KKR & Co Inc (KKR) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's first quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。歡迎參加KKR 2026年第一季財報電話會議。(接線員指示)

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

現在我將把電話交給KKR投資人關係主管兼合夥人Craig Larson。Craig，請開始。

Thank you, operator. Good morning, everyone. Welcome to our first quarter 2026 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，接線員。各位早安。歡迎參加我們2026年第一季財報電話會議。今天早上如同往常，我與我們的財務長Rob Lewin，以及我們的共同執行長Scott Nuttall一同出席。

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

提醒各位，我們在會議中將提及非GAAP衡量指標，並已在新聞稿中與GAAP數字進行調節；新聞稿可於kkr.com的Investor Center專區取得。另外提醒，我們以調整後的股份基礎（adjusted share basis）揭露各事業部門數字。本次電話會議將包含前瞻性陳述，該等陳述不保證未來事件或績效。請參閱我們的財報新聞稿以及向SEC提交的文件，以了解與這些陳述相關的警示因素。

So first, beginning with our results for the quarter. Fee-related earnings per share came in at USD1.13. That's up 23% year-over-year. Total operating earnings of USD1.47 are up 18% year-over-year and adjusted net income of USD1.39 per share is up 20% compared to one year ago. All of these figures are among the highest we've reported in our firm's history.

首先，從本季業績開始。費用相關盈餘（FRE）每股為1.13美元，年增23%。總營運盈餘為1.47美元，年增18%；調整後淨利每股為1.39美元，較一年前成長20%。上述數據皆為本公司歷史上所揭露的最高水準之一。

Now going into a little more detail. Management fees in the quarter were USD1.2 billion. That's up 30% on a year-over-year basis, driven both by continued fundraising momentum alongside deployment activity really across the platform. Excluding catch-up fees in both periods, management fee growth was strong at a touch north of 20%. And as we've highlighted previously, our fee base continues to be diversified with private equity, real assets and credit each contributing approximately one-third of total fees over the trailing 12 months.

接著更進一步說明。本季管理費為12億美元，年增30%，主要受持續的募資動能以及幾乎遍及整個平台的投資部署活動所帶動。若排除兩期的追補費（catch-up fees），管理費成長仍強勁，略高於20%。如我們先前所強調，我們的費用基礎持續多元化；在過去12個月中，私募股權、實體資產與信貸各約貢獻總費用的三分之一。

Total transaction and monitoring fees were USD253 million in the quarter. Capital markets fees were in line with last quarter at USD224 million, driven by activity across PE, infrastructure and credit. And fee-related performance revenues in the quarter were USD24 million.

本季交易與監督費合計為2.53億美元。資本市場費用為2.24億美元，與上季大致持平，主要由私募股權、基礎建設與信貸等領域的活動所帶動。本季費用相關績效收入為2,400萬美元。

Turning to expenses. Q1 fee-related compensation was again right at the midpoint of our guided range or 17.5% and other operating expenses were USD195 million. So in total, fee-related earnings were over USD1 billion or the USD1.13 per share figure that I mentioned a few moments ago, up 23% year-over-year. And our FRE margin increased slightly quarter-over-quarter to approximately 69% at March 31.

接著談費用。第一季費用相關薪酬再次落在我們指引區間的中點，即17.5%；其他營運費用為1.95億美元。因此合計而言，費用相關盈餘超過10億美元，也就是我剛才提到的每股1.13美元，年增23%。截至3月31日，我們的FRE利潤率較上季小幅提升至約69%。

Insurance segment operating earnings were USD260 million. Now as a reminder, we report the insurance investment portfolio largely based on cash outcomes. So to give you a sense of the embedded profitability as we've done in the last couple of quarters, our insurance operating earnings would have been slightly north of USD300 million in Q1 if we included the impact of marks on investments where a significant portion of the return relates to appreciation rather than cash yield. And as a reminder, Insurance segment operating earnings alone do not capture the full economics of GA to KKR.

保險事業部門營運盈餘為2.60億美元。提醒各位，我們對保險投資組合的揭露主要以現金結果為基礎。因此，為了如同過去幾季一樣讓各位了解內含獲利能力，若將投資評價變動（marks）的影響納入——其中相當一部分報酬來自資本增值而非現金收益——則第一季保險營運盈餘將略高於3億美元。另外提醒，僅看保險事業部門營運盈餘，無法完整反映GA對KKR的整體經濟效益。

Page 22 of our earnings release details the management fees under our investment management agreement, fees from IV-related vehicles, where we have over USD60 billion of AUM that wouldn't exist without GA alongside GA related capital markets fees. When you take all of that together, total insurance economics over the LTM were USD1.9 billion. That's net of compensation, up 14% versus the prior period.

我們財報新聞稿第22頁詳列了依投資管理協議收取的管理費、來自與IV相關載體的費用（我們在此有超過600億美元的AUM，若沒有GA則不會存在），以及與GA相關的資本市場費用。將上述合併計算後，過去12個月（LTM）的保險整體經濟效益為19億美元。此數字已扣除薪酬，較前一期間成長14%。

Strategic Holdings operating earnings were USD48 million in the quarter, and we continue to track nicely towards our expected USD350-plus million of operating for 2026 with earnings here expected to be more back-end weighted over the course of the year. So altogether, total operating earnings, which, as a reminder, represents the more recurring components of our earnings streams, were USD1.47 per share, up nearly 20%. And over the last 12 months, 85% of total pretax segment earnings were driven by these more recurring earnings streams demonstrating in our view, the durability that you're seeing across our business model.

策略性持股（Strategic Holdings）本季營運盈餘為4,800萬美元；我們持續朝2026年預期超過3.5億美元的營運盈餘目標穩步前進，而該部分盈餘預期在全年將較偏向下半年/後段貢獻。綜合而言，總營運盈餘（提醒各位，這代表我們盈餘來源中較具經常性的部分）為每股1.47美元，成長近20%。且在過去12個月中，稅前分部盈餘的85%由這些較具經常性的盈餘來源所驅動；我們認為這展現了您在我們商業模式中所看到的韌性。

Moving to investing earnings within the Asset Management segment. realized performance income was over USD750 million and realized investment income was approximately USD120 million, bringing total monetization activity to around USD880 million, up over 50% versus Q1 of 2025. This activity was driven by a combination of public secondary sales and strategic transactions alongside of dividends and interest income. After interest expense and taxes, adjusted net income was USD1.2 billion for the quarter, or USD1.39 per share.

接著談資產管理事業部門中的投資盈餘。已實現績效收入超過7.5億美元，已實現投資收入約1.2億美元，使總變現活動約為8.8億美元，較2025年第一季成長逾50%。此活動由公開市場次級出售與策略性交易的組合所帶動，並包含股利與利息收入。扣除利息費用與稅負後，本季調整後淨利為12億美元，或每股1.39美元。

Turning to investment performance. Page 10 of the earnings release details performance we're seeing across asset classes, both this quarter and over the last 12 months. Broadly, you're seeing healthy investment performance on behalf of our clients across asset classes, including through this recent period of heightened volatility.

接著談投資表現。財報新聞稿第10頁詳列我們在各資產類別的表現，包括本季以及過去12個月。整體而言，您可看到我們代表客戶在各資產類別上維持健康的投資表現，即使在近期波動加劇的期間亦然。

And given investment performance, importantly, total embedded gains that's comprised of gross carry together with the gains that sit on our balance sheet across asset management and strategic holdings were USD18.3 billion at USD331 billion. That's up 11% compared to one year ago and remains elevated even as we've been generating healthy monetization activity.

在投資表現帶動下，重要的是，總內含收益（embedded gains）——由總業績分成（gross carry）以及資產管理與策略性持股在資產負債表上的收益所構成——為183億美元（對應3310億美元）。較一年前增加11%，且即便我們持續進行健康的變現活動，該水準仍維持在高位。

Now as you can imagine, we've been filling a lot of questions on direct lending, so we've added a couple of pages to our earnings release. First, just to level set, if you turn to page 20, you see the size of our direct lending platform. In total, direct lending is USD39 billion or 5% of our AUM. It's an important business for us, but in the framework of KKR, it's of modest size. And with a lot of focus on redemption activity in the wealth space, we note the size of our private BDC footprint in the second bar from the right. It's even smaller, around USD3 billion of AUM or 0.4% of our AUM in total.

如各位所想像，我們收到許多關於直接放款（direct lending）的提問，因此我們在財報新聞稿中新增了幾頁內容。首先，為了建立共同基準，請看第20頁，您會看到我們直接放款平台的規模。直接放款總計為390億美元，約占我們AUM的5%。這對我們而言是重要業務，但在KKR的整體架構中，規模相對適中。此外，鑑於財富管理領域對贖回活動的高度關注，我們也在右側倒數第二個長條中標示了我們私募BDC的規模。其規模更小，AUM約30億美元，約占總AUM的0.4%。

In terms of our public BDC, FSK is a little less than 2% of our AUM. FSK reports its Q1 earnings next week. We're not going to get ahead of that. It's important, though, not to conflate FSK's portfolio with other pools of capital. So looking at page 21, you see investment performance across our institutional strategies as well as our private BDC, all vintages since 2017. You see very consistent outperformance versus benchmark. We thought the more granular framing of investment performance here across the direct lending platform would be helpful context for everyone.

就我們的公開市場BDC而言，FSK略低於我們AUM的2%。FSK將於下週公布其第一季財報。我們不會搶先評論。但重要的是，不要將FSK的投資組合與其他資金池混為一談。因此請看第21頁，您會看到我們機構策略以及私募BDC自2017年以來各期別（vintages）的投資表現。您會看到相對於基準的表現非常一致地超越。我們認為，以更細緻的方式呈現直接放款平台的投資表現，能為各位提供有用的背景脈絡。

And then finally, consistent with historical practice, we increased our dividend to USD0.78 per share on an annualized basis beginning with this quarter. This is now the seventh consecutive year we've increased our dividend since we changed our corporate structure increasing our annualized dividend over this time frame from USD0.50 per share to USD0.78.

最後，依循過往慣例，我們自本季起將股利提高至年化每股0.78美元。這是我們在調整公司架構後，連續第七年提高股利；在此期間，我們的年化股利已由每股0.50美元提高至每股0.78美元。

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

說到這裡，我很高興把電話會議交給 Rob。

Thanks a lot, Craig, and thank you, everyone, for joining our call this morning. I'm going to cover 4 topics today. First, our continued momentum around capital raising; second, our monetization activity, which has been increasing at a healthy pace in spite of the recent market volatility; third, we have been making some important decisions around capital allocation; and finally, I'm going to go through how we think about the earnings power of our business.

非常感謝你，Craig，也感謝各位今天早上參加我們的電話會議。我今天將涵蓋 4 個主題。第一，我們在募資方面持續的動能；第二，我們的變現活動，儘管近期市場波動，但仍以健康的速度加快；第三，我們在資本配置方面做出了一些重要決策；最後，我將說明我們如何看待本業的獲利能力。

So let me start with capital raising. We raised USD28 billion of new capital in the quarter with demand really widespread across asset classes and geographies. A real bright spot for us this quarter was in credit where we raised USD15 billion across our platform. That momentum was driven by our asset-based finance business, which represents over USD90 billion of AUM today. Given the current sentiment around private credit, it may be surprising that when you look at new capital raised, so this is excluding GA, this was one of our larger credit fundraising quarters.

