TPG Inc (TPG) 2022 Q4 法說會逐字稿

Good morning, and welcome to TPG Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded. Please go to TPG's IR website to obtain the earnings materials.

早上好，歡迎來到 TPG 第四季度和 2022 年全年收益電話會議。 （接線員說明）請注意，今天的通話正在錄音中。請到 TPG 的 IR 網站獲取收益資料。

I will now turn the call over to Gary Stein, Head of Investor Relations at TPG. Thank you. You may begin.

我現在將把電話轉給 TPG 投資者關係主管 Gary Stein。謝謝。你可以開始了。

Great. Thanks, Shelby. Welcome, everyone. Joining me this morning are Jon Winkelried, Chief Executive Officer; and Jack Weingart, Chief Financial Officer. In addition, our Executive Chairman and Co-Founder, Jim Coulter; and our President, Todd Sisitsky, are also here and will be available for the Q&A portion of this morning's call.

偉大的。謝謝，謝爾比。歡迎大家。今天早上和我一起的是首席執行官 Jon Winkelried；和首席財務官 Jack Weingart。此外，我們的執行主席兼聯合創始人 Jim Coulter；我們的總統托德·西西茨基 (Todd Sisitsky) 也來了，將出席今天上午電話會議的問答環節。

Before we begin, I'd like to remind you this call may include forward-looking statements that do not guarantee future events or performance. Please refer to TPG's earnings release and SEC filings for factors that could cause actual results to differ materially from these statements. TPG undertakes no obligation to revise or update any forward-looking statements except as required by law.

在開始之前，我想提醒您，本次電話會議可能包含不保證未來事件或業績的前瞻性陳述。請參閱 TPG 的收益發布和 SEC 文件，了解可能導致實際結果與這些聲明存在重大差異的因素。除非法律要求，否則 TPG 不承擔修改或更新任何前瞻性陳述的義務。

Within our discussion and earnings release, we're presenting GAAP measures, non-GAAP measures and pro forma GAAP and non-GAAP measures, reflecting the reorganization that was completed during 2021 and immediately prior to TPG's IPO. We believe it's helpful for investors and analysts to understand the historic results through our go-forward structure, and please refer to TPG's earnings release for details on the pro forma financial information.

在我們的討論和收益發布中，我們將介紹 GAAP 措施、非 GAAP 措施以及備考 GAAP 和非 GAAP 措施，以反映在 TPG 首次公開募股之前於 2021 年完成的重組。我們認為，通過我們的前瞻結構有助於投資者和分析師了解歷史業績，有關備考財務信息的詳細信息，請參閱 TPG 的收益發布。

We'll also be discussing certain non-GAAP measures on this call that we believe are relevant in assessing the financial performance of the business. These non-GAAP measures are reconciled to the nearest GAAP figures in TPG's earnings release, which is available on our website. Please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any TPG fund.

我們還將在本次電話會議上討論某些我們認為與評估企業財務業績相關的非 GAAP 指標。這些非 GAAP 指標與 TPG 收益發布中最接近的 GAAP 數據相一致，該數據可在我們的網站上獲取。請注意，本次電話會議的任何內容均不構成出售要約或購買任何 TPG 基金權益的要約邀請。

Looking briefly at our results for the fourth quarter. We reported GAAP net income attributable to TPG Inc. of $24 million and after-tax distributable earnings of $227 million or $0.59 per share of Class A common stock. We also declared a dividend of $0.50 per share of Class A common stock, which will be paid on March 10 to holders of record as of February 27.

簡要回顧一下我們第四季度的業績。我們報告歸屬於 TPG Inc. 的 GAAP 淨收入為 2400 萬美元，稅後可分配收益為 2.27 億美元或每股 A 類普通股 0.59 美元。我們還宣布派發每股 A 類普通股 0.50 美元的股息，將於 3 月 10 日支付給截至 2 月 27 日在冊的持有人。

With that, I'd like to turn the call over to Jon.

有了這個，我想把電話轉給喬恩。

Thanks, Gary. This morning, we're looking forward to discussing our results now that we've completed our first full year as a public company.

謝謝，加里。今天早上，我們期待著討論我們的結果，因為我們已經完成了作為上市公司的第一個完整年度。

Since our IPO early last year, we've navigated markets with more disruption and volatility than we've seen in over a decade. There's been pressure from persistent inflation, rising rates and geopolitical complex. This macro environment has led to challenges in our industry, marked by tougher fundraising, a slower deal environment, tighter financing conditions and declining valuations.

自去年初首次公開募股以來，我們在十多年來從未見過的混亂和波動的市場中航行。持續的通貨膨脹、利率上升和地緣政治情結帶來了壓力。這種宏觀環境給我們的行業帶來了挑戰，其特點是融資更加艱難、交易環境放緩、融資條件收緊和估值下降。

Against this backdrop, TPG has demonstrated resilience and growth. We not only delivered but surpassed what we set out to accomplish in our first year as a public company, and we finished 2022 with another strong quarter. We deliberately chose to go public as we were launching several flagship fundraisers so TPG's public shareholders could share in our accelerated growth.

在此背景下，TPG 表現出了韌性和增長。作為一家上市公司的第一年，我們不僅實現了而且超過了我們設定的目標，我們以另一個強勁的季度結束了 2022 年。我們有意選擇上市，因為我們推出了幾項旗艦籌款活動，因此 TPG 的公眾股東可以分享我們的加速增長。

Despite difficult industry-wide fundraising dynamics, we raised $30 billion of capital in 2022, a 47% increase over the prior year. Global private equity fundraising declined 19% in 2022. But we believe we gained share as LPs continue to consolidate their GP relationships among their best-performing managers, including TPG.

儘管整個行業的籌款活動困難重重，但我們在 2022 年籌集了 300 億美元的資金，比上一年增長了 47%。 2022 年全球私募股權融資下降了 19%。但我們相信，隨著 LP 繼續鞏固與包括 TPG 在內的表現最佳的管理人之間的 GP 關係，我們的份額有所增加。

We held early first closures across all our flagship funds in the market, including TPG Capital, Healthcare Partners, Capital Asia and Rise. Although this is one of the most challenging fundraising environment we've seen we are very pleased with the quality of engagement and continued support from both our long-standing and new limited partners.

我們對我們在市場上的所有旗艦基金進行了提前關閉，包括 TPG Capital、Healthcare Partners、Capital Asia 和 Rise。儘管這是我們所見過的最具挑戰性的籌款環境之一，但我們對我們的長期和新有限合夥人的參與質量和持續支持感到非常滿意。

However, as we look ahead, we are not immune to the fundraising challenges our industry is facing, which will continue to drive uncertainty as campaigns are completed among alternative asset managers. As a result of our fundraising momentum in 2022, we finished the year with $43 billion of dry powder, which is up 51% from the prior year and represents 55% of our fee earning AUM. Total AUM was $135 billion at year-end, a 19% year-over-year and increased year-over-year driven by strong fundraising and value creation of 8% across our platforms, partially offset by $16 billion of realizations as we selectively monetize investments at attractive valuations.

然而，展望未來，我們無法倖免於我們行業面臨的籌資挑戰，隨著另類資產管理公司的籌資活動結束，這些挑戰將繼續帶來不確定性。由於我們在 2022 年的籌款勢頭，我們以 430 億美元的干粉結束了這一年，比上一年增長了 51%，占我們收費 AUM 的 55%。截至年底，總資產管理規模為 1350 億美元，同比增長 19%，並且在強勁的籌資和我們平台 8% 的價值創造的推動下同比增長，部分被 160 億美元的實現所抵消，因為我們有選擇地貨幣化以具有吸引力的估值進行投資。

Looking to our financial results. We delivered strong performance in 2022. Fee-related revenues for the full year were $1.1 billion and grew 24% from the pro forma prior year. Full year FRE of $450 million grew 39% from pro forma 2021 and represents a 42% FRE margin. We believe our strong results through such a volatile year demonstrate the durability of our franchise.

展望我們的財務業績。我們在 2022 年取得了強勁的業績。全年與費用相關的收入為 11 億美元，比上年備考增長 24%。全年 FRE 為 4.5 億美元，比 2021 年預估增長 39%，FRE 利潤率為 42%。我們相信，我們在如此動蕩的一年中取得的強勁業績證明了我們特許經營權的持久性。

During our IPO, we highlighted the importance of organic growth and innovation as a cornerstone of TPG's long-term success. Over the past year, we have expanded into new strategies where we believe we have differentiated angles and compelling growth opportunities. Within our market solutions platform, we launched and completed first closes for 2 GP-led secondary funds, TPG GP Solutions and TPG New Quest.

在首次公開募股期間，我們強調了有機增長和創新作為 TPG 長期成功基石的重要性。在過去的一年裡，我們已經擴展到新的戰略，我們相信我們有不同的角度和引人注目的增長機會。在我們的市場解決方案平台內，我們推出並完成了 2 只 GP 主導的二級基金 TPG GP Solutions 和 TPG New Quest 的首次關閉。

As I alluded to on our last earnings call, in December, we closed a $500 million anchor commitment to the inaugural TPG NEXT fund from CalPERS, one of the world's leading institutional investors. As a reminder, TPG NEXT was created to seed and stake the next generation of diverse lead firms and alternative asset management. We believe there is a significant market opportunity and are committed to backing and supporting underrepresented managers in our industry.

正如我在去年 12 月的上一次財報電話會議上提到的那樣，我們完成了 CalPERS（世界領先的機構投資者之一）對首個 TPG NEXT 基金的 5 億美元錨定承諾。提醒一下，TPG NEXT 的創建是為了培育和投資下一代多元化的領先公司和另類資產管理公司。我們相信存在巨大的市場機會，並致力於支持和支持我們行業中代表性不足的經理人。

As a result of fundraising and new products, we have continued to grow and diversify our LP base. In 2022, we added approximately 60 new institutional relationships and more than 55 existing LPs have broadened their commitments to TPG by investing in new fund strategies with us. In aggregate, these new and expanded relationships committed more than $6 billion of capital to TPG in 2022. In addition, we have made meaningful progress in strategically expanding our presence in the high-net-worth channel, placing 5 different funds across 8 different channel partners.

