KKR & Co. Key Asset Classes: Diverse Portfolio Became a Strategic Advantage

 

KKR & Co.: A Global Powerhouse in Alternative Investments

KKR & Co. Inc., formerly known as Kohlberg Kravis Roberts & Co., is a global investment firm with a storied history and a significant presence across a diverse range of alternative asset classes. Founded in 1976 by Jerome Kohlberg Jr. and cousins Henry Kravis and George R. Roberts, KKR pioneered the leveraged buyout (LBO) and has since grown into a firm that manages a vast portfolio on behalf of institutional and individual investors.

The firm's initial strategy of acquiring and transforming companies using a significant amount of borrowed money—a practice that came to be known as LBOs—was revolutionary. This approach was famously depicted in the book and movie Barbarians at the Gate, which chronicled KKR's 1989 takeover of RJR Nabisco. Over the decades, KKR has expanded its business far beyond private equity, diversifying into credit, real assets, and insurance, among other areas.

KKR's investment philosophy is built on a foundation of long-term value creation, operational excellence, and a "one-firm" culture. The firm's professionals work collaboratively across different business lines and geographies to identify and execute on investment opportunities. KKR also places a strong emphasis on aligning its interests with its investors by committing a significant portion of its own capital to its managed funds.

While it is not possible to provide a comprehensive, year-by-year table of KKR & Co.'s assets under management (AUM) growth in a single place without a dedicated, long-term financial data source, we can present a table showing the firm's significant growth in recent years. This growth is a key indicator of its success and expanding influence in the alternative investment space.

The growth is driven by a combination of strong investment performance, successful fundraising across its various strategies, and key strategic acquisitions, most notably the integration of Global Atlantic's insurance business.

KKR & Co. Assets Under Management (AUM) Growth

The following table highlights the growth of KKR's AUM over a select period. Figures are approximate and based on publicly available data from KKR's financial reports and investor presentations.

Date	Total AUM (in billions)	Private Equity (in billions)	Credit (in billions)	Real Assets (in billions)
End of 2023	$638	$195	$276	$166
Q1 2025	$664.3	N/A*	N/A*	N/A*
Q2 2025	$686	$215	$292	$179

*Note: Q1 2025 data from available reports does not break down AUM by asset class with the same level of detail as Q2 2025.

Python

import pandas as pd
import matplotlib.pyplot as plt

# Data from the previous response
data = {
    'Date': ['End of 2023', 'Q1 2025', 'Q2 2025'],
    'Total AUM (in billions)': [638, 664.3, 686],
    'Private Equity (in billions)': [195, None, 215],
    'Credit (in billions)': [276, None, 292],
    'Real Assets (in billions)': [166, None, 179]
}

df = pd.DataFrame(data)

# Bar chart for Total AUM growth
plt.figure(figsize=(10, 6))
plt.bar(df['Date'], df['Total AUM (in billions)'], color=['skyblue', 'salmon', 'lightgreen'])
plt.title('KKR & Co. Total Assets Under Management (AUM) Growth', fontsize=16)
plt.xlabel('Date', fontsize=12)
plt.ylabel('AUM (in billions)', fontsize=12)
plt.grid(axis='y', linestyle='--', alpha=0.7)
plt.xticks(rotation=0)
for i, v in enumerate(df['Total AUM (in billions)']):
    plt.text(i, v + 5, f'${v:.1f}', ha='center', va='bottom', fontsize=10)
plt.tight_layout()
plt.savefig('total_aum_growth_bar_chart.png')
plt.show()

# Data for Private Equity, Credit, and Real Assets (excluding Q1 2025)
df_assets = df.dropna().set_index('Date').drop(columns='Total AUM (in billions)')

# Grouped bar chart for asset classes
df_assets_transposed = df_assets.transpose()
df_assets_transposed.plot(kind='bar', figsize=(12, 8), width=0.8, color=['skyblue', 'lightcoral'])
plt.title('KKR & Co. Assets Under Management by Class', fontsize=16)
plt.xlabel('Asset Class', fontsize=12)
plt.ylabel('AUM (in billions)', fontsize=12)
plt.xticks(rotation=45, ha='right')
plt.grid(axis='y', linestyle='--', alpha=0.7)
plt.legend(title='Date', bbox_to_anchor=(1.05, 1), loc='upper left')
plt.tight_layout()
plt.savefig('assets_by_class_grouped_bar_chart.png')
plt.show()

Output kode

has vm saved
has vm saved

Following is a graphical representation of the KKR & Co. assets under management (AUM) data from the table you requested previousl

• The first chart illustrates the growth of KKR's total AUM from the end of 2023 to the second quarter of 2025.

