2024-07-31 KKR & Co. Inc. (KKR) Q2 2024 Earnings Call Transcript
KKR & Co. Inc. (NYSE:KKR) Q2 2024 Earnings Conference Call July 31, 2024 10:00 AM ET
KKR & Co.Inc.（纽约证券交易所：KKR）2024 年第二季度收益电话会议 美国东部时间 2024 年 7 月 31 日上午 10:00
Company Participants 公司参与者
Craig Larson - Partner and Head of IR
Craig Larson - 合伙人兼投资者关系负责人
Scott Nuttall - Co-Chief Executive Officer
Scott Nuttall - 联席首席执行官
Rob Lewin - Chief Financial Officer
Rob Lewin - 首席财务官
Conference Call Participants
电话会议与会者
Craig Siegenthaler - Bank of America
Craig Siegenthaler - 美国银行
Bill Katz - TD Cowen
Alexander Blostein - Goldman Sachs
亚历山大-布洛斯坦 - 高盛集团
Patrick Davitt - Autonomous Research
Patrick Davitt - 自主研究
Daniel Fannon - Jefferies
丹尼尔-范农 - 杰富瑞
Brian Bedell - Deutsche Bank
Brian Bedell - 德意志银行
Brian McKenna - Citizens JMP
Benjamin Budish - Barclays
本杰明-布迪什 - 巴克莱银行
Steven Chubak - Wolfe Research
史蒂文-丘巴克 - 沃尔夫研究公司
Michael Cyprys - Morgan Stanley
Michael Cyprys - 摩根士丹利
Chris Kotowski - Oppenheimer
Chris Kotowski - 奥本海默
Arnaud Giblat - BNP Arnaud Giblat - 法国国家巴黎银行
Operator 操作员
Ladies and gentlemen, thank you for standing by. Welcome to KKR's Second Quarter 2024 Earnings Conference Call. During today's presentation, all parties will be in a listen-only mode. Following management's prepared remarks, the conference will be opened for questions [Operator Instructions] As a reminder, this conference is being recorded.
女士们，先生们，感谢你们的到来。欢迎收听 KKR 2024 年第二季度财报电话会议。在今天的发布会上，各方将处于只听不说的状态。在管理层准备好的发言之后，会议将开始接受提问。
I will now hand the call over to Craig Larson, Partner and Head of Investor Relations for KKR. Craig, please go ahead.
现在请 KKR 合伙人兼投资者关系主管 Craig Larson 接听电话。克雷格，请说。
Craig Larson 克雷格-拉尔森
Thank you, operator. Good morning, everyone and welcome to our second quarter 2024 earnings call. This morning, as usual, I'm joined by Rob Lewin, our Chief Financial Officer; and Scott Nuttall, our Co-Chief Executive Officer.
谢谢接线员。大家早上好，欢迎收听我们的 2024 年第二季度财报电话会议。今天上午，像往常一样，与我一起参加电话会议的还有我们的首席财务官罗布-莱温（Rob Lewin）和联席首席执行官斯科特-纳托尔（Scott Nuttall）。
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.
我们想提醒大家，我们将在电话会议上提及非公认会计准则（Non-GAAP）指标，这些指标将在我们的新闻稿中与公认会计准则（GAAP）数字进行核对，新闻稿可在 kkr.com 网站的投资者中心部分获取。此外，我们还提醒大家，我们的分部数据是以调整后的份额为基础进行报告的。
This call will contain forward-looking statements, which do not guarantee future events or performance. Please refer to our earnings release as well as our SEC filings for cautionary factors about these statements.
本次电话会议将包含前瞻性陈述，这些陈述并不保证未来的事件或表现。有关这些声明的警示因素，请参阅我们的财报以及我们向美国证券交易委员会提交的文件。
So first beginning with our results for the second quarter, we are pleased to be reporting fee related earnings of $0.84 per share, the highest we reported in our history and 25% above the figures we reported one year ago. And adjusted net income of $1.09 per share is up approximately 50% compared to one year ago.
首先，从第二季度的业绩开始，我们很高兴能够报告每股 0.84 美元的费用相关收益，这是我们历史上报告的最高收益，比一年前报告的数字高出 25%。调整后的净收入为每股 1.09 美元，与一年前相比增长了约 50%。
Going into a little more detail, management fees in the quarter were $847 million. This is up 13% year-over-year, driven by the breadth of our fundraising activities alongside a pickup in deployment. Capital markets transaction fees were strong in the quarter at $192 million, mainly from activity in new and existing portfolio companies within private equity and infrastructure, as well as an overall improvement in both the debt and equity capital markets backdrops.
更详细一点，本季度的管理费为 8.47 亿美元。这一数字同比增长了 13%，主要原因是我们的筹资活动范围更广，同时部署工作也在加快。本季度资本市场交易费强劲，达到 1.92 亿美元，主要来自私募股权和基础设施领域新的和现有的投资组合公司的活动，以及债务和股权资本市场背景的整体改善。
Fee related performance revenues in the quarter were $37 million. This was the first quarter our offshore K-Series vehicles earned their annual incentive fee given their launches about a year ago. The fee related performance revenue figure includes our infrastructure vehicle while to be clear, our performance allocation on our private equity vehicle is reflected in our realized performance income line item that is below fee related earnings.
本季度与业绩相关的费用收入为 3700 万美元。本季度是我们的离岸 K 系列工具赚取年度奖励费用的第一个季度，因为它们是一年前推出的。与费用相关的业绩收入数字包括我们的基础设施工具，但要明确的是，我们在私募股权工具上的业绩分配反映在我们的已实现业绩收入项目中，该项目低于与费用相关的收入。
Fee related compensation was right at the midpoint of our guided range, which as a reminder is 17.5%. Other operating expenses came in at $158 million. So in total, FRE was $755 million and our FRE margin came in at 68%. Insurance operating earnings were $253 million in Q2 and strategic holdings operating earnings were $41 million in the second quarter as we continued to track towards our expected $300 million plus of net dividends by 2026.
与费用相关的补偿处于我们指导范围的中点，提醒一下，这个范围是 17.5%。其他运营支出为 1.58 亿美元。因此，FRE 总额为 7.55 亿美元，FRE 利润率为 68%。第二季度，保险业务收益为 2.53 亿美元，战略控股业务收益为 4100 万美元，我们将继续努力实现到 2026 年净分红超过 3 亿美元的预期目标。
Importantly, we're continuing to see consistent growth across the underlying businesses. KKR's share of these businesses as of the first quarter, so on a one quarter lag basis, LTM revenues were $3.6 billion and EBITDA was approximately $900 million or so, with 14% and 12% like-for-like growth in revenue and EBITDA year-over-year respectively. So altogether, total operating earnings were $1.17 per share.
重要的是，我们继续看到基础业务的持续增长。截至第一季度，KKR 在这些业务中所占的份额（滞后一个季度计算），LTM 收入为 36 亿美元，EBITDA 约为 9 亿美元左右，收入和 EBITDA 分别同比增长 14% 和 12%。因此，总运营收益为每股 1.17 美元。
As a reminder, total operating earnings equals our fee related earnings together with insurance and strategic holdings operating earnings. This quarter, total operating earnings represents over 80% of pretax adjusted net income. So said differently, over 80% of our pretax earnings this quarter were driven by our more recurring revenue streams.
在此提醒大家，总运营收益等于我们的收费相关收益以及保险和战略控股运营收益。本季度，总运营收益占税前调整后净收入的 80% 以上。换句话说，本季度超过 80% 的税前收益来自于我们的经常性收入流。
Turning to investing earnings, realized performance income was $482 million and realized investment income was $139 million. This was driven by secondary and strategic sale activity across a number of asset classes, including private equity infrastructure, as well as across multiple geographies pointing to the maturity and the diversity of our business. So, in aggregate adjusted net income was $972 million, or the $1.09 per share figure I mentioned a moment ago.
关于投资收益，已实现业绩收入为 4.82 亿美元，已实现投资收益为 1.39 亿美元。这主要得益于包括私募股权基础设施在内的多个资产类别的二次和战略销售活动，以及多个地区的销售活动，这表明了我们业务的成熟性和多样性。因此，调整后的净收入总计为 9.72 亿美元，也就是我刚才提到的每股 1.09 美元。
Moving to investment performance on Page 10 of our earnings release, the traditional private equity portfolio appreciated 4% in the quarter and 18% in the last 12 months. Opportunistic real estate was up 1 in the quarter and up 3 in the LTM. Infrastructure continues to perform well, up 3% in Q2 and up 17% LTM. And in credit, the leveraged credit composite was up 2, and the alternative credit composite was up 3 in Q2. And over the past 12 months, performance here was 12% for both strategies. And given this investment performance, our gross unrealized carried interest balance increased to $7.1 billion and that is up over 40% from Q2 of 2023.
转到我们收益报告第10页的投资表现，传统私募股权组合本季度升值4%，过去12个月升值18%。机会型房地产本季度上涨1%，过去12个月上涨3%。基础设施表现良好，第二季度上涨3%，过去12个月上涨17%。在信贷方面，杠杆信贷综合指数上涨2%，另类信贷综合指数第二季度上涨3%。在过去的12个月里，这两种策略的表现均为12%。鉴于这种投资表现，我们的毛未实现附带权益余额增加到71亿美元，比2023年第二季度增长了40%以上。
S&P500过去12个月的收益率是18%。
And finally, before turning over to Rob, we wanted to reflect for a moment on an exciting milestone as KKR entered the S&P 500 Index in June. We believe this is a strong reflection and endorsement of the firm's performance, our people and our culture, and we want to thank and recognize everyone at KKR for the creativity, innovation and focus that got us to where we are today and will continue to propel us going forward.
最后，在请罗布发言之前，我们想回顾一下一个激动人心的里程碑：KKR 于 6 月份进入标准普尔 500 指数。我们相信，这是对公司业绩、员工和企业文化的有力反映和认可，我们要感谢并表彰 KKR 的每一位员工，是他们的创造力、创新和专注成就了我们的今天，并将继续推动我们向前发展。
根据麦肯锡的一项研究，1958 年标准普尔 500 指数公司的平均寿命为 61 年。截至 2021 年，平均寿命为 16 年。该研究还指出，到 2027 年，目前在该指数上市的公司中将有 75% 消失。
And with that, I'll hand the call over to Rob.
现在，我把电话交给罗布。
Rob Lewin 罗伯-卢因
Thanks a lot, Craig. Given the recent S&P 500 inclusion, we expect that there are many on the call listening for the first time. Welcome. We would encourage you to also take a look at our April Investor Day replay and presentation that is found on our website. We feel as good as ever to hit our 2026 guidance figures that we introduced in April. As a reminder, those include $300 billion plus of new capital raised over the course of 2024 through 2026 and in terms of our financial metrics by 2026, $4.50 plus cents per share of FRE, $7 plus per share of total operating earnings and between $7 and $8 of adjusted net income per share, which is after tax.
非常感谢，克雷格。鉴于最近标准普尔 500 指数的纳入，我们预计电话会议上有很多人是第一次收听。欢迎您的到来。我们鼓励大家也看看我们网站上的四月份投资者日重播和演示。我们一如既往地认为，我们将在 2026 年实现我们在四月份提出的指导目标。需要提醒的是，这些数字包括 2024 年至 2026 年期间筹集的 3000 多亿美元新资本，以及到 2026 年我们的财务指标，即每股 4.50 多美分的 FRE、每股 7 多美元的总运营收益和 7 至 8 美元的调整后每股净收益（税后）。
So looking at the LTM figures that we reported this morning, our 2026 guidance implies a 20% annual growth rate, plus or minus across all three of these key financial metrics. Overall, our activity levels and the momentum across the firm feel very strong. We are continuing to see our management fees scale meaningfully with 13% year-over-year growth, and this is before our in-market flagship funds have turned on.