由於籌款和新產品，我們繼續擴大和多樣化我們的 LP 基礎。 2022 年，我們增加了大約 60 個新的機構關係，超過 55 個現有有限合夥人通過與我們一起投資新的基金策略擴大了他們對 TPG 的承諾。總的來說，這些新的和擴展的關係在 2022 年為 TPG 投入了超過 60 億美元的資金。此外，我們在戰略性地擴大我們在高淨值渠道中的影響力方面取得了有意義的進展，在 8 個不同的渠道中投放了 5 只不同的基金夥伴。

Looking ahead to the rest of 2023 and beyond, the markets are at a crossroads. Fed action has pushed yields higher and equity multiples lower, driving investors to exercise caution as they see equilibrium and valuations. Despite some recent recovery in the equity and leveraged finance markets, investment pace among alternative asset managers, including TPG has remained muted.

展望 2023 年剩餘時間及以後，市場正處於十字路口。美聯儲的行動推高了收益率，降低了股票倍數，促使投資者在看到均衡和估值時保持謹慎。儘管最近股票和槓桿金融市場有所復甦，但包括 TPG 在內的另類資產管理公司的投資步伐仍然緩慢。

Buyers and sellers seem to be taking another pause as they wait to see how a number of macro drivers play out, such as interest rates, inflation, any possible recession. With significant dry powder, long-dated capital and a deep sector focus, we believe TPG is well-positioned to capitalize on this market dislocation. While we expect near-term deployment to remain relatively light, we are building a pipeline of interesting opportunities through our long-term team-driven sourcing approach.

買家和賣家似乎在等待觀察許多宏觀驅動因素如何發揮作用，例如利率、通貨膨脹和任何可能的經濟衰退，他們似乎又暫停了。憑藉大量的干火藥、長期資本和對行業的深入關注，我們相信 TPG 已做好充分準備利用這一市場錯位。雖然我們預計近期部署將保持相對輕鬆，但我們正在通過我們的長期團隊驅動的採購方法建立一系列有趣的機會。

Despite the general slowdown in deal activity for the industry over the last few quarters, we still saw pockets of opportunity for deployment and realizations across our diverse set of platforms and fund strategies. We deployed $5.7 billion at $16.6 billion in the fourth quarter and full year 2022, respectively.

儘管過去幾個季度該行業的交易活動普遍放緩，但我們仍然看到了在我們多樣化的平台和基金策略中部署和實現的機會。我們分別在第四季度和 2022 年全年部署了 57 億美元和 166 億美元。

I'll walk through a few highlights. In the fourth quarter, we completed 5 health care deals across our capital platform, reinforcing the strength of our differentiated franchise. This includes the acquisitions of DOC Generici in Europe and iNova Pharmaceuticals in Asia Pacific, the take private of Covetrus, the carve-out of ClaimsXten and a follow-on investment in Monogram Health.

我將介紹一些要點。第四季度，我們通過資本平台完成了 5 筆醫療保健交易，加強了差異化特許經營的實力。這包括收購歐洲的 DOC Generici 和亞太地區的 iNova Pharmaceuticals 、私有化 Covetrus 、剝離 ClaimsXten 以及對 Monogram Health 的後續投資。

In our growth fund, we completed the carve-out of MedQuest Associates, a leading owner, operator and manager of diagnostic imaging facilities in partnership with Novant Health, a preeminent not-for-profit health system. This deal is a great example of TPG's long history of building unique partnerships with high-quality companies, nonprofits and academic institutions to create proprietary transactions.

在我們的增長基金中，我們完成了對 MedQuest Associates 的剝離，MedQuest Associates 是一家領先的診斷成像設施所有者、運營商和管理者，與卓越的非營利性醫療系統 Novant Health 合作。這筆交易是 TPG 與優質公司、非營利組織和學術機構建立獨特合作夥伴關係以創建專有交易的悠久歷史的一個很好的例子。

Given the capital constraints in today's market, we are seeing a growing interest in creative partnership opportunities, and our pipeline is continuing to build. The market dislocation has also been particularly interesting for our Tech Adjacencies Fund, which we established to provide flexible capital solutions for leading companies in the technology industry. We believe the recent tech slowdown has created the most attractive investing environment for TTAD since its launch in 2018.

鑑於當今市場的資金限制，我們看到人們對創造性合作機會的興趣越來越大，我們的渠道也在繼續建設。市場錯位對我們的 Tech Adjacencies Fund 也特別有趣，我們建立該基金的目的是為技術行業的領先公司提供靈活的資本解決方案。我們認為，最近的技術放緩為 TTAD 自 2018 年推出以來創造了最具吸引力的投資環境。

TTAD recently closed 2 structured investments, one of the leading vertical SaaS and integrated payments company and a second and a leading provider of cybersecurity solutions. The current challenging backdrop for growth-stage technology companies has made the strategic value of TTAD's differentiated capital mandate even more relevant.

TTAD 最近完成了 2 項結構性投資，其中一家是領先的垂直 SaaS 和集成支付公司，另一家是領先的網絡安全解決方案提供商。處於成長階段的科技公司當前充滿挑戰的背景使得 TTAD 差異化資本授權的戰略價值變得更加重要。

Our Rise platform is at the forefront of the impact space, and our inaugural Rise Climate fund remains ahead on its pace of deployment. The increasing focus on energy security and deglobalization along with the inflation Reduction Act in the U.S. and the new Net-Zero Industry Act in Europe have fundamentally enhanced the investment opportunity.

我們的 Rise 平台處於影響空間的最前沿，我們的首個 Rise Climate 基金在部署速度上保持領先。對能源安全和去全球化的日益關注以及美國的通貨膨脹減少法案和歐洲新的淨零工業法案從根本上增加了投資機會。

We are seeing an increased demand for capital to address energy transition and climate needs around the world. As an example, in December, TPG Rise Climate committed to invest in NPAL [ph], one of the largest and fastest-growing residential decarbonization platforms in Europe. To give you a sense of its momentum and NPAL has grown its customer base and revenues, on average, threefold each year since its founding in 2017 and is profitable.

我們看到對資本的需求增加，以解決世界各地的能源轉型和氣候需求。例如，去年 12 月，TPG Rise Climate 承諾投資 NPAL [ph]，這是歐洲最大、增長最快的住宅脫碳平台之一。為了讓您了解其發展勢頭，自 2017 年成立以來，NPAL 的客戶群和收入平均每年增長三倍，並且實現盈利。

And finally, in our secondaries platform, our inaugural TPG GP Solutions fund completed its second investment during the quarter. And in Asia, TPG NewQuest co-led the creation of the unique continuation vehicle for a leading Singapore-based alternative asset management. We believe our secondaries business is well-positioned for growth. GP led capital is an increasingly valuable source of liquidity and validation given the slowdown of PE exits, particularly for high-quality sponsors, high-quality assets and sponsors portfolios.

最後，在我們的二級市場平台上，我們首個 TPG GP Solutions 基金在本季度完成了第二筆投資。在亞洲，TPG NewQuest 共同領導了為總部位於新加坡的領先另類資產管理公司創建獨特延續工具的工作。我們相信我們的二級業務已經做好了增長的準備。鑑於 PE 退出放緩，特別是對於高質量發起人、高質量資產和發起人投資組合而言，GP 主導的資本是越來越有價值的流動性和驗證來源。

On realizations, we've been intentionally patient and remain focused on driving growth within our portfolios, where we are relatively early in our average hold period following our significant monetization activity over the last few years. We realized $4.2 billion and $15.5 billion in the fourth quarter and full year 2022, respectively. This includes completing our previously announced sale of Wind River to Aptiv in December, which Jack will talk more about.

在實現方面，我們一直有意保持耐心，並繼續專注於推動我們投資組合的增長，在過去幾年我們開展重大貨幣化活動後，我們的平均持有期相對較早。我們在 2022 年第四季度和全年分別實現了 42 億美元和 155 億美元。這包括在 12 月完成我們之前宣布的將 Wind River 出售給 Aptiv，Jack 將對此進行更多討論。

Several monetization's of our public equity positions in regions outside of the U.S. Looking at our capital Asia and growth funds, we successfully IPO-ed ph and partially monetized 4 of our Indian portfolio companies in a 12-month period. Landmark Cars, Five Star Business Finance, Campus Activewear and Nykaa.

我們在美國以外地區的公共股權頭寸的一些貨幣化。看看我們的亞洲資本和增長基金，我們成功地進行了首次公開募股，並在 12 個月內將我們的 4 家印度投資組合公司部分貨幣化。 Landmark Cars、Five Star Business Finance、Campus Activewear 和 Nykaa。

In November, we fully monetized our stake in Nykaa at attractive prices, generating favorable returns despite the volatile equity market backdrop. These IPOs and realizations underscore TPG's leading franchise in India and the broader APAC region as well as our equity capital markets execution capabilities. This last week, Nextracker, which is in our Rise portfolio, completed its $734 million IPO, the largest and one of the first U.S. IPOs this year.

11 月，我們以極具吸引力的價格將我們在 Nykaa 的股份全部貨幣化，儘管股市動盪，但仍產生了可觀的回報。這些首次公開募股和實現凸顯了 TPG 在印度和更廣泛的亞太地區的領先特許經營權以及我們的股權資本市場執行能力。上週，我們 Rise 投資組合中的 Nextracker 完成了 7.34 億美元的首次公開募股，這是今年最大的美國首次公開募股之一。

Nextracker is a leading provider of solar tracking solution and highlights the benefit of our team-based investing. The IPO execution and offering was highly successful with the order book well oversubscribed and the stock trading up 27% on its first day. In real estate, during the quarter, we sold a portfolio of student housing properties.

Nextracker 是太陽能跟踪解決方案的領先供應商，它強調了我們基於團隊的投資的好處。首次公開募股的執行和發行非常成功，訂單超額認購，首日股價上漲 27%。在房地產方面，本季度我們出售了一系列學生住房。

And last month, we made a sizable realization in one of our U.S. life sciences and innovation-focused platforms, a sector that continues to experience strong tailwinds. Given our purposeful portfolio construction within durable sectors and themes, we've been able to selectively monetize investments despite a material slowdown in many parts of the real estate market.