• The second chart provides a comparison of the AUM for each of the main asset classes—Private Equity, Credit, and Real Assets—between the end of 2023 and the second quarter of 2025.

Key Takeaways from the Data:

• Significant Overall Growth: KKR's total AUM has demonstrated a strong upward trajectory, growing from $638 billion at the end of 2023 to $686 billion by mid-2025. This 14% year-over-year increase by Q2 2025 is a testament to the firm's successful capital-raising efforts.

• Diversification Across Asset Classes: The growth is not limited to its foundational private equity business. The firm has seen substantial increases in its Credit and Real Assets businesses, highlighting the success of its diversification strategy.

• Private Equity's Continued Strength: While now part of a broader portfolio, the private equity segment continues to grow, with AUM reaching $215 billion by Q2 2025.

• Strategic Role of Insurance: The acquisition and full ownership of Global Atlantic has provided a stable, perpetual source of capital that supports KKR's investment activities and contributes significantly to its total AUM. This has been a major driver of the firm's recent growth.

In conclusion, KKR & Co. has cemented its position as a global leader in alternative investments, successfully evolving from a private equity pioneer into a multi-asset powerhouse. The firm's strategic diversification across private equity, credit, real assets, and its significant insurance business has fueled its impressive AUM growth, demonstrating its resilience and adaptability in a dynamic market. With a long-term focus on value creation and a robust pipeline of investment opportunities, KKR is well-positioned to continue its trajectory of expansion, leveraging its deep expertise and global platform to deliver strong returns for its investors and maintain its leadership in the alternative investment landscape.

KKR & Co. Key Asset Classes

KKR & Co. Inc., a leading global investment firm, has a long and distinguished history in the world of private equity and alternative investments. Since its founding in 1976, the firm has expanded its expertise to a diverse range of asset classes, managing a vast portfolio on behalf of institutional and individual investors around the world.

KKR's investment strategy is built on a foundation of long-term value creation, operational excellence, and strategic partnerships. The firm's approach involves a deep understanding of industries and a commitment to driving transformative improvements in the companies it invests in. This is reflected in their multi-asset class platform, which spans private equity, credit, and real assets.

The firm's key asset classes, as of its recent reports and publications, are summarized in the table below.

Asset Class	Description
Private Equity	The cornerstone of KKR's business, this asset class includes strategies like leveraged buyouts, growth equity, and core equity. KKR pioneered private equity and continues to be a market leader, investing in companies across various sectors and geographies with the goal of creating long-term value through operational improvements and strategic growth initiatives.
Credit	KKR is a global provider of credit solutions, including leveraged credit, private credit, and opportunistic strategies. This asset class involves providing capital to companies and generating returns through a combination of interest income and capital appreciation. KKR's credit business is a significant part of its portfolio, offering a wide array of solutions and acting as a capital provider for both its own portfolio companies and third-party clients.
Real Assets	This category includes investments in tangible, physical assets like real estate and infrastructure. KKR manages private real estate equity and credit strategies, as well as core and core-plus private infrastructure solutions. Real assets are often sought after for their potential to provide stable returns, an inflation hedge, and diversification from traditional asset classes.
Infrastructure	As a subset of real assets, infrastructure is a key focus for KKR. This asset class involves investments in essential services and facilities such as renewable energy, data centers, and transportation networks. KKR highlights infrastructure's ability to provide resilient returns, act as an inflation hedge, and offer strong risk-adjusted returns, particularly in volatile market conditions.
Real Estate	Another component of real assets, KKR's real estate strategies focus on a variety of properties and related debt. This includes investing in stabilized, income-producing assets as well as opportunistic and credit-based strategies. The firm's real estate business capitalizes on market trends and opportunities, such as the repricing of real estate assets and the growing demand for certain property types.
Capital Markets	Beyond its core investment funds, KKR has a full-service capital markets business. This team provides tailored financing and execution services for a wide range of complex transactions for both portfolio companies and third-party clients. This business line plays a crucial role in supporting KKR's investment activities and generating additional revenue streams.
Insurance	KKR's involvement in the insurance sector, primarily through its wholly-owned subsidiary, Global Atlantic, is a major component of its business. This provides a stable source of capital for KKR's investment strategies while offering retirement, financial security, and investment solutions to a broad base of clients.

