KKR & Co. Inc. (NYSE: KKR)

KKR & Co. Inc. is a leading global investment firm that provides alternative asset management, capital markets, and insurance solutions.

Founded in 1976 the firm pioneered the leveraged buyout strategy and has been a leader in private equity for five decades.

Over time KKR expanded its product platform to include real assets, credit and liquid strategies, growth equity, core private equity and infrastructure investments.

As of December 31 2025 the firm operated from 36 offices worldwide and employed approximately 5,043 people across its asset management, insurance and subsidiary organizations.

Total assets under management stood at $744 billion, of which $219 billion were attributable to the Global Atlantic insurance business.

The company generates revenue primarily through management fees charged on assets under management.

It also earns fee related performance revenues when investment returns exceed agreed hurdles.

Capital markets activities produce transaction fees from arranging debt and equity financing for clients.

Carried interest provides a share of profits from investment funds.

Investment income arises from KKR’s own capital committed alongside client funds.

The insurance business earns revenue from the spread between investment returns on its assets and the cost of policyholder benefits, as well as from fees on certain insurance contracts.

In 2025 management fees totaled $4.1 billion, reflecting the scale of the fee paying asset base.

A large portion of the asset base consists of perpetual capital with investment horizons of eight years or more, which supports stable fee streams.

KKR and its employees have approximately $30 billion of capital invested in or committed to the firm’s own funds and portfolio companies.

The company operates through the following segments: Asset Management, Insurance, and Strategic Holdings.

• Asset Management encompasses five business lines: Private Equity, Real Assets, Credit and Liquid Strategies, Capital Markets, and Principal Activities.

• As of December 31 2025 the segment managed $744 billion of assets under management, with Private Equity accounting for $229 billion, Real Assets for $192 billion and Credit and Liquid Strategies for $322 billion.

• Within Private Equity the strategies include traditional private equity ($167 billion), core private equity ($41 billion) and growth equity ($21 billion).

• Real Assets comprises infrastructure ($100 billion), real estate ($86 billion) and energy ($6 billion), with real estate further divided into credit ($45 billion) and equity ($41 billion).

• Credit and Liquid Strategies consist of leveraged credit ($145 billion), alternative credit (including asset based finance $85 billion, corporate credit $50 billion and strategic investments group $8 billion) and liquid strategies ($34 billion).

• Capital Markets provides transaction related services such as arranging debt and equity underwriting, generating $930 million of fees in 2025.

• Principal Activities manages the firm’s own capital commitments alongside client investments and generates investment income from those positions.

• Management fees for the segment are derived from the various business lines and are influenced by the underlying investment strategy and liquidity profile.

• The segment also benefits from a substantial base of perpetual capital that allows long term investment horizons and reduces pressure for near term exits.

• The Insurance segment is conducted through the Global Atlantic brand, which provides retirement and life insurance solutions to individual and institutional customers.

• As of December 31 2025 Global Atlantic managed $219 billion of assets under management and served over 3.5 million policyholders.

• Revenue is generated from the spread between investment income on its assets and the cost of policyholder benefits, as well as from fees on certain insurance contracts.

• In the individual market the company offers fixed rate and fixed indexed annuities, registered index linked annuities and preneed life products.

• Distribution of these products occurs through a network that includes over 250 banks and broker dealers and approximately 200 independent marketing organizations.

• In the institutional market Global Atlantic provides block and flow reinsurance, pension risk transfer and funding agreements.

• As of December 31 2025 the firm had $8 billion of funding agreements outstanding under the FABN program.

• The insurance business benefits from KKR’s investment expertise and broad origination capabilities which help generate attractive risk adjusted returns for the policyholder base.

• Strong financial strength ratings from major agencies support the stability of the insurance operations.

• The Strategic Holdings segment consists of interests in operating companies owned by KKR, primarily derived from its core private equity strategy.

• As of December 31 2025 the segment held stakes in 19 companies and generated pro rata adjusted revenue of $4.4 billion and adjusted EBITDA of $1.1 billion.

• Income is received mainly as dividends from these holdings and realized gains upon sale of ownership interests.

• The segment is supported by the Asset Management division which charges quarterly management fees and performance fees on the sale of interests to reflect the cost of advisory services.

• These fees are intended to represent the cost of providing advisory services rather than to determine allocable costs borne by the Asset Management segment.

• Strategic Holdings focuses on long term ownership of companies that generally exhibit lower risk profiles than typical traditional private equity investments.

• The approach allows KKR to benefit from stable cash flows and potential appreciation while maintaining a diversified portfolio outside of its core fund structures.

KKR ranks among the largest alternative asset managers globally, competing with firms such as Blackstone, Carlyle, Apollo, TPG and Bain Capital.

Its competitive advantage lies in a fully integrated global platform that combines asset management, capital markets and insurance capabilities.

The firm’s one firm philosophy encourages collaboration across business lines and geographies, enhancing deal sourcing and value creation.

Scale and diversification across private equity, real assets, credit and liquid strategies provide resilience across market cycles.

A substantial base of perpetual capital and long term investment vehicles gives KKR flexibility to pursue attractive opportunities without pressure for near term exits.

The firm’s deep industry knowledge, extensive operating professional network and global relationships enable it to source proprietary deals and create value in portfolio companies.

KKR’s ability to raise substantial capital from a diverse investor base and to deploy that capital alongside client commitments further strengthens its market position.

These factors collectively position KKR as a leader in the alternative investment industry with a reputation for disciplined investing and long term wealth creation.

The company serves a diverse client base that includes public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations, investment managers and private wealth investors accessed through wirehouses, independent broker dealers, registered investment advisers, global private banks and family offices.

In its capital markets business it works with multinational corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds and hedge funds globally.

A notable strategic partner is Capital Group, which collaborates on private wealth and retirement solutions through co branded investment vehicles and advisory arrangements.

The insurance segment serves over 3.5 million individual policyholders and provides reinsurance and funding agreements to institutional clients such as corporations, pension funds and other insurance companies.

KKR’s private wealth efforts have attracted capital from family offices, high net worth individuals and retail investors seeking exposure to alternative asset classes.

The firm’s investor base spans more than 65 countries, reflecting its global reach and ability to meet varying regional investment needs.

These broad and deep relationships enable KKR to raise capital across multiple channels and to tailor solutions to the specific requirements of different investor types.