上個月，我們在美國的一個以生命科學和創新為重點的平台上取得了可觀的成就，該行業繼續經歷強勁的順風。鑑於我們在耐用行業和主題內有目的的投資組合構建，儘管房地產市場的許多領域出現實質性放緩，我們仍然能夠有選擇地將投資貨幣化。

Looking forward to 2023, we remain focused on the same growth and diversification objectives we discussed with you previously. Our priorities continue to be: one, completing our flagship and other fundraising campaigns; two, continuing our strong track record of organic growth. We've always been innovators, and we intend to expand into adjacent strategies where we believe we have unique competitive advantages such as building climate infrastructure and real estate credit and continuing to scale our GP-led secondary as ever. Three, inorganic growth remains an important priority for TPG.

展望 2023 年，我們將繼續專注於我們之前與您討論過的增長和多元化目標。我們的優先事項仍然是：第一，完成我們的旗艦活動和其他籌款活動；第二，延續我們強勁的有機增長記錄。我們一直是創新者，我們打算擴展到我們認為我們具有獨特競爭優勢的相鄰戰略，例如建設氣候基礎設施和房地產信貸，並繼續一如既往地擴大我們由 GP 主導的二級市場。第三，無機增長仍然是 TPG 的重要優先事項。

We are an attractive scale today, but we see significant white space in areas that are natural extensions for us to drive growth and diversification. For example, we remain actively focused on expanding into corporate credit and continue to evaluate a range of opportunities in this space.

我們今天的規模很有吸引力，但我們在自然延伸的領域看到了大量空白，這些領域是我們推動增長和多元化的自然延伸。例如，我們仍然積極專注於擴展企業信貸，並繼續評估這一領域的一系列機會。

Before I conclude my remarks, I want to mention our global partner meeting, which we hosted earlier this week in San Francisco. We covered a range of important topics, including investment strategy, fundraising, culture and growth drivers for the firm. Our partners are laser-focused on continuing to deliver excellent performance for our investors while also building and growing a market-leading, innovative franchise.

在結束髮言之前，我想提一下我們本週早些時候在舊金山舉辦的全球合作夥伴會議。我們涵蓋了一系列重要主題，包括公司的投資戰略、籌資、文化和增長動力。我們的合作夥伴專注於繼續為我們的投資者提供卓越的業績，同時建立和發展市場領先的創新特許經營權。

I'll now turn the call over to Jack to take you through our financial results.

我現在將電話轉給傑克，讓您了解我們的財務業績。

Thanks, John. Good morning, everyone, and thank you for joining the call. Our fourth quarter results once again reflect the resiliency of our FRE-centric business model.

謝謝，約翰。大家早上好，感謝您加入電話會議。我們第四季度的業績再次反映了我們以 FRE 為中心的商業模式的彈性。

We finished 2022 with total assets under management of $135 billion, up 19% from the prior year. The key drivers of this increase include $30 billion of new capital raised and almost $7 billion of value creation across our portfolios, partially offset by $16 billion of realizations. Fee earning AUM increased over the year from $60 billion to $78 billion at the end of 2022, up 30%.

到 2022 年，我們管理的總資產達到 1350 億美元，比上一年增長 19%。這一增長的主要驅動因素包括 300 億美元的新資本籌集和我們投資組合中近 70 億美元的價值創造，部分被 160 億美元的實現所抵消。收取費用的 AUM 在過去一年中從 600 億美元增加到 2022 年底的 780 億美元，增長了 30%。

At the end of the year, we had $13 billion of AUM subject to fee earning growth, of which 78% was not yet earning fees. We continue to reach record levels in our financial performance. Total fee-related revenue was $307 million for the fourth quarter, up 29% year-over-year. Fourth quarter management fees were essentially flat compared to the third quarter due to a onetime step-down in fee earning AUM following the activation of the newest vintage funds for capital and health care partners.

到年底，我們有 130 億美元的 AUM 受到費用收入增長的影響，其中 78% 尚未賺取費用。我們的財務業績繼續創下歷史新高。第四季度與費用相關的總收入為 3.07 億美元，同比增長 29%。與第三季度相比，第四季度的管理費用基本持平，這是因為在為資本和醫療保健合作夥伴激活最新的老式基金後，收取費用的資產管理規模一度下降。

Similarly, the recent step down of our Capital Asia fund will impact our fueled revenues in the first quarter of this year. Transaction fees were particularly strong in the fourth quarter due to our capital markets business, which continues to be an important differentiator for our investment business.

同樣，我們 Capital Asia 基金最近的退出將影響我們今年第一季度的收入增長。由於我們的資本市場業務，第四季度的交易費用特別強勁，這仍然是我們投資業務的重要差異化因素。

During the quarter, our in-house debt capital markets team had a leader range of role in raising a total of $5 billion of total debt financing in connection with several of the recent investments that Jon discussed. For the full year 2022, we reported fee-related revenues of $1.1 billion, a 24% increase from pro forma 2021.

在本季度，我們的內部債務資本市場團隊發揮了領導作用，就 Jon 討論的幾項近期投資籌集了總計 50 億美元的債務融資。 2022 年全年，我們報告的與費用相關的收入為 11 億美元，比 2021 年預計增長 24%。

FRE grew 39% from pro forma 2021 to $454 million for full year 2022 driven by a combination of strong management fee growth of 29% and disciplined cost control, which resulted in an FRE margin for the year of 42%. Our margin expansion of more than 400 basis points from pro forma 2021 demonstrates the scalability of our platform and the ongoing benefits of operating leverage.

在管理費強勁增長 29% 和嚴格的成本控制的共同推動下，FRE 從 2021 年備考增長 39% 至 2022 年全年的 4.54 億美元，這導致全年 FRE 利潤率為 42%。與 2021 年備考相比，我們的利潤率增加了 400 多個基點，這證明了我們平台的可擴展性和運營槓桿的持續優勢。

For the fourth quarter, we reported FRE of $139 million, up 53% from the pro forma year ago quarter and an FRE margin of 4.5%. We believe this margin was somewhat elevated in the fourth quarter, and our full year 2022 FRE margin of 42% better reflects our progress toward our near-term target of 45%.

第四季度，我們報告 FRE 為 1.39 億美元，比去年同期的備考增長 53%，FRE 利潤率為 4.5%。我們認為這一利潤率在第四季度有所提高，我們 2022 年全年 42% 的 FRE 利潤率更好地反映了我們朝著 45% 的近期目標取得的進展。

After-tax distributable earnings for the fourth quarter of 2022 were $227 million, a 65% increase year-over-year. This includes a $95 million contribution from net realized performance allocations in the quarter, primarily attributable to the closing of the Wind River transaction. This was an outstanding investment generating substantial profits for the firm and our fund investors.

2022 年第四季度稅後可分配收益為 2.27 億美元，同比增長 65%。這包括本季度實現的淨業績分配的 9500 萬美元貢獻，這主要歸因於風河交易的結束。這是一項出色的投資，為公司和我們的基金投資者帶來了可觀的利潤。

Through TPG's ownership and operational expertise, we helped accelerate Wind River's revenue and EBITDA growth, which was flat at the time of our acquisition in 2018 to double-digit levels at the time of our exit. We're very pleased with the outcome of this deal, which furthers TPG's successful history of corporate carve-outs and highlights our thematic focus on digital transformation enablers.

通過 TPG 的所有權和運營專業知識，我們幫助加快了 Wind River 的收入和 EBITDA 增長，在我們 2018 年收購時持平，在我們退出時達到兩位數水平。我們對這筆交易的結果感到非常滿意，這進一步推動了 TPG 在企業剝離方面的成功歷史，並突出了我們對數字化轉型推動因素的主題關注。

Following the closing of the Wind River sale, our accrued performance allocation balance decreased from $725 million at the end of the third quarter to $643 million at year-end as $95 million in realized gains were partially offset by $12 million of value creation.

風河出售結束後，我們的應計業績分配餘額從第三季度末的 7.25 億美元減少到年底的 6.43 億美元，因為 9500 萬美元的已實現收益被 1200 萬美元的價值創造部分抵消。

On the topic of value creation against a difficult operating environment, we continue to see the benefits of our thematic portfolio construction. We invest in companies that have strong secular growth characteristics in sectors where we have deep expertise and our portfolio delivered value creation of 1% in the quarter and 8% in 2022.

關於在困難的經營環境下創造價值的話題，我們繼續看到我們的主題投資組合構建的好處。我們投資於在我們擁有深厚專業知識的行業中具有強勁長期增長特徵的公司，我們的投資組合在本季度和 2022 年實現了 1% 和 8% 的價值創造。

In our private equity businesses within each platform, average portfolio company revenue growth ranged from 25% to 40% in 2022 compared to 2021 and performance continues to be robust with particular strength in health care, climate and high-end consumer sectors.

在我們每個平台內的私募股權業務中，與 2021 年相比，2022 年投資組合公司的平均收入增長率在 25% 到 40% 之間，業績繼續強勁，尤其是在醫療保健、氣候和高端消費領域。

In connection with our fourth quarter results, as Gary mentioned, we announced a quarterly cash dividend of $0.50 per share of Class A common stock representing 85% of TPG's after-tax distributable earnings. This is the highest quarterly dividend we've declared since our IPO. In our first full year as a public company, we will have distributed dividends totaling $1.59 per share of Class A common stock.

關於我們第四季度的業績，正如加里提到的，我們宣布派發每股 A 類普通股 0.50 美元的季度現金股息，佔 TPG 稅後可分配收益的 85%。這是我們自 IPO 以來宣布的最高季度股息。在我們作為上市公司的第一個完整年度，我們將派發每股 A 類普通股總計 1.59 美元的股息。

I would note that in connection with our annual compensation process, in January, we granted 3.7 million restricted stock units to our employees. These units will invest over 3 years, and I would refer you to Slide 28 of our earnings presentation for a comprehensive summary of our equity-based compensation.