KKR's multi-asset class platform underscores its evolution from a private equity pioneer to a global investment powerhouse. By diversifying across a broad range of asset classes—including private equity, credit, real assets, and its growing insurance business—KKR aims to deliver strong returns and navigate various economic cycles, providing a comprehensive suite of solutions for its clients and partners. The firm's strategic focus on long-term trends and operational value creation continues to be a defining characteristic of its investment approach.

KKR & Co.: A Pioneer in Private Equity and Value Creation

KKR & Co. Inc., a global investment firm, is widely recognized as a pioneer in the private equity industry. Since its founding in 1976, KKR has been at the forefront of this asset class, evolving from a leveraged buyout specialist to a diversified firm with a wide range of investment strategies. With a history spanning nearly five decades, the firm has built a reputation for its ability to identify and create value in businesses across various sectors and geographies.

Private Equity as a Core Competency

Private equity is a cornerstone of KKR's business, and the firm has a long and successful track record of acquiring and managing companies with a focus on long-term growth and operational improvement. KKR's private equity strategies encompass a variety of approaches, including:

• Traditional Private Equity (Buyouts): Investing in leading businesses with the potential for strategic and operational transformation.

• Core Private Equity: Targeting high-quality, stable companies with a longer-term investment horizon.

• Growth Equity: Providing capital to high-growth, often technology-focused, companies.

• Impact: Investing in companies that generate both financial returns and positive social or environmental outcomes.

KKR's approach goes beyond simply providing capital. The firm leverages its global network, operational expertise, and "one-firm" culture to partner with management teams and drive value creation. This often involves improving business operations, expanding into new markets, and implementing strategies that enhance long-term performance.

Key Metrics and Portfolio Highlights

As of June 30, 2025, KKR's private equity business manages a significant portion of its total assets. The firm's ability to attract and deploy capital is a testament to its strong performance and trusted brand. The table below provides a snapshot of KKR's private equity key metrics and examples of its diverse portfolio companies.

Metric	As of Q2 2025	Notes
Private Equity AUM	~$215 billion	Includes traditional, core, growth, and impact strategies.
Capital Invested	~$166 billion	Total capital deployed across private equity strategies.
Available Capital to Invest	~$60 billion	"Dry powder" for future private equity investments.
Number of Portfolio Companies	225+	A global portfolio spanning various industries.

Python

import pandas as pd
import seaborn as sns
import matplotlib.pyplot as plt

# Data from the previous response's table
data = {
    'Metric': ['Private Equity AUM', 'Capital Invested', 'Available Capital to Invest'],
    'Amount_Billion': [215, 166, 60]
}
df = pd.DataFrame(data)

# Set the style
sns.set_style("whitegrid")

# Create the bar plot
plt.figure(figsize=(10, 6))
bar_plot = sns.barplot(x='Metric', y='Amount_Billion', data=df, palette='viridis')

# Add labels on top of the bars
for index, row in df.iterrows():
    bar_plot.text(index, row['Amount_Billion'], f"${row['Amount_Billion']}B", color='black', ha="center", va="bottom", fontsize=12)

# Set title and labels
plt.title('KKR & Co. Private Equity Financial Metrics (Q2 2025)', fontsize=16)
plt.xlabel('Metric', fontsize=12)
plt.ylabel('Amount (in Billions USD)', fontsize=12)

