KKR & Co. Inc. (KKR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión global, KKR & Co. Inc. se erige como un imponente faro de innovación financiera, transformando estrategias de inversión complejas en una creación de valor notable. Esta firme firma de capital privado ha creado meticulosamente un modelo de negocio que trasciende los enfoques de inversión tradicionales, aprovechando una intrincada red de asociaciones globales, capacidades de investigación de vanguardia y estrategias de inversión alternativas sofisticadas que ofrecen constantemente rendimientos excepcionales para los inversores institucionales. Al diseccionar el lienzo de modelo de negocio de KKR, presentaremos la maquinaria estratégica que ha impulsado a esta empresa al pináculo de la gestión de activos alternativos, ofreciendo una visión sin precedentes de cómo las instituciones financieras de clase mundial navegan por el intrincado panorama de las inversiones globales.

KKR & Co. Inc. (KKR) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con inversores institucionales globales

KKR mantiene asociaciones estratégicas con numerosos inversores institucionales globales, que incluyen:

Tipo de inversor	Número de asociaciones	Capital total comprometido
Fondos de pensiones	47	$ 68.4 mil millones
Fondos de riqueza soberana	22	$ 42.6 mil millones
Dotación	36	$ 24.3 mil millones

Colaboración con compañías de cartera en múltiples sectores

Las colaboraciones de la compañía de cartera de KKR abarcan diversos sectores:

• Tecnología: 27 compañías de cartera
• Atención médica: 19 compañías de cartera
• Fabricación industrial: 34 compañías de cartera
• Bienes de consumo: 22 compañías de cartera

Asociaciones con bancos de inversión líderes y asesores financieros

Institución financiera	Tipo de asociación	Valor de la oferta
Goldman Sachs	Coinversión	$ 12.7 mil millones
Morgan Stanley	Servicios de asesoramiento	$ 8.3 mil millones
JPMorgan Chase	Acuerdos de financiación	$ 15.2 mil millones

Empresas conjuntas con empresas de tecnología e innovación

Las asociaciones de tecnología e innovación de KKR incluyen:

• Colaboraciones de capital de riesgo de Silicon Valley: 15 asociaciones activas
• Firmas de tecnología de inteligencia artificial: 8 inversiones directas
• Empresas de innovación de ciberseguridad: 6 alianzas estratégicas

Sector tecnológico	Número de asociaciones	Monto de la inversión
Computación en la nube	12	$ 3.6 mil millones
Inteligencia artificial	8	$ 2.1 mil millones
Ciberseguridad	6	$ 1.4 mil millones

KKR & Co. Inc. (KKR) - Modelo de negocio: actividades clave

Inversiones de capital privado y gestión de fondos

KKR administró $ 471 mil millones en activos al 31 de diciembre de 2023. La empresa opera en múltiples estrategias de inversión con detalles de asignación específicos:

Estrategia de inversión	Activos bajo administración
Capital privado	$ 186 mil millones
Activos reales	$ 79 mil millones
Crédito	$ 142 mil millones
Estrategias alternativas	$ 64 mil millones

Aviso de fusiones y adquisiciones

KKR completó 26 transacciones de capital privado en 2023 con un valor de transacción total de $ 37.8 mil millones.

• Tamaño promedio de la transacción: $ 1.45 mil millones
• Sectores cubiertos: tecnología, atención médica, consumidor, industrial
• Enfoque geográfico: América del Norte, Europa, Asia

Crianza de capital y desarrollo de la empresa de cartera

En 2023, KKR recaudó $ 16.3 mil millones en nuevo capital en varios vehículos de inversión.

Categoría de recaudación de capital	Cantidad recaudada
Fondos de capital privado	$ 8.7 mil millones
Fondos de crédito	$ 5.2 mil millones
Fondos de activos reales	$ 2.4 mil millones

Gestión alternativa de activos y planificación estratégica

La plataforma alternativa de gestión de activos de KKR generó $ 2.3 mil millones en tarifas de gestión para 2023.

