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SYDNEY--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced its cornerstone investment in a A$400 million (US$275 million) financing solution (the "Financing") for Ampol Limited (ASX: ALD) ("Ampol"), anchored by KKR's private credit and insurance platforms. The investment will support Ampol’s refinancing initiatives and other general corporate purposes, in line with its Capital Allocation Framework.

Listed on the ASX, Ampol operates an integrated fuel supply and marketing value chain in Australia that encompasses the Lytton refinery in Queensland, an extensive national network of terminals and pipelines, and a convenience retail footprint of approximately 1,700 sites. Ampol also maintains a significant presence in New Zealand with approximately 500 retail sites and has international operations via its trading and shipping capabilities based in Singapore and the USA.

KKR’s Asia Pacific Credit platform seeks to provide, among other private credit strategies, bespoke solutions to high-quality companies, entrepreneurs and sponsors that harness the strength of KKR’s private markets investment capabilities and its expertise as one of the largest alternative credit managers globally.

Diane Raposio, Partner and Head of Asia Credit and Markets, KKR, said, “We are focused on providing flexible capital to high-quality companies as they pursue their strategic objectives. Ampol is an established, strong investment-grade business with a long operating history and a sophisticated approach to capital management. We are pleased to partner with Ampol on this financing, building on KKR's track record in the ANZ region and across Asia Pacific.”

Greg Barnes, Group Chief Financial Officer, Ampol, said, “The transaction is another example of our proactive approach to funding and capital management. We are delighted with the significant support received from KKR on this occasion, and our collaboration with Temasek-backed Clifford Capital in arranging the transaction with our advisers. We have a meaningful presence in Singapore and value the partnership with KKR and Clifford Capital.”

KKR’s investment was supported by Clifford Capital, a Temasek-backed and Singapore-headquartered global infrastructure credit platform, reflecting the firm's capability in delivering tailored capital solutions and connecting institutional investors with leading corporates across the Asia Pacific region.

Vidyasagar Pulavarti, Chief Investment Officer, Asset Management, Clifford Capital, said, “Private investment grade credit continues to present compelling opportunities for institutional investors seeking resilient, long-term returns. We are delighted to collaborate with KKR, Ampol and Barrenjoey on this transaction, which underscores Clifford Capital Asset Management’s role as a trusted partner in accessing, structuring and delivering high-quality private credit assets, underpinned by rigorous investment discipline and robust Investment Committee oversight through our Private Investment Grade strategy.”

KKR is making this investment from its Asia Pacific Credit strategy and insurance platform. In Australia, KKR has provided bespoke solutions to Family Doctor, a leading group of general practitioner clinics, DBG Health, a leading pharmaceutical company, and Lendi, a leading fintech, and financings to companies and sponsors across a range of industries and private credit strategies. Since 2019, KKR has committed more than US$9.1 billion across 63 credit investments under its Asia Pacific Credit strategy, accounting for a total transaction volume of more than US$28.4 billion.

Disclaimer

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for the Financing in the United States or any other jurisdiction where to do so would be unlawful. The Company has not registered, and does not intend to register, any portion of the Financing in the United States or any other jurisdiction and does not intend to conduct a public offering of securities in any of these jurisdictions.

In particular, the Financing has not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state or other jurisdiction of the United States. The Financing may not be offered or sold, directly or indirectly, in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws. The offering is being made only to (a) persons outside of the United States or (b) "qualified institutional buyers" ("QIBs") within the meaning of Rule 144A under the Securities Act ("Rule 144A"). Prospective purchasers are hereby notified that the sellers or issuer of the Financing may be relying on the exemption from registration requirements of the Securities Act provided by Rule 144A or another available exemption from registration.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

The logo is seen prior to the presentation of the French state-owned utility EDF 2023 half-year results in Paris, France, July 27, 2023. REUTERS/Benoit Tessier Purchase Licensing Rights, opens new tab

CompaniesJune 26 (Reuters) - EDF signed an agreement to sell EDF ​Power Solutions in the United States and Canada ‌to private equity firm KKR, the company said on Friday.

KKR will acquire the ​operations and assets. In the U.S. ​and Canada, EDF Power Solutions operates ⁠5.6 gigawatts of renewable assets.

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EDF, ​which owns and operates France's nuclear fleet, ​must raise cash to maintain its 57 aging reactors and finance the construction of six ​new units.

In November EDF CEO ​Bernard Fontana told Reuters the company was considering ‌selling ⁠between 50% and 100% of its U.S. renewable unit, a deal that could value the business at nearly €4 billion ($4.56 ​billion).