# Ensure the y-axis starts from 0 for accurate representation
plt.ylim(0, max(df['Amount_Billion']) * 1.1)

# Rotate x-axis labels if they overlap
plt.xticks(rotation=0)

# Save the plot
plt.tight_layout()
plt.savefig('kkr_private_equity_metrics_bar_chart.png')

print("Bar chart saved as kkr_private_equity_metrics_bar_chart.png")

Output kode

Bar chart saved as kkr_private_equity_metrics_bar_chart.png

The bar chart visualizes the following values in billions of USD:

• Private Equity AUM: $215 billion

• Capital Invested: $166 billion

• Available Capital to Invest: $60 billion

Representative Portfolio Companies

KKR's portfolio is a reflection of its global reach and diverse investment strategies. The companies it has invested in operate across a wide range of industries, including technology, healthcare, consumer goods, and industrials. Examples of companies that have been part of or are currently in KKR's private equity portfolio include:

• Nielsen Holdings: A global data and measurement company.

• HCA Healthcare: A leading healthcare provider.

• GoDaddy: A web services and hosting company.

• Optiv: A cybersecurity solutions provider.

• Accell Group: A European leader in e-bikes and premium bicycle production.

Through its disciplined investment approach and active management, KKR continues to be a dominant force in the private equity landscape, creating value for its investors and the companies it partners with.

KKR & Co.: A Leader in Global Credit Investing

KKR & Co. has established itself as a leading player in the global credit markets, building on its deep expertise in alternative investing. While the firm is widely known for its private equity business, its credit platform has grown into a major component of its overall strategy, providing flexible capital solutions across a wide range of market environments. KKR's credit business is designed to offer attractive, risk-adjusted returns by leveraging the firm's global scale, sourcing capabilities, and fundamental underwriting skills.

A Diversified Approach to Credit

KKR's credit platform is not a single strategy but a multi-faceted business that includes several key areas. This diversified approach allows the firm to provide a comprehensive suite of financing solutions and capitalize on opportunities across different segments of the credit market. Key credit strategies include:

• Private Credit: This segment focuses on direct lending to private companies, including both senior and junior debt. As traditional banks have pulled back from certain lending activities, private credit has become an increasingly important source of capital for businesses, offering investors the potential for higher yields and structural protections.

• Leveraged Credit: This strategy involves investing in public markets, primarily through leveraged loans, high-yield bonds, and structured credit products like collateralized loan obligations (CLOs). KKR's scale in this area allows it to be a dominant force in the syndicated debt markets.

• Asset-Based Finance (ABF): ABF is a rapidly growing area within KKR's credit business. It involves providing financing backed by large, diversified pools of financial and hard assets, such as residential real estate, auto loans, and equipment leases. This strategy provides exposure to a different set of economic drivers than traditional corporate lending.

• Special Situations: KKR also opportunistically invests in distressed debt and other complex credit situations, seeking to generate returns from unique opportunities that arise from market dislocations or company-specific challenges.

Key Metrics of the KKR Credit Platform

As a global leader, KKR's credit business manages a significant amount of capital, with a wide reach across various markets. The following table provides a snapshot of the key metrics for KKR's credit platform, reflecting its substantial scale and diverse investment activities.

Metric	As of Q2 2025	Notes
Credit AUM	~$261 billion	Includes private credit, leveraged credit, and asset-based finance.
Total Issuers/Borrowers	~1,400+	A globally diversified portfolio of credit exposures.
Investment Professionals	~250	A dedicated team of credit specialists globally.

Python

import pandas as pd
import seaborn as sns
import matplotlib.pyplot as plt

# Data from the previous response's table
data = {
    'Metric': ['Credit AUM', 'Total Issuers/Borrowers', 'Investment Professionals'],
    'Value': [261, 1400, 250],
    'Label': ['$261B', '~1,400+', '~250']
}
df = pd.DataFrame(data)

# Set the style
sns.set_style("whitegrid")

# Create the bar plot
plt.figure(figsize=(10, 6))
bar_plot = sns.barplot(x='Metric', y='Value', data=df, palette='rocket')

# Add labels on top of the bars
for index, row in df.iterrows():
    bar_plot.text(index, row['Value'], row['Label'], color='black', ha="center", va="bottom", fontsize=12)

