Kkr & Co. Inc. (KKR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'investissement mondial, KKR & Co. Inc. est un phare imposant de l'innovation financière, transformant des stratégies d'investissement complexes en création de valeur remarquable. Cette société de capital-investissement Powerhouse a méticuleusement conçu un modèle commercial qui transcende les approches d'investissement traditionnelles, tirant parti d'un réseau complexe de partenariats mondiaux, de capacités de recherche de pointe et de stratégies d'investissement alternatives sophistiquées qui fournissent constamment des rendements exceptionnels pour les investisseurs institutionnels. En disséquant la toile du modèle commercial de KKR, nous dévoilerons les machines stratégiques qui ont propulsé cette entreprise au sommet de la gestion alternative des actifs, offrant un aperçu sans précédent de la façon dont les institutions financières de classe mondiale naviguent dans le paysage complexe des investissements mondiaux.

Kkr & Co. Inc. (KKR) - Modèle commercial: partenariats clés

Alliances stratégiques avec des investisseurs institutionnels mondiaux

KKR maintient des partenariats stratégiques avec de nombreux investisseurs institutionnels mondiaux, notamment:

Type d'investisseur	Nombre de partenariats	Capital engagé total
Fonds de pension	47	68,4 milliards de dollars
Fonds de richesse souverain	22	42,6 milliards de dollars
Dotation	36	24,3 milliards de dollars

Collaboration avec des sociétés de portefeuille dans plusieurs secteurs

Les collaborations de la société de portefeuille de KKR couvrent divers secteurs:

• Technologie: 27 sociétés de portefeuille
• Santé: 19 entreprises de portefeuille
• Fabrication industrielle: 34 sociétés de portefeuille
• Goods de consommation: 22 sociétés de portefeuille

Partenariats avec les principales banques d'investissement et conseillers financiers

Institution financière	Type de partenariat	Valeur de l'accord
Goldman Sachs	Co-investissement	12,7 milliards de dollars
Morgan Stanley	Services consultatifs	8,3 milliards de dollars
JPMorgan Chase	Dispositions de financement	15,2 milliards de dollars

Coentreprises avec des sociétés de technologie et d'innovation

Les partenariats technologiques et d'innovation de KKR comprennent:

• Silicon Valley Venture Capital Collaborations: 15 partenariats actifs
• SOCIÉTÉS DE TECHNOLOGIE INTERGATIONNELS ARTIFICIEL: 8 Investissements directs
• Cybersecurity Innovation Companies: 6 Alliances stratégiques

Secteur technologique	Nombre de partenariats	Montant d'investissement
Cloud computing	12	3,6 milliards de dollars
Intelligence artificielle	8	2,1 milliards de dollars
Cybersécurité	6	1,4 milliard de dollars

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: activités clés

Investissements en capital-investissement et gestion des fonds

KKR a géré 471 milliards de dollars d'actifs au 31 décembre 2023. L'entreprise opère sur plusieurs stratégies d'investissement avec des détails d'allocation spécifiques:

Stratégie d'investissement	Actifs sous gestion
Capital-investissement	186 milliards de dollars
Réels actifs	79 milliards de dollars
Crédit	142 milliards de dollars
Stratégies alternatives	64 milliards de dollars

Advisory des fusions et acquisitions

KKR a effectué 26 transactions de capital-investissement en 2023 avec une valeur de transaction totale de 37,8 milliards de dollars.

• Taille moyenne des transactions: 1,45 milliard de dollars
• Secteurs couverts: technologie, soins de santé, consommateur, industriels
• Focus géographique: Amérique du Nord, Europe, Asie

Capital Raising and Portfolio Company Development

En 2023, KKR a levé 16,3 milliards de dollars de nouveaux capitaux dans divers véhicules d'investissement.

Catégorie de levée de capitaux	Montant recueilli
Fonds de capital-investissement	8,7 milliards de dollars
Fonds de crédit	5,2 milliards de dollars
Fonds réels d'actifs	2,4 milliards de dollars

Gestion des actifs alternatifs et planification stratégique

La plate-forme alternative de gestion des actifs de KKR a généré 2,3 milliards de dollars de frais de gestion pour 2023.