EDF has ​developed ⁠26 gigawatts of wind, solar and battery storage projects plus ​electric vehicle charging sites and ​has ⁠17 GW under service contracts in North America, which includes a small ⁠amount ​in Canada and Mexico, ​according to its website.

($1 = 0.8773 euros)

Reporting by Margaux ​Perrin in Gdansk, Editing by Louise Heavens

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The company logo of the Space systems specialist OHB in Oberpfaffenhofen near Munich, southern Germany, April 18, 2016. REUTERS/Michael Dalder Purchase Licensing Rights, opens new tab

June 22 (Reuters) - German satellite maker OHB (OHBG.DE), opens new tab said on Monday it was launching ​a share sale with KKR (KKR.N), opens new tab to bring in new investors and ‌seek a higher valuation as interest in space stocks rises after Elon Musk's blockbuster SpaceX listing.

The combined offering would more than triple OHB's free float and imply a ​market value of 6.3 billion euros, positioning the company to ​capitalise on a surge in investor appetite for the ⁠sector.

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OHB said it will issue up to 1.7 million new shares ​at 300 euros each, raising up to 510.7 million euros. KKR-owned ​Orchid Lux HoldCo will sell up to 1.23 million existing shares, according to a bookrunner for the deal.

The global investment firm will trim its stake to ​around 20% from 28.6% and net up to 368 million ​euros, more than it paid for the entire stake in 2023.

The total deal size ‌includes ⁠a greenshoe option and would increase OHB's free float to 19.2% from 5.7%, the bookrunner said.

The offer price was a 26% discount to OHB's closing price of 405.5 euros.

The Fuchs family, OHB's majority ​shareholder, waived its ​subscription rights ⁠but will not sell any shares.

SpaceX (SPCX.O), opens new tab surged past $2 trillion in its record-setting initial public offering on June 12, ​lifting investor appetite for space stocks. "Everyone is aiming for higher ​valuations ⁠after the SpaceX IPO," CEO Marco Fuchs told Reuters earlier this month.

Shares from KKR and most of the new stock will be placed ⁠with institutional ​investors through Wednesday, while existing shareholders ​can exercise subscription rights from June 25 to July 8.

($1 = 0.8728 euros)

Reporting by Gianluca ​Lo Nostro and Alexander Hübner; Editing by Joe Bavier and Matt Scuffham

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Key Takeaways ARES is expanding across credit, real assets and secondaries, with a goal of $750B AUM by 2028.KKR is scaling across private equity, credit and insurance, targeting at least $1T AUM by 2030.ARES and KKR have raised earnings estimates, but rising expenses remain a near-term headwind for both. Ares Management Corporation (ARES - Free Report) and KKR & Co. Inc. (KKR - Free Report) are prominent alternative asset managers with diversified investment platforms across private equity, credit and real assets. ARES primarily focuses on alternative investment solutions spanning credit, private equity, real assets, secondaries and insurance-related strategies. In contrast, KKR operates a broader model that integrates alternative asset management with capital markets and insurance solutions. Both firms benefit from strong institutional relationships, wide-ranging investment capabilities and expanding sources of perpetual capital. However, differences in business mix, growth strategies and revenue drivers could shape their relative performance going forward.

The asset-management industry is navigating a shifting operating backdrop. Rising investments in technology and artificial intelligence are increasing cost pressures, while the rapid growth of ETFs, especially actively managed products, is intensifying competition. Additionally, concerns around private credit markets may weigh on near-term flows into select alternative investment strategies. Still, favorable market conditions and steady inflows continue to support AUM growth across the industry.

Against this backdrop, investors naturally ask: Which firm, ARES or KKR, is better positioned for long-term growth? To answer that, we need to examine their fundamentals more closely.

The Case for ARESAres Management has been strengthening its platform through strategic acquisitions and partnerships. In February 2026, the company acquired BlueCove Limited to strengthen its credit platform and partnered with Slate Asset Management to acquire a Polish retail real estate portfolio, expanding its European footprint. Earlier, the company acquired GCP International in 2025 to broaden its real assets platform. Together, these initiatives have diversified Ares Management's investment offerings, expanded its global footprint and strengthened its position across key alternative asset classes, supporting long-term growth prospects.

Supported by these strategic acquisitions and partnerships, Ares Management's AUM has witnessed consistent growth over the years. Strong fundraising activity through the wealth management channel, growing insurance-related assets, and continued demand for private credit, real assets and secondaries strategies have supported its AUM growth. Further, the company's expanding perpetual capital base and broad distribution network are expected to drive fundraising and deployment activity. With management targeting AUM of more than $750 billion by 2028, ARES appears well positioned to sustain growth over the long term.