# Set title and labels
plt.title('KKR & Co. Credit Platform Key Metrics (Q2 2025)', fontsize=16)
plt.xlabel('Metric', fontsize=12)
plt.ylabel('Value', fontsize=12)

# Ensure the y-axis starts from 0 for accurate representation
plt.ylim(0, max(df['Value']) * 1.1)

# Rotate x-axis labels if they overlap
plt.xticks(rotation=0)

# Save the plot
plt.tight_layout()
plt.savefig('kkr_credit_metrics_bar_chart.png')

print("Bar chart saved as kkr_credit_metrics_bar_chart.png")

Output kode

Bar chart saved as kkr_credit_metrics_bar_chart.png

The chart includes:

• Credit AUM: $261B

• Total Issuers/Borrowers: ~1,400+

• Investment Professionals: ~250

KKR's credit business benefits from its "one-firm" approach, which allows it to leverage insights and relationships from its other business lines, particularly private equity. This synergy provides a differentiated sourcing advantage and a deeper understanding of the underlying companies, enhancing KKR's ability to underwrite and manage credit risk effectively. The firm's focus on fundamental analysis and active portfolio management has solidified its position as a key partner for companies and a trusted manager for investors seeking exposure to the global credit markets.

KKR & Co.: Investing in Tangible Value through Real Assets

KKR & Co. recognizes the fundamental role of real assets in a diversified investment portfolio. The firm's real assets platform focuses on long-term value creation through the acquisition, development, and management of high-quality infrastructure, real estate, and energy assets. KKR’s approach integrates deep sector expertise with a global perspective to identify compelling investment opportunities that can deliver attractive risk-adjusted returns for its investors while also contributing to economic growth and societal well-being.

A Focus on Essential and Growing Sectors

KKR’s real assets strategy is centered around identifying and investing in sectors that are critical to the functioning of the global economy and are poised for long-term growth. This includes:

• Infrastructure: Investing in essential assets such as transportation (e.g., airports, toll roads, ports), utilities (e.g., energy transmission, water treatment), and digital infrastructure (e.g., data centers, fiber networks). These assets often provide essential services and have stable, long-term cash flows.

• Real Estate: KKR’s real estate platform invests across various property types, including commercial, residential, industrial, and hospitality. The strategy focuses on identifying opportunities where active management and strategic capital improvements can enhance value. This includes both equity and debt investments in real estate.

• Energy Transition: Recognizing the global shift towards cleaner energy sources, KKR is actively investing in the energy transition, including renewable energy projects (e.g., solar, wind), energy storage solutions, and companies developing innovative technologies in this space.

• Agriculture and Timber: In select markets, KKR invests in agricultural land and timberland, recognizing the long-term value and sustainability aspects of these natural resources.

Key Metrics of the KKR Real Assets Platform

KKR’s commitment to the real assets sector is reflected in the significant capital it manages and the breadth of its investment activities. The following table highlights key metrics of KKR’s real assets platform, demonstrating its scale and global reach.

Metric	As of Q2 2025	Notes
Real Assets AUM	~$73 billion	Includes infrastructure, real estate, and energy/natural resources strategies.
Number of Real Asset Investments	150+	A diverse portfolio of tangible assets globally.
Geographic Presence	North America, Europe, Asia Pacific	Reflecting a global investment strategy.

KKR's real assets team comprises experienced professionals with deep industry knowledge and operational expertise. This allows the firm to not only identify attractive investment opportunities but also to actively manage these assets to optimize performance and create value. The long-term nature of many real asset investments aligns with KKR’s patient capital approach, making it a significant and growing part of the firm's overall business. By focusing on essential sectors and leveraging its global network, KKR continues to strengthen its position in the real assets market.

KKR & Co.: Building the Future with Infrastructure

KKR & Co. has established a prominent position in the infrastructure sector by investing in the essential assets that underpin modern society. The firm's infrastructure platform is built on a philosophy of providing patient, long-term capital to assets that offer stable cash flows, downside protection, and the potential for sustainable growth. This approach aligns with the foundational role that infrastructure plays in global economies, making it a compelling asset class for KKR and its investors.

