KKR & Co. Inc. (KKR)

KKR is a leading global investment firm offering alternative asset management along with capital markets and insurance solutions. Founded in 1976, it pioneered the leveraged buyout strategy and has expanded from traditional private equity into leveraged credit, alternative credit, infrastructure, real estate, energy, growth equity, and core private equity. It aims to generate attractive investment returns through a patient, disciplined approach. As of December 31, 2025, it managed $744 billion of assets under management. Its insurance business, conducted through Global Atlantic (acquired in 2021), provides retirement and life insurance solutions.

KKR reports three segments: Asset Management, Insurance, and Strategic Holdings. Asset Management has five business lines: Private Equity ($229 billion of AUM), Real Assets ($192 billion), Credit and Liquid Strategies ($322 billion), Capital Markets, and Principal Activities. Private Equity covers traditional private equity ($167 billion, including control buyouts, public-to-private deals, carve-outs and a middle market strategy), core private equity ($41 billion, longer-hold, lower-risk companies) and growth equity ($21 billion, across technology, health care and impact). Real Assets includes real estate and infrastructure and energy. Credit and Liquid Strategies includes leveraged credit, alternative credit and liquid strategies. Traditional private equity fell from over 70% of AUM in 2010 to less than 25% in 2025.

The firm earns recurring management fees ($4.1 billion in 2025) and fee-related performance revenues from institutional and individual investors who entrust it with capital. It also earns transaction fees from broker-dealer capital markets services, transaction and monitoring fees from portfolio companies, carried interest on investment gains from third-party capital, and investment income from its own balance sheet capital invested alongside its funds. Fees depend on the investment strategy and liquidity profile. Investment vehicles focus on North America, EMEA, Asia Pacific, or invest across regions.

Operationally, KKR describes a global integrated platform for sourcing and originating investments, raising capital and carrying out capital markets activities. It has about 4,200 employees (roughly 2,700 in asset management and 1,500 in insurance) plus about 800 more in subsidiary organizations, and 36 offices worldwide across four continents. Roughly 92% of AUM is capital with a duration of at least eight years at inception, including perpetual capital such as registered investment vehicles, K-Series vehicles for individual investors, listed companies like Crescent Energy, and Global Atlantic AUM. As of December 31, 2025, the firm and its personnel had about $30 billion invested in or committed to its own funds and portfolio companies.