KKR is a global investment firm specializing in asset management, capital markets, and insurance services. The company offers a diverse range of financial products and services, including private equity, real assets, credit strategies, and insurance products, catering to both its portfolio companies and third-party clients . KKR's asset management segment is a major revenue driver, with significant earnings from management fees . The firm's capital markets business provides comprehensive capital solutions, while its insurance operations, managed by Global Atlantic, focus on retirement, life, and reinsurance products .
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Asset Management - Manages investments across five business lines, generating revenue through management fees, incentive fees, carried interest, and transaction fees.
- Private Equity - Invests in private companies to drive growth and operational improvements.
- Real Assets - Focuses on investments in infrastructure and real estate.
- Credit and Liquid Strategies - Offers credit investment opportunities and liquid market strategies.
- Capital Markets - Provides capital solutions, including debt and equity financing and securities underwriting.
- Principal Activities - Engages in proprietary investment activities.
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Capital Markets - Provides traditional and non-traditional capital solutions, including arranging debt and equity financing, underwriting securities offerings, and offering capital markets advice to both KKR's portfolio companies and third-party clients.
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Insurance - Operated by Global Atlantic, offers retirement, life, and reinsurance products, earning income through the spread between investment income and policyholder benefits costs.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
George R. Roberts ExecutiveBoard | Co-Executive Chairman | Founder and Chairman of REDF; Trustee: Claremont McKenna College. | Co-founded KKR in 1976; served as Co-CEO until October 2021; extensive experience in private equity and global investment strategy. | |
Henry R. Kravis ExecutiveBoard | Co-Executive Chairman | Boards: Axel Springer, ICONIQ Capital; Trustee/Chairman Emeritus: Claremont McKenna College, Columbia Business School, Mount Sinai Hospital, Rockefeller University, Sponsors for Educational Opportunity. | Co-founded KKR in 1976; served as Co-CEO until October 2021; over four decades of experience in private equity and global investment leadership. | |
Joseph Y. Bae ExecutiveBoard | Co-Chief Executive Officer | Co-Founder and Board Member of The Asian American Foundation; Member of Harvard University’s Global Advisory Council; Board Member of Lincoln Center. | Joined KKR in 1996; architect of KKR’s Asia expansion; led private markets businesses and thematic investment strategies. | View Report → |
Scott C. Nuttall ExecutiveBoard | Co-Chief Executive Officer | Former Board Member of Fiserv, Inc.; Co-Chairman of Teach for America – New York. | Joined KKR in 1996; led strategic initiatives, including KKR’s public listing and development of capital markets and insurance businesses. | |
Dane E. Holmes Executive | Chief Administrative Officer | Chairman of Storycorps; Board Member of The Ron Brown Scholar Program. | Joined KKR as CAO in 2023; former CEO of Eskalera and Global Head of Human Capital Management at Goldman Sachs. | |
Kathryn K. Sudol Executive | Chief Legal Officer | Trustee of New York University School of Law. | Joined KKR in 2022; former Global Co-Head of M&A at Simpson Thacher; extensive legal expertise in corporate and private equity transactions. | |
Robert H. Lewin Executive | Chief Financial Officer | Board Member of Answer the Call. | Joined KKR in 2004; previously co-led credit and capital markets businesses; played a key role in KKR’s Asia expansion. | |
Ryan D. Stork Executive | Chief Operating Officer | None. | Joined KKR in 2022; former Deputy COO and Chairman of Asia Pacific at BlackRock; extensive experience in financial services. | |
Adriane M. Brown Board | Director | Boards: American Airlines, Axon Enterprise, eBay; Member of International Women’s Forum. | Joined KKR’s Board in 2021; former President and COO of Intellectual Ventures; extensive leadership experience in technology and industrial companies. | |