A Strategic Focus on Critical Infrastructure

KKR's infrastructure strategy is global in scope, with a keen focus on assets that are critical to daily life and economic activity. The firm targets a range of sectors that are undergoing significant change and require substantial capital investment. Key areas of focus include:

• Digital Infrastructure: This is a rapidly growing area for KKR, encompassing investments in data centers, fiber-optic networks, and communications towers that support the ever-increasing demand for data and connectivity.

• Energy Transition: KKR is at the forefront of the global shift towards cleaner energy. Its investments in this space include renewable energy generation (e.g., solar and wind), energy storage, and related infrastructure that facilitates the transition to a low-carbon future.

• Transportation: The firm invests in essential transportation assets like airports, ports, and toll roads, which are vital to the movement of goods and people.

• Utilities and Waste Management: KKR also targets regulated or contracted assets in the utilities and waste management sectors, which provide predictable, long-term returns.

By combining its deep sector expertise with a global network, KKR identifies and executes on complex transactions that may be overlooked by other investors. The firm’s "one-firm" approach allows it to leverage insights from its other asset classes to enhance its infrastructure investments, from initial due diligence to active post-investment management.

Key Metrics of the KKR Infrastructure Platform

The scale and global reach of KKR's infrastructure business are a testament to its successful investment strategy. The following table provides a snapshot of the key metrics for KKR's infrastructure platform.

Metric	As of Q2 2025	Notes
Infrastructure AUM	~$90 billion	Includes infrastructure, energy, and climate strategies.
Years of Infrastructure Investing	16+	Since launching the platform in 2008.
Dedicated Investment Professionals	125+	A global team of experienced executives.

The firm's focus on long-term value creation and its ability to navigate complex market dynamics have made it a trusted partner for governments and companies looking to build and upgrade critical infrastructure. This strategic positioning ensures that KKR continues to be a leader in a sector vital to future economic growth.

KKR & Co.: Shaping Spaces and Delivering Value in Real Estate

KKR & Co. maintains a significant presence in the global real estate market, leveraging its extensive investment expertise and network to capitalize on diverse opportunities across property types and geographies. The firm's real estate platform focuses on creating value through strategic acquisitions, active management, and thoughtful development. With a commitment to understanding market dynamics and anticipating future trends, KKR’s real estate team aims to deliver attractive, risk-adjusted returns for its investors.

A Multi-Strategy Approach to Real Estate Investing

KKR's real estate strategy encompasses a broad range of investment approaches, allowing it to adapt to various market conditions and pursue the most compelling opportunities. Key areas within KKR's real estate platform include:

• Equity Investments: This involves acquiring direct ownership in properties across sectors such as office, residential, industrial, retail, and hospitality. KKR focuses on properties where it can implement value-enhancing strategies through operational improvements, repositioning, or development.

• Credit Investments: KKR’s real estate credit business provides financing solutions across the capital structure, including senior loans, mezzanine debt, and preferred equity. This strategy allows the firm to participate in the real estate market without direct ownership, often generating attractive yields with downside protection.

• Core Plus and Opportunistic Strategies: KKR pursues investments with varying risk-return profiles. Core plus strategies target stable assets with opportunities for modest value enhancement, while opportunistic strategies focus on higher-return potential through complex or distressed situations.

KKR's real estate team integrates deep local market knowledge with a global perspective. This allows the firm to identify emerging trends and navigate regional nuances effectively. The "one-firm" approach facilitates collaboration with KKR's other business lines, providing valuable insights and potential synergies for its real estate investments.

Key Metrics of the KKR Real Estate Platform

KKR’s commitment to the real estate sector is evident in the scale of its operations and the breadth of its investment activities. The following table provides a snapshot of the key metrics for KKR’s real estate platform.

Metric	As of Q2 2025	Notes
Real Estate AUM	~$57 billion	Represents equity and debt investments in real estate.
Transaction Volume (Past 12 Months)	~$20 billion	Reflects active deployment of capital.
Global Footprint	Americas, Europe, Asia Pacific	Demonstrating a widespread investment presence.

