Alternative Investments

¹ Represented as Investable Capital, which includes fee-earning assets under management (AUM), unfunded commitments, co-investments and fund leverage. The fee-earning AUM as of March 31, 2026 is $203Bn. The reported data includes certain capabilities in multiple business lines: Real Assets Credit AUM is included in Real Assets and Private Credit, Collateralized Loan Obligations AUM is included in Fixed Income and Private Credit, Alternative Lending AUM is included in Hedge Funds and Private Credit.

As of March 31, 2026.

IMPORTANT INFORMATION

Risk Considerations

Alternative investments are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are suitable only for long-term investors willing to forego liquidity and put capital at risk for an indefinite period of time. Alternative investments are typically highly illiquid – there is no secondary market for private funds, and there may be restrictions on redemptions or assigning or otherwise transferring investments into private funds. Alternative investment funds often engage in leverage and other speculative practices that may increase volatility and risk of loss. Alternative investments typically have higher fees and expenses than other investment vehicles, and such fees and expenses will lower returns achieved by investors.

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