KKR & Co Inc (KKR) 2026 Q2 法說會逐字稿

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

各位女士、先生，感謝您稍候。歡迎參加KKR 2026年第二季財報電話會議。（接線員指示）

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

現在我將把電話交給本次會議主持人——KKR投資人關係主管兼合夥人Craig Larson。Craig，請開始。

Thank you, operator. Good morning, everyone, and welcome to our second=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年第二季財報電話會議。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 and our SEC filings for cautionary factors about these statements.

我們提醒各位，本次電話會議將提及非GAAP衡量指標；相關數字已在我們的新聞稿中與GAAP數字進行調節，新聞稿可於KKR.com的Investor Center（投資人中心）專區取得。另提醒各位，我們以調整後股份基礎（adjusted share basis）呈報各事業部門數字。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。有關此等陳述的警示因素，請參閱我們的財報新聞稿及向美國證券交易委員會（SEC）提交的文件。

This quarter, Rob is going to begin by reviewing our key growth drivers as a firm and how those are impacting our results. And afterwards, I'll review our Q2 results in more detail.

本季將由Rob先行回顧本公司作為一個整體的主要成長驅動因素，以及這些因素如何影響我們的業績。之後我將更詳細地回顧我們第二季的結果。

And so with that, I'd like to hand the call over to Rob.

那麼，接下來我把電話交給Rob。

Thanks a lot, Craig, and thank you everyone for joining our call this morning. We've been in an environment with a lot of volatility and noise around our space. So I wanted to take a step back today and go through how we are seeing things. As a firm, we feel better positioned than ever to drive differentiated earnings growth. Our confidence here comes from four key secular and structural growth drivers.

非常感謝，Craig，也謝謝各位今天早上加入我們的電話會議。我們所處的領域近期波動與雜音很多。因此我今天想先退一步，說明我們如何看待目前情勢。作為一家公司，我們認為自己比以往任何時候都更有利於推動具差異化的盈餘成長。我們的信心來自四項關鍵的長期（secular）與結構性成長驅動因素。

What is particularly encouraging and what I will walk you through in the second part of my remarks is that we continue to see these drivers play out in our operating results as well as our financial performance. But let me first start by laying out our framework.

特別令人鼓舞的是——我在發言的第二部分會帶各位看到——我們持續在營運成果與財務表現中看見這些驅動因素的展現。不過我先從我們的分析框架談起。

First, we are fortunate to operate in high-growth industries with multiple mega trends. The alternative asset management industry has been growing at a healthy rate, and we expect that to continue well into the future. We are in the midst of a global CapEx cycle, AI, digital and energy infrastructure, defense, industrial, so massive needs here for capital on a global basis, which makes our industry increasingly relevant.

第一，我們很幸運能在多個超級趨勢帶動的高成長產業中營運。另類資產管理產業一直以健康的速度成長，我們預期這樣的趨勢在未來仍將持續。我們正處於全球資本支出（CapEx）循環之中，涵蓋AI、數位與能源基礎建設、國防、工業等領域；全球對資本的需求極為龐大，使得我們的產業愈發重要。

From a geographic perspective, we continue to see significant opportunity in Asia. The Asia-Pac region today is one of the most dynamic parts of the world and represents roughly 60% of the expected global GDP growth. It is the area where alternatives are the least penetrated relative to the US and Europe, creating an enormous opportunity across private equity, infrastructure, real estate, private credit, and insurance.

從地理角度來看，我們持續在亞洲看到顯著機會。亞太地區目前是全球最具活力的區域之一，約占預期全球GDP成長的60%。相較於美國與歐洲，該地區另類投資的滲透率最低，因而在私募股權、基礎建設、不動產、私募信貸與保險等領域創造了龐大機會。

Simultaneously, we are experiencing significant demographic shifts with an aging population that is in need of retirement solutions. The number of people aged 65 and up around the world is expected to roughly double between now and 2050 and more individuals are investing for their own retirement.

同時，我們也正經歷顯著的人口結構變化：人口老化使退休解決方案的需求增加。預期全球65歲以上人口在現在到2050年間將大致翻倍，且愈來愈多個人為自己的退休進行投資。

Second, we are well positioned against that backdrop with multiple identifiable growth avenues across our platform. Just to take you through a few of them, we have one of the largest infrastructure platforms in the world at approximately $120 billion of AUM. We are benefiting from that demographic shift and need for retirement solutions in both our Insurance and our wealth businesses.

第二，在上述背景下，我們的平台具備多條清晰可辨的成長路徑，定位良好。舉幾個例子，我們擁有全球規模最大的基礎建設平台之一，資產管理規模（AUM）約1,200億美元。在保險與財富管理業務中，我們同時受惠於人口結構變化以及對退休解決方案的需求。

In GA, we see significant opportunity to grow both in the US and internationally, especially in markets like Japan. And in wealth, we remain bullish around the likelihood of individual investors allocating more to alternatives over time and believe we are still in the earliest days of this theme playing out.

在GA方面，我們看到在美國及國際市場都有顯著的成長機會，尤其是在日本等市場。在財富管理方面，我們仍看好個人投資人隨時間推移提高對另類資產配置的可能性，並相信這一主題才剛開始發酵、仍處於非常早期的階段。

We have a differentiated presence and track record in Asia. We are the largest private equity player. We're the largest infrastructure player. We have rapidly growing real estate and credit businesses, and we see a huge opportunity in insurance.

我們在亞洲擁有具差異化的布局與實績。我們是最大的私募股權參與者。我們是最大的基礎建設參與者。我們的不動產與信貸業務快速成長，且我們在保險方面看到巨大的機會。

We have built a platform over the past 20 years that cannot be replicated overnight given our track record, our geographic coverage, our brand, as well as our existing footprint, which includes nine offices and nearly 1,000 people on the ground in the region, over 200 of whom are sitting in Tokyo.

過去20年我們打造的平台，憑藉我們的實績、地理覆蓋、品牌以及既有布局，並非一朝一夕可被複製；我們在該區域設有九個辦公室，當地團隊近1,000人，其中超過200人位於東京。

And I could really go on here. We have a world-class private equity business that continues to grow rapidly. We have a leading asset-based finance platform. We are seeing increased demand in private investment grade and are incredibly well positioned for that opportunity. And with our acquisition of Arctos, we believe we can scale KKR solutions to over $100 billion of AUM over time.

我其實還可以繼續列舉。我們擁有世界級的私募股權業務，並持續快速成長。我們擁有領先的資產基礎融資（asset-based finance）平台。我們看到私募投資級（private investment grade）需求增加，且我們在把握此機會方面具備極佳優勢。此外，透過收購Arctos，我們相信隨時間推移可將KKR Solutions的資產管理規模擴大至超過1,000億美元。

The third driver is our differentiated business model. We have been very purposeful in building a business model that allows us to meaningfully grow our earnings and share price over the long-term without requiring us to significantly increase our headcount or sacrifice our culture in order to do so.

第三項驅動因素是我們具差異化的商業模式。我們一直有意識地打造一種商業模式，使我們能在長期中顯著提升盈餘與股價，而不需要大幅增加人力編制，或為此犧牲我們的文化。

In our Asset Management business, there is substantial growth in front of us, and we have been intentional about creating additional ways to take full advantage of the broader KKR ecosystem over the next 10 to 20 years. That is why we also have an Insurance business and Strategic Holdings.

在資產管理業務方面，我們面前仍有可觀的成長空間；我們也刻意打造更多方式，在未來10到20年充分運用更廣泛的KKR生態系。因此我們同時擁有保險業務與策略性持股（Strategic Holdings）。

Both of those segments leverage many of the core competencies that we have built up in asset management over the past 50 years, including our investing acumen, our access to differentiated capital, certainly our brand and our collaborative culture.

這兩個事業部門都運用我們在過去50年資產管理中建立的多項核心能力，包括我們的投資專業、取得具差異化資本的能力，當然也包括我們的品牌與協作文化。

Which brings me finally to that unique culture and how it could be a real accelerator of growth. We run KKR as one firm with one compensation approach. Relationships travel, ideas travel, lessons learned travel. Our culture creates much of our investing alpha, which is why we have built a business model that allows us to keep the firm small and maintain that competitive advantage.

最後談到我們獨特的文化，以及它如何成為真正的成長加速器。我們以「一家公司」的方式經營KKR，並採用一致的薪酬制度。關係會流動、想法會流動、經驗教訓也會流動。我們的文化創造了我們投資超額報酬（alpha）的很大一部分，這也是為什麼我們打造的商業模式能讓公司保持精實，並維持該競爭優勢。

Importantly, KKR employees also own approximately 30% of our shares. For context, the other companies in the S&P 500 have an average of approximately 2% insider ownership. So it's that ownership mentality that fundamentally shapes how we think about capital allocation and long-term value creation. We are incredibly well aligned with our shareholders.

重要的是，KKR員工亦持有約30%的公司股份。作為對照，S&P 500其他公司的內部人持股平均約為2%。因此，正是這種所有權心態，從根本上形塑了我們對資本配置與長期價值創造的思考方式。我們與股東的利益高度一致。

Now, I will walk you through some examples of how these drivers are showing up in our results. Let me first start with an example of a secular tailwind and how we are positioning ourselves. AI and the need for infrastructure buildup behind it will require trillions of dollars of investment over the coming decade. To date, we have committed and invested over $75 billion across digital infrastructure and power.

接下來我將透過一些例子，說明這些驅動因素如何反映在我們的業績之中。我先從一個長期順風（secular tailwind）的例子談起，以及我們如何進行布局。AI以及其背後所需的基礎建設擴建，在未來十年將需要數兆美元的投資。截至目前，我們在數位基礎建設與電力領域已承諾並投資超過750億美元。

However, our existing infrastructure funds carry diversification guidelines that limit how much we can dedicate to a single theme relative to the scale of that opportunity. So we formed Helix Digital Infrastructure, which we announced in June, with over $10 billion of initial long-duration committed capital.

然而，我們現有的基礎設施基金設有分散化指引，限制了相對於該機會規模，我們能投入於單一主題的資金比例。因此，我們成立了 Helix Digital Infrastructure，並於 6 月宣布，初始即擁有超過 100 億美元的長期承諾資本。

Helix is an AI infrastructure company that delivers coordinated data center, power and connectivity to hyperscalers. It is a perpetual open-ended vehicle that adds to our perpetual capital base where KKR will earn management fees and performance fees.

Helix 是一家 AI 基礎設施公司，為超大規模雲端業者（hyperscalers）提供協同整合的資料中心、電力與連線能力。它是一個永久性、開放式的投資載體，將擴充我們的永久資本基礎，KKR 將從中收取管理費與績效費。

Alongside our infrastructure team, Helix is led by Adam Selipsky, who is the former CEO of Amazon Web Services. Adam brings first-hand experience scaling the world's largest cloud business and deep insight into hyperscaler priorities.