• Nombre de sociétés de portefeuille: 123
• Équipes d'investissement mondiales: 18 équipes spécialisées
• Professionnels de l'investissement: 557 dans le monde entier

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: Ressources clés

Vaste réseau d'investissement mondial

En 2024, KKR maintient une présence mondiale avec les bureaux:

Région	Nombre de bureaux
Amérique du Nord	6
Europe	4
Asie-Pacifique	5
Moyen-Orient	1

Reach d'investissement mondial:

• Total des actifs sous gestion: 471 milliards de dollars (au quatrième trimestre 2023)
• Investissements dans plus de 20 pays
• Présence dans plusieurs secteurs d'investissement

Équipes de gestion et d'investissement expérimentées

Les professionnels du leadership et de l'investissement de KKR:

Catégorie	Nombre
Total des employés	1,870
Professionnels de l'investissement	670
Partenaires seniors	37

Capacités de recherche et analyse d'investissement propriétaires

Infrastructure de recherche:

• Équipe de recherche dédiée de 125 professionnels
• Plateforme de données de données propriétaires
• Investissement en technologie avancée: 42 millions de dollars par an

Infrastructures financières et investissements financières importantes

Ressources financières:

Métrique financière	Montant
Total des capitaux propres	25,3 milliards de dollars
Poudre sèche disponible	18,7 milliards de dollars
Capacité d'investissement annuelle	50 à 60 milliards de dollars

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: propositions de valeur

Stratégies d'investissement alternatives sophistiquées

KKR gère 471 milliards de dollars d'actifs sous gestion au troisième trimestre 2023. Les stratégies d'investissement alternatives de l'entreprise comprennent:

Stratégie d'investissement	Actif total
Capital-investissement	186 milliards de dollars
Réels actifs	97 milliards de dollars
Crédit & Alternatives	188 milliards de dollars

Rendements hautes performances pour les investisseurs institutionnels

Les mesures de performance d'investissement de KKR pour 2022:

• Fonds de capital-investissement IRR: 26,3%
• Retour des stratégies de crédit: 14,7%
• Retour du fonds immobilier: 15,2%

Portfolio d'investissement diversifié dans plusieurs secteurs

Secteur	Allocation des investissements
Technologie	22%
Soins de santé	18%
Services financiers	15%
Industriel	12%
Consommateur	10%

Expertise dans la restructuration financière complexe et la création de valeur

Les mesures de création de valeur de KKR en 2022:

• Nombre de transformations de l'entreprise de portefeuille: 47
• Amélioration moyenne de l'EBITDA: 18,3%
• Valeur totale créée: 6,2 milliards de dollars

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: relations avec les clients

Partenariats d'investisseurs institutionnels à long terme

KKR maintient des partenariats stratégiques avec divers investisseurs institutionnels, notamment:

Type d'investisseur	Taille d'investissement approximative
Fonds de pension	45,2 milliards de dollars
Fonds de richesse souverain	28,7 milliards de dollars
Dotation	16,5 milliards de dollars
Compagnies d'assurance	22,3 milliards de dollars

Services de gestion des investissements personnalisés

KKR fournit des stratégies d'investissement personnalisées par le biais d'équipes spécialisées:

• Équipe de gestion de capital-investissement
• Équipe d'investissement immobilier
• Groupe d'investissement dans les infrastructures
• Division des stratégies de crédit

Rapports de performances réguliers et communication transparente

Les mesures de rapport de KKR incluent:

Fréquence de rapport	Canaux de communication
Rapports de performance trimestriels	Plates-formes numériques détaillées
Conférences annuelles sur les investisseurs	Présentations des investisseurs directs
Mises à jour des performances mensuelles	Sécuriser les tableaux de bord en ligne

Équipes de gestion des relations dédiées

Structure de gestion des relations de KKR:

• Gestionnaires de compte dédiés: 187 professionnels spécialisés
• Couverture géographique: 15 bureaux mondiaux
• Durée moyenne des relations avec le client: 8,4 ans
• Taux de rétention des clients: 92,6%

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: canaux

Plates-formes d'investissement direct

KKR utilise des plates-formes d'investissement directes sophistiquées avec les caractéristiques suivantes:

Type de plate-forme	Total des actifs sous gestion	Accessibilité numérique
Plateforme de marchés privés KKR	471 milliards de dollars (au quatrième trimestre 2023)	Accès sécurisé 24/7 des investisseurs sécurisés
Portail d'investissement mondial KKR	105,4 milliards de dollars d'actifs alternatifs	Interface multicangue

Conférences d'investissement institutionnelles

KKR se livre à des événements d'investissement institutionnel ciblé:

• Conférence annuelle des investisseurs mondiaux
• Forums d'investissement sectoriels trimestriels
• Tables rondes d'investissement régional

Type de conférence	Participants en 2023	Discussions sur les investissements
Conférence mondiale des investisseurs	372 investisseurs institutionnels	38,2 milliards de dollars de discussions sur les investissements potentiels

Communication numérique et portails d'investisseurs

L'infrastructure de communication numérique de KKR comprend:

• Sécurisation des plateformes de rapports d'investisseurs
• Suivi des performances en temps réel
• Tableaux de bord Advanced Analytics

Canal numérique	Engagement des utilisateurs 2023	Niveau de sécurité
KKR Investor Connect	1 847 utilisateurs institutionnels actifs	Cryptage 256 bits

Réseaux professionnels et réseaux de référence

KKR exploite les réseaux professionnels:

