Noah, you, and Thank good morning.
me little from $XXX the business. FRE As of XX% Noah bit detailed, momentum first mostly year-over-year. hear quarter in Personally, there I million, is up was a part you results very pleased. from were was every strong. And Jim, will but
$XXX million, up For year-over-year. XX% reported SRE, we
time then for move year. I'm the of inflow the to the quarter Keynote going but a $XX quickly for record on quarter, to some spend color for quarter. providing the outlook billion the
to In particularly on. with things respect going SRE, we the X had quarter,
generated, particularly suggested, team funding diversified their inflows across of I billion first, X funding as The channels, $XX of good. their really The channels.
they were will cash as pace, relatively was the of terms quarter, year. even somewhat for across liabilities to generated we timing. strong, whereas was out to expect mixed of and high even a The origination hear, they of very needed While at origination, in balances generation in resulting most what you the they place took which loaded, back-end the
alternatives historically The normalized move our significantly and or had slight in the what was underperformance versus quarter second, derisk a normalized. to have expect biggest book. the floating we come But rate the action to
that putting current we which rates earn are Recall able normalize. on a we and upside to very nice run have as period floating rates very SRE significant rate When maximizing rates without return sense been common us exposure, strategy. low, of gives
levels, You have returned use as normalized more significantly an rates exposure. our should opportunity we as to to expect this reduce
Exposure the XXX term. of SRE. about points at at now of where point floaters this $XX we're move for Sensitivity it is near leave going billion, less to probably is basis than X%
in linear You continue -- to upside, participation rates, rate expect downside, rate that not not fact on of to our nature falls. and and do participation while we the us down, exposure have we reflecting do should the up have we in the first, on business the move have linear floating
coming we me that year one trend. sketched as of for of And certain gives this view rate this quarter of a All having all, floating will be hedging that exposure really second, a interest of during vis-a-vis element strong that increased is into there confidence amount liabilities on nice performance in changes met. you and all to the a I out rates. outlook
grew in 'XX. to year FRE, growth XX% we're expecting the XX% in our versus the -- PE XX% in nonflagship we
invest on the invest XX% where based future. XX% choose how will between be, my the business. and to We to trade-off have in to And plenty opinion, the up as we in much in opportunities we of end
we are rate still or business. we low do of rate Retirement double-digit exceed inflows Services meet in the expect run SRE, We which believe reflects of growth targeting our to the long-term growth, XXXX. billion organic $XX
in X think highlight are were or I'll business, momentum that I out I things the the X pick really to If exceptional.
return the lifeblood our enduring originations The Platforms, to represent recurring of business is recall, first, you billion as our roughly quarter, $XX Apollo half and origination. a the and for unique from of platforms. and are fast origination. of and is of risk, grow opinion, we as focus that in provide source growing originate the for as only significant this my a excess can assets per can firm. We, unit
Capital quarter. formation strong also the for was very
important the segments not touch simply philosophy. touch where on to We an on trust. are prudently, and our all careful capital very accept numbers, we at to I in be investor business, new have to in and is Capital at of times. money be need all growing formation the costs part formation it particularly invest Before I'll measured we building but
asset coming from particular, the coming In Asset from of retirement services business, ADS. $XX strong For in capital billion in billion quarter, a at and performance wealth, Management there $XX global was billion, very $XX was the management. formation lot roughly momentum
leverage, the Recall finance business. momentum as team lending institutional. out pick There's is has highlights The third-party defensively, XXX% that I'd for our quarter. there ADS done and in a job. asset-based also first run lien, lowest spectacular direct insurance
clients. or and nothing, philosophy It that our the come our products Asset-backed and many end our everything capacity insurance to in of XXX% our finance also consumed tied produces of alignment is unique to up wanting XX% to platforms originate tied of asset-backed of are which third-party third-party is directly with off other as institutional form. and
to insurance ABF a a institution. multibillion is of including like-minded leading financial suited billion QX, in company dollar strategic ABF were $X flows particularly from investment There balance sheets. well
in here. has track, momentum set building are been believe guidance on we and In quarter. And summary, the consistent with I for
share is year how you and the Day, this Noah thinks future. Investor highlighted already has the our While about interesting, team Gunn with
of provided. not, first, that you decline of the growth business. big is continue of we're guaranteed retirement lifetime are you plans, preparation look getting Whether income. we foundation that everywhere world for governments going is We a currently population, whether industry. -- guaranteed be look a all Retirement world, the need at the in to pillars whether of inadequacy see you older. are The or believe of to around of The driver exciting look I ultimately our aging is ahead defined us lack or the on really exceeds retirement income of fixed it in Like a X at at built of what retirement. massive benefit
