KKR & Co Inc (KKR) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to KKR's First Quarter 2022 Earnings Conference Call. (Operator Instructions) I'll now hand the call over to Craig Larson, Head of Investor Relations for KKR. Craig, please go ahead.

女士們，先生們，謝謝你們的支持。歡迎參加 KKR 2022 年第一季度收益電話會議。 （操作員說明）我現在將電話轉交給 KKR 投資者關係主管 Craig Larson。克雷格，請繼續。

Thank you, operator. Good morning, everyone. Welcome to our first quarter 2022 earnings call. This morning, I'm joined by Scott Nuttall, our Co-Chief Executive Officer; and Rob Lewin, our CFO.

謝謝你，接線員。大家，早安。歡迎來到我們的 2022 年第一季度財報電話會議。今天早上，我們的聯合首席執行官 Scott Nuttall 加入了我的行列。和我們的首席財務官 Rob Lewin。

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.

我們想提醒大家，我們將在電話會議上提及非 GAAP 措施，這些措施與我們的新聞稿中的 GAAP 數據一致，該新聞稿可在 kkr.com 的投資者中心部分獲得。提醒一下，我們根據調整後的份額報告我們的細分市場數量。本次電話會議將包含不保證未來事件或業績的前瞻性陳述。有關這些聲明的警示因素，請參閱我們的收益發布和我們的 SEC 文件。

So we're pleased to be reporting strong results this morning. Fee-related earnings per share for the first quarter were $0.69, up 66% year-over-year and as high a quarterly figure as we've ever reported. And after-tax DE per share came in at $1.10. That's up almost 50% compared to the first quarter of 2021 and is the second highest quarterly figure we reported.

所以我們很高興今天早上報告了強勁的結果。第一季度與費用相關的每股收益為 0.69 美元，同比增長 66%，是我們曾經報告過的最高季度數字。每股稅後 DE 為 1.10 美元。與 2021 年第一季度相比，這一數字增長了近 50%，是我們報告的第二高季度數字。

And when you look at the quarter, our results and our activities, you're seeing really 4 things. First, you're seeing the strength and resiliency of our model as well as our people. Despite all of the volatility and uncertainty, we're reporting strong results pretty much across every metric.

當您查看本季度、我們的結果和我們的活動時，您會真正看到四件事。首先，您會看到我們的模式以及我們的員工的力量和彈性。儘管存在所有波動性和不確定性，但我們幾乎在每個指標上都報告了強勁的結果。

Second, as businesses inside KKR are growing and scaling, they're inflecting, and they're having a real impact on our numbers. In private markets, for example, our infrastructure and our real estate platforms of scale, so our real asset strategies comprised over half of both our fundraising and our deployments over the last 12 months.

其次，隨著 KKR 內部的業務不斷發展壯大，它們正在發生變化，它們對我們的數據產生了真正的影響。例如，在私人市場中，我們的基礎設施和規模化的房地產平台，因此在過去 12 個月中，我們的實際資產策略佔籌資和部署的一半以上。

Third, we're finding creative ways to enhance our strategic positioning. Last week, we closed on the previously announced acquisition of the Japanese REIT business. It's one of the largest real estate platforms in the second largest real estate market in the world.

第三，我們正在尋找創造性的方法來增強我們的戰略定位。上週，我們結束了先前宣布的對日本房地產投資信託業務的收購。它是全球第二大房地產市場中最大的房地產平台之一。

And finally, despite the volatility and increased uncertainty, our limited partners are continuing to entrust us with their capital. Strong investment performance has been a critical driver of all of the success that we've had here.

最後，儘管波動性和不確定性增加，我們的有限合夥人仍在繼續將他們的資金委託給我們。強勁的投資業績一直是我們在這裡取得的所有成功的關鍵驅動力。

Now looking at a few topics in more detail. Let's begin with fundraising. New capital raised in Q1 totaled $26 billion and $132 billion over the last 12 months. Of note, in private markets, both our global infrastructure IV fund and North America Fund XIII held final closes in the first quarter. Including employee commitments, infrastructure IV totaled $17 billion. That's over 2x larger than infra III. And North America XIII closed out at $19 billion, over 35% larger than its predecessor. Also, we're continuing to raise capital for our European private equity strategy. At this point, we are at $7.1 billion, already surpassing in size the prior European PE Vintage.

現在更詳細地研究一些主題。讓我們從籌款開始。過去 12 個月，第一季度籌集的新資本總額為 260 億美元和 1320 億美元。值得注意的是，在私募市場，我們的全球基礎設施 IV 基金和北美基金 XIII 均在第一季度最終收盤。包括員工承諾在內，基礎設施 IV 總計 170 億美元。這比 infra III 大 2 倍以上。北美 XIII 的收盤價為 190 億美元，比其前身高出 35% 以上。此外，我們將繼續為我們的歐洲私募股權戰略籌集資金。在這一點上，我們達到了 71 億美元，在規模上已經超過了之前的歐洲 PE Vintage。

And it's worth highlighting the regional approach we've taken in our traditional private equity business, with individual funds across the Americas, Asia and Europe instead of having a single global fund. We think this allows us to maximize our fundraising potential. Committed capital across our 3 regional, private equity funds currently exceeds $40 billion, and we're still raising capital for our Europe PE strategy. At the same time, it allows us to diversify our carry pools, reduces our vintage risk across these funds, and importantly, we are less susceptible to the tone of the fundraising environment at a single point in time.

值得強調的是，我們在傳統私募股權業務中採用的區域方法是在美洲、亞洲和歐洲設立個人基金，而不是擁有單一的全球基金。我們認為這使我們能夠最大限度地發揮籌款潛力。我們的 3 個區域性私募股權基金的承諾資本目前超過 400 億美元，我們仍在為我們的歐洲私募股權戰略籌集資金。同時，它使我們能夠使我們的套利池多樣化，降低我們在這些基金中的陳舊風險，重要的是，我們在單個時間點不太容易受到籌款環境基調的影響。

And in public markets, $9 billion of new capital raised is among the highest quarterly figures we reported. Activity here was widespread, including hedge funds and credit. In alternative credit, we raised capital across our asset-based finance, Asia credit and direct letting strategies, private credit strategies in Europe and the next vintage of our opportunistic strategy and a leveraged credit. We saw activity across a number of separately managed accounts and loan strategies in addition to our CLO business, where we issued our 41st U.S. CLO in the quarter.

在公開市場，90 億美元的新融資是我們報告的最高季度數字之一。這裡的活動很普遍，包括對沖基金和信貸。在另類信貸方面，我們通過基於資產的融資、亞洲信貸和直接租賃策略、歐洲的私人信貸策略以及我們的機會主義策略和槓桿信貸的下一個階段籌集資金。除了我們的 CLO 業務（我們在本季度發布了第 41 個美國 CLO）之外，我們還看到了許多單獨管理的賬戶和貸款策略的活動。

Global Atlantic closed on a block transaction in the quarter, which contributed $3 billion. This is reflected in both private and public markets. And so these fundraising efforts helped bring AUM to $479 billion and fee-paying AUM to $371 billion, both up approximately 30% year-over-year.

Global Atlantic 在本季度完成了一筆大宗交易，貢獻了 30 億美元。這反映在私人和公共市場上。因此，這些籌款活動幫助 AUM 達到 4790 億美元，付費 AUM 達到 3710 億美元，同比增長約 30%。

Turning to investment activities. Capital invested in the quarter totaled $21 billion. In private markets, our real assets platform invested $9 billion of capital, including $4.5 billion in real estate, driven by activity in our Americas and our European opportunistic equity strategies as well as real estate credit. Our infrastructure platform invested over $3 billion of capital, led by activity in the U.S. and Asia, with $3.5 billion of PE deployment relatively evenly spread across geographies.

轉向投資活動。本季度的資本投資總額為 210 億美元。在私人市場，我們的不動產平台投資了 90 億美元的資本，其中包括 45 億美元的房地產，這得益於我們在美洲的活動和我們在歐洲的機會主義股票策略以及房地產信貸。我們的基礎設施平台投資了超過 30 億美元的資本，其中以美國和亞洲的活動為首，其中 35 億美元的 PE 部署相對均勻地分佈在各個地區。

In public markets, GA has really added to the pace of investment activity and private credit, most meaningfully, in asset-based finance as well as in direct lending. Spending a minute actually on asset-based finance. We invested in ABF across a number of pools of capital that are all looking for different risk reward, all the way from our private credit funds and our B2C platform to global lending. So the addressable market for us and available investable capital has increased materially as our credit platforms grow. We're excited about this. And deployment here has become meaningful. In the quarter, total ABF deployment was a little over $5 billion. And we had $2.4 billion in direct lending activity in Q1 alongside of this.

在公共市場上，GA 確實加快了投資活動和私人信貸的步伐，最有意義的是，在基於資產的金融和直接貸款方面。花一分鐘時間真正了解基於資產的金融。我們在多個尋求不同風險回報的資金池中投資了 ABF，從我們的私人信貸基金和我們的 B2C 平台到全球貸款。因此，隨著我們信貸平台的發展，我們的潛在市場和可用的可投資資本大幅增加。我們對此感到興奮。在這裡部署變得有意義。本季度，ABF 的總部署額略高於 50 億美元。與此同時，我們在第一季度有 24 億美元的直接貸款活動。

Now shifting to investment performance. You can see these details on Page 7 of the press release. The private equity portfolio was marked down 5% in the quarter, which was right in line with the decline of the MSCI World. While over the last 12 months, the PE portfolio is up 19%, 800 basis points ahead of the MSCI World. In real assets, our portfolios continue to perform. In real estate, the opportunistic portfolio feels well positioned given its focus on industrial and multifamily themes. You see the opportunistic real estate portfolio appreciated 11% in the quarter and is up 30% over the last 12 months. And in infrastructure, a strategy in our view that's also well positioned in an inflationary environment, you see the portfolio appreciated 6% in the quarter, and it's up 11% over the last 12 months.

現在轉向投資業績。您可以在新聞稿的第 7 頁查看這些詳細信息。私募股權投資組合在本季度下跌 5%，與 MSCI World 的跌勢相符。而在過去 12 個月中，PE 投資組合上漲了 19%，比 MSCI World 高出 800 個基點。在實物資產方面，我們的投資組合繼續表現出色。在房地產領域，鑑於其專注於工業和多戶家庭主題，機會主義投資組合感覺良好。您會看到投機性房地產投資組合在本季度上漲了 11%，在過去 12 個月中上漲了 30%。在基礎設施方面，我們認為這一戰略在通脹環境中也處於有利地位，您會看到投資組合在本季度升值 6%，在過去 12 個月中增長了 11%。

On the credit side, leverage credit was down 2% for the quarter and up 3% over the last 12 months, essentially in line with broad high yields and leveraged loan indices, while alternative credit was down 1% in the quarter and up 9% LTM.

在信貸方面，本季度槓桿信貸下降 2%，過去 12 個月上升 3%，與廣泛的高收益率和槓桿貸款指數基本一致，而替代信貸在本季度下降 1%，上升 9% LTM。

Circling back to the acquisition of the Japanese REIT, which is now known as KJRM. The acquisition adds AUM, but it really goes far beyond that. It's a wonderfully strategic transaction for us across a number of areas of focus, including real estate, Asia, perpetual capital as well as private wealth. And one final note here, as a piece of the financing for the acquisition, in April, we raised approximately 475 million equivalent of Japanese yen denominated notes across a range of maturities at a weighted average coupon of around 1.2%.

回到收購日本房地產投資信託基金，現在稱為 KJRM。此次收購增加了 AUM，但實際上遠不止於此。對我們而言，這是一項非常具有戰略意義的交易，涉及多個重點領域，包括房地產、亞洲、永久資本以及私人財富。最後一點，作為收購融資的一部分，我們在 4 月份以約 1.2% 的加權平均票面利率籌集了約 4.75 億等值日元計價的各種到期票據。

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

有了這個，我會把電話轉給 Rob。

Thanks a lot, Craig. I'll try and quickly step through our quarterly financials. Our management fees continue to scale at a really rapid pace, increasing by 46% in the LTM period to $2.3 billion and reaching $625 million just for the quarter alone. Our management fee growth this quarter was really driven by the fundraising activity that Craig ran through. Of note, Europe VI entered its investment period in the quarter. And we had approximately $20 million of catch-up fees from the final closes of Americas XIII and infra IV. Our capital raising success alongside our investment activity, brought fee-paying AUM to $371 billion, which is up 29% year-on-year. Our net transaction and monitoring fees were $306 million for the quarter, driven primarily by our capital markets franchise, which earned $255 million, almost $1 billion for the LTM period. The quarter's transaction is consistent with past trends, were diversified across clients, strategies as well as geographies.

