And that’s been increase opportunities for us to continue to be more relevant to the broad insurance landscape, as well as within our traditional asset-based finance strategy where we have funds and separately managed accounts focused on a mid-teens gross IRR opportunity. Those would be the strategies for instance that had pursued the PayPal transaction. And so, deployment has been healthy. I think over the trailing 12 months, it’s been about $11 million for us. So, it’s been a place where we’ve been active. And in addition to the PayPal partnership that we announced in June, the team does continue to be active on the regional front. I think our most recent portfolio acquisition here close about two weeks ago. And in terms of fee rates, we haven’t really gone into detail in terms of the separation between the high grade and the asset-based finance strategy.
But fair to say that commensurate with that risk return that you’re correct. The high grade would be a different area as it relates to blended fee rate relative to the asset-based finance fund itself.
Scott Nuttall: Yeah. Alex, it’s Scott. Just maybe a little bit more color on the types of capital raising. This is going to be a bunch of different formats, so you’re not going to see a large flagship fund would be my guess. But we do have an ABF fund. We have our BDCs. We have leveraged separate accounts. We have unleveraged separate accounts. We have a high grade ABF strategy, which also tends to be in separate account format, and there’s other things that we’re working on. So, it all aggregates up to the $45 billion or so that Craig mentioned. I say you’re right, the initial interest over the last several years has been from a number of different places. But if there’s a thematic to it, if insurance, we now manage roughly $200 billion for insurance companies, 140, 150, give or take from GA, the rest from third parties.
And we have 150 insurance companies that invest with us on a third-party basis. But also increasingly we’re seeing interest from institutions. This asset class reminds me a little bit of infrastructure 10-plus years ago. There’s a lot of education. In the early days, growing market, not a lot of people understood what it was. We are finding that there’s increased interest in it as the focus on private credit has continued to broaden and go global. So, we’re optimistic.
Alexander Blostein: Perfect. Thanks for all that.
Craig Larson: Thank you.
Operator: Thank you. At this time, we reached the end of our question-and-answer session. I’ll hand the call back to Craig Larson for closing remarks.
End of Q&A:
Craig Larson: Rob, thank you for your help and thank you everybody for your continued interest in KKR. Please feel free, of course, to follow up with me or the IR team post this call. Otherwise, we look forward to speaking to everybody in 90 days or so. Thank you so much.
Operator: This concludes today’s conference. Thank you for your participation. You may now disconnect your lines at this time.