那我先從募資談起。本季我們募集了 280 億美元的新資金，需求在資產類別與地理區域上都相當廣泛。本季對我們而言的一大亮點是在信貸領域，我們在整個平台共募集了 150 億美元。這股動能主要來自我們的資產基礎融資（asset-based finance）業務，目前其管理資產（AUM）已超過 900 億美元。考量目前市場對私募信貸的情緒，可能會令人意外的是，若看新募集資金（不含 GA），這是我們信貸募資表現較強的一個季度。

Inflows here more than doubled quarter-over-quarter, and our capital raising pipelines remain strong. Most recently, over the last few weeks, we've received meaningful inbound interest from institutions around our direct lending business with several viewing the current dislocation as an interesting entry point, given the redemption activity that exists today in the private BDC space.

此處的資金流入較上季增加逾一倍，而我們的募資管線仍然強勁。最近幾週，我們收到機構投資人對我們直接放貸業務的顯著主動洽詢，其中有數家將目前的市場錯位視為有趣的進場點，因為當前私募 BDC 領域存在贖回活動。

Another milestone for us this quarter was the final closing of our North America 14 fund at USD23 billion, eclipsing the prior USD19 billion fund. Across the most recent vintages of KKR's flagship regional funds, so that's Americas, plus Europe, plus Asia, we have USD46 billion of total capital to invest across this vintage. We are the clear market leader in private equity.

本季我們的另一個里程碑，是北美 14 號基金最終關帳，規模達 230 億美元，超越先前 190 億美元的基金。在 KKR 旗艦區域基金的最新幾個年度（vintages）中，也就是美洲、歐洲與亞洲合計，我們在此一年度可投入的總資本為 460 億美元。我們是私募股權領域明確的市場領導者。

And finally, in wealth, across all of our asset classes, our K-Series suite brought in USD4 billion of capital in Q1. Redemptions totaled around USD250 million, and AUM now stands at over USD38 billion. Our performance, deployment and capital raising continue to be in line or ahead of our expectations.

最後，在財富管理方面，涵蓋我們所有資產類別，K-Series 產品線在第一季帶來 40 億美元資金。贖回總額約 2.5 億美元，而 AUM 目前已超過 380 億美元。我們的績效、資金部署與募資進度持續符合或優於我們的預期。

Given all the market noise, we were candidly surprised by the strength of flows in Q1. But we also do expect a slowdown in Q2, consistent with what we saw after the tariff announcements last year. We're still operating off of a relatively low base of AUM. And we continue to believe that this channel will be a long-term source of meaningful growth for our industry and us.

在市場雜音如此之多的情況下，我們坦白說對第一季資金流的強勁感到意外。但我們也預期第二季會放緩，與去年關稅公告後我們所看到的情況一致。我們目前仍是在相對較低的 AUM 基礎上運作。我們也持續相信，這個通路將成為本產業以及我們長期且具意義的成長來源。

Turning now to monetizations. As we have explained on prior calls, we are very pleased with the performance of our portfolio, and we are seeing the benefits of our focus on linear deployment and portfolio construction. You can see our continued monetization activity in our financial results. As Craig noted, we generated around USD880 million of monetization revenue in the quarter. Realized carried interest was USD720 million. That is up 120% year-on-year, and we have a healthy pipeline of realizations across strategies and regions.

接著談變現。如同我們在先前的電話會議所說，我們對投資組合的表現非常滿意，也看到了我們聚焦於線性部署（linear deployment）與投資組合建構所帶來的效益。你可以在我們的財務結果中看到持續的變現活動。如 Craig 所提到，本季我們產生約 8.8 億美元的變現收入。已實現的附帶權益（carried interest）為 7.2 億美元。這較去年同期成長 120%，且我們在各策略與各地區都有健康的實現（realization）管線。

Over the past month or so, we have announced several encouraging transactions including the closing of the sale of OneStream Software for 4.5x our cost and the sale of CoolIT Systems, a global leader in liquid data center cooling for almost 15x our cost. We have also agreed to sell two of our 2021 investments despite the more challenging vintage year, one in infrastructure, which would generate approximately 2x multiple of money and one in traditional private equity at nearly 3x our cost. And most recently, we completed a secondary of our remaining shares in Hyundai Marine Solution in Korea, resulting in a 7-plus x multiple of capital for the full life of that investment.

在過去一個月左右，我們宣布了數筆令人鼓舞的交易，包括以成本的 4.5 倍完成出售 OneStream Software，以及以接近成本 15 倍出售 CoolIT Systems（全球液冷資料中心散熱領導者）。我們也同意出售兩筆 2021 年投資，儘管那一年屬於較具挑戰的年度：其中一筆為基礎建設投資，預計可帶來約 2 倍的資金倍數（multiple of money）；另一筆為傳統私募股權投資，接近成本 3 倍。而最近，我們在韓國完成出售 Hyundai Marine Solution 剩餘持股的次級交易（secondary），使該投資全期間的資本倍數達到 7 倍以上。

I'd like to next shift to capital allocation. It is an area of critical importance to our long-term performance, and we have been making some important and deliberate decisions. As a reminder, we have focused on 4 key tools available to us to allocate our cash flow Strategic M&A, insurance, share buybacks and strategic holdings, each of these tools takes full advantage of the KKR ecosystem, and as a result, have the potential for high ROEs.

接下來我想轉到資本配置。這是影響我們長期表現的關鍵領域，我們也一直在做出一些重要且審慎的決策。提醒一下，我們聚焦於 4 個可用來配置現金流的關鍵工具：策略性併購（Strategic M&A）、保險、庫藏股回購，以及策略性持股。這些工具都能充分運用 KKR 生態系，因此具備創造高股東權益報酬率（ROE）的潛力。

Importantly, we do not have a framework that assigns a specific amount of capital spend into any one of these areas. Our approach here is all about how we take our marginal dollar of cash flows and drive the most amount of recurring durable and growing earnings on a per share basis. That is the mindset we have consistently taken to capital allocation, and it is one that is highly aligned with our shareholders given employees here own roughly 30% of our stock. We believe that we have delivered a lot of value to our shareholders through strategic capital allocation, and we are very confident in our ability to continue to do so in the future.

重要的是，我們並沒有一個框架會為任何一個領域指定特定的資本支出金額。我們的做法在於：如何運用每一筆邊際現金流（marginal dollar of cash flows），在每股基礎上推動最多、可重複、具韌性且成長中的獲利。這就是我們一貫採取的資本配置思維；而由於員工約持有公司 30% 的股票，這也與股東高度一致。我們相信，透過策略性資本配置，我們已為股東創造了大量價值，並且對未來持續做到這一點非常有信心。

So starting here with strategic M&A. This morning, we announced the closing of our acquisition of Arctos. As a reminder, Arctos is the leading investor in professional sports franchise stakes and a leader in GP solutions with approximately USD16 billion of AUM and USD10 billion of fee-paying AUM. If we are able to achieve our objectives in partnership with the Arctos management team, and we are confident that we will, it is hard to find a better allocation of capital.

先從策略性併購談起。今天早上，我們宣布完成對 Arctos 的收購交割。提醒一下，Arctos 是職業運動隊股權（franchise stakes）的領先投資人，也是 GP 解決方案領域的領導者，管理資產（AUM）約 160 億美元，其中收取管理費的 AUM 約 100 億美元。如果我們能與 Arctos 管理團隊合作達成我們的目標——而我們有信心能做到——那就很難找到更好的資本配置。

Next, in insurance. In the first quarter, we continued to see increased levels of competition here, particularly in the retail channel. Given that backdrop, alongside tight spreads on the asset side, we were disciplined around pricing and a lot more selective in that channel. That said, as spreads have widened a bit more recently, we are starting to see a more attractive entry point.

接著是保險。第一季我們持續看到此領域競爭加劇，尤其是在零售通路。在此背景下，加上資產端利差偏緊，我們在定價上保持紀律，並在該通路更為審慎挑選。不過，隨著近期利差略為擴大，我們開始看到更具吸引力的進場點。

On the other hand, an area where we leaned in this quarter was share repurchases where we saw attractive risk-adjusted returns given the volatility across our sector. We repurchased or retired USD317 million of stock this year through May 1 at an average price of approximately USD91. And our Board recently authorized an increase to our share repurchase program by an additional USD500 million.

另一方面，本季我們加大投入的一個領域是股票回購；在本產業波動加劇的情況下，我們看到了具吸引力的風險調整後報酬。截至 5 月 1 日，我們今年已以平均約 91 美元的價格回購或註銷（retire）了 3.17 億美元的股票。而董事會近期也核准將股票回購計畫額外增加 5 億美元。

Taking a step back, there is clearly a lot of noise in some of the markets where we operate. But from our seats, there is a big disconnect between perception and our long-term prospects across our diversified business model. That's why we have been leaning into buying back our stock. And you would have also seen our co-CEOs and a number of our directors buying stock personally in the quarter.

退一步看，我們所處的一些市場顯然雜音很多。但就我們的角度而言，市場觀感與我們多元化商業模式的長期前景之間存在很大的落差。這也是為什麼我們一直在加碼回購自家股票。而你也會看到，我們的共同執行長以及多位董事在本季以個人名義買進公司股票。

Whether it's our performance in Q1 or the long-term earnings power of our franchise, our positioning stands in contrast to some of that market noise. Looking at Q1 in particular, we've grown our headline profitability metrics FRE, total operating earnings and ANI, all on a per share basis, each around 20% year-on-year. It's actually the second highest quarter we have reported in our history for FRE and OE and the third highest for ANI. And we continue to feel great about the durability of our model and the earnings power that we continue to create, which provides us with significant visibility into future earnings growth.

無論是我們第一季的表現，或是我們平台的長期獲利能力，我們的定位都與部分市場雜音形成對比。特別看第一季，我們在每股基礎上，FRE、總營運收益（total operating earnings）與 ANI 這些主要獲利指標皆年增約 20%。就 FRE 與 OE 而言，這其實是我們歷史上第二高的季度；就 ANI 而言則是第三高。我們也持續對我們模式的韌性以及我們持續創造的獲利能力感到非常有信心，這讓我們對未來獲利成長具有相當高的能見度。

Over 90% of our capital is perpetual or committed for eight years or more. Today, we have USD125 billion of committed but uncalled capital, nearly as much as we've had at any point in our history. Looking at our management fees and fee-related earnings over the LTM, we've grown at a high teens CAGR over the last three years. Alongside this growth, the quality of these fees has significantly improved as we've diversified by strategy, and geography.

我們超過90%的資本為永久性資本，或承諾期限在八年或以上。目前，我們有1,250億美元已承諾但尚未出資的資本，幾乎與我們歷史上任何時點的水準相當。從過去十二個月（LTM）的管理費與費用相關收益（FRE）來看，過去三年我們以約十幾%的年複合成長率（CAGR）成長。伴隨這項成長，隨著我們在策略與地域上的多元化，這些費用的品質也顯著提升。

And finally, our embedded gains, which Craig mentioned, stand at over USD18 billion, one of the highest levels in our history, and they provide a lens into the strength of our portfolio, and our ability to create meaningful outcomes in the future. So we benefit from real stability and durability of our earnings and increased visibility on how they will grow.

最後，我們的內嵌收益（Craig提到的）超過180億美元，處於我們歷史上最高水準之一；它讓我們得以洞察投資組合的實力，以及我們在未來創造具意義成果的能力。因此，我們的獲利具備真正的穩定性與耐久性，並且對其將如何成長有更高的可見度。

Finally, before I'm going to hand it over to Scott, I did want to provide an update on our 2026 guidance. First, based on the underlying momentum that we are seeing across the business, we continue to feel very confident in our ability to exceed our targets for fundraising, strategic holdings operating earnings and FRE on a per share basis.