非常感謝，克雷格。我將嘗試快速瀏覽我們的季度財務數據。我們的管理費繼續以非常快的速度增長，在 LTM 期間增長了 46%，達到 23 億美元，僅在本季度就達到了 6.25 億美元。我們本季度的管理費增長實際上是由 Craig 進行的籌款活動推動的。值得注意的是，歐六在本季度進入了投資期。我們從 Americas XIII 和 infra IV 的最終收盤中獲得了大約 2000 萬美元的追加費用。我們的融資成功以及我們的投資活動使付費資產管理規模達到 3710 億美元，同比增長 29%。本季度我們的淨交易和監控費用為 3.06 億美元，主要由我們的資本市場特許經營權推動，該特許經營權收入為 2.55 億美元，在 LTM 期間接近 10 億美元。本季度的交易與過去的趨勢一致，在客戶、戰略和地域上都呈現多樣化。

Our operating expenses totaled $126 million for the quarter. As discussed on previous calls, we would continue to expect modest increases here as we expand our footprint, invest in marketing and technology, and hopefully have our employees back out on the road and traveling. When you pull it all together, our fee-related earnings this quarter increased to 600 and -- excuse me, $605 million. That's up 66% compared to just a year ago.

我們本季度的運營費用總計 1.26 億美元。正如在之前的電話會議中所討論的，隨著我們擴大業務範圍、投資營銷和技術，並希望我們的員工重返路上和旅行，我們將繼續期待這裡的適度增長。當你把所有這些放在一起時，我們本季度與費用相關的收入增加到 600 和 - 對不起，是 6.05 億美元。與一年前相比，這一數字增長了 66%。

Moving down our income statement. Our realized carried interest totaled $580 million in the quarter, while realized investment income came in at $349 million. In any environment, we think these are very solid results. However, when you layer on the volatility in Q1, we were quite pleased in our ability to achieve this outcome, and very much reflects the breadth and scale of our firm today.

向下移動我們的損益表。我們在本季度實現的附帶權益總額為 5.8 億美元，而實現的投資收入為 3.49 億美元。在任何環境下，我們認為這些都是非常可靠的結果。但是，當您對第一季度的波動性進行分層時，我們對實現這一結果的能力感到非常滿意，這在很大程度上反映了我們公司今天的廣度和規模。

Turning to our Insurance segment. We had a very solid quarter, generating $116 million of operating earnings. In aggregate, our after-tax distributable earnings were $969 million for the first quarter or $1.10 per share.

轉向我們的保險部門。我們有一個非常穩健的季度，產生了 1.16 億美元的營業收入。總的來說，我們第一季度的稅後可分配收益為 9.69 億美元或每股 1.10 美元。

I now want to turn to our balance sheet for a moment. During periods of market volatility, we'll hear from some who are concerned that the balance sheet increases our risk profile. That's not our perspective. It's actually quite the opposite. So we thought it would be worthwhile explaining what we believe to be true, that having a balance sheet, especially one with the attributes of ours, is a meaningful differentiator and a real positive during periods of market dislocation.

我現在想談談我們的資產負債表。在市場波動期間，我們會聽到一些人擔心資產負債表會增加我們的風險狀況。這不是我們的觀點。實際上恰恰相反。因此，我們認為有必要解釋一下我們認為的真實情況，即擁有資產負債表，尤其是具有我們自身屬性的資產負債表，是一個有意義的差異化因素，並且在市場錯位期間是一個真正的積極因素。

Let's begin with the liability side of our balance sheet, which we think is pretty unique and a real source of differentiation. We are very fortunate to have access to long-dated and low-cost liabilities. The average maturity of our recourse debt outstanding, including our recent yen issuance, is approximately 20 years, with a weighted average coupon of about 3.5%. And 100% of that coupon is fixed. So we have minimal duration risk, no exposure to margin calls, our after-tax cost of debt is less than 3%, and we have no risk around rising interest rates.

讓我們從資產負債表的負債方面開始，我們認為這是非常獨特的，也是差異化的真正來源。我們很幸運能夠獲得長期和低成本的負債。我們未償追索權債務的平均期限，包括我們最近發行的日元，約為 20 年，加權平均票面利率約為 3.5%。並且 100% 的優惠券是固定的。因此，我們的久期風險最小，沒有追加保證金的風險，我們的稅後債務成本低於 3%，而且我們沒有利率上升的風險。

In terms of the asset side of our balance sheet, as you'd expect, we have a very deep commitment to asset allocation and risk, which has helped deliver exceptional results for our shareholders. Over the last 1, 3 and 5 years, our annual returns have been 15%, 20% and 16%, respectively. And as we go a layer deeper around KKR's investment portfolio, one of the key strategic decisions we made a number of years ago was to launch a core private equity business. It's a great example of how we use our balance sheet to help create what we believe is today the largest business of its kind and an important contributor to our management fees and fee-related earnings as well as representing the largest allocation we have on the balance sheet today.

正如您所料，就我們資產負債表的資產方面而言，我們對資產配置和風險做出了非常深刻的承諾，這有助於為我們的股東帶來非凡的業績。在過去 1 年、3 年和 5 年，我們的年回報率分別為 15%、20% 和 16%。隨著我們深入了解 KKR 的投資組合，我們多年前做出的一項關鍵戰略決策是推出核心私募股權業務。這是我們如何使用資產負債表來幫助創建我們認為是當今同類業務中最大的業務的一個很好的例子，它是我們管理費和費用相關收益的重要貢獻者，也是我們在餘額中的最大分配今天的單子。

Core private equity is a long-duration investment strategy. We expect to hold these investments for 10- to 15-plus years and believe they carry a more modest risk return profile compared to traditional private equity. We're looking for mid- to high-teens gross IRRs that we can compound for north of a decade. These are businesses we believe have strong secular tailwinds, with defensible market positions, solid cash flow dynamics, and as a result, benefit from a more stable earnings profile. And with equity and fixed income indices of 5-plus percent in the quarter, a key reason our balance sheet portfolio was flat in Q1 was the 3% appreciation in our core portfolio.

核心私募股權是一種長期投資策略。我們預計將持有這些投資 10 至 15 年以上，並相信與傳統私募股權相比，它們的風險回報更為溫和。我們正在尋找可以在 10 年內復合的中高收入 IRR。我們認為這些業務具有強大的長期順風，具有可防禦的市場地位，穩健的現金流動態，因此受益於更穩定的盈利狀況。由於本季度股票和固定收益指數超過 5%，我們的資產負債表投資組合在第一季度持平的一個關鍵原因是我們的核心投資組合升值了 3%。

This portfolio is performing extremely well, and we believe has many of the right attributes to outperform if we go through a period of volatility and real inflation, including having real pricing power. Today, core private equity accounts for 30% of our balance sheet investments or $5.5 billion. Now we entered core private equity not only because we thought it would be a stable long-term compounder for our balance sheet, but also because it's highly synergistic with our overall business model. We were confident that we have the ability to become a global leader in core PE asset management and that our capital markets business would be able to support these investments over time as they access both the debt and equity capital markets.

這個投資組合的表現非常好，我們認為，如果我們經歷一段波動和實際通脹時期，包括擁有實際定價能力，它有許多正確的屬性可以跑贏大盤。如今，核心私募股權占我們資產負債表投資的 30%，即 55 億美元。現在我們進入核心私募股權，不僅因為我們認為它對我們的資產負債表來說是一個穩定的長期復合工具，還因為它與我們的整體商業模式高度協同。我們相信我們有能力成為核心私募股權資產管理的全球領導者，並且我們的資本市場業務將能夠隨著時間的推移支持這些投資，因為它們同時進入債務和股權資本市場。

So from a standing start 5 years ago, we put together this incredible global portfolio, which now number over 15 companies and growing. And with $32 billion of AUM, that is third-party capital together with balance sheet capital, we believe we have the largest core PE asset management business in the world. And our returns since inception have been very strong, with a gross IRR of 26%, which gives us the confidence that we'll be able to continue to scale the franchise.

因此，從 5 年前開始，我們將這個令人難以置信的全球投資組合整合在一起，現在有超過 15 家公司，並且還在不斷增長。憑藉 320 億美元的 AUM，即第三方資本加上資產負債表資本，我們相信我們擁有全球最大的核心 PE 資產管理業務。自成立以來，我們的回報非常強勁，總內部收益率為 26%，這讓我們有信心繼續擴大特許經營權。

And alongside the management fees we'll earn over the duration of these long-dated investments, we are also entitled to an annual allocation of carried interest from our clients, which we earn every Q1. For 2021 performance alone, we generated approximately $250 million of carry, which is reflected in Q1 results. So the opportunity for performance-related revenue can be a very significant one over time with continued compounding, deployment and performance. Moreover, our core portfolio companies have generated approximately 10% of capital markets fees over the last couple of years. And as the portfolio grows, we'd expect transaction activity to grow alongside them.

除了我們將在這些長期投資期間賺取的管理費外，我們還有權從我們的客戶那裡獲得年度附帶權益分配，這是我們在每個第一季度賺取的。僅 2021 年的業績，我們就產生了大約 2.5 億美元的利差，這反映在第一季度的業績中。因此，隨著時間的推移，隨著持續的複合、部署和性能，與性能相關的收入機會可能是一個非常重要的機會。此外，我們的核心投資組合公司在過去幾年中產生了大約 10% 的資本市場費用。隨著投資組合的增長，我們預計交易活動也會隨之增長。

So to recap. We have created an exposure on our balance sheet that has performed extremely well and has more stable return characteristics. And we have been able to meaningfully augment our asset level return by becoming the leading asset manager in the space, and therefore, creating a combination of incremental management fees and carry as well as capital markets revenues.

所以回顧一下。我們在我們的資產負債表上創建了一個表現非常好並且具有更穩定的回報特徵的風險敞口。通過成為該領域領先的資產管理公司，我們已經能夠有意義地增加我們的資產水平回報，因此，創造了增量管理費和利差以及資本市場收入的組合。

Given the increased scale and diversification of our balance sheet portfolio, we have decided to enhance our disclosure. In our 10-Q, beginning this quarter, we will provide the 20 largest balance sheet positions with their cost and fair value instead of just our 5 largest investments. We think this will enhance transparency. And with 13 of the top 20 positions as of March 31 being core private equity investments, it will help highlight the performance of this portfolio going forward.

鑑於我們資產負債表投資組合的規模和多樣化程度不斷提高，我們決定加強披露。在我們從本季度開始的 10-Q 中，我們將提供 20 個最大的資產負債表頭寸及其成本和公允價值，而不僅僅是我們的 5 個最大投資。我們認為這將提高透明度。截至 3 月 31 日，排名前 20 的職位中有 13 個是核心私募股權投資，這將有助於突出該投資組合未來的表現。

Now turning back to our broader balance sheet strategy and the benefits it provides in periods of dislocation. We think this is the type of environment where our connected and collaborative business model excels. This was particularly evident in the first half of 2020, where I think we really outperformed. Having access to this additional source of capital when the market goes risk off is hugely valuable. And we would bet, all investment firms would love this additional source of liquidity in markets like these.

現在回到我們更廣泛的資產負債表戰略及其在混亂時期提供的好處。我們認為這是我們的互聯和協作業務模式擅長的環境類型。這在 2020 年上半年尤為明顯，我認為我們確實表現出色。當市場出現風險時，能夠獲得這種額外的資金來源是非常有價值的。我們敢打賭，所有投資公司都會喜歡這種市場中這種額外的流動性來源。

And finally, there's obviously a huge advantage of this capital base as we pursue strategic acquisitions. The best example of that, there is really no way that we would have been able to pursue Global Atlantic in early 2020 when capital markets were severely dislocated without the benefit of our capital base. And as Craig mentioned, we recently announced a highly strategic acquisition of a Japanese REIT manager, where we funded the entirety of the $1.8 billion purchase price without issuing any equity. We understand the value of that limited dilution to all shareholders, especially right now, given our current trading price. Between these 2 transactions alone, we expect to generate well north of $300 million of fee-related earnings next year, with most coming from perpetual capital. And we required relatively little equity dilution to be able to achieve that. So we're using our balance sheet to generate really high ROEs while at the same time creating additional FRE.

