KKR & Co Inc at Barclays Global Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

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? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2024 / 1:45PM, KKR.N - KKR & Co Inc at Barclays Global Financial Services Conference

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? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2024 / 1:45PM, KKR.N - KKR & Co Inc at Barclays Global Financial Services Conference 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?

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? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. 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? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2024 / 1:45PM, KKR.N - KKR & Co Inc at Barclays Global Financial Services Conference

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.