有更具體問題的人進一步溝通。否則，我們將在 90 天後回來與大家聊天。太感謝了。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。