最後，在我們進行戰略收購時，這種資本基礎顯然具有巨大的優勢。最好的例子是，如果沒有我們的資本基礎，資本市場嚴重錯位，我們真的不可能在 2020 年初追求 Global Atlantic。正如克雷格所說，我們最近宣布了對日本房地產投資信託基金經理的高度戰略性收購，我們在沒有發行任何股權的情況下為 18 億美元的收購價格提供了全部資金。鑑於我們目前的交易價格，我們理解這種有限稀釋對所有股東的價值，尤其是現在。僅在這兩項交易中，我們預計明年將產生超過 3 億美元的費用相關收益，其中大部分來自永續資本。我們需要相對較少的股權稀釋來實現這一目標。因此，我們正在使用我們的資產負債表來產生非常高的 ROE，同時創造額外的 FRE。

And while supporting all this business building and inorganic activity, we've used the balance sheet to buy back our own stock. Since 2015, we have used $2.2 billion to repurchase or retire 85 million shares at a weighted average price of $25.50.

在支持所有這些業務建設和無機活動的同時，我們利用資產負債表回購了我們自己的股票。自 2015 年以來，我們已使用 22 億美元以 25.50 美元的加權平均價格回購或退市 8500 萬股股票。

So hopefully, that helps provide additional context around the balance sheet, including some examples of its strategic value and how that can enhance overall economic outcomes across different market environments.

因此，希望這有助於為資產負債表提供更多背景，包括其戰略價值的一些例子，以及如何在不同市場環境中提高整體經濟成果。

With that, let me hand it off to Scott.

有了這個，讓我把它交給斯科特。

Thank you, Rob. It's been a dynamic 3 months since our last call. And there's certainly more information to process and uncertainty to navigate.

謝謝你，羅布。自我們上次通話以來，這是一個充滿活力的 3 個月。當然還有更多的信息需要處理，還有更多的不確定性需要導航。

While environments like this are anxiety-creating for most, it's exactly times like this when the strength of our culture and business model becomes more apparent. Our connected firm and culture is excellent at making sure information travels and opportunities find the right pool of capital. With valuations down and cost of capital up, more companies need solutions that are not readily apparent. And our clients want more information. The result is the investments we make during times like these have the potential for higher returns and our clients develop an even better understanding of what makes us special.

雖然這樣的環境會讓大多數人感到焦慮，但正是在這樣的時候，我們的文化和商業模式的力量變得更加明顯。我們相互聯繫的公司和文化在確保信息傳播和機會找到合適的資金池方面表現出色。隨著估值下降和資本成本上升，越來越多的公司需要不太明顯的解決方案。我們的客戶需要更多信息。結果是我們在這樣的時期所做的投資有可能獲得更高的回報，我們的客戶對是什麼讓我們變得特別有了更好的理解。

Said another way, when dislocation occurs, you get a real sense for culture and investment acumen. And we feel incredibly well positioned for this environment. We have record dry powder, we have clients that trust us. We have multiple growing businesses globally. We have sustained our connected culture. And we feel ready for what's next. I'm sure we'll talk more today about the macro and what all this means.

換句話說，當錯位發生時，你會真正感受到文化和投資敏銳度。我們感到非常適合這種環境。我們有創紀錄的干粉，我們有信任我們的客戶。我們在全球擁有多個成長中的業務。我們維持了相互聯繫的文化。我們為接下來的事情做好了準備。我相信我們今天會更多地討論宏以及這一切的意義。

But regardless of speculation about near-term rates, inflation and the economy, we remain focused on executing our strategy and confident we will achieve the 5-year plan we shared with you in November.

但不管對近期利率、通貨膨脹和經濟的猜測如何，我們仍然專注於執行我們的戰略，並相信我們將實現我們在 11 月與您分享的 5 年計劃。

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

有了這個，我們很高興回答您的問題。

(Operator Instructions) Our first question will be coming from the line of Alex Blostein with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Alex Blostein。

I was hoping we could start with fundraising comments. For the last couple of months, we've heard a lot and talked a lot about some of the crowdedness in the private equity space. It doesn't seem to be affecting you guys a whole lot given your comments on the latest fundraises, and obviously, Europe is going quite well as well. So while I understand it's probably hard to generalize, but maybe you can help us sort of contextualize what are you hearing from LPs that's going well and maybe some of the areas as you look out for the next 12 to 18 months that could become more challenged with respect to your own fundraising efforts?

我希望我們可以從籌款評論開始。在過去的幾個月裡，我們聽到了很多關於私募股權領域擁擠的話題。鑑於您對最新籌款活動的評論，這似乎並沒有對你們產生太大影響，顯然，歐洲也進展順利。因此，雖然我理解這可能很難一概而論，但也許您可以幫助我們將您從 LP 那裡聽到的進展順利的內容以及您在未來 12 到 18 個月中可能會變得更具挑戰性的一些領域進行背景化關於您自己的籌款活動？

Great. Thanks for the question, Alex. It's Scott. We've heard some of the same comments you have regarding the environment. You're right. We're not really being impacted by this dynamic. But let me give you a little bit of color on what we're seeing and why that's the case.

偉大的。謝謝你的問題，亞歷克斯。是斯科特。我們聽到了您對環境的一些相同評論。你是對的。我們並沒有真正受到這種動態的影響。但是，讓我給你一點關於我們所看到的以及為什麼會這樣的顏色。

It is true. We are hearing from some LPs that they're seeing GPs come back to the market faster than expected. And it's a bit of a crowding effect. This is particularly true from our seats around the more traditional and institutional investors. So think some of the public pension funds and some sovereign wealth. But importantly, it's the traditional investors in private equity proper. We're not hearing that about other alternative asset classes. We're also not hearing that from newer investors in the alternative asset class broadly defined, including PE.

是真的。我們從一些 LP 那裡聽說，他們看到 GP 以比預期更快的速度重返市場。這有點擁擠效應。從我們圍繞更傳統和機構投資者的席位來看，尤其如此。所以想想一些公共養老基金和一些主權財富。但重要的是，它是私募股權的傳統投資者。我們沒有聽說過其他另類資產類別。我們也沒有從廣義的另類資產類別（包括 PE）的新投資者那裡聽到這一點。

So from our vantage point, we raised $26 billion in the first quarter, $132 billion in the last 12 months. And as a reminder, we raised almost all of our flagship private equity funds over the last couple of years. So it's a bit over $40 billion for that fund cycle. So any private equity market crowding is just not impacting what we're doing today. If you look at where we're raising money this year, most of the dollars we're raising is around real estate, infrastructure and credit, where we have a lot of investor interest. If anything, we're seeing that interest go up as inflation and rates rise.

因此，從我們的角度來看，我們在第一季度籌集了 260 億美元，過去 12 個月籌集了 1320 億美元。提醒一下，在過去的幾年裡，我們籌集了幾乎所有的旗艦私募股權基金。因此，對於該基金周期來說，它略高於 400 億美元。因此，任何私募股權市場的擁擠都不會影響我們今天所做的事情。如果你看看我們今年在哪裡籌集資金，我們籌集的大部分資金都圍繞房地產、基礎設施和信貸，我們有很多投資者的興趣。如果有的話，我們看到隨著通貨膨脹和利率上升，利率上升。

So we're really not experiencing that crowding dynamic for multiple reasons. And that's before you even get to the increased interest from private wealth and insurance companies and all the new entrants that we talked about in prior quarters. So we continue to feel great about how we're positioned. We're not changing our plans for the year.

因此，由於多種原因，我們真的沒有經歷過這種擁擠的動態。那是在你甚至沒有得到私人財富和保險公司以及我們在前幾個季度談到的所有新進入者的興趣增加之前。因此，我們繼續對我們的定位感到滿意。我們不會改變今年的計劃。

And in terms of your question about what do we see kind of down the road that could impact us, there's nothing negative. We're kind of feeling a little bit like right now, real assets and credit where you want to be. And we're lined up well against that.

就你關於我們認為未來可能會影響我們的方式的問題而言，沒有什麼負面的。我們感覺有點像現在，你想成為的真實資產和信貸。我們對此表示反對。

Great. And my follow-up is around the wealth channel. And Scott, you mentioned you guys are kind of continuing you build out there. I wanted to focus on Crest a little bit. Really strong investment performance. It looks like you guys are up 9-ish percent year-to-date, and that's on the back of north of 20% return last year. The pace has been slower than maybe some of us would have expected.

偉大的。而我的跟進是圍繞財富渠道。斯科特，你提到你們會繼續在那裡建立。我想把注意力集中在 Crest 上。真正強勁的投資業績。看起來你們今年迄今上漲了 9%，這是在去年回報率超過 20% 的基礎上。速度比我們中的一些人預期的要慢。

So wondering if you can talk to some of the hurdles that you might be facing in accelerating growth in Crest and getting it out on platforms, and what would it take for that product to scale perhaps a little bit faster.

因此，想知道您是否可以談談在加速 Crest 增長並將其在平台上推出時可能面臨的一些障礙，以及該產品可能需要什麼才能更快地擴展。

Alex, it's Craig. Why don't I start? And before we -- why don't I take a step back even just to begin. With that, we think overall, the opportunity within private wealth to introduce these tailored democratized products is massive. And we think we're really well positioned against this really interesting asset class. And over time, we do expect to have democratized products really across all of our asset classes. And alongside of this, we're continuing to invest in sales marketing data, digital talent, et cetera.

亞歷克斯，是克雷格。我為什麼不開始？在我們之前 - 為什麼我不退後一步，即使只是開始。因此，我們認為總體而言，私人財富中引入這些量身定制的民主化產品的機會是巨大的。我們認為我們在這個非常有趣的資產類別中處於有利地位。隨著時間的推移，我們確實希望在我們所有的資產類別中真正實現民主化產品。除此之外，我們將繼續投資於銷售營銷數據、數字人才等。

So where we are today -- and we do tend to look at these in a more aggregate basis. We've got the 3 broad democratized solutions. They're on multiple platforms. And on top of that, we have bespoke solutions that are tailored for individual platforms. Looking across these products, we have about $5.6 billion of AUM. And I don't think we really want on these calls to get in the habit of giving individual updates on all of these. I think the overall takeaway that we want you to have is, one, we've got a great brand that we think in this channel is second to none; an exceptional long-term track record. I think that can be buttressed from some of the individual product. Track records that, again, appreciate your noticing. We think we have a proven ability to innovate in product design. And we have strong relationships at all levels with these distribution partners. So it's a really exciting long-term opportunity, and we actually feel great about the progress that we've made to date.

所以我們今天所處的位置 - 我們確實傾向於以更綜合的方式看待這些。我們有 3 種廣泛的民主化解決方案。他們在多個平台上。最重要的是，我們為各個平台量身定制了解決方案。縱觀這些產品，我們的資產管理規模約為 56 億美元。而且我不認為我們真的希望在這些電話中養成對所有這些提供個人更新的習慣。我認為我們希望您擁有的總體收穫是，第一，我們擁有一個我們認為在這個頻道中首屈一指的偉大品牌；非凡的長期業績記錄。我認為這可以從一些單獨的產品中得到支持。跟踪記錄再次感謝您的關注。我們認為我們擁有經過驗證的產品設計創新能力。我們在各個層面都與這些分銷合作夥伴建立了牢固的關係。所以這是一個非常令人興奮的長期機會，我們對迄今為止所取得的進展感到非常高興。

Our next question is from the line of Michael Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Just given everything going on from an inflationary backdrop, rising rates, supply chain bottlenecks, I mean just hoping you could talk a little bit about how you see that impacting your portfolio companies. And maybe you could talk a little bit about how you're helping your portfolio companies manage through this environment. And if you could just update us on what sort of revenue and EBITDA growth trends you're seeing across your portfolios.

考慮到通貨膨脹背景、利率上升、供應鏈瓶頸所發生的一切，我的意思是希望你能談談你如何看待這對你的投資組合公司的影響。也許您可以談談您如何幫助您的投資組合公司在這種環境中進行管理。如果您可以向我們更新您在投資組合中看到的收入和 EBITDA 增長趨勢類型。

Mike, it's Rob. Thanks for the question. So as we're looking across our portfolio today, obviously, like others, we're seeing a stickier inflation environment. There's 3 things that we're watching quite a bit. One is labor availability and wage inflation. We're certainly seeing that across our portfolio on a global basis. In particular today, in the U.S., we're focused on housing short supply there due to underbuilding over the last 15 years, especially as millennials now are moving their way into prime ownership years.