在我們的基礎設施團隊支持下，Helix 由 Adam Selipsky 領導，他曾任 Amazon Web Services 的執行長。Adam 具備第一手擴張全球最大雲端業務的經驗，並對超大規模雲端業者的優先事項有深刻洞見。

NVIDIA and Vistra joined us as important strategic partners and together with Kuwait Investment Authority and KKR as founding investors. Paring KKR's track record here and our expertise with the execution capabilities at Helix, we believe that we have unique positioning against what is a mega trend.

NVIDIA 與 Vistra 作為重要策略夥伴加入我們，並與科威特投資局（Kuwait Investment Authority）及 KKR 一同成為創始投資人。結合 KKR 在此領域的過往成績與專業，以及 Helix 的執行能力，我們相信在這一重大趨勢面前，我們具備獨特的定位優勢。

Turning to our Asset Management growth avenues and fundraising, the execution here has been tangible. At our April 2024 Investor Day, we set out a three-year $300 billion fundraising target. That was an ambitious number for us at the time, given our size.

接著談到我們資產管理的成長途徑與募資，這方面的執行成果已相當具體。在 2024 年 4 月的投資人日，我們提出三年募資 3,000 億美元的目標。以當時我們的規模而言，這是一個雄心勃勃的數字。

Since the beginning of 2024 through June 30 of this year, we have raised $305 billion of capital, with $34 billion coming in in Q2. So beating our three-year target in just two and a half years.

自 2024 年初至今年 6 月 30 日，我們已募集 3,050 億美元資本，其中第二季募集 340 億美元。也就是在短短兩年半內就超越了我們的三年目標。

In those 2.5 years, we have seen significant AUM growth across our platform. Private equity increased approximately 45%. Infrastructure has doubled. Our credit business is up roughly 35%. Asia increased over 35%. Third-party insurance is up over 50%. Wealth increased six times, and we are still in the earliest of days. And with the closing this quarter, we now manage approximately $20 billion of capital through Arctos with significant upside in front of us.

在這 2.5 年間，我們的平台各項資產管理規模（AUM）顯著成長。私募股權約增加 45%。基礎設施規模翻倍。我們的信貸業務約成長 35%。亞洲業務增加超過 35%。第三方保險業務增加超過 50%。財富管理成長了 6 倍，而我們仍處於非常早期的階段。並且隨著本季完成交割，我們目前透過 Arctos 管理約 200 億美元資本，未來仍有顯著上行空間。

Alongside investment performance, an important driver of our broad-based fundraising success relates to capital return. A common narrative that investors hear is that our industry isn't returning capital to investors. This is just not accurate from a KKR perspective. We've actually had an acceleration in exit activity. The second quarter was the largest monetization quarter in our history.

除了投資績效之外，推動我們廣泛募資成功的一個重要因素是資本回收。投資人常聽到的一種說法是，我們這個產業沒有把資本返還給投資人。從 KKR 的角度來看，這並不正確。事實上，我們的退出活動已加速。第二季是我們歷史上最大的一個變現季度。

Let me turn your attention to page 21 of our earnings release. Here, you see some of the activity in just this quarter alone, as well as transactions that we've announced but have not yet closed. Importantly, exits have been diversified across strategies, regions, and exit type, and reflect strong returns with multiples ranging from 2 times to up to 20 times of our invested capital.

請把注意力轉到我們財報新聞稿的第 21 頁。在這裡，你可以看到僅本季的部分活動，以及我們已宣布但尚未完成交割的交易。重要的是，退出在策略、地區與退出類型上皆呈現多元分散，並反映強勁回報，投資資本倍數介於 2 倍至最高 20 倍。

Our success here speaks to the quality and maturity of our portfolio, the strength of our operational teams and the collaborative culture that I mentioned earlier. And despite our heightened level of monetization activity over the last three years, the remaining unrealized gains in our portfolio have continued to grow, and today stand at roughly $18 billion.

我們在此的成功，反映了投資組合的品質與成熟度、營運團隊的實力，以及我先前提到的協作文化。儘管過去三年我們的變現活動水準提高，我們投資組合中尚未實現的收益仍持續成長，目前約為 180 億美元。

Now, let me address our differentiated business model and some of the impacts that we are seeing in our results. In Q2, our FRE margin was 70% and has been over 65% for the last 10 consecutive quarters, and we do not view that as a ceiling. The reason for that goes back to our business model.

接下來，我想談談我們差異化的商業模式，以及我們在業績結果中看到的一些影響。第二季，我們的 FRE 利潤率為 70%，且過去連續 10 個季度都高於 65%，我們不認為這是上限。其原因可追溯到我們的商業模式。

We have no ambition to be all things to all people in asset management. Rather, we want to be great in the areas that we are already present. So if we are successful at executing on our business plan, and we have a lot of confidence as a management team that we will be, we are going to continue to grow our revenue at a pace that meaningfully exceeds our headcount and expense growth.

我們無意在資產管理領域成為面面俱到、滿足所有人的機構。相反地，我們希望在既有布局的領域做到卓越。因此，若我們能成功執行商業計畫——而作為管理團隊我們對此非常有信心——我們將持續以明顯快於人力與費用成長的速度擴大營收。

You're starting to see that operating leverage flow through our financials. And when we look to future earnings growth, we still have significant latent earnings within our Asset management, Insurance, and Strategic Holding segments.

你已開始看到營運槓桿在我們的財務報表中逐步體現。而展望未來的獲利成長，我們在資產管理、保險與策略性持股（Strategic Holding）部門仍有可觀的潛在獲利。

Let's go through them within Asset Management first, we have a record amount of capital on which we are not yet earning fees with $72 billion committed and that is up almost 30% since this time last year and it has a weighted average management fee of about 90 basis points that turns on when the capital is either invested or enters its investment period.

先從資產管理來看，我們目前有創紀錄規模的資本尚未開始收取費用：已承諾資本達 720 億美元，較去年同期增加近 30%；其加權平均管理費約為 90 個基點，當資本被投資或進入投資期時即開始計費。

And second, our average annual performance income eligible deployment over the past five years has more than doubled versus the prior five-year period. And it is that more recent deployment that is going to drive future performance-related income. So significant visibility into future earnings growth.

第二，過去五年我們每年可計入績效收入的平均部署金額，較前一個五年期間已增加逾一倍。而正是這些較近期的部署將推動未來與績效相關的收入。因此，對未來獲利成長具有高度可見度。

In Insurance, there's embedded growth that hasn't shown up in our P&L given we report largely based on cash outcomes. As a reminder, we've been focused on elongating GA's liability profile and in turn, growing our alternatives portfolio, which we are showing on a cash outcomes basis versus mark-to-market. Including the impact of mark-to-market, Insurance operating earnings would have been north of $600 million year-to-date.

在保險方面，存在尚未反映在損益表中的內嵌成長，因為我們的報導主要以現金結果為基礎。提醒一下，我們一直專注於拉長 GA 的負債期限結構，並相應擴大我們的另類投資組合；我們以現金結果基礎呈現，而非按市價評價（mark-to-market）。若納入按市價評價的影響，保險營運收益年初至今將超過 6 億美元。

And looking at Strategic Holdings, our existing portfolio and activity gives us confidence that we could scale Strategic Holdings operating earnings from $187 million over the LTM period to $1.1 billion plus by 2030.

再看策略性持股，我們現有的投資組合與活動讓我們有信心，能將策略性持股的營運收益從過去十二個月（LTM）的 1.87 億美元，擴大至 2030 年的 11 億美元以上。

Finally, on our alignment, as we disclosed in our intra-quarter press release in late June. This quarter, we made an important structural change to how we report our K-Series private equity vehicle. We are now reporting realized performance fees earned from this vehicle within fee-related performance revenues within our segment earnings, which is subject to a 15% to 20% compensation rate.

最後，關於我們的利益一致性（alignment），如同我們在 6 月下旬的季度間新聞稿所揭露。本季，我們對 K 系列私募股權投資載體的報導方式做出一項重要的結構性調整。我們現在將該載體所賺取的已實現績效費，納入分部損益中的「與費用相關的績效收入」（fee-related performance revenues）項下，並適用 15% 至 20% 的薪酬率。

Historically, these fees were included within realized performance income and were subject to a 70% to 80% compensation rate. We feel this change conforms to current industry practice and enhances comparability for investors. And given the compensation rate impact, all else equal, this change structurally increases KKR's forward earnings per share, and I think further reflects our commitment to alignment.

過去，這些費用被納入已實現績效收入，並適用 70% 至 80% 的薪酬率。我們認為此變更符合目前的產業慣例，並提升投資人之間的可比性。且考量薪酬率的影響，在其他條件不變下，這項變更將在結構上提高 KKR 未來的每股盈餘，我認為也進一步體現我們對利益一致性的承諾。

As owners of approximately 30% of KKR stock, we do think like shareholders first. We have tremendous confidence in our forward monetization pipeline and our ability to generate differentiated performance outcomes, which gives us the confidence to make changes like this to enhance long-term earnings per share growth.

作為持有約 30% KKR 股票的股東，我們確實會以股東利益為先來思考。我們對未來的變現管線以及創造差異化績效結果的能力充滿信心，這也讓我們有信心做出像這樣的調整，以提升長期每股盈餘的成長。

Putting this all together, multi-decade secular tailwinds, multiple growth avenues across geographies and asset classes, a business model that allows us to compound earnings over a long period of time, and a culture built on alignment and long-term outcomes. We are confident in our ability to drive differentiated earnings growth for many years to come.

綜合而言，數十年的結構性順風、多元地理與資產類別的多條成長路徑、一個能讓我們在長期持續複利累積獲利的商業模式，以及建立在利益一致與長期成果之上的文化。我們有信心在未來多年持續推動具差異化的獲利成長。

With that, I'm going to hand the call back over to Craig, and he's going to walk you through our record Q2 results in some additional detail.

接下來，我要把電話交回給 Craig，他將帶各位更進一步了解我們創紀錄的第二季（Q2）業績。

Thanks, Rob. In short, you're seeing continued performance at a very high level across KKR.First, for the quarter, we're reporting record results across all three of our headline financial metrics, fee-related earnings, total operating earnings and adjusted net income per share.

謝謝你，Rob。簡而言之，你看到的是 KKR 在各方面持續維持非常高水準的表現。首先，就本季而言，我們在三項主要財務指標——與費用相關的盈餘（fee-related earnings）、總營運盈餘（total operating earnings）以及每股調整後淨利（adjusted net income per share）——都繳出創紀錄的成果。

Over the trailing 12 months, LTM results for all three of these metrics also set historic highs. And in terms of our key operating metrics, new capital raised over the LTM as well as capital invested over the LTM also hit all-time highs, outpacing again any other 12-month period in our history.

在過去 12 個月（LTM）期間，這三項指標的 LTM 結果也同樣創下歷史新高。而就我們的關鍵營運指標而言，LTM 的新增募資金額以及 LTM 的投資金額也都達到歷史高點，再次超越我們歷史上任何其他 12 個月期間。

Looking more specifically at Q2, FRE per share came in at $1.32. That is up 34% on a year-over-year basis. Total operating earnings of $1.68 per share are up 27% year over year. And adjusted net income per share of $1.63 are up 38% year over year.

