SummaryKKR is rated a cautious Buy at ~$95.53, with a fair value estimate of ~$107, reflecting discounted expectations for realized earnings.Valuation already prices in delayed realizations and private-credit concerns but does not fully account for robust recurring earnings growth from management fees, insurance, and infrastructure.Q2's critical test is sustained growth in recurring earnings—management fees, FRE, insurance, and Strategic Holdings—rather than volatile quarterly adjusted net income from investment realizations.Risks include persistent realization delays, slowing recurring growth, and sector-specific headwinds; continued share repurchases near current levels signal management’s confidence. Guido Mieth/DigitalVision via Getty Images
KKR & Co. Inc. (KKR) will report its second-quarter results before the market opens on July 30. Shares are currently down nearly 40% from their 52-week highs. The decline came from concerns around private-credit markets, wealthy
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KKR & Co. Inc. (KKR - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 30. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $1.41 per share in its upcoming report, which represents a year-over-year change of +19.5%.
Revenues are expected to be $1.52 billion, up 18.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.24% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for KKR & Co.?For KKR & Co., the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.21%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that KKR & Co. will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that KKR & Co. would post earnings of $1.28 per share when it actually produced earnings of $1.39, delivering a surprise of +8.59%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
KKR & Co. doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced the appointment of Roy Gori, former President and Chief Executive Officer of Manulife, as a Senior Advisor to the firm. Mr. Gori, an accomplished leader in the global insurance and financial services industry, will advise KKR on strategic opportunities across global financial services and insurance with a focus on Asia Pacific and international markets. He will provide strategic counsel across insurance, wealth ma.
Americké akciové trhy dnes zdá se zastaví předchozí dvoudenní pokles, nálada ale zůstává opatrná a nejednotná. Investoři sledují především vývoj kolem konfliktu mezi USA a Íránem, kde americká armáda pokračovala devátou noc v útocích na íránské cíle s cílem chránit klíčové námořní trasy v okolí Hormuzského průlivu. Ropa během dne kolísala, ale její růst postupně vyprchal díky nadějím, že by se USA a Írán mohly vrátit k jednání o mírové dohodě. Riziková aktiva podpořil zejména návrat kupců do polovodičů po předchozích výprodejích, zatímco širší trh byl slabší — většina titulů v S&P 500 klesá. Tento týden zároveň začíná důležitá část výsledkové sezóny, když reportovat budou mimo jiné Alphabet, Tesla, General Motors a AMD. Trh bude u velkých technologických firem sledovat hlavně to, zda dokážou obhájit masivní výdaje na AI infrastrukturu.
Sektorově je nejvýraznější pohyb patrný u polovodičů, kde index velkých výrobců čipů v čele s Nvidií a Broadcomem roste o 2 % a pomáhá držet trh nad vodou. Oživení přichází poté, co se Philadelphia Semiconductor Index v minulém týdnu propadl do medvědího trhu nicméně část stratégů tento pokles označuje spíše za dočasný reset než začátek dlouhodobějšího ústupu od AI tématu. Na druhé straně zůstává patrná rotace investorů mimo nejvíce přeplněné technologické obchody směrem k cyklickým a hodnotovým segmentům trhu. Výnos desetiletého amerického dluhopisu roste o 5 bazických bodů na 4,60 %. Euro oslabuje o 0,2 % na 1,1415 USD. WTI roste jen o 0,1 % na 82,61 USD za barel, zlato mírně ztrácí 0,1 % na 4 011,52 USD za unci, zatímco kryptoměny posilují — bitcoin o 1,5 % na 65 436 USD a ether o 1,7 % na 1 898 USD.
Z jednotlivých titulů se do popředí dostal Alphabet (GOOG +2,02 %), který roste po zprávě, že Google vyvíjí čip zaměřený na zvýšení efektivity umělé inteligence. Boeing (BA -1,61 %) oznámil téměř 150 objednávek na úvod leteckého veletrhu Farnborough, což podpořilo vnímání silné poptávky v leteckém průmyslu, nicméně akcie klesají. AMC Entertainment (AMC +25 %) prudce roste po zveřejnění tržeb za druhé čtvrtletí, které překonaly průměrný odhad analytiků. Domino’s Pizza (DPZ +1,67 %) kosmeticky roste poté co růst srovnatelných tržeb v USA zpomalil na nejnižší tempo za pět čtvrtletí, což naznačuje opatrnější chování spotřebitelů v segmentu stravování mimo domov. Trh sleduje i plánované IPO Jersey Mike’s Subs, v němž firma a její akcionáři chtějí získat až 1,09 mld. USD, což zapadá do širšího oživení amerického trhu primárních emisí.