• Número de compañías de cartera: 123
• Equipos de inversión global: 18 equipos especializados
• Profesionales de inversión: 557 a nivel mundial

KKR & Co. Inc. (KKR) - Modelo de negocio: recursos clave

Extensa red de inversión global

A partir de 2024, KKR mantiene una presencia global con oficinas en:

Región	Número de oficinas
América del norte	6
Europa	4
Asia Pacífico	5
Oriente Medio	1

Alcance de inversión global:

• Activos totales bajo administración: $ 471 mil millones (a partir del cuarto trimestre 2023)
• Inversiones en más de 20 países
• Presencia en múltiples sectores de inversión

Equipos de gestión e inversión experimentados

Profesionales de liderazgo e inversión de KKR:

Categoría	Número
Total de empleados	1,870
Profesionales de la inversión	670
Socios senior	37

Capacidades de investigación y análisis de inversiones patentadas

Infraestructura de investigación:

• Equipo de investigación dedicado de 125 profesionales
• Plataforma de análisis de datos patentada
• Inversión tecnológica avanzada: $ 42 millones anuales

Capital financiero significativo e infraestructura de inversión

Recursos financieros:

Métrica financiera	Cantidad
Equidad total	$ 25.3 mil millones
Polvo seco disponible	$ 18.7 mil millones
Capacidad de inversión anual	$ 50-60 mil millones

KKR & Co. Inc. (KKR) - Modelo de negocio: propuestas de valor

Estrategias de inversión alternativas sofisticadas

KKR administra $ 471 mil millones en activos bajo administración a partir del tercer trimestre de 2023. Las estrategias alternativas de inversión de la empresa incluyen:

Estrategia de inversión	Activos totales
Capital privado	$ 186 mil millones
Activos reales	$ 97 mil millones
Crédito & Alternativas	$ 188 mil millones

Rendimientos de alto rendimiento para inversores institucionales

Métricas de rendimiento de inversión de KKR para 2022:

• Fondo de capital privado TIR: 26.3%
• Retorno de estrategias de crédito: 14.7%
• Retorno del fondo inmobiliario: 15.2%

Cartera de inversiones diversificada en múltiples sectores

Sector	Asignación de inversión
Tecnología	22%
Cuidado de la salud	18%
Servicios financieros	15%
Industrial	12%
Consumidor	10%

Experiencia en reestructuración financiera compleja y creación de valor

Métricas de creación de valor de KKR en 2022:

• Número de transformaciones de la compañía de cartera: 47
• Mejora promedio de EBITDA: 18.3%
• Valor total creado: $ 6.2 mil millones

KKR & Co. Inc. (KKR) - Modelo de negocios: relaciones con los clientes

Asociaciones de inversores institucionales a largo plazo

KKR mantiene asociaciones estratégicas con diversos inversores institucionales, que incluyen:

Tipo de inversor	Tamaño de inversión aproximado
Fondos de pensiones	$ 45.2 mil millones
Fondos de riqueza soberana	$ 28.7 mil millones
Dotación	$ 16.5 mil millones
Compañías de seguros	$ 22.3 mil millones

Servicios de gestión de inversiones personalizados

KKR proporciona estrategias de inversión personalizadas a través de equipos especializados:

• Equipo de gestión de capital privado
• Equipo de inversión inmobiliaria
• Grupo de inversión de infraestructura
• División de estrategias de crédito

Informes de rendimiento regulares y comunicación transparente

Las métricas de informes de KKR incluyen:

Frecuencia de informes	Canales de comunicación
Informes de rendimiento trimestrales	Plataformas digitales detalladas
Conferencias anuales de inversores	Presentaciones directas de inversores
Actualizaciones mensuales de rendimiento	Paneles seguros en línea

Equipos dedicados de gestión de relaciones

Estructura de gestión de relaciones de KKR:

