Name: 布魯克菲爾德資產管理公司總裁康納-特斯基（Connor Teskey）在 2025 年超級回報大會上與彭博社記者合影 (Brookfield Asset Management President Connor Teskey with Bloomberg at SuperReturn 2025)
Uploaded: 2025-06-05T07:57:47.000Z
Duration: 6 min 12 s

I'm pleased to say that joining me here is Connor Teske, the Brookfield Asset Management President.

我很高興地宣佈，布魯克菲爾德資產管理公司總裁康納-特斯克（Connor Teske）將加入我的行列。

程度副詞

Really wonderful to see you here in Berlin.

Look, it is a first half of the year that's felt like a decade, and within that, Brookfield is very global, from every corner of the world, to infrastructure, to real estate, to buyouts.

今年上半年，布魯克菲爾德公司的業務非常全球化，從世界各個角落的基礎設施到房地產，再到收購。

In this moment where it feels like we're rethinking global trade, has there also been a rethink in where capital is being deployed?

在我們重新思考全球貿易的當下，是否也在重新思考資本的部署方向？

There's no doubt that things are evolving, but they're always evolving.

毫無疑問，事物是在不斷髮展的，但它們一直在發展。

This is no different than some of the different trends and supply shocks we've seen in recent years, and what we're seeing on the ground is relatively constructive.

這與我們近年來看到的一些不同趨勢和供應衝擊沒有什麼不同，我們在當地看到的是相對建設性的。

Businesses are performing well, capital's flowing, capital markets are very, very robust right now, and the key themes that have been driving our investment in recent years, they're not continuing, they're accelerating.

企業業績良好，資本不斷流動，資本市場目前非常非常強勁，而近年來推動我們投資的關鍵主題不僅沒有繼續，反而在加速。

I mean, you look at the fundraising for this industry, the first time in the first quarter, no fund has raised more than $5 billion in a decade, so where is that pain if you're not seeing it?

我的意思是，你看看這個行業的資金募集情況，第一季度首次出現了十年來沒有基金募集資金超過 50 億美元的情況，如果你沒有看到，那麼痛苦在哪裡？

So, maybe to contextualize the comment that the sentiment is good, no doubt the sentiment is stronger this year, and the way I'd characterize it is, perhaps 12 or 15 months ago, market participants were waiting for pockets of stability to start doing work on transactions or raising capital or large initiatives.

是以，也許我們可以把 "情緒良好 "這一評論的背景理解為，今年的情緒無疑更加強烈，而我的描述方式是，也許在 12 或 15 個月前，市場參與者還在等待小範圍的穩定，以便開始進行交易、籌集資金或採取大型舉措。

Market participants have done the work, they're sitting there, they're ready to go, the hand's on the button, and if we could get a short period of pockets of market stability, a short pocket of market stability, sorry, we think all that pent-up demand and volume of activity that people were expecting at the beginning of the year, we think it unlocks very, very quickly.

市場參與者已經做好了準備，他們坐在那裡，蓄勢待發，手已經按在按鈕上，如果我們能獲得短暫的市場穩定，短暫的市場穩定，對不起，我們認為所有被壓抑的需求和人們在年初期待的活動量，我們認為會非常非常迅速地釋放出來。

What's the likelihood we get a pocket, though, because it has been non-stop volatility?

不過，因為一直在不停地波動，我們得到一個口袋的可能性有多大？

We'd be pretty encouraged, and what's driving that is, well, some parts of the market are a bit slower, as you say, large transactions, certain public market transactions are difficult in a volatile environment.

我們很受鼓舞，而推動這種情況的原因是，市場的某些部分有些放緩，正如你所說的，大型交易、某些公開市場交易在動盪的環境中很難進行。

Other parts of the market are seeing tons of activity.

市場的其他部分也出現了大量活動。

Within our private equity business, we're seeing a huge increase of activity in things like partnerships and corporate carve-outs, where you can bring more than just capital, but also operating capabilities to bear, and we're seeing that on the infrastructure side.

在我們的私募股權業務中，我們看到合夥企業和公司分割等活動大幅增加，在這些活動中，你可以帶來的不僅僅是資本，還有營運能力，我們在基礎設施方面也看到了這一點。

Just this morning, we announced a $10 billion infrastructure, digital artificial intelligence infrastructure partnership in Sweden.

就在今天上午，我們在瑞典宣佈了一項價值 100 億美元的基礎設施、數字人工智能基礎設施合作項目。

A couple months ago, earlier this year, we launched a partnership with Barclays Bank in the UK, where we're gonna partner on their electronic payments business, so we're still seeing lots of activity.

幾個月前，也就是今年早些時候，我們與英國巴克萊銀行（Barclays Bank）建立了合作關係，我們將成為其電子支付業務的合作伙伴，是以我們仍然看到很多活動。

Maybe it's just not so much in the bio business that often generates the headlines.