最後，在我把電話交給Scott之前，我想先更新一下我們對2026年的指引。首先，基於我們在整體業務中看到的基本動能，我們仍然非常有信心能在募資、策略性持股的營運收益，以及以每股計的FRE方面超越目標。

Turning to ANI. As we said last quarter, following our bottoms-up budgeting process, we entered the year expecting 2026 ANI to reach USD7-plus per share, assuming a constructive and more normalized monetization environment. At that level, earnings growth would be approximately 45% year-over-year. So it's clearly an ambitious target, but one that we did have line of sight to achieving.

接著談ANI。如同我們上季所說，依循由下而上的預算編製流程，我們在年初預期在建設性且更正常化的變現環境下，2026年ANI可達到每股7美元以上。在該水準下，獲利年增率約為45%。因此這顯然是個具企圖心的目標，但我們確實看得到達成的路徑。

That said, the operating environment four months into the year has, of course, bit more challenging than what was embedded in our plan. Importantly, we are still seeing healthy monetization activity. Gross monetization revenues in Q1 were up more than 50% year-on-year. And when we look at exit since March 31, as well as signed transactions expected to close in the coming quarters, that represents over USD1.2 billion of gross monetization revenue for KKR.

不過，進入今年四個月後的營運環境，當然比我們計畫中所假設的更具挑戰。重要的是，我們仍看到健康的變現活動。第一季的總變現收入年增超過50%。而當我們觀察自3月31日以來的退出，以及預期在未來幾季完成交割的已簽署交易，合計代表KKR超過12億美元的總變現收入。

Notably, that is the largest forward monetization figure we've discussed on a call in our history. So while we continue to generate very strong outcomes, we do have modestly less visibility today than what our budget would have suggested at this point in the year. As a result, if you were handicapping our ability to reach USD7 per share, we do think it is more likely that we land below that level. Importantly, if that were to happen, any delayed monetizations that impact 2026 would not be lost as we would expect them to shift to 2027 and beyond.

值得注意的是，這是我們在電話會議中談到的、歷史上最大的前瞻變現數字。因此，儘管我們持續創造非常強勁的成果，但相較於預算在此時點所暗示的情況，我們目前的可見度略低。因此，如果要評估我們達到每股7美元的可能性，我們確實認為更可能落在該水準以下。重要的是，即便如此，任何影響2026年的延後變現並不會消失，我們預期它們會遞延到2027年及之後。

And stepping back, the broader portfolio remains in very good shape. Embedded gains are at or near record levels. The earnings power of the firm continues to grow at an attractive rate, and we feel extremely well positioned for the future.

退一步看，更廣泛的投資組合仍處於非常良好的狀態。內嵌收益處於或接近歷史新高。公司的獲利能力仍以具吸引力的速度成長，我們也認為自己在未來的布局極為有利。

With that, I'm going to hand the call off to Scott.

接下來，我把電話交給Scott。

Thank you, Rob, and thank you, everybody, for joining our call today. The first thing I want to do is welcome the Arctos team to KKR. Our new partners highly creative and entrepreneurial, and we could not be more excited to work together to build a USD100 billion-plus AUM business.

謝謝你，Rob，也謝謝各位今天加入我們的電話會議。我首先想做的是歡迎Arctos團隊加入KKR。我們的新夥伴極具創造力與企業家精神，我們非常期待攜手合作，共同打造一個管理資產規模（AUM）超過1,000億美元的業務。

KKR had its 50th birthday last Friday. We are very proud of this milestone. As a firm, we are not very good at celebrating. We are, however, good at gratitude. So it was nice to be able to thank all our clients for their partnership and trust and all our people for their dedication and hard work.

上週五是KKR的50週年。我們對這個里程碑感到非常自豪。作為一家公司，我們不太擅長慶祝。但我們很擅長感恩。因此，能夠向所有客戶致謝，感謝你們的合作與信任，也向所有同仁致謝，感謝你們的投入與辛勤工作，這是一件很美好的事。

We would also like to thank you, our shareholders, for your partnership. We have been a public company for about one-third of our 50 years, a period of time that has seen significant evolution and growth in our firm, all of which happened with your support. Thank you for helping us get to where we are.

我們也要感謝各位股東的夥伴關係。在我們50年的歷史中，大約有三分之一的時間是作為上市公司度過；在這段期間，公司經歷了顯著的演進與成長，而這一切都在各位的支持下發生。謝謝你們幫助我們走到今天。

So let's talk about how we see things. We asked our team to pull together some slides recently to help frame the current volatility in our stock relative to our results. simple. Just multiple years of AUM, fee paying AUM, FRE, total operating earnings and ANI on 5 pages. All of which metrics are steadily up and to the right with growth rates generally between 10% and 25% per year for the last several years.

那我們來談談我們如何看待現況。我們最近請團隊整理了一些投影片，協助我們將股價相對於業績表現的當前波動做出框架化的說明，很簡單。用5頁呈現多年的AUM、付費AUM、FRE、總營運收益與ANI。這些指標在過去幾年都穩定向上成長，成長率通常介於每年10%到25%之間。

We then overlaid our stock price on those same charts, picture worth a thousand words approach. What do you see when you do that? Our operating metrics are very steady with consistent growth over a long period of time. The fact is perception of the volatility of our business and industry, is disconnected from the lived experience. And that's okay.

接著我們把股價疊加在同樣的圖表上，用「一張圖勝過千言萬語」的方式。你這樣看會看到什麼？我們的營運指標非常穩健，並在長期呈現一致的成長。事實是，外界對我們業務與產業波動性的認知，與實際經驗是脫節的。而這也沒關係。

We are focused on what we can control and executing our plan. And as we do that, we'll continue to prove out the durability of our business model, and we're confident that the volatility in our stock will come down over time.

我們專注於可控之事並執行我們的計畫。在此過程中，我們會持續證明商業模式的耐久性，我們也有信心，隨著時間推移，我們股價的波動將會下降。

If you step back, the first quarter was no exception to our long-term trend. All of our key metrics grew about 20% in the quarter relative to Q1 last year. We raised a lot of capital, deployed a lot of capital and monetized multiple investments. And as you heard, the volatility in our stock gave us an opportunity to adjust our capital allocation priorities and buy our shares back at what we believe is a significant discount to intrinsic value which is why Joe and I had bought more stock as did multiple members of our Board.

如果退一步看，第一季也不例外，仍延續我們的長期趨勢。相較去年第一季，我們所有關鍵指標在本季約成長20%。我們募集了大量資本、部署了大量資本，並變現了多項投資。而如你們所聽到的，股價波動也給了我們機會調整資本配置優先順序，並在我們認為相對於內在價值有顯著折價的水準回購股票；這也是為什麼Joe和我都增持了股票，董事會多位成員也同樣增持。

So our suggestion is don't trust the headlines. Stay focused on the fundamentals and how we are executing. That's what ultimately matters and how we are spending our time. This approach has served us well for the last 50 years, and we expect will continue to for the next 50.

因此，我們的建議是：不要相信新聞標題。請專注於基本面以及我們如何執行。那才是最終重要的事，也是我們投入時間的重點。這種做法在過去50年對我們很有幫助，我們也預期未來50年仍將如此。

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

接下來，我們很樂意回答各位的問題。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（接線員指示）Craig Siegenthaler，美國銀行。

My question is on General Atlantic. So one of the big public annuity competitors pulled back in that business in 1Q and actually cited increased competition. And we know the alt models, including GA, have gained a lot of share versus the legacy players in the US fixed index and fixed indexed annuity markets. So I was curious if you could update us on competition, underlying ROE potential and how we should think about the growth trajectory, especially with the institutional funding market potentially a little softer near term?

我的問題是關於General Atlantic。有一家大型的公開年金競爭對手在第一季縮減了該業務，並且實際上提到競爭加劇。我們也知道，包括GA在內的另類模式，相較於傳統業者，在美國固定指數與固定指數型年金市場取得了大量市占。因此我想請你們更新一下競爭情況、潛在的ROE，以及我們應該如何看待成長軌跡，特別是在機構資金市場短期可能稍微偏弱的情況下？

Craig, it's Rob. Thanks a lot for the question. We are seeing that competition. Competition on the liability side is very high. And we know on the asset side, spreads are as tight as they've been in a very long time. And so the combination of those two things is putting some increased competitive pressure on ROEs. That's why you saw us also pull back on the origination front in Q1 as well.

Craig，我是Rob。非常感謝你的提問。我們確實看到競爭。在負債端的競爭非常激烈。而在資產端，我們也看到利差處於非常長一段時間以來最緊的水準。因此，這兩者的組合正在對ROE帶來一些額外的競爭壓力。這也是為什麼你看到我們在第一季在承作（origination）方面也有所收縮。

Now with that said, we think it's best to look at insurance businesses through the cycle. And where we're spending a ton of time at both Global Atlantic and KKR is making sure when there is increased levels of volatility. And by the way, when that happens, two things will happen simultaneously. We believe liabilities will become cheaper. And definitionally, you're going to see spreads come out on the asset side and so the ROE potential is outsized. And so what we're spending our time is how do we make sure we are best positioned for that environment.

話雖如此，我們認為最好以景氣循環的角度來看保險業務。而我們在 Global Atlantic 與 KKR 投入大量時間在做的，是確保在波動性上升時能做好準備。順帶一提，當那種情況發生時，會同時出現兩件事。我們相信負債端會變得更便宜。而按定義來說，你會看到資產端的利差擴大，因此 ROE 的潛力會被放大。所以我們花時間在思考的是：如何確保我們在那樣的環境中處於最佳位置。

And one of the real competitive advantages that we have on our platform relative to the broader insurance space is the fact that we sit on USD6 billion of dry powder equity that we can draw down to invest into that dislocation, much like you would in a private equity fund. And as a reminder, that USD6 billion of equity, we think translates into USD60 billion-plus of buying power on the liability side. So a lot of effort here making sure we're ready to go when that volatility does come. But today, we are seeing those increased levels of competition. We also know that that's not going to last forever.

相較於更廣泛的保險業，我們平台的一項真正競爭優勢在於：我們有 60 億美元的股權乾粉（dry powder），可在市場錯位時動用投入，就像在私募股權基金中那樣。提醒一下，這 60 億美元的股權，我們認為可在負債端轉化為 600 億美元以上的購買力。因此，我們在這方面投入很多努力，確保當波動真的來臨時，我們已準備就緒。但就目前而言，我們確實看到競爭程度在提高。我們也知道，這不會永遠持續下去。

The only thing -- Craig, it's Scott. Hope you are well. The only thing I would add, I think that the narrative is exactly right in the US, call it, retail market, where there has been significant competition I think the recent move we've seen in spreads and kind of some of the volatility is maybe dissipating some of that a bit. So opportunities are looking a bit more interesting, as Rob mentioned in the prepared remarks.

我補充一句——Craig，我是 Scott。希望你一切都好。我唯一想補充的是，我認為在美國（可稱為）零售市場的敘事完全正確，那裡競爭一直相當激烈；而我們最近看到利差的變動以及某種程度的波動，可能正在稍微消散這種競爭態勢。因此，正如 Rob 在事先準備的發言中提到的，機會看起來更有吸引力了一些。

But two things I'd mention. Remember, our business has a good balance to it. We have a retail business and an institutional business. This block does flow some PRT. Not all of those markets are seeing that same level of competition that we're seeing in the retail side. So it's nice to have that diversification across the platform.

但我想提兩點。請記得，我們的業務結構相當均衡。我們同時有零售業務與機構業務。這個組合也會承作一些 PRT。並非所有市場都像零售端那樣面臨同等程度的競爭。因此，平台層面的多元化配置是件好事。

And then the other thing we've talked about in prior calls, one thing that makes us a bit different is by virtue of being able to marry our origination franchise with the -- on the investment side with the origination franchise and liabilities we are emphasizing a more longer duration liabilities. And I think it's harder for other people necessarily to be able to generate the returns we think we can with those longer-duration liabilities matched with assets that we can originate. So I wouldn't pay everything with the same brush, but I think your overall comment is well placed.

