00:00Laura, it really just feels that in this world of private capital giants, the bigger just continue.
00:05The big continue to just get bigger.
00:08That's right. Yeah. And this week was proof of that.
00:10So we saw Apollo report record fees from management fees.
00:15And a lot of that came from the capital solutions business, which is where they originate loans.
00:19And that's where we've seen some of the really big investment grade jumbo loans being originated in the last year
00:25or so, particularly even this year.
00:27There was a big Broadcom deal, which was 35 billion that Apollo led that came from the capital solutions business
00:32that the revenue from that and those fees are definitely driving growth at the firm.
00:37And it's a core part of their business right now.
00:38I mean, it's interesting to look at all the different giants and different businesses that are doing well.
00:44I spoke with both Carlisle and Brookfield this morning, for example, both them reporting earnings, saying, look at the huge
00:50amount of fundraising we're doing.
00:51KKR also raising their biggest ever infrastructure fund.
00:55And Laura, is there something to this? And I wonder just how much of the excitement is around AI strategies.
01:00And that's why these funds are able to raise so much money.
01:04Absolutely. It's still very active. It's very real right now, which is something KKR said this week.
01:08My colleague, Alison McLealy, reported on this huge fund rose earlier this week.
01:13And it's so interesting because for all the worries and concerns that we're hearing and that are also very real,
01:18you know, managers are able to go out and make these big deals and, you know, raise huge amounts of
01:23capital for it.
01:24So I think while investors are digesting and asking questions, they're still willing to allocate.
01:29And I think, you know, I think the key is diversity as well.
01:33This fund has three different strategies.
01:34So I think, you know, investors will be looking for a diverse portfolio as possible,
01:39something that kind of will hedge the risk from just pure AI infrastructure.
01:43Ciao.
01:43Ciao.
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