I mean institutions construction. wholesale business The second [indiscernible] and investors, a is revisiting ABCs And of investors say and I individuals. when trend our the in by of perhaps portfolio
that built industry the clients. an are out We institutional of smallest our has been of asset allocation
primarily very everything alternatives. simple XX% allocated our least publicly allocated a else, institutional traded equities, as at income clients of think to In being half meaning allocated XX% publicly to traded to way, I and fixed
of public entire is was been out that bucket. has safe. was in so-called bucket growth world XX% alternative where the risky Our private private or industry sense and XX% a made
unique public I XX% now And X And Private or was fundamental to AA underlie public, concepts the revisiting the X there's public of most companies. believe equity. markets. we are XX reality X,XXX companies. which and that concentration now represents levered from our is S&P companies, to XXX X,XXX the goes financial
private, Investors off risky. is what been question ask both and to to limits much, questions the closer. and trade-off liquidity much which looking between about actually starting are trade-off, fixed just is of is are has already public safe their difference a liquidity This bucket, if historically income getting and and
lows. at Liquidity is in record traded daily. actually increasing for fixed publicly income Liquidity credit is private
they to each industry begin not that markets allocated are not We to that other, to our to pass an just investors -- asset going historically private notion entire presents not I'm that private bucket the growth. extreme but path we're an toward saying markets unusual entire with allocate have will
bucket. in An used the the believe exposure in who get investor to same to will economy I markets. wants happen public equity it the
than economy in more markets. half Now the is private
XX-year will rates may equity seek a private product, equity leverage, very other allocation fund and in equity, out today. with I return private believe exposure seeking that being that While to be exist locked-up increasingly investors forms not a private of markets high
for as to industry no investors the is that in the it given economy, markets. in is it allow products longer to future public of our job XXX% And our the access create to
succeed, is not to really execution. of of question us a a For this is question opportunity. This
can origination. We with as fast can originate. grow starts our we as only Execution business
As you heard, $XX billion quarter. for the
billion have goal $XXX origination We publicly discussed year. the of for
we Our business getting target by plan X-year will exceed. by which $XXX capacity us million is we exceed Day doubt, good in originate our in our midrange origination. only hope $XXX Again, I no will be to And to growth need for Investor billion original where risk. as XXXX, our limited to had
change And a will for these prepare to global the already -- formed. business importance basis. is we do to how need given players and And on a we industry. we change one thing the long-term relationships is successful second to is wealth run The value capital our in the industry. that of happening, in the of be Capital
ways essentially our different to needing We build are with communicating of clients.
eventually raised clients are fixed us for this, to bucket at a well out industry. and believe increasingly, time cover positioned we coming bucket. their this need know, you Historically, their their will do good from and of money as we've our income alternatives and we And is institutional bucket. equity to I for our
world, to nature represent the the and it's fund back balance and new that do nor thinks also to whether for of whether things X transition about suited system power, whether of sheets centers data it's believe well all not liquid where shorter And need daily the capital technologies or long-term I the those of market. long-term infrastructure, to steps it is in if energy need adapt is banking to is financing financing. one the
these institutional matched be with our Increasingly, and clients. long-term needs funding from retail long-term capital will
particularly number number and one, in again, formation; capital product equity. development, So origination; finally, two,
we it's the of thought. migration is to happening I expect happening, private signposts there. faster The In already are markets ways, than because and bucket some there fixed that income
public markets. Rating things markets agencies private and in rate
a so look between risk. begin and private others public this transition, about market as credit market to of think And comparability they to and ratings can investors, as sign
equity Equity signpost. future industry the and the up about looks the to also excited markets is us what same like, bucket as those just an sort lack of transition I'm but bucket. in develop credit not of in the kinds It in products, to
I summary, like hand playing. In we're the
incredibly lead well We services with competition. retirement over positioned are our decade-long most a of in
for on replacement is investment private migrate work suited their and XXX% institutions is particularly well believe, individuals historically grade, taking we The I done have and income the as transition that fixed exposure positioned take to expect business place I believe well to public income to public with begin equity. that private. in we are to our I migration hybrid address fixed and And place the
over to you. Jim,