邁克，我是羅伯。謝謝你的問題。因此，當我們今天審視我們的投資組合時，顯然，和其他人一樣，我們看到了一個更具粘性的通脹環境。我們經常關注 3 件事。一是勞動力供應和工資膨脹。我們當然在全球範圍內的投資組合中看到了這一點。特別是今天，在美國，由於過去 15 年的建設不足，我們專注於那裡的住房供應短缺，尤其是在千禧一代正在進入黃金擁有期的情況下。

And then the last thing that I think is creating the stickiness is just an underspend on CapEx related to energy supply, which is going to continue to put pressure on pricing there. Now the one thing that we're definitely seeing on the other side of this across our portfolios is an easing around supply chain. And so as we look at 2022, our expectation on inflation is we're going to be in the 7% to 8% range. We do see that moderating into 2023. There is a lot of work that we're doing across our portfolio right now to share best practices.

然後，我認為創建粘性的最後一件事只是與能源供應相關的資本支出不足，這將繼續對那裡的定價施加壓力。現在，我們在投資組合的另一面肯定看到的一件事是供應鏈的放鬆。因此，當我們展望 2022 年時，我們對通脹的預期是我們將處於 7% 到 8% 的範圍內。我們確實看到這種情況會緩和到 2023 年。我們現在正在整個產品組合中做很多工作來分享最佳實踐。

Obviously, a lot of work for years has gone into interest rate hedging, and that continues given a potential increase here in rates going forward. But you would have heard us on these calls and in other forums for a long period of time talking about these potential inflationary trends. We feel really good about how we've set up the broader portfolio. As you look at the underlying revenue and earnings growth across our portfolio, it continues to be exceptionally strong. And we feel really good with how we position the overall portfolio going forward.

顯然，多年來，利率對沖已經做了大量工作，鑑於未來利率可能會上漲，這種情況仍在繼續。但是你會在很長一段時間內聽到我們在這些電話和其他論壇上談論這些潛在的通脹趨勢。我們對如何建立更廣泛的投資組合感覺非常好。當您查看我們投資組合的基本收入和盈利增長時，它仍然異常強勁。我們對未來整體投資組合的定位感到非常滿意。

Michael, it's Scott. Let me just add a couple of things. As you know, we have taken this thematic approach for the last several years. One of the things that we have been focused on besides some of the very specific themes we've discussed in the past is we knew at some point, inflation would show up. So we've been quite focused on investing in businesses all around the world that have real pricing power. And that's part of the reason I think you've seen the portfolio perform well.

邁克爾，是斯科特。讓我補充幾件事。如您所知，我們在過去幾年中採用了這種主題方法。除了我們過去討論過的一些非常具體的主題之外，我們一直關注的一件事是，我們知道在某個時候，通貨膨脹會出現。因此，我們一直非常專注於投資於世界各地具有真正定價能力的企業。這就是我認為您已經看到投資組合表現良好的部分原因。

And in terms of your question about how we're helping our portfolio companies, in addition to the very specific procurement programs and other things that we do to kind of be able to use our scale thoughtfully, we're making sure that they have access to the information that we have. That the information is traveling. They can see what we're seeing across the markets. And I think that's helped them get ahead of what is kind of happening in some of the supply chains. And the portfolio is performing well. I mean our stats through last year, revenues and EBITDA, in a lot of parts of what we're doing, up 20%, 30%. We continue to see very strong trends in the first quarter despite the macro backdrop.

關於您關於我們如何幫助我們的投資組合公司的問題，除了非常具體的採購計劃和我們為能夠深思熟慮地使用我們的規模所做的其他事情之外，我們正在確保他們可以訪問根據我們掌握的信息。信息正在傳播。他們可以看到我們在整個市場上看到的情況。我認為這幫助他們領先於某些供應鏈中正在發生的事情。投資組合表現良好。我的意思是我們去年的統計數據，收入和 EBITDA，在我們正在做的很多事情中，增長了 20%、30%。儘管存在宏觀背景，但我們繼續看到第一季度非常強勁的趨勢。

Great. And just as a follow-up question, just around rising rates. So I was hoping maybe you could help frame for us how you see rising rates impacting different parts of your business. Maybe just in credit. Maybe you could help us understand what portion of the credit book is floating rate. And then when we look at GA, how should we think about the sort of repricing of that portfolio there in terms of rising rate benefit? And then on the fixed rate side, how do you think about the time frame for that? And is there any sort of risk around the liabilities rescinding customer rescission activity in a higher rate environment.

偉大的。就像一個後續問題一樣，圍繞利率上升。因此，我希望您能幫助我們了解您如何看待利率上升對業務不同部分的影響。也許只是信用。也許您可以幫助我們了解信用簿的哪一部分是浮動利率。然後，當我們查看 GA 時，我們應該如何考慮在利率收益上升方面對該投資組合進行的那種重新定價？然後在固定利率方面，你如何看待它的時間框架？在更高利率的環境中，撤銷客戶撤銷活動的責任是否存在任何風險。

Yes, of course. All good questions. Thanks, Mike. So there's obviously a lot of pros and cons across our business as it relates to a rising rate environment. But on balance, we feel like we're relatively pretty well positioned. You referenced that we've got a very sizable credit business. Most of our leveraged credit AUM is floating rate in nature. Most of our private credit AUM is also floating rate in nature. And so as interest rates go up, our returns will go up. And as you know, in most of our fund products, our hurdles are fixed.

是的當然。所有的好問題。謝謝，邁克。因此，我們的業務顯然有很多優點和缺點，因為它與利率上升的環境有關。但總的來說，我們覺得我們的定位相對較好。你提到我們有一個非常可觀的信貸業務。我們的大部分槓桿信貸資產管理規模本質上是浮動利率。我們的大部分私人信貸資產管理規模也是浮動利率的。因此，隨著利率上升，我們的回報也會上升。如您所知，在我們的大多數基金產品中，我們的障礙是固定的。

So the likelihood of earning additional incentive fees goes up as well. On the whole, as we look at Global Atlantic, again, there's some puts and takes. We think a rising rate environment over time is largely a net positive to Global Atlantic. And what you can see certainly is rising rates impacting the fixed income book you referenced, but our assets and liabilities are very well matched at Global Atlantic. And so as interest rates rise, the value of your liabilities effectively offset the degradation of value in your assets in a rising rate environment.

因此，賺取額外獎勵費的可能性也會上升。總體而言，當我們再次查看全球大西洋時，有一些看跌期權。我們認為，隨著時間的推移，利率上升的環境在很大程度上對 Global Atlantic 有利。您當然可以看到利率上升影響您所引用的固定收益賬簿，但我們的資產和負債在 Global Atlantic 非常匹配。因此，隨著利率上升，您的負債價值有效地抵消了利率上升環境中資產價值的下降。

I think the other important point to note across KKR, and I referenced this in our prepared remarks, think about our own liability structure. We've set ourselves up a 20-year duration capital. That's all fixed in nature at less than a 3% after-tax cost of debt. And then I think the last thing that we think about at KKR in this kind of a rising rate environment, increased volatility in the markets, potential for multiples to come down is we sit on $115 billion of dry powder across the firm. That's a record number for us, and really allows us, I think, to be on our front foot as it relates to investing through this period of time.

我認為整個 KKR 需要注意的另一個重要點，我在我們準備好的評論中提到了這一點，想想我們自己的責任結構。我們已經建立了一個 20 年期限的資本。這在本質上是固定的，稅後債務成本不到 3%。然後我認為在這種利率上升的環境中，我們在 KKR 考慮的最後一件事是，市場波動性增加，倍數下降的可能性是我們在整個公司坐擁 1150 億美元的干粉。這對我們來說是一個創紀錄的數字，我認為，這確實讓我們能夠站在我們的前腳，因為這與這段時間的投資有關。

The next question is from the line of Glenn Schorr with Evercore.

下一個問題來自 Glenn Schorr 與 Evercore 的對話。

So a question. Capital markets and transaction fees were pretty good, pretty darn resilient considering the environment. But the market got a little worse in April. So I wonder if you could just help talk through exits down, but deployment is good, diversification is good. Like tell us what to expect? Because I feel like people discounted as the component of management fees, but it's a big piece, and it seems to be more resilient than something.

所以一個問題。考慮到環境，資本市場和交易費用相當不錯，相當有彈性。但市場在四月份變得更糟了。所以我想知道你是否可以幫助討論退出，但部署很好，多樣化也很好。比如告訴我們會發生什麼？因為我覺得人打折是作為管理費的一部分，但它是一個很大的部分，而且它似乎比什麼東西更有彈性。

Yes. Glenn, it's Rob. I'll start off here. So last quarter, what we talked about on this call was that we felt like in normal functioning markets, our capital markets is a plus or minus $200 million a quarter type of revenue business. Now in Q4 of last year and Q1 of this year, we were on the plus side of that. Probably a couple of things in Q1 of this year that we were expecting in Q2 that probably got pulled forward a bit. But I think what's more important is that not mistaking, and I think you referenced this in your question, not mistaking the quarter-to-quarter variability in our income with the durability of our franchise as well as its growth prospects.

是的。格倫，是羅伯。我將從這裡開始。所以上個季度，我們在這次電話會議上談到的是，我們覺得在正常運作的市場中，我們的資本市場是每季度收入正負 2 億美元的業務。現在在去年第四季度和今年第一季度，我們處於有利的一面。今年第一季度的一些事情可能是我們在第二季度所期待的，這些事情可能會提前一點。但我認為更重要的是不要誤會，我認為您在問題中提到了這一點，不要將我們收入的季度變化與我們特許經營權的持久性及其增長前景混淆。

And what you've seen, I think, over the last number of years is both highly durable pipeline to potentially generate fees, a broadening of transactioning -- transactions and just lots of growth areas. And those growth areas are going to come from continuing to allocate our on growth. I referenced core private equity a little bit earlier. But there's a number of different opportunities like that across the firm. And obviously, we believe we're going to continue to be able to take a lot of share given our business model and our access to talent with third-party clients as well. And so as we think about that business in the future, we're very excited to continue to invest behind that. And we see a lot of growth over the next number of years.

我認為，在過去的幾年裡，你所看到的既有可能產生費用的高度持久的管道，也有交易的擴大——交易和許多增長領域。這些增長領域將來自繼續分配我們的增長。我早些時候提到了核心私募股權。但是整個公司都有許多不同的機會。顯然，鑑於我們的商業模式以及我們與第三方客戶接觸人才的渠道，我們相信我們將繼續能夠獲得很多份額。因此，當我們考慮未來的業務時，我們很高興繼續在這方面進行投資。我們看到未來幾年會有很多增長。

That's great. Something you said during the prepared was interesting. On ABF deployment, I think you said $5 billion with -- at an average fee. So the question I have is, you -- do you expect to be increasing the ramp in terms of ABF, both growth and deployment, on a quarterly basis? And is that going to increase and give a higher steady fee flow coming up from that? I'm just curious on how big of a contributor can that get to.

那太棒了。你在準備過程中說的很有趣。關於 ABF 部署，我想你說的是 50 億美元，平均費用。所以我的問題是，您是否希望每季度增加 ABF 的增長和部署？這是否會增加並由此產生更高的穩定費用流？我只是好奇這能有多大的貢獻者。

Yes, Glenn, it's Craig. Why don't I start? Thanks for the question. And honestly, we probably don't spend enough time talking about the platform that we've built here. So first, taking a step back. ABF is a massive market. So it's $4.5 trillion in size, and it's expected to go to $7-plus trillion over the coming 4 or 5 years. By -- in comparison, the high-yield market is a $1.5 trillion market. So we're already talking about a market that is multiples of the high-yield market with better growth prospects.

是的，格倫，是克雷格。我為什麼不開始？謝謝你的問題。老實說，我們可能沒有花足夠的時間談論我們在這裡建立的平台。所以首先，退後一步。 ABF 是一個巨大的市場。所以它的規模是 4.5 萬億美元，預計在未來 4 或 5 年內將達到 7 萬億美元以上。相比之下，高收益市場是一個 1.5 萬億美元的市場。因此，我們已經在談論一個具有更好增長前景的高收益市場倍數的市場。

And much like leverage lending to corporates, look, ABF plays a critical part in the financing market. So it's helping finance day-to-day operations through mortgages, credit cards, receivables, financing, equipment leasing, et cetera. And so what you have is a long side of this massive market, you have high barriers to entry, and honestly, in our view, a lack of scale capital. So we're finding attractive risk return. And at the same time, we also like the diversification on top of a regular way or away from regular way traded credit.

