$Brookfield资管(BAM)$ 从历年#博枫股东信#中，随手摘选一些时效性不强的文字。
Private Credit Is the New Fixed Income
【私人信贷是新的固定收益】
Over the years, we have expanded our credit platform through the growth of our Brookfield private credit franchise, as well as through our partnership with Oaktree. Today we have a total of $30 billion of AUM across seven strategies (including Oaktree) and are well positioned to deliver significant growth over the next five years and beyond. In addition to scaling up existing strategies, we are also focused on developing new products that will appeal to our clients and help us capitalize on market opportunities. The reduced volatility associated with private credit, combined with the higher potential return, is attracting more investors.
多年来，我们通过布鲁克菲尔德私人信贷业务的增长，以及与橡树的合作，扩大了我们的信贷平台。如今，我们的资产管理规模总计300亿美元，涵盖7项战略(包括橡树资本)，并已做好准备，在未来5年及更长时间内实现显著增长。除了扩大现有战略，我们还专注于开发新产品，以吸引我们的客户，并帮助我们利用市场机会。与私人信贷相关的波动性降低，加上更高的潜在回报，正吸引着更多的投资者。
One focus area is direct lending, an asset class that has evolved and grown immensely over the last 20 years and now represents an over $1 trillion market globally. As the market and investment opportunities have expanded, so too have our direct lending investment capabilities. Our roots in the asset class date back to 2001, and we have historically invested in highly focused vehicles that targeted specific risk profiles.
其中一个重点领域是直接贷款，这一资产类别在过去20年里经历了巨大的发展和增长，目前在全球代表着超过1万亿美元的市场。随着市场和投资机会的扩大，我们的直接贷款投资能力也在扩大。我们在资产类别上的渊源可以追溯到2001年，我们历来投资于高度集中的工具，针对特定的风险状况。
Heightened competition in direct lending has pushed returns lower and loosened lending standards in recent years. However, we have continued to prosper in this environment as a result of our proprietary deal flow, emphasis on risk control and strategic orientation—three hallmarks of our direct lending platform. We use our extensive sourcing platform to find a wide range of opportunities, often enabling us to secure deals on an exclusive basis. This limits competition and allows us to negotiate more favorable structures incorporating significant downside protection.
近年来，直接贷款领域竞争加剧，导致回报率降低，贷款标准也有所放松。然而，由于我们的自营交易流程、对风险控制的重视和战略导向——这是我们直接贷款平台的三个特点，我们在这种环境下继续繁荣发展。我们利用我们广泛的采购平台找到广泛的机会，通常使我们能够在独家基础上获得交易。这限制了竞争，并使我们能够协商更有利的结构，包括显著的下行保护。
Our priority in our direct lending strategies is risk control; we are focused on asset value and prudent structuring. We have also built an industry-leading reputation by being a strategic partner and using a solutions-oriented approach tailored to meet the unique needs of each borrower. This resonates well with prospective borrowers, leading to many new opportunities, and it has generated repeat deal flow as borrowers then look to partner with us on subsequent deals. The combination of these factors has helped us generate a long track record of market-leading returns and minimal losses.
我们直接贷款策略的重点是风险控制;我们专注于资产价值和审慎的结构。作为战略合作伙伴，我们以解决方案为导向，满足每个借款人的独特需求，从而建立了业界领先的声誉。这与潜在的借款人产生了良好的共鸣，带来了许多新的机会，并产生了重复的交易流，因为借款人会在后续交易中寻求与我们合作。这些因素的结合帮助我们创造了长期的市场领先的回报和最小的损失记录。
Over the coming years, we plan to expand our direct lending product suite, providing our clients new ways to access our private credit expertise. These products include new offerings in attractive, high-growth industries like life sciences. As such, we hope to very substantially scale up these operations, which will be complementary to our aspirations in our insurance solutions business.
在未来几年，我们计划扩大我们的直接贷款产品套件，为客户提供获取我们私人信贷专业知识的新途径。这些产品包括生命科学等有吸引力的高增长行业的新产品。因此，我们希望大幅扩大这些业务，这将是对我们在保险解决方案业务的抱负的补充。
Private Equity Has Provided High Returns and Is Broadening Out
【私人股本提供了高回报，并正在向外扩展】
We have a long and successful track record in traditional private equity, built over the last 30 years. Today, our private equity business manages $91 billion of assets and has global scale with a local presence in all the regions in which we invest. Our success in private equity is demonstrated by our track record of 28% gross IRR since inception for our flagship private fund series.
在过去的30年里，我们在传统私募股权领域有着长期而成功的记录。如今，我们的私募股权业务管理着910亿美元的资产，并具有全球规模，在我们投资的所有地区都有本地业务。我们在私募股权投资方面的成功体现在我们的旗舰私募基金系列成立以来的总内部收益率(IRR)为28%。
We have also diversified our business over time, both geographically and by sector; broadened our investment and operational team; and increased the product offerings available to clients. In addition to providing private offerings to institutional and private wealth clients, we offer public investors the opportunity to invest in our private equity business via our listed entity, Brookfield Business Partners. The power of having both public and private capital is a unique advantage that will only increase over time as our franchise scales up.