Index Dow Jones -0,3 % na 51988,06 b.
S&P 500 +0,21 % na 7473,25 b.
Nasdaq Composite +0,52 % na 25651,82 b.
Index S&P 500 +0,21 % na 7473,25 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +1,1 % Základní materiály -0,8 % Komunikační služby +1 % Nezbytná spotřeba -0,7 % Informační technologie +0,7 % Zdravotní péče -0,6 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Lumentum Holdings (LITE) +6,5 % Honeywell Aerospace (HONA) -4,8 % Global Payments (GPN) +5,9 % Carvana (CVNA) -3,9 % Sandisk Corp (SNDK) +5,8 % Warner Bros Discovery (WBD) -3,8 % Coherent Corp (COHR) +5,4 % KKR (KKR) -3,5 % Teradyne (TER) +5,1 % Chipotle Mexican Grill (CMG) -3,5 %
Martin Varecha
Fio banka, a.s.
Prohlášení
KKR & Co. Inc. 6.25% Series D Mandatory Convertible Preferred (KKR.PR.D) remains a Buy for those expecting a rebound in KKR common. KKR.PR.D offers a 7.6% yield, a significant dividend advantage over the 0.8% yield of KKR common, and mandatory conversion in March 2028. Preferred holders benefit from downside protection and limited upside until KKR exceeds $120, with conversion mechanics favoring patient investors.
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.
NEW YORK--(BUSINESS WIRE)--KKR today announced the launch of Allyntra (“Allyntra” or the “Company”), a newly formed precision-engineered solutions platform serving medical technology and other precision end markets. Allyntra builds on KKR's existing investment in Precipart through its Health Care Strategic Growth Fund II, with Precipart serving as one of the foundational businesses within the platform. KKR is committing meaningful additional capital to support Allyntra's growth by acquiring and.
NEW YORK--(BUSINESS WIRE)--Arctos, a business of KKR, today announced the final close of Arctos Keystone Partners Fund I (“Keystone Fund I” or the “Fund”), its inaugural fund dedicated to providing bespoke growth capital and financing to leading alternative asset managers. Keystone Fund I, and its affiliated vehicles, closed with $6.2 billion in capital commitments from a diverse group of global investors, including some of the world's leading pension funds, retirement systems, endowments, insu.
NEW YORK--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) announced today that it plans to release its financial results for the second quarter 2026 on Thursday, July 30, 2026, before the opening of trading on the New York Stock Exchange.A conference call to discuss KKR's financial results will be held on Thursday, July 30, 2026 at 9:00 a.m. ET. The conference call may be accessed by dialing (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Addit.
U.S. private equity giant KKR will take management control of a new $1.3 billion renewable energy platform in South Korea, deepening its bet on growing demand for clean power from chipmakers and artificial intelligence data centers.
KKR and SK Inc. said Wednesday they will launch what they described as South Korea's largest renewable energy platform, valued at 2 trillion won ($1.3 billion), integrating wind, solar and fuel cell assets previously held across the conglomerate's businesses.
The platform will start with 1.7 gigawatts of operating capacity before scaling to 10 gigawatts — enough to power 100 large-scale, 100-megawatt data centers simultaneously, the companies said in a statement.
KKR will hold initial management control in the venture, bringing together renewable businesses and assets from several subsidiaries under SK Group, including SK Innovation, SK ecoplant, and SK eternix. SK will participate as an equity investor and retains the option to seek control rights through future talks.
The new venture will help South Korea meet the surging demand for clean power from AI data centers, semiconductor production lines, and other large industrial needs, KKR said in a statement.
The announcement came after South Korea announced on Monday three massive investment projects spanning semiconductors, physical AI and AI data centers. SK Group, the country's second-largest conglomerate, said it planned to invest an average of 100 trillion won a year to expand semiconductor production and build AI data centers.