我要指出的是，在我們的年度薪酬流程中，1 月份，我們向員工授予了 370 萬股限制性股票。這些單位將投資超過 3 年，我建議您參閱我們收益報告的幻燈片 28，以全面了解我們基於股權的薪酬。

Looking at our non-GAAP balance sheet for the TPG operating group, as of December 31, we remained well capitalized with $692 million of cash and $450 million of long-term debt. Our $700 million revolver was also undrawn event, giving us ample flexibility to pursue strategic growth initiatives.

查看 TPG 運營集團的非 GAAP 資產負債表，截至 12 月 31 日，我們的資本充足，擁有 6.92 億美元的現金和 4.5 億美元的長期債務。我們的 7 億美元左輪手槍也未提取，這讓我們有足夠的靈活性來實施戰略增長計劃。

Now turning to fundraising. We raised $3.6 billion of capital in the fourth quarter, primarily focused on new strategies such as TPG NEXT and certain areas of our growth platform, notably TPG Digital Media and TTAD. This brought total capital raised to $30 billion in 2022, a 47% increase compared to the prior year. This was a major accomplishment given the fundraising backdrop and reflects TPG increasing market share due to the breadth and depth of our relationships, the strength of our brand, and most importantly, our strong investment performance across our platforms.

現在轉向籌款。我們在第四季度籌集了 36 億美元的資金，主要集中在 TPG NEXT 等新戰略和我們增長平台的某些領域，特別是 TPG Digital Media 和 TTAD。這使得到 2022 年籌集的總資本達到 300 億美元，比上一年增長 47%。鑑於籌款背景，這是一項重大成就，反映了 TPG 由於我們關係的廣度和深度、我們品牌的實力以及最重要的是我們在我們平台上的強勁投資表現而增加的市場份額。

As we look forward to 2023, our fundraising objectives are as follows: number one, successfully completes the campaigns for our Flagship, Capital, Healthcare Partners, Asia and Rise funds, which we expect to extend through the remainder of this year given ongoing challenges in the fundraising market; number two, make further progress on capitalizing our new businesses, including our secondaries platform, TPG NEXT and Life Sciences.

展望 2023 年，我們的籌款目標如下：第一，成功完成旗艦、資本、醫療保健合作夥伴、亞洲和崛起基金的活動，鑑於在籌款市場；第二，在利用我們的新業務方面取得進一步進展，包括我們的二級平台、TPG NEXT 和生命科學。

Number three, begin fundraising for our next flagship growth fund, which we expect to launch in the middle of this year based on current deployment base; and four, continue our organic growth through the launch of new products. Specifically, we're in discussions with potential LPs for inaugural funds for our private real estate credit effort, Treco [ph] and for Rise, Climate infrastructure.

第三，開始為我們的下一個旗艦增長基金籌集資金，我們預計將在今年年中根據目前的部署基礎推出；第四，通過推出新產品繼續我們的有機增長。具體來說，我們正在與潛在的 LP 討論為我們的私人房地產信貸工作 Treco [ph] 和 Rise 氣候基礎設施設立首期基金。

To close out, we're proud of the results that TPG has achieved in its first year as a public company. TPG's FRE growth engine proved to be resilient in 2022 despite challenging market conditions. We're confident in our firm's ability to navigate through the dislocation while continuing to grow our fee-generating assets. We look forward to continuing to provide differentiated long-term value to our public shareholders, limited partners and portfolio companies.

最後，我們為 TPG 作為上市公司在第一年取得的成果感到自豪。儘管市場條件充滿挑戰，TPG 的 FRE 增長引擎在 2022 年被證明具有彈性。我們相信我們公司有能力在錯位中導航，同時繼續增加我們的收費資產。我們期待繼續為我們的公眾股東、有限合夥人和投資組合公司提供差異化的長期價值。

I'll now turn the call back over to Shelby, so we can take your questions.

我現在將電話轉回給謝爾比，以便我們回答您的問題。

(Operator Instructions) We'll take our first question from Glenn Schorr with Evercore.

（操作員說明）我們將從 Evercore 的 Glenn Schorr 那裡回答我們的第一個問題。

Maybe if you could put some numbers around the points that you just brought up. You caught my attention on 2 things. One was the step down in first quarter for capital health care in Asia, making some numbers around that and the other part was the 4 buckets of fundraising. Great to hear. I know it's hard given the backdrop, but maybe you could put a range around what we could be expecting on the fundraising side?

也許你可以圍繞你剛剛提出的要點給出一些數字。你在兩件事上引起了我的注意。一個是第一季度亞洲資本醫療保健的減少，圍繞這個做了一些數字，另一部分是 4 桶籌款。很高興聽到。我知道在這樣的背景下很難，但也許你可以圍繞我們在籌款方面的預期設定一個範圍？

In terms of the step down on TPG, so just to remind people, in Q4, because we activated TPG IX and Healthcare Partners II in Q3, the fees charged on TPG VIII Healthcare Partners one step down in Q4. That step-down was about $2 billion in TPG VIII and it was about $500 million in Healthcare partners.

就 TPG 的降級而言，提醒人們，在第四季度，因為我們在第三季度激活了 TPG IX 和 Healthcare Partners II，所以 TPG VIII Healthcare Partners 的費用在第四季度下降了一步。 TPG VIII 的縮減規模約為 20 億美元，而醫療保健合作夥伴的縮減規模約為 5 億美元。

And then on your other question on -- I think on the general fundraising outlook. Look, obviously, as I mentioned, we feel very good about the progress we made in 2022. We feel like we gained market share, raising $30 billion in the complicated backdrop and also capitalizing new businesses, as I mentioned. I also talked about on the last call the fact that we expected fundraising conditions to remain challenging throughout 2023, and we continue to believe that will be the case.

然後關於你的另一個問題——我認為是關於一般籌款前景的。看，顯然，正如我提到的，我們對 2022 年取得的進展感到非常滿意。我們感覺我們獲得了市場份額，在復雜的背景下籌集了 300 億美元，並且還利用了新業務，正如我提到的。我還在最後一次電話會議上談到了這樣一個事實，即我們預計籌款條件在整個 2023 年仍然充滿挑戰，我們仍然相信情況會如此。

And the same liquidity factors are impacting certain segments of the LP base, but not all segments, primarily the more mature parts of the market, whilst other parts of the market are growing nicely. The fundraising market remains quite crowded with GPs. Against this backdrop, we do expect to continue to gain share this year. And it has been helpful that as we entered 2023, LPs can now access the 2023 budgets.

同樣的流動性因素正在影響 LP 基礎的某些部分，但不是所有部分，主要是市場中較成熟的部分，而市場的其他部分則增長良好。籌款市場仍然擠滿了全科醫生。在此背景下，我們確實預計今年會繼續增加份額。當我們進入 2023 年時，LP 現在可以訪問 2023 年的預算，這很有幫助。

And across all the flagship funds we have in the market, TPG Capital IX, Healthcare Partners II, Asia VIII and Rise III.we have very strong engagement with LPs. Given the time it takes for LPs to complete their diligence, most of that capital is lining up for Q2 and Q3. So I'd expect Q1 to be relatively light with an acceleration in Q2 and Q3. It's too early to tell if we'll hit all of our targets, but we feel very good about the progress we're making across all those funds.

在我們在市場上擁有的所有旗艦基金中，TPG Capital IX、Healthcare Partners II、Asia VIII 和 Rise III。我們與 LP 的合作非常緊密。考慮到 LP 完成盡職調查所需的時間，大部分資金將用於第二季度和第三季度。所以我預計第一季度會相對較輕，第二季度和第三季度會加速。現在判斷我們是否會實現所有目標還為時過早，但我們對我們在所有這些基金中取得的進展感到非常滿意。

And we'll take our next question from Ken Worthington with JPMorgan.

我們將從肯·沃辛頓 (Ken Worthington) 和摩根大通提出下一個問題。

When you look at the information and data that you're getting from your portfolio companies and maybe a little bit on the broader macro environment as well, how is this informing your view on the outlook for harvesting as we look to 2023? I guess first, have signals changed at all so far in '23 from what you may have seen a quarter or 2 ago? And if so, could this end up being a more constructive environment for harvesting gains than what you might have been thinking about, again, 3, 6 months ago?

當您查看從您的投資組合公司獲得的信息和數據時，也許還有一點關於更廣泛的宏觀環境，這如何告知您對我們展望 2023 年收穫前景的看法？我想首先，與你一兩個季度前看到的相比，23 年到目前為止的信號是否發生了變化？如果是這樣，這最終是否會成為一個比您 3 個月、6 個月前所想的更有建設性的收穫環境？

I think in a nutshell, across the board, and particularly in the areas that we've been focused on, which are areas of general experience and secular growth, we've seen steady and strong results. I think Jack took you through some of the numbers, and there really hasn't been a particular change or inflection this quarter. But we felt good about the company's performance, both on the revenue side and on the EBITDA side.

我認為，簡而言之，從整體上看，尤其是在我們一直關注的領域，即一般經驗和長期增長領域，我們已經看到了穩定而強勁的結果。我認為 Jack 向您介紹了一些數字，本季度確實沒有特別的變化或變化。但我們對公司的業績感到滿意，無論是在收入方面還是在 EBITDA 方面。

On the realization front, we continue to have a number of areas that we're exploring sales and the like, we did sell Eugene to AstraZeneca in January. So there's still activity. I'd say as a general matter, the SKU of the neighborhoods that we're investing in and the companies that we're backing and the growth orientation in our investment strategy does lend itself to strategic takeouts probably a little bit more than industry averages. And that market will remain active even in different environments.

在實現方面，我們繼續在許多領域探索銷售等，我們確實在 1 月份將 Eugene 賣給了阿斯利康。所以還是有活動的。我想說的是，一般來說，我們投資的社區的 SKU 和我們支持的公司以及我們投資戰略中的增長方向確實有助於戰略收購，可能比行業平均水平多一點.即使在不同的環境中，該市場也將保持活躍。

Having said that, our realization pace was -- has been quite strong in recent years, we've seen the overall industry slow down a bit on the realization front. So there continue to be opportunities for clarity, we continue to see them, probably not the pace of the last 2 years.