就像向企業提供槓桿貸款一樣，ABF 在融資市場中發揮著關鍵作用。因此，它通過抵押貸款、信用卡、應收賬款、融資、設備租賃等為日常運營提供資金。所以你所擁有的是這個龐大市場的多頭面，你有很高的進入門檻，老實說，在我們看來，缺乏規模資本。因此，我們正在尋找有吸引力的風險回報。同時，我們也喜歡在常規方式之上或遠離常規方式交易信貸的多樣化。

So in terms of us in our approach, really 3 things of note. One, as we noted during the prepared remarks, we had different pools of capital, and we're looking for different risk rewards. So that's all the way from private credit funds in the BEC to Global Atlantic. So the addressable market is huge. Our available capital has increased materially. And so to your point, this is why you're seeing this ramp in deployment for us.

因此，就我們的方法而言，確實需要注意 3 件事。一，正如我們在準備好的評論中指出的那樣，我們擁有不同的資本池，我們正在尋找不同的風險回報。這就是從 BEC 的私人信貸基金到 Global Atlantic 的所有方式。所以潛在的市場是巨大的。我們的可用資本大幅增加。因此，就您而言，這就是為什麼您看到我們的部署有所增加。

The second point is we've been busy. So last year, deployment exceeded $15 billion, including GA, $5 billion this quarter. So yes, this is a -- as the overall credit platform has grown. This becomes a really interesting area for us. And third, and this is important, we've partnered with 15 or so specialty finance platforms globally. And those folks who are originating opportunities that, from our view, again, are otherwise difficult to access. So these platforms have 5,000 employees, over $100 billion of AUM. They're global. It's across industries. And they're helping us access attractive risk return. So again, we've built this unique platform which allows us to have confidence when we think of the forward origination. So it's becoming a growing and interesting part of the firm, no question.

第二點是我們一直很忙。所以去年，部署超過 150 億美元，包括 GA，本季度達到 50 億美元。所以是的，這是一個 - 隨著整體信用平台的發展。這對我們來說是一個非常有趣的領域。第三，這很重要，我們已經與全球 15 個左右的專業金融平台合作。而那些正在創造機會的人，在我們看來，再一次，否則很難獲得。所以這些平台有 5000 名員工，資產管理規模超過 1000 億美元。它們是全球性的。這是跨行業的。他們正在幫助我們獲得有吸引力的風險回報。因此，我們再次建立了這個獨特的平台，讓我們在考慮前向發起時充滿信心。因此，毫無疑問，它正在成為公司不斷增長且有趣的部分。

The next question is from the line of Bill Katz with Citigroup.

下一個問題來自花旗集團的比爾·卡茨 (Bill Katz)。

Okay. Look forward to looking through that Q a little bit later on. In terms of -- maybe going into the new course since the dynamics have changed pretty dramatically, first quarter to second quarter, even within that period. Can you talk a little bit about where you're seeing the opportunity to deploy core to date? And then I was wondering if you could speak a little bit to maybe the monetization activity and how the decline in the private equity and the net accrued carry sequentially might impact the opportunity for that realization outlook.

好的。期待稍後再看那個 Q。就 - 可能會進入新的路線，因為動態發生了相當大的變化，第一季度到第二季度，甚至在那個時期內。你能談談你在哪裡看到了迄今為止部署核心的機會嗎？然後我想知道你是否可以談談貨幣化活動以及私募股權和淨應計利差的下降如何影響實現前景的機會。

Thanks, Bill, it's Craig. Why don't I start on deployment? And then Rob will give the monetization update. And look, deployment is a meaty question. So you have inflation, interest rates, outlook for economic growth, all being front of mind for us as they have been for some time. And alongside of that, we expect a number of rate hikes this year with central banks shrinking their balance sheet. So against these topics, we're expecting more volatility.

謝謝，比爾，我是克雷格。為什麼我不開始部署？然後 Rob 將提供貨幣化更新。看，部署是一個很重要的問題。所以你有通貨膨脹，利率，經濟增長前景，所有這些都是我們的首要考慮因素，因為它們已經有一段時間了。除此之外，我們預計今年會隨著央行縮表而加息。因此，針對這些主題，我們預計會有更多波動。

So what are the implications of this? A few. One, as a firm, we need to be as connected as ever. and we need to continue to be thematic. So in terms of areas of focus for us, a couple of thoughts. One, you've already heard this from what Rob and Scott said earlier, but get long pricing power. So with later shortages, higher input costs, leading companies with pricing power are advantage. #2, own more collateral-based cash flows. So we believe real assets, investments that can keep up with nominal GDP are interesting.

那麼這意味著什麼？一些。第一，作為一家公司，我們需要像以往一樣保持聯繫。我們需要繼續保持主題。因此，就我們關注的領域而言，有幾點想法。第一，您已經從 Rob 和 Scott 之前所說的內容中聽到了這一點，但要獲得長期的定價權。所以在後期出現短缺、投入成本較高的情況下，具有定價能力的龍頭企業是優勢所在。 #2，擁有更多基於抵押品的現金流。因此，我們認為能夠跟上名義 GDP 的實際資產和投資是有趣的。

So that's infrastructure, real estate, asset-based finance. And you heard this again in the prepared remarks. When you look at -- when we're asked about deployment, it often tends to be with a private equity lens for us. So if you look in both last year as well as in the first quarter, private equity deployment as a percentage of our firm has been a teen percentage. And so as the breadth of the firm has increased, you've seen these real assets become materially greater for us in terms of deployment.

這就是基礎設施、房地產、基於資產的金融。你在準備好的評論中再次聽到了這一點。當你看 - 當我們被問及部署時，它通常傾向於我們的私募股權鏡頭。因此，如果您查看去年和第一季度的情況，私募股權部署占我們公司的百分比只有十幾歲。因此，隨著公司範圍的擴大，您已經看到這些實際資產在部署方面對我們來說變得更加重要。

So when you look at real assets, in terms of private markets deployment, real assets were at 55% of private markets deployment in 2021, 67% of deployment in the first quarter this year.

因此，當您查看實物資產時，就私人市場部署而言，實物資產佔 2021 年私人市場部署的 55%，佔今年第一季度部署的 67%。

Three, digitization, automation logistics. We're in the midst of an innovation boom. And disruption and technological change from our standpoint is going to continue. Four, security, including energy security, data, payments, cyber, all areas, and these are areas where we think we bring a unique lens and a lot of industry expertise.

三、數字化、自動化物流。我們正處於創新熱潮之中。從我們的角度來看，顛覆和技術變革將繼續下去。四、安全，包括能源安全、數據、支付、網絡，所有領域，而這些領域我們認為我們帶來了獨特的視角和大量的行業專業知識。

And then five, we're in a, in many ways, a savings bull market. And in Asia, you have 1 billion millennials who want to build a safety net through increased savings for their families. So that means themes like nesting, retirement products, financial planning, all should benefit. And I think the other point on this, again, I would just touch on, relates to culture. And as this -- I'd reinforce something that Scott had touched on. But we have a culture that's wonderfully connected. In our view, when dislocation occurs, as some solutions for companies become less apparent, and that's when you get a real sense for culture and acumen. And we think we have a culture that really allows us to stay wonderfully connected and allows us to be on our front foot in these periods.

然後五，在許多方面，我們處於儲蓄牛市。在亞洲，有 10 億千禧一代希望通過增加家庭儲蓄來建立安全網。這意味著嵌套、退休產品、財務規劃等主題都應該受益。我認為關於這一點的另一點，我想再談一次，與文化有關。就這一點來說——我會加強斯科特提到的一些東西。但我們的文化有著奇妙的聯繫。在我們看來，當錯位發生時，公司的一些解決方案變得不那麼明顯，這就是你真正了解文化和敏銳度的時候。我們認為我們有一種文化，可以真正讓我們保持美妙的聯繫，讓我們在這些時期處於領先地位。

Bill, it's Rob. Let me follow up on your question around returns and monetization. You referenced our Q1 returns in private equity. Just want to put that into context for a bit. We were up 46% in 2021 in PE, and so we gave back about 5 points in Q1. But over the last 15 months, our PE portfolio is still up around 40%. And as you think about that decline, quarter-on-quarter, they're down 5 points. We actually had a position at 12/31 that was marked at about 24x multiple of money. That traded down about 40% in the quarter. Still marked at 14x multiple of money, still a fantastic investment for us at 3/31, and represented a good chunk of that decline.

比爾，是羅伯。讓我跟進你關於回報和貨幣化的問題。您提到了我們在私募股權方面的第一季度回報。只是想把它放到上下文中。 2021 年，我們的 PE 增長了 46%，因此我們在第一季度回饋了大約 5 個點。但在過去 15 個月中，我們的私募股權投資組合仍然上漲了 40% 左右。當您考慮這種下降時，季度環比下降了 5 個百分點。我們實際上在 12/31 有一個倉位，標記為大約 24 倍的資金。該季度下跌了約40%。仍然是 14 倍的貨幣倍數，在 3/31 時對我們來說仍然是一項了不起的投資，並且代表了這一下降的很大一部分。

In terms of the impact around monetization, we feel great about our monetization pipeline right now, certainly relative to where we are from the overall volatility in the markets. And so you saw a very healthy Q1 monetization revenue number. And as we head into Q2 here, based on transactions that have happened or that we have line of sight to, either through signed deals and LOIs or equivalent, we already have line of sight to $600-plus million of revenue that we feel good about.

就貨幣化的影響而言，我們現在對我們的貨幣化渠道感覺很好，當然相對於我們在市場整體波動中所處的位置。所以你看到了一個非常健康的第一季度貨幣化收入數字。當我們在這裡進入第二季度時，根據已經發生的交易或我們可以通過已簽署的交易和意向書或同等方式看到的交易，我們已經看到了超過 6 億美元的收入，我們對此感覺良好.

And I think this represents a couple of things. One, just the overall breadth of KKR's portfolio today, global nature, different products; and 2, that underlying strength of our portfolio that we've talked about. Now like all quarters, there's definitely some risk in some of these deals happening. But at the same time, given the strength of the pipeline, I referenced there's some upside to these numbers as well. And just in terms of character of revenue, assuming that we're able to achieve these numbers, I'd say but ballpark 75% of that revenue would come from realized performance revenue and then the balance would come from realized investment income. Hopefully, that helps provide a bit of color there though.

我認為這代表了幾件事。一，只是今天 KKR 產品組合的整體廣度、全球性、不同的產品； 2，我們討論過的投資組合的潛在優勢。現在像所有季度一樣，其中一些交易的發生肯定存在一些風險。但與此同時，鑑於管道的實力，我提到這些數字也有一些好處。就收入的特徵而言，假設我們能夠實現這些數字，我想說但大約 75% 的收入將來自已實現的績效收入，然後餘額將來自已實現的投資收入。希望這有助於在那裡提供一些顏色。

That's super helpful. And then just as a follow-up. I'm not sure if you -- Rob or Scott, you want to chime in. But still curious, there's been some conversation around some budding regulation in the insurance side. I guess there's sort of a split house between your peers about whether having a balance sheet is a good or a bad thing with that. I appreciate your ownership of GA is maybe slightly different to all of that. Can you talk a little bit about how you might see any regulatory risk in the insurance business and any pros or cons that -- or opportunities that might surface for you as a result?

這非常有幫助。然後只是作為後續行動。我不確定你是否——Rob 或 Scott，你想插話。但仍然很好奇，圍繞保險方面的一些萌芽監管進行了一些對話。我想你的同行之間對於擁有資產負債表是好事還是壞事存在分歧。我感謝您對 GA 的所有權可能與所有這些略有不同。您能否談談您如何看待保險業務中的任何監管風險以及任何利弊 - 或因此可能為您帶來的機會？

Bill, it's Rob. So are we talking a bit about this last call, I'd say really no new update from us. What we're focused on, what Global Atlantic is focused on is continuing to have a really close and transparent relationship with its regulators. We know that the regulatory community continues to gather information and industry feedback. And we want to make sure that Global Atlantic is a part of that. Beyond that, there's not a ton that we can comment on, other than to say that we really don't anticipate many changes to the business model of trying to thoughtfully invest behind the long-term promises that we've made to policyholders. And so we feel, again, overall, very constructive around the Global Atlantic relationship with its regulators and are focused on continuing that type of transparency in the future.