• Gerentes de cuentas dedicados: 187 profesionales especializados
• Cobertura geográfica: 15 oficinas globales
• Duración promedio de la relación con el cliente: 8.4 años
• Tasa de retención del cliente: 92.6%

KKR & Co. Inc. (KKR) - Modelo de negocio: canales

Plataformas de inversión directa

KKR utiliza plataformas de inversión directa sofisticadas con las siguientes características:

Tipo de plataforma	Activos totales bajo administración	Accesibilidad digital
Plataforma de mercados privados de KKR	$ 471 mil millones (a partir del cuarto trimestre 2023)	Acceso seguro a los inversores 24/7
Portal de inversión global de KKR	$ 105.4 mil millones en activos alternativos	Interfaz de varios idiomas

Conferencias de inversión institucional

KKR se involucra a través de eventos de inversión institucionales específicos:

• Conferencia anual de inversores globales
• Foros de inversión específicos del sector trimestral
• Mendales redondas de inversión regional

Tipo de conferencia	Asistentes en 2023	Discusiones de inversión
Conferencia global de inversores	372 inversores institucionales	$ 38.2 mil millones Posibles discusiones de inversión

Comunicación digital y portales de inversores

La infraestructura de comunicación digital de KKR incluye:

• Plataformas de informes de inversores seguros
• Seguimiento de rendimiento en tiempo real
• Paneles de análisis avanzados

Canal digital	Compromiso del usuario 2023	Nivel de seguridad
KKR Investor Connect	1.847 usuarios institucionales activos	Cifrado de 256 bits

Redes de redes y referencias profesionales

KKR aprovecha las redes profesionales a través de:

• Programas de asociación estratégica
• Mecanismos de referencia de inversores institucionales
• Redes de asesores financieros globales

Tipo de red	Conexiones totales	Tasa de éxito de referencia
Red de inversores profesionales	4.623 conexiones verificadas	17.3% de conversión de referencia

KKR & Co. Inc. (KKR) - Modelo de negocio: segmentos de clientes

Grandes inversores institucionales

A partir de 2024, KKR administra $ 516 mil millones en activos bajo administración (AUM) para inversores institucionales. La base de inversores institucionales de la firma incluye:

Tipo de inversor	Tamaño de asignación
Fondos de pensiones corporativas	$ 127.3 mil millones
Fondos de pensiones públicas	$ 98.6 mil millones
Instituciones financieras	$ 72.4 mil millones

Fondos de pensiones

El segmento de clientes del fondo de pensiones de KKR incluye:

• Sistema de jubilación de empleados públicos de California (Calpers): inversión de $ 8.2 mil millones
• Fondo de jubilación común del estado de Nueva York: inversión de $ 6.5 mil millones
• Sistema de jubilación de maestros de Texas: inversión de $ 4.7 mil millones

Fondos de riqueza soberana

Las inversiones soberanas de KKR Wealth Fund totalizan $ 92.1 mil millones en múltiples regiones:

Región	Monto de la inversión
Oriente Medio	$ 42.6 mil millones
Asia-Pacífico	$ 33.5 mil millones
Europa	$ 16.0 mil millones

Dotaciones y cimientos

Las inversiones de dotación y base de KKR incluyen:

• Dotación de la Universidad de Harvard: $ 3.2 mil millones
• Dotación de la Universidad de Yale: $ 2.8 mil millones
• Dotación de la Universidad de Stanford: $ 2.5 mil millones

Inversores individuales de alto nivel de red

El segmento de inversores individual de alto valor de KKR comprende:

Categoría de inversionista	Inversión total
Individuos ultraidos de la red	$ 68.7 mil millones
Individuos de alto nivel de red	$ 42.3 mil millones

KKR & Co. Inc. (KKR) - Modelo de negocio: Estructura de costos

Tarifas de gestión y rendimiento

Para el año fiscal 2023, KKR informó los siguientes gastos relacionados con la tarifa:

