The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Benjamin Budish - Barclays - Analyst
: So maybe just kind of starting with a macro questions. Can you talk a bit about what you're seeing more recently in the environment
as it relates to infrastructure in particular. Do you expect to see any disruption in terms of deployment, realizations related to the
upcoming election? And what are your thoughts around a series of rate cuts or sort of the implications there for your business?
Question: Benjamin Budish - Barclays - Analyst
: Got it. Maybe digging a little bit more deeply into deployment. Can you talk a bit about your main investment themes? Where do
you see the biggest opportunities globally?
Question: Benjamin Budish - Barclays - Analyst
: Great. Can you maybe dig a little deeper into AI demand for data centers. I mean you talked about CyrusOne in your presentation,
a little bit on digital infrastructure just there. So how else are you kind of pursuing this opportunity globally?
Question: Benjamin Budish - Barclays - Analyst
: Got it. maybe kind of pivoting just a little bit still on the deployment side. Can you talk a little bit about your carve-out capabilities.
You recently closed this large Telecom Italia transaction. Are you seeing other opportunities like that?
And then maybe from a Capital Markets perspective, what was the financial impact? I know the guidance given as of the last earnings
call was Q3 should be quite healthy. So how should we be thinking about that kind of capability?
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SEPTEMBER 09, 2024 / 1:45PM, KKR.N - KKR & Co Inc at Barclays Global Financial Services Conference
Question: Benjamin Budish - Barclays - Analyst
: Okay. Well, you mentioned Fund V, maybe switching over to the fund -- So you're in the market with your flagship infrastructure
fund. What is investor sentiment been? Have you seen allocations respond to the environment, how are they kind of setting up for
infrastructure in general?
Question: Benjamin Budish - Barclays - Analyst
: Understood. What about your climate strategy in market with the Climate Fund as well. Similarly, can you talk about the opportunity
you see here and what investor sentiment has been like?
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SEPTEMBER 09, 2024 / 1:45PM, KKR.N - KKR & Co Inc at Barclays Global Financial Services Conference
Question: Benjamin Budish - Barclays - Analyst
: I want to ask about private wealth, but maybe one question I meant to ask earlier, just on the realization front, since we're talking
about fundraising, this is clearly top of mind for LPs. So how does the monetization environment look currently? What would reason
expectations be for the next several quarters again, thinking about infrastructure in particular?
Question: Benjamin Budish - Barclays - Analyst
: Great. Maybe pivoting to private wealth now. Can you maybe give us an update on the current status of your distribution, magnitude
of flows for infrastructure and more broadly, how are you feeling about the momentum? And how is competition now that sort of
more peers are in the space with also a pretty full product set?
Question: Benjamin Budish - Barclays - Analyst
: Great. Let's maybe pivot over to Global Atlantic with a little of the time we have left. So on the last earnings call, you announced a
number of first, including a first infrastructure investment. You talked about that a little bit earlier in your presentation as well. Can
you just give us a little bit more color to start on how the infra platform is working with GA?
Question: Benjamin Budish - Barclays - Analyst
: Maybe a question just on your Capital Markets business more broadly. It sounds like there's a lot more we'll be seeing over time in
terms of GA's involvement. But just kind of high level for KCM, you've indicated in the past when markets were healthy, the business
was doing about $200 million in revenues per quarter.
The platform is much, much larger now, including a much larger infrastructure platform. So given the current environment, what
next year may look like, how should we think about how that business evolves into next year? And the true like longer-term potential
of the capitalized business?
Question: Benjamin Budish - Barclays - Analyst
: Great. Well, unfortunately, we're just about out of time. So we'll have to leave it there. But Raj, thank you so much. Pleasure to have
you here. I appreciate it.
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SEPTEMBER 09, 2024 / 1:45PM, KKR.N - KKR & Co Inc at Barclays Global Financial Services Conference
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