比爾，是羅伯。那麼我們是否在談論最後一次通話，我想說我們真的沒有新的更新。我們所關注的，Global Atlantic 所關注的是繼續與其監管機構保持密切和透明的關係。我們知道監管機構會繼續收集信息和行業反饋。我們希望確保 Global Atlantic 成為其中的一部分。除此之外，我們沒有太多可以評論的地方，只是說我們真的不認為商業模式會發生很多變化，試圖在我們對投保人做出的長期承諾背後進行深思熟慮的投資。因此，我們再次認為，總體而言，全球大西洋與其監管機構的關係非常具有建設性，並專注於在未來繼續保持這種透明度。

The next question comes from the line of Brian McKenna with JMP Securities.

下一個問題來自 JMP Securities 的 Brian McKenna。

Great. If we annualize the first quarter FRE, you're at a $2.75 run rate for 2022. And as you noted before, back in November, you updated your FRE target to $4-plus in 5 years or by 2026. So if you're approaching $3 of FRE this year, are you willing to move forward this 5-year time line at all?

偉大的。如果我們將第一季度的 FRE 年化，那麼 2022 年的運行速度為 2.75 美元。正如你之前提到的，早在 11 月，你將 FRE 目標更新為 5 年或 2026 年的 4 美元以上。所以，如果你是今年接近 3 美元的 FRE，你願意推進這個 5 年的時間線嗎？

It's Rob. Thanks a lot for the question. We don't spend, honestly, a ton of time thinking about FRE near-term targets. It's not how we manage our business. And so I think what you're less likely to get from us is a continual update around where we see FRE going in the short term. But what I would tell you is that we will update you hopefully very continually on how we see our business trending. And hopefully, what you've heard from us is the level of excitement we have across our firm today.

是羅布。非常感謝這個問題。老實說，我們不會花大量時間考慮 FRE 的近期目標。這不是我們管理業務的方式。所以我認為你不太可能從我們那裡得到的是關於我們在短期內看到 FRE 的持續更新。但我要告訴您的是，我們希望不斷地向您更新我們如何看待我們的業務趨勢。希望您從我們這裡聽到的是我們今天整個公司的興奮程度。

We have so much more momentum today than we had even 6 or 12 months ago. If you look at many of the big product raises we've had over the last 6 or 12 months, we've well exceeded the fundraising targets that we had for those. We're likely to have, as Scott mentioned, close to 30 products in the market over the course of the next 12 months. Many of which are poised to scale in areas like infrastructure, real estate and floating rate credit, areas where we're seeing real secular growth.

我們今天的勢頭比 6 個月或 12 個月前要大得多。如果你看看我們在過去 6 或 12 個月內進行的許多大型產品融資，我們已經遠遠超過了我們為這些融資設定的目標。正如斯科特所說，在接下來的 12 個月內，我們可能會在市場上擁有近 30 種產品。其中許多準備在基礎設施、房地產和浮動利率信貸等領域擴大規模，這些領域我們看到了真正的長期增長。

Obviously, Global Atlantic's market positioning and where they're situated from a growth perspective is much better than when we underwrote that transaction 2 years ago, and a lot of momentum across our capital markets business, as I referenced. So our expectation is for really robust near-term and long-term FRE growth. And hopefully, that helps give you a little bit of color without providing continual updates around FRE targets.

顯然，正如我所提到的，Global Atlantic 的市場定位以及從增長的角度來看它們所處的位置比我們兩年前承銷該交易時要好得多，而且我們資本市場業務的勢頭也很大。因此，我們的預期是真正強勁的近期和長期 FRE 增長。希望這有助於在不提供圍繞 FRE 目標的持續更新的情況下為您提供一點色彩。

Yes. The only color I'd add, Brian, is, historically, if you look back when we've shared kind of a view as to where we might end up, we've had a tendency to outperform. Our intention is to continue that record.

是的。布賴恩，我要補充的唯一顏色是，從歷史上看，如果你回顧一下當我們就我們可能最終會在哪里達成共識時，我們有跑贏大盤的趨勢。我們的意圖是繼續保持這一記錄。

Yes. Got it. Helpful. And then could you talk about the mix of your net unrealized carried interest how much of the $4.2 billion is tied to traditional private equity products? And then how much is related to newer strategies that have expanded meaningfully over the past several years? And then how should we think about that mix evolving over time?

是的。知道了。有幫助。然後您能否談談您的未實現淨附帶權益的組合，這 42 億美元中有多少與傳統私募股權產品相關？那麼有多少與過去幾年有意義擴展的新戰略有關？然後我們應該如何考慮隨著時間的推移而演變的這種組合？

Yes. It's a good question. I'd say it's still very much weighted towards our traditional private equity products, our regional private equity products today. But you are starting to see a climb in our unrealized carried interest in infrastructure and real estate in particular. And as we think about mix and as we look forward to what that can become over time, we certainly see a much higher percentage of our realized carried interest coming from areas like infrastructure and real estate and parts of our credit business.

是的。這是個好問題。我想說它仍然非常重視我們的傳統私募股權產品，我們今天的區域私募股權產品。但是你開始看到我們在基礎設施和房地產領域的未實現附帶權益有所增加。當我們考慮組合併期待隨著時間的推移會發生什麼時，我們肯定會看到，我們已實現的附帶權益中有更高比例來自基礎設施和房地產等領域以及我們的部分信貸業務。

Our next question is from the line of Patrick Davitt with Autonomous Research.

我們的下一個問題來自於自主研究的 Patrick Davitt。

Most of my questions have been asked. Could you maybe walk through the economic impact of KJR, in particular to AUM and fee earnings? And maybe also frame how its organic growth has tracked over the last few periods.

我的大部分問題都被問到了。您能否介紹一下 KJR 的經濟影響，特別是對 AUM 和費用收入的影響？也許還可以說明其在過去幾個時期內的有機增長情況。

Sure. It's Rob. So what we've announced is, at current exchange rates, I think, close to 14-ish billion of incremental AUM that's all perpetual capital to managed REITs in the Japan market. We see a lot of opportunity to grow that franchise in Japan. We see a real opportunity to leverage that team and their strength in the Japan markets for the benefit of both our core plus franchise in Japan as well as our opportunistic franchise in the region.

當然。是羅布。因此，我們宣布的是，按照目前的匯率，我認為接近 14 億左右的增量資產管理規模，這些都是日本市場上管理型 REIT 的永久資本。我們看到了在日本發展特許經營權的很多機會。我們看到了一個真正的機會，可以利用該團隊及其在日本市場的實力，為我們在日本的核心特許經營權以及我們在該地區的機會主義特許經營權帶來利益。

So we believe we should be able to raise more capital from those strategies as a result of this transaction. And lastly, we're setting up our capital markets business to make sure that we're able to support the franchise locally in Japan as they pursue acquisitions on quite a regular basis as well as refinancing. In terms of the economic implications, what we said is that our expectation is, on a synergized basis, we should be able to deliver around $100 million of incremental FRE from that platform in 2023.

因此，我們相信，通過此次交易，我們應該能夠從這些策略中籌集更多資金。最後，我們正在建立我們的資本市場業務，以確保我們能夠支持日本當地的特許經營權，因為他們經常進行收購以及再融資。就經濟影響而言，我們所說的是，在協同作用的基礎上，我們應該能夠在 2023 年從該平台提供約 1 億美元的增量 FRE。

Great. And then how does the organic growth look?

偉大的。然後有機增長看起來如何？

It's been strong. And they've done a couple of things, I think, really well. One, they launched the second REIT, which has had a good market following, trading at a really nice level relative to book. And their organic flows have been strong as well. So this is a business that was started not all that long ago by Mitsubishi and UBS together. And so really, it's been -- their entire growth has been organic in nature.

一直很強大。他們已經做了幾件事，我認為，非常好。一，他們推出了第二隻房地產投資信託基金，該基金擁有良好的市場追隨者，相對於賬面而言，交易水平非常好。他們的有機流量也很強勁。所以這是一項不久前由三菱和瑞銀共同創辦的業務。真的，它一直是 - 他們的整個成長本質上是有機的。

Great. And then one quick follow-up on the $600 million pipeline. Is that what you expect to close in 2Q or is that kind of a 2-quarter view?

偉大的。然後是對 6 億美元管道的快速跟進。這是你期望在第二季度結束的，還是那種對第二季度的看法？

No. That's a 1-quarter view based on what we have line of sight on today. So that's -- that would be all Q2.

不，這是基於我們今天的視線的四分之一視圖。所以這就是第二季度的全部內容。

Next question is coming from the line of Craig Siegenthaler with Bank of America.

下一個問題來自美國銀行的 Craig Siegenthaler。

So I was looking for a state of the union on your pan-Asia business, especially given the Japanese REIT acquisition. And you also have a pretty big pipeline of fundraising in your Asian products over the near term. But what I was really looking for is, what were the real strategic merits of the Japanese REIT acquisition, including cross-sell? And then also, how is your China business faring following some decoupling between the West and China? And I know I asked a few questions in there. So I'm just not going to ask a follow-up.

因此，我一直在為您的汎亞業務尋找聯盟狀態，特別是考慮到日本房地產投資信託基金的收購。在短期內，你的亞洲產品也有相當大的籌款渠道。但我真正想要的是，收購日本 REIT 的真正戰略優勢是什麼，包括交叉銷售？此外，在西方與中國脫鉤後，你們的中國業務進展如何？我知道我在那裡問了幾個問題。所以我只是不打算追問。

Thanks, Craig. Thanks, Craig. Maybe I'll start, and Craig will chip in here along the way. In terms of just state of the union to our Asia Pac business, we've talked about this in prior calls. We have every expectation that, over time, our Asia Pac business will be as big as our U.S. business. And we're investing behind that theme. And I think the acquisition of the Japanese REIT manager is very much consistent with that overall theme. .

謝謝，克雷格。謝謝，克雷格。也許我會開始，克雷格會一路插手。就我們亞太地區業務的工會狀況而言，我們在之前的電話會議中已經討論過這一點。我們完全期望，隨著時間的推移，我們的亞太區業務將與我們的美國業務一樣大。我們正在投資這個主題。我認為收購日本房地產投資信託基金經理非常符合這個整體主題。 .

Just to put some numbers around it. I think at the end of 2019, we had about $20 billion of AUM in Asia Pac. 2-plus years forward, pro forma for the acquisition, we're close to $55 billion. So almost a tripling of our AUM in a short period of time. I think we've got a lot of competitive advantages in the region. And we've got a real opportunity to take advantage of that head start we have, the access we have to talent really across the region to be able to drive further growth.

只是在它周圍加上一些數字。我認為到 2019 年底，我們在亞太地區的資產管理規模約為 200 億美元。 2 年多後，作為收購的備考，我們接近 550 億美元。因此，我們的 AUM 在短時間內幾乎翻了三倍。我認為我們在該地區擁有很多競爭優勢。我們有一個真正的機會來利用我們擁有的領先優勢，我們必須真正在整個地區獲得人才，才能推動進一步的增長。

In terms of the strategic merits of the acquisition, honestly, that piece of it was a really short conversation. We want to be able to double down on our lead in Asia. We've got ambitions to really be able to scale our real estate business, both in Asia Pac, and in Japan, the second largest real estate market in the world and globally. We want access to more perpetual capital at the firm as well as different avenues to be able to reach private wealth investors. And so this acquisition really was something from a strategic perspective made a ton of sense as we were evaluating it.

就收購的戰略價值而言，老實說，那是一次非常簡短的對話。我們希望能夠將我們在亞洲的領先優勢加倍。我們雄心勃勃，希望能夠真正擴大我們在亞太地區和日本這個世界和全球第二大房地產市場的房地產業務。我們希望在公司獲得更多的永久資本以及能夠接觸私人財富投資者的不同途徑。因此，從戰略角度來看，這次收購確實是我們評估它時非常有意義的事情。

Craig, do you want to hit on...

克雷格，你想打...

Yes. Craig, on China, a couple of thoughts. One, I think, look, China -- investing in China has become more complex. So we think it's critical to have the right resources in order to navigate the complexity. So we think it's -- you need a best-in-class local team, but you need more. We think it's important to have specialized resources, like our public affairs team, like our Global Institute, to help navigate that complexity.

