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?
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 delivered >25% growth in Fee Related Earnings, Total Operating Earnings and Adjusted Net Income on a trailing 12-month basis, reflecting strong momentum entering H2 2025.
- Fee Related Earnings for Q2 2025 were $886.8 million, up 17% YoY (Q2 2024: $755.4 million), and Adjusted Net Income was $1.06 billion.
- Assets Under Management rose to $686 billion, up 14% YoY, with Fee Paying AUM at $556 billion.
- Declared a $0.185 per-share quarterly dividend and closed on a majority stake in HealthCare Royalty Partners, adding $3 billion to AUM post-quarter.
- Fee Related Earnings of $887 million (up 17% YOY), Total Operating Earnings of $1.2 billion (up 14% YOY) and Adjusted Net Income of $1.1 billion (up 9% YOY); all three metrics on a LTM basis grew >25% YOY.
- Assets Under Management of $686 billion and Fee Paying AUM of $556 billion (both up 14% YOY); New Capital Raised of $28 billion in the quarter ($109 billion LTM) and Capital Invested of $18 billion in the quarter ($83 billion LTM).
- GAAP Net Income to common stockholders of $0.5 billion in Q2 and diluted EPS of $0.50.
- Declared a regular dividend of $0.185 per common share for the quarter.
- Post-quarter, closed on a majority stake in HealthCare Royalty Partners, adding approximately $3 billion to AUM.
- KKR and Energy Capital Partners, alongside CyrusOne and Calpine, are developing a $4 billion hyperscale data center campus (DFW10) in Bosque County, near Dallas, Texas, featuring over 700,000 sq ft in its initial phase and scalable capacity, due online by late 2026.
- The project secures a 190 MW power agreement with Calpine’s Thad Hill Energy Center to provide dedicated, reliable power and support ERCOT grid emergencies.
- This campus is the first investment under a $50 billion strategic partnership between KKR and Energy Capital Partners targeting AI infrastructure growth.
- Wall Street analysts set a $154.47 one-year price target for KKR stock (upside of 2.69%), while GuruFocus’s GF Value model indicates a potential downside of 62.53%.
- KKR and Energy Capital Partners launch development of a 190 MW hyperscale data center campus in Bosque County, Texas—first investment from their $50 billion strategic partnership to support AI infrastructure growth.
- Project co-developed with CyrusOne, co-located with Calpine’s natural gas power plant, featuring 144 MW of initial IT capacity across 700,000 sq ft, designed for rapid expansion.
- Total investment approaching $4 billion, backed by a long-term dedicated power agreement with Calpine, with the campus expected to be operational by Q4 2026.
- Campus will incorporate climate-neutral initiatives, water conservation, biodiversity protection, and ERCOT grid emergency response capabilities.
- KKR announces acquisition of a majority ownership stake in HealthCare Royalty Partners to expand its life sciences franchise and enhance biopharma royalty and credit investing capabilities.
- Since inception in 2006, HCRx has committed over $7 billion in capital and manages approximately $3 billion in assets, spanning more than 55 products across 10 therapeutic areas.
- HCRx Chairman and CEO Clarke Futch will continue to lead the firm and retain a substantial minority interest, collaborating with KKR’s health care team to offer a broad range of financing solutions.
- The transaction builds on KKR’s history of investing over $20 billion in health care equity capital since 2004, reinforcing its commitment to the sector.
- KKR raised $6.5 billion for a new Asset-Based Finance Fund, comprising $5.6 billion for ABFP II and nearly $1 billion from separately managed accounts.
- ABFP II is more than 2.5× the size of its predecessor and will provide long-term capital to credit investments backed by diversified financial and hard assets.
- Since launching its ABF strategy in 2016, KKR’s platform has grown to $74 billion in assets under management with a team of ~50 specialists globally.
- The fund will target four core themes: Consumer/Mortgage Finance, Commercial Finance, Hard Assets, and Contractual Cash Flows.
- KKR will commit A$500 million through its Global Climate Transition strategy to partner with CleanPeak and expand distributed energy in Australia, marking the strategy’s first Asia-Pacific investment and sixth globally.
- CleanPeak, co-founded in 2017, operates over 50 distributed generation sites with 140 MW of solar and 35 MWh of battery storage, and is delivering over A$200 million in construction projects.
- The partnership aims to develop a pipeline of distributed solar, battery storage and microgrid solutions for Australia’s commercial and industrial sector to improve energy efficiency and decarbonisation.
- The transaction is expected to close in H2 2025, pending regulatory approvals.
- KKR & Co is in advanced talks to acquire Singapore-based ST Telemedia Global Data Centres in a deal valued at over $5 billion.
- The firm already holds a 14.1% stake in STT GDC after a $1.4 billion investment with Singtel in 2024, and this move would expand KKR’s global data center footprint.
- STT GDC operates or is building data centers across Asia and Europe, including in countries such as India, Japan, Germany and the UK.
- This follows KKR’s recent data center and infrastructure investments, including stakes in CyrusOne, Singtel’s data center business ($800 million), and backing companies like GTR and CoolIT.
- In 2025, KKR has pursued several large acquisitions—OSTTRA (
$3 billion), Karo Healthcare (>€2.5 billion) and Spectris (£4.1 billion)—demonstrating its aggressive deal-making strategy.
- KKR has completed the previously announced acquisition of Metronet via a joint venture with T-Mobile, creating a scaled platform for fiber expansion in underserved U.S. markets.
- Metronet’s network now serves 2.6 million homes and businesses across 300 communities in 19 states, covering over 42,000 miles of fiber infrastructure.
- Under the JV structure, Metronet will operate as a wholesale provider, while T-Mobile Fiber acquires Metronet’s residential customers and manages residential service and support.
- The transaction bolsters KKR’s digital infrastructure franchise, which includes $31 billion of equity committed to digital infrastructure and 12 fiber investments across ~30 million homes passed.
- The European Commission has launched a formal investigation into KKR’s €22 billion acquisition of Telecom Italia’s fixed-line network, probing whether it provided misleading information during the merger review.
- The deal, initially approved unconditionally in May 2024, is now scrutinized for alleged nondisclosure of long-term agreements between FiberCop and telecom operators Fastweb and Iliad.
- KKR states it has cooperated in good faith and that FiberCop continues to fulfill commitments to customers and the Italian regulator Agcom.
- Analysts remain divided on the outcome, forecasting either modest upside or significant downside for KKR’s stock, underscoring potential impacts on its European strategy.