"Korea is one of Asia's most attractive renewable energy markets, underpinned by strong corporate demand for clean power from the semiconductor, data center, and manufacturing sectors," said Keith Kim, a KKR partner.
KKR is funding the deal through its Asia Pacific infrastructure strategy, which has invested more than $31 billion into energy transition and renewables globally since 2011.
The Korea platform adds to KKR's renewable energy portfolio in the region, which includes investments in India-based Serentica Renewables and Australian companies CleanPeak Energy and Zenith Energy.
The deal also came as SK Group continued to push through its years-long "value-up plan," including selling assets and restructuring efforts to reduce debt leverage. SK said the platform is part of a broader effort to sharpen its portfolio and improve capital efficiency.
NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced that KKR has agreed to acquire the operations and assets of EDF power solutions in the United States (EDF power solutions Inc.) and Canada (EDF power solutions Canada Inc.) from EDF group, one of the world's largest power producers. This transaction values the equity interest in EDF power solutions Inc. and EDF power solutions Canada Inc. at approximately $4.2 billion, with potential additional payments of up to $.
The platform, said to be Korea's largest for renewable energy, will have around 1.7 gigawatts of capacity currently in operation and a development pipeline that would raise its total capacity to 10 gigawatts.
Key Takeaways APO capped ADS withdrawals after redemption requests neared 17% versus a 5% quarterly limit.ARES capped ASIF withdrawals after redemption requests exceeded 14% of outstanding shares.Blackstone and KKR have also faced elevated redemption requests in recent quarters. The private credit industry is once again under scrutiny after leading alternative asset managers Apollo Global Management (APO - Free Report) and Ares Management (ARES - Free Report) imposed fresh limits on investor withdrawals from their flagship retail-focused private credit funds. The restrictions came after redemption requests once again exceeded the funds' quarterly repurchase limits.
Private credit has become one of the fastest-growing segments of alternative investments by offering investors attractive yields through loans to middle-market companies. However, unlike publicly traded bonds, these loans are inherently illiquid and cannot be sold quickly without potentially disrupting valuations.
To balance illiquid assets with investors' demand for periodic liquidity, most non-traded private credit funds allow quarterly redemptions of only up to 5% of outstanding shares. When redemption requests exceed that limit, withdrawals are processed on a pro-rata basis.
That is precisely what occurred again this quarter.
Apollo capped withdrawals from its roughly $25-billion Apollo Debt Solutions (“ADS”) fund after investors sought to redeem nearly 17% of outstanding shares during the latest redemption window. Because the fund permits repurchase of only 5% of shares per quarter, this marks the second consecutive quarter in which investor requests exceeded the allowable limit.
Similarly, Ares Management restricted withdrawals from its approximately $23-billion Ares Strategic Income Fund (“ASIF”) after redemption requests climbed above 14% of outstanding shares, also well beyond the fund's quarterly limit. The parallel actions by two of the industry's largest managers suggest that redemption pressures are broad-based across retail private credit rather than isolated incidents.
Here's Why Investors Are Pulling BackThe redemption wave reflects shifting investor sentiment toward an asset class that has expanded rapidly over the past several years. Higher interest rates initially boosted the appeal of direct lending by increasing yields, attracting capital from institutional investors, family offices and high-net-worth individuals.
More recently, however, concerns over private credit valuations, uncertainty surrounding the impacts of artificial intelligence on software-sector borrowers, and expectations of lower interest rates have prompted some investors to rebalance their portfolios.
Importantly, both Apollo Global and Ares Management continue to report that the overwhelming majority of their underlying loans remain current. This indicates that the withdrawal restrictions stem primarily from liquidity management rather than weakening credit fundamentals.
A notable trend is the persistence of redemption pressure across multiple quarters. Apollo has reported that gross outflows have exceeded inflows this year, while ARES has also experienced a meaningful increase in redemption requests compared with the prior quarter.
Management at both firms noted that much of the redemption has come from offshore investors, family offices and certain institutional clients, whereas demand from U.S. retail wealth investors has remained comparatively resilient. This divergence suggests that investor confidence has softened unevenly rather than deteriorating across the entire market.