Categoría de tarifa	Cantidad (en millones de dólares)
Tarifas de gestión	$1,873
Tarifas de rendimiento	$1,245
Gastos totales relacionados con la tarifa	$3,118

Gastos operativos y administrativos

Los costos operativos de KKR para 2023 incluyeron:

• Compensación y beneficios: $ 1,567 millones
• Gastos generales y administrativos: $ 412 millones
• Ocupación y gastos relacionados: $ 98 millones

Investigación de inversiones y costos de diligencia debida

Gastos relacionados con la inversión para 2023:

Categoría de investigación	Cantidad (en millones de dólares)
Investigación de inversiones	$213
Gastos de diligencia debida	$167
Costos de investigación totales	$380

Inversiones de tecnología e infraestructura

Gastos relacionados con la tecnología en 2023:

• Infraestructura: $ 87 millones
• Inversiones de ciberseguridad: $ 42 millones
• Iniciativas de transformación digital: $ 55 millones

Estructura de costos totales para 2023: $ 5,202 millones

KKR & Co. Inc. (KKR) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de fondos de inversión

En 2023, KKR reportó tarifas de gestión total de $ 2.2 mil millones. El desglose de las tarifas de gestión en diferentes estrategias de inversión incluye:

Estrategia de inversión	Tarifas de gestión ($ millones)
Capital privado	$ 892 millones
Infraestructura	$ 345 millones
Bienes raíces	$ 413 millones
Estrategias de crédito	$ 550 millones

Interés llevado a cabo basado en el rendimiento

Los ingresos por intereses de KKR para 2023 totalizaron $ 1.7 mil millones, con la siguiente asignación:

• El capital privado tiene intereses: $ 1.2 mil millones
• Intereses de bienes raíces conllevado: $ 280 millones
• La infraestructura tiene intereses: $ 220 millones

Tarifas de servicio de gestión de inversiones

Las tarifas de servicio de gestión de inversiones para 2023 fueron de $ 678 millones, distribuidas en todo:

Categoría de servicio	Ingresos de tarifas ($ millones)
Gestión de activos alternativos	$ 412 millones
Servicios de asesoramiento	$ 266 millones

Rendimientos de inversiones directas de capital privado

Los rendimientos de inversión de capital privado directo en 2023 ascendieron a $ 2.5 mil millones, con contribuciones clave del sector:

• Inversiones tecnológicas: $ 875 millones
• Inversiones de atención médica: $ 620 millones
• Inversiones del sector del consumidor: $ 525 millones
• Inversiones industriales: $ 480 millones

Flujos de ingresos totales para 2023: $ 6.1 mil millones

KKR & Co. Inc. (KKR) - Canvas Business Model: Value Propositions

Access to high-growth, illiquid private market strategies for LPs

KKR & Co. Inc. delivered a record fundraising quarter in Q3 2025, raising $43 billion in new capital, marking the second-highest fundraising quarter in the firm's history.

This capital raising activity supports a substantial pool of uncalled commitments, or dry powder, available for deployment, which stood at $126 billion as of Q3 2025.

The firm's Asset Management segment management fees grew by 19% year-over-year, totaling $1.1 billion for Q3 2025, reflecting strong institutional client commitment.

Diversified exposure across Private Equity, Credit, and Real Assets (Infrastructure)

KKR & Co. Inc.'s value proposition rests on its broad, diversified platform, as evidenced by the fee-paying Assets Under Management (FPAUM) breakdown for Q3 2025:

Segment	Fee-Paying AUM (Q3 2025 Estimate/Actual)
Credit and Liquid Strategies	$279.58 billion
Real Assets Segment	$155.74 billion
Private Equity	$149.73 billion

The total Fee Paying Assets Under Management was approximately $585 billion for the third quarter of 2025.

Operational expertise to drive tangible value creation in portfolio companies

The firm's operational focus is embedded across its portfolio, which includes over 225+ companies where AI and data analytics are integrated via the Value-Creation Engine strategy.