因此，从我们今天上午报告的长期数据来看，我们 2026 年的指导目标意味着年增长率为 20%，所有这三个关键财务指标都有增减。总体而言，我们的活动水平和整个公司的发展势头都非常强劲。我们的管理费持续大幅增长，同比增长 13%，这还是在我们的市场旗舰基金启动之前。
有明确具体的增长目标，20%是不低的目标。
We are also seeing continued real signs of the monetization backdrop improving as evidenced by our Q2 realized performance fees and investment income. Last quarter I mentioned that we had very healthy pipelines on the back of the improved environment as well as our diversified and performing portfolio. I will echo those same comments again this quarter.
我们还看到货币化背景持续改善的真实迹象，第二季度实现的绩效费用和投资收入就是证明。上一季度，我曾提到，在环境改善以及投资组合多样化和业绩良好的背景下，我们的投资管道非常健康。本季度，我将再次重申这些观点。
So far in Q3, we have already completed a secondary sale of our shares in Copisai [ph], took our portfolio company OneStream public and advised Lineage Logistics, a third party capital markets client, on their IPO as well.` As a result of the current activity levels, our capital markets business saw its second highest revenue quarter in the past couple of years in Q2. Looking forward, unless something changes in the market or a deal pipeline gets pushed Q3 capital markets fees are shaping up to be one of the highest in our history.
第三季度到目前为止，我们已经完成了 Copisai[音]股份的二次出售，将我们的投资组合公司OneStream上市，并为第三方资本市场客户 Lineage Logistics 的首次公开募股提供咨询。展望未来，除非市场发生变化或交易管道被推后，否则第三季度的资本市场费用将成为我们历史上最高的季度之一。
Turning to strategic holdings, we've only reported this segment on a standalone basis for two quarters, but we remain confident in our ability to take the business to over $1 billion of operating earnings by 2030. Stepping back I don't think there are a lot of corporates giving seven-year guidance, so I think this really does speak to our confidence in both the durability and growth orientation of these cash flows.
至于战略控股，我们仅在两个季度内对这一部门进行了独立报告，但我们仍然有信心到 2030 年使该业务的运营收益超过 10 亿美元。退一步讲，我不认为有很多公司会给出七年的指导，所以我认为这确实说明了我们对这些现金流的持久性和增长方向的信心。
Now, turning to insurance, there are a lot of really positive developments this quarter, so I wanted to spend a bit of extra time taking you through a number of business building initiatives. In Q2, we saw record volume of inflows from Global Atlantic across annuity sales and flow reinsurance totaling over $8 billion in the quarter, compared to less than $3 billion just a year ago. And looking at the last four quarters in aggregate, total inflows including block activity have been over $50 billion. That's the highest point in any 12-month period in GA's history.
现在谈谈保险，本季度有很多非常积极的发展，所以我想多花一点时间带大家了解一些业务建设举措。在第二季度，我们看到全球大西洋公司（Global Atlantic）在年金销售和流量再保险方面的资金流入量创下新高，本季度总额超过 80 亿美元，而一年前还不到 30 亿美元。纵观过去四个季度，包括分块活动在内的资金流入总额已超过 500 亿美元。这是 GA 历史上任何 12 个月期间的最高点。
On the earnings front, we continue to feel good about our ability to generate 14% to 15% pretax ROEs as the right long-term target. The ROE for Q2 came in below this range as a result of a couple of factors, but mostly a function of us leaning into the long-term opportunity at GA. The drivers for the quarter include elevated levels of liquidity from our big block reinsurance transactions, as well as the significant ramp up in quarterly volumes and some of the investments we are choosing to make that favor longer term ROEs, really at the expense of near-term ROEs.
在盈利方面，我们仍然认为我们有能力实现 14% 至 15% 的税前 ROE，并将此作为正确的长期目标。第二季度的 ROE 低于这一范围是由几个因素造成的，但主要是我们看好 GA 的长期机遇。本季度的驱动因素包括我们的大宗再保险交易带来的流动性水平的提高，以及季度业务量的大幅增长和我们选择进行的一些有利于长期投资回报率的投资，这实际上是以牺牲近期投资回报率为代价的。
糠伴饭，并且是牛B，那么这些牛都很具体。
Overall, we continue to feel great about the long-term trajectory at GA and the opportunity for us to create significant value together. In particular, given that we are now six plus months into owning 100%, we thought we'd bring you through some tangible examples of how our closer collaboration across investments as well as capital markets are driving real business performance.
总体而言，我们仍然对 GA 的长期发展前景以及我们共同创造巨大价值的机会充满信心。特别是，鉴于我们现在已经拥有 100%的股份 6 个多月了，我们认为我们应该通过一些具体的例子，向大家介绍我们在投资和资本市场方面的紧密合作是如何推动实际业务绩效的。
First, in real estate, we recently closed on a $2 billion unlevered acquisition of a 5000 plus unit multifamily portfolio. Given the dearth of real estate, excuse me, of core real estate capital globally, we are seeing excellent risk return for the few very well capitalized buyers in the market of which we are one. We have conservatively priced this deal to an 8% unlevered return with significant upside potential, which we think is a really compelling risk adjusted return. But it's the type of deal that is going to put some pressure on our near-term ROEs for the benefit of longer term profitability.
首先，在房地产方面，我们最近完成了对一个拥有 5000 多个单元的多户住宅投资组合的 20 亿美元无杠杆收购。鉴于全球房地产，不好意思，核心房地产资本的匮乏，我们看到市场上少数资本雄厚的买家获得了极佳的风险回报，我们就是其中之一。我们对这笔交易进行了保守定价，无杠杆回报率为 8%，并有很大的上升潜力，我们认为这是一个非常有吸引力的风险调整回报率。但这种交易会给我们的近期投资回报率带来一定的压力，从而影响长期盈利能力。
怎么算出来的？
As an example, we expect the year one yield on this portfolio to be in the low 4% range, obviously less than where we are originating our liabilities today. But the combination of yields increasing over time and the expected appreciation of the asset make this a really interesting deal and one we're excited to pursue for the long-term.
举例来说，我们预计该投资组合第一年的收益率将在 4% 左右，显然低于我们目前的负债水平。但随着时间的推移，收益率会不断提高，再加上资产的预期升值，这将是一笔非常有趣的交易，我们很高兴能长期进行这笔交易。
Now, there will naturally be a limit to how much of this type of investment that we want to make, but I think it's a really great example of our increased coordination between our real estate equity team and GA. We also have had a very positive development this quarter on the infrastructure side of our business. We announced an investment in Labrador Island Link, which is a transmission line that brings renewable energy to Eastern Canada. This is the first collaboration between Global Atlantic and KKR's infrastructure teams, who work together to structure the equity interest with significant downside protection.
现在，我们对此类投资的数量自然会有所限制，但我认为这是我们加强房地产股权投资团队与 GA 之间协调的一个很好的例子。本季度，我们在基础设施业务方面也取得了非常积极的进展。我们宣布了对拉布拉多岛链的投资，这是一条将可再生能源输送到加拿大东部的输电线路。这是 Global Atlantic 与 KKR 基础设施团队之间的首次合作，他们共同构建了具有重大下跌保护的股权结构。
And finally, we wanted to take you through a brief case study from early Q3 that combines Global Atlantic, our credit teams, as well as our capital markets franchise. CyrusOne, a data center portfolio company of ours, has been growing rapidly with demand for hyperscale facilities continuing to increase driven by cloud and AI deployment. To support this growth, our capital markets team helped arrange an $8 billion facility of which we sole led the $3 billion institutional tranche that was anchored by Global Atlantic.
最后，我们想带大家回顾一下第三季度初的一个简要案例，该案例结合了 Global Atlantic、我们的信贷团队以及我们的资本市场特许经营权。CyrusOne 是我们的一家数据中心投资组合公司，随着云计算和人工智能部署对超大规模设施的需求持续增长，该公司一直在快速发展。为了支持这一增长，我们的资本市场团队帮助安排了一笔 80 亿美元的融资，其中我们独家主导了由 Global Atlantic 主导的 30 亿美元机构融资。
Strategically, this represents a really exciting evolution in our playbook, where we generated a great outcome for a portfolio company, made a compelling credit investment, and were able to simultaneously drive capital markets fees. All of these examples would not have been possible without the interconnectivity across the firm and our model. We expect many more examples like this to come.
从战略上讲，这代表着我们的策略发生了真正令人兴奋的变化，我们为一家投资组合公司创造了巨大的成果，进行了引人注目的信贷投资，并能够同时推动资本市场费用的增长。如果没有整个公司和我们模式的互联互通，所有这些例子都是不可能实现的。我们期待着更多这样的例子出现。
Now before handing it off to Scott, I wanted to briefly touch on some of our operating metrics across the firm, where there continues to be very significant momentum. In the quarter we raised $32 billion of capital. This is the second most active fundraising quarter in our history. This is the second most active fundraising quarter in our history. Of particular note, we're very pleased with the initial reception of our global infrastructure V fund.
现在，在交给斯科特之前，我想简要谈谈我们公司的一些运营指标，这些指标继续保持着非常显著的增长势头。在本季度，我们筹集了 320 亿美元的资金。这是我们历史上筹资第二活跃的季度。这是我们历史上第二活跃的筹资季度。尤其值得注意的是，我们对全球基础设施 V 基金的初步反响非常满意。
Through July, approximately $10 billion of capital has been raised and in June we launched our Americas private equity flagship fundraise. So our fundraising super cycle is now well underway. Also, within private equity, our middle market strategy called Ascendant has already achieved its fundraising goal of $4 billion and we have not yet held its final close.
到 7 月份，我们已经筹集了大约 100 亿美元的资金，6 月份，我们启动了美洲私募股权旗舰基金募集活动。因此，我们的超级募资周期目前正在顺利进行。此外，在私募股权领域，我们名为 Ascendant 的中间市场战略已经实现了 40 亿美元的筹资目标，我们还没有进行最后的结算。
It's a great outcome for a first time fund, obviously something that is adjacent and benefiting from our existing private equity team, and I think it really speaks to the receptivity of our investors to the quality of our team and our track record as we look to fundraise for our next flagship.
对于首次成立的基金来说，这是一个很好的结果，很明显，它与我们现有的私募股权团队相邻并从中受益，我认为这真正说明了我们的投资者对我们团队的素质和我们的业绩记录的接受程度，因为我们正在寻求为下一个旗舰基金筹集资金。
Focusing for a moment specifically on private wealth, our K-Series vehicles in the quarter raised $2.8 billion of capital, 60% of which was driven by our private equity strategy. The K-Series suite has gained real momentum, but we are still in the earliest of days of what we view to be a really long-term strategic focus.
在本季度，我们的 K 系列工具筹集了 28 亿美元的资金，其中 60% 的资金来自我们的私募股权战略。K 系列工具已经获得了真正的发展势头，但我们仍处于我们认为真正长期战略重点的最初阶段。
As a reminder, we now have vehicles across our four key investing verticals. That's private equity, infrastructure, real estate, as well as credit, representing over $11 billion of AUM, and that's up from approximately $3 billion just a year ago. And looking beyond K-Series, we recently announced our exclusive strategic partnership with Capital Group, one of the largest global active asset managers. With $2.6 trillion of AUM and serving 67 million individual investors, Capital Group has built a leading client franchise with world class wealth distribution capabilities.