更具體來看第二季（Q2），每股 FRE 為 1.32 美元，年增 34%。每股總營運盈餘為 1.68 美元，年增 27%。每股調整後淨利為 1.63 美元，年增 38%。

Going into the P&L in a little more detail, management fees and management fee growth continues to be strong. For Q2, management fees were $1.2 billion. That's up 26% year over year.

再更深入看損益表（P&L），管理費及管理費成長仍然強勁。第二季管理費為 12 億美元。年增 26%。

Excluding catch-up fees in both periods, management fee growth was 18%. This activity has been driven by both our fundraising success really across all of our asset classes alongside continued healthy deployment.

若排除兩個期間的追補費（catch-up fees），管理費成長為 18%。這些動能來自於我們在各資產類別的募資成功，以及持續健康的資金部署。

So spending a minute on these two topics, first on fundraising, as Rob mentioned a moment ago, we raised $34 billion of new capital in the quarter, with demand really widespread across asset classes and geographies, and that brings capital raised over the LTM to $133 billion.

因此花一點時間談這兩個主題。首先是募資，如 Rob 剛才提到的，我們本季募集了 340 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，並使得 LTM 的募資總額達到 1,330 億美元。

It's worth beginning with infrastructure and taking a step back for a moment. You've seen us raise approximately $45 billion of capital for our latest vintage funds and new initiatives as the platform continues to expand. That includes Infra V and Asia Infra III, which as of June 30 are at $25 billion and counting on a combined basis, plus Helix, which Rob touched on a few moments ago, our global climate transition strategy, as well as capital raised over the LTM at our K-Series infra vehicles and our diversified core infra strategy.

值得先從基礎建設談起，並稍微退一步看整體。你們已看到，隨著平台持續擴張，我們為最新一期（latest vintage）的基金與新計畫募集了約 450 億美元資金。其中包括 Infra V 與 Asia Infra III，截至 6 月 30 日合計已達 250 億美元且仍在增加；另外還包括 Rob 剛才提到的 Helix——我們的全球氣候轉型策略——以及 LTM 期間在我們 K-Series 基礎建設載具與多元化核心基礎建設策略所募集的資金。

Ultimately, these figures highlight the breadth and depth of our infrastructure platform. You're seeing capital raised for different geographies, different risk/reward, and through different distribution channels, as well as, crucially, our track record of delivering on behalf of our clients.

最終，這些數字凸顯了我們基礎建設平台的廣度與深度。你們看到我們在不同地理區域、不同風險／報酬屬性，並透過不同通路進行募資；同時更關鍵的是，我們代表客戶交付成果的往績。

In Wealth, inflows across our K-Series have rebounded nicely after the April lows seen across the industry. In total, we brought in $3 billion of capital in Q2 and K-Series AUM now stands at $42 billion compared to approximately 25 a year ago, so up almost 70% year over year. So despite all of the noise around wealth in our industry and all the headlines, KKR has experienced healthy net inflows with total K-Series AUM year-to-date through June 30, up over 20%.

在財富管理（Wealth）方面，在全產業於 4 月出現低點之後，我們 K-Series 的資金流入已明顯回升。合計而言，我們第二季引入 30 億美元資金，而 K-Series 的資產管理規模（AUM）目前為 420 億美元，相較一年前約 250 億美元，年增接近 70%。因此，儘管我們產業內關於財富管理的雜音與新聞標題很多，KKR 仍維持健康的淨流入；截至 6 月 30 日的年初至今（YTD），K-Series 總 AUM 成長超過 20%。

And also of note, we're reaching new milestones within Arctos where we had the final close of the inaugural Keystone Fund at over $6 billion. That's the largest first-time fund in the broader GP solution space and the first fund closed since KKR completed its acquisition of Arctos back in May.

另外也值得一提的是，我們在 Arctos 也達成新的里程碑：首支 Keystone Fund 完成最終募集（final close），規模超過 60 億美元。這是更廣泛 GP 解決方案領域中規模最大的首發基金，也是 KKR 於 5 月完成收購 Arctos 之後首支完成募集的基金。

On the investing side, we deployed $24 billion of capital in Q2, bringing us to $104 billion of capital invested over the LTM, so healthy investment activity this quarter really diversified again across our segments.

在投資方面，我們第二季部署了 240 億美元資金，使得 LTM 的投資總額達到 1,040 億美元；本季投資活動依然健康，且再次在各業務分部之間呈現多元分散。

Turning back now to the P&L, total transaction and monitoring fees were $221 million in the quarter.

回到損益表（P&L），本季總交易費與監督費（transaction and monitoring fees）為 2.21 億美元。

Capital markets fees were $178 and fee-related performance revenues were $255 million. Fee-related performance revenues are up meaningfully year over year, driven by our offshore infrastructure and private equity K-Series vehicles. And as Rob walked through, this is the first quarter that the crystallization from private equity wealth is sitting within FRPR.

資本市場費用為 1.78 億美元，而與費用相關的績效收入（fee-related performance revenues）為 2.55 億美元。與費用相關的績效收入年增顯著，主要由我們的離岸基礎建設與私募股權 K-Series 載具所帶動。如 Rob 所說，這是私募股權財富業務的結晶（crystallization）首次計入 FRPR 的季度。

Related to 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 $210 million. So in total, fee-related earnings were $1.2 billion or the $1.32 per share figure that I mentioned a few moments ago, and our FRE margin came in just above 70%.

與薪酬相關的比率再次落在我們指引區間的中點；提醒一下，該比率為 17.5%。本季其他營運費用為 2.10 億美元。因此合計而言，與費用相關的盈餘（FRE）為 12 億美元，也就是我剛才提到的每股 1.32 美元，而我們的 FRE 利潤率略高於 70%。

Spending a few moments on Insurance. Segment operating earnings came in at $288 million in Q2. Three things of note here. First, we had approximately $40 million of net realization activity in our alternatives book in the quarter. We've noted historically on these calls how we report based on cash outcomes for the alternatives portfolio with GA.

接著花幾分鐘談保險（Insurance）。保險分部第二季的分部營運盈餘為 2.88 億美元。這裡有三點值得注意。第一，本季我們在替代投資（alternatives）投資組合中約有 4,000 萬美元的淨實現（net realization）活動。我們過去在電話會議中曾提到，對於替代投資組合，我們是依 GA 的現金結果（cash outcomes）來進行報告。

And over time, as the portfolio seasons and realizations occur, you should expect to see gains run through the P&L and provide a lift to our reported operating earnings. And that's what you saw this quarter. Now, we don't think that $40 million is a quarterly run rate figure for us, as the alts portfolio is still quite young and is maturing. But it's certainly a positive sign of a trajectory that we see over time.

隨著時間推進，當投資組合逐步成熟並出現實現（realizations）時，你們應可預期會看到收益流入損益表（P&L），並推升我們所報告的營運盈餘。這正是你們本季所看到的情況。不過，我們不認為 4,000 萬美元會是我們的季度常態水準，因為替代投資組合仍相當年輕，正在成熟中。但這確實是我們長期所看到趨勢的一個正面訊號。

Second, as a reminder, Insurance segment operating earnings alone do not capture the impact of GA recognizing the economics that are part of Asset Management. And this is really important. Slide 17 of our earnings release outlines our total insurance economics.

第二，提醒一下，僅看保險分部營運盈餘，並未反映 GA 在資產管理（Asset Management）中所認列之經濟效益的影響。這點非常重要。我們的財報新聞稿第 17 頁投影片概述了我們的整體保險經濟效益（total insurance economics）。

So alongside Insurance operating earnings, we received management fees under our investment management agreement, fees from Ivy-related vehicles, where we have $62 billion at AUM up from approximately $50 billion just a year ago, as well as GA-related capital markets fees, which we think can reach hundreds of millions annually over time.

因此，除了保險營運盈餘之外，我們還透過投資管理協議收取管理費，並從 Ivy 相關載具取得費用；Ivy 相關載具的 AUM 為 620 億美元，高於一年前約 500 億美元；此外還有 GA 相關的資本市場費用，我們認為長期而言每年可達數億美元規模。

So considering all of these pieces, total Insurance economics were $2 billion net of compensation over the LTM. That's up 13% versus the prior period. And that growth rate would have been higher, including the impact of market-to-market on our alts portfolio.

綜合考量上述各項，LTM 的整體保險經濟效益在扣除薪酬後為 20 億美元。較前一期間成長 13%。若納入我們替代投資組合按市價評價（market-to-market）的影響，該成長率會更高。

And finally, it's worth emphasizing how well GA is positioned strategically. Because of our ability to bring together liability origination and asset origination at scale. On the liability side, our decades of experience and well-established insurance franchise provides a differentiated base of long-duration liabilities across products and geographies complemented by access to third-party insurance sidecar capital.

最後，值得強調的是 GA 在策略上的優勢定位。因為我們具備以規模整合負債端來源（liability origination）與資產端來源（asset origination）的能力。在負債端，我們數十年的經驗與成熟的保險特許經營，提供跨產品與跨地區、具差異化的長久期負債基礎，並可搭配取得第三方保險 sidecar 資本。

And on the asset side, KKR's origination engine, including 20 proprietary AVF platforms with more than 7,000 employees alongside of our globally integrated investment teams, allows us to originate and tailor bespoke solutions. And we also believe we can scale our Insurance business globally, particularly in Asia where our brand's track record and distribution capabilities position us well to increase our presence.

在資產端，KKR 的資產來源引擎，包括 20 個自有的 AVF 平台、超過 7,000 名員工，以及我們全球整合的投資團隊，使我們能夠發掘並量身打造客製化解決方案。我們也相信能在全球擴大保險業務規模，特別是在亞洲；我們品牌的往績與通路能力使我們具備良好條件來提升市場能見度與布局。

Turning now to Strategic Holdings operating earnings. We earned $37 million in the quarter. Perhaps more importantly, we continue to have a lot of confidence in the $350-plus million of Strategic Holdings operating earnings for 2026 with that activity, as we've expressed previously, more back-end weighted over the course of 2026.

接下來談策略性持股（Strategic Holdings）的營運收益。本季我們賺取了3,700萬美元。或許更重要的是，基於這些活動，我們對2026年策略性持股營運收益達到3.5億美元以上仍然非常有信心；如我們先前所述，該收益在2026年期間的分布將更偏向後段。

So altogether, total operating earnings or the more recurring components of our earnings streams were $1.68 per share. That's up 27% year over year. And over the last 12 months, 84%, again, 84% of our total pre-tax segment earnings were driven by these more recurring earnings streams, which again we feel demonstrates the durability of our business model.

因此合計而言，總營運收益（或我們收益來源中較具經常性的部分）為每股1.68美元。較去年同期成長27%。而在過去12個月中，我們稅前分部總收益的84%——再次強調，84%——是由這些較具經常性的收益來源所驅動；我們認為這再次證明了我們商業模式的韌性。

Moving to investing earnings within our Asset Management segment, we had the highest monetization quarter in our history with realized performance income of $848 million. And realized investment income of $220 million, which includes $30 million of investment gains generated from our strategic holding segment.