The challenge extends beyond Apollo and Ares Management. Other leading asset managers, including Blackstone (BX - Free Report) and KKR & Co. (KKR - Free Report) , have also experienced elevated redemption requests in recent quarters, underscoring that liquidity pressures are becoming an industry-wide phenomenon rather than a manager-specific issue.
What it Means for the Private Credit MarketThe latest withdrawal caps reinforce one of private credit's defining trade-offs: investors gain access to higher yields and reduced mark-to-market volatility in exchange for limited liquidity. During periods of heightened uncertainty, redemption gates serve as a critical safeguard, allowing managers to avoid selling long-term loans at distressed prices and protecting remaining investors from value erosion.
As private credit continues to evolve into a mainstream asset class, investors are likely to place greater emphasis not only on credit performance but also on fund liquidity structures, redemption policies and portfolio transparency.
For industry leaders such as Apollo Global, Ares Management, Blackstone and KKR & Co., the ability to navigate this period without meaningful credit losses will be an important test of underwriting discipline and portfolio resilience. At the same time, recurring redemption limits may reshape investor expectations, reinforcing that private credit is designed as a long-term investment, wherein liquidity is deliberately constrained in exchange for enhanced returns.
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
Our Standards: The Thomson Reuters Trust Principles., opens new tab
KKR Asset Management (NYSE:KKR) shares added more than 3% on Thursday after the alternative asset manager provided an update highlighting stronger monetization activity and changes to its financial reporting.
The firm announced that monetization activity exceeded $900 million for the period from March 31, 2026, through June 24, 2026, based on information currently available.
Approximately 80% of the amount was attributable to realized performance income, while the remaining 20% came from realized investment income.
KKR noted that the quarter-to-date total is about 66% above the quarterly average of $542 million recorded between 2023 and 2025. The company said it has experienced an acceleration in monetization activity and capital returned to clients so far this year.
In the first quarter of 2026, monetization activity totaled $878 million, representing a 62% increase from the same three-year quarterly average.
The company also announced a change in how it will report realized performance fees from its K-Series Private Equity vehicles beginning with second-quarter 2026 results. Those fees will now be included in Fee Related Performance Revenues within segment earnings and will be subject to a compensation margin of 15% to 20%. Previously, the fees were reported within Realized Performance Income and carried a compensation margin of 70% to 80%.
KKR said the revised reporting approach aligns with current industry practices and is intended to improve comparability for investors. Performance fees from its K-Series Infrastructure vehicles will continue to be reported in Fee Related Performance Revenues.
KKR also said it expects Capital Markets transaction fees of approximately $175 million for the second quarter of 2026, as some transactions initially anticipated to close late in the quarter are now expected to close in the third quarter.
The firm highlighted that its actual second quarter results could differ from current estimates.
NEW YORK--(BUSINESS WIRE)--KKR today announced income from monetization activity in excess of $900 million with respect to the period from March 31, 2026 through June 24, 2026 based on information currently available. The quarter-to-date monetization activity is made up of approximately 80% realized performance income and approximately 20% realized investment income. Based on year-to-date information available as of June 24, 2026, KKR has experienced an acceleration in its monetization activity.
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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The private credit market had been a boon for alternative investment firms. KKR (KKR 0.76%) and others raised billions of dollars from investors, which they then invested in private loans. However, the private credit sector has come under pressure over the past year due to high-profile bankruptcies and growing concerns that AI will disrupt software companies, leading to a surge in defaults.
That has investors on edge. They're flooding private credit fund sponsors with redemption requests, forcing these firms to restrict withdrawals. While the sector's growing issues are a concern for KKR, here's why the leading alternative investment manager appears to be in a strong position to weather this storm.
Image source: Getty Images.
Not all private credit is the same There are many misconceptions about private credit. The sector has grown over the last decade due to a combination of rising industry capital needs and traditional lenders pulling back amid rising regulations and capital requirements. This growing gap opened the door for alternative capital providers to underwrite loans for these borrowers.
At the core, private credit is simply a senior loan to asset owners and businesses in return for a prioritized, fixed-income return. The sector's issues all boil down to the lender. Some private credit lenders have looser underwriting standards, while others are stricter. Similarly, some lenders make loans based on a borrower's income, while others make only collateralized loans. A conservative lender making collateralized loans is taking on significantly less default risk than one making unsecured loans based on the borrower's current ability to repay.