另外一點我們在先前的電話會議中談過：讓我們有些不同的是，憑藉我們能把投資端的資產創設（origination）能力，與負債端的創設能力結合起來，我們更強調較長久期的負債。我認為，其他人未必能像我們一樣，透過以我們能創設的資產去匹配這些較長久期負債，來產生我們認為可以達到的報酬。所以我不會用同一把尺看待所有情況，但我認為你整體的評論很到位。

I'm going to jump in with one last point on the -- on gating our liabilities because I think it's an important one to get across. If you look at our Q1 originations across the franchise, approximately 80% of those originations had years of duration or more. Just to contrast that relative to full year 2024. So that's the year where we made the pivot around elongating our liabilities for that full year, we were 37% 7-plus year duration. So we've almost doubled or we have doubled rather our exposure to those longer duration liabilities.

我想就「對我們負債進行閘門控管（gating）」再補充最後一點，因為我認為這點很重要，需要說清楚。如果你看我們第一季在整個平台的創設量（originations），約有 80% 的創設具有 7 年以上的久期。把這點拿來對比 2024 全年。那一年我們轉向拉長負債久期；在那整年中，7 年以上久期的占比是 37%。所以我們對這些較長久期負債的曝險幾乎翻倍——或者更準確地說，已經翻倍了。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

So I'm curious that the -- you've had better DPI and better monetization than most. You mentioned the over USD18 billion of embedded gains in the markets at all-time highs. So I'm curious on the attribution of what changed and what holds back the timing and the ability to get to the ANI targets now. Is it as simple as there's a war there and it delayed things? I don't know if you can give us any attribution of parts of the portfolio that despite having these huge embedded gains, the market is just not ready to accept.

我很好奇的是——你們的 DPI 與變現能力都比多數同業更好。你們提到在市場處於歷史高點時，有超過 180 億美元的內嵌收益（embedded gains）。所以我想了解：究竟是哪些因素改變了？又是什麼在拖延時點、以及拖累目前達成 ANI 目標的能力？是否就只是因為有戰爭，導致事情延後？我不知道你們能否就歸因（attribution）提供一些說明：在投資組合中，哪些部分儘管有這麼大的內嵌收益，但市場就是還沒準備好接受？

Thanks, Glenn. It's Rob. I think it's all a matter of degree is the reality. And so there's a lot of really good things going on across our business today as we went through on the prepared remarks. Our monetization guidance of USD1.2 billion-plus is higher than it's ever been at any point in our history.

謝謝你，Glenn。我是 Rob。我認為現實是：一切都只是程度上的差異。因此，正如我們在事先準備的發言中所提到的，目前我們整體業務有很多非常好的進展。我們給出的變現指引（monetization guidance）為 12 億美元以上，這是我們歷史上任何時點都未曾達到的高水準。

But at the same time, three months ago, we were on this call, we said we would be very transparent on our quarterly calls around where we stood on the USD7. And if we were handicapping it now, and when you look at some of the volatility that we have experienced over the first four months of the year, we tell you on balance that we're going to be on the other side of USD7, and we wanted to share that as we noted we would and keep you all updated on our progress.

但同時，三個月前我們在這通電話會議上說過，我們會在每季電話會議中非常透明地說明我們在「7 美元」這件事上的進展。如果現在要評估（handicap）它，並考量我們在今年前四個月經歷的一些波動，我們要告訴大家：整體而言，我們將會落在 7 美元的另一側；我們也希望如同先前所承諾的那樣分享這點，並持續向各位更新我們的進度。

Glenn, it's Scott. The only thing I'd add, overall, as you heard, the portfolio is in great shape. I think we're seeing real benefits of our focus on portfolio construction and linear deployment diversification, all the things we've talked about on this call for the last several years. And that discipline is really coming through in the results. And so the value is there.

Glenn，我是 Scott。我唯一想補充的是，整體而言，如你所聽到的，投資組合狀況非常好。我認為我們正看到聚焦於投資組合建構、線性部署（linear deployment）與分散化等帶來的實質效益——這些都是我們過去幾年在這通電話會議中反覆談到的。而這份紀律確實在結果中充分展現。因此，價值是確實存在的。

To your point about the embedded carrying in gains, this is really a question of when do you want to monetize it. And so the IPO market feels good. We've got several companies in the pipeline. But obviously, an IPO isn't necessarily an exit per se. It can be a partial exit in the beginning of one. But another way that we exit is obviously through strategic sales.

至於你提到的內嵌未實現收益，這其實是「你想在什麼時候把它變現」的問題。IPO 市場感覺不錯。我們有好幾家公司在排隊中。但很明顯，IPO 本身未必就等同於退出。它可能只是部分退出，或是退出的起點。而我們另一種退出方式，顯然就是透過策略性出售（strategic sales）。

And so the one thing to your comment if you've got an asset that you've built value in for five, seven years. And if the backdrop in terms of war energy prices, et cetera, is a bit uncertain or uncomfortable I'm not sure you'd want to necessarily sell that wonderful asset into that environment if it's a strategic buyer and give them a little bit more time for the world to write itself. And so that's really what's happening on the margin.

因此，回到你的評論：如果你有一項資產，已經花了五年、七年去建立其價值。而如果外部環境——例如戰爭、能源價格等等——仍有些不確定或令人不安，我不確定你是否會想在那樣的環境下，把那個很棒的資產賣給策略買家；你可能會想多給世界一點時間，讓局勢回到正軌。所以邊際上正在發生的就是這件事。

You heard from Rob, it didn't really impact anything in the first quarter. This is more of an expectation that if things go on for a longer period of time, there may be some things that we delay the launch of a sales process because we want that clarity in the market for the buyer on the other side. That's all we're talking about. But this is just timing. This is in magnitude.

你也聽到 Rob 說了，這在第一季其實沒有真正影響任何事情。這更多是對未來的預期：如果情勢持續更長一段時間，可能有些事情我們會延後啟動出售流程，因為我們希望市場能更清楚，讓對面的買家也能有更高的確定性。我們談的就只是這個。但這只是時點問題。而且是幅度上的問題。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

So really nice momentum on fundraising, obviously, despite what's been a tough backdrop and management fee growth north of 20% normalizing for catch-up fees is all good. As you think on the forward, it might be helpful just to get a mark-to-market on your expectations for fundraising for the rest of the year given the bulk of the larger flagships are now in the run rate, particular how you're thinking about Asia, I think that one is about to start. But I guess, more broadly, your confidence in maintaining this type of fundraising outlook for the rest of the year, which I think is what embedded in your FRE growth assumptions.

募資動能真的很不錯，顯然是在相當艱難的背景下仍能做到；而若將追補費（catch-up fees）正常化後，管理費成長超過 20% 也都很好。展望未來，或許有幫助的是：在今年剩餘時間裡，鑑於多數大型旗艦基金現在已進入常態化節奏（run rate），能否請你們就對募資的預期提供一個最新的市價觀點（mark-to-market）？尤其是你們如何看待亞洲，我想那邊應該快要開始了。但我想更廣泛地問：你們對於在今年剩餘時間維持這種募資展望的信心如何？我認為這也被納入你們對 FRE 成長的假設之中。

Alex, it's Craig. Why don't I start on that, and thanks for the question. I think it's probably worth beginning on the breadth and diversification of fundraising. So if you look over the last 12 months, as Rob noted, we raised USD127 billion in total. So USD35 billion of that roughly is from GA within our credit platform, around USD35 billion in real assets, around USD35 billion is the non-GA portion within credit and the balance of USD20 billion, a little over that in private equity. So you're seeing a very healthy balance and diversified result in terms of our fundraising. Rob talked about that in terms of our management fee growth, where, again, you're seeing real breadth and diversification in management fees as a result of that.

Alex，我是Craig。我先從這點開始，謝謝你的提問。我認為可能值得先從募資的廣度與多元化談起。因此，如果你回顧過去12個月，如Rob所提到的，我們總共募得1,270億美元。其中約350億美元來自我們信貸平台內的GA，約350億美元來自實體資產，約350億美元來自信貸中的非GA部分，而剩餘約200億美元、略高於此的部分來自私募股權。因此，就募資而言，你看到的是非常健康的平衡與多元化成果。Rob也從管理費成長的角度談到這點；同樣地，你會看到管理費因而呈現真正的廣度與多元化。

And I think the other point that kind of highlights this relates to flagships. So flagships were around 15% of new capital raised in the quarter, 12% over the trailing 12 months. Again, that number was very different at KKR 5-plus years ago, as I know you'll remember.

我認為另一個能凸顯這點的面向與旗艦基金有關。因此，旗艦基金在本季新募資本中約占15%，在過去12個月約占12%。同樣地，這個數字在KKR於5年以上前是非常不同的，我知道你也會記得。

And then I think on the go-forward, look, there's lots of opportunities for our fundraising team across strategies, across geographies, I think if we look in the strategies where we expect to be active in the next 12 to 18 months. In private equity, that includes Asia private equity, our private equity, tech growth, health care growth. We've got our K-Series. And then we have Capital Group as well. Within Real Assets, Global and for core infra, we have a climate strategy, Asia Infra as well as K-Series infrastructure, opportunistic real estate credit. Again, just big -- a wide group of opportunities in real assets, credit, across direct lending, leverage credit, asset-based finance.

接著談未來展望，你看，我們的募資團隊在各項策略、各個地區都有很多機會；我想如果我們看未來12到18個月預期會積極推進的策略。在私募股權方面，包括亞洲私募股權、我們的私募股權、科技成長、醫療保健成長。我們有K系列。另外我們也有Capital Group。在實體資產方面，全球與核心基礎建設，我們有氣候策略、亞洲基礎建設，以及K系列基礎建設、機會型不動產信貸。同樣地，在實體資產、信貸方面，涵蓋直接放貸、槓桿信貸、資產基礎融資（ABF），都有一大範圍的機會。

Again, you heard Rob note in our prepared remarks some of the momentum that we're feeling and seeing last quarter as it relates to high-grade ABF in particular, Asia private credit, Asia leverage credit, crack capital solutions, CLOs, K-Series as well. And then insurance, again, reinsurance co-investment opportunity. So I think that breadth of opportunity that we have is what you're hearing in the confidence when we talk about the go forward from a fundraising standpoint, what that then can mean in terms of management figure out. And again, what ultimately that can mean in terms of FRE growth.

同樣地，你也聽到Rob在我們事先準備的發言中提到一些動能；就上季而言，特別是在高評級ABF、亞洲私募信貸、亞洲槓桿信貸、crack資本解決方案、CLO，以及K系列等方面，我們感受到並看到了動能。另外在保險方面，同樣也有再保險共同投資的機會。因此，我認為我們所擁有的這種機會廣度，就是你在我們談到未來募資展望時所聽到的信心來源，而這接著也可能意味著管理費的表現。同樣地，最終也可能意味著FRE的成長。

Alex, it's Scott. I would say -- I mean, if you can't tell from Craig's list there, the fundraising feels really good. I'd say we had a lot of momentum on a number of fronts. It's global including the Middle East, which I would very much put in the business as usual category, pensions, sovereign wealth funds, insurance companies, high net worth, wealth. So it all feels really strong right now.