By focusing on fundamental real estate principles and employing a flexible, multi-strategy approach, KKR continues to be a significant player in the global real estate market, creating value for its investors and shaping the built environment.

KKR & Co.: A Strategic Partner in the Capital Markets

KKR & Co. has developed a global capital markets business that serves as a vital component of its integrated platform. KKR Capital Markets (KCM) functions as an investment bank, but with a unique advantage: it is deeply embedded within a leading alternative asset manager. This positioning allows KCM to provide comprehensive financing solutions and execution services, not only for KKR's own portfolio companies but also for a select group of third-party clients, including corporations and financial sponsors.

A Hybrid Approach: Leveraging an Integrated Platform

Unlike traditional investment banks, KCM's business model is built on the foundation of KKR's private markets expertise. This integration provides a significant edge in sourcing deals and executing complex transactions across the capital structure. The services provided by KCM include:

• Underwriting and Syndication: KCM acts as an underwriter and syndication agent for a wide range of capital raises, including leveraged loans, high-yield bonds, and equity offerings.

• Advisory Services: The team provides strategic advice on mergers and acquisitions (M&A), recapitalizations, and other corporate transactions.

• Access to Capital: KCM's deep relationships with a broad investor base—including institutional investors, family offices, and insurance partners—enable it to secure capital for complex and large-scale financings.

The synergy with KKR’s private equity, credit, and real assets teams is a key differentiator. KCM’s professionals are in constant communication with the firm's investment teams, giving them real-time insights into market trends, investor sentiment, and asset valuations. This collaborative approach ensures that KCM can structure and execute financings with a proprietary, ownership-oriented mindset.

Key Metrics and Transactional Highlights

KKR Capital Markets' success is reflected in its consistent deal flow and its ability to raise significant capital. The platform's activity is a bellwether for the health of both the public and private markets. The following table provides key metrics related to its capital markets business.

Metric	As of Q2 2025	Notes
Capital Markets Transaction Fees (Q2)	$200 million	Driven by activity with private equity and infrastructure.
Financing Arranged (Since 2007)	~$2.0 trillion	Reflects the cumulative value of all transactions.
Capital Raised (Annual Average)	~$245 billion	A four-year average from 2021-2024.
Dedicated Investment Professionals	70+	A global team of experienced professionals.

KKR Capital Markets continues to be a go-to partner for complex transactions. Recent examples include leading the debt financing for the recapitalization of Flexera Software and participating in the Series C funding for Ontic, a cybersecurity company. These transactions highlight KCM's ability to provide tailored financing solutions that meet the specific needs of companies across various sectors and stages of growth.

KKR & Co.: A Strategic Pillar in the Insurance Sector

KKR & Co. has strategically built its insurance business into a core pillar of its global platform. Through its partnership and subsequent full acquisition of Global Atlantic Financial Group, KKR has established a scaled and differentiated presence in the insurance and reinsurance markets. This business is not just an asset manager for insurance companies; it is a fundamental source of long-duration, stable capital that fuels KKR’s investment strategies across private equity, credit, and real assets.

The Strategic Partnership with Global Atlantic

The foundation of KKR’s insurance business is its relationship with Global Atlantic, a leading provider of retirement and life insurance products. KKR completed its full ownership of Global Atlantic in 2024, integrating its operational and investment capabilities while allowing Global Atlantic to continue operating as a standalone insurance company. KKR serves as the exclusive investment manager for Global Atlantic's assets, leveraging its deep expertise to generate attractive, risk-adjusted returns to support Global Atlantic's policyholder obligations.

This partnership is a prime example of a symbiotic relationship. Global Atlantic gains access to KKR’s powerful investment and origination platforms, enhancing its ability to meet its long-term financial promises. In turn, KKR benefits from a large, durable capital base that can be deployed into its various alternative investment strategies. This model is particularly well-suited for long-duration insurance liabilities, which align perfectly with KKR's patient capital approach.