話雖如此，我們的實現步伐是——近年來一直相當強勁，我們看到整個行業在實現方面有所放緩。因此，繼續有清晰的機會，我們繼續看到它們，可能不是過去 2 年的步伐。

Ken, the only thing I would add to that is that we are seeing some improvements in the kind of macro and underlying kind of financial markets as it relates to deal activity that may help from the perspective of realization. So for instance, financing, there's been a reasonably there's been a reasonable recovery, not full recovery by any means, but there's been a reasonable recovery when you look at what credit spreads are looking like and the loan markets feel a little bit better to us in terms of sourcing financing.

肯，我唯一要補充的是，我們看到宏觀和潛在金融市場的類型有所改善，因為它與交易活動有關，從實現的角度來看可能有所幫助。因此，例如，融資，這是一種合理的複蘇，不是以任何方式完全復甦，但是當您查看信用利差的情況並且貸款市場對我們來說感覺好一點時，就會出現合理的複蘇在採購融資方面。

And then also, I think you've heard us go through some of our activity on the -- with respect to public markets on the IPO side, leading up to our most recent, which was Nextracker. And it definitely feels like there's some pent-up demand from the public markets as well because it's been void of IPO supply for quite a long time. So there are -- the portfolio is performing well. I think we -- I think there's a broad range of sort of when things are ready to be monetized, and we've reinforced that in the past that we're going to monetize what we feel like it's an optimal time to monetize. But there are some relative to last year, maybe so a few green shoots here or there in terms of the market backdrop. So we'll see.

然後，我想你已經聽過我們在 IPO 方面的公開市場方面進行了一些活動，這導致了我們最近的活動，即 Nextracker。而且肯定感覺公開市場也有一些被壓抑的需求，因為它已經很長時間沒有 IPO 供應了。所以有 - 投資組合表現良好。我認為我們 - 我認為當事情準備好被貨幣化時有很多種類型，並且我們在過去強調我們將在我們認為是最佳貨幣化時間的時候貨幣化。但與去年相比，在市場背景方面可能會有一些新芽。所以我們拭目以待。

We'll take our next question from Brian Bedell with Deutsche Bank.

我們將接受來自德意志銀行的 Brian Bedell 的下一個問題。

Maybe switching over to deployment and in the context of fundraising as well. So first on deployment, it sounds like the better improved market environment is slowing some of the expected or raising some of the expectations of sellers and therefore, slowing the process. So maybe just your thoughts on if we do get a soft landing, is that going to hang up deployment generally.

也許切換到部署以及籌款的背景下。因此，首先在部署方面，聽起來更好的改善市場環境正在減緩一些預期或提高一些賣家的預期，因此減緩了這個過程。因此，如果我們真的實現軟著陸，也許只是你的想法，那就是通常會掛斷部署。

And then maybe through the different platforms, I know Rise Climate, of course, is still ahead of schedule in deployment. Maybe just some commentary on whether you think that can continue to be the case with -- especially with the new Net-Zero Industry Act in Europe, is that even more potential than you thought even a quarter ago for that month?

然後也許通過不同的平台，我知道 Rise Climate 當然在部署方面仍然提前。也許只是關於您是否認為這種情況會繼續存在的一些評論 - 特別是歐洲新的淨零工業法案，這是否比您一個季度前那個月所想的更有潛力？

I mean, we talk about this a lot here, as you might imagine. It's an interesting environment right now because the -- some of the signals in the market, like some moderating inflation, although the CPI print this week, obviously raises questions on that, but some moderating inflation rates may be inching back down a little bit what I was saying before in terms of credit spreads. I mean we saw -- if you go back to '22, right, we saw some dislocation in the market as inflation spiked and the overall geopolitical kind of backdrop.

我的意思是，正如您想像的那樣，我們在這裡經常討論這個問題。現在這是一個有趣的環境，因為——市場上的一些信號，比如一些溫和的通脹，儘管本週的 CPI 數據顯然引發了一些問題，但一些溫和的通脹率可能會略微回落一點點什麼我之前說過信用利差。我的意思是我們看到了——如果你回到 22 年，我們看到市場出現了一些混亂，因為通脹飆升和整體地緣政治背景。

And this dynamic of buyers and sellers kind of not being in the same place, people trying to get their heads around valuations, slow the market considerably. The fourth quarter -- the part of the end of third and fourth quarter, there was definitely kind of a pickup. And you heard already from the deal activity we talked about that there was a more active environment for deployment as we got toward the end of the year. It feels like because of these other signals now, it feels like people are maybe -- there's like a little -- there's another little pause in the market because I think people's expectations on price are maybe going back up.

而這種買家和賣家不在同一個地方的動態，人們試圖圍繞估值進行思考，大大減緩了市場。第四節——第三節和第四節末尾的部分，肯定有所回升。你已經從我們談到的交易活動中聽說，隨著我們接近年底，部署環境更加活躍。感覺就像現在因為這些其他信號，感覺人們可能 - 有點 - 市場又出現了一點停頓，因為我認為人們對價格的預期可能會回升。

I don't know whether that's well founded or not, but I think they're going back up. So I think it's going to be sort of a dynamic environment in front of us in terms of fuel activity. It's also -- it is also creating some interesting opportunities. For instance, when you look at GP solutions capital, continuation vehicles, things like that, it's sort of as sponsors try to think about how they want to monetize or partially monetize. So we've seen an uptick there. We've seen some interest in things like co-controlled deals, where we've looked at a couple because people are looking to take some money out. So I think that's sort of the general backdrop. Jim, maybe you can talk about what's going on in Climate.

我不知道這是否有充分的根據，但我認為它們正在回升。因此，我認為就燃料活動而言，這將是擺在我們面前的一種動態環境。它還——它也在創造一些有趣的機會。例如，當您查看 GP 解決方案資本、延續車輛等類似內容時，贊助商會嘗試考慮他們希望如何貨幣化或部分貨幣化。所以我們看到那裡有所上升。我們已經看到一些人對共同控制的交易感興趣，我們已經看到了一些，因為人們希望從中取出一些錢。所以我認為這就是一般背景。吉姆，也許你可以談談氣候方面的情況。

Obviously, momentum on Climate was good going into last year, and I would have to say that last year was a seismic change to the positive. Obviously, the political activities in IRA bill in the U.S. changed the landscape and accelerate the landscape dramatically. But the events in the Ukraine and the resulting questions of energy security around the world also substantially increased activity.

顯然，去年氣候變化勢頭良好，我不得不說去年是一個積極的地震變化。顯然，美國 IRA 法案中的政治活動改變了格局，並極大地加速了格局。但烏克蘭事件和由此產生的全球能源安全問題也大大增加了活動。

In the comments you heard about our investment in NPAL [ph] growing 300% a year, if you can imagine a German consumer rooftop solar in this environment would be a much more interesting energy security question for them given the changes, and we're seeing that type of thing happening across markets. So activity levels have picked up. There will be a time for them to feather in because, for example, in the IRA, it's out there, people know it's coming, but it hasn't been fully enacted yet. We're expecting that to happen over the next few months. But generally, the backdrop in interest in Climate investing has moved substantially to a positive.

在您聽到我們對 NPAL [ph] 的投資每年增長 300% 的評論中，如果您能想像在這種環境下的德國消費者屋頂太陽能將是一個更有趣的能源安全問題，考慮到這些變化，我們是看到整個市場都在發生這種事情。因此活動水平有所回升。總有一天他們會加入進來，因為，例如，在 IRA 中，它就在那裡，人們知道它即將到來，但它還沒有完全實施。我們預計這將在未來幾個月內發生。但總的來說，對氣候投資興趣的背景已經大幅轉向積極。

(inaudible) the only thing I was going to add is that if you look more broadly across the portfolio -- the franchise, we have other areas such as TTAD, which I think is really about solution-based capital. That's actually -- this is a great environment, and that platform has been very busy. It continues to be quite busy. And then Jon mentioned in his comments, the MedQuest associates carve-out from a not-for-profit and that's, I think, indicative of another thing that we're seeing in our pipeline quite a bit, which is the sort of unusual relationships, structured partnerships, our history of being a partner to everyone from Pfizer, Humana and Intel, AT&T, University of Pittsburgh Medical Center. I think that serves us very well when it comes to sort of more problem-solving capital. And we spend a lot of time developing those relationships to take a little bit longer for the opportunities to play out, but that portion of our pipeline in our core private equity business remains robust.

（聽不清）我唯一要補充的是，如果你更廣泛地看待整個投資組合——特許經營權，我們還有其他領域，比如 TTAD，我認為這實際上是基於解決方案的資本。這實際上是 - 這是一個很棒的環境，而且該平台一直非常繁忙。它仍然很忙。然後喬恩在他的評論中提到，MedQuest 的同事從一個非營利組織中剝離出來，我認為，這表明我們在管道中經常看到的另一件事，這是一種不尋常的關係, 結構化的合作夥伴關係，我們成為輝瑞、Humana 和英特爾、AT&T、匹茲堡大學醫學中心的每個人的合作夥伴的歷史。我認為，當涉及到更多解決問題的資本時，這對我們很有幫助。我們花了很多時間來發展這些關係，以便花更長的時間來獲得機會，但我們核心私募股權業務中的那部分渠道仍然強勁。

We'll take our next question from Gerry O'Hara with Jefferies.

我們將與 Jefferies 一起接受 Gerry O'Hara 的下一個問題。

Maybe just kind of touching on FRE margin for a moment. I think during the prepared remarks mentioned, Jack, you mentioned that was somewhat elevated in the quarter, but also recognizing that you're kind of tracking ahead of prior, I guess, guidance towards that sort of 45% target. So maybe a couple of puts and takes that were in the fourth quarter and then sort of how you might see the trajectory playing out as we look forward into 2023.

也許只是暫時觸及 FRE 保證金。我認為在提到的準備好的評論中，傑克，你提到本季度有所提高，但也認識到你有點提前跟踪，我想，對那種 45% 目標的指導。因此，也許在第四季度進行了一些推敲，然後在我們展望 2023 年時，您可能會如何看待軌蹟的發展。

Sure. Yes. What I meant by the elevated FRE margin in Q4 was largely related to the strong performance on the capital markets fees that I also mentioned on the call, which obviously have a high flow-through margins associated with them. So if you normalize that for a more typical quarter, you bring it back down to, as I mentioned, something closer to our full year FRE margin in the low 40s, which is what I would call our kind of our launching path for continued performance toward and we stick with the same target we've been talking about of getting to 45% on a sustainable basis by the end of the year this year.

