Financial Data and Key Metrics Changes - Fee related earnings increased by 16% to $676 million, while distributable earnings rose by 12% to $613 million [8][34] - Fee bearing capital reached $563 billion, marking a 10% year-over-year increase [8][34] - The company raised $22 billion in capital during the quarter and $97 billion over the past twelve months [8][34] Business Line Data and Key Metrics Changes - In renewable power and transition, $1.5 billion was raised, contributing to a total of over $15 billion for the world's largest energy transition strategy [37] - Infrastructure fundraising totaled $1.7 billion, with significant contributions from the Super Core infrastructure strategy [37] - Real estate strategies raised $1.8 billion, including $500 million for the fifth vintage of the flagship real estate strategy [38] Market Data and Key Metrics Changes - The company noted a robust recovery in the real estate market, with deployment in real estate up 2x and monetization activity up 4x compared to the previous year [72] - The demand for high-quality assets and businesses has significantly increased, evidenced by over $55 billion in announced asset sales generating $33 billion in equity proceeds [21][20] Company Strategy and Development Direction - The company is focused on long-term mission-critical investments in infrastructure, renewable power, and essential services, driven by themes of digitalization, decarbonization, and deglobalization [9][10] - The company is developing next-generation AI infrastructure globally, positioning itself as a partner of choice for large hyperscalers and governments [12][13] - The strategy includes expanding into the individual investor market, with a focus on private wealth and retirement channels [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market environment, highlighting significant liquidity and a constructive backdrop for M&A activity [8][9] - The company anticipates continued strong fundraising and investment activity, with a robust pipeline of opportunities [32][34] - Management emphasized the importance of product quality and durability in capturing the growing individual investor market [52][69] Other Important Information - The company declared a quarterly dividend of 43.75 cents per share, payable to shareholders of record as of August 29 [43] - The company is prioritizing its inclusion in U.S. equity indices, having been added to the Russell 1000 Index [42] Q&A Session Summary Question: Fundraising environment and outlook - Management characterized the fundraising environment as incredibly robust, expecting this year to surpass last year's capital raised [46][48] Question: Access to the broader retirement market - Management highlighted the importance of product offerings and brand strength in capturing growth in the retirement market [51][53] Question: Insurance growth area and Just acquisition - The Just Group acquisition is expected to enhance the company's footprint in the UK retirement market, adding stable fee-bearing capital [56][57] Question: Real estate market outlook - Management noted a robust recovery in the real estate sector, with significant deployment and monetization activity [72][74] Question: Expense outlook and margin expansion - Management indicated that expense growth is expected to stabilize around 10%, with potential for FRE margin expansion in the future [78][80]