提醒一下，我们现在在四个关键投资领域都有投资工具。那就是私募股权、基础设施、房地产以及信贷，代表超过110亿美元的管理资产规模（AUM），这比一年前大约30亿美元有所增长。而且，除了K系列之外，我们最近宣布与Capital Group建立了独家战略合作伙伴关系，Capital Group是全球最大的主动资产管理公司之一。拥有2.6万亿美元的管理资产规模，服务于6700万个人投资者，Capital Group建立了一个领先的客户特许经营权，拥有世界级的财富分销能力。
Capital Group没有上市。
By combining Capital Group's public market investing as well as distribution expertise with KKR's nearly 50-year track record in alternatives investing, we plan to introduce a series of hybrid public, private investment solutions that make the KKR platform available to a broader universe of investors.
通过将 Capital Group 的公开市场投资和分销专长与 KKR 近 50 年的另类投资业绩记录相结合，我们计划推出一系列混合型公开、私募投资解决方案，使 KKR 平台面向更广泛的投资者。
Importantly, the hybrid products are a step beyond what we are already doing with the K-Series and the accredited investor universe as they expand our reach to include the mass market. We're excited about the future of this collaboration, and we will share much more as we approach the product's expected launch in 2025.
重要的是，混合产品超越了我们在 K 系列和经认可的投资者领域所做的工作，因为它们将我们的业务范围扩大到了大众市场。我们对这一合作的未来感到兴奋，随着产品预计在 2025 年推出，我们将分享更多信息。
Turning to capital invested, we deployed $23 billion of capital in Q2. For the first half of 2024 we have now deployed $37 billion, which is almost double the first half of 2023. Real estate in particular had a strong deployment quarter across equity and credit. On the credit and liquid strategy side, direct lending continued to put capital to work as well as opportunities in high-grade ABF.
关于投入的资本，我们在第二季度部署了 230 亿美元的资本。2024 年上半年，我们已经部署了 370 亿美元，几乎是 2023 年上半年的两倍。尤其是房地产业务，本季度在股票和信贷方面的投入都很强劲。在信贷和流动性策略方面，直接借贷继续投入资金，高等级 ABF 也有机会。
Importantly, there remains a very healthy pipeline for deployment in the second half of 2024 as well. Overall, we remain very excited around the business momentum that we are seeing across the firm and how that can really translate into further P&L outcomes over the second half of the year.
重要的是，在 2024 年下半年，仍有一个非常健康的部署管道。总体而言，我们对整个公司的业务发展势头以及如何在下半年将其真正转化为更多的损益成果感到非常兴奋。
And with that, let me turn it over to Scott.
下面请斯科特发言。
Scott Nuttall
Thank you Rob, and thank you everybody for joining our call today. Last month we held our annual meeting for our fund investors, followed by KKR's partners meeting. I thought while we were together today I would share some of the messages we shared in those sessions and some reflections from Joe and me on the first half of the year and our expectations for the second half.
感谢罗伯，感谢大家参加我们今天的电话会议。上个月，我们召开了基金投资者年会，随后又召开了 KKR 合作伙伴会议。我想，趁着今天大家聚在一起的机会，我想和大家分享一下我们在这些会议上分享的一些信息，以及乔和我对今年上半年的一些反思和对下半年的预期。
The main message we shared with our investors is that we are seeing significantly greater market activity since the beginning of the year. The macro inflation and rates backdrop has improved, markets are open and the deal market is back. To give you a sense, globally, year-to-date, leveraged credit issuance is up over 100%, IPOs are up nearly 15% and announced M&A is up approximately 25%.
我们与投资者分享的主要信息是，自年初以来，我们看到市场活动明显增加。宏观通胀和利率背景有所改善，市场开放，交易市场回归。从全球范围来看，年初至今，杠杆信贷发行量增长了 100%，首次公开募股增长了近 15%，宣布的并购增长了约 25%。
And given it typically takes a couple of quarters for the market to turn back on, these numbers understate the run rate activity we are feeling today. If this momentum continues, we believe you will see even more activity and announced deals and exits in the second half of the year. We are seeing this dynamic across our businesses.
鉴于市场通常需要几个季度的时间才能恢复，这些数字低估了我们今天所感受到的市场活动。如果这种势头能够持续下去，我们相信下半年会有更多的活动、交易和退出。我们在各项业务中都看到了这种动态。
Deployment is up, monetizations are up, capital markets revenues are up, yield pipelines are up and visibility is high. Unless something happens to disrupt this momentum, we expect to see increased activity in the second half of this year relative to the first. What's also encouraging is that we believe this is a very attractive investment environment.
部署在增加，货币化在增加，资本市场收入在增加，收益管道在增加，能见度也很高。除非发生什么事情破坏这一势头，否则我们预计今年下半年的活动将比上半年有所增加。同样令人鼓舞的是，我们相信这是一个非常有吸引力的投资环境。
Volatility and uncertainty are still with us. So far 2024 feels like it could be a sweet spot year where values are attractive and activity levels are high. This is in contrast to last year when values were attractive but transaction volumes were more muted as owners of mature assets didn't want to sell or finance them in a closed market. This year we not only have an open market, we have pent up supply of deals that didn't get done the last couple of years coming to market, so we are optimistic.
波动性和不确定性依然存在。到目前为止，我们感觉 2024 年可能会是价值诱人、交易活跃的一年。这与去年形成鲜明对比，去年的价值很有吸引力，但交易量却比较低迷，因为成熟资产的所有者不想在封闭的市场上出售或融资。今年，我们不仅有一个开放的市场，还有过去几年未能完成的交易，因此我们很乐观。
A couple other things we shared in our June sessions, in private equity, while many in our industry over deployed in and around 2021, we did not. We have been applying the lessons we learned before and during the financial crisis and have been deploying in a linear fashion the last many years. As a result, we have strong returns, dry powder and a healthy portfolio.
我们在六月份的会议上还分享了其他几件事：在私募股权投资领域，虽然我们行业中的许多人在 2021 年前后进行了过度部署，但我们没有。我们一直在吸取金融危机之前和期间的经验教训，并在过去许多年里以线性方式进行了部署。因此，我们获得了丰厚的回报、干粉和健康的投资组合。
In credit we're seeing the benefits of a scaled $230 billion plus platform with significant opportunity across now a $40 trillion global credit space. Our private credit business is now over $100 billion and we continue to see attractive investing opportunities in asset based finance, Asia credit, opportunistic investing and junior debt amongst other areas.
在信贷领域，我们看到了一个规模超过 2,300 亿美元的平台所带来的好处，在目前 40 万亿美元的全球信贷领域中蕴藏着巨大的机会。我们的私人信贷业务目前已超过 1,000 亿美元，我们将继续在资产融资、亚洲信贷、机会型投资和次级债等领域寻找有吸引力的投资机会。
普通股228亿美元，都是别人的钱。
In infrastructure, the global opportunity is immense across our efforts in core, value add and climate. The capital need massively outstrips supply and we feel very well positioned. In real estate, the credit opportunity remains compelling with banks on the sidelines and the equity investment opportunity is very attractive.
在基础设施领域，我们在核心业务、增值业务和气候业务方面都面临着巨大的全球机遇。资金需求大大超过供给，我们感觉自己处于有利位置。在房地产领域，由于银行持观望态度，信贷机会仍然引人注目，股权投资机会也非常诱人。
As a reminder, we started our real estate business in 2011. We don't have office and retail exposure of any consequence, so we have the ability to play offense in this environment and we believe we will take share over the next several years and will benefit from the current and coming dislocation.
需要提醒的是，我们的房地产业务始于 2011 年。我们没有任何办公楼和零售店的风险敞口，因此我们有能力在这种环境下发挥进攻能力，我们相信我们将在未来几年内占据份额，并将从当前和未来的错位中受益。
The real estate investment opportunity is highly compelling. We have closed or are under exclusive contract on over $10 billion of real estate equity deals since April 1 and have a full pipeline as some owners of real estate seek liquidity and sell their best assets. And in this environment, scale is trading at a discount.
房地产投资机会非常引人注目。自 4 月 1 日以来，我们已经完成或正在独家签约超过 100 亿美元的房地产股权交易，而且随着一些房地产所有者寻求流动性并出售其最好的资产，我们的投资渠道也将更加畅通。在这种环境下，规模交易是有折扣的。
And we also introduced a fifth asset class to our investors in June, insurance. This is the ivy sidecar franchise that invests alongside the global Atlantic balance sheet in block and flow deals. This area has amongst the most compelling capital supply-demand imbalances we see across the firm.
今年 6 月，我们还向投资者推出了第五类资产--保险。这是常春藤侧车专营权，与全球大西洋资产负债表一起投资于大宗交易和流动交易。在我们看来，这一领域是整个公司资本供需失衡最严重的领域之一。
And speaking of GA, we're now roughly seven months since we became 100% owners. We've been focused on mining the untapped opportunities we shared with you last November when we announced the deal. As you heard, GA is growing rapidly and as we transition the business to 100% ownership, we're seeing the combined impact of simultaneous fast growth and investing in the business for the long-term.
说到 GA，我们成为 100%所有者已有七个月了。我们一直专注于挖掘去年 11 月宣布交易时与大家分享的尚未开发的机会。正如你们所听到的，GA 正在快速增长，随着我们将业务过渡到 100％ 所有权，我们看到了快速增长和长期投资业务同时带来的综合影响。
As we sit here today, we feel very optimistic about the opportunities to create value with GA at 100%, investing across more KKR asset classes, scaling KKR capital markets and structured assets, going global in particularly in Japan, and finding more ways to work together more broadly. Overall, the opportunity with GA is greater in our minds today than it was at the beginning of the year.
今天，我们坐在这里，对与 GA 共同创造价值的机会感到非常乐观，100% 投资于更多的 KKR 资产类别，扩大 KKR 资本市场和结构性资产的规模，走向全球尤其是日本，以及寻找更多更广泛的合作方式。总体而言，在我们心目中，GA 今天的机遇比年初时更大。
So to keep it simple, the market is open, the firm is very active, our investment performance is particularly strong. We've never felt better about our team and we are well positioned to execute the plan we shared with you at our April Investor Day.
因此，简单地说，市场是开放的，公司非常活跃，我们的投资业绩特别强劲。我们对自己的团队从未有过如此好的感觉，我们已做好充分准备，执行我们在四月投资者日上与大家分享的计划。
With that, we're happy to take your questions.
好了，我们很高兴回答您的问题。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] Your first question comes from Craig Siegenthaler with Bank of America. Please go ahead.
谢谢[第一个问题来自美国银行的 Craig Siegenthaler。请说
Craig Siegenthaler 克雷格-西根塔勒
Good morning, everyone. My question is on GA's net investment income in your comments on long-term versus near-term ROEs. So given GA's investment portfolio yield that it's currently depressed because you have excess levels of liquidity that have yet to be deployed, how do you expect yields to improve as you fully deploy the excess liquidity and over what timeline?
大家早上好。我的问题是关于 GA 的净投资收益，您在评论中提到了长期与近期的投资回报率。鉴于 GA 的投资组合收益率目前处于低迷状态，因为你们有过剩的流动资金尚未部署，那么随着过剩流动资金的充分部署，你们预计收益率将如何提高？
Rob Lewin 罗伯-卢因
Hey Craig, it's Rob. Thanks for the question. Why don't I start out and there's a couple of things going on, and maybe the shorter part of your answer is going to ultimately depend on what the growth is from here, but maybe let's talk a little bit about what we're seeing in the business. You referenced a lot of growth and just to put some numbers around that, if you look at the past nine months, we've taken on $50 billion of additional capital.