Alex，我是Scott。我會說——我的意思是，如果你從Craig剛才那份清單還看不出來的話，募資的感覺真的非常好。我會說我們在多個面向都有很強的動能。這是全球性的，包括中東；我會把它非常明確地歸類為「一切如常」的業務範疇，還有退休金、主權財富基金、保險公司、高淨值客戶、財富管理。所以目前整體感覺都非常強勁。

And some of the things we've talked about on prior calls, for example, this consolidation theme that we see more and more clients wanting to do more with fewer partners is absolutely playing out, especially as they see more dispersion of results. We're heading towards more of a K-shaped industry. And so we think there's opportunity for us to continue to take share and we think the addition of Arctos to the family only adds to that as another set of asset classes, which are able to generate differentiated kind of returns. So bigger relationships and partnerships would be another theme I would point to on the back of that consolidation. But hopefully, that gives you a bit of color.

而且我們在先前電話會議談過的一些事情，例如我們看到的「整合」主題——越來越多客戶希望用更少的合作夥伴完成更多事情——這點確實正在發生，尤其當他們看到績效結果的分散度更大時。我們正走向一個更K型的產業。因此我們認為有機會持續提升市占；而我們把Arctos納入大家庭，只會在此基礎上再加分，因為它帶來另一組資產類別，能夠產生差異化的報酬。所以，更大的客戶關係與合作夥伴關係，是我在這個整合趨勢之後會指出的另一個主題。希望這能讓你更有一些脈絡。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC資本市場。

Congrats on the CoolIT realization. And I noticed you implemented a employee ownership program at acquisition. So could you maybe speak to how that program contributed to the successful outcome of that deal? And then maybe more broadly on KKR's ownership program at the portfolio company level?

恭喜CoolIT的投資實現。我注意到你們在收購時導入了員工持股計畫。所以你能否談談該計畫如何促成這筆交易的成功結果？另外，更廣泛地談談KKR在投資組合公司層級的持股計畫？

Bart, it's Rob. Thanks for bringing that one up. CoolIT was obviously an awesome outcome for our investors. It is not often that we exit a business at almost a 15x multiple of money. And as you noted, CoolIT is one of 85 KKR portfolio companies globally now that are part of our broad-based employee ownership programs where every employee, so it's not just senior management or equity owners.

Bart，我是Rob。謝謝你提到這個。CoolIT顯然為我們的投資人帶來了極佳的成果。我們並不常以接近15倍的投資金額倍數退出一家公司。而如你所提到的，CoolIT是目前全球85家KKR投資組合公司之一，已納入我們的廣泛員工持股計畫；也就是每一位員工都參與，而不只是高階管理層或股權持有人。

And in the case of CoolIT, most tenured employees there are going to receive roughly 8x their annual base salary at exit. So a really meaningful outcome. And deservingly given the progress and the returns that we were able to generate at CoolIT.

以CoolIT為例，那裡任職最久的一批員工在退出時將可獲得約相當於其年基本薪資8倍的收益。所以這是非常有意義的成果。而且就我們在CoolIT所能創造的進展與報酬而言，他們確實當之無愧。

So more broadly, if you look at those 85 businesses that I referenced, we now have approximately 200,000 non-management equity owners in those businesses. And we're really proud of this initiative. We know for sure that it drives better outcomes at our portfolio companies. We see it in the numbers. You've got higher engagement scores. You've got higher retention rates, working capital efficiency is up, margins are up, and ultimately, profitability is up. And so we have developed this program in a way where we've got the full employee base at these companies feeling like owners in the business, and they're delivering better results. And because of that, they're able to share in those results. So we think it's great, and we're really proud of that across our firm.

更廣泛來看，如果你看我剛提到的那85家企業，我們現在在這些企業中約有20萬名非管理層的股權持有人。我們對這項倡議感到非常自豪。我們非常確定它能在我們的投資組合公司帶來更好的成果。我們從數據中看得到。員工投入度分數更高。留任率更高，營運資金效率提升，利潤率提升，最終獲利能力也提升。因此，我們以一種方式來設計這個計畫，讓這些公司的全體員工都覺得自己是企業的主人，並且交出更好的結果。也因為如此，他們能夠分享這些成果。所以我們認為這非常棒，也為我們公司在這方面的推動感到非常自豪。

And then maybe finally, while we're on this point, I do think it's worth mentioning that we are also a founding member of ownership works. This is a nonprofit that our partner, Pete Stavros, who co-runs our global Private Equity business founded a number of years ago. And we now have greater than 100 partners alongside of us in this effort. And that's really what it's all about. We want this to become a movement beyond what we're doing at KKR. And so a big focus of what we're doing across the portfolio. And then one that we're excited to be able to hopefully share results like this with you all in the future.

最後，既然談到這點，我也認為值得一提的是，我們同時也是Ownership Works的創始成員。這是一個非營利組織，由我們的合夥人Pete Stavros——他共同領導我們的全球私募股權業務——在數年前創立。目前與我們一起參與這項努力的合作夥伴已超過100家。而這正是其核心意義所在。我們希望這能成為一場超越KKR自身作為的運動。因此，這也是我們在整個投資組合中推動工作的重點之一。同時我們也很期待，未來能夠與各位分享更多像這樣的成果。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

So wanted to ask on strategic holdings and AI risk more broadly. Certainly encouraging to hear the operating earnings target for strategic holdings get reaffirmed. Digging into the sector exposures, about one-third of the last 12-month EBITDA is concentrated in the business services sector. It's an area that's viewed as being more at risk of AI disintermediation. I was hoping you could speak to just how you've underwritten AI risk in the strategic holdings portfolio and even across the border universe of KKR portfolio companies? And is there any KPIs you can speak to, to help folks better handicap that risk?

我想就策略性持股以及更廣泛的AI風險提問。聽到策略性持股的營運收益目標再次獲得確認，當然令人鼓舞。深入看產業曝險，過去12個月的EBITDA約有三分之一集中在商業服務產業。這個領域被視為較容易受到AI去中介化的風險影響。我希望你能談談，你們在策略性持股投資組合中如何承作（underwrite）AI風險，甚至在KKR投資組合公司更廣泛的範圍內也是如此？另外，有沒有任何你能分享的KPI，幫助大家更好地評估這項風險？

Steve, it's Craig, why don't I start? So just look to level set, software represents around 7% of our AUM. In private equity, it's a higher percentage. It's around 15% across our credit platform in total, it's 5%. And in Global Atlantic, that number is about 2.5% of our AUM.

Steve，我是Craig，我先開始吧？先做個基準說明，軟體約占我們AUM的7%。在私募股權中占比更高。在我們整體信貸平台中約占15%，而在Global Atlantic中，該數字約占我們AUM的2.5%。

Now I think first, why don't we -- and in terms of that percentage of EBITDA in strategic holdings, that percentage is about the same. It's -- you're correct. It's a low double-digit percentage of EBITDA in the quarter. And then why don't I first talk about Mark's and then from the one we talk about AI and from both an underwriting standpoint and then opportunities for us.

現在我想，首先，為什麼我們不——而且就策略性持股中 EBITDA 的那個百分比而言，那個百分比大致相同。是的——你說得對。本季 EBITDA 的占比是低雙位數百分比。接著，為什麼我不先談談 Mark 的部分，然後再談 AI，以及從承銷的角度與我們的機會兩方面來說明。

But I think in terms of the quarter, probably two things to note. First, software companies broadly are performing. So looking at revenue and EBITDA growth, we're still seeing healthy year-over-year revenue EBITDA growth, I think high single digits. But at the same time, obviously, in the quarter, we saw weakness across equity markets in the software space. So given the way that our valuations work, this dynamic from a public market standpoint, had a negative impact on the markets, right? So when you put those two pieces together, really, despite the operating and financial performance marks across the software names largely declined in the quarter.

但我認為就本季而言，大概有兩點值得注意。第一，整體而言，軟體公司表現不錯。因此從營收與 EBITDA 成長來看，我們仍看到健康的年增營收與 EBITDA 成長，我想是高個位數。但同時，顯然本季我們也看到軟體類股的股票市場普遍走弱。因此，考量到我們估值的運作方式，從公開市場的角度來看，這種動態對市場產生了負面影響，對吧？所以把這兩點放在一起看，實際上，儘管營運與財務表現不錯，軟體相關標的的估值在本季大多下滑。

Now in terms of AI and how we're approaching AI as a firm, I think from a couple of things. One, look, the implications won't be a surprise to anybody on this call from AI are really far reaching, right? Like the barriers to adoption are low gains are real. AI can be very helpful at parts of workflows. And there will be businesses where the fundamental strategic positioning is either materially enhanced or in some cases, on the flip side could be replaced.

至於 AI 以及我們作為一家公司的 AI 佈局方式，我想可以從幾個面向來看。第一，坦白說，AI 的影響對這通電話上的任何人都不會是意外，影響範圍非常深遠，對吧？例如導入門檻低、效益是真實可見的。AI 在工作流程的某些環節可以非常有幫助。而且會有一些企業，其根本的策略定位要嘛會被大幅強化；反過來，在某些情況下也可能被取代。

Now from an investing standpoint, AI, we look at both from a diligence lens as well as from a value creation perspective so from an underwriting standpoint, kind of the part of the question that you focused on. Look, we're focused on AI, how it affects margins, pricing power, workflow relevance and cash flow resilience. And so the focus is not just on AI exposure, it's really on the durability of unit and business economics, and that's through trailing lines as well as on the go forward. And how does AI impact those dynamics for us.

從投資的角度來看，我們看 AI 既從盡職調查的視角，也從價值創造的視角；也就是從承銷的角度——你問題聚焦的那一部分。我們關注 AI 如何影響利潤率、定價能力、工作流程的相關性以及現金流的韌性。因此重點不只是 AI 曝險，而是單位經濟與商業模式經濟的耐久性，這既包括歷史表現，也包括未來展望。以及 AI 對這些動態會帶來什麼影響。

And then I think perhaps even more importantly, in terms of value creation, look, we think we're really well positioned. Like AI at this point is deployed across 150-plus companies to automate workflows, enhanced products, drive new growth, and I'm sure we have multiple AI initiatives across every one of those companies. And so as a firm, how we're focused on this is ensuring that our operational team at Capstone, we talk about Capstone a lot, is helping ensure that lessons travel across our teams and our companies. What works, what doesn't work? What's easy, what's hard?

然後我認為或許更重要的是，就價值創造而言，我們認為自己處於非常有利的位置。目前 AI 已在 150 多家公司中部署，用於自動化工作流程、強化產品、推動新的成長；而且我相信這些公司每一家都有多項 AI 計畫在進行。因此，作為一家機構，我們在這方面的重點是確保我們在 Capstone 的營運團隊——我們經常談到 Capstone——能協助確保經驗教訓能在我們的團隊與投資組合公司之間流動。哪些有效、哪些無效？哪些容易、哪些困難？

And again, as I know you know, we work in a very collaborative firm. So it's very much within the framework of our culture to help each other. I don't think that's necessarily to the same degree at every firm because a really siloed firm is not going to benefit in the same way. And then on the flip side of all of these relates to the opportunity on the investment front. So digital infrastructure remains a massive theme for us.

而且再次，如你所知，我們是一家非常重視協作的公司。因此在我們的文化框架下，彼此互相幫助是很自然的。我不認為每家公司都能做到同樣程度，因為非常分割（siloed）的公司不會以同樣方式受益。而上述所有事情的另一面，也關係到投資端的機會。因此，數位基礎設施仍然是我們的一個巨大主題。

We've deployed over USD40 billion of capital KKR plus our partners across a variety of digital infrastructure themes have over a 20% gross IRR return to date in terms of that activity for us. And again, obviously, we already touched on the CoolIT example. Again, an example of an investment that, again, when everything comes together, kind of shows you the art of the possible. So hopefully, that's helpful.