Arturo Gutiérrez Board | Director | CEO of Arca Continental; Boards: Piasa, Jugos del Valle; Member: U.S.-Mexico CEO Dialogue, Consumer Goods Forum in Latin America. | Joined KKR’s Board in 2021; extensive leadership experience in multinational operations and consumer goods. | |
Evan T. Spiegel Board | Director | CEO and Board Member of Snap Inc.; Founder of Spiegel Family Fund; Board Member of Berggruen Institute. | Joined KKR’s Board in 2021; co-founder and CEO of Snap Inc.; extensive experience in technology and innovation. | |
Kimberly A. Ross Board | Director | Boards: Nestlé, Northrop Grumman, The Cigna Group. | Joined KKR’s Board in 2023; former CFO of WeWork, Baker Hughes, and Avon; extensive expertise in corporate finance and strategy. | |
Mary N. Dillon Board | Director | President and CEO of Foot Locker; Former Board Member of Starbucks, Target, and Ulta Beauty. | Joined KKR’s Board in 2018; extensive experience in consumer-driven businesses; former CEO of Ulta Beauty. | |
Matthew R. Cohler Board | Director | Boards: Asana, 1stDibs; Trustee: Environmental Defense Fund; Vice President: San Francisco Symphony; Member: Chan Zuckerberg Initiative, Yale Investments Office. | Joined KKR’s Board in 2021; former General Partner at Benchmark; early executive at Facebook and LinkedIn; extensive experience in venture capital and technology. | |
Patricia F. Russo Board | Director | Chairman of Hewlett Packard Enterprise; Director of Merck & Co. and General Motors. | Joined KKR’s Board in 2011; former CEO of Alcatel-Lucent; extensive experience in corporate governance and leadership. | |
Robert W. Scully Board | Director | Boards: Zoetis, Chubb Limited; Member of Teach For All and Nassau Hall Society at Princeton University. | Joined KKR’s Board in 2010; over 35 years of experience in financial services; former executive at Morgan Stanley. | |
Xavier B. Niel Board | Director | Founder and Chairman of Iliad SA; Founder of Kima Ventures, 42, and Station-F. | Joined KKR’s Board in 2018; entrepreneur and leader in telecommunications and technology sectors. |
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Given that you don't expect $400-plus million to be the new quarterly run rate for your Capital Markets business , how do you plan to sustain or grow revenues in that segment, considering its significant contribution this quarter?
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With the potential impacts of tariffs and a trade war on your portfolio companies , what specific measures are you taking to mitigate these risks, especially for sectors that might be negatively affected?
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Regarding your target of 14%-15% pretax ROE for Global Atlantic , given the upfront costs and variability in growth you've mentioned, can you elaborate on the concrete steps you're taking to achieve this target, and whether the 2026 timeline is still realistic?
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Your asset-backed finance business has grown over 40% to $66 billion in AUM , can you provide more details on the credit quality and risk management practices in place, especially considering the rapid expansion in this area?
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In light of the challenges in the real estate market and evolving investor sentiment , how confident are you in scaling your real estate equity platforms, and what strategies are you implementing to address potential headwinds in fundraising and deployment?
Research analysts who have asked questions during KKR & Co. earnings calls.
Alexander Blostein
Goldman Sachs
6 questions for KKR
Glenn Schorr
Evercore ISI
6 questions for KKR
Michael Cyprys
Morgan Stanley
6 questions for KKR
Patrick Davitt
Autonomous Research
6 questions for KKR
Steven Chubak
Wolfe Research
6 questions for KKR
Brian Bedell
Deutsche Bank
5 questions for KKR
Brian McKenna
Citizens JMP Securities
4 questions for KKR
Craig Siegenthaler
Bank of America
4 questions for KKR
Ben Budish
Barclays PLC
3 questions for KKR
Benjamin Budish
Barclays PLC
3 questions for KKR
Bill Katz
TD Securities
3 questions for KKR
Daniel Fannon
Jefferies Financial Group Inc.
3 questions for KKR
John Barnidge
Piper Sandler
3 questions for KKR
Kyle Voigt
Keefe, Bruyette & Woods
3 questions for KKR
Michael Brown
Wells Fargo Securities
3 questions for KKR
William Katz
TD Cowen
3 questions for KKR
Arnaud Giblat
BNP Paribas
2 questions for KKR
Greg Sockenfowler
Bank of America
2 questions for KKR
Christoph Kotowski
Oppenheimer & Co. Inc.