This active management approach contributes to significant embedded unrealized gains across Asset Management and Strategic Holdings, totaling $17 billion as of Q3 2025, positioning the firm for future monetizations.

The firm deployed $26 billion in capital during Q3 2025, demonstrating active deployment of committed capital.

Stable, long-term capital preservation and growth for insurance policyholders

The Insurance segment, primarily Global Atlantic (GA), provides a source of stable, long-term capital management, with GA AUM reported at $212 billion in Q3 2025.

The Insurance segment generated operating earnings of $305 million in Q3 2025.

The Total Insurance Economics year-to-date was approximately $1.4 billion net of compensation, representing a 16% year-over-year increase.

Democratizing private markets access for individual investors (K-Series)

KKR & Co. Inc. is actively expanding private markets access to individual investors through its K-Series suite, which reached $29 billion in AUM as of Q3 2025.

This K-Series platform attracted $4.1 billion in inflows during Q3 2025 alone.

The K-Series inflows in Q3 2025 represented a 20% increase from the previous quarter and an 80% rise compared to the prior year.

The firm has launched two public-private solutions in partnership with Capital Group, with plans for additional private equity and real asset products within the K-Series suite.

KKR & Co. Inc. (KKR) - Canvas Business Model: Customer Relationships

You're managing relationships with some of the world's largest pools of capital, so KKR & Co. Inc. structures its client interactions to match that scale and complexity. The relationship management for your biggest institutional Limited Partners (LPs) is inherently dedicated, reflecting the long-term nature of these commitments.

Your institutional investor base-comprising public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, and foundations-is geographically broad, sourcing capital from investors spanning over 65 countries. This global reach necessitates a highly localized, dedicated relationship approach to navigate diverse regulatory and investment preferences.

For complex fund structures, like the recent Asset-Based Finance (ABF) Drawdown Fund II, the sales process is consultative and high-touch. That fund alone secured $6.5 billion in commitments, and notably, approximately 50% of the limited partners in that specific credit fund were new to the KKR Credit platform. This suggests a successful, deep-dive engagement model is working to onboard sophisticated new institutional clients into specialized offerings.

The firm's push into private wealth is managed through digital platforms and financial advisor networks, primarily via the K-Series. This segment is showing rapid acceleration, which is a key focus area for KKR & Co. Inc. as it seeks to diversify its funding sources beyond traditional institutions. You can see the momentum clearly in the AUM figures:

Metric	Date/Period End	Amount
K-Series AUM	June 30, 2025	$25 billion
K-Series AUM	One Year Prior (Approx. June 2024)	$11 billion
K-Series AUM	April 2025	$22 billion
K-Series AUM	April 2024	$9 billion

The K-Series AUM more than doubled from $11 billion a year ago to $25 billion as of June 30, 2025. This growth is supported by new evergreen offerings, including those in ABF and direct lending, often developed in partnership with Capital Group. The firm is actively designing products for a broader universe of clients, aiming for a real inflection point in private wealth contribution post-2026.

For the insurance segment, KKR & Co. Inc.'s relationship is long-term and sticky, primarily driven by its wholly-owned subsidiary, Global Atlantic (GA). KKR fully acquired the remaining minority interests in GA in 2024. KKR manages assets for over 150 global insurers, and the insurance segment itself posted operating earnings of $278 million in Q2 2025. A concrete example of this sticky, long-term capital is the recent $2 billion commitment secured from Japan Post Insurance, which helps grow fee-paying AUM. Honestly, this perpetual capital base is what provides a solid foundation against market swings.

Finance: draft the Q3 2025 fee-related revenue breakdown by client segment by Friday.

KKR & Co. Inc. (KKR) - Canvas Business Model: Channels

You're looking at how KKR & Co. Inc. gets its capital and products to clients, which is a multi-pronged effort spanning direct relationships and strategic alliances. This is where the firm converts its investment capabilities into actual assets under management (AUM) and fee generation.