• Programmes de partenariat stratégique
• Mécanismes de référence des investisseurs institutionnels
• Réseaux de conseillers financiers mondiaux

Type de réseau	Connexions totales	Taux de réussite de référence
Réseau d'investisseurs professionnels	4 623 connexions vérifiées	Conversion de référence de 17,3%

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: segments de clientèle

Grands investisseurs institutionnels

En 2024, KKR gère 516 milliards de dollars d'actifs sous gestion (AUM) pour les investisseurs institutionnels. La base d'investisseurs institutionnels de l'entreprise comprend:

Type d'investisseur	Taille d'allocation
Fonds de retraite d'entreprise	127,3 milliards de dollars
Fonds de pension publique	98,6 milliards de dollars
Institutions financières	72,4 milliards de dollars

Fonds de pension

Le segment de la clientèle du Fonds de retraite de KKR comprend:

• Système de retraite des employés publics de Californie (CALPERS): 8,2 milliards de dollars d'investissement
• Fonds de retraite commun de l'État de New York: 6,5 milliards de dollars d'investissement
• Système de retraite des enseignants du Texas: 4,7 milliards de dollars d'investissement

Fonds de richesse souverain

Les investissements du fonds souverain de KKR totalisent 92,1 milliards de dollars dans plusieurs régions:

Région	Montant d'investissement
Moyen-Orient	42,6 milliards de dollars
Asie-Pacifique	33,5 milliards de dollars
Europe	16,0 milliards de dollars

Dotations et fondations

Les investissements de dotation et de fondation de KKR comprennent:

• Dotation de l'Université Harvard: 3,2 milliards de dollars
• Dotation de l'Université de Yale: 2,8 milliards de dollars
• Endowment de l'Université de Stanford: 2,5 milliards de dollars

Investisseurs individuels à haute nette

Le segment des investisseurs individuels élevés de KKR comprend:

Catégorie d'investisseurs	Investissement total
Individus ultra-normes	68,7 milliards de dollars
Individus à haute nette	42,3 milliards de dollars

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: Structure des coûts

Frais de gestion et de performance

Pour l'exercice 2023, KKR a déclaré les dépenses liées aux frais suivants:

Catégorie de frais	Montant (en millions USD)
Frais de gestion	$1,873
Frais de performance	$1,245
Dépenses liées aux frais totaux	$3,118

Frais opérationnels et administratifs

Les coûts opérationnels de KKR pour 2023 comprenaient:

• Compensation et avantages sociaux: 1 567 millions de dollars
• Frais généraux et administratifs: 412 millions de dollars
• Occupation et dépenses connexes: 98 millions de dollars

Recherche d'investissement et coûts de diligence raisonnable

Dépenses liées aux investissements pour 2023:

Catégorie de recherche	Montant (en millions USD)
Recherche en investissement	$213
Frais de diligence raisonnable	$167
Total des coûts de recherche	$380

Investissements technologiques et infrastructures

Dépenses liées à la technologie en 2023:

• Infrastructure informatique: 87 millions de dollars
• Investissements en cybersécurité: 42 millions de dollars
• Initiatives de transformation numérique: 55 millions de dollars

Structure totale des coûts pour 2023: 5 202 millions de dollars

Kkr & Co. Inc. (KKR) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

En 2023, KKR a déclaré des frais de gestion totaux de 2,2 milliards de dollars. La rupture des frais de gestion entre différentes stratégies d'investissement comprend:

Stratégie d'investissement	Frais de gestion (millions de dollars)
Capital-investissement	892 millions de dollars
Infrastructure	345 millions de dollars
Immobilier	413 millions de dollars
Stratégies de crédit	550 millions de dollars

Intérêt porté sur la performance

Les revenus des intérêts transportés par KKR pour 2023 ont totalisé 1,7 milliard de dollars, avec l'allocation suivante:

• Private Equity a porté des intérêts: 1,2 milliard de dollars
• Intérêt immobilier immobilier: 280 millions de dollars
• Infrastructure portait des intérêts: 220 millions de dollars

Frais de service de gestion des investissements

Les frais de service de gestion des investissements pour 2023 étaient de 678 millions de dollars, distribués à travers:

Catégorie de service	Revenus de frais (Millions)
Gestion des actifs alternatifs	412 millions de dollars
Services consultatifs	266 millions de dollars

Renvoie des investissements directs en capital-investissement

Les rendements des investissements en capital-investissement direct en 2023 s'élevaient à 2,5 milliards de dollars, avec des contributions clés du secteur:

• Investissements technologiques: 875 millions de dollars
• Investissements de soins de santé: 620 millions de dollars
• Investissements du secteur des consommateurs: 525 millions de dollars
• Investissements industriels: 480 millions de dollars

Total des sources de revenus pour 2023: 6,1 milliards de dollars

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.