克雷格，我是罗布。谢谢你的问题。我想从几个方面入手，也许你的回答中较短的部分最终将取决于今后的增长情况，但也许我们可以谈谈我们在业务中看到的情况。你提到了大量的增长，如果你看一下过去九个月的数据，我们已经吸收了 500 亿美元的额外资本。
That compares to $20 billion in the preceding nine months. And we're trying to be very thoughtful, as you can imagine, around deployment, as we're digesting that growth. We're also using new muscles inside of our firm as it relates to linking up our real estate equity team, our infrastructure team, our capital markets team and so there's a lot of really good work going on.
而在此前的九个月里，这一数字为 200 亿美元。可以想象，在消化这一增长的过程中，我们正努力在部署方面深思熟虑。我们还在公司内部动用新的力量，将我们的房地产股权投资团队、基础设施团队和资本市场团队联系在一起，因此有很多非常出色的工作正在进行。
And as a result, we've been operating at elevated levels of liquidity. And so just again, to put some numbers behind that, if you look at the end of the quarter, we had roughly $8 billion of cash. If you look a year ago, that number was closer to $4 billion and that doesn't even take into account a lot of the high-grade corporates that we have that are being weighted to be rotated into higher yielding assets.
因此，我们的流动性一直处于较高水平。因此，如果你看一下本季度末的数据，我们大约有 80 亿美元的现金。一年前，这一数字接近 40 亿美元，这还没有考虑到我们拥有的大量高等级公司债券，这些债券被加权转为收益率更高的资产。
And I think the other point that I think is worth talking about, as we think about what the medium term net investment income can look like and ROE could look like, is really this point I was trying to get at in the prepared remarks around us actively making investments today that we believe will generate meaningful long-term ROE, but that's coming at the expense of shorter term ROE. It's that core real estate example that I mentioned where day one, we expect running yields to be roughly 4%.
在我们考虑中期净投资收益和投资回报率的时候，我认为还有一点值得一谈，那就是我在事先准备好的发言稿中想说的，我们今天积极进行投资，我们相信这些投资将产生有意义的长期投资回报率，但这是以牺牲短期投资回报率为代价的。这就是我提到的核心房地产的例子，从第一天起，我们就预计收益率大约为 4%。
If you think about where we're originating liabilities today, that's north of 5% and so not only are those investments not accretive to our near-term P&L, they're actually dilutive. But for those who have followed us a while, been shareholders with us for a long time, I think they'll know that we're always going to make the decision to take some pain on short-term P&L for long-term earnings power.
因此，这些投资不仅不会增加我们的短期损益，反而会稀释我们的收益。但是，对于那些长期关注我们、与我们长期合作的股东来说，我想他们会知道，我们总是会做出决定，在短期损益上承受一些痛苦，以换取长期的盈利能力。
And so it's tough to then extrapolate from there exactly what that's going to mean to near-term ROEs and returns as a lot of that is a function of the growth that we expect. But as we look forward, we look at Q3 and Q4, our expectation is we'll have operating earnings that are in and around where we are in Q2.
因此，很难推断这对近期的投资回报率和回报率意味着什么，因为这在很大程度上取决于我们预期的增长。但是，展望未来，展望第三季度和第四季度，我们的预期是，我们的运营收益将与第二季度持平或相近。
And as we think about how we ramp up into 2025, my expectation is we're probably based on the growth we see in front of us, we're probably operating at a level that's a little bit below our 14% to 15% long-term ROE range. But again, all in service for that long-term growth that we feel across the KKR platform and that we believe pretty strongly will benefit GA's long-term P&L.
当我们考虑如何在 2025 年实现增长时，我的预期是，根据我们眼前的增长情况，我们的运营水平可能会略低于 14% 至 15% 的长期 ROE 范围。但是，所有这些都是为长期增长服务的，我们认为这贯穿了整个 KKR 平台，而且我们坚信这将有利于 GA 的长期损益。
Craig Siegenthaler 克雷格-西根塔勒
Thank you, Rob. 谢谢你，罗布。
Rob Lewin 罗伯-卢因
Thanks, Craig. 谢谢，克雷格。
Scott Nuttall
Thanks, Craig. 谢谢，克雷格。
Operator 操作员
Next question, Bill Katz with TD Cowen. Please go ahead.
下一个问题是 TD Cowen 的 Bill Katz。请说
Bill Katz 比尔-卡兹
Okay. Thank you very much. So many questions, but in so little time. Just in terms of volume, so you reiterated the $300 billion, you're certainly well on your way to that. You launched, you got the first close in on Global V, and V is great and you mentioned that you sort of now in the market for the North America fund. I was wondering if you could just sort of comment about what you're hearing from the LPs on demand across the asset classes? And then maybe tie that into Asia, when that might start to come into the market as well? Thank you.
好的 非常感谢 Okay.非常感谢问题这么多，时间却这么短。就数量而言，你重申了 3,000 亿美元的目标，你们肯定正在朝着这个目标前进。你们启动了全球五期基金，并完成了第一笔交易，五期基金非常好，而且你们提到，你们现在正在北美基金市场上进行排序。我在想，你是否可以谈谈你从 LPs 那里听到的关于不同资产类别的需求？然后，或许可以将其与亚洲联系起来，看看亚洲何时也会开始进入市场？谢谢。
Scott Nuttall
Hey, Bill, it's Scott. Thanks for the question. There are a couple things. One is just broader context for you. I know there tends to be a lot of focus on the flagship funds, but if you go back and think about what's been going on with the firm, even go back to the beginning of 2022, so call it the last two and a half years, we raised $214 billion. Only $14 billion of the 214 was in flagships. So happy to chat about the flagships, but we should also keep in mind the vast majority of the activity that we've been generating has been outside of that and to your point, we now have the flagships coming back as well. The overall tone in the fundraising market continues to improve. I think it kind of depends on where you are and what you're talking about. So let's just talk about asset classes.
嘿，比尔，我是斯科特。谢谢你的提问。有几件事。一是为你提供更广泛的背景。我知道旗舰基金往往是大家关注的焦点，但如果你回过头来想想公司的发展历程，甚至可以追溯到 2022 年初，也就是过去的两年半，我们募集了 2140 亿美元。其中只有 140 亿美元是旗舰产品。因此，我们很高兴谈论旗舰项目，但我们也应该记住，我们一直在开展的绝大多数活动都是在旗舰项目之外进行的。募资市场的整体氛围在继续改善。我认为这取决于你在哪里，你在谈论什么。那我们就谈谈资产类别吧。
Infrastructure and private credit, we continued to see investors very interested and trying to catch-up to the allocations that they have made. So it continues to be quite a bit of activity in those asset classes. I would also include real estate credit in that area. It's kind of a similar theme to private corporate credit.
在基础设施和私人信贷方面，我们继续看到投资者对其非常感兴趣，并试图追赶他们已经作出的配置。因此，这些资产类别的投资活动依然十分活跃。我还想把房地产信贷纳入这一领域。这与私人公司信贷的主题类似。
Then you kind of move on into real estate equity, where I think the sentiment is shifting a bit right now. There has been more caution, no doubt. Our perspective is that the sentiment has bottomed in the last year. Valuations have bottomed in the first half of this year, and as you heard in the prepared remarks, we've been quite active deploying into real estate equity.
然后再进入房地产股票领域，我认为现在的情绪正在发生一些变化。毫无疑问，人们更加谨慎了。我们的观点是，市场情绪已在去年触底。今年上半年，估值已经触底，正如你们在准备好的发言稿中听到的，我们一直在积极部署房地产股票投资。
I'd say the fundraising is going to lag that reality a little bit, but we're starting to have more conversations with investors that understand, although it may be perceived as a bit contrarian, this is a really good time to invest in real estate equity. And then in private equity activity is picking up. As you heard, monetizations are up and deployment is up. People are starting to get more money back, so those with more mature programs are starting to see some of that. I think you'll see more of that as we get into the latter half of the year.
我想说的是，资金筹集会稍稍滞后于现实情况，但我们开始与投资者进行更多的对话，他们明白，虽然这可能被认为有点逆向思维，但现在确实是投资房地产股权的好时机。私募股权投资的活动也在回暖。正如你们所听到的，货币化和部署都在增加。人们开始拿回更多的钱，因此那些拥有更成熟项目的公司也开始看到这一点。我认为进入下半年后，你会看到更多这样的情况。
We have just launched our flagship U.S. private equity funds. There's not a lot to report as of yet. I'll let Craig give an update on our Ascendant strategy, which is a recent data point in a minute. But it feels to us like there's a decent chance the private equity fundraising environment has bottomed as well and you'll start to see sentiment shift to the positive.
我们刚刚推出了美国私募股权旗舰基金。目前还没有太多可报告的。我会让克雷格介绍一下我们的 Ascendant 战略的最新情况，这是一个近期的数据点。但我们觉得，私募股权基金的募资环境也很有可能已经触底，你们将开始看到市场情绪转向积极。
More broadly, as you know, private wealth, big opportunity for us all upside. Insurance companies we thought might pull back from us a little bit as rates went up, have not seen that, actually are seeing as much activity and momentum in insurance as we've seen in a while. And so we do think there's quite a bit of activity. Sorry for the long answer, but hopefully it gives you a sense that there's a variety of different things happening underneath the surface.
更广泛地说，如你所知，私人财富对我们来说都是巨大的上升机会。我们原以为随着利率的上升，保险公司会稍稍回避我们，但没有看到这种情况，实际上，我们在保险业看到的活动和势头是我们在一段时间内看到的最多的。因此，我们确实认为有相当多的活动。对不起，我的回答太长了，但希望这能让你感觉到，在表面之下，有各种不同的事情正在发生。
And on private equity, Craig, why don't you just give the latest data point we have? It's not a big one, but it's at least indicative.
关于私募股权投资，克雷格，你为什么不给出我们掌握的最新数据呢？虽然不是什么大数据，但至少能说明问题。
Craig Larson 克雷格-拉尔森
Sure. Hey Bill, thanks for the question. So, as you heard from Rob in our prepared remarks, we've made what we feel is some great progress on Ascendant. That's our middle market private equity strategy, first time vehicle for us. As of June 30, we're at $4.1 billion. We have a $4.6 billion hard cap there, and we're in a pretty advantageous spot at the moment. We're oversubscribed at that hard cap. And so to be clear, we are turning away clients that want to begin final diligence there. And for some of those clients, through final diligence, we're cutting back on allocations. So the backdrop is one that feels constructive there. Again, far too early to try to lead through those dynamics as it relates to North America $14 billion [ph], but again, thought that would also be a helpful data point.
比尔，谢谢你的问题。正如罗布在事先准备的发言中所说，我们在 Ascendant 项目上取得了重大进展。这是我们的中间市场私募股权投资战略，也是我们的首次投资。截至 6 月 30 日，我们的投资额为 41 亿美元。我们的硬上限为 46 亿美元，目前我们处于一个相当有利的位置。我们在硬上限上获得了超额认购。因此，要明确的是，我们正在拒绝那些想在那里开始最终调查的客户。对于其中一些客户，通过最终调查，我们正在削减分配。因此，在这种背景下，我们感觉是有建设性的。再次强调，现在就试图对北美 140 亿美元[音]的动态进行引导还为时过早，但我认为这也是一个有用的数据点。
Rob Lewin 罗伯-卢因
And Bill, just one other thing from me, maybe two quick, because I know there's a lot of interest in the fundraising environment. We are continuing to see a couple of other themes. One is concentration of relationships. So we're finding more investors want to do more with fewer partners, and so we're continuing to see that trend accelerate.