我們已部署超過 400 億美元的資本——KKR 加上我們的合作夥伴——橫跨多種數位基礎設施主題；就這些活動而言，截至目前的總毛 IRR 超過 20%。而且再次，顯然我們已經提到 CoolIT 的例子。同樣地，這是一個投資案例，當所有要素都到位時，某種程度上能讓你看到「可能性的藝術」。希望這些說明有幫助。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Thank you very much for two things, the extra disclosure and Finding Your Own Data report earnings. Very helpful. Just coming back to insurance for a moment. So doing the back-of-the-envelope math, if I take your slide, you are slightly north of USD300 million sort of pro forma first quarter you get just below 11% ROE for the business, if I did the math right, a, let me know if that's right. So as you think forward, just given all the puts and takes of the business, I think you mentioned spreads widening out a little bit into 2Q. What do you think is a normalized level of ROE and maybe the time line to get to that?

非常感謝兩件事：額外的揭露，以及《Finding Your Own Data》報告的財報內容。非常有幫助。我想再回到保險的話題一下。所以用粗略的心算，如果我看你的投影片，你們第一季備考（pro forma）大約略高於 3 億美元，換算下來這項業務的 ROE 略低於 11%，如果我算得沒錯的話；a，請告訴我這是否正確。那麼往前看，考量這項業務的各種利多利空，我想你提到利差在第二季稍微擴大。你認為 ROE 的常態化水準會是多少？以及大概需要多久能達到？

Bill, it's Rob. Why don't I start and maybe three or four points as it relates to profitability and ROE of the insurance business. Point one, you hit on it was the mark-to-market benefit relative to the accrued income that's a little north of USD300 million.

Bill，我是 Rob。我先開始回答，並就保險業務的獲利能力與 ROE 提三到四點。第一點，你提到的是按市價評價（mark-to-market）的收益，相對於應計收益，略高於 3 億美元。

But in the quarter, given some of the volatility we actually didn't hit our targeted return from a market perspective. So our target return is low double digits. If we had achieved that targeted return in the quarter, our run rate was probably closer to USD330 million, just to give you a sense of the magnitude.

但在本季，由於一些波動性，我們其實從市場角度並未達到我們的目標報酬。我們的目標報酬是低雙位數。如果本季達到該目標報酬，我們的運行水準（run rate）可能更接近 3.3 億美元，讓你了解一下量級。

Point three, I hit on this a little bit but it is a competitive market today as it relates to the asset and liability side, and we know for certain that it won't always be this way. And so how do we make sure that we really capitalize on that environment where there is volatility? And we talked earlier on how we think we're incredibly well positioned to do that. And honestly, it's a big reason why we bought 100% of GA because last time this happened, we felt like we missed it.

第三點，我稍早也提到一些：就資產端與負債端而言，現在是一個競爭激烈的市場，而且我們確定不會永遠都是這樣。因此，我們要如何確保在存在波動的環境中真正把握機會？我們先前也談到，我們認為自己在這方面的定位非常好。老實說，這也是我們買下 GA 100% 股權的一個重要原因，因為上一次發生這種情況時，我們覺得自己錯過了。

And then finally, I would point you, as always, to page 22 of our press release of our earnings release where you could see the all-in ROE figures that we have, but I think always instructive to take a look at that page as you're thinking about the performance of our broad-based insurance business.

最後，我一如既往地建議你參考我們新聞稿（press release）中的財報公告第 22 頁，你可以在那裡看到我們的整體 ROE 數據；我認為在思考我們廣泛的保險業務表現時，查看那一頁總是很有啟發。

Mike Brown, UBS.

Mike Brown，UBS。

So I wanted to ask on Arctos. So USD10 billion of fee paying AUM, can you just talk about the current fee rate profile there? And then any fundraising expectations over the, call it, next 12 to 24 months?

我想問一下 Arctos。你們有 100 億美元的收費 AUM（fee paying AUM），能否談談目前的費率結構概況？另外，在接下來 12 到 24 個月，你們對募資有什麼預期？

And then strategically, how do you view the long-term opportunity in the wealth channel with Arctos. Is that something that could kind of feed origination into (inaudible)? Or over time, do you think you could even have like a dedicated sports fund or a dedicated secondaries product?

然後從策略面來看，你如何看待 Arctos 在財富通路（wealth channel）的長期機會？這是否可能在某種程度上為(聽不清)提供案源（origination）？或者隨著時間推進，你是否認為你們甚至可能推出例如專門的體育基金，或是專門的次級市場（secondaries）產品？

Great. Thanks for the question. Let me start, and I know Craig and Scott might jump in. But just as it relates to the financials, we're not planning to disclose given the size of the Arctos business relative to KKR specific Arctos' related financial information. I think we can tell you that the profile of the business is generally pretty consistent with the profile of KKR's business. You've got, we think, best-in-class teams raising third-party capital they've done in a pretty lean way on the employee front and with fee terms that generally look like fee terms that you would expect to see across some of the private closed-end funds here at KKR.

好的。謝謝你的問題。我先回答，我也知道 Craig 和 Scott 可能會補充。但就財務揭露而言，考量 Arctos 業務相對於 KKR 的規模，我們不打算披露 Arctos 相關的特定財務資訊。我想我們可以告訴你的是，該業務的輪廓大致與 KKR 的業務輪廓相當一致。我們認為你看到的是一流的團隊在募集第三方資本；在人員配置上他們以相當精實的方式運作，而費用條款也大致符合你在 KKR 某些私募封閉式基金中會預期看到的費用條款。

As Arctos and what we're building in broader solutions business gets bigger, it becomes a much more material part of the firm, I can certainly see a world in the future where we're disclosing that solution-specific P&L information. But for the foreseeable future, I suspect you'll see it embedded in our private equity business line in coming quarters.

隨著 Arctos 以及我們在更廣泛解決方案業務中所打造的內容持續壯大，它將成為公司更具實質性的組成部分；我確實可以想像未來某個時點，我們會披露該解決方案特定的損益（P&L）資訊。但在可預見的未來，我猜您會在接下來幾個季度看到它被納入我們的私募股權業務線中呈現。

And Mike, it's Craig. Just on the fundraising piece. First, thanks for asking about Arctos. Scott, Rob and I had a head fun this morning in our internal firm call welcoming the Arctos team to the family post-close, obviously.

Mike，我是 Craig。就募資這一塊補充一下。首先，謝謝你問到 Arctos。Scott、Rob 和我今天早上在公司內部電話會議上，在交易完成後正式歡迎 Arctos 團隊加入我們這個大家庭，氣氛非常熱烈。

And look, on fundraising, it's a really exciting opportunity for us. And I think our fundraising team we know is excited both to support the distribution of existing Arctos strategies. And I think in particular, if you think of the footprint that we have and the boots on the ground that we have on a global basis, we think there's the opportunity for us to be really helpful right out of the gates.

你看，就募資而言，這對我們來說是個非常令人振奮的機會。我們的募資團隊也很興奮，既能支持既有 Arctos 策略的分銷。尤其是考量到我們在全球的佈局與在地團隊（boots on the ground），我們認為從一開始就能提供很大的協助。

And then secondly, to your question on wealth, nothing to announce specifically this morning, but certainly lots of ideas, and we're excited to develop and think through potential new wealth solutions together with the Arctos team. This could include things like an evergreen vehicle that would include sports as well as some type of secondary/GP solutions vehicles as well. So more to come over time, but just a really exciting long-term opportunity for us. We're excited to get after it.

第二，關於你問到的財富管理（wealth），今天早上沒有特別要宣布的事項，但確實有很多想法，我們也很期待與 Arctos 團隊一起開發並推進潛在的新財富解決方案。這可能包括例如一個常青（evergreen）載體，涵蓋運動資產，同時也可能包含某種次級/GP 解決方案載體。所以後續會隨時間逐步更新，但這對我們而言確實是一個非常令人振奮的長期機會。我們很期待全力推進。

Michael Cyprus, Morgan Stanley.

Michael Cyprus，摩根士丹利。

Just wanted to ask about AI deployment across portfolio companies. Curious where specifically you're seeing AI-driven revenue uplift versus AI-driven cost savings in the portfolio? And how might you quantify that so far? And curious any expectations as you look out from here, and I was also hoping you can elaborate a little bit to your earlier point on what's been easy so far? What's been hard and any sort of lessons learned from adoption?

我想問一下 AI 在投資組合公司中的部署情況。想了解你們具體在哪些地方看到 AI 帶動營收提升，相對於 AI 帶來的成本節省？到目前為止你們會如何量化？另外也想請教你們往前看有什麼預期；同時我也希望你們能就你先前提到「到目前為止哪些比較容易」再多展開一些。哪些比較困難？在導入採用上有沒有什麼經驗教訓？

Mike, it's Craig. Why don't I start? Look, we're very early in broadly what we think the opportunity set is. I think we're seeing broad adoption of AI and the next step of that is really understanding the execution and bringing the power of AI to life, both from a revenue standpoint as well as an EBITDA standpoint. I'm sure there'll be points in time or a point in time when it will make sense for us to both talk about specific progress as well as guideposts for us. To be clear, we are seeing an EBITDA uplift broadly across the portfolio. And we think there's a lot more to do.

Mike，我是 Craig。我先開始吧？我們認為整體機會集合非常大，而我們目前仍處於非常早期的階段。我想我們看到 AI 被廣泛採用，而下一步其實是理解如何落地執行，並把 AI 的能力真正轉化為成果，無論是在營收端或 EBITDA 端。我相信未來會有某些時點或某個時點，對我們而言同時談具體進展以及提供一些參考指標（guideposts）會更有意義。明確地說，我們確實看到整體投資組合的 EBITDA 普遍有所提升。而且我們認為還有很多可以做。

It has been interesting to see the evolution of AI to date and how it's almost started in ways that are interesting, like I think on various language applications. It's just interesting to see really begin to disrupt that part of the landscape most broadly first. But as we think about things like broad efficiencies whether that's sales force or operating efficiencies across the platforms and workers, and there's going to be even broad businesses and opportunities in things like robotics or you think of what AI can do in terms of in terms of the healthcare space. There's just really long-term broad opportunities for us across the spectrum of the business, and there will be more to come from us over time.

到目前為止觀察 AI 的演進很有意思，它幾乎是以一些很有趣的方式起步的，例如我認為在各種語言應用上。很有意思的是，它似乎最先在那一塊領域最廣泛地開始造成顛覆。但當我們思考像是更廣泛的效率提升——不論是銷售團隊效率，或是跨平台與員工的營運效率——甚至還會有更廣泛的業務與機會，例如機器人領域，或你想到 AI 在醫療健康領域能做的事情。對我們而言，在整個業務光譜上都有非常長期且廣泛的機會，未來我們也會逐步分享更多。

Brian McKenna, Citizens.

Brian McKenna，Citizens。

So within our private equity business, what's the typical markup on an investment when it's realized versus the prior unrealized mark? And then is there a way to think about the incremental carry that's created in this markup? And I'm just trying to figure out at the USD2.6 billion of net unrealized performance income is understated in any meaningful way.

在我們的私募股權業務中，一項投資在實現（realized）時，相對於先前未實現估值（unrealized mark），通常會有多大的上調幅度（markup）？另外，有沒有方式可以思考這個上調所帶來的增量業績分成（carry）？我主要是想判斷，2.6 十億美元的淨未實現績效收入（net unrealized performance income）是否在任何有意義的程度上被低估。

Brian, it's Craig. Why don't I start? Look, in our experience, when you look at the final mark of those private equity investments that we monetize, you see a healthy markup relative to the prior quarter. And that's been our experience over time. I think it does speak to the rigor of the valuation process.