是的。克雷格，關於中國，有幾個想法。一，我認為，看，中國——在中國的投資變得更加複雜。因此，我們認為擁有正確的資源以應對複雜性至關重要。所以我們認為它是——你需要一個一流的本地團隊，但你需要更多。我們認為擁有像我們的公共事務團隊、像我們的全球研究所這樣的專業資源來幫助駕馭這種複雜性非常重要。

So we think China is going to continue to be a critical long-term engine of global growth. So it's a very important market, no question. And we think we bring unique skills and a differentiated approach to that market. Now I think when you look at where we've been investing, a lot of it has been behind themes like domestic consumption. So we remain committed to being a leading investor domestically in China. And we want to help leading local firms to continue to grow and prosper. And we think we're well positioned.

因此，我們認為中國將繼續成為全球增長的關鍵長期引擎。所以這是一個非常重要的市場，毫無疑問。我們認為我們為該市場帶來了獨特的技能和差異化的方法。現在我認為，當您查看我們一直在投資的地方時，其中很多都落後於國內消費等主題。因此，我們仍然致力於成為中國國內領先的投資者。我們希望幫助領先的本地公司繼續發展和繁榮。我們認為我們處於有利地位。

And to give you a sense, just a significance overall as a firm, when you look at our exposure, it does remain quite modest just given the breadth of our firm today. So investments in China from an AUM standpoint are probably a little over 1% of our AUM, just to give you a sense of scale.

為了給您一個感覺，只是作為一家公司的整體意義，當您查看我們的風險敞口時，考慮到我們公司今天的廣度，它確實仍然相當謙虛。因此，從 AUM 的角度來看，在中國的投資可能略高於我們 AUM 的 1%，只是為了給您一種規模感。

Our next question comes from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brian Bedell。

Great. That was my question on Asia as well. So that's -- I think that was a good detail. Okay. So then I'll just do one as well. Going back to Craig, I think what you said in the prepared remarks on enhancing SKU-related earnings with other creative ideas like KJR. But maybe if you can just talk about what you view as maybe the pipeline for doing more acquisitions to enhance -- to grow the FRE inorganically? And how important is private wealth management within that thought process?

偉大的。這也是我關於亞洲的問題。那就是——我認為這是一個很好的細節。好的。那麼我也只做一個。回到克雷格，我想你在準備好的評論中所說的用 KJR 等其他創意來提高與 SKU 相關的收入。但也許如果你能談談你認為進行更多收購以增強的管道 - 以無機方式增長 FRE？在這個思維過程中，私人財富管理有多重要？

Sure. Brian, I'll -- it's Rob. I'll take that. So when we evaluate anything for our balance sheet, the first measure that we're going to look at always is going to be what drives the highest and best ROE over a long period of time. Now given how we're situated, I think, with our brand and our track record and our access to distribution, there's a lot of inorganic asset management activity where we think we can help make those businesses better. Maybe they can help make us better. And ultimately, that's what's going to drive the highest ROE. And that's what you saw, I think, in the acquisition we closed last week. That's what you saw with our partnership with Global Atlantic. And we've got multiple different examples of that over the years.

當然。布賴恩，我會 - 是羅布。我會接受的。因此，當我們為資產負債表評估任何東西時，我們首先要看的指標始終是在很長一段時間內推動最高和最佳 ROE 的因素。現在考慮到我們所處的位置，我認為，憑藉我們的品牌、我們的業績記錄以及我們的分銷渠道，我們認為我們可以通過大量無機資產管理活動來幫助這些業務變得更好。也許他們可以幫助我們變得更好。最終，這將推動最高的 ROE。這就是你在上週完成的收購中看到的。這就是您在我們與 Global Atlantic 的合作中所看到的。多年來，我們有多個不同的例子。

And so we've got a team that's very much focused on how we can really leverage the core competencies we have here at KKR to be able to continue to drive ROE. And we think, a lot of times, that's going to lend itself to incremental FRE as well. But that's not necessarily going to be the primary driver here of any transaction. But you're certainly seeing that as it relates to the things that we've done inorganically over the last number of years.

因此，我們的團隊非常專注於如何真正利用 KKR 的核心競爭力來繼續推動 ROE。而且我們認為，很多時候，這也將有助於增加 FRE。但這不一定是任何交易的主要驅動力。但是你肯定會看到，因為它與我們在過去幾年裡無意識地做的事情有關。

The last point on inorganic growth, well, we're going to be focused on it, and it's something that we think is a real opportunity here long term. As referenced earlier in the call, that we had a couple of targets we have put out there, $4-plus of FRE, $7-plus of GDE. That was on an organic basis. And so anything that we would do from an inorganic perspective on the FRE side, it would certainly be accretive to that.

關於無機增長的最後一點，嗯，我們將專注於它，我們認為這是一個長期的真正機會。正如之前在電話會議中提到的，我們已經制定了幾個目標，4 美元以上的 FRE，7 美元以上的 GDE。那是有機的。因此，我們從 FRE 方面的無機角度所做的任何事情，肯定會增加這一點。

Yes. The only thing I would add, Brian, is I think the point we're trying to get across as well, we'll continue to remain active looking at inorganic opportunities. And that's something we'll keep you updated on. But if you just look back, I think what we're trying to say is that the balance sheet has allowed us to pursue those with minimal equity issuance, while also buying back 10% of our outstanding shares since 2015. And if you think about it, Marshall Wace, Franklin Square, Global Atlantic, where we talked about with core, now the J REIT, that's over $200 billion of AUM. That was bought with minimal equity dilution and using the balance sheet of that strategic weapon. And a lot of the things that we've done that I listed have been done during periods of time where there's some dislocation or some volatility.

是的。布賴恩，我唯一要補充的是，我認為我們也試圖傳達這一點，我們將繼續積極尋找無機機會。這就是我們會及時通知您的內容。但如果你回顧一下，我認為我們想說的是，資產負債表使我們能夠追求那些發行量最少的股票，同時還回購了自 2015 年以來我們 10% 的流通股。如果你想一想它，Marshall Wace，富蘭克林廣場，全球大西洋，我們談到了核心，現在是 J REIT，它的 AUM 超過 2000 億美元。這是以最小的股權稀釋並使用該戰略武器的資產負債表購買的。我列出的我們所做的很多事情都是在一些混亂或波動的時期完成的。

Our next question is from the line of Arnaud Giblat with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Arnaud Giblat。

Just a quick follow-up on the M&A question. I'm just wondering if you could comment a bit more generally about corporate M&A in the market in general given what you think about certain pockets of the market being more congested on the fundraising side and also maybe a more challenging market for GP IPOs. Generally, are you seeing a bigger pipeline of potential deals at the industry level?

只是對併購問題的快速跟進。我只是想知道，鑑於您認為市場的某些領域在籌款方面更加擁擠，而且對於 GP IPO 而言，這可能是一個更具挑戰性的市場，您是否可以更籠統地評論一下市場上的企業併購。一般來說，您是否在行業層面看到了更大的潛在交易渠道？

It's Rob. We weren't able to hear all of that question. I think it was -- as it relates to corporate M&A and the pipeline we're seeing. Certainly, a lot of activity across the GP space. And I think we get to take a look at a quite a bit of it. But inorganic activity in our space, particularly inorganic activity that requires integration, is hard. And so while we'll look at a lot, and there's quite a bit that crosses our desk and the pipeline is full, I think the likelihood of any one of these deals happening is still relatively low.

是羅布。我們無法聽到所有這些問題。我認為是——因為它與企業併購和我們所看到的管道有關。當然，GP 領域有很多活動。我認為我們可以看一看其中的很多內容。但是我們空間中的無機活動，特別是需要整合的無機活動，是很難的。因此，雖然我們會看很多，並且有相當多的東西穿過我們的辦公桌並且管道已滿，但我認為這些交易中的任何一項發生的可能性仍然相對較低。

And so we've been fortunate that we've been able to do some large things over the years. We would anticipate being able to do that in the future, especially given the size of the M&A pipeline. But it's also not a need to do for us either. I think we're in a fortunate position where we've got a lot of avenues to organically really grow our business. But if we could find something where we can use our balance sheet to complement what we're doing and drive additional growth, we're certainly going to look at that.

所以我們很幸運，多年來我們能夠做一些大事。我們預計將來能夠做到這一點，特別是考慮到併購渠道的規模。但這也不是我們需要做的。我認為我們處於一個幸運的位置，我們有很多途徑可以有機地真正發展我們的業務。但是，如果我們能找到可以利用我們的資產負債表來補充我們正在做的事情並推動額外增長的東西，我們肯定會考慮這一點。

Yes. Arnaud, this is Scott. The only thing I would add, if it's corporate M&A from a third-party capital investing for our funds standpoint, as Craig mentioned, the deployment has been active. The pipelines are busy. And there are public to private dialogues happening. So it's not as much fun to be a public company right now. And so that's part of the pipeline that we're seeing build up. In terms of for the firm itself, dialogue continues. It's been active. And I think in an environment like this, probably makes people think it maybe is not this a bad idea to be part of a larger firm, that has a lot of different ways to win and raise capital and invest. So we're active on both fronts.

是的。阿諾，這是斯科特。我唯一要補充的是，如果從第三方資本投資的角度來看，從我們的資金角度來看是企業併購，正如克雷格所說，部署一直很活躍。管道很忙。並且發生了公開到私人的對話。因此，現在成為一家上市公司並沒有那麼有趣。所以這是我們看到的管道的一部分。就公司本身而言，對話仍在繼續。它一直很活躍。而且我認為在這樣的環境中，可能會讓人們認為成為一家更大的公司的一部分可能不是一個壞主意，它有很多不同的方式來贏得和籌集資金和投資。所以我們在這兩個方面都很活躍。

The next question is from the line of Rufus Hone, BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Rufus Hone。

I wanted to come back to your comments around the balance sheet. And I hear you on the differentiation and the optionality it offers. But it seems like many investors haven't given you full credit for the balance sheet yet. So would you consider capping the size of the balance sheet at some point or pursuing other strategic options if the market doesn't give you credit for your balance sheet over the long term?

我想回到你對資產負債表的評論。我聽到你關於它提供的差異化和可選性。但似乎許多投資者還沒有完全相信你的資產負債表。那麼，如果市場不能長期為您的資產負債表提供信用，您是否會考慮在某個時候限制資產負債表的規模或尋求其他戰略選擇？

Yes, Rufus. Thanks for the question. I think the first thing to consider as you think about our balance sheet strategy is that it's very much an aligned strategy. KKR employees are the largest group of shareholders in the firm, own almost 30% of KKR. So we start from a very aligned perspective. And as we sit here today, we see more opportunities to leverage the broader platform and ecosystem of KKR to drive ROE with that capital inside of KKR.

是的，魯弗斯。謝謝你的問題。我認為，當您考慮我們的資產負債表策略時，首先要考慮的是它是一個非常一致的策略。 KKR 員工是公司最大的股東群體，擁有 KKR 近 30% 的股份。所以我們從一個非常一致的角度開始。當我們今天坐在這裡時，我們看到了更多利用 KKR 更廣泛的平台和生態系統來利用 KKR 內部的資本來推動 ROE 的機會。

And so long as that continues and we're able to drive additional ROE on that capital base for the benefit of all shareholders, then you're going to see a consistent strategy. To the extent that, that changes over time, where we're not seeing that attractive level of return, then obviously, we might have a different strategy. But certainly, as we sit here today, we are highly convicted in the way that we're operating, the opportunities we see and the long-term accretion that we're able to create for all shareholders by virtue of the capital base that we have.

只要這種情況繼續下去，並且我們能夠在該資本基礎上為所有股東的利益推動額外的 ROE，那麼您就會看到一致的戰略。在某種程度上，隨著時間的推移，我們沒有看到有吸引力的回報水平，那麼顯然，我們可能有不同的策略。但可以肯定的是，當我們今天坐在這裡時，我們對我們的運營方式、我們看到的機會以及我們能夠憑藉我們的資本基礎為所有股東創造的長期增長深信不疑。有。

Yes. The only thing I'd add, Rufus, is if you think about the job we have, get to think about how do we double the stock price as quickly as possible, how do we double our market cap as quickly and thoughtfully as possible given the risks we're taking. And the reason that we built the model that we have is that we believe, with the combination of third-party capital plus our own capital invested alongside, we can create that next $50 billion and then the next $100 billion of market cap after that with greater line of sight and more confidence.