轉到資產管理分部中的投資收益，我們創下公司史上最高的變現季度，已實現績效收入為8.48億美元。已實現投資收入為2.20億美元，其中包含由我們策略性持股分部所產生的3,000萬美元投資收益。

As Rob ran through, we added slide 21 to our earnings release to highlight all of our activity here. And even with all of the realization activity, total remaining unrealized gains, so again, that's gross carry, together with the gains that sit on our balance sheet across Asset Management and Strategic Holdings stand at $18.2 billion as of June 30.

如Rob剛才所說，我們在財報新聞稿中新增了第21頁投影片，以突顯我們在此的所有活動。即便在大量實現的活動之後，剩餘未實現收益總額——也就是總carry——再加上我們資產負債表上、橫跨資產管理與策略性持股的收益，截至6月30日為182億美元。

After interest expense and taxes, adjusted net income was just about $1.5 billion for Q2 or the $1.63 per share figure I mentioned at the beginning of my remarks.

扣除利息費用與稅負後，第二季調整後淨利約為15億美元，或如我在開場提到的每股1.63美元。

Turning to investment performance, page 10 of the release highlights the broad-based performance we continue to generate across our portfolio. Within traditional PE, our portfolio appreciated 4% in the quarter and 9% over the last 12 months. Performance was led by our Americas portfolio, with strong appreciation across both our public and private investments.

談到投資績效，新聞稿第10頁突顯了我們在整體投資組合中持續創造的廣泛績效表現。在傳統私募股權（PE）方面，我們的投資組合本季增值4%，過去12個月增值9%。績效主要由美洲投資組合帶動，我們的公開市場與私募投資均有強勁增值。

Across the remainder of the platform, our infrastructure portfolio appreciated 1% in the quarter and 8% over the last 12 months. Opportunistic real estate was down modestly in the quarter but remained positive over the trailing 12 months. While both our leveraged credit and alternative credit composites generated positive returns in the quarter and appreciated 5% over the last year.

在平台其餘部分，我們的基礎建設投資組合本季增值1%，過去12個月增值8%。機會型不動產本季小幅下滑，但在過去12個月仍維持正報酬。同時，我們的槓桿信貸與另類信貸綜合策略本季皆取得正報酬，且過去一年增值5%。

So in summary, we had a strong Q2 and we have a great deal of momentum as we enter the second half of the year.

總結來說，我們第二季表現強勁，並在進入下半年時擁有很大的動能。

And with that, Scott, Rob and I are happy to take your questions.

接下來，Scott、Rob和我很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Alex Blosen, Goldman Sachs.

Alex Blosen，高盛。

A bit of a high-level question for us for you. So when we think about KKR's management fee growth trajectory, really strong 2026, obviously in the back of a number of larger flagships hitting the run rate. As you look forward into '27, maybe it would be helpful to just take a step back and talk through some of the biggest drivers of management fee growth into next year, given the tough comps from 2026? And how do you think about the kind of multi-year management growth algorithm in the business broadly.

我這邊有個較高層次的問題想請教。當我們思考KKR管理費成長的軌跡時，2026年非常強勁，顯然是因為多個大型旗艦基金達到穩態費率（run rate）。展望2027年，鑑於2026年的比較基期偏高，或許有幫助的是先退一步，談談推動明年管理費成長的一些最大驅動因素？以及你們如何看待公司整體在管理費上的多年期成長「演算法」（growth algorithm）。

Great. Thanks a lot, Alex. It's Rob. Why don't I start, and maybe Scott will add on. I think you've hit on a real strong point for us in management fees and we've said this on these calls before, but I think there is repeating. I think you'd be hard pressed to find another asset management firm that's combined our scale, our diversity of management fees.

好的。非常感謝你，Alex。我是Rob。不如我先回答，之後也許Scott再補充。我認為你點出了我們在管理費方面非常強的一點；我們之前在這些電話會議上也提過，但我覺得值得再說一次。我想你很難找到另一家資產管理公司，能同時具備我們的規模與管理費來源的多元性。

As a reminder, roughly one-third of our management fees come from each of our three business lines and also the growth rate that we've had on management fees. So it's been a real strong suit for us. And as we think about the forward, we've got a lot of momentum. 30-plus products over the next 12 to 18 months. You're seeing some record fundraising numbers for us over the past 12 months that's going to drive future capital raising. The amount of committed capital that is not yet bearing fees is at a record level for us as well.

提醒一下，我們的管理費大約各有三分之一來自三條業務線，以及我們管理費的成長率。因此這一直是我們非常強的優勢。展望未來，我們有很大的動能：未來12到18個月將推出30個以上的產品。你也看到我們過去12個月創下募資紀錄，這將帶動未來的資本募集。此外，尚未開始計收費用的已承諾資本（committed capital）也達到我們的歷史新高。

So again, a great forward indicator as it relates to future management fees. And there's certain parts of our business, including now KCare Solutions, where we're just getting going, and we see lots of opportunity in front of us. So as we think about that multi-year outlook for management fees, we continue to see a lot of upside going forward.

因此，這同樣是與未來管理費相關的一個很好的前瞻指標。而我們業務中的某些部分——包括現在的KCare Solutions——才剛起步，我們看到前方有很多機會。所以當我們思考管理費的多年期展望時，我們仍然看到未來有很大的上行空間。

Hey, Alex, it's Scott. Maybe I'll take the opportunity to hear a question to just maybe give a broader sense, not just management fees, but how we're just overall and how we're seeing things. We've been public 17 years. Joe and I have been here 30. As you and I have talked about, our space is subject to periodic bouts of external pessimism and periodic bouts of optimism.

Alex，我是Scott。也許我藉這個問題的機會，提供一個更宏觀的觀點：不只談管理費，也談我們整體的狀況以及我們如何看待目前的環境。我們上市已17年。Joe和我在這裡已30年。如同你我討論過的，我們所處的領域會周期性地出現外部的悲觀情緒，也會周期性地出現樂觀情緒。

In our time here, I don't recall a period of time where the external perception is so disconnected from the operating fundamentals and how it feels inside the firm. And in our experience, the best response to pessimism is performance. And so, we're largely inclined to let the numbers do the talking. But we also recognize all the external narratives. We sympathize with how hard it must be to try to decipher what's what.

在我們任內，我不記得有哪段時間外部觀感與營運基本面、以及公司內部的感受之間的落差如此之大。而依我們的經驗，對悲觀情緒最好的回應就是績效表現。因此，我們大致傾向讓數字自己說話。但我們也理解所有外部敘事。我們也同理，想要辨別真相究竟是什麼一定非常困難。

So I just want to spend a second going through what we hear anyway as some of the sources of pessimism that you may be getting barraged by and how it feels inside the firm. And there seem to be, I would put it in five buckets. First is private credit, anxiety about that space for us. We expect a record third-party credit fundraising year.

所以我想花一點時間，說明我們聽到的一些、你可能也正被大量資訊轟炸的悲觀來源，以及公司內部的感受。我會把它歸納成五個類別。第一是私募信貸（private credit），外界對我們在這個領域的疑慮。我們預期第三方信貸募資將創下紀錄的一年。

Second area of concern tends to be private wealth. We've all seen a lot of articles about redemptions, anxiety about the forward opportunity and whether it's different than everybody thought a year or two ago. As the guys mentioned, private wealth AUM up 70% last 12 months, even more importantly. Over 20% in the first half, and we've seen a meaningful rebound from the April lows. What you don't read about in the articles is the inflows, but we're up 20% net year to date.

第二個常見的疑慮是私人財富（private wealth）。我們都看過很多關於贖回的文章、對未來機會的焦慮，以及它是否與一兩年前大家所想的不同。如同同事提到的，私人財富AUM在過去12個月成長70%，而更重要的是，上半年成長超過20%，且我們已從4月低點出現明顯反彈。文章裡不太會寫到的是資金流入，但我們今年迄今的淨流入成長20%。

Third bucket of concern tends to be private equity monetizations aren't happening. You saw the results, you heard the narrative record monetization year for us.

第三個疑慮通常是私募股權的變現沒有發生。你已看到結果，也聽到我們的敘事：對我們而言，這是一個創紀錄的變現年度。

Fourth is software. It's all going to be disrupted by AI. It's about 6% of our AUM. We sold OneStream, which is a software business, for 4.5 times our cost earlier this year. And we're still seeing high single-digit LTM revenue and EBITDA growth.

第四是軟體。大家認為一切都會被AI顛覆。軟體約占我們AUM的6%。我們今年稍早以成本的4.5倍出售了OneStream（這是一家軟體公司）。而我們仍看到過去12個月（LTM）營收與EBITDA維持高個位數成長。

And then the fifth thing I would say is the four big buckets of anxiety lead to an overall concern that this is going to slow down fundraising. And year to date, we're ahead of expectations, record LTM fundraising, we expect a record fundraising year for the firm and our momentum feels like it's accelerating.

接著我想說的第五點是，四大焦慮面向匯聚起來，導致整體擔憂：這將會拖慢募資進度。不過截至目前為止，我們的表現超出預期，過去十二個月（LTM）募資創下紀錄；我們預期今年將是公司創紀錄的募資年度，而且我們的動能感覺正在加速。

So you put all that together, net income of 40% in the quarter, 30% in the first half. So acknowledging not everything's perfect everywhere all the time but wanted to share kind of a little bit about the deals inside the firm right now. Our industry is increasingly K-shaped. And most of the external focus is going to be on the unhappy part of the K. We find ourselves on the happy part of the K, and that's what's showing up in the numbers.

所以把這些綜合起來看，本季淨利成長 40%，上半年成長 30%。因此我們也承認並非所有地方、所有時候都完美無缺，但仍想分享一下目前公司內部交易的大致情況。我們的產業正日益呈現 K 型分化。而外界大多會把焦點放在 K 型中不愉快的那一端。我們所處的是 K 型中較好的一端，而這也反映在數字上。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Good morning, Scott, Rob, Craig. Hope everyone's doing well. And Scott, really appreciate your perspective on that last one. Our question is on Global Atlantic and it's a two-parter, how has GA's organic growth outlook evolved across retail annuities, flow reinsurance, blocks and the institutional channel. And can you also provide an update on the ROE trajectory just given higher competition than prior years?

早安，Scott、Rob、Craig。希望大家都一切順利。Scott，也非常感謝你對上一題的觀點。我們的問題是關於 Global Atlantic，分成兩個部分：GA 在零售年金、流量再保險（flow reinsurance）、承接保單組合（blocks）以及機構通路等方面的有機成長展望，近期有何變化？另外，考量到競爭較以往年度更為激烈，你們能否也更新一下 ROE 的走勢軌跡？

Yeah, I'll go. Appreciate the question, Craig, and in part those questions are related. Listen, we talked about it last quarter, continue to talk about it this quarter. We have seen heightened competition. We've made the determination that we're going to allocate a little bit less capital to insurance based on what we're seeing in the market today.