Brian，我是 Craig。我先開始吧？以我們的經驗來看，當你看那些我們變現（monetize）的私募股權投資在最終估值（final mark）時，通常相對於前一季會有相當健康的上調幅度。這一直是我們長期以來的經驗。我認為這也反映了估值流程的嚴謹性。

Again, this is an exercise that has been very similar for us for well over a decade at this point in time. We work with third-party firms as part of all of this exercise. And so I think it speaks to the rigor and if anything, mild conservative that we have as it relates to marks as we go through this process.

同樣地，這項工作對我們而言在此時點已經持續了十多年，流程非常一致。我們在整個流程中也會與第三方機構合作。因此我認為這反映了嚴謹性；而且若要說的話，我們在估值標記（marks）方面其實是略偏保守的。

I think that covers most of it. I think really the only things from my seat to add on here is we've been doing these types of valuations really close to 20 years now with the advent of our vehicle that was listed on the Euronext back in 2006. There is a high degree of rigor. We feel really good with how we value Level 3s across the firm, not just in private equity, but everywhere.

我想這大致涵蓋了主要部分。我這邊唯一想補充的是，自從我們在 2006 年於 Euronext 上市的那個載體推出以來，我們做這類估值已經接近 20 年了。其嚴謹程度非常高。我們對公司內部對 Level 3 資產的估值方式非常有信心，不僅是在私募股權，在各個領域都是如此。

The vast majority of our holdings, anything of any size and scale is going to be either validated or the valuation will be created and performed by a third-party valuation agent. And then as it relates to whether our accrued carry numbers understated. I wouldn't say that. I mean, we feel like our valuations are very appropriate at quarter end, given all of the information that we know.

我們絕大多數的持倉，只要具備一定規模與重要性，估值都會由第三方估值代理進行驗證，或由其建立並執行估值。至於你問到我們的應計業績分成（accrued carry）數字是否被低估。我不會這麼說。我的意思是，基於我們在季末所掌握的所有資訊，我們認為我們的估值是非常適切的。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO 資本市場。

Wanted to follow up on Glenn Schorr's question. So -- couldn't resist. I'm sorry. So look, the struggle with the USD7 is, I think, probably not that surprising, like the environment, given where it is, you can look at consensus and saw the basically it was anticipated. But the one part that I'm sort of curious about is on the realizations and the timing. I know you guys have been a lot stronger on DPI, but how is the potential for further delays in monetization and realizations going across with the LP community? This has been an ongoing delay across the industry. And so is that leading to some frustrations and how are you managing that?

我想跟進 Glenn Schorr 的問題。所以——我忍不住。抱歉。你看，對於 7 美元（USD7）的掙扎，我想可能並不令人意外；在目前這樣的環境下，你看市場一致預期（consensus）也會發現基本上是被預期到的。但我比較好奇的一點是關於變現（realizations）以及時點。我知道你們在 DPI 上表現強很多，但若變現與實現持續延後的可能性增加，LP 社群那邊的反應如何？這是整個產業一直存在的延遲。那這是否導致一些挫折感？你們又是如何管理的？

Yes, sure, Brennan. I mean there's obviously a lot of nuance in that question. And -- but what I'd tell you is as we entered the year, and we talked about this last quarter, we have put together really a bottoms-up budget for how we thought the year would play out based on normalized and constructive monetization environment. And as we're 4 months into the year, I think it's fair to say that through that 4-month period of time, it's been anything but a normalized environment. And so as we thought about what needed to get sold in order to achieve our target for the year and our budget for the year, we -- today, as we're mark-to-marketing it, some things have potentially been delayed. And that's all we're trying to convey because we did really want to be transparent for how we're tracking at this point of the year.

好的，當然，Brennan。這個問題顯然有很多細節與微妙之處。但我可以告訴你的是：我們在進入今年時——而且我們在上一季也談過——我們是以一個正常化且具建設性的變現環境為前提，自下而上（bottoms-up）編製了我們對今年走勢的預算。而現在進入今年第 4 個月，我想可以公平地說，在這 4 個月期間，市場環境一點也不正常化。因此，當我們思考為了達成今年目標與今年預算需要出售哪些資產時——以我們今天按市值重新評估（mark-to-marketing）的角度來看——有些事項可能已經被延後。我們只是想傳達這一點，因為我們確實希望就目前年度進度的追蹤情況保持透明。

That said, I think it's also important to really understand that our DPIs remain, we think, industry-leading, certainly relative to our larger competitors. And if anything, that's accelerating. You look at our realized carry in Q1, it was up 120%. I think most importantly is our forward monetization guide of USD1.4 billion plus as it relates to monetization related revenue, that is the highest we've ever had in our history. And so things feel really good on that side of the ledger.

話雖如此，我認為同樣重要的是要真正理解，我們的DPI我們認為仍然是業界領先的，尤其是相較於我們規模更大的競爭對手而言。而且如果有什麼變化的話，那就是這種領先正在加速。你看看我們第一季的已實現carry，上升了120%。我認為最重要的是，我們對未來變現的指引為14億美元以上，就與變現相關的收入而言，這是我們歷史上最高的水準。因此在資產負債表的那一側，整體感覺非常好。

But at the same time, we're also cognizant of the environment. What that can mean as Scott noted in processes. What that could mean maybe as it relates to delayed deployment and pushing back some processes that could happen and the impact across our platform. And we're trying to give you a mark-to-market balance view on where we are at May 5 of '26.

但同時，我們也意識到當前的環境。正如Scott在流程中提到的，這可能意味著什麼。這也可能意味著與延後部署相關、以及把一些流程往後推遲的情況可能發生，並對我們的平台造成影響。我們試圖在2026年5月5日這個時點，給你們一個按市價計量的平衡觀點，說明我們目前所處的位置。

Brandon, it's Scott. Just to add a couple of things. One, thanks for the question. I wouldn't confuse the message around we may delay some strategic exits with kind of what we're hearing from the LPs. We have, I think, in the deck, the IR deck on the website, a slide somewhere that talks about how we've given cash back from our private equity fund in the US or that business, we've given more back than we called 9 out of the last 10 years.

Brandon，我是Scott。我再補充幾點。第一，謝謝你的問題。我不會把「我們可能延後一些策略性退出」這個訊息，和我們從LP那裡聽到的情況混為一談。我想在簡報裡、網站上的IR簡報中，有一張投影片提到：就我們在美國的私募股權基金或那項業務而言，過去10年中有9年，我們返還給投資人的現金多於我們所召回的資金。

So what we're hearing from the LPs is we're like best-in-class in terms of DPI and cash back, and they know that there's more coming. So the LPs are happy with us. That's why you see a record fundraise in private equity, the USD23 billion that Rob mentioned, which is just the US component of our private equity business. But overall, fundraising is up, and we're finding investors want to do even more with us.

所以我們從LP那裡聽到的是：就DPI與現金返還而言，我們是同業最佳水準，他們也知道後面還會有更多回款。因此LP對我們很滿意。這也是為什麼你會看到私募股權創下募資紀錄，Rob提到的230億美元，那只是我們私募股權業務中的美國部分。但整體而言，募資是在成長的，而且我們發現投資人希望與我們做更多。

And I mentioned this dispersion we're seeing across our sector. There is extreme bifurcation, and we're getting a lot of very positive feedback on how we're performing and sending so much cash back relative to others. So I wouldn't confuse the two topics. This is helping us grow the firm faster by virtue of the performance.

我也提到我們在本產業看到的這種分化。分歧非常極端，而我們因為表現出色、相較他人返還了大量現金，正收到很多非常正面的回饋。所以我不會把這兩個議題混在一起。憑藉績效，這正在幫助我們更快地擴張公司。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I was hoping you could discuss the broader kind of private wealth backdrop given the challenges in certain private credit vehicles. How do you see that impacting the lineup for the rest of your retail or private wealth products or even the road map with your partnership with Capital Group going forward?

我想請你們談談更廣泛的私人財富（private wealth）背景，考量到某些私募信貸工具面臨的挑戰。你們認為這會如何影響你們其餘零售或私人財富產品的產品線，甚至是未來與Capital Group合作的路線圖？

It's Craig. Why don't I start? We thought we'd get a question on this topic. We think it's important just to begin to level set, and I touched on this earlier, but really the size and breadth of fundraising, right? So over the trailing 12 months, we've raised USD127 billion. In K-Series, it was 12% of that.

我是Craig。我先開始吧？我們原本就預期會有人問到這個主題。我認為重要的是先把基準講清楚，我之前也提過，核心在於募資的規模與廣度，對吧？在過去12個月，我們募得了1,270億美元。其中K-Series占了12%。

So it is an important piece, certainly, but we benefit from all the strategies and geographies where we're raising capital. We're wonderfully diversified from a fundraising standpoint. And then we think it's important to take a step back and think about K-Series and the growth in that platform. So AUM across K- series at 3/31 was USD38 billion. A year ago, that was USD21 billion. So think of all the volatility that we've all experienced over the last 12 months, Liberation Day, all that's unfolded with the ramp. And K-Series AUM is up 80% year-over-year, actually a little north of that. It's pretty good.

所以這當然是一個重要的部分，但我們也受益於在各種策略與各地區的募資。從募資角度來看，我們的多元化程度非常好。接著，我們也認為有必要退一步，思考K-Series以及該平台的成長。截至3/31，K-Series的AUM為380億美元。一年前是210億美元。想想過去12個月我們經歷的所有波動、Liberation Day，以及隨著升溫所發生的一切。而K-Series的AUM年增80%，其實還略高於此。這表現相當不錯。

So I think as we look about the backdrop for wealth and what that means for us, no change in our view of the path we're on, the long-term opportunities that we see and just feel, a, very excited about how we're positioned against this opportunity. And again, recognizing that this is just one of the pieces of the puzzle that we have given the breadth and the diversification we have across the firm.

所以我認為，當我們看待財富管理的背景以及這對我們意味著什麼時，我們對目前所走的路徑、我們看到的長期機會的看法沒有改變，而且我們對自身在這個機會上的定位感到非常振奮。同時也要再次強調，鑑於我們在公司層面具備的廣度與多元化，這只是拼圖中的一塊。

The only thing I'd add, Dan, is this is a multi-decade build for us, and it is all about performance. If we can generate performance and keep earning the trust of the advisers and the clients, we think this can be a meaningful part of the firm. And as you know, it's early products are relatively early in the development. And I think people are learning as we go here.

Dan，我唯一想補充的是，這對我們而言是一個跨數十年的建設，而一切都取決於績效。如果我們能創造績效，並持續贏得顧問與客戶的信任，我們認為這可以成為公司中一個重要的組成部分。而如你所知，這些早期產品仍處於相對早期的發展階段。我想大家也在這個過程中邊做邊學。

But in terms of your question on the other -- impact on other things we're doing, I think Rob mentioned it, we were surprised by how strong and resilient flows were in the first quarter. If history is any guide, all of the media attention will likely slow things down for a bit. I don't know what a bit is yet because it's so early. But to Craig's point, this is a relatively small percentage of how we're accessing capital today. and we're working hard to earn the right for it to be a larger and more meaningful part of the firm.

至於你問到對我們正在做的其他事情的影響，我想Rob提過，我們對第一季資金流入的強勁與韌性感到驚訝。如果歷史可作為參考，媒體的關注很可能會讓進展放慢一段時間。我現在還不知道「一段時間」會是多久，因為現在還太早。但如Craig所說，這在我們目前取得資本的方式中只占相對小的比例，而我們也正努力爭取，讓它成為公司更大、更有意義的一部分。

In terms of your question about Capital Group, also even earlier there with respect to our partnership, which is developed extraordinarily well and overall in terms of kind of how we think about it ahead of our expectations, but we're still very much in the product development mode and just starting to deploy different products across credit and private equity, as we've discussed before.