The core of capital raising relies on the Direct institutional sales and global fundraising teams. These teams are responsible for securing commitments from large, sophisticated investors globally. The success of this channel is evident in the recent fundraising haul; KKR raised $28 billion in new capital during Q2 2025 alone, bringing the trailing twelve-month fundraising total to $110 billion. This robust activity keeps their deployment pipeline strong, with $115 billion in uncalled capital available as of Q2 2025.

The expansion into the wealth channel is a major focus, utilizing the Private Wealth distribution platforms, specifically the K-Series. This platform has seen explosive growth, with K-Series AUM reaching $25 billion as of June 30, 2025. That figure is a significant jump from $11 billion just one year prior, confirming the doubling you mentioned. This channel is clearly a key driver for the firm's overall AUM, which stood at $686 billion at the end of Q2 2025.

KKR & Co. Inc. also strategically uses external relationships to broaden access, such as with Strategic distribution partners like Capital Group for retirement products. This partnership was operationalized in April 2025 with the launch of two public private solutions. This move directly makes the KKR platform available to a wider universe of clients seeking retirement security solutions.

The insurance arm, Global Atlantic Financial Group, which KKR acquired fully in January 2024, operates its own distinct distribution network through its Global Atlantic's Individual and Institutional Markets channels. This segment is critical for stable, long-term capital. Global Atlantic's total AUM reached $201 billion at the end of Q2 2025, with $149 billion of that being Credit AUM. The insurance subsidiaries offer retirement, life, and reinsurance products, serving over 3.5 million policyholders. The institutional channel within Global Atlantic is particularly active, providing customized reinsurance solutions to life and annuity company clients. The operating earnings for this segment were $278 million in Q2 2025.

Here's a quick look at the scale of the capital sources feeding these channels as of Q2 2025:

Channel/Metric	Amount (USD)	Context/Date
Total Assets Under Management (AUM)	$686 billion	Q2 2025 End
Fee Paying AUM	$556 billion	Q2 2025 End
K-Series Private Wealth AUM	$25 billion	June 30, 2025
K-Series AUM (Prior Year)	$11 billion	Q2 2024
Global Atlantic AUM	$201 billion	Q2 2025 End
New Capital Raised in Q2 2025	$28 billion	Q2 2025
Uncalled Commitments (Dry Powder)	$115 billion	Q2 2025

The diversification across these channels contributes to KKR & Co. Inc.'s overall financial stability, as seen in the performance-related revenues:

• Fee-related compensation was right at the midpoint of the guided range, 17.5% of fee-related compensation.
• Fee-related performance revenues in Q2 2025 were $54 million.
• Realized performance and investment income over the last 12 months totaled $2.6 billion.
• Unrealized carried interest across the global portfolio stood at a record $9.2 billion.
• Asset-based finance (ABF) AUM grew 20% year-over-year to $75 billion.

The growth in perpetual capital, which includes Global Atlantic and K-Series inflows, reached $289 billion, up 16% year-over-year, representing 42% of total AUM. That's a solid base for the firm. Finance: review Q3 2025 guidance for K-Series growth by end of next week.

KKR & Co. Inc. (KKR) - Canvas Business Model: Customer Segments

You're looking at the core client base for KKR & Co. Inc. as of late 2025. Honestly, the client segments are where the sheer scale of their business really shows, moving far beyond just traditional private equity.

The total Assets Under Management (AUM) for KKR & Co. Inc. reached an impressive $686 billion as of the second quarter of 2025. This massive pool of capital is sourced from distinct groups, each requiring tailored solutions.

Institutional Investors

This group forms the bedrock of KKR's capital base. You're talking about the big allocators who need long-term, sophisticated alternative asset management. KKR explicitly states its differentiated investment insights and wide array of solutions help these clients fulfill their missions.