當然。是的。我所說的第四季度 FRE 利潤率上升主要與我在電話會議上提到的資本市場費用的強勁表現有關，這顯然與它們相關的高流通利潤率。因此，如果您將其標準化為一個更典型的季度，正如我提到的那樣，您可以將其降低到更接近我們全年 FRE 利潤率 40 多歲的水平，這就是我所說的我們持續表現的啟動路徑朝著並堅持我們一直在談論的相同目標，即到今年年底在可持續的基礎上達到 45%。

We'll take our next question from Michael Cyprys with Morgan Stanley.

我們將從摩根士丹利的 Michael Cyprys 那裡回答下一個問題。

Maybe just on credit. You guys have expressed interest to jump back in. It sounds like you're continuing to think about that and do some work. So just hoping maybe you can update us on your latest thoughts there. It sounds like you're continuing to evaluate ways to enter, maybe you could just update us on what you're seeing, how the environment is impacting those conversations and what learnings and insights have you gleaned from the work that you've done so far and how that may inform your approach and timing?

也許只是賒賬。你們已經表示有興趣重新加入。聽起來你們正在繼續考慮這個問題並做一些工作。所以只是希望也許你可以告訴我們你在那裡的最新想法。聽起來你在繼續評估進入的方式，也許你可以向我們介紹你所看到的情況、環境如何影響這些對話以及你從你所做的工作中收集到了哪些知識和見解遠，這如何影響你的方法和時間？

I don't know if we have an hour on this call. That's a big question. It's a big topic. Look, I think we're continuing to be focused on it, particularly in this environment where we see valuations moving around a lot. We see -- when you look at sort of where the return opportunities are in a market like this, particularly with dislocation of capital availability, there are some really interesting capital structure types of opportunities, whether they're top of the capital structure, middle of the capital structure.

我不知道我們是否有一個小時的時間來通話。這是個大問題。這是一個很大的話題。看，我認為我們將繼續關注它，特別是在我們看到估值大幅波動的環境中。我們看到 - 當您查看像這樣的市場中的回報機會在哪裡時，特別是在資本可用性錯位的情況下，有一些非常有趣的資本結構類型的機會，無論它們是資本結構的頂部，中間的資本結構。

So we continue to believe that when you think about credit, you think about sort of the total return part of the spectrum there that is very synergistic with our business. As you can hear us talk about our business, and you -- I'm sure you can glean that we're very sector and company focused investors where we focus, we keep. We have a lot of industry knowledge, a lot of company knowledge. That dovetails very well with that part of the business.

因此，我們仍然相信，當您考慮信貸時，您會考慮與我們的業務非常協同的總回報部分。當你聽到我們談論我們的業務時，你 - 我相信你可以收集到我們是非常專注於行業和公司的投資者，我們關注的地方，我們保持。我們有很多行業知識，很多公司知識。這與業務的這一部分非常吻合。

So I think we continue to have a strong interest in that. We have not backed off what we've said earlier, which is we have an objective of reentering that space. And we expect to at some point. Deal making, as you know, as far as inorganic entry deal making is always complicated, particularly in these types of business. So we're working on finding exactly the right partners and the right opportunity.

所以我認為我們繼續對此有濃厚的興趣。我們沒有放棄之前所說的，我們的目標是重新進入該領域。我們希望在某個時候。如您所知，就無機進入交易而言，交易總是很複雜，尤其是在這些類型的業務中。因此，我們正在努力尋找合適的合作夥伴和合適的機會。

There's other parts of the credit landscape that also are really, really interesting. And I think you've heard us talk about one. If you look at what's going on in real estate, there's been a pretty massive dislocation in the financing markets in real estate. And in some respect, real estate valuations versus financing costs are upside down relative to where they've historically been. And so we're out in the market right now.

信貸領域的其他部分也非常非常有趣。我想你已經聽過我們談論過一個。如果你看看房地產行業正在發生的事情，就會發現房地產融資市場出現了相當大的混亂。在某些方面，房地產估值與融資成本相對於歷史水平而言是倒掛的。所以我們現在就在市場上。

I think we had announced on another earnings call, we hired a new Head of our real estate credit business, Doug Bouquard, who came to us with Goldman Sachs, where it was for many years. We're out in the market right now raising an opportunistic real estate pool of capital. And we feel like -- we feel pretty good about it. There's a lot of receptivity around the market from our LPs that we're talking to, and particularly given the strength of our real estate franchise, we're sort of we're drafting off of that in a lot of respects for this capital raise. And we feel pretty good about it. So we're expecting that we'll get some money raised there. We think that the opportunity on that side of the coin is probably as good as we've seen it in maybe a couple of decades. So we're focused on it. We're working on it and we'll keep you up to date.

我想我們已經在另一次財報電話會議上宣布，我們聘請了一位新的房地產信貸業務負責人 Doug Bouquard，他與高盛一起來到我們這裡多年。我們現在正在市場上籌集機會主義的房地產資金池。我們覺得 - 我們感覺很好。我們正在與之交談的 LP 對市場有很多接受，特別是考慮到我們房地產特許經營權的實力，我們在很多方面都在為這次融資起草.我們對此感覺很好。所以我們期待我們會在那裡籌集到一些資金。我們認為硬幣這一面的機會可能與我們幾十年來所看到的一樣好。所以我們專注於它。我們正在努力，我們會及時通知您。

We'll take our next question from Michael Brown with KBW.

我們將與 KBW 一起接受 Michael Brown 的下一個問題。

I wanted to maybe get a little bit more color about the management fees and see additional needs on the bond you could add for the trajectory here. So I guess in the fourth quarter, you had a step down in fees and have a modest impact in the first quarter as well. But you did talk about that this $13 billion of AUM subject to fee earning growth here. So any additional color you can add about how to think about the pace of that potential $70 million of management fees could layer in over the coming quarters? And any other thoughts here on the fee rate going forward?

我想對管理費有更多的了解，並了解您可以在此處為軌跡添加的債券的額外需求。所以我想在第四季度，你的費用有所下降，並且對第一季度的影響也很小。但你確實談到了這 130 億美元的 AUM 受制於這裡的費用收入增長。那麼，關於如何考慮未來幾個季度潛在的 7000 萬美元管理費的步伐，您可以添加任何其他顏色嗎？還有關於未來費率的其他想法嗎？

Yes. Let me -- I appreciate the question. We've gotten a couple of questions since posting our results this morning about the average fee rate. And let me try to clarify that. Because there's a lot of pieces moving around. And so it was calculating an average fee rate based on average FAUM for a quarter is a very imprecise thing to do, particularly in a period like this, we're activating new funds and seeing step downs in other funds because we don't charge on a daily average basis.

是的。讓我——我很欣賞這個問題。自從今天早上發布我們的結果以來，我們收到了幾個關於平均費率的問題。讓我試著澄清一下。因為有很多碎片在移動。因此，根據一個季度的平均 FAUM 計算平均費率是一件非常不精確的事情，特別是在這樣的時期，我們正在啟動新基金並看到其他基金的降級，因為我們不收費平均每天。

I can tell you, first of all, we're not seeing any fee pressure in our business. We're not changing our fee schedules. We're not adding discounts that we didn't have before. That's the most important point. On the average fee rate calculation, there are a couple of things flowing through that as you look at Q3 and Q4 in particular. For example, in Q3, as you know, we activated TPG IX Healthcare Partners II, in July. So we were actually earning fees for virtually the entire quarter in Q3 on that, call it, $10 billion.

我可以告訴你，首先，我們的業務沒有看到任何費用壓力。我們不會改變我們的費用表。我們不會增加以前沒有的折扣。這是最重要的一點。在計算平均費率時，特別是在第三季度和第四季度，有幾件事情正在發生。例如，如您所知，在第三季度，我們在 7 月啟動了 TPG IX Healthcare Partners II。因此，我們實際上在第三季度幾乎整個季度都賺取了 100 億美元的費用。

If you run your -- I think the way most people calculated weighted average FAUM for the quarter would be 0 plus 10 divided by 2. So you'd assume our earnings fees on $5 billion, we're actually on $10 billion. In Q4, we saw the opposite, right, because the step downs that I just talked about affected our fees for the full quarter. If you calculate average FAUM for the quarter, you would have picked up a higher number in the beginning, a lower number in the end, but we actually had the step down affected the fees for the whole quarter. So that's some of the nuances that you see flowing through.

如果你運行你的 - 我認為大多數人計算本季度加權平均 FAUM 的方式是 0 加 10 除以 2。所以你假設我們的收入費用為 50 億美元，我們實際上是 100 億美元。在第四季度，我們看到了相反的情況，因為我剛才談到的降級影響了我們整個季度的費用。如果您計算該季度的平均 FAUM，您會在開始時得到一個較高的數字，最後會得到一個較低的數字，但實際上我們的降級影響了整個季度的費用。這就是您看到的一些細微差別。

On the shadow FAUM that you asked about, we did add nicely to that during the quarter. If you look at where we raised capital during the quarter, the 3 biggest areas were our Digital Media fund, which charges fees on invested capital only, that was $800 million, $350 million for TTAD, which is also fees on drawn capital only and $500 million for TPG NEXT, which is a normal fees on committed structure, but we have not yet activated that fund. So all of that would have gone into AUM but not FAUM and it will flow in over time. Predicting when that shadow FAUM will pay fees and over what time period is really impossible. It depends upon the pace at which we invest that capital.

關於您詢問的影子 FAUM，我們在本季度確實很好地增加了它。如果你看看我們在本季度籌集資金的地方，三個最大的領域是我們的數字媒體基金，它僅對投資資本收取費用，即 8 億美元，TTAD 為 3.5 億美元，這也是僅對提取資本收取費用和 500 美元萬美元用於 TPG NEXT，這是承諾結構的正常費用，但我們尚未啟動該基金。所以所有這些都會進入 AUM 而不是 FAUM 並且它會隨著時間的推移流入。預測影子 FAUM 何時支付費用以及支付費用的時間段確實是不可能的。這取決於我們投資該資本的速度。

And we will take our next question from Alex Blostein with Goldman Sachs.