1 question for KKR
Vikram Gandhi
HSBC
1 question for KKR
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
USI Insurance Services | 2025 | KKR announced plans to increase its stake in USI Insurance Services as part of a broader $1.1 billion investment in its Strategic Holdings segment, with the transaction expected to close in the first half of 2025 and executed in partnership with Chubb. |
1-800 Contacts | 2025 | KKR arranged to boost its ownership in 1-800 Contacts as part of the same Strategic Holdings initiative, contributing to roughly $3.7 billion of revenue and slated for completion in the first half of 2025. |
Heartland Dental | 2025 | KKR is set to increase its stake in Heartland Dental along with USI and 1-800 Contacts through a total investment of $2.1 billion, aligning with its long-term private equity strategy and expected to close in the first half of 2025. |
The Global Atlantic Financial Group LLC | 2024 | KKR completed the acquisition of the remaining 37% of Global Atlantic Financial Group LLC on January 2, 2024, for approximately $2.6 billion in cash and $41 million in exchangeable securities, resulting in 100% ownership and a reduction in noncontrolling interests. |
FGS Global | 2023 | KKR acquired FGS Global, a leading strategic communications advisory firm, as part of its European Private Equity operations, leveraging over a decade-long management relationship to bolster its proprietary opportunities. |
Vantage Towers | 2023 | In a take‐private transaction executed with Vodafone, KKR acquired Vantage Towers—the second‐largest telecom tower company in Europe—funded primarily by its diversified core Infrastructure Fund. |
Mitsubishi Corp.-UBS Realty Inc. | 2022 | KKR completed an all-cash acquisition of Mitsubishi Corp.-UBS Realty Inc. for approximately JPY 230 billion (about $1.8 billion), subsequently renaming it to KJR Management to enhance its real estate asset management business in Japan. |
Recent press releases and 8-K filings for KKR.
- KKR is providing $750 million in bespoke financing to support Chandra Asri’s acquisition of nearly 60 Esso-branded retail fuel stations in Singapore.
- The financing is arranged by KKR’s Capital Markets division and anchored by its private credit and insurance platforms, reflecting its tailored capital solutions strategy in Asia Pacific.
- The partnership underscores confidence in Chandra Asri’s downstream energy transformation; the company owns Southeast Asia’s largest integrated petrochemical complex and was founded in 1992.
- Since 2019, KKR has committed over $8 billion across about 60 credit investments in Asia Pacific, with total transaction volume exceeding $21 billion under its Asia Pacific Credit strategy.
- Multi-year strategic partnership in which KKR commits to purchase an initial portfolio and at least $2 billion in new loans annually over three years to expand Sallie Mae’s private education originations.
- Sallie Mae will retain servicing responsibilities and earn fees for servicing, program management, and industry expertise, aiming to boost capital efficiency and deliver a more capital-light earnings profile.
- Morgan Stanley & Co. LLC served as the sole structuring advisor, and KKR’s investment is made through its Asset-Based Finance strategy, underscoring a pioneering approach to deploying long-term flexible capital in the student loan sector.
- KKR agreed to sell Novaria Group, a Fort Worth–based aerospace and defense manufacturer, to Arcline Investment Management for $2.2 billion.
- Since KKR’s 2020 acquisition, Novaria has tripled in size through 13 add-on deals, now serving 3,000+ customers with 1,600+ employees.
- Operational improvements include a 60% reduction in total recordable incident rate since 2021 and a 20% drop in voluntary turnover, earning top-quartile ranking on the Ownership Works index.
- Advised by Morgan Stanley and Kirkland & Ellis, the deal highlights a resurgence in sponsor-to-sponsor private equity M&A in aerospace.
- KKR is launching a ¥90 billion ($584 million) tender offer to take Forum Engineering private at a 40.7 % premium per share.
- The offer, priced at ¥1 per share, runs from Nov 11 to Dec 23, 2025.
- Forum’s board and founder Izumi Okubo will tender their stakes and reinvest via La Terre Next into KKR-managed funds.
- Forum, which employs 4,500 full-time electromechanical engineers and posted a 9 % revenue increase in H1, addresses Japan’s skilled labor shortage; KKR will fund the deal through its Global Impact Fund II.
- KKR will launch a tender offer for Forum Engineering’s common shares and share options through KJ003 Co., Ltd., running November 11 – December 23, 2025, at JPY 1,710 per share, a 40.74% premium over the six-month average closing price.