也許只是在經常成為頭條新聞的生物行業中，這一點並不那麼重要。

There have been reports, Apollo and KKR have talked about on their earnings call that there have been some government influences, especially from foreign LPs, to invest in US, very US-type brands of funds.

有報道稱，Apollo 和 KKR 在財報電話會議上表示，受到一些政府的影響，尤其是來自外國 LPs 的影響，他們傾向於投資美國基金，非常美國式的基金品牌。

You know what's interesting is we get that question a lot, and what's sometimes underappreciated about Brookfield is we're known for investing capital all over the world.

有趣的是，我們經常會被問到這個問題，而布魯克菲爾德（Brookfield）有時被低估的一點是，我們以向世界各地投資而聞名。

We also raise money all over the world, and the one thing that is always constant is there is an ongoing evolution of where capital is coming from and where it's being directed, and for years, that's been driven by politics, that's been driven by business performance, that's been driven by liquidity.

我們也在世界各地籌集資金，但有一點始終不變，那就是資金的來源和流向都在不斷變化，多年來，這種變化一直受到政治、業務表現和流動性的驅動。

It does feel a little more sensitive right now because some of it is driven by geopolitics, but the capital reallocations we're seeing are not unnatural in the history of what we've seen, and it's certainly not changing our investment themes or what we're seeing in terms of opportunity or valuation.

現在確實感覺有點敏感，因為其中有些是由地緣政治驅動的，但我們看到的資本重新配置在我們所看到的歷史上並非不自然，當然也不會改變我們的投資主題或我們所看到的機會或估值。

To be specific, how is the geopolitics affecting that flow?

具體來說，地緣政治對這種流動有何影響？

Is it that your American rivals are getting less?

是你的美國對手得到的更少嗎？

They're looking for other types of funds?

I would say it's different everywhere around the world, and you're seeing it in many different ways.

我想說的是，世界各地的情況都不一樣，你們看到的方式也各不相同。

I feel like Europe is getting a lot of focus right now.

我覺得歐洲現在得到了很多關注。

It's seeing perhaps more activity today than people expected earlier this year, but at the same time, the US is still the largest and deepest market around the world.

如今，美國市場的活躍程度或許超過了人們今年早些時候的預期，但與此同時，美國仍然是全球最大、最深入的市場。

We've been very active there in the first half of the year, and we expect to continue to be.

今年上半年，我們在那裡非常活躍，預計今後也會如此。

Large organizations such as ourselves, we're well-positioned to navigate some of this uncertainty and perhaps capitalize on the opportunities it presents.

像我們這樣的大型組織，完全有能力駕馭這種不確定性，也許還能抓住它帶來的機遇。

Connor, before I let you go, I do want to talk about one other risk that's been presented, and it's that AI spend on things like data centers is too much.

康納，在讓你離開之前，我還想談談另外一個風險，那就是人工智能在數據中心等方面的支出過高。

Josiah Balibaba has been one of the chairman over there.

約西亞-巴利巴巴一直是那邊的主席之一。

When you're committing these levels of capitals to these huge products, how do you ensure that it doesn't turn from a boom to a bubble?

當你把如此多的資金投入到這些巨大的產品中時，你如何確保它不會從繁榮變成保麗龍？

What's incredible about the capital that's being deployed into AI infrastructure, whether it's the shells or the racks, whether it's the power that supports the data centers, whether it's investing in the chips and the servers, moving up and down the value chain, what's different about this type of investing is it's all backed by long-term contracts with some of the largest, fastest-growing, most profitable companies around the world, the large hyperscalers, and that's certainly a tremendous support for the business and gives us incredible confidence, and what we would say is while more and more capital is being deployed into the space, the demand still certainly outweighs the supply.

令人難以置信的是，這些資金被部署到人工智能基礎設施中，無論是外殼還是機架，無論是支持數據中心的電力，還是投資芯片和服務器，以及價值鏈的上下游，這種投資的不同之處在於，它們都有與全球最大、發展最快、盈利能力最強的公司，即大型超大型企業簽訂的長期合同作為支持、這無疑是對我們業務的巨大支持，也給了我們難以置信的信心。我們要說的是，雖然越來越多的資本被投入到這一領域，但需求肯定仍然大於供給。

The supply-demand imbalance is in favor of those that can provide that capacity where the market demand is overwhelming.

供需失衡有利於那些能夠提供市場需求巨大的產能的企業。

Well, we look forward to learning about more deals like your Sweden one today.

好吧，我們期待著瞭解更多像你們瑞典今天這樣的交易。

Congratulations on that, and Connor, thank you so much for joining.

恭喜你，康納，非常感謝你的加入。

And Lisa, with that, I'll send that back to you.

麗莎，就這樣，我把它還給你。

Connor Teske, the Brookfield Asset Management President.

布魯克菲爾德資產管理公司總裁 Connor Teske。