Organic growth remains a key strength for Ares Management. Higher management and performance fees from a growing fee-paying asset base have continued to support revenue growth. The acquisition of GCP International has further enhanced the company's real assets and digital infrastructure capabilities, adding incremental management fee revenues. Management continues to target annual organic growth of 16-20% or more in fee-related earnings and more than 20% growth in realized income over the medium term. Going forward, continued expansion in private credit and real assets is expected to support revenue growth and earnings generation.

However, ARES' expense base has been rising due to higher compensation and benefits costs, ongoing investments in fundraising and platform expansion, and expenses associated with integrating acquired businesses. These factors are likely to keep costs elevated and could pressure near-term profitability.

The Case for KKRKKR has been expanding its platform through strategic acquisitions to enhance its investment capabilities and drive asset growth. In May 2026, the company acquired Arctos Partners, an investment firm managing approximately $16 billion in AUM, expanding its capabilities across sports investing, GP solutions and secondaries. Earlier, in July 2025, KKR acquired a majority stake in HealthCare Royalty Partners, adding nearly $3 billion to its AUM and expanding its healthcare-focused investment capabilities. These initiatives have supported KKR's efforts to scale its alternative investment platform, diversify revenue streams and accelerate AUM growth, positioning the company well for long-term expansion.

Building on these initiatives, KKR's AUM balance has grown steadily over the years, reflecting the strength of its diversified investment platform. The company's expanding presence across private equity, credit, infrastructure, real estate and insurance has supported AUM growth, while fundraising and capital deployment activity have remained healthy. Further, a growing perpetual capital base and continued expansion of investment capabilities are expected to support future asset growth. The Arctos acquisition is also expected to increase KKR's exposure to perpetual and long-dated capital and strengthen its wealth and institutional distribution capabilities. Management's goal of reaching at least $1 trillion in AUM by 2030 further underscores confidence in the company's long-term growth prospects.

Organic growth also remains a key strength for KKR. The company continues to benefit from the expansion of its traditional private equity and third-party businesses while adding capabilities across infrastructure, real estate, growth and core investing strategies. These efforts have increased deal activity and broadened KKR's revenue base over time. Continued expansion across these investment platforms is expected to support revenue growth and earnings generation over the long term.

Nevertheless, an elevated expense base remains a headwind for KKR. Higher commission, reinsurance and employee compensation expenses have increased costs, while continued fundraising activity is expected to drive higher placement fees. This could pressure the company's near-term earnings growth.

How Do Earnings Estimates Compare for ARES & KKR?The Zacks Consensus Estimate for ARES’ 2026 and 2027 earnings implies a year-over-year rise of 27.3% and 24.4%, respectively. Earnings estimates for 2026 have been revised upward, while for 2027, it has remained unchanged over the past month.

ARES Estimates Revision Trend
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for KKR’s 2026 and 2027 earnings implies a year-over-year rise of 24.6% and 23.5%, respectively. Earnings estimates for both years have been revised upward over the past month.

KKR Estimates Revision Trend
Image Source: Zacks Investment Research

ARES & KKR: Price Performance, Valuations & Other ComparisonsOver the past three months, ARES and KKR shares gained 20.8% and 6.8%, respectively, compared with the industry’s growth of 10.3%.

Price Performance Comparison
Image Source: Zacks Investment Research

From a valuation standpoint, ARES is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 19.14X, while KKR is currently trading at a forward 12-month P/E multiple of 15.7X. Both are trading at a premium compared with the industry average of 13.66X; however, KKR stock is cheaper than ARES.

Price-to-Earnings F12M
Image Source: Zacks Investment Research

Meanwhile, both Ares Management and KKR & Co reward their shareholders handsomely. In February 2026, ARES raised its quarterly dividend by 20.5% to $1.35 per share. It has a dividend yield of 4.2%. Similarly, KKR raised its annualized dividend by 5.4% to 78 cents per share in May 2026. It has a dividend yield of 0.8%.

Dividend Yield
Image Source: Zacks Investment Research

ARES or KKR: Which Stock Offers More Value?Ares Management and KKR & Co. both benefit from diversified alternative investment platforms, growing perpetual capital bases and healthy fundraising activity, supporting long-term AUM growth. Both companies are also expanding through acquisitions to strengthen their investment capabilities and broaden their market reach.

However, ARES appears to have a slight edge, supported by stronger earnings growth expectations and a significantly higher dividend yield. While KKR trades at a lower valuation and offers solid growth prospects, ARES provides a more compelling combination of growth and income.

Therefore, despite its premium valuation, Ares Management appears better positioned to deliver attractive long-term shareholder returns, making it the more favorable choice for investors seeking both growth and income.

ARES and KKR currently carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.