- Forum Engineering’s Board of Directors has resolved to support the Tender Offer and recommend that shareholders tender their shares.
- KKR has entered into tender agreements with founder Izumi Okubo (7.51%) and La Terre Next (7.11%), and La Terre Holdings (37.07%) has agreed to support a subsequent self-tender of its stake.
- Forum Engineering specializes in engineering staffing services in Japan and supports a workforce of 4,500 full-time electromechanical engineers.
- KKR delivered record fee-related earnings of $1.15 per share and adjusted net income of $1.41 per share, both exceeding analyst forecasts.
- Assets under management rose 16% year-over-year to $723 billion, driven by insurance and credit inflows; private wealth K-Series assets jumped 80% yoy to $29 billion.
- The firm raised a record $43 billion in capital, led by its credit platform and insurance business, including a $2 billion investment in Global Atlantic from Japan Post Insurance.
- Revenue surged to $5.53 billion, though GAAP EPS lagged estimates and transaction fees declined 35% yoy amid slower dealmaking.
- Posted Fee Related Earnings (FRE) of $1.03 bn, Total Operating Earnings (TOE) of $1.40 bn, and Adjusted Net Income (ANI) of $1.27 bn in Q3 2025, up 3%, 12%, and 8% year-over-year, respectively.
- Assets Under Management reached $723 bn, up 16% year-over-year, with Fee-Paying AUM of $585 bn (+16%) and $43 bn of new capital raised in the quarter.
- Declared a regular dividend of $0.185 per share and closed a majority-stake acquisition of HealthCare Royalty Partners (adding ~$3 bn to AUM) alongside a $2 bn strategic partnership with Japan Post Insurance.
- KKR delivered fee-related earnings of $1.15 per share, total operating earnings of $1.55 per share, and adjusted net income of $1.41 per share, marking record levels and year-over-year growth of 16–17%.
- Management fees grew 19% year-over-year to $1.1 billion (up 16% excluding catch-up fees).
- Raised $43 billion of capital in Q3—60% organic credit inflows, $15 billion from Global Atlantic, and $16 billion for private equity & real assets; credit YTD fundraising reached $55 billion vs. $56 billion in 2024.
- Invested $26 billion in Q3 and $85 billion over the last 12 months, with $126 billion of dry powder; expects $800 million of monetizations over the next two quarters.
- Announced a one-time Q4 charge to claw back ~$350 million of carry from Asia 2, reducing EPS by ~$0.18, and reaffirmed 2026 targets of $4.50+ FRE per share and $78 ANI per share.
- Fee-related earnings of $1.00 billion ($1.15 per share), total operating earnings of $1.55 per share, and adjusted net income of $1.41 per share, driven by $1.1 billion of management fees (+19% YoY).
- Raised $43 billion of capital in Q3 (second-highest on record), including $15 billion inflows at Global Atlantic and $4.1 billion from KKR’s private wealth suite (+20% QoQ).
- Deployed $26 billion of capital in Q3 (bringing LTM investments to $85 billion, +12% YoY) with a record $126 billion of dry powder.
- Insurance segment operating earnings of $305 million in Q3; total insurance economics of $1.4 billion YTD (up 16% YoY), excluding ~$200 million of accrued income to be recognized in later periods.
- GAAP net income of $0.9 billion in Q3 2025 (up from $0.6 billion in Q3 2024); fee related earnings of $1.03 billion (a record, +3% YoY), total operating earnings of $1.40 billion (+12% YoY) and adjusted net income of $1.27 billion (+8% YoY).
- Assets under management rose to $723 billion (+16% YoY) with fee-paying AUM of $585 billion (+16%); the firm raised $42.6 billion of new capital (its second-highest quarter) and invested $26.1 billion (the most active quarter in its history).
- Declared a $0.185 per share common dividend for Q3 2025, payable December 2, 2025 (record date November 17, 2025).
- Issued $900 million of 5.100% senior notes due 2035 and repaid $500 million of 5.500% senior notes (plus an additional $198 million in October).
- Completed a majority stake acquisition in HealthCare Royalty Partners, adding approximately $3 billion to AUM, and closed a $2 billion investment from Japan Post Insurance into a new Global Atlantic vehicle.