This quarter’s results exceeded expectations, primarily driven by strong fundamentals and fundraising momentum, with the firm expecting a record-breaking 2026.

Key metrics: Fee-related earnings reached $772M, up 11% YoY, and Distributable earnings stood at $702M, up 7% YoY.

Business developments: The acquisition of Just Group was completed, securing a $40B asset management mandate; the Oaktree acquisition is nearing completion; the flagship private equity fund has closed at $6B. AI infrastructure demand remains robust, with plans to expand the partnership with Bloom Energy several times over. Clients are shifting toward customized multi-strategy solutions, boosting fundraising momentum.

Guidance and outlook: Management expects 2026 to be the largest fundraising year in history, with targets significantly raised. Growth will be driven by the flagship fund, Just Group, and Oaktree.

Risk/positive signals: Positive signals — management highlights AI, energy transition, and credit opportunities as major tailwinds; cautious signals — geopolitical uncertainty is viewed as temporary and manageable.