好的，我來回答。謝謝你的提問，Craig，而這兩個問題在某種程度上是相關的。我們上季談過，這季也持續在談。我們確實看到競爭加劇。基於目前市場狀況，我們已決定在保險業務上配置稍微少一些資本。

But interestingly, if you look at what we did in Q2, very consistent with the evolution of the business. And the liabilities that we did originate in the second quarter, 99% of those liabilities were at least five years in duration, approximately 80% of those liabilities were seven years in duration. So it's allowed us then to in turn start to lean in a little bit more on the alternative side.

但有趣的是，如果你看我們第二季的作為，其實非常符合業務演進的方向。我們在第二季所承作的負債中，99% 的存續期間至少為五年，約 80% 的存續期間為七年。因此也讓我們得以進一步在另類資產端稍微更積極一些。

And so, that would be 0.1 that I'd reference. A lot that we -- a lot of the time spent in our Insurance business here, of course, we're day-to-day optimizing our results and frankly repricing our book of liabilities week to week based on the market. So it's hard to give a forward outlook as organic growth because honestly, it's going to be a function of where the markets are.

所以這是我會提到的第一點。我們在保險業務上投入大量時間，當然是每天在最佳化成果，而且坦白說，我們會依市場狀況按週重新為我們的負債組合定價。因此很難就有機成長給出前瞻展望，因為老實說，這將取決於市場走勢。

But importantly, where I think we're incredibly well positioned here is in a world where we see heightened volatility, I think you're going to have less competition on the asset side. Of course, spreads are going to expand, and we think in turn that is probably going to lend itself to less competition on the liability side. And so from our perspective, we spent a ton of time figuring out how is it that we can make sure that we are competitively advantaged in that market, where ROEs structurally are going to be materially higher.

但重要的是，我認為我們在這裡的定位非常有利：在波動性升高的環境下，我認為資產端的競爭會減少。當然，利差會擴大，而我們也認為這反過來很可能會使負債端的競爭降低。因此就我們而言，我們花了大量時間思考如何確保自己在那樣的市場中具備競爭優勢，因為在那種市場裡，ROE 的結構性水準將會顯著更高。

And when you think about how we set ourselves up, longer duration liabilities, real linkage between liability origination and asset origination. And I think most importantly and differentiated our amount of third-party capital, where we've got $6 billion of dry powder that we think translates. $60 billion of buying power on the liability side. Not a lot of insurance companies in the world are able to do that.

再看我們如何布局：更長天期的負債、負債承作與資產承作之間的實質連結。而我認為最重要且具差異化的是我們的第三方資本規模：我們有 60 億美元的乾粉（dry powder），我們認為這可轉化為負債端 600 億美元的購買力。全球能做到這點的保險公司並不多。

We think in combination, we're incredibly well positioned for that more volatile environment. And that's why when you think about ROEs and insurance, we think it makes sense to look at that through a cycle. And we're at a period of time here where we think ROEs are structurally low given the competition on both the asset side, where spreads are, and on the liability side.

我們認為綜合而言，我們在更高波動的環境下具備非常好的定位。這也是為什麼談到保險業務的 ROE，我們認為應該以景氣循環的角度來看。而目前這個階段，由於資產端（利差所在）與負債端的競爭都很激烈，我們認為 ROE 在結構上偏低。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Scott, I want to follow up on your first comment in the open remarks was about in the midst of a CapEx megacycle and AI-powered. I think a lot of us agree. But the market, certain days like yesterday and the day before, feels more like we're overbuilt, we're priced in, spending is going to come down, cash flow is going to come down. So I think it has that schizophrenia in terms of where we are in that cycle.

Scott，我想追問你在開場談話中的第一個評論，提到我們正處於一個資本支出（CapEx）超級循環，而且由 AI 驅動。我想我們很多人都同意。但市場在某些日子——像昨天和前天——感覺更像是我們已經建置過度、利多已反映，支出將會下降、現金流也會下降。所以就我們在這個循環中的位置而言，市場似乎呈現某種「精神分裂」的狀態。

So curious on A, what you think of that and B, how does that impact, if any, what risk you hold for clients and on balance sheet? As you think about this next industrial revolution and fully monetizing the wave versus managing that risk?

因此我想請教：A，你怎麼看這件事？B，這會如何影響（若有的話）你們為客戶以及在資產負債表上所承擔的風險？當你們思考這場下一次工業革命、要充分變現這波浪潮時，相較於管理風險，你們會如何取捨？

I appreciate the question, Glenn. And you're right, there is a bit of a schizophrenia out there. I'd say net answer for us is we actually think this is a huge opportunity for us as a firm. But as ever, when you have these mega themes, there's ways to do it well and there's ways to do it less well. And so, we're focused.

謝謝你的提問，Glenn。你說得對，外界確實有點「精神分裂」。對我們而言的整體答案是：我們其實認為這對公司是個巨大的機會。但一如既往，面對這種超級主題，有做得好的方式，也有做得不那麼好的方式。因此我們的重點是——

As a reminder, not so much on investing in what's going to be the next chip company or the next LLM, it's more about the opportunities around this development, in particular from an infrastructure and real estate and credit standpoint. So it's around the space and maybe I'll ask Craig to give you some of the details on what we've been up to, in particular in power and data centers and how we've kind of thought about navigating what's going on right now.

提醒一下，我們的重點不太是去投資下一家晶片公司或下一個大型語言模型（LLM），而是圍繞這項發展所帶來的機會，特別是從基礎設施、不動產與信貸的角度。也就是圍繞「空間」的機會；或許我請 Craig 跟你分享一些細節，談談我們近期在電力與資料中心方面做了哪些事，以及我們如何思考在當前環境下的應對。

Yeah, I think, Glen, the things I'd add on to that, and you're right, we are at this very interesting moment in time. So hyperscaler data center spreads have widened pretty meaningfully just over the last couple of weeks. That stands in contrast to the broader IG markets, which, again, still pretty much remain at their tights.

好的，我想補充幾點，Glen，你說得沒錯，我們正處在一個非常有意思的時間點。過去幾週，超大規模業者（hyperscaler）資料中心的利差已相當明顯地擴大。這與更廣泛的投資級（IG）市場形成對比；後者基本上仍維持在相對緊的水準。

And we've had year-to-date this flurry of jumbo deals. I saw a note a day or two ago, I think we've had more $25-plus billion deals year to date than the last five or six years combined. And so it does, it feels like there's indigestion. And so, to just echo what Scott said, I know our team's going to be consistent, and I think all the things that you're going to see from us are going to ring true to what we said historically. We're going to care about our counterparty, we're going to care about contract terms. And it allows us to be selective.

而今年迄今我們看到一波超大型交易的密集出現。我一兩天前看到一則報告，我想今年迄今 250 億美元以上的交易數量，已經超過過去五到六年的總和。所以確實會讓人感覺有點「消化不良」。因此呼應 Scott 的說法，我知道我們團隊會保持一致，而你們從我們這裡看到的一切，也都會符合我們過去一貫的說法。我們會重視交易對手，我們會重視合約條款。而這也讓我們能夠更有選擇性。

And in that context, the volatility we're seeing, we think is helpful for us. And while the data center piece does get a lot of the press, again, the digital themes are much broader, fiber networks, mobile infrastructure. We've been very active across renewables. Again, Rob gave you some of the stats earlier. And that's in addition speaking about our infrastructure more broadly around things like electricity and gas transmission and wastewater networks, et cetera.

在那樣的背景下，我們看到的波動性，我們認為對我們是有幫助的。而且雖然資料中心這一塊獲得了很多媒體關注，但再說一次，數位主題要廣泛得多，包括光纖網路、行動通訊基礎設施。我們在再生能源領域一直非常積極。同樣地，Rob 先前也給了你一些統計數據。此外，談到我們更廣泛的基礎設施，還包括像電力與天然氣輸送、污水處理網路等等。

So again, it just feels like there's a lot to do even in spite of the volatility that we're seeing.

所以再說一次，即便面對我們所看到的波動性，仍然感覺有很多事情可以做。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

I want to ask a question on Arctos. Obviously, some really nice momentum kind of after the transaction closed and with Keystone, I think just an early example of kind of seeing the benefits of KKR's distribution and the broader client network. I would love to just more broadly think about the potential for the business as you think about kind of the next sports flagship and then just more broadly just how it connects to the path to kind of getting that solutions over $100 billion of AUM. Thanks.

我想就 Arctos 問一個問題。顯然，在交易完成之後，你們出現了相當不錯的動能；而且我認為 Keystone 只是很早期的一個例子，顯示出 KKR 的通路分銷能力以及更廣泛的客戶網路所帶來的效益。我很想更宏觀地了解，當你們思考下一支體育旗艦產品時，這項業務的潛力如何；以及更廣泛地說，它如何連結到把 Solutions 的資產管理規模（AUM）推升到 1,000 億美元以上的路徑。謝謝。

Listen, I think there's multiple different paths for growth. What I'd say is that the first couple of months post-closing, the opportunity feels even more significant and more real than we would have thought three months ago on this call for sure. You hit on some of it. Arctos is the clear leader on the sports side. The opportunity for us, both in terms of Sports 3, but more broadly around sports-related investments across our entire ecosystem is substantial. What we're building in Keystone, north of $6 billion of capital in a first-time fundraise, I think, speaks to the credibility of the team.

聽著，我認為成長有多條不同的路徑。我要說的是，在完成交割後的頭幾個月，這個機會感覺比我們三個月前在這通電話上所想像的還要更大、更真實，這點毫無疑問。你提到了一部分。Arctos 在體育領域是明確的領導者。對我們而言，無論是 Sports 3，或更廣泛地在我們整個生態系中進行與體育相關的投資，機會都非常可觀。我們在 Keystone 正在打造的規模，首次募資就超過 60 億美元的資金，我認為這也反映了團隊的可信度。

And then, as you think about the opportunity on the secondary space, the people, the connectivity, and what the Arctos team brings to the table combined with what we bring to the table on the KKR side between relationships and industry expertise, we believe that we can build a really world-class GP-led business. And so, we're spending real time thinking about that.

接著，當你思考次級市場（secondary）領域的機會時，Arctos 團隊帶來的人才、連結性與資源，再加上我們 KKR 這邊在關係網與產業專業之間所能提供的能力，我們相信可以打造一個真正世界級、由 GP 主導（GP-led）的業務。因此，我們正在投入實質時間來思考這件事。

And then finally, the opportunity that maybe is a little bit more hidden, but I think is very real is the opportunity for the Arctos ecosystem to create flow for Global Atlantic. Very important. It was a very important part of our investment thesis. I'm sure we would have talked about it when we announced the transaction.

最後，還有一個可能比較隱性的機會，但我認為非常真實，那就是 Arctos 生態系為 Global Atlantic 創造資金流（flow）的機會。這非常重要。這是我們投資論點中非常重要的一部分。我相信我們在宣布這筆交易時就會談到這點。

But when you combine all of that, we feel really good about the target of $100-plus billion of AUM from our solutions business over time and feel great in the early days of how we're coming together culturally and how we're working together to be able to make sure that we are optimizing the combined footprint of both the Arctos team and the KKR team.