我們將接受高盛的 Alex Blostein 的下一個問題。

I was hoping we could unpack some of the fundraising trends you saw over the course of the fourth quarter and really how you're thinking about 2023. So I guess first point is in terms of the ultimate sizes of some of the flagship campaigns you guys are on today. Any change in kind of how you think they'll shake out in terms of the absolute size understanding of the timing might take a little bit longer? And then when you look at the fourth quarter specifically, I guess, not a big surprise that capital segment didn't see a lot, but I was surprised by still pretty robust pace of fundraising and growth. So maybe just find a minute on kind of LP appetite for the more kind of traditional sort of PE fundraising versus the growth franchise?

我希望我們能解開你們在第四季度看到的一些籌款趨勢，以及你們對 2023 年的看法。所以我想第一點是關於你們一些旗艦活動的最終規模在今天。就時間的絕對規模理解而言，您認為他們將如何擺脫的任何變化都可能需要更長的時間？然後當你具體看第四季度時，我想，資本部門沒有看到太多並不令人意外，但我對仍然相當強勁的籌資和增長步伐感到驚訝。因此，也許只是花一點時間了解 LP 對更傳統的 PE 籌資與增長特許經營的興趣？

Sure. Let me try to address several of those points, Alex. First of all, the appetite continues to be on your last point, continues to be quite strong. You guys can look at our performance and make your own assessment. We think we're performing quite strongly in generating returns and importantly, delivering liquidity to our LPs. I mean our DPI is quite high relative to our peers at a time when others are not distributing as much capital as we have over the past year or 2. So the result of all that is strong appetite across the flagships we have in the market.

當然。亞歷克斯，讓我嘗試解決其中的幾個問題。首先，胃口繼續在你的最後一點上，繼續相當強勁。大家可以看看我們的表現，做出自己的評價。我們認為我們在產生回報方面表現相當強勁，重要的是，為我們的有限合夥人提供流動性。我的意思是我們的 DPI 相對於我們的同行來說是相當高的，而在其他人分配的資本不如我們過去一年或兩年的時候。所以所有這些的結果是我們在市場上擁有的旗艦產品的強烈需求。

I think I mentioned on the last call, we did expect Q4 to be quite light just given how tapped out LPs were as we entered Q4. And we actually were able to raise, as you saw, over $3.5 billion of capital across other businesses, most notably the ones I just mentioned, TTAD, Digital Media. There was also some co-investment in there on growth and capital as we close those deals and brought in our LPs as co-investors that co-investment capital largely does not pay fees, but it's highly strategic to us as our LPs expect us to deliver that co-investment. So that's how I'd characterize kind of Q4.

我想我在上次電話會議上提到過，考慮到我們進入第四季度時 LP 的挖掘程度，我們確實預計第四季度會很輕鬆。正如你所看到的，我們實際上能夠在其他業務中籌集超過 35 億美元的資金，最著名的是我剛才提到的 TTAD，數字媒體。當我們完成這些交易並引入我們的有限合夥人作為共同投資者時，還有一些關於增長和資本的共同投資，共同投資資本基本上不支付費用，但這對我們來說具有很高的戰略意義，因為我們的有限合夥人希望我們交付共同投資。這就是我描述 Q4 的方式。

And as we look out to this year, as I mentioned a few minutes ago, we do continue to see strong demand. These fundraising always has kind of a natural arc to it. And oftentimes, after a large first close like we've had in all these funds, you tend to see a bit of a back loading to the remainder of the campaign. And I think that's always true. It's even more true in today's kind of fundraising environment. So as I mentioned, we have a lot of people doing work and doing their diligence. I'd expect Q1 to be relatively light, but a good acceleration into Q2 and Q3. We haven't changed our targets on any of the funds, but it's too early to tell whether we'll hit all those targets or not.

展望今年，正如我幾分鐘前提到的，我們確實繼續看到強勁的需求。這些籌款總是有一種自然的弧度。通常，在像我們所有這些基金那樣的第一次大額收盤之後，你往往會看到競選活動的剩餘部分有點背負。我認為這總是正確的。在當今的籌款環境中更是如此。所以正如我提到的，我們有很多人在工作並儘職盡責。我希望第一季度相對較輕，但進入第二季度和第三季度會有很好的加速。我們沒有改變任何基金的目標，但現在判斷我們是否會達到所有這些目標還為時過早。

We'll take our next question from Brian McKenna with JMP Securities.

我們將接受來自 JMP 證券公司的 Brian McKenna 的下一個問題。

Great. So I appreciate the detail on the number of LP data during the year. But can you remind us how many LP relationships do you have an aggregate cost for business? And then what's the breakdown between the U.S. and the rest of the world? And then kind of over time, where do you see the most opportunity to add new LPs?

偉大的。所以我很欣賞這一年LP數據數量的細節。但是您能否提醒我們，您有多少 LP 關係的業務總成本？那麼美國和世界其他地區之間的分歧是什麼？然後隨著時間的推移，你認為在哪裡添加新 LP 的機會最多？

I think the LPs -- I can look at a more precise number for the LPs across all of our businesses are in the kind of, call it, 500 to 600 categories. Although I think that may not be a bigger number. Let me come back to you on that. What was the second part of your question?

我認為 LPs——我可以看到我們所有業務中 LPs 的更精確的數字，稱之為 500 到 600 個類別。雖然我認為這可能不是一個更大的數字。讓我回到你身邊。你問題的第二部分是什麼？

Yes, just in terms of where do you see kind of the most opportunity to add incremental LPs from here?

是的，就您認為從這裡添加增量 LP 的機會最大的地方而言？

Yes. And we have been -- that number has been growing over time, as Jon mentioned in his prepared remarks. We still have a lot of untapped potential in the LP base as we continue to grow new products that are more appealing to different segments of the LP market. And as we continue to build out our distribution platform, both the institutional side and the high-net-worth side. I think the biggest source of potential we're fairly underweight in Europe. We have a lot of room to grow in insurance. We have a lot of room to grow in the high-net-worth channel, which will -- as we've talked about many times, will accelerate as we build out more broadly applicable products to that channel. And those are probably the biggest areas I'd call out, but we see a lot of potential to continue to expand our LP base.

是的。正如喬恩在準備好的發言中提到的那樣，我們一直在——隨著時間的推移，這個數字一直在增長。隨著我們繼續開發對 LP 市場的不同部分更具吸引力的新產品，我們在 LP 基礎上仍有許多未開發的潛力。隨著我們繼續建立我們的分銷平台，包括機構方面和高淨值方面。我認為我們在歐洲的最大潛力來源相當低配。我們在保險方面有很大的發展空間。我們在高淨值渠道有很大的增長空間，正如我們多次談到的那樣，隨著我們為該渠道開發更廣泛適用的產品，增長將會加速。這些可能是我要指出的最大領域，但我們看到了繼續擴大有限合夥人基礎的巨大潛力。

Yes, it's Todd. I would just add. I did several trips to Europe last year for fundraising, most recent in the fourth quarter, and we have a number of really strong dialogue majority of the 25 meetings we had with new folks that we're getting now, but it feels like there's a lot of untapped potential that we're just starting to make some progress on.

是的，是托德。我只想補充。去年我去了幾次歐洲籌款，最近一次是在第四季度，在我們與新人舉行的 25 次會議中，我們進行了很多非常有力的對話，但感覺就像是許多尚未開發的潛力，我們才剛剛開始取得一些進展。

We'll take our next question from Adam Beatty with UBS.

我們將接受來自瑞銀的 Adam Beatty 的下一個問題。

I wanted to ask about the Capital Market Solutions business or businesses. There's a couple of different elements in there. You already mentioned some of the secondaries fundraising, which is good. Also, the strength in debtor ranging in Q4. But just wondering about ECM and the public markets business. And then just overall, what kind of growth trajectory you're thinking about maybe near term, long term? Are you still adding resources there? And obviously, any guardrails you could put around transaction fee expectations would be great?

我想問一下資本市場解決方案業務。那裡有幾個不同的元素。你已經提到了一些二級籌款，這很好。此外，第四季度債務人的實力不等。但只是想知道 ECM 和公開市場業務。然後總的來說，你正在考慮什麼樣的增長軌跡可能是短期的，長期的？你還在那裡添加資源嗎？顯然，您可以為交易費用預期設置任何護欄會很好嗎？

Just to kind of go in reverse order. We definitely are continuing to add resources in that area. We view the capital markets business to be -- and I'll take one piece of the time to be highly strategic for all the reasons we've talked about. We've added -- we probably doubled the size of that group over the past couple of years. We added someone to lead debt capital markets, actually debt and equity capital markets for us in Asia, for example, where we didn't have anybody on the team over there yet.

只是為了以相反的順序進行。我們肯定會繼續在該領域增加資源。我們認為資本市場業務是——出於我們已經討論過的所有原因，我將花一點時間來高度戰略化。我們已經添加 - 在過去幾年中我們可能將該小組的規模擴大了一倍。我們增加了一個人來領導債務資本市場，實際上是我們在亞洲的債務和股權資本市場，例如，我們在那裡的團隊中還沒有人。

On the equity capital markets side, that has not been in the -- not in the fourth quarter, a major generator of fee revenue for us but was highly helpful in helping lead the IPO of Nextracker, for example, where we brought in one of the key anchor investors in that IPO. So both the debt and the equity side are continuing to be very strategic. The other piece of the business you didn't mention, I think maybe you did within that solution segment, or platform is our TTAD business, our public equity partners business.

在股權資本市場方面，這不是——不是在第四季度，這是我們收費收入的主要來源，但對幫助領導 Nextracker 的 IPO 非常有幫助，例如，我們引入了其中一個該 IPO 的主要錨定投資者。因此，債務和股權方面都繼續具有戰略意義。你沒有提到的另一項業務，我想你可能在那個解決方案領域做過，或者平台是我們的 TTAD 業務，我們的公共股權合作夥伴業務。

And the performance there was quite strong in 2022. So we see good engagement for investors and expect to expand that capital base this year. And then you mentioned the secondaries business where you saw we made progress in capitalizing those businesses in Q4. We expect to make continued progress this year.