比尔，我还想说两句，因为我知道大家对筹资环境很感兴趣。我们继续看到其他几个主题。一个是关系集中。因此，我们发现越来越多的投资者希望与更少的合作伙伴一起做更多的事情，所以我们继续看到这一趋势在加速发展。
Also, I think there's increased recognition of what we've been talking about for the last decade, plus the power of portfolio construction, deployment, pacing and tools to add value. And you're going to see much higher dispersion of results, I think and we'll figure out who did a good job the last five years and we feel really well positioned in that context.
此外，我认为人们越来越认识到我们过去十年一直在谈论的事情，以及投资组合的构建、部署、节奏和工具在增加价值方面的力量。我认为，你将会看到更高的结果分散性，我们会找出过去五年谁做得好，在这种情况下，我们觉得自己确实处于有利位置。
Bill Katz 比尔-卡兹
Thank you. 谢谢。
Operator 操作员
Next question, Alex Blostein with Goldman Sachs. Please go ahead.
下一个问题是高盛集团的亚历克斯-布洛斯坦。请说。
Alexander Blostein 亚历山大-布洛斯坦
Hey, good morning, everybody. Thank you for the question. So, I wanted to start with a question around the outlook for deployment. You mentioned it a number of times that the pipelines look pretty robust and you've announced a handful of deals as well. So when we think about private equity in particular, as you deploy this capital, how are you thinking about utilization of direct lending markets versus syndicated markets over the coming several quarters?
大家早上好。感谢你们的提问。我想先问一个关于部署前景的问题。你们多次提到，你们的投资管道看起来非常稳健，你们也宣布了一些交易。那么，当我们考虑私募股权投资时，尤其是在你们部署这些资本时，你们是如何考虑在未来几个季度利用直接借贷市场和银团市场的？
And on the flip side, I guess, what does that mean for your own direct lending business as you're navigating this environment where syndicated bank loan market seems to be back in kind of full force? Thanks.
我想，从另一个角度看，在银团贷款市场似乎重新全面发力的大环境下，这对你们自己的直接贷款业务意味着什么？谢谢。
Craig Larson 克雷格-拉尔森
Alex, it's Craig. Why don't I start? So first, just as it relates to private equity, and you would have seen some of this in the page in our press release, we are have a very healthy backlog of traditional private equity investments. Feels like in the second half of the year, we're going to continue to see an acceleration of activity there, which is great to see.
亚历克斯，我是克雷格我先开始吧。首先，关于私募股权投资，你们可以在我们的新闻稿中看到一些内容，我们有非常健康的传统私募股权投资积压。今年下半年，我们将继续看到私募股权投资活动的加速发展，这很值得期待。
I think on your point on the syndicated versus the direct lending of private debt markets, it just provides optionality. When we think back, or when we all think back to a year ago in the syndicated debt markets were closed, I think we saw M&A volumes, honestly be pretty modest. And as Scott had mentioned, we were very constructive on risk reward. But with many of those financing markets effectively shut in the syndicated markets in particular, it just led to a reduced level of activity.
我认为，关于银团与私人债务市场直接借贷的问题，这只是提供了可选性。回想一下，或者说回想一下一年前，当银团债务市场关闭时，我认为我们看到的并购数量，说实话是相当有限的。正如斯科特提到的，我们对风险回报非常有建设性。但是，由于许多融资市场，尤其是银团融资市场实际上都关闭了，这就导致了并购活动的减少。
So I think it's actually very helpful in terms of private equity deployment, honestly, in terms of private debt deployment and the outlook to have a very healthy syndicated debt market. But we'll be able to, from again, a PE standpoint, it gives us the flexibility to think through what we think the right solution is in the framework of that particular investment. So I think with a private debt hat on, you may see a smaller market share versus those environments where the syndicated debt markets are really volatile. But you'll see overall volumes be a lot higher.
因此，我认为这实际上对私募股权投资的部署非常有帮助，老实说，对私募债务的部署以及拥有一个非常健康的银团债务市场的前景也非常有帮助。不过，从私募股权的角度来看，我们也能灵活地思考，在特定投资的框架内，我们认为正确的解决方案是什么。因此，我认为戴上私募债的帽子，你可能会看到市场份额会比那些银团债务市场非常不稳定的环境要小。但你会看到整体交易量会高出很多。
Scott Nuttall
Yes, Alex, it's Scott. I think that's well said. We use both. It depends on the circumstance and the deal. The way I think about this is last year the deal volumes were so muted. It was quite a bit of focus on how large a share the private credit market had. This is one of these environments where it becomes clear that a smaller share of more pie can still be more pie. And so that's how I would think about it.
是的，亚历克斯，我是斯科特。说得好我们两者都用。这取决于具体情况和交易。我的看法是，去年的交易量非常低迷。很多人都在关注私人信贷市场的份额有多大。在这种环境下，我们可以清楚地看到，小份额的蛋糕仍然可以做得更大。这就是我的看法。
Operator 操作员
Next question, Patrick Davitt with Autonomous Research. Please go ahead.
下一个问题由 Autonomous Research 公司的 Patrick Davitt 提出。请说。
Patrick Davitt 帕特里克-达维特
Hey, good morning, everyone. Could you give us an update on the K Series distribution rollout and to what extent you can give specifics on any large platforms coming online with certain products over the next few quarters. And then more broadly, any update or thoughts on plans to add new products to the suite? Thank you.
大家早上好。您能否向我们介绍一下 K 系列分销推广的最新情况，以及在未来几个季度内，您能在多大程度上具体介绍即将上线某些产品的大型平台。另外，更广泛地说，您对该套件新增产品的计划是否有任何更新或想法？谢谢。
Craig Larson 克雷格-拉尔森
Patrick, it's Craig. Why don't I begin? And just to step back to level set for everyone, as of June 30, we had around $75 billion of assets under management from individuals, and that number does not include policyholders at Global Atlantic. So if anything, that would understate our presence as you think about the breadth of activities that we have. Now most of that capital is from high net worth and ultrahigh net worth individuals and family offices that are invested directly in our funds and strategies.
帕特里克，我是克雷格我先开始吧。退一步说，截至 6 月 30 日，我们管理的个人资产约为 750 亿美元，这个数字不包括 Global Atlantic 的投保人。因此，考虑到我们的业务范围，这个数字可能会低估我们的存在。现在，这些资金大部分来自直接投资于我们的基金和策略的高净值和超高净值个人及家族办公室。
And over time, we've tended to see teens percentage of our new capital raise come from individuals. So it's been a healthy part of our fundraising. Now, most recently, again is, I know you know wonderfully well, we've introduced our K Series suite of products. These are the funds and strategies that are designed and tailored specifically for that wealth market. So we have K-Infra and KIF for the U.S. and non-U.S. vehicles focused on infrastructure. Similarly, we have U.S. and non-U.S. vehicles focused on private equity, private BDCs also.
随着时间的推移，我们发现，在新筹集的资金中，来自个人的资金所占比例越来越高。因此，这是我们筹资的一个健康组成部分。最近，我们又推出了 K 系列产品。这些基金和策略是专门为财富市场设计和定制的。因此，我们有针对美国和非美国的 K-Infra 和 KIF 基金，专注于基础设施建设。同样，我们也有专注于私募股权和私人 BDC 的美国和非美国基金。
And then we also have additional real estate and credit vehicles. And so of that $75 billion, around eleven are from these K-Series suite of products. And a year ago that was three. So we're in the early days, but we feel really good about our progress. And I think that's particularly true in infrastructure as well as in private equity, which are newer asset classes here. And it feels like we have an opportunity as a first mover.
此外，我们还有其他房地产和信贷工具。在这 750 亿美元中，约有 11 亿美元来自 K 系列产品。而一年前只有 3 个。因此，我们还处于起步阶段，但我们对自己的进展感到非常满意。我认为这在基础设施和私募股权领域尤为明显，因为这些都是较新的资产类别。作为先行者，我们感觉到了机会。
Now in terms of ramp and pace at the end of 2023, we mentioned that we were raising about $500 million a month. In Q1, we raised $1.8 billion, so we were at $600 million a month. Q2 we raised $2.8 billion, so $900 million a month or thereabouts. So it seems like reception and interests and momentum feels really good. We don't have a specific update in terms of number of platforms, but to be clear, we do expect the number of platforms where we're present to increase over the coming months and quarters. I think that's going to be particularly true in terms of the private BDC, which is the youngest of those, of those products for us. So it feels like great progress.
现在，就 2023 年底的增长和速度而言，我们提到过我们每月融资约 5 亿美元。在第一季度，我们筹集了 18 亿美元，所以每月筹集 6 亿美元。第二季度，我们筹集了 28 亿美元，所以每月大约 9 亿美元。由此看来，接收、兴趣和势头都非常不错。在平台数量方面，我们没有具体的最新消息，但要明确的是，我们确实希望在未来几个月和几个季度内，我们所在平台的数量会有所增加。我认为在私人 BDC 方面尤其如此，因为它是我们最年轻的产品。因此，我们感觉取得了巨大进步。
And again, I wouldn't take the eye away from the prize like we do think the more interesting point here is really that long-term secular opportunity, mass affluent individual investors have not had an easy way to access alts over the coming years. We do expect an opportunity for trillions of dollars of assets to flow into these products. And given our brand, our track record, and the investments we've made in distribution and marketing, it just feels like we're really well positioned to continue to be a winner. And our strategic partnership with Capital Group, as we touched on in our prepared remarks, just increases this opportunity set. So hopefully that's helpful.
同样，我也不会把目光从大奖上移开，因为我们确实认为，这里更有趣的一点是，长期的世俗机会、大众富裕的个人投资者在未来几年里还没有便捷的途径来接触另类投资产品。我们预计，数万亿美元的资产将有机会流入这些产品。鉴于我们的品牌、我们的业绩记录以及我们在分销和营销方面的投资，我们感觉我们已经做好了继续成为赢家的准备。而我们与 Capital Group 的战略合作关系，正如我们在准备好的发言中提到的，只会增加我们的机会。希望这对你有所帮助。
Scott Nuttall
Hey, Patrick, it's Scott. Just a couple of quick additions. The platform rollout is kind of at or slightly ahead of our expectations. And it takes a while once you get on a platform to have it really kick in and work and train the advisors and the sales team. So I'd say really pleased with the progress, but the kind of capital raising power isn't embedded yet in the numbers that Craig walked through.
帕特里克，我是斯科特只想简单补充几句。平台的推出进度达到或略微超过了我们的预期。一旦你进入一个平台，需要一段时间才能让它真正发挥作用，并对顾问和销售团队进行培训。因此，我对进展非常满意，但从克雷格提供的数据来看，集资能力还没有显现出来。
To your question on new products, we don't have anything new to announce on the K-Series front today, but in the prepared remarks, we did mention our Capital Group partnership. As a reminder there, we're creating hybrid product in partnership with Capital Group. We announced two credit products that we're going to launch in the first half of next year together. But to be clear, that is not the extent of the vision. We expect to roll out hybrid products across the other parts of the alternative space as well with our partner. So more to come on that over the next few quarters.
关于你提出的新产品问题，我们今天在 K 系列方面没有任何新消息要宣布，但在准备好的发言稿中，我们确实提到了与 Capital Group 的合作。作为提醒，我们正在与 Capital Group 合作创建混合产品。我们宣布将在明年上半年共同推出两款信贷产品。但要明确的是，这并不是我们的愿景。我们希望与合作伙伴一起在另类投资领域的其他部分推出混合产品。在接下来的几个季度里，我们还会有更多的举措。
Operator 操作员
Next question, Dan Fannon with Jefferies. Pease go ahead.