但把這些都結合起來看，我們對於隨時間推進，Solutions 業務達到 1,000 億美元以上 AUM 的目標感到非常有信心；而且在早期階段，我們也很高興看到雙方在文化上的融合，以及我們如何一起合作，確保能夠最佳化 Arctos 團隊與 KKR 團隊合併後的整體版圖。

Devin, Scott, just the way I think about it, you got three businesses. Sports, fast-growing incumbent, already the largest player, but the space is young. CPE Solutions, we're in fund one. We have a differentiated model. It's like there's a ton of opportunity and growth ahead. Pipeline is big. And then we have a third space, secondaries, which is the startup in a very large camp. I don't know how the $100-plus billion is going to break down, but we see lots of different ways to get there.

Devin、Scott，我的看法是，你們有三個業務。體育：快速成長的既有業務，已經是最大的玩家，但這個領域仍然很年輕。CPE Solutions：我們在第一支基金。我們有差異化的模式。就像是前方有大量機會與成長。案源管線很大。然後我們還有第三個領域：次級市場，這是在一個非常大的賽道裡的創業項目。我不知道這 1,000 億美元以上會如何拆分，但我們看到有很多不同的方法可以達成。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

So I wanted to ask on the retail strategy. I know you touched on this a bit in the prepared remarks. K-Series, private equity and infra vehicles continue to generate really strong flows. You're benefiting from being less indexed to credit where fundraising headwinds have been more acute.

我想問一下零售策略。我知道你們在事先準備的發言中稍微提到了一些。K-Series、私募股權與基礎設施載體持續帶來非常強勁的資金流入。你們也受益於相較之下較不依賴信貸（credit），而信貸募資的逆風更為明顯。

But given the elevated redemptions year-to-date commentary suggesting that redemptions have also been more concentrated across a subset of international investors, whether the recent turmoil has reshaped your approach to expanding retail distribution abroad. If you could speak to the pipeline of new distribution platforms and how it informs the outlook for retail flows over the next six to 12 months, that would be great.

但考量到年初至今較高的贖回，以及你們的評論指出贖回也更集中在一部分國際投資人之間，近期的動盪是否改變了你們在海外擴展零售分銷的做法？如果你們能談談新的分銷平台管線，以及它如何影響未來 6 到 12 個月零售資金流的展望，那就太好了。

Hey, Steven, it's Scott. I'll take a shot. So, yeah, you're right. I mean, we've been reading all the news articles as well. As I mentioned before, I mean, we're -- they tend not to mention the inflows. So that's the fact we're up over 20% year-to-date net, usually lost from an external standpoint, but those are the numbers. And we see a lot of momentum.

嗨，Steven，我是 Scott。我來試著回答。所以，是的，你說得對。我的意思是，我們也一直在看所有新聞文章。如我之前提到的，他們——通常不太會提到資金流入。所以事實是，我們年初至今的淨額成長超過 20%，從外部角度通常會被忽略，但這就是數字。而且我們看到很多動能。

I mean, I think there's a couple of things going on with us. We've roughly 85% of K-Series is in private equity and infrastructure today. So that's maybe a bit different than what others have in terms of exposure. We are continuing to build out our Asia and Europe platform and relationships.

我的意思是，我認為我們這邊有幾件事同時在發生。目前 K-Series 約 85% 配置在私募股權與基礎設施。所以就曝險而言，這可能與其他人有些不同。我們也持續在建立我們在亞洲與歐洲的平台與關係。

We probably on the margin have a bit less from those markets, although it's roughly 40% of what we've been doing as of late from outside the United States. But in terms of the build of the team and the relationships, those are still building outside the US, and we think there's lots of opportunity ahead.

就邊際而言，我們來自那些市場的比重可能稍微少一些，儘管最近我們所做的業務中，約有 40% 來自美國以外。但就團隊建置與關係經營而言，這些在美國以外仍在持續建立中，我們認為前方還有很多機會。

The short answer to your question is that it has not changed our perspective on investing in growth. I actually think this is long-term dairy healthy. That advisors and clients understand what these products are and are not. And most people are experiential learners. So I think this is great news that while it is a very small percentage of our firm, a fast-growing small percentage of our firm.

對你問題的簡短回答是：這並沒有改變我們對投資成長的看法。我其實認為，從長期來看這是健康的。讓理財顧問與客戶理解這些產品是什麼、不是什麼。而且大多數人是透過親身經驗來學習。所以我認為這是個好消息：雖然它在我們公司中只占非常小的比例，但它是一個快速成長的小比例。

I'd rather people learn, well, it's this size that pertains to our space as opposed to a very large percentage of our space. And so, I view this as a healthy educational period. And if anything, because of that, we would be more comfortable investing even more and having it be a larger percentage of the firm down the road than I would have been if these lessons had not been learned.

我寧可讓大家在與我們這個領域相關、這樣的規模下學到這些，而不是在我們領域中占非常大比例時才學到。因此，我把這視為一段健康的教育期。而且如果有任何影響的話，正因如此，未來我們會更願意投入更多，並讓它在公司中占比更高；相較於如果沒有學到這些課，我原本可能不會那麼願意。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO Capital Markets。

I know that you reiterated the earnings target for Strategic Holdings in your prepared remarks, but at this point and you also said back and loaded, but it really is quite hockey stick looking really. So I'd love to know what drives the confidence.

我知道你們在事先準備的發言中重申了 Strategic Holdings 的獲利目標，但在這個時間點，你們也說是後段加速（back-end loaded），但看起來確實非常像曲棍球棒（hockey stick）那樣的走勢。所以我很想知道，是什麼驅動你們的信心。

Moreover, some investors have expressed concerns that the investments you have in that portfolio could be at risk from AI. And the AI risk, I know you touched on software, but business services, we see a lot of sectors trading as though they have some disruption risk there. So if you take a wider lens about the AI risk, how would you address those concerns sitting in that portfolio? Thanks.

此外，一些投資人也表達擔憂，認為你們在該投資組合中的投資可能會面臨 AI 帶來的風險。而 AI 風險方面，我知道你提到過軟體，但在商業服務領域，我們看到許多產業的交易表現彷彿也存在某種被顛覆的風險。所以如果你用更廣的視角來看 AI 風險，你會如何回應這些對該投資組合的疑慮？謝謝。

Thanks a lot for the question. Maybe I'll take you back a couple of years when we first introduced the Strategic Holdings segment. We were probably, and we talked about it then, a little premature in introducing that segment given the scale of the business, but we thought it was appropriate to do so alongside some other large firm announcements, including buying in the remainder of Global Atlantic.

非常感謝這個問題。也許我先帶你回到幾年前，當我們首次推出「策略性持股（Strategic Holdings）」部門的時候。我們當時可能——而且我們那時也談到——在該業務規模的情況下推出這個部門稍微早了一點，但我們認為，配合其他幾項大型公司公告（包括收購 Global Atlantic 剩餘股權）一起推出是合適的。

And what we said at the time was in the early years, you're going to see more quarter-to-quarter variability of income. And as we build to that $1,001 plus of operating earnings by 2030, that's when you're going to start to see more quarter-to-quarter stability of earnings. And you hit on it when we came into this year, we talked about Strategic Holdings being more back-end weighted from an operating earnings perspective, and that has played out.

而我們當時說的是，在早期幾年，你會看到收入在季度之間有較大的波動。等到我們在 2030 年把營運收益提升到 1,001 美元以上時，你就會開始看到季度之間的收益更穩定。而你也點到了重點：我們進入今年時談到，從營運收益角度來看，策略性持股會更偏向在後段貢獻，而目前的發展確實如此。

And as we look to the back half of the year, we've got a lot of confidence that what we need to get done to generate the operating earnings will get done. Still, some work to do, of course, to make that happen, but we feel good about that as a team and continually re-underwrite that.

而當我們展望下半年時，我們非常有信心，為了產生營運收益所需要完成的事項都會完成。當然，仍然還有一些工作要做才能實現，但作為一個團隊我們對此感覺良好，並且會持續重新承保／重新評估這些假設。

As it relates to the portfolio, it continues to perform at a high level, but I'd also stress the word portfolio. We've got roughly 20 businesses there with differentiated exposures. And so, while you may have some businesses that are more impacted over time, we think across the portfolio we're in very good shape. And I think you could go back in some respects even to that monetization slide on page 21, and this is not necessarily the point as it relates to Strategic Holdings.

就投資組合而言，它仍然維持高水準的表現，但我也要強調「投資組合」這個詞。我們那裡大約有 20 家企業，曝險各有差異且具差異化。因此，即便有些企業可能會隨時間受到較大影響，我們認為從整體投資組合來看，我們的狀況非常好。而且在某些方面，你也可以回頭看第 21 頁的變現（monetization）投影片，雖然那不一定是針對策略性持股的重點。

But in a world where investors are nervous about potential losses on the go-forward, I think they need to be also taking into context with winners as well in the portfolio, where we think we've got many, both across our traditional private equity business, but also inside of our Strategic Holdings segment as well.

但在一個投資人對未來可能的損失感到緊張的世界裡，我認為他們也需要把投資組合中的贏家一併納入考量；我們認為這樣的贏家有很多，不僅在我們傳統的私募股權業務中，也包括在我們的策略性持股部門之內。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Just wanted to ask on private wealth, which I think has exceeded your expectations there despite some of the recent volatility. But I guess as you look out over the next couple of years, just curious. What you see is ultimately driving the greatest impact on adoption rates and penetration within private wealth, whether it's evolving technology or new wrappers, what do you think could be the most meaningful to really scale private wealth adoption more broadly in the channel?

我想問一下私人財富（private wealth）方面，我認為即使近期有些波動，你們在那裡的表現仍超出預期。但我想在展望未來幾年時請教一下。你認為最終是什麼在推動私人財富通路中的採用率與滲透率產生最大影響？是技術演進，還是新的產品包裝（wrappers）？你覺得哪些因素最有意義，能讓私人財富在通路中更廣泛地擴大採用規模？

Michael, it's Scott. Let me take a shot. So honestly, I think the first thing is education. Just spending time making sure advisors and their clients understand what private markets is and the different forms of it, whether it's private equity, infrastructure, real estate, or credit. And we are running multiple, it seems lately, KKR academies a week, having 100 advisors at a time come in, spend a dinner and a day with us, and a lot of the answer to your question on adoption, is spending time with them so they understand what it is that we actually do.

Michael，我是 Scott。我來回答看看。老實說，我認為第一件事是教育。花時間確保理財顧問及其客戶了解什麼是私募市場，以及它的不同形式，無論是私募股權、基礎建設、不動產或信貸。而我們最近似乎每週都在辦好幾場 KKR 學院（KKR academies），一次邀請 100 位顧問來，和我們共進晚餐並花一天時間交流；對於你問的採用問題，很大一部分答案就是花時間和他們在一起，讓他們了解我們實際上在做什麼。

And that I think has been the most important thing to try to get right. We've invested a lot in that over the last few years. And that's a global effort. We're running those US, Europe, and Asia.

