Finian O’Shea: Hi, everyone. Good morning. Another question on wealth. For the non-traded BDC you mentioned, are you going accredited only or does the feeder structure solve for that? And relatedly, what do you think that means for the potential for eventual monthly flows compared to what your peers are doing? Thank you.
Craig Larson: Hey, Finian. It’s Craig. Why don’t I start? And again, I think the product creation part is an important component as it relates to this. So, across all four as it relates to real estate, private equity, infrastructure, as well as the private BDC. We’re focused on having the opportunity to launch those vehicles and fundraise across both of those markets. So, the entire case suite is again allowing us to look to raise capital both through accredited investors and not just through qualified purchasers. And that’s meaningful in our view. Like — I think the accredited investor market is multiples the size of the qualified purchasers market. So, again, that pie or the top of that funnel is one that is in our view very broad and helps just increase that long-term opportunity that we see.
Operator: Thank you. Our next question comes from the line of Michael Cyprys with Morgan Stanley. Please proceed with your question.
Michael Cyprys: Hey, good morning. I was hoping you could spend a moment just on infrastructure, which is a real differentiator for KKR. So, just how are you thinking about driving the next leg of growth for infrastructure? What sort of steps might you take over the next couple years, and how are you expanding your capacity to deploy capital into infrastructure? And then just a housekeeping question for Rob, just on how much was invested and deployed off the balance sheet in the quarter?
Craig Larson: Hey, Mike. It’s Craig. Why don’t I start on infra? So, again, thank you for asking about. So two and a half years ago at our 21 Investor day, it was April of 21, we walked through infra as a case study for us is really how we look to build platforms over the long-term. And it begins with strong performance of the flagship strategy. And then that really is what allows you to earn the right to both scale those flagships and innovate into new adjacencies. And so today, our infrastructure platform is built out with four distinct segments. We have our global Infra Fund series, Asia Infra, diversified core, and then most recently, the infrastructure vehicles customized for private wealth investors. And so, to give you a sense of how that’s grown, AUM at that Investor Day was $17 billion.
At June 30, we were at $54 billion, so that’s $17 billion to $54 billion. All organic. The growth in innovation hasn’t stopped. Again, I think we’re in the earliest of days as it relates to infrastructure and private wealth. It’s an asset class that we think lends itself very nicely in this marketplace. And look, the renewables space is an area where we also think we can do more. So more to come here over time. And as it relates to deployment, logically, as you’ve seen the increase in our footprint, you’ve seen the step function increase in overall deployment stats for us. So, infra deployment in 2019 was a little over two — was a little over $2 billion. It was $2.1 billion. 2020 is $2.2 billion. Over the last 12 months, we’ve invested $12 billion in the asset class.
So — and again, as you would’ve seen in — as Robert touched on capital markets, there are flow through opportunities for us at the same point in time. So more to come, but it continues to feel like we’re wonderfully well positioned.
Robert Lewin: And then, Mike, very quickly, your second part of your question, in the quarter we deployed approximately $850 million off the balance sheet. A good chunk of that — most of it is a core private equity. And then our realizations were a little under $250 million on the quarter.
Michael Cyprys: Great. Thanks.
Craig Larson: Thank you.