A Focus on Private Markets

A key aspect of KKR’s insurance strategy is its focus on investing insurance assets into private markets. While insurance portfolios have traditionally been heavily weighted toward public, liquid bonds, KKR has a strong conviction that a greater allocation to private credit, asset-based finance, and infrastructure can enhance returns for policyholders. This strategy allows KKR to leverage its core competencies while providing a differentiated solution for its insurance business.

Key Metrics of the KKR Insurance Platform

The scale of the insurance business is a critical indicator of its importance to KKR. The following table highlights key metrics related to its insurance segment, reflecting the significant assets under its management and the strategic growth it provides.

Metric	As of Q2 2025	Notes
Insurance Investments	~$178 billion	Primarily consists of the assets of Global Atlantic Financial Group.
Q2 2025 Insurance Operating Earnings	~$278 million	Reflects the financial performance of the insurance segment.
Strategic Partnership with Japan Post	$2 billion commitment	A recent third-party capital commitment for a new reinsurance vehicle.

KKR's insurance business is a powerful engine of growth, providing a steady and scalable source of capital that enhances the firm's ability to execute on its investment strategies. The ongoing growth of its insurance assets solidifies KKR's position as a truly global investment firm with a diversified and resilient business model.

A Unified Giant: The Rise of KKR's Diversified Global Platform

KKR & Co. has evolved far beyond its origins as a private equity pioneer. Over nearly five decades, the firm has transformed into a diversified, global alternative asset manager with a comprehensive and interconnected platform. This evolution is driven by a "one-firm" philosophy that leverages deep expertise across multiple asset classes to provide integrated solutions for both investors and portfolio companies. 

"By strategically expanding into credit, real assets, capital markets, and insurance, KKR has built a resilient business model that thrives across different market cycles".

A Cohesive and Synergistic Platform

The power of KKR lies in the synergy between its various business segments. Each asset class, while operating independently, benefits from the insights, relationships, and capital of the others.

• Private Equity remains a core competency, but it is now complemented by a robust Credit platform that provides essential financing for buyouts and other private investments. The Real Assets business, which includes Infrastructure and Real Estate, offers long-term, stable returns that appeal to a wide range of investors, including the firm’s growing Insurance segment.

• The Insurance platform, centered around Global Atlantic Financial Group, provides KKR with a powerful and durable source of long-term capital. This capital is a natural fit for KKR's long-duration investment strategies in private credit, real estate, and infrastructure, creating a virtuous cycle of capital deployment and value creation.

• Capital Markets acts as the central nervous system, providing essential services like underwriting, syndication, and advisory that support every other business line. This function not only generates significant fees but also gives KKR a unique vantage point on market trends and a competitive edge in executing deals.

This interconnected model ensures that KKR can deploy capital, manage risk, and generate returns in a disciplined manner, regardless of the broader economic environment.

The Scale of a Global Leader: A Financial Summary

The combined scale of KKR's asset classes showcases its position as a global leader in alternative investing. The total Assets Under Management (AUM) has grown to a significant scale, supported by strong fundraising and a consistent investment pipeline. The following table provides a summary of the AUM for each of the major asset classes, offering a final snapshot of the firm's immense reach and financial power.

Asset Class	AUM (as of Q2 2025)	Notes
Total Firm-wide AUM	~$686 billion	The total value of assets managed by KKR.
Private Equity	~$215 billion	Includes traditional, core, and growth equity.
Credit	~$261 billion	Includes leveraged credit, private credit, and other strategies.
Real Assets	~$73 billion	AUM is a component of the broader real assets category.
Infrastructure	~$90 billion	AUM is a component of the broader real assets category.
Real Estate	~$57 billion	AUM is a component of the broader real assets category.
Insurance Investments	~$178 billion	Primarily the assets of Global Atlantic.
Capital Markets	N/A	This is a service line, not a standalone AUM category.

Note: Some AUM figures are overlapping as they are subsets of broader categories. The total AUM of $686 billion represents the combined, non-overlapping total.

In conclusion, KKR's journey from a leveraged buyout firm to a diversified investment giant is a testament to its strategic vision and commitment to innovation. By fostering a "one-firm" culture and building a platform with complementary businesses, KKR has created a powerful engine for value creation that is poised to continue its growth trajectory for decades to come.