随着时间的推移，我们也实现了业务多元化，无论是在地域上还是在行业上;扩大投资和运营团队;并增加了可提供给客户的产品。除了向机构和私人财富客户提供私募产品外，我们还向公众投资者提供通过上市实体Brookfield business Partners投资我们私募股权业务的机会。拥有公共和私人资本的力量是一个独特的优势，随着时间的推移，我们的特许经营规模只会增加。
Brookfield Capital Partners
Our flagship private equity funds are the bedrock of our private equity product offering, and we recently launched fundraising for our sixth fund, which we expect to be materially larger than its predecessor fund. The prior vintage was $9 billion, with an additional $6 billion for our partners in co-investment opportunities. Our focus is on high-quality businesses that provide essential products or services, with high barriers to entry.
我们的旗舰私募股权基金是我们私募股权产品提供的基石，我们最近为我们的第六个基金进行了筹资，我们预计这只基金的规模将大大超过它的前身。之前的年份是90亿美元，另外还有60亿美元是给我们的合作伙伴的共同投资机会。我们的重点是提供必要产品或服务的高质量企业，进入门槛高。
Brookfield Growth Partners 成长投资
Growth investing has increasingly come into focus across our various businesses. Started five years ago, our growth strategy in private equity has developed into a meaningful business that we will continue to scale over time. Since we started, we have invested over $1 billion into a portfolio of technology-related growth stage companies that surround the Brookfield ecosystem of real assets. To date, we have made 14 investments within the growth strategy, returns are tracking in excess of our targets, and we are currently investing our second vintage fund, with the third anticipated for later in 2022.
成长型投资日益成为我们各个业务领域的重点。从五年前开始，我们在私人股本领域的增长战略已经发展成为一项有意义的业务，我们将继续扩大规模。自成立以来，我们已经向布鲁克菲尔德(Brookfield)实体资产生态系统周围的技术相关成长期公司投资了超过10亿美元。到目前为止，我们已经在增长战略下进行了14次投资，回报超过了我们的目标，我们目前正在投资我们的第二个vintage基金，第三个预计将在2022年晚些时候进行。
Brookfield Special Investments 特殊投资
Last year we launched our special investments strategy, focused on large-scale, non-control investments. This capitalizes on deal flow that comes to us but does not fit our traditional control-oriented funds. These include recapitalizations to strategic growth capital, where we can generate equity-like returns while enjoying downside protection through structured investments. We try to be a preferred partner and are able to provide flexible, strategic capital solutions. 去年，我们推出了特别投资战略，专注于大规模、非控制性投资。这利用了流入我们的交易流，但不适合我们传统的控制型基金。这包括对战略增长资本的资本重组，我们可以通过结构性投资产生类似股票的回报，同时享受下行保护。我们努力成为首选合作伙伴，并能够提供灵活的、战略性的资本解决方案。
Brookfield Long-Dated Private Equity 长期PE投资
We have begun raising a long-dated private equity strategy as a natural extension of our existing private equity capabilities. We are leveraging our experience as long-term owners and operators of businesses and focusing on acquiring world-class businesses, with stable and predictable cash flows and market leadership positions that will result in compounding returns over a longer time frame. The IRRs being sought are below those of our buyout funds, but the multiples of capital employed are higher, as these businesses are capable of compounding returns over the long term.
我们已经开始提出一个长期的私募股权战略，作为我们现有私募股权能力的自然延伸。我们正在利用我们作为企业长期所有者和经营者的经验，专注于收购世界级企业，拥有稳定和可预测的现金流和市场领先地位，这将在更长的时间内带来复合回报。所寻求的内部收益率低于我们的收购基金，但所使用的资本倍数更高，因为这些企业能够在长期内实现复合回报。
Brookfield Business Partners
Brookfield Business Partners is our publicly traded private equity strategy that provides institutional and retail investors access to all of the above. We spun out this entity five years ago, and it has since delivered annual 18% compound growth in intrinsic value. It also provides our private equity franchise with perpetual capital and added financial flexibility, which has proven valuable in a number of acquisitions to date. To provide an even more flexible way for shareholders to invest, we will offer participation in this strategy in the form of corporate shares in the coming months.
$Brookfield商业合伙(BBU)$ 是我们公开交易的私募股权策略，为机构和散户投资者提供上述所有投资渠道。五年前，我们分拆了这家公司，从那以后，它的内在价值每年实现18%的复合增长。它还为我们的私人股本业务提供了永久资本，并增加了财务灵活性，这在迄今为止的一些收购中被证明是有价值的。为了为股东提供更灵活的投资方式，我们将在未来数月以公司股票的形式提供参与这一策略的机会。