而我認為這一直是最重要、需要把它做對的事情。過去幾年我們在這方面投入很多。而且這是全球性的努力。我們在美國、歐洲和亞洲都有在辦。

The second thing I would say is obviously you need access and you need distribution, which is back to the discussion we had about the relationship with platforms around the world. And so, you need to actually be on the platform, be approved and then do that education. So building those relationships and we're watching that closely as to how many different platforms and RIAs. Our products are on by product type, and those numbers are accelerating up and to the right at a very rapid rate.

第二點我會說，顯然你需要可得性（access）以及通路／分銷（distribution），這也回到我們先前談到與全球各地平台之間的合作關係。因此，你必須實際上能上架到平台、取得核准，然後再進行教育。所以建立這些關係，而且我們也密切關注：按產品類型來看，我們的產品上架了多少不同的平台與 RIA（註冊投資顧問）。而這些數字正在以非常快的速度加速成長、一路向上。

The third thing I would say is it's also the type of investor. I think as we've talked about on these calls. K-Series is built to be able to go to the accredited investor in the US, which is $1 million and up in net worth. That is a single-digit percentage of US households. The other 90-plus percent K-Series is not relevant to today.

第三點我會說，還與投資人的類型有關。我想我們在這些電話會議上也談過。K-Series 的設計是為了能觸及美國的合格投資人（accredited investor），也就是淨資產 100 萬美元以上。這只占美國家庭的個位數百分比。對於其餘 90% 以上的族群而言，K-Series 目前並不適用。

And so, that's where our partnership with Capital Group comes in because we want to further extend our reach and our distribution relationships. And they have relationships with 220,000 of the 300,000 advisors in the United States. If we spend another 50 years at Kcare, I'm not sure we could build that kind of relationship and trust with that kind of penetration.

因此，這就是我們與 Capital Group 合作的原因，因為我們希望進一步擴大觸及範圍以及分銷關係。而他們與美國 30 萬名顧問中的 22 萬名建立了關係。如果我們再花 50 年在 Kcare，我也不確定我們是否能建立那種程度的關係與信任，並達到那樣的滲透率。

So that's the other thing that we're doing. We think that will take time to pay off, but in the long run, we'll meaningfully expand our efforts. Hopefully, that gives you some color.

所以這也是我們正在做的另一件事。我們認為這需要時間才會見到成效，但從長期來看，將會顯著擴大我們的努力。希望這能讓你更了解一些。

Bart Dziarski, RBC Capital Markets.

Bart Dziarski，RBC 資本市場。

I wanted to ask, you recently made an announcement you added Roy Gori as a Senior Advisor. Can you just walk us through the strategic rationale for that and how his experience as former CEO of Manulife could help you achieve your Investor Day target of doubling GA AUM?

我想問一下，你們最近宣布新增 Roy Gori 擔任資深顧問（Senior Advisor）。你能否說明一下這項安排的策略性理由，以及他作為前宏利（Manulife）執行長的經驗，將如何幫助你們達成投資人日（Investor Day）提出的目標：將 GA 的 AUM 翻倍？

Thanks for the question, Bart. Roy, we've known for many years. He did a remarkable job as CEO of Manulife. For that, amongst other things, he built their Asia business, has lived and worked all around the world. And we got to know him first as a client and just really enjoyed the engagement. A lot of wisdom and a lot of experience in terms of how he built with his team that business.

謝謝你的問題，Bart。Roy 我們認識很多年了。他在擔任宏利執行長時做得非常出色。其中之一（以及其他許多成就）是他建立了他們的亞洲業務，並且在世界各地生活與工作過。我們最初是以客戶的身分認識他，也非常享受彼此的互動。他在如何與團隊一起打造那項業務方面，展現了很多智慧與經驗。

And sometimes you spend time with people, and you realize they can make you better. And so, when he stepped down, we asked if he wanted to spend some more time with us helping advise us on how we think about all things KKR strategically, insurance and otherwise.

有時候你和一些人相處，你會意識到他們能讓你變得更好。因此，當他卸任後，我們就問他是否願意花更多時間與我們合作，協助就我們如何從策略角度思考 KKR 的各項事務（保險及其他領域）提供建議。

As I think we've discussed before, Global Atlantic by name is a bit of an aspirational name. Most of the business today is in the United States. If you think about the footprint of our Insurance business relative to all of KKR, we have half our investment professionals roughly outside the United States at KKR.

如同我想我們之前討論過的，Global Atlantic 這個名稱在某種程度上帶有願景色彩。目前大部分業務仍在美國。如果你把我們保險業務的版圖放在整個 KKR 的脈絡下來看，我們在 KKR 的投資專業人員大約有一半是在美國以外。

And so we're thinking actively about what is there to do outside the US in insurance. We think Roy can be quite helpful with that topic amongst many others, in particular in Asia, where we're starting to spend quite a bit of time together. So hopefully, that gives you a little bit of background, but we just think he's going to make us better at what we do.

因此，我們正積極思考在美國以外的保險領域還能做些什麼。我們認為 Roy 在這個議題以及許多其他議題上都能提供相當大的幫助，特別是在亞洲，我們開始一起投入相當多的時間。所以希望這能讓你對背景有一些了解；我們只是認為他會讓我們把正在做的事情做得更好。

Bradley Hays, TD Cowen.

Bradley Hays，TD Cowen。

You spoke to strong demand for Private IG. Could you maybe dig in a little more on your positioning against the opportunity and perhaps focus a little more on the origination platforms in particular?

你提到私募投資級（Private IG）的需求強勁。你能否再更深入談談你們如何定位以把握這個機會，並且特別聚焦在發起（origination）平台上？

Hey, Bradley, it's Craig. Why don't I start? So I think, first of all, look, the opportunity is massive. And I think you look at the addressable market in credit, it's $45 trillion, and we're all seeing headlines every day with issuers increasingly turning to private market solutions. I think in terms of our business and how we're thinking about it, we look at Private IG as all we are doing in asset-based finance plus bespoke solutions for large established corporates plus long-duration investments across real estate.

嗨，Bradley，我是 Craig。我先開始吧？我想首先，機會非常龐大。你看信貸的可服務市場（addressable market）約為 45 兆美元，而我們每天都看到新聞標題：發行人愈來愈多地轉向私募市場的解決方案。就我們的業務以及我們的思考方式而言，我們把私募投資級（Private IG）視為：我們在資產基礎融資（asset-based finance）所做的一切，加上為大型成熟企業量身打造的解決方案，再加上跨不動產的長久期投資。

And when you think of the capital that we have organized against that, it's Global Atlantic, it's through our funds, it's through SMAs, and we have our capital markets business as an additional overlay against all of that. And I think most recently, demands from IG issuers for these customized privately bespoke solutions has really catalyzed the growth of the Private IG market.

而當你思考我們為此所配置的資本時，包括 Global Atlantic、我們的基金、SMA（分別管理帳戶），以及我們的資本市場業務作為上述所有項目的額外疊加層。我認為最近，投資級發行人對這些客製化、私募量身方案的需求，確實催化了私募投資級市場的成長。

And to answer your question, we think we're really well positioned against this opportunity and our ability to address it at scale. We benefit from collaboration across all our teams, the relationships that we have across our private equity and teams. We support companies with holistic solutions.

回到你的問題，我們認為自己在把握這個機會、以及以規模化方式滿足需求的能力上，確實處於非常有利的位置。我們受益於各團隊之間的協作，以及我們在私募股權等團隊所建立的關係網。我們以整體性的解決方案來支持企業。

You mentioned some of the origination engines that we have as an advantage for us that includes the 36 captive platforms across both asset-based finance as well as real assets. We've got five decades of relationships, capital markets, as well as that activity coming through multiple channels.

你提到我們的一些發起引擎（origination engines）是我們的優勢，其中包括橫跨資產基礎融資以及實體資產（real assets）的 36 個自營平台（captive platforms）。我們擁有五十年的關係網、資本市場能力，以及透過多個渠道帶來的業務活動。

And from a fundraising perspective, like Rob and Scott talked earlier about the outlook we have from a credit fundraising standpoint, but we've been very active across Private IG SMAs, and our pipeline feels very good as we look to the second half of the year.

從募資角度來看，正如 Rob 和 Scott 先前談到我們在信貸募資方面的展望，我們在私募投資級 SMA 上一直非常積極；展望下半年，我們的案源管線（pipeline）感覺非常不錯。

And so look, stepping back since the acquisition of GA, our credit business is up, give you some round numbers from $80 billion to $300 billion. And similarly, you look at management fees tied to that growth are also more than 3x where they were up at $1.2 billion. So you're seeing a big growth driver for us in this port of the business, and it just feels like in Private IG, there's a lot more for us to do alongside.

因此，回頭看自從收購 GA 以來，我們的信貸業務規模以概略數字來說，從 800 億美元成長到 3,000 億美元。同樣地，與該成長相關的管理費也較過去增加逾 3 倍，達到 12 億美元。所以你看到這一塊業務成為我們的重要成長驅動力；而在私募投資級（Private IG）方面，感覺我們還有更多事情可以一起做。

Yes, Bradley, Scott, just maybe zooming out a little bit. I kind of put a lot of what we're seeing across the firm into a few buckets. When you get one, you got growth areas where we're already top three, a lot of capital coming into this space. And it's just about keep your performance strong and keep investing in your barriers to entry back to the platforms and the 7,000 plus employees, ABF fits squarely into that bucket one.

是的，Bradley，我是 Scott，我稍微拉遠一點看。我大致把我們在全公司看到的情況歸納成幾個類別。第一類是我們已經位居前三的成長領域，有大量資本流入這個空間。重點就是維持強勁的績效，並持續投資於進入門檻——回到平台與 7,000 多名員工；ABF（資產基礎融資）完全屬於第一類。

You got bucket two, which is back to my comments about a bit of a K-shaped industry, the happy part of the K is taking market share from the unhappy part of the K. And so, we've got that going on in different aspects of our business. I actually think what's going on in terms of this bout with pessimism, our space is feeling this is going to be wonderful for us in the long-term and will lead to more growth in the future.

第二類是回到我先前提到的「K 型」產業：K 的「快樂」那一端正在從「不快樂」那一端手中取得市占。因此，我們在業務的不同面向都看到這種情況。

And then the third bucket, I'd say things like wealth where brand, global reach and scale really matter and probably a large percentage of the market share is going to go to relatively few. And you can take our businesses globally and largely put them into those three buckets, but ABF is in bucket one.

第三類，我會說像財富管理（wealth）這種領域，品牌、全球觸達與規模真的很重要，而且市場份額中相當大的比例可能會集中到相對少數的業者手上。你可以把我們的全球業務大致放進這三個類別裡，但 ABF 在第一類。

Mike Brown, UBS.

Mike Brown，UBS。

I wanted to maybe dig in a little more on credit. It's a great color on ABF. Just this quarter, we observed that the management fees declined sequentially. Fee paying AUM growth is also relatively. Can you just help us unpack the primary drivers there?