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92.79
Built to mitigate risk KKR has been investing in private credit for more than 20 years. The global investment firm had $293 billion in credit assets under management (AUM) at the end of the first quarter. However, alternative credit is only $149 billion in its AUM, and direct lending is a mere $39 billion of that amount (which includes loans made by its public and private business development companies (BDCs)). As a result, private credit accounts for a fraction of its total AUM of $758 billion. Further, the company focuses on making lower-risk loans, including senior-secured, first-lien direct lending and collateralized ABF (Asset Backed Financing) loans. KKR has also been very disciplined in its underwriting and diversifies across industries (software is just 5% of its credit portfolio).
The global investment firm's strategy has yielded exceptional results. Every single one of its current vintage of funds is delivering returns that significantly exceed their respective benchmarks. That track record of success is attracting more capital to its funds, even as investors withdraw from other funds. KKR's CFO, Rob Lewin, noted on the first quarter conference call that it was one of its larger quarters for credit inflows, driven by its ABF business.
A compelling opportunity worth capitalizing on KKR's stock price has lost more than a third of its value over the past year due to concerns about private credit, even though it's a small yet sound part of the business. Meanwhile, KKR is more than an asset manager as it also has a leading insurance franchise (Global Atlantic) and a growing portfolio of strategic holdings. These businesses generated $4.6 billion of adjusted net income over the last 12 months, with only a small portion coming from direct lending. Given its low exposure to private credit (and high-quality operations), KKR's sell-off is a great buying opportunity.
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.
Platform’s inaugural project is Neyland Entertainment District, a transformative mixed-use district adjacent to the University of Tennessee’s Neyland Stadium
DALLAS--(BUSINESS WIRE)--Arctos, an investing business in KKR Solutions that seeks to partner with exceptional leaders in sports to help them grow and unlock their vision, today announced a strategic partnership with RVX Ventures (“RVX”), a real estate development platform specializing in mixed-use entertainment districts, and Magellan Development Group (“Magellan”), a national leader in urban mixed-use real estate, to launch a new platform targeting the rapidly growing sports-anchored development sector.
The platform’s inaugural project is Neyland Entertainment District, a new development spanning the Tennessee River waterfront adjacent to Neyland Stadium at the University of Tennessee, Knoxville (the “University”). Structured as a public-private partnership with the University, the development will feature approximately 100,000 square feet of entertainment space alongside a 24-story hotel and residences, along with a private members club, designed to enhance the gameday experience while creating a year-round destination for the Knoxville community. Arctos is the majority equity investor and is participating as a general partner alongside a sponsor team led by RVX, Magellan and Dixon Greenwood.
“Neyland Stadium is an iconic venue in college sports, and we’re grateful to the University of Tennessee for their shared vision and collaboration in bringing this dynamic entertainment district to life,” said Chad Hutchinson, Partner at Arctos. “We see significant opportunity at the convergence of live sports and real estate, and we wanted to be more than a capital provider in this space. RVX and Magellan have the track records and the operational know-how to deliver on complex projects like this, and together we can define how sports-anchored districts are conceived, built and operated.”
Universities, professional sports organizations and municipalities are increasingly seeking to transform the areas surrounding their venues into year-round destinations. Delivering these districts at scale requires significant capital, large-scale development expertise, and hands-on experience programming and operating entertainment venues, capabilities this partnership is designed to bring together under a single platform.
“We believe sports-anchored entertainment districts represent one of the most compelling opportunities in experiential real estate today," said Taylor Gray, Principal of RVX Ventures. "With Arctos and Magellan as partners, we are building a platform with the expertise, relationships and capital needed to deliver transformative projects for universities, teams and communities across the country."
Neyland Entertainment District is the first project for what the partners intend to be a national platform pursuing opportunities across the collegiate and professional sports landscape. The partnership’s model spans sourcing, capitalization, development and operations, allowing the team to take projects from concept through execution under a single structure. While the platform will operate at a national scale, each project is designed to reflect the identity and priorities of the community it serves.
“This project will be one of the great sports-anchored destinations in the country. It has it all: a passionate fanbase, legendary venue and a university committed to doing something transformative,” said J.R. Berger, President of Magellan Development Group. “Magellan has spent three decades reshaping neighborhoods and creating places that endure, and we’re excited to bring those same principles to the sports and entertainment space alongside RVX and Arctos. Neyland Entertainment District will set a new standard for what development adjacent to major sports assets can look like.”
About Arctos
Arctos seeks to partner with exceptional leaders in sports and private markets to help them grow and unlock their vision. Founded in 2019 and acquired by KKR (NYSE: KKR) in 2026, Arctos is a part of KKR Solutions, a new global investing business at KKR, and serves as a catalyst for innovation, growth and business transformation across complex, illiquid and underserved markets.
Arctos is a team of business-builders, investors, operators and data scientists, which provides growth capital and liquidity solutions, differentiated thought partnership and purpose-built value creation capabilities. Its strategies include Arctos Sports, which partners with premium sports owners and franchises, and Arctos Keystone, which provides strategic capital solutions to leading alternative asset managers, real estate operators and investment managers, their funds and portfolio companies. Underpinning this approach is Arctos Insights, a proprietary quantitative research and data science platform, which supports Arctos’ investment process, market perspectives and partnership model. For more information, visit www.arctospartners.com or Arctos’ LinkedIn.
About RVX Ventures
RVX Ventures is a real estate development platform focused on mixed-use entertainment districts and design-forward urban multifamily projects in high-growth markets across the United States. The firm’s leadership team has played key roles in the development, ownership, operation, and activation of several nationally-recognized entertainment districts and mixed-use destinations around the country. Combining expertise across development, sports, entertainment, operations and hospitality, RVX creates destinations that drive long-term economic value and shape how people live, gather and connect. For more information, visit rvxventures.com.
About Magellan Development
Founded in 1996, Magellan Development Group is a national leader in urban mixed-use real estate — investing in, developing, and managing premier properties across the United States. Having delivered over $8 billion in total development value across residential, hotel, office, and retail projects, Magellan prides itself on being a builder of neighborhoods that transcend traditional single-asset development. Its portfolio includes some of the most recognized addresses in the country, from the landmark St. Regis Chicago, Thompson Austin, and W Nashville to the master-planned districts of Lakeshore East in Chicago and Union Square in Somerville, MA. For more information, visit magellandevelopment.com.
New commitment expands long-standing strategic partnership and builds on the success of two prior aircraft leasing portfolios
NEW YORK & SEATTLE--(BUSINESS WIRE)--KKR, a leading global investment firm, and Altavair, a leader in commercial aviation leasing and financing, today announced that KKR is making a $1.4 billion equity commitment to continue expanding its global portfolio of leased commercial aircraft in partnership with Altavair. The latest commitment builds on two prior aircraft leasing portfolios created in partnership with Altavair. The investment will primarily come from KKR’s Infrastructure and Asset-Based Finance strategies.
“Nearly a decade of strategic partnership with Altavair has deepened our conviction in the attractiveness of aircraft leasing, which we believe is poised to grow even further as demand for air travel continues to rise and airlines seek more liquidity and fleet flexibility,” said Brandon Freiman, Partner and Head of North American Infrastructure at KKR.
KKR-managed funds have committed more than $8 billion to aircraft leasing and lending transactions since KKR formed a strategic partnership with Altavair in 2018. Over that time, KKR and Altavair have acquired 188 commercial aircraft and engine assets through a variety of transactions, including lessor trades, airline-direct new and used sale leasebacks, passenger-to-freight conversions, and structured transactions, and in the process have leased aircraft and engines to 67 leading airline and cargo operators around the world.
“We are pleased to deepen our long-standing relationship with Altavair and strengthen our commitment to the aviation sector through our Asset-Based Finance strategy,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “The success of our strategic partnership is a testament to the power of combining our patient, long-term capital with Altavair’s deep industry expertise and differentiated sourcing capabilities.”
“Our strategic partnership with KKR has grown stronger over the past eight years, and this latest commitment reflects the trust we have built together,” said Steve Rimmer, CEO of Altavair. “KKR’s expertise, and long-term capital have helped build Altavair into the platform it is today. As airlines face significant fleet funding needs in the coming years, this expanded commitment positions us to be an even stronger partner and supporter across the aviation ecosystem.