是的。魯弗斯，我唯一要補充的是，如果您考慮一下我們的工作，請考慮如何盡快將股價翻倍，考慮到給定的情況，我們如何盡快和周到地將市值翻倍我們正在承擔的風險。我們建立我們擁有的模型的原因是，我們相信，結合第三方資本加上我們自己投資的資本，我們可以創造下一個 500 億美元的市值，然後再創造下一個 1000 億美元的市值。更大的視線和更多的信心。

So no, the answer to the question is no. We're not planning to cap it. But over time, if the market doesn't certainly appreciate the model the way that we do, we have lots of different things that we can do to express our view on that. We've been buying back stock. We've been making acquisitions and converting balance sheet into fee-related earnings. There's lots of different things that we can do strategically with that balance sheet. But that's really where it's coming from. How do we get the market cap from $50 billion to $100 billion and then $200 billion and so forth.

所以不，這個問題的答案是否定的。我們不打算限制它。但隨著時間的推移，如果市場肯定不像我們那樣欣賞這個模型，我們可以做很多不同的事情來表達我們對此的看法。我們一直在回購股票。我們一直在進行收購併將資產負債表轉換為與費用相關的收益。我們可以利用該資產負債表戰略性地做很多不同的事情。但這確實是它的來源。我們如何將市值從 500 億美元提高到 1000 億美元，然後是 2000 億美元等等。

Understood. And as a quick follow-up, any thoughts around shifting the compensation mix between FRE and carry to a greater extent?

明白了。作為一個快速跟進，關於在更大程度上改變 FRE 和carry 之間的薪酬組合有什麼想法嗎？

No is the short answer, Rufus. I think we feel good about the compensation structure that we put in place now a little bit more than a year ago. I think it's working really well for our firm, making sure we've got alignment in the right place between our employees, our shareholders and our limited partners. And we think that balance is about right for us right now.

不，魯弗斯，簡短的回答。我認為我們對一年多前實施的薪酬結構感覺良好。我認為這對我們公司來說非常有效，確保我們在員工、股東和有限合夥人之間保持一致。我們認為這種平衡現在對我們來說是正確的。

Our next question is from the line of Chris Kotowski with Oppenheimer.

我們的下一個問題來自 Chris Kotowski 和 Oppenheimer。

I like Craig's formulation of the state of the union overview. And I wonder if we could have something similar on your approach to energy investing. Because -- I mean you have had 4 different energy or natural resource dedicated funds, none of them are investing. And obviously, fossil fuels has been just a terrible place to be for most of the last decade. And people were wondering whether it would ever be an investable sector again. Now there's obviously a big capital need there. But at the same time, you've kind of got to navigate your ESG commitments. And I guess I'm wondering if you can explain the rules of the road as you see them between investing in fossil fuels versus new energy transition and how you plan to thread that needle.

我喜歡克雷格對工會狀態概述的表述。我想知道我們是否可以對您的能源投資方法有類似的看法。因為——我的意思是你有 4 種不同的能源或自然資源專用基金，它們都沒有投資。顯然，在過去十年的大部分時間裡，化石燃料一直是一個可怕的地方。人們想知道它是否會再次成為一個可投資的行業。現在顯然那裡有很大的資金需求。但與此同時，您必須了解您的 ESG 承諾。而且我想我想知道您是否可以解釋在投資化石燃料與新能源轉型之間的道路規則以及您打算如何穿針引線。

Sure. Chris, great question. Why don't I start? It's Craig. So look, at a high level, we're committed to investing in the energy transition and the shift to clean energy. So reflecting this, we invest in a diverse range of energy sources. So let's touch first on renewables. So think global clean energy developers and operators, we've been increasingly active in this space. And you've seen that across really a number of strategies, including areas for us like infrastructure laws or impact business.

當然。克里斯，好問題。我為什麼不開始？是克雷格。因此，從高層次上看，我們致力於投資於能源轉型和向清潔能源的轉變。因此，反映這一點，我們投資於各種能源。所以讓我們先談談可再生能源。所以想想全球清潔能源開發商和運營商，我們在這個領域越來越活躍。您已經在許多戰略中看到了這一點，包括基礎設施法或影響業務等領域。

Now alongside of that is conventional energy. And our activity here is really being done through a permanent capital vehicle that we own a teens percentage of, that's called Crescent Energy. And we think Crescent can become a real leader in developing best-in-class ESG programs in addition to creating significant equity value. We receive management fees and increase over time as Crescent scales its business. It's incentive fee eligible based on the total return of the equity. And from a business standpoint, Crescent has low leverage, is free cash flow positive, has an excellent team in place. And it is operating in an area that we think there's real M&A opportunities. So that's our overall approach. Hopefully, that gives you a better sense.

現在旁邊是傳統能源。我們在這裡的活動實際上是通過我們擁有十幾歲的永久資本工具來完成的，這就是所謂的新月能源。我們認為 Crescent 除了創造巨大的股權價值外，還可以成為開發一流 ESG 計劃的真正領導者。隨著 Crescent 業務的擴展，我們收到管理費並隨著時間的推移而增加。它是基於股權總回報的激勵費用。從商業角度來看，Crescent 的槓桿率低，自由現金流為正，擁有一支優秀的團隊。它在我們認為存在真正併購機會的領域開展業務。這就是我們的總體方法。希望這能給你一個更好的感覺。

Yes. And I'm just curious about the idea of like a traditional fossil fuel dedicated fund. Is that an idea the market that has placed -- has come and gone?

是的。我只是對像傳統化石燃料專用基金這樣的想法感到好奇。這是一個市場已經放置的想法 - 已經來了又去了？

I think -- and maybe this is -- this gets perhaps in a little bit of a history lesson around Crescent, honestly, Chris. So in 2020, we traded an entity that was called Independence Energy. And through that, we had combined our energy income and Growth Fund, some energy investments from the balance sheet, co-investment assets. And those were contributed together with investments from an insurance client, and that formed Independence Energy. And then what you saw 5 or 6 months ago, it was in December of 2021, was we merged that entity with a public E&P company to form Crescent.

我認為——也許這就是——這可能是關於 Crescent 的一點歷史課，老實說，克里斯。所以在 2020 年，我們交易了一個名為 Independence Energy 的實體。通過這種方式，我們將能源收入和增長基金、資產負債表中的一些能源投資、共同投資資產結合起來。這些是與保險客戶的投資一起貢獻的，這形成了獨立能源公司。然後你在 5 或 6 個月前看到的，也就是 2021 年 12 月，我們將該實體與一家公共勘探與生產公司合併，成立了 Crescent。

So Crescent is a $2.6 billion market cap company. Again, we own a teens percentage. But what really Crescent is the next step and it's the next evolution of those dedicated funds for us. So that's really the -- that's how our views. And our focus is really we expect will be through Crescent.

所以 Crescent 是一家市值 26 億美元的公司。同樣，我們擁有十幾歲的百分比。但真正的 Crescent 是下一步，它是我們這些專用資金的下一步發展。這就是我們的觀點。我們的重點確實是我們期望通過 Crescent。

Yes. There's no plans, Chris, for a traditional fossil fuels fund. We haven't actually invested in conventional oil and gas in our private equity funds since 2018. Don't have any plans to. Really, the work we're doing is through Crescent on the more conventional side and focused on improving the ESG footprint of every investment that they make. And the team is doing a great job around that. And then as Craig mentioned, we're doing a lot in renewables across infrastructure, asset-based finance through GA and otherwise. So those are some of the areas of focus right now.

是的。克里斯，沒有關於傳統化石燃料基金的計劃。自 2018 年以來，我們實際上沒有在我們的私募股權基金中投資傳統石油和天然氣。沒有任何計劃。確實，我們正在做的工作是通過 Crescent 在更傳統的方面，並專注於改善他們所做的每項投資的 ESG 足跡。團隊在這方面做得很好。然後正如克雷格所提到的，我們在可再生能源方面做了大量的基礎設施、通過 GA 進行的基於資產的融資等。所以這些是現在的一些重點領域。

Next question is from the line of Finian O'Shea with Wells Fargo.

下一個問題來自富國銀行的 Finian O'Shea。

Mostly asked and answered for me as well. But if you haven't updated us on today's call on the Private Wealth progress, do you have any highlights for upcoming product rollout type ideas or progress in relationships on -- across the retail channels?

大多數情況下也為我詢問和回答。但是，如果您還沒有更新我們今天關於私人財富進展的電話，您是否對即將推出的產品推出類型的想法或在零售渠道上的關係進展有任何亮點？

So Fin, again, we actually feel great about the progress we've made. Rome wasn't built in a day, and how we're positioned against this opportunity. Nothing to announce right at the moment as it relates to incremental products. But again, over time, we expect to have democratized products across all of our asset classes. And we're investing in all of the areas that we think it takes to be successful in this channel, reflecting that point of view. We've said a couple of quarters ago that we think new capital raised from individuals is going to be 1/3 to half of new capital raise for us to the firm in the medium term. And no change in that outlook or point of view for us. It's just a really exciting opportunity that when we look at our brand, our long-term track record, the ability that we have to innovate and product design and the relationships we have, we just think we're really well positioned against this enormous market.

所以 Fin，再次，我們對我們取得的進展感到非常高興。羅馬不是一天建成的，我們如何應對這個機會。目前沒有什麼可以宣布的，因為它與增量產品有關。但同樣，隨著時間的推移，我們希望在我們所有的資產類別中實現產品的民主化。我們正在投資於我們認為在這個渠道取得成功所需的所有領域，反映了這種觀點。幾個季度前我們已經說過，我們認為從個人籌集的新資金將在中期為我們公司籌集的新資金的 1/3 到一半。對我們來說，這種觀點或觀點沒有改變。這是一個非常令人興奮的機會，當我們審視我們的品牌、我們的長期業績、我們必須創新和產品設計的能力以及我們擁有的關係時，我們只是認為我們在這個巨大的市場上處於有利地位.

Our final question comes from the line of Robert Lee with KBW.

我們的最後一個問題來自 Robert Lee 與 KBW 的對話。

So I just had one last quick one. Many of your peers have either acquired or have started to build organically a secondaries or solutions capability, if you will. Can you just remind us of your interest in that business segment, which is, I think, not a place you've traditionally been as focused on, but it seems to be a hot sector for -- across the industry and for many peers?

所以我只吃了最後一個快速的。如果您願意，您的許多同行要么已經獲得或已經開始有機地構建輔助或解決方案能力。您能否提醒我們您對該業務領域的興趣，我認為這不是您傳統上關注的領域，但它似乎是整個行業和許多同行的熱門領域？

Rob, it is certainly a sector we continue to look at. It is not a need to do type of acquisition for us. But if we find a platform that we've got conviction can be a top 3 player, that we can help make them better, they can help make us better, and the valuation makes sense, it certainly could be something that we could pursue in the future. And so yes, we've kind of -- as I mentioned earlier, we've got a team that looks across different inorganic opportunities at the firm as we line up different potential subsectors of the asset management space.

Rob，這當然是我們繼續關注的一個領域。不需要為我們進行類型的收購。但是，如果我們找到一個我們確信的平台可以成為前三名，我們可以幫助他們變得更好，他們可以幫助我們變得更好，並且估值合理，這當然可以成為我們可以追求的東西未來。所以是的，我們有點 - 正如我之前提到的，我們有一個團隊，在我們排列資產管理領域的不同潛在子行業時，我們會研究公司的不同無機機會。

Clearly, the addressable market in the secondary space is quite large. But from our perspective, it's got to work for us and it's got to be something that we've got a lot of conviction is going to fit in well within our firm, which, in part, is going to require it to be a top 3 player. And so we'll continue to keep you updated, of course, on our progress and our thinking, but that's where we are right.

顯然，二級市場的潛在市場相當大。但從我們的角度來看，它必須對我們有用，而且我們堅信它會很好地融入我們的公司，這在某種程度上需要它成為頂級公司3 球員。因此，當然，我們將繼續讓您了解我們的進展和想法，但這就是我們正確的地方。

At this time, we've reached the end of our question-and-answer session. I will now hand the call back to management for closing remarks.

此時，我們的問答環節已經結束。我現在將電話交回管理層以結束髮言。

Thank you, everybody, for your time and patience this morning and your interest in KKR. We look forward to following up with many of you directly. And if not, we look forward to giving you our next update in 90 days or so. Thanks again.

感謝大家今天早上的時間和耐心以及對 KKR 的興趣。我們期待與你們中的許多人直接跟進。如果沒有，我們期待在 90 天左右為您提供下一次更新。再次感謝。

Thank you.

謝謝你。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。