下一个问题，来自 Jefferies 的 Dan Fannon。请说
Daniel Fannon 丹尼尔-范农
Thanks. Good morning. So I just wanted to build upon that on the Capital Group partnership. If you could maybe talk about the context and the background of how you came to choosing each other in terms of the partner. And then you just mentioned a couple of products next year and then kind of the longer term vision. So I think you've said previously that you're not looking to have a whole suite of products out there for the retail market, but so curious as how you're going to differentiate between the K Series and the Capital Group partnerships and what you think a more mature product lineup looks like?
谢谢。早上好。我想在此基础上谈谈资本集团的合作伙伴关系。如果你能谈谈你们选择对方作为合作伙伴的来龙去脉。然后你刚才提到了明年的几款产品，以及更长远的愿景。我想你之前已经说过，你并不希望为零售市场提供一整套产品，但我很好奇，你打算如何区分 K 系列和 Capital Group 的合作关系，以及你认为更成熟的产品阵容是什么样的？
Scott Nuttall
Thanks, Dan. I'll take a crack. How did it come together? A Capital Group called us and they had been thinking about how they wanted to participate in the alternative space. And if you go back to, I think, the original press release that our partner, Mike Gitlin did a really nice job laying out how they thought about it. Should they acquire something? Should they partner? Should they buy pieces of different businesses? And they decided that partnering was the best act.
谢谢，丹。我来试试它是怎么成立的？A Capital 集团打电话给我们，他们一直在考虑如何参与另类投资。如果你回到最初的新闻稿，我想，我们的合伙人迈克-吉特林（Mike Gitlin）很好地阐述了他们的想法。他们应该收购什么吗？要不要合作？要不要收购不同的企业？最后他们决定，合作是最好的选择。
So, to be clear, they called us. We spent quite a bit of time together, got to know each other really well as firms and as people. And I think the reason this came together is the reason most things come together, just an extraordinary cultural fit. We thought about the world the same way, same focus on delivering value for all the clients counting on us and understanding, really who we work for. So that's how it came together. It was kind of a joint vision and shared values and how we see the world in terms of kind of where we're going and how this is different.
所以，说白了，他们给我们打了电话。我们花了很多时间在一起，非常了解彼此的公司和为人。我认为，我们之所以能走到一起，就像大多数事情能走到一起的原因一样，只是文化上的非凡契合。我们以同样的方式思考世界，同样专注于为所有依赖我们的客户提供价值，并且真正了解我们为谁工作。就这样，我们走到了一起。这是一种共同的愿景和共同的价值观，也是我们看待世界的方式，即我们要去哪里，以及这有什么不同。
So one simple way to think about it, let's just take the U.S. market. And the numbers are never precise, but to be close enough, with our K Series, we're targeting the accredited investor and the qualified purchaser. That's roughly 5%, give or take, of U.S. households. I'm close, but it's single-digits, mid-single-digits percent, depending on what you look at. That means there's 95% of U.S. households that it does not access.
因此，一个简单的思考方式就是，让我们以美国市场为例。数字永远不会精确，但为了足够接近，我们 K 系列的目标客户是经认可的投资者和合格的购买者。大约占美国家庭的 5%。我很接近，但这只是个位数，中等个位数的百分比，取决于你怎么看。这意味着有 95% 的美国家庭无法使用该系统。
And so what we're doing with Capital Group is creating a product that will allow the other 95% of households to participate in what we do. In its simplest form, that's what we're doing. So it's hybrid. So there's going to be an element that is going to be the liquid strategies that will be managed by Capital Group and then a portion that is the private market strategies that will be managed by us. So think of all of these products as having a component of both and geared toward that broader audience, that mass market.
因此，我们与 Capital Group 正在做的就是创造一种产品，让另外 95% 的家庭也能参与我们的工作。这就是我们正在做的最简单的事情。所以它是混合型的。其中一部分是由 Capital Group 管理的流动性策略，另一部分是由我们管理的私人市场策略。因此，可以认为所有这些产品都包含了两者的一部分，面向更广泛的受众，即大众市场。
如果在国内这些都是典型的诈骗犯。
As I said, we're starting with credit. So think of it as a component of liquid credit plus private credit. And for us, that will include both direct lending and asset based finance in the private credit sleeve. And then for the other products that we're talking about launching, infrastructure, private equity, real estate, we're in the design phase. So I would expect over time, I'm not going to put a timeframe on it today, but over time, you will likely see products from us together across all of those areas. And so that's how we expect it to play out over the coming years. But we'll keep you posted, but hopefully that helps.
正如我所说，我们从信贷入手。因此，可以将其视为流动信贷加私人信贷的组成部分。对我们来说，这将包括直接借贷和私人信贷套筒中的资产融资。至于我们正在讨论推出的其他产品，如基础设施、私募股权、房地产，我们正处于设计阶段。因此，我预计，随着时间的推移，我今天不会给出一个时间表，但随着时间的推移，你很可能会看到我们在所有这些领域共同推出的产品。这就是我们对未来几年的预期。但我们会随时向你们通报，希望能对你们有所帮助。
Daniel Fannon 丹尼尔-范农
Great, thank you. 太好了，谢谢。
Operator 操作员
Next question, Brian Bedell with Deutsche Bank. Please go ahead.
下一个问题由德意志银行的布莱恩-贝德尔提问。请说。
Brian Bedell 布莱恩-贝德尔
Great, thanks. Good morning. Yes, lots of questions to ask. Maybe if I can wrap in a two-part here on the capital markets that you talked about for the third quarter being elevated. Is there any Telecom Italia lumpiness in that? And do you see the environment for your capital markets fees improving as we move into the end of the year, given the pent-up demand that you were talking about?
太好了，谢谢。早上好是的，有很多问题要问。也许我可以分两部分来谈你们谈到的第三季度资本市场升温的问题。其中是否有意大利电信公司的影子？考虑到您刚才提到的被压抑的需求，您认为进入年底后，资本市场收费的环境是否会有所改善？
And then just if I can squeeze in an FRE margin question, the incremental margin on capital markets, obviously, I think being, well, maybe you can comment, is that above your overall FRE margin, therefore accretive? And do you see the 68% as sort of a peak.
然后，如果我能挤出时间问一个 FRE 利润率的问题，资本市场的增量利润率，很明显，我认为是，好吧，也许你可以评论一下，这是否高于你的整体 FRE 利润率，因此具有增量作用？你是否认为 68% 是一个峰值？
Scott Nuttall
Right, thanks Brian. Good morning. So as it relates to capital markets, you're right, that Telecom Italia transaction closed July 1. We will generate a meaningful capital markets fee as part of being involved multiple different aspects of that transaction. But I would tell you, as I look at our broad-based capital markets pipeline, I think pipelines for that business are certainly good one quarter out, but probably two quarters.
好的，谢谢你，布莱恩。早上好。关于资本市场，你说得对，意大利电信公司的交易已于 7 月 1 日结束。作为参与该交易多个不同方面的一部分，我们将产生一笔有意义的资本市场费用。但我要告诉你，当我看到我们广泛的资本市场管道时，我认为该业务的管道在一个季度后肯定是好的，但可能是两个季度。
As I look at that back half of the year, I tell you that our aggregate pipeline is as good as we've ever seen it. And that includes 2021, when we generated roughly $850 million of revenue or capital markets business. So we're quite encouraged around what the back half of the year could look like. Again these are pipelines. They're forward indicators. A lot of stuff needs to come to fruition, but it is broad-based. It's across debt, it's across equity. It's U.S., Europe, Asia. It's also third party. So we're feeling really good about what the back half of the year could look like.
回顾今年下半年，我想告诉大家的是，我们的管道总量是我们所见过的最好的。其中包括 2021 年，我们在资本市场业务方面创造了约 8.5 亿美元的收入。因此，我们对今年下半年的业绩感到非常鼓舞。同样，这些都是管道。它们是前瞻性指标。有很多事情需要去实现，但它是广泛的。它横跨债务和股票。美国、欧洲、亚洲都有。还有第三方。因此，我们对今年下半年的情况感觉非常好。
As it relates to FRE margin, I would say absolutely. In an elevated capital markets quarter, you are going to see higher FRE margin the flow through is just higher, given our operating expenses are more fixed in nature relative to that incremental capital markets revenue. Here's how I've described our FRE margin in the past. I believe that today we can operate sustainably in the mid-60s on FRE margin basis across the firm, and that includes in most market environments, but that is definitely not the cap for us.
关于 FRE 利润率，我想说的是绝对的。在资本市场高涨的季度，你会看到更高的 FRE 利润率，因为相对于资本市场的增量收入，我们的运营费用更加固定，所以流过的利润率更高。我过去是这样描述我们的 FRE 利润率的。我相信，今天我们整个公司的 FRE 利润率可以维持在 60% 左右，包括在大多数市场环境下，但这绝对不是我们的上限。
And if we're successful with the business model that we've got a lot of conviction in here as a management team. We're going to scale our revenue. We're going to scale our fees at a pace that's meaningfully above our headcount growth and our operating complexity across the firm. And we would expect more margin expansion in the future if we're successful. So hopefully that gives you some color on the back half of the year and what we're feeling in capital markets and how that might translate into FRE margin.
如果我们的商业模式取得成功，作为一个管理团队，我们对此深信不疑。我们将扩大收入规模。我们将以显著高于员工人数增长和公司运营复杂性的速度，扩大我们的收费规模。如果我们取得成功，我们希望未来能有更多的利润扩张。因此，希望这能给你们一些关于今年下半年的信息，以及我们在资本市场的感受，以及这将如何转化为 FRE 利润率。
Brian Bedell 布莱恩-贝德尔
Super helpful. Thank you.
超级有用。谢谢。
Scott Nuttall
Thank you. 谢谢。
Operator 操作员
Next question, Brian McKenna with Citizens JMP. Please go ahead.
下一个问题是公民 JMP 的布莱恩-麦肯纳。请说
Brian McKenna 布莱恩-麦肯纳
Thanks. Good morning, everyone. So you have $215 billion of carry eligible, 81 that's above cost and accruing carry. Would be great to get an update on how much this has grown over the past year, specifically on the heels of strong performance and then as you continue to deploy capital?
谢谢。大家早上好。你们有 2,150 亿美元的套利资格，其中 81 亿美元高于成本并计入套利。如果能介绍一下过去一年的增长情况，特别是在业绩强劲的情况下，以及在你们继续部署资本的过程中，增长了多少？
And then is there a way to think about the breakdown of this AUM by vintage? How much is less than a few years old versus how much is older than that? I'm just trying to get a sense of the magnitude of the step up and accrued performance fees and ultimately realizations over the next couple of years.
然后，是否有办法考虑按年份对资产管理进行细分？几年以内的资产管理规模和几年以上的资产管理规模有多少？我只是想了解一下未来几年的阶梯式增长和应计业绩费用以及最终变现的规模。
Scott Nuttall
Yes, thanks, Brian, and let me take a shot at that. And we don't break out the vintage, but we could tell you that our, we've spent a lot of time around linear deployment as a firm, and so, feel good that as you look back over the past seven or eight years, you're going to find a healthy level of dispersion across different vintages. I think that to me, the metric that I look at as the best forward indicator, honestly, is the simplest one, and that's our gross accrued carried interest, that today on our balance sheet is roughly $7.1 billion.