2022 年那裡的表現相當強勁。因此我們看到投資者的良好參與度，並預計今年會擴大資本基礎。然後你提到了二級業務，你看到我們在第四季度在利用這些業務方面取得了進展。我們預計今年會繼續取得進展。

We'll take our next question from Finian O'Shea with Wells Fargo Securities.

我們將從富國銀行證券公司的 Finian O'Shea 那裡回答下一個問題。

Question on impacting climate franchise. This is an area with good tailwinds in demand, as you've noted in the past couple of quarters. Can you talk about on the balance, the incoming competition from some of your major peers there? And if that is driving a more challenging fundraising environment than, say, we would have thought a year ago.

關於影響氣候專營權的問題。正如您在過去幾個季度所指出的那樣，這是一個需求順風的領域。您能談談來自那裡一些主要同行的即將到來的競爭嗎？如果這導致籌款環境比我們一年前想像的更具挑戰性。

Patience is always a form of flattery that I think tells you that there is substantial interest in the marketplace. Our peers wouldn't be coming in if there weren't a lot of LP demand for this type of activity, which really highlights the value of our leadership position. Over the long arc of private equity people have always underestimated the amount of market growth that any segments might have. And I think what we're seeing today is very substantial market growth, particularly around certain sectors of the impact landscape.

耐心總是一種奉承的形式，我認為它告訴你市場有很大的興趣。如果沒有大量 LP 對此類活動的需求，我們的同行就不會進來，這真正凸顯了我們領導地位的價值。在私募股權的長期發展過程中，人們總是低估了任何細分市場可能擁有的市場增長量。而且我認為我們今天看到的是非常可觀的市場增長，尤其是在影響領域的某些領域。

As I said before, there's just a seismic change in what's happening in decarbonization and climate but across other sectors like online ad, health care access, post-COVID financial inclusion. If you thought of a landscape of sectors you might want to be involved in, they overlap the impact investing marketplace very strongly. So we feel good about our position about the flow we're seeing. And we expect competition, and we also expect to continue to grow against it.

正如我之前所說，在脫碳和氣候方面正在發生的事情發生了翻天覆地的變化，但在其他領域，如在線廣告、醫療保健、後 COVID 金融包容性。如果你想到一個你可能想參與的行業格局，它們與影響力投資市場的重疊度非常高。因此，我們對我們所看到的流量的立場感到滿意。我們期待競爭，我們也期待在競爭中繼續增長。

We'll take our next question from Rufus Hone with BMO Capital Markets.

我們將接受 BMO Capital Markets 的 Rufus Hone 的下一個問題。

Maybe coming back to the FRE mind and thinking about it from the expense side. Can you help us think about the jumping off point for fee-related expenses heading into 2023? Is the fourth quarter level roughly the right level for the first quarter? And I suppose how are you thinking about your pace of hiring in 2023 relative to 2022? Are you slowing your investment arc? Any detail there would be helpful.

也許回到 FRE 的想法並從費用方面考慮它。您能否幫助我們考慮到 2023 年與費用相關的支出的起點？第四季度的水平與第一季度的水平大致相符嗎？我想您如何看待 2023 年相對於 2022 年的招聘速度？你在放慢你的投資弧度嗎？那裡的任何細節都會有所幫助。

Yes. Our fewer [ph] expenses obviously break down into 2 primary line items, comp and benefits and OpEx ph benefits in Q4 was $102 million and change million. And I think that's a reasonable estimate for launching off pad. So as you know, sometimes what you see in Q4 moves around a bit in this industry because if you haven't been accruing for bonuses as you end up paying them, it can cause a change in Q4. In our case, we ended up right on our accrual for bonuses. So Q4 is a good reflection of the launching off pad for comp and benefits this year. I would expect that we are going to continue to invest in the business. So that should trend up a bit during the course of the year, but a lot of that growth has occurred.

是的。我們較少的 [ph] 費用顯然分解為 2 個主要項目，comp 和福利，第四季度的 OpEx ph 收益為 1.02 億美元和 000 萬美元。我認為這是發射台的合理估計。如您所知，有時您在第四季度看到的情況在這個行業中會發生一些變化，因為如果您在最終支付獎金時沒有累積獎金，它可能會導致第四季度發生變化。在我們的案例中，我們最終獲得了應計的獎金。因此，第四季度很好地反映了今年補償和福利的發射台。我希望我們將繼續投資於該業務。因此，在這一年中應該會有所上升，但已經發生了很多增長。

On the OpEx line, OpEx for the quarter was $66 million, roughly, and that too reflects all the factors we've talked about, full kind of return to office, a full return to a lot of travel, both for deals and for fundraising that's causing that number to come back up. A lot of the public company expenses we had to account for. That's all in that number now. So likewise, I think that is roughly a good run rate number to think about as you think about this year.

在 OpEx 線上，本季度的 OpEx 大致為 6600 萬美元，這也反映了我們所討論的所有因素，完全返回辦公室，完全返回大量旅行，包括交易和籌款這導致該數字回升。我們必須考慮很多上市公司的費用。現在就是這個數字了。因此，同樣地，我認為這大致是一個很好的運行率數字，可以在您考慮今年時考慮。

We'll take our next question from Luke Mason with BNP Paribas.

我們將接受來自法國巴黎銀行的 Luke Mason 的下一個問題。

Just a follow-up on the fundamentals of portfolio companies. So you mentioned strong revenue growth and some impressive figures. I just wondering if you give an equivalent for EBITDA growth for portfolio companies. And then just which areas are driving that growth? Is it do that across technology and health care? And just on the other side of learning pockets of weakness within the portfolio that you're seeing?

只是跟進投資組合公司的基本面。所以你提到了強勁的收入增長和一些令人印象深刻的數字。我只是想知道您是否為投資組合公司提供了 EBITDA 增長的等價物。那麼究竟是哪些領域推動了這種增長？它是跨技術和醫療保健這樣做的嗎？而就在學習你所看到的投資組合中的弱點的另一邊？

Yes. I mean just to put you through the qualitative start there. In Healthcare, we continue to see strong demand tailwinds for procedures, which have really been more of a rebound from the losses of procedures and other healthcare activities, more routine healthcare activity during COVID. In the Software Enterprise Technology business, I think what we've seen actually is an increase in retention rates and particularly at certain points last year, we saw a longer sales cycle in terms of new customer conversions.

是的。我的意思是讓你從那裡開始定性。在醫療保健方面，我們繼續看到對程序的強勁需求順風，這實際上更多是從程序和其他醫療保健活動的損失中反彈，COVID 期間更多的常規醫療保健活動。在軟件企業技術業務中，我認為我們實際上看到的是保留率的提高，特別是在去年的某些時候，我們看到新客戶轉化的銷售週期更長。

Although I think that's actually improved a little bit, but a little bit of a slowdown in the sort of the second derivative in terms of the rate of growth that the companies are hanging in very well. In our other technology, which we call Internet Digital Media, there remains a persistent demand for content and streaming and a particular rebound in live events and domestic touring that sort of (inaudible) levels, and we were exposed to that in a number of our companies, certainly including CAA among others. There has been a slowdown in ad sales.

雖然我認為這實際上有所改善，但就公司保持得很好的增長率而言，二階導數有點放緩。在我們稱為互聯網數字媒體的其他技術中，仍然存在對內容和流媒體的持續需求，以及現場活動和國內巡迴演出那種（聽不清）水平的特別反彈，我們在我們的許多地方都受到了影響公司，當然包括 CAA 等。廣告銷售放緩。

On the consumer side, it's really a tale to 2 different sort of groups. On the high end, we've seen very strong demand for the consumer and you know inviting cruises and elsewhere on the lower end, where we have candidly less portfolio exposure. We've seen more of an issue from inflation and a pullback in demand. So again, it's been a little less exposed for us. I think we've talked a bit about Rise and Climate. So that probably gives you a sense for those sectors. So that's how we think about the world from a sector perspective.

在消費者方面，這對兩個不同類型的群體來說確實是一個故事。在高端，我們看到對消費者的需求非常強勁，你知道邀請遊輪和低端的其他地方，坦率地說，我們的投資組合敞口較少。我們已經看到更多的問題來自通貨膨脹和需求回落。所以，對我們來說，它的曝光率要低一些。我想我們已經談了一些關於崛起和氣候的問題。所以這可能會讓你對這些行業有所了解。這就是我們從行業角度看待世界的方式。

From an EBITDA standpoint, strong growth. There certainly continues to feel -- that has been particularly through the fourth -- through 2022 in the fourth quarter, some pressure from wage inflation. Our companies are important companies that have important relationships with the customers. So most of the raw material price increases, we've been able to pass through, but there certainly is a lot of focus around wage inflation, and that's subsided a bit. But that was sort of the primary cost item that flowed through in 2022. But overall, margins are stable.

從 EBITDA 的角度來看，增長強勁。到 2022 年第四季度，人們肯定會繼續感受到——尤其是在第四季度——工資上漲帶來的一些壓力。我們的公司是重要的公司，與客戶有著重要的關係。所以大部分原材料價格上漲，我們已經能夠通過，但肯定有很多人關注工資通脹，而且這種情況有所消退。但這是 2022 年流經的主要成本項目。但總體而言，利潤率是穩定的。

Thank you. This concludes the Q&A portion of today's call. I would now like to turn the call back over to Gary Stein for any additional or closing remarks.

謝謝。今天電話會議的問答部分到此結束。我現在想將電話轉回給 Gary Stein，以徵求任何補充意見或結束意見。

Thanks, Shelby. Thanks, everyone, for joining us this morning. If you have any follow-up questions, please circle back to me or Ebony. Otherwise, we'll look forward to speaking to you again next quarter.

謝謝，謝爾比。謝謝大家今天早上加入我們。如果您有任何後續問題，請轉回給我或 Ebony。否則，我們期待下個季度再次與您交談。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's TPG's Fourth Quarter and Full Year 2022 Earnings Call and Webcast. You may disconnect your line at this time, and have a wonderful day.

今天的 TPG 第四季度和 2022 年全年收益電話會議和網絡廣播到此結束。您可以在此時斷開您的線路，並度過美好的一天。