This segment includes:

• Institutional Investors: Pension funds, sovereign wealth funds, endowments and foundations, and consultants.

While the exact split of the $686 billion AUM isn't fully detailed by client type for Q2 2025, we know that Fee Paying AUM (FPAUM) stood at $556 billion at that time, representing the portion that directly drives management fees from these institutional partners.

Insurance Clients: Global Atlantic

The integration of Global Atlantic is key here, providing a stable, long-duration capital source. Global Atlantic, through its subsidiaries, serves more than two million policyholders with its retirement and life insurance products. This segment provides policyholders and reinsurance counterparties with access to KKR's investment capabilities.

The strategic importance is clear from recent capital flows; for instance, Global Atlantic's Ivy vehicle secured a $2 billion commitment from Japan Post Insurance in Q2 2025. This shows the direct flow of insurance-related capital into KKR's managed strategies.

Private Wealth/Mass Affluent

KKR is actively broadening its reach to individual investors, which is a major growth vector. The K-Series suite of investment products, designed for this channel, saw its AUM more than double year-over-year, hitting $25 billion as of Q2 2025. That's a significant jump from the $11 billion reported just a year prior. This growth comes from evergreen offerings and direct lending vehicles gaining traction, with the firm raising around $500 million a month across the K-Series at one point.

The firm offers access to individual investors via:

• Evergreen funds across private equity, infrastructure, and real estate.
• The K-Series investment strategy for private equity, infrastructure, and credit.

Portfolio Companies

These are the businesses receiving capital and operational support, representing the asset side of the balance sheet. As of September 30, 2025, KKR's traditional buyout and middle-market strategies included 225+ portfolio companies. The firm had invested $184 billion in capital across these strategies. To fuel future growth, KKR held $54 billion in available capital to invest within that specific Private Equity segment, though the firm reported total uncalled commitments (dry powder) of $115 billion as of Q2 2025. These companies benefit from KKR's global network of operational, capital markets, and industry advisors.

Here's a quick look at the scale of capital managed across some key areas as of mid-to-late 2025:

Asset Class/Segment Metric	Value as of Late 2025
Total Assets Under Management (AUM)	$686 billion
Fee Paying AUM (FPAUM)	$556 billion
Credit AUM (including liquid strategies)	$315 billion
Asset-Based Finance (ABF) AUM	$75 billion
Private Wealth (K-Series) AUM	$25 billion
Private Equity/Middle Market Portfolio Companies	225+

The Credit segment, which includes the growing ABF business, is substantial, with Credit AUM (including liquid strategies) hitting $315 billion as of September 30, 2025. You can see the firm is definitely pushing to diversify its client base beyond the traditional institutional core, so watch that Private Wealth growth defintely.

Finance: draft 13-week cash view by Friday.

KKR & Co. Inc. (KKR) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive KKR & Co. Inc.'s operations as of late 2025. Honestly, for a firm like KKR, the cost structure is dominated by the people who generate the fees and the operational overhead to support the massive capital base. Here's a breakdown based on the Q2 2025 figures we have available.

• - Employee compensation and benefits: The Fee-Related Compensation (FRC) for Q2 2025 hit ($224,656 thousand). KKR & Co. Inc. maintains a target for this cost to be around 17.5% of Fee-Related Earnings (FRE).
• - General and administrative expenses: These are captured in Other Operating Expenses, which totaled $172,339 thousand in the second quarter of 2025.
• - Interest expense on corporate debt and fund-level leverage: Specific interest expense amounts for corporate debt and fund-level leverage are not explicitly itemized in the readily available Q2 2025 segment expense data, though the firm manages significant capital, with $115 billion in uncalled commitments (dry powder) as of that period.
• - Costs of insurance operations and policyholder benefits: The Insurance Segment Operating Earnings for Q2 2025 were $277,932 thousand, giving you a sense of the scale of that business line's contribution before its specific costs are fully broken out.
• - Investment-related expenses, which are definitely variable: Direct, variable investment-related expenses are embedded within the GAAP reporting, but the segment data focuses more on the revenue side, like Fee-Related Performance Revenues of $53,737 thousand in the quarter.

