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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.
| 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?
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.
- Q1 2025 Results: GAAP net income loss of $(0.2) billion reported; non-GAAP highlights include fee-related earnings up 23% YoY, total operating earnings up 16% YoY, adjusted net income of $1.0 billion, and assets under management of $664 billion.
- Fee-related Performance: Earnings per share reached $0.92 with total operating earnings of $1.24 per share, driven by robust fee-related revenue growth.
- Capital and Investment Strength: Raised $31 billion in new capital, holds $116 billion in uncalled capital, and issued a $2.6 billion convertible preferred offering.
- Dividends: Annualized dividend increased to $0.74 per share for the sixth consecutive year, with a regular dividend declaration.
- Diversified Revenue: Delivered strong performance in core segments with insurance earnings of $259 million and Strategic Holdings earnings of $31 million.