是的，谢谢，布莱恩，让我来回答这个问题。我们没有细分年份，但我们可以告诉你，作为一家公司，我们在线性部署方面花了很多时间，因此，当你回顾过去七八年的情况时，你会发现不同年份之间的分散程度很高。老实说，对我来说，最简单的指标就是我们的应计结转利息总额，这是最好的前瞻性指标。
If you look back just two quarters ago, that number was $6 billion. So in an environment where we've actually been realizing a little bit more carry than we were expecting to realize, those are pretty healthy levels of step ups across the firm. And I think paints a pretty good picture for what the forward could look like as it relates to monetization related revenue book carried interest. But also we feel good about how investment income might ramp from here as well.
如果回顾两个季度前，这个数字是 60 亿美元。因此，在我们实际实现的结转额略高于预期的情况下，整个公司的阶梯式增长水平是相当健康的。我认为，这为未来与货币化相关的收入账面结转利息描绘了一幅美好的图景。同时，我们也对投资收入的增长感觉良好。
Brian McKenna 布莱恩-麦肯纳
Helpful. Thanks, Scott. 有帮助。谢谢你，斯科特。
Rob Lewin 罗伯-卢因
Just one additional statistic there, and this is not going to tie to your question specifically on the capital that is above cost and accruing carry, but just to look at the private equity portfolio as a whole and give you a sense, well over 50% of that, when we look at our remaining fair value, is marked at 1.5 times cost or greater. And roughly 30% of that capital dollars is at roughly 30% of that, excuse me, is marked at two times cost and greater.
还有一个统计数字，这与你提出的关于高于成本并产生利差的资本的问题并不相关，但从整个私募股权投资组合来看，你会有一种感觉，当我们查看剩余的公允价值时，其中超过 50%的标价为成本的 1.5 倍或更高。其中大约 30% 的资金，不好意思，标价为成本的两倍或更高。
So I think one of the things that our team talked about at Investor Day, Pete and Nate, was this approach we've had on linear deployment. I think that has really served us well in terms of having a more mature portfolio. And I think some of the discipline that you've seen and how we've invested capital over the last several years, and honestly, lessons that we learned dating back to the GFC have an opportunity to really pay us dividends in the years ahead.
因此，我认为我们的团队（皮特和内特）在 "投资者日 "上谈到的一件事，就是我们的线性部署方法。我认为这对我们拥有更成熟的投资组合很有帮助。我认为，你们所看到的一些纪律，以及我们在过去几年中的资本投资方式，老实说，我们从全球金融危机中吸取的经验教训，有机会在未来几年为我们带来真正的红利。
Unidentified Analyst 身份不明的分析员
Got it. Thank you, guys.
知道了谢谢你们
Rob Lewin 罗伯-卢因
Thank you. 谢谢。
Scott Nuttall
Thank you. 谢谢。
Operator 操作员
Next question, Benjamin Budish with Barclays. Please go ahead.
下一个问题是巴克莱银行的本杰明-布迪什（Benjamin Budish）。请说。
Benjamin Budish 本杰明-布迪什
Hi. Good morning and thanks for taking the question. Given a lot of color around the capital markets outlook going into Q3, I was wondering if you could give us an update on the visible pipeline in terms of realizations and along the same lines. Could you talk about the $500 million in expected realization revenues thereabouts? What ended up shaking out better than you expected for Q2? Thank you.
早上好，感谢您接受我们的提问。鉴于进入第三季度后资本市场前景充满变数，我想知道您能否向我们介绍一下在变现方面的最新情况。您能谈谈 5 亿美元左右的预期变现收入吗？第二季度有哪些结果比你预期的要好？谢谢。
Scott Nuttall
Sure. Thanks, Ben. I'll hand it above. Let me start with just visibility around monetizations for Q3. It's at a pretty healthy level. We are plus or minus 500 million of monetization related revenue for Q3. That is either that has either happened or from deals that are signed up that we expect to close this quarter.
好的 谢谢 本我把它递给上面的人。首先，请允许我介绍一下第三季度的货币化情况。它处于相当健康的水平。我们第三季度与货币化相关的收入为正负 5 亿美元。这要么是已经发生的，要么是我们预计将在本季度完成的已签约交易。
Just breakdown wise, that's roughly 60% carry and 40% investment income. So that pipeline is better today than it's been in quite some time. And then your question as it relates to the end of quarter press release we put out on our monetization update.
从细分来看，大约 60% 是套利，40% 是投资收益。因此，今天的管道情况比过去一段时间都要好。你的问题与我们在季度末发布的关于货币化更新的新闻稿有关。
You know that I think that press release went out around June 20. We give our best estimate and view of the quarter at that time. And of course things can happen in the next 10 days. And we had a few things that ended up on one side of the quarter versus the other. But I wouldn't say anything necessarily significant in size.
我想那份新闻稿是在 6 月 20 日左右发布的。当时我们给出了对本季度的最佳估计和看法。当然，在接下来的 10 天里，事情可能会发生变化。我们有一些事情，最终在本季度的一边与另一边发生了变化。但我不会说一定有什么重大的影响。
One thing that was significant size, a few things that that added up to create the delta that you're referring to between where we landed, which is a bit over $600 million, and that June 20 press release that I believe stated we were at greater than $500 million through that point in time.
有一件事规模很大，几件事情加在一起，造成了你所说的与 6 亿多美元之间的差额，而 6 月 20 日的新闻稿中，我认为当时我们的规模超过了 5 亿美元。
Benjamin Budish 本杰明-布迪什
Got it. Thank you. 知道了谢谢
Operator 操作员
Next question Steven Chubak with Wolfe Research. Please go ahead.
下一个问题是沃尔夫研究公司的史蒂文-丘巴克。请说。
Steven Chubak 史蒂文-丘巴克
Good morning. So wanted to squeeze in just another question on cap markets, but I want to look at it with a longer term lens. It is something I pressed you guys on in the past, but just given the pipeline strength, sponsor recovery still feels like it's in the early stages. You expect to at least monetize the 100% GA ownership better.
早上好。我想挤时间再问一个关于资本市场的问题，但我想用更长远的眼光来看待这个问题。这是我过去一直追问你们的问题，但从管道实力来看，赞助商的复苏感觉仍处于早期阶段。你们希望至少能更好地将 100%的 GA 所有权货币化。
You're certainly going to see significant franchise growth over the next few years relative to the prior cycle peak. How would you frame what the capital markets trajectory for revenues might look like? Is there a way to maybe size what, under a normalized lens or by 2026, what you think the fee generation potential could be of that business?
相对于上一轮周期的峰值，未来几年你们肯定会看到特许经营权的大幅增长。你如何看待资本市场的收入轨迹？是否有一种方法，在正常化视角下或到 2026 年，你认为该业务的创收潜力有多大？
Rob Lewin 罗伯-卢因
Thanks, Steven. I'm not going to give you a number. We haven't given a number in the past, but let me try and frame it. In 2021, we did 850 million of revenue. Now the capital markets were pretty buoyant in 2021, but when you look at KKR and our platform, we do so much more across the firm.
谢谢 史蒂芬我不会给你一个数字。我们过去没有给过一个数字，但让我试着给它一个框架。2021 年，我们实现了 8.5 亿美元的收入。2021 年，资本市场相当繁荣，但当你审视 KKR 和我们的平台时，我们在整个公司做了更多的事情。
We think the opportunity to expand from a geographic perspective as the Asia capital markets mature is one that's very meaningful. That's both across Asia Pac, but also in Japan. And we're building for that effort.
我们认为，随着亚洲资本市场的成熟，从地域角度来看，扩张的机会是非常有意义的。这既包括亚太地区，也包括日本。我们正在为此而努力。
We're doing a lot more on the equity side of our business and the structured debt side of our business in combination. As you said with Global Atlantic, we've talked about that being a couple hundred plus million dollar revenue opportunity in its own right. And I really believe that our third-party capital markets business is going to continue to take share.
我们在股权方面的业务和结构性债务方面的业务结合起来做得更多。正如你所说的 Global Atlantic，我们已经谈到它本身就是一个价值数亿美元的收入机会。我真的相信，我们的第三方资本市场业务将继续扩大份额。
We just have a very differentiated model in how we're approaching corporates and sponsors that we see resonate with the market daily. And we think we're also in a position where we're able to continue to recruit and retain best-in-class professionals to both execute and distribute those capital markets transactions. And so while we're not going to give you sort of that number, I think we're painting a picture of a business that we think can grow meaningfully from the base that we're at today.
我们在与企业和保荐人接触的方式上有一个非常与众不同的模式，我们每天都能看到这种模式在市场上引起共鸣。我们认为，我们也有能力继续招聘和留住一流的专业人才，以执行和分销这些资本市场交易。因此，尽管我们不会给出这样的数字，但我认为我们正在描绘这样一幅图景：我们认为我们的业务可以在今天的基础上实现有意义的增长。
Scott Nuttall
It's a really good question, Steven. Maybe we should invite you to our budget meetings. But to Rob's point, we're working across more asset classes, doing more in Europe and Asia, third parties up GA, we think is hundreds of millions of dollars of potential a year as we get that right.
这真是个好问题，史蒂芬。也许我们应该邀请你参加我们的预算会议。但正如罗布所说，我们正在跨更多的资产类别，在欧洲和亚洲开展更多的业务，第三方的GA，我们认为每年有数亿美元的潜力，因为我们把它做对了。
And the other thing that I would point out is our portfolio is bigger across all these asset classes and maturing, which I think is at least as big a contributor as some of the other topics. So we're not going to give you a number, but if you're positing that it should be a lot more than it's been, I agree with you.
我还想指出的一点是，我们的投资组合在所有这些资产类别中都更大了，也更成熟了。因此，我们不会给你一个数字，但如果你认为应该比现在多得多，我同意你的观点。
Steven Chubak 史蒂文-丘巴克
Well said. Thanks so much for taking my question.
说得好非常感谢你接受我的提问。
Scott Nuttall
Thank you. 谢谢。
Operator 操作员
Next question, Michael Cyprys with Morgan Stanley. Please go ahead.
下一个问题是摩根士丹利的迈克尔-赛普利斯。请说。
Michael Cyprys 迈克尔-赛普里斯
Great, thank you. Good morning. Just a question on infrastructure. I saw the recent partnership announcement with HASI on sustainable infrastructure projects. Seems like an interesting deal sourcing funnel. Just hoping you could elaborate a little bit on this partnership, how you view this strategically helping KKR, and then just more broadly on infrastructure. Just curious where you're seeing some of the most exciting opportunities right now for putting capital to work in the infrastructure space, and how you're thinking about other potential opportunities for other partnerships over time?
太好了，谢谢。早上好。我只想问一个关于基础设施的问题。我看到了最近与 HASI 就可持续基础设施项目宣布的合作伙伴关系。这似乎是一个有趣的交易来源渠道。希望您能详细介绍一下这种合作关系，您如何看待这种合作关系对 KKR 的战略帮助，以及更广泛的基础设施方面的合作。我只是好奇，你在基础设施领域看到了哪些最令人兴奋的资本运作机会，以及你如何考虑其他潜在的合作机会？
Craig Larson 克雷格-拉尔森
Hey Mike, it's Craig. Why don't I start? Thanks for the question again. Much like Steven's question would echo a lot of the broad themes in your question on infrastructure, so I think as we think about the platform and how we're situated today, we're just really encouraged with our progress to date. Four years ago, AUM was around $15 billion. As of June 30, we were at $73, so $15 to $70, all organic. That's a CAGR of 50%. And while you've seen AUM grow meaningfully, you've also seen our deployment stats have increased pretty meaningfully. In for deployment in 2019 was $2 billion, 2020 was $2.2 billion. And over the trailing twelve months, we've invested eight.