Here's the quick math on the key reported operating costs relative to the Fee-Related Earnings (FRE) for the quarter. Remember, these are expense lines that directly impact the FRE figure.

Cost Component (Q2 2025)	Amount (in thousands)	Context/Related Metric
Fee-Related Compensation	($224,656)	Targeted at 17.5% of FRE
Other Operating Expenses (G&A)	$172,339	Reported as $172 million
Fee-Related Earnings (FRE)	$886,754	The base from which FRC is measured
Insurance Segment Operating Earnings	$277,932	Scale of the insurance business operations

The structure shows that personnel costs are the single largest explicit operating cost against the recurring fee base. Still, the scale of the insurance segment's earnings suggests that the associated costs, including policyholder benefits, are substantial, even if not itemized separately as a direct expense here. The firm's overall cost discipline is reflected in the 69% FRE margin reported for Q2 2025.

You should track the relationship between the management fees-which were $995,763 thousand in Q2 2025-and the FRC line item closely. That's where you see the direct operating leverage kicking in as management fees grow faster than compensation expenses.

KKR & Co. Inc. (KKR) - Canvas Business Model: Revenue Streams

You're looking at how KKR & Co. Inc. actually brings in the money, which is key for any investment firm. It's a mix of steady management fees and the lumpy, but often large, performance income.

The recurring revenue base is solid, driven by Assets Under Management (AUM). For the second quarter of 2025, the Management Fees from AUM clocked in at $996 million. That figure represented an 18% year-over-year growth, helped by the turning on of the Americas XIV fund during that quarter and ongoing fundraising efforts.

You see the fee structure broken down in the table below, showing the core components of the Fee Related Earnings (FRE) for Q2 2025:

Revenue Component	Q2 2025 Amount (USD)	Context/Notes
Management Fees	$996 million	Up 18% year-over-year.
Total Transaction and Monitoring Fees	$234 million	Includes Capital Markets transaction fees of $200 million.
Fee-Related Performance Revenues	$54 million	Up 45% year-over-year.
Insurance Segment Operating Earnings (Global Atlantic)	$278 million	Q2 2025 result.
Strategic Holdings Operating Earnings	$29 million	Q2 2025 result.

The variable, but often lucrative, stream is the Performance Income (Carried Interest) from realized investment gains. For the last twelve months ending June 30, 2025, KKR & Co. Inc. reported total Realized Performance and Investment Income of $2.6 billion. Specifically in Q2 2025, the Realized Performance Income component was $419 million, with Realized Investment Income adding another $154 million. Management noted over $475 million in monetization income realized between April 1 and June 20, 2025.

The Insurance premiums and net investment income from Global Atlantic is a growing piece of the puzzle. For the first quarter of 2025, the Insurance segment revenue, which includes Global Atlantic, was $1.06 billion. The operating earnings from this segment in Q2 2025 were $278 million, following $259 million in Q1 2025. The firm continues to target an all-in Return on Equity approaching 20% for this business.

You also collect revenue from Transaction and Monitoring Fees, which are tied to deal flow and portfolio company services. Total transaction and monitoring fees for Q2 2025 hit $234 million. Within that, Capital Markets transaction fees accounted for $200 million, with just over half of that coming from European activities.

Finally, there's the Investment income from KKR's balance sheet and strategic holdings. This is distinct from the performance fees on client capital. The Q2 2025 realized investment income was $154 million, and the operating earnings from the Strategic Holdings segment, which includes the firm's core private equity businesses, were $29 million for the quarter. The 18 businesses in that segment generated $4.1 billion in adjusted revenues on a trailing twelve-month basis as of Q1 2025.

Finance: draft 13-week cash view by Friday.