我想再更深入談談信貸。你們對 ABF 的說明很有幫助。但就這一季而言，我們觀察到管理費較前一季下滑。付費 AUM（fee paying AUM）的成長也相對……你能否協助我們拆解一下其中的主要驅動因素？

And then based on what you're seeing, how should we think about the trajectory here in the second half in terms of net flows, management fees, and the fee rate here to the rest of the year? Thank you.

另外，根據你們目前看到的情況，下半年在淨流入（net flows）、管理費，以及今年剩餘期間的費率（fee rate）走勢上，我們應該如何看待？謝謝。

It's Rob. Why don't I start? And I appreciate the question. Quarter-to-quarter trends can always be a little bit tricky. And in the case of our credit and liquid strategies business, while not all that material in the context of KKR, we did have a small one-time benefit that showed up in last quarter's management fee line items. I think if you look over a 12-month period of time, management fees across credit and liquid strategies up almost 10% or just shy of 10%.

我是 Rob。我先開始吧。也謝謝你的提問。季度對季度的趨勢有時確實會有點棘手。就我們的信貸與流動性策略（credit and liquid strategies）業務而言，雖然放在 KKR 的整體脈絡下並非特別重大，但上一季的管理費項目中確實出現了一筆小型的一次性收益。我認為如果你拉長到 12 個月來看，信貸與流動性策略的管理費成長接近 10%，或略低於 10%。

The other stat I would point you to, which is the best forward indicator around where we're going, is that the capital we have committed to our credit business, but that is not yet earning fees will earn fees as it enters its investment period and/or is deployed. That number year-over-year is up 33%, so a very healthy increase in what I think is probably the best forward indicator for that business.

我還想提醒你看另一個統計數字——我認為這是最好的前瞻指標，用來判斷我們將走向何處：也就是我們已承諾投入信貸業務、但尚未開始收取費用的資本；當它進入投資期和／或被部署後，就會開始產生費用。這個數字年增 33%，我認為這是該業務非常健康的增幅，也可能是最好的前瞻指標。

Benjamin Budish, Barclays Bank.

Benjamin Budish，Barclays Bank。

Rob, sometimes on the call, you'll give a little bit of forward-looking commentary on line of sight to transaction revenues and realizations. Wondering if you could give us any color there. And just given the optimism around the ability to get transactions done even in this environment, I know you talked down the sort of $7 target previously, but is it possible that's on the table? I imagine you've got a decent look into the next five months. Just curious how we should think about all that.

Rob，你有時會在電話會議上提供一些前瞻性的評論，談到交易收入與已實現收益（realizations）的可見度。想請你分享一下這方面的情況。另外，考量到即使在這樣的環境下，市場對完成交易能力仍抱持樂觀，我知道你之前淡化過 7 美元目標的說法，但是否有可能那仍在考量範圍內？我想你們對接下來五個月應該有不錯的掌握。只是想了解我們應該如何看待這些。

Thanks, Ben. So for the quarter, I'd say we've got plus or minus $700 million of monetization-related visibility, maybe a bit of variability there based on the timing of taking care in certain funds or partnership. In terms of split, about 80% realized performance revenue and 20% realized investment income. $700 million, a pretty healthy number for us, particularly coming off a record monetization quarter in Q2. And then we've talked about it, we've got a pretty good pipeline for the duration of the year as well. And so we're continuing to watch that closely.

謝謝，Ben。就本季而言，我會說我們對與變現（monetization）相關的項目大約有正負 7 億美元的可見度；其中可能會因為某些基金或合夥架構在處理時點上的差異而有些波動。就組成來看，約 80% 是已實現績效收入（realized performance revenue），20% 是已實現投資收益（realized investment income）。7 億美元對我們來說是相當健康的數字，特別是在第二季剛創下變現的紀錄季度之後。而且我們也談過，今年剩餘期間我們也有相當不錯的案源管線。因此我們會持續密切關注。

Listen, as it relates to $7, we had removed obviously that formal guidance last quarter. I'd say in many ways it has provided a bit of a distraction as we engage with our shareholders and analysts. I think we'd much prefer to focus on the facts. That we had record earnings this quarter, NI per share up 40%, and the go-forward fundamentals in our business are stronger than they've ever been.

聽著，談到每股 7 美元這件事，我們在上一季已經明顯撤回了那項正式指引。我想在很多方面，當我們與股東與分析師互動時，這反而帶來了一些分心。我認為我們更希望把焦點放在事實上。也就是我們本季創下創紀錄的獲利，每股淨收益（NI）成長 40%，而且我們業務未來的基本面比以往任何時候都更強。

And so, whether that translates to $7 per share, something a little south of that, something a little north of that, our focus is on continuing to perform and generate really strong outcomes for our shareholders.

因此，不論最終是否會對應到每股 7 美元、略低於 7 美元，或略高於 7 美元，我們的重點都是持續把表現做好，並為股東創造非常強勁的成果。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Just on Insurance operating earnings, you've talked about the $250 million plus or minus guide in '26, given the cash accounting. You're closer to about $290 million this quarter. I believe you mentioned the $40 million or so. Can you discuss how that might trend in the back half of the year? Does that $250 million target still stay? Could you benefit sooner and break above those levels more consistently? And then as you just get into 2027, could you see a step function higher?

關於保險業務的營運獲利，你們談到在 2026 年、考量現金會計下的指引為 2.5 億美元上下。而你們本季接近約 2.9 億美元。我相信你提到大約 4,000 萬美元左右。能否談談這在今年下半年可能會如何走勢？2.5 億美元的目標是否仍然維持？你們是否可能更早受惠，並更一致地突破這些水準？另外展望 2027 年，是否可能看到一個台階式的上升？

So a couple of building blocks there. I think the $250 million plus or minus is still a good number for the go forward. We did have an elevated level of realizations in the quarter. I wouldn't assume that that is a run rate for right now. That said, as our alts book continues to mature and we move into the back half of '27 into 2028, we believe we can see outcomes that are materially north of that level.

這裡有幾個組成要素。我認為未來而言，2.5 億美元上下仍是一個不錯的數字。我們本季確實有較高水準的已實現收益。我不會假設那就是目前的常態化水準。不過，隨著我們的另類投資（alts）投資組合持續成熟，並進入 2027 年下半年到 2028 年，我們相信可以看到顯著高於該水準的成果。

Most important, we continue to feel really well positioned around what we're doing in Insurance. We talked about that earlier on the call and also our prepared remarks. And as we think about the go forward there, feel very confident in our model.

最重要的是，我們仍然覺得在保險業務方面的布局非常到位。我們在電話會議較早時以及事先準備的講稿中都有談到。而展望未來，我們對我們的模式非常有信心。

And then lastly, I'd point you to page 17 in our earnings release, which looks in the all-in economics of our Insurance business. Those are up 13% year on year, even in a world where we've been allocating less capital. And as a reminder, that does not include the mark-to-market benefit on the alts portfolio either.

最後，我會請你參考我們財報新聞稿第 17 頁，裡面呈現了我們保險業務的整體經濟效益（all-in economics）。即使在我們分配較少資本的情況下，這些數字仍年增 13%。並提醒一下，這還不包含另類投資組合的按市價計價（mark-to-market）收益。

Arnaud Giblat, BNP.

Arnaud Giblat，BNP。

Could you talk more about the capital raised by Helix Digital Infra? What is the final target size of this fund and the mandate of this fund? In particular, I'd like to know if Helix will invest in power or if these investments will be provided by your partner ECP. And is this fund generally incremental or part of the $50 billion targeted deployment that you announced two years ago in conjunction with ECP? Thank you.

能否多談談 Helix Digital Infra 所募集的資本？這支基金的最終目標規模與投資授權（mandate）是什麼？特別是，我想了解 Helix 是否會投資於電力，或是這些投資將由你們的合作夥伴 ECP 提供。另外，這支基金整體而言是增量的，還是屬於你們兩年前與 ECP 一同宣布、目標部署 500 億美元的一部分？謝謝。

So a couple of years ago, we did talk about the partnership with ECP and the opportunities that we saw to bring our collective skills together with hyperscalers. And yes, this is -- and that was how we thought capital that KKR had together with ECP again would provide that one-stop shop. And I think this is incremental and a continued evolution as it relates to the opportunities that we see in the massive CapEx needs that we continue to see from the hyperscaler space.

幾年前，我們確實談到與 ECP 的合作夥伴關係，以及我們看到能與超大規模雲端業者（hyperscalers）把雙方的集體能力結合起來的機會。是的，這就是——而那也是我們當時的想法：KKR 與 ECP 的資本結合，能提供一站式服務。我認為這是增量的，也是我們針對超大規模雲端領域持續看到的龐大資本支出（CapEx）需求所帶來機會的延伸與演進。

And we have a number of strategic partners, again as Rob ran through, we think there's a real opportunity for us in the framework of a vehicle that is not a closed-end vehicle to work with Adam Solipsky and his team with really differentiated points of view relationships experience to help bring that those solutions through to hyperscalers.

而且我們有多位策略合作夥伴；如同 Rob 剛才所說，我們認為在一個非封閉式（closed-end）的載體架構下，與 Adam Solipsky 及其團隊合作有很大的機會；他們具備非常差異化的觀點、關係與經驗，能協助把這些解決方案帶給超大規模雲端業者。

The answer is yes, it is broader than just data centers, it is going to encompass a much broader mandate in that framework, so we're just getting going. And you should expect more updates from us over time. This was just an important first step for us.

答案是肯定的，範圍不僅僅是資料中心；在該架構下，它將涵蓋更廣泛的投資授權，所以我們才剛開始。你們應該會隨時間看到我們提供更多更新。這只是我們很重要的第一步。

Hey, Arno, it's Scott. I'd say a couple of things. One, it's a company, not a fund. And so, I would think of it as more permanent in nature. In terms of the size target, don't have one. We think the opportunities in the tens of billions of dollars we launched with $10 plus billion just with the founding investors, but we're continuing to talk to investors about large-scale participation.

嗨，Arno，我是 Scott。我想說幾點。第一，它是一家公司，不是一支基金。因此，我會把它視為更具永久性質。至於目標規模，我們沒有設定。我們認為機會可達數百億美元；我們在成立時僅創始投資人就投入了超過 100 億美元，但我們仍在持續與投資人洽談大規模參與。

And we expect that will be an ongoing process just like it will be for any company that's continuing to find very interesting investment and acquisition opportunities. Mandate is to be a one-stop shop for hyperscalers, power, data centers, connectivity, all in one place. Hopefully that helps.

我們預期這將是一個持續進行的過程，就像任何一家持續尋找非常有吸引力的投資與併購機會的公司一樣。其授權是為超大規模雲端業者提供一站式服務：電力、資料中心、連接性（connectivity），全部整合在同一處。希望這能有所幫助。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Craig Larson for closing comments.

我們已到達問答環節的結束。現在我想把電話會議交回給 Craig Larson 作結語。

Just thank you, everybody, for your continued interest in KKR. Robert, thank you for your help. And if anybody has follow-up questions, please feel free to reach out to us directly. Thank you, everyone.

非常感謝各位持續關注 KKR。Robert，謝謝你的協助。如果任何人有後續問題，歡迎直接與我們聯繫。謝謝大家。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。