至於你關於Capital Group的問題，就我們的合作而言也還更早期；這項合作發展得非常好，整體來看也超出我們的預期，但我們仍然非常處於產品開發模式，並且才剛開始如先前所討論的，在信貸與私募股權等領域部署不同的產品。

Arnaud Giblat, BNP.

Arnaud Giblat，BNP。

I've got a question on data centers. You mentioned earlier that you're investing actively there. I was just wondering if you could flesh out a bit more. In particular, I think you've signed a USD50 billion JV with Energy Capital Partners. So how far down the pipeline of investments are you? What you -- how far process coming on board? I understand there's quite a bit of capital in the space. So I'm just wondering what the prospective returns are shaping up to look like in this space.

我有一個關於資料中心的問題。你們先前提到正在積極投資該領域。我想請你們再多補充一些細節。特別是，我認為你們與Energy Capital Partners簽署了一個500億美元的合資（JV）。所以你們在投資管線上目前走到哪個階段？你們——流程推進到什麼程度、有哪些項目正在進來？我理解這個領域有相當多的資本。因此我想了解，在這個領域的預期報酬大致會呈現什麼樣貌。

Sure. Why don't I begin? Look, it remains a massive theme for us. And I think, one, there remains a lot of interest and focus on data center, no question. And look, this focus is for good reason. Like the CapEx we're seeing out of the hyperscalers continues to be massive, if anything, it feels like it continues to accelerate. And all of that builds on what's already a pretty powerful backdrop given tailwinds in cloud.

當然。我先開始吧？你看，這對我們而言仍然是一個巨大的主題。而且第一，市場對資料中心的興趣與關注依然非常高，毫無疑問。而且這樣的關注是有充分理由的。我們看到超大規模雲端業者（hyperscalers）的資本支出仍然非常龐大；如果有什麼變化的話，感覺是還在加速。而這一切又建立在雲端順風所帶來、原本就相當強勁的背景之上。

So the digital opportunity is massive, but it's more than just data centers, as I mentioned, because again, you're going to need massive investment alongside of data centers and alongside of all of these aspects. From data standpoint, in terms of fixed line opportunities, mobile infrastructure, at the same time, again, to support the growth in data in all the consumption. And I think when we look at our firm and how we're positioned for the past 15-plus years, we've been incredibly active across all of these themes. So we've invested over USD40 billion across the digital infrastructure space broadly on data center, specifically, we've got 6 global data center platforms.

所以數位化的機會非常龐大，但如我提到的，它不僅僅是資料中心，因為你還需要在資料中心周邊以及所有這些面向投入巨額資本。從數據的角度來看，包括固網機會、行動通訊基礎設施；同時也同樣是為了支撐數據成長與各種使用量的提升。而我認為，回到我們公司以及我們如何布局，過去15年以上我們在這些主題上一直非常活躍。因此我們在更廣義的數位基礎設施領域已投資超過400億美元；就資料中心而言，我們具備6個全球資料中心平台。

In terms of your question on frothiness, look, we're going to be thoughtful in how we invest. And I think you've seen lots of capital put against this opportunity. And so you should expect to continue to see us be very disciplined as we look at opportunities. We're going to care about who our counterparties are. We're going to care about location. We're going to look to continue to be thoughtful around terms.

就您關於市場是否過熱（frothiness）的問題而言，您看，我們會以審慎的方式進行投資。而且我想您也看到，已有大量資本投入到這個機會上。因此，當我們評估機會時，您應該預期我們會持續保持非常嚴謹的紀律。我們會重視我們的交易對手是誰。我們會重視地點。我們也會持續在條款上保持審慎。

And then I think finally, part of this also gets back to one of the reasons we think we're well positioned gets back to connectivity and culture because we do invest across these themes across a number of pools across KKR depending on geography and risk return. So that would encompass global infrastructure, Asia infrastructure, our diversified core infrastructure strategy, real estate, core private equity, wealth as well as within global landing. So we've got a number of different pools, different risk return across geographies. So lots of progress and exciting for us more to come.

最後我想說，這其中一部分也回到我們認為自己具備良好定位的原因之一：連結性與文化，因為我們會依據地理區域以及風險報酬，在KKR內跨越多個資金池、圍繞這些主題進行投資。因此這會涵蓋全球基礎建設、亞洲基礎建設、我們的多元化核心基礎建設策略、不動產、核心私募股權、財富管理，以及全球著陸（global landing）內的相關布局。所以我們有多個不同的資金池，在不同地理區域承擔不同的風險報酬。因此進展很多，對我們而言也很令人振奮，後續還會有更多。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

The elevated redemptions wells have been highly publicized, but curious if you can detail further what you're seeing from institutions given the noise in wealth. Rob, your comments seem positive there. So I'm curious if you can dig in that a little bit deeper, how aggressively are institutions leaning into direct lending today in other areas like ABF? And then how has that evolved in recent months, just given the sentiment shifts? Was there a pause and then started to dip in further? Just curious on that trajectory and thought process from the institutions.

關於較高的贖回（redemptions），市場上已經有很多報導；但我想進一步了解，在財富管理端雜音很多的情況下，您從機構投資人那邊看到的是什麼。Rob，您剛才的評論聽起來相當正面。所以我想請您再深入一點：目前機構投資人對直接放貸（direct lending）以及像ABF這類其他領域的投入力度有多大？另外，考量到近期情緒的變化，這在最近幾個月是如何演變的？是否曾經暫停，之後又開始更深入投入？想了解機構投資人的這條軌跡與思考過程。

Great. Thanks for the question, Crispin. Very different dialogue with institutions. If anything, I would say, 12, 24 months ago, as it pertains to direct lending institutions, we're frankly spending less time. little bit of a question of the retail flows a bit ahead of deal flow.

好的。謝謝你的問題，Crispin。與機構投資人的對話非常不同。如果要說的話，我會說在12到24個月前，就直接放貸而言，我們坦白講花的時間更少。某種程度上是零售資金流入（retail flows）比交易流量（deal flow）走得更前面一些。

Are spreads compressing and turns a bit less attractive? And a number of them, I think, pivoted a bit to asset-based finance as another component of private credit. And as you heard from Craig and Rob, that part of our credit business is more than 2x the size of our direct lending effort. And so we definitely saw that movement.

利差是否在收斂、槓桿倍數（turns）是否變得不那麼有吸引力？而其中不少機構，我想也稍微轉向資產基礎融資（asset-based finance, ABF），作為私募信貸（private credit）的另一個組成部分。正如您從Craig和Rob那裡聽到的，我們信貸業務中這一塊的規模已經是我們直接放貸業務的兩倍以上。所以我們確實看到了這樣的移動。

The shift we're seeing in the last several weeks has been the institution is kind of coming back to direct lending a bit and saying, okay, I see all these headlines about wealth, that should mean that risk/reward is getting better on new deals. And therefore, I'm going to take a fresh look at it again. So we continue to have all the ABF dialogues we've been having and the pipeline is really robust there. But the shift has been the institution is actually coming back a bit to direct lending and thinking about, well, spreads are up.

而我們在過去幾週看到的轉變是：機構投資人有點回到直接放貸，並表示，好吧，我看到所有關於財富管理的新聞標題，這應該意味著新交易的風險／報酬正在改善。因此，我會重新再看一次。所以我們仍持續進行一直以來的所有ABF對話，而且那邊的案源管線（pipeline）非常強勁。但變化在於，機構投資人確實有點回到直接放貸，並在思考：嗯，利差上升了。

Fees are up, terms are better and leverage is down. And that's what we've seen in terms of our pipeline in the last several weeks. And so on the back of that, they are more intrigued. So very, very different dialogue relative to all these headlines that you're reading about in the wealth space, which are very small dollars in the grand scheme of things.

費用上升了、條款更好了、槓桿更低了。這就是我們在過去幾週從案源管線中看到的情況。因此在此背景下，他們更感興趣。所以相較於您在財富管理領域讀到的那些新聞標題——就整體規模而言其實只是很小的金額——我們與機構投資人的對話是非常、非常不同的。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Follow-up to Steven's question, been a lot of focus on software actually, but we are starting to get more incoming around the potential for AI to be a problem for Indian positions in both private equity and real assets. I think India has been a big part of your Asian investment strategy. So could you update us on the exposure there? And more specifically, have you done a scrub to identify how exposed those positions are to potential AI disintermediation of things like India outsourcing?

延續Steven的問題，市場其實對軟體關注很多，但我們開始收到更多關於AI可能對印度部位造成問題的詢問，涵蓋私募股權與實體資產。我想印度一直是你們亞洲投資策略的重要部分。所以能否更新一下你們在那裡的曝險？更具體地說，你們是否做過盤點（scrub），以識別這些部位對於AI可能在印度外包等領域造成去中介化（disintermediation）的曝險程度？

Patrick, it's Craig. I'll start. Look, I think when we go through the exercise and look across the portfolios, like again, that's obviously done on a global basis. That's both with a focus on whether that's revenue or EBITDA growth, whether that's AI exposure, whether that is the investment teams and the approach to AI from a defensive and an offensive standpoint. So I don't think of that differently based on geography.

Patrick，我是Craig。我先回答。你看，我認為當我們做這個盤點並檢視整體投資組合時——同樣地，這顯然是以全球為範圍來做的。我們會同時聚焦於營收或EBITDA成長、AI曝險，以及投資團隊對AI在防禦與進攻兩個面向的做法。所以我不會因為地理區域不同而用不同方式看待。

We haven't disclosed any specific portions of India. I would note that I think as we think about Asia and our footprint broadly, I think we think of Asia split broadly between the developed part and then the growing part. So India is certainly an important part of our franchise as we think about our positioning going forward.

我們沒有揭露任何印度的特定比重。但我會指出，當我們思考亞洲以及我們更廣泛的布局時，我們大致把亞洲分為已開發的部分與成長中的部分。因此，印度在我們思考未來定位時，當然是我們平台（franchise）的重要一環。

I think -- Patrick, it's Scott. The answer to your question is yes, we have scrubbed our India portfolio. No, don't have any elevated level of concern there. You're right. One thing you watch is what does this mean for employment in India, given the amount of that economy that historically has been driven by what's happened with outsourcing to that part of the world, and we have seen hiring across that part of the Indian business sector come down meaningfully, dramatically. We are not exposed to that.

我想——Patrick，我是Scott。你問題的答案是：是的，我們已經盤點過我們的印度投資組合。不，我們沒有任何較高程度的擔憂。你說得對。其中一個需要觀察的是：鑑於印度經濟中有相當一部分歷來是由外包到該地區所帶動，這對印度就業意味著什麼；而我們確實看到印度商業部門的招聘在那一塊明顯、甚至大幅下降。我們並未曝險於此。

If anything, I think right now as we sit here today, given our focus on infrastructure, electricity grids and otherwise in India. We've been getting ready for what we see as AI deployment and the opportunity set across digitalization in that market, where as you know, we have a lot of history and expertise.

如果要說的話，以我們目前此刻的狀況來看，鑑於我們在印度對基礎建設、電力電網等領域的聚焦，我們一直在為我們所看到的AI部署，以及該市場數位化所帶來的機會集合做準備；如你所知，我們在那裡有很多歷史與專業能力。

There are no further questions at this time. I would like to turn the floor back to Craig Larson for closing remarks.

目前沒有其他問題。我想把時間交回給Craig Larson作結語。

We just want to thank you for your help this morning, and thank you, everybody, for your interest in KKR. We look forward to following up in 90 days or in the interim. If you have any questions, of course, please feel free to reach out directly to the IR team. Thanks so much.

我們只想感謝各位今天早上的協助，也謝謝大家對KKR的關注。我們期待在90天後，或在此期間再與各位跟進。如果您有任何問題，當然也請隨時直接聯繫投資人關係（IR）團隊。非常感謝。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。