麦克，我是克雷格我先开始吧再次感谢你的提问。和史蒂文的问题一样，你的问题中也有很多关于基础设施的广泛主题，所以我认为，在我们思考平台和我们今天的处境时，我们对迄今为止取得的进展感到非常鼓舞。四年前，资产管理规模约为 150 亿美元。截至 6 月 30 日，我们的资产管理规模为 730美元，从 150 美元增至 700 美元，全部为有机增长。年复合增长率为 50%。在资产管理大幅增长的同时，我们的部署数据也有了显著增长。2019 年的部署额为 20 亿美元，2020 年为 22 亿美元。在过去的 12 个月里，我们已经投资了 8 家公司。
And then as our footprint increases again, back to the last topic, capital markets, the fee opportunity there increases as well. And the growth in innovation hasn't stopped here. So again, we're in the early days as it relates to infrastructure and private wealth. Climate, as you noted, is an adjacency where we think we can be really differentiated given our expense to date. Investing behind the energy transition and then finally again, flagship infrastructure is very front of mind for us as we think about opportunities.
然后，随着我们的业务范围再次扩大，回到上一个话题--资本市场，这方面的收费机会也会增加。创新的增长并未停止。因此，在基础设施和私人财富方面，我们还处于早期阶段。正如您所指出的，气候领域是我们认为可以真正实现差异化的一个领域，因为我们迄今为止的支出都很高。能源转型背后的投资，以及最后的旗舰基础设施，都是我们在思考机遇时非常关注的。
I think broadly as it relates to some of the areas where we're most constructive on investing, I do think as it relates to digital infrastructure in particular, and some of those opportunities in particular are ones that are very exciting for us if we think about our data center investment activity.
我认为，就我们最具建设性的一些投资领域而言，我认为尤其是与数字基础设施有关的领域，如果我们考虑到我们的数据中心投资活动，其中一些机会尤其让我们感到非常兴奋。
And why don't I hang out there for a moment? It's been one of the core investment themes for several years, and we do believe we're really uniquely positioned to be a major player across the space given the combination of our capabilities, the number of pools where we can invest. And that's not just in data center, it's also in power generation, transmissions, renewables, technology, and then also capital markets plays a piece in this as well, as you heard from the CyrusOne example. So again, just to put some numbers around things, we have four independent data infrastructure platforms, one in the U.S., one in Europe, two in Asia Pacific.
我为什么不在这里待一会儿呢？这是几年来的核心投资主题之一，鉴于我们的能力组合、我们可以投资的领域数量，我们确实相信我们处于独特的位置，可以成为整个领域的主要参与者。这不仅体现在数据中心，还体现在发电、输电、可再生能源、技术，以及资本市场，正如你们从 CyrusOne 的例子中听到的那样。再说一遍，我们有四个独立的数据基础设施平台，一个在美国，一个在欧洲，两个在亚太地区。
The global footprint here is one that's a real differentiator and we benefit from the connectivity. So depending on the risk reward, we've got multiple pools of capital that can be relevant. So just in this area alone, we have investments in infrastructure, Asian infrastructure, core, private equity, real estate, as well as our wealth strategies $5 billion of invested capital today with an active pipeline. And if anything, this would understate the size and scale of our footprint here.
这里的全球足迹是一个真正的差异化优势，我们也受益于这里的连通性。因此，根据风险回报的不同，我们有多个相关的资本池。因此，仅在这一领域，我们在基础设施、亚洲基础设施、核心、私募股权、房地产以及我们的财富战略方面都有投资。如果有的话，这将低估我们在这里的足迹和规模。
To give you a sense, if you looked at the total enterprise value on 100% owned basis and included a current investments, together with that secured and highly visible pipeline, you'd be north of $150 billion of enterprise value. So the opportunities that we have in an area like this is one that's really exciting. On the power side, we have 10 plus renewable developers in real estate.
为了让大家有一个直观的印象，如果按 100% 自有计算，企业总价值包括当前的投资，再加上有保障的、高度可见的管道，企业价值将达到 1500 亿美元。因此，我们在这样一个领域拥有的机会确实令人兴奋。在电力方面，我们在房地产领域有 10 多家可再生能源开发商。
We're active in both real estate equity and credit. Our credit vehicles alone this year have evaluated over $10 billion of data center financing opportunities. That's developments stabilized as well as ABS and CMBS. And we can be relevant here both at the opportunistic end of the spectrum on one end and insurance on the other. And again, the capital markets team has also been active, you heard in our prepared remarks, the CyrusOne case study. So I think it's a great example of the thematic approach that we can bring. I think it's also a great example of the connectivity you can see across the firm and in our culture and how we're able to work across teams and across geographies.
我们在房地产股权和信贷领域都很活跃。今年，仅我们的信贷工具就评估了超过 100 亿美元的数据中心融资机会。这既包括稳定的开发项目，也包括 ABS 和 CMBS。我们在机会主义和保险两个方面都能发挥重要作用。同样，资本市场团队也一直很活跃，你们在我们准备好的发言稿中也听到了，CyrusOne 案例研究。因此，我认为这是一个很好的例子，说明我们可以采用主题方法。我认为这也是一个很好的例子，你可以看到整个公司和我们的文化之间的联系，以及我们如何能够跨团队和跨地域工作。
Scott Nuttall
Yes. Hey Michael thanks for the question. I think the two big themes to that part of your question I point to is digitalization. I think data centers; fiber, powers continue to be incredibly active across all of those areas. And if you look at recent deal announcements, you'll see that's a big theme.
迈克尔，谢谢你的问题。我认为你问题中的两大主题是数字化。我认为数据中心、光纤、电力在所有这些领域都将继续保持惊人的活跃。如果你看看最近的交易公告，你会发现这是一个大主题。
And then to Craig's point, it's energy transition, renewables climate. I think the HASI partnership that you referenced, I would think of that as a bit similar to what we've talked about in the past around our partnerships across asset based finance and real estate. And we have 35 platform partnerships there, the better part of 10,000 people out originating. So you'll continue to see us develop more relationships like that. It's in a similar vein.
然后是克雷格提到的能源转型、可再生能源气候。我认为你提到的 HASI 合作伙伴关系，与我们过去围绕资产融资和房地产的合作伙伴关系所谈的有点类似。我们有 35 个平台合作伙伴，有 1 万多人在那里开展业务。因此，你将继续看到我们发展更多类似的合作关系。这也是类似的思路。
Michael Cyprys 迈克尔-赛普里斯
Great. Thank you. 太好了谢谢
Scott Nuttall
Thank you. 谢谢。
Operator 操作员
Next question Chris Kotowski with Oppenheimer and Company. Please go ahead.
下一个问题是奥本海默公司的克里斯-科托斯基。请说。
Chris Kotowski 克里斯-科托斯基
Yes. Good morning and thank you. I heard what Scott said about the, flagship funds playing a lesser role, but I am curious kind of about the kind of expected base management fee dynamics that we should be expecting here in the next couple of quarters. So you raised $8 billion in Infra five, and you said it's up over 10, but there's still $7 billion left in Infra four. So does that, quote, turn on later in the year or is that a third quarter event?
好的早上好，谢谢。我听到斯科特（Scott）说，旗舰基金发挥的作用较小，但我很好奇，在接下来的几个季度里，我们应该期待什么样的基本管理费动态。你在 Infra 五期基金中募集了 80 亿美元，你说已经超过了 10 亿美元，但 Infra 四期基金还剩下 70 亿美元。那么，这个项目是在今年晚些时候启动，还是在第三季度启动？
And kind of similarly with your next flagship private equity fund, you still have, I think, $8 billion left in the prior fund. So does that turn on, like, later maybe early, mid-2025? Is that kind of what we should be expecting?
同样，你的下一个旗舰私募股权基金，我想你在上一个基金中还有 80 亿美元。那么，这支基金是否会在 2025 年初或年中转向？这是我们应该期待的吗？
Rob Lewin 罗伯-卢因
Hey, Chris, it's Rob. So in the case of infrastructure, given some activity through the end of the quarter and with some deployment early in the quarter, we're actually turning on Infra five in Q3. So you'll start to see management fees flow through for Infra five starting this quarter as it relates to North America, 13 that you referenced in terms of capital still left to deployed, I think as of 630 we had today, but prior to 630. I think we had four announced but not yet closed transactions and so we would expect to be nearing the end. But we still have time to go of our investment period and that's why we've been out fundraising and launching for next four.
克里斯，我是罗布。就基础设施而言，考虑到本季度末的一些活动以及本季度初的一些部署，我们实际上在第三季度开始启动 Infra 5。因此，从本季度开始，你将会看到 Infra 五期项目的管理费流向北美地区。你提到的仍有待部署的 13 个资本项目，我认为截至今天的 630 个，但在 630 个之前。我想我们有四项已宣布但尚未完成的交易，因此我们预计将接近尾声。但我们的投资期还有一段时间，这就是为什么我们一直在为接下来的四笔交易进行筹资和启动。
Chris Kotowski 克里斯-科托斯基
And have you shared kind of the target size of those funds or is that confidential?
你们是否透露过这些基金的目标规模，或者这是否属于机密？
Rob Lewin 罗伯-卢因
Yes. We have not, Chris.
是的我们没有，克里斯。
Chris Kotowski 克里斯-科托斯基
Okay, all right. Thank you. That's it from me.
好的 谢谢 Okay, all right.谢谢我说完了
Scott Nuttall
Thank you. 谢谢。
Operator 操作员
Next question Arnaud Giblat with BNP. Please go ahead.
下一个问题是法国国家巴黎银行的 Arnaud Giblat。请说。
Arnaud Giblat 阿尔诺-吉布拉特
Hey, good morning. A quick question on the opportunities to address the individual markets. I appreciate that you're doing a lot with K series and your capital agreement to go after distributing private market assets to individuals. I was just wondering if there was perhaps an opportunity to complement there through distribution or through the production and then distribution of secondaries. Thank you.
嘿，早上好。我想问一个关于个人市场机会的简单问题。我很欣赏你们在 K 系列和资本协议方面所做的大量工作，以便向个人分销私人市场资产。我只是想知道，是否有机会通过分销或通过生产然后分销二级市场来进行补充。谢谢。
Scott Nuttall
Good question, Arnaud. So at this point, there might be an opportunity down the road, but it's nothing front and center for us in terms of the secondaries market. We spent time in that space. We've analyzed it, never say never, but it's not front and center part of how we're thinking about next step strategy at this stage. We think there's plenty to do candidly across the asset classes that we're in.
问得好，阿尔诺。从目前来看，可能会有机会，但就二级市场而言，这对我们来说还不是最重要的。我们在这个领域花了很多时间。我们分析过它，永远不会说永远不会，但它不是我们现阶段考虑下一步战略的首要和中心部分。我们认为，坦率地说，在我们涉足的资产类别中，还有很多事情要做。
Arnaud Giblat 阿尔诺-吉布拉特
Got it. Thanks. Thank you.
知道了谢谢 - 谢谢 - Thanks.谢谢
Scott Nuttall
Thank you. 谢谢。
Operator 操作员
Thank you. I would like to turn the floor over to Craig Larson for closing remarks.
谢谢。下面请 Craig Larson 致闭幕词。
Craig Larson 克雷格-拉尔森
I would just like to thank everybody for your continued interest in KKR. We look forward to giving an update on next quarter in 90-days and if you have any additional follow-ups please reach out directly. Thank you again.
感谢大家一直以来对 KKR 的关注。我们期待在 90 天后提供下一季度的最新情况，如果您有任何其他问题，请直接联系我们。再次感谢大家。
Operator 操作员
This concludes today’s teleconference. You may disconnect your lines at this time and thank you for your participation.
今天的电话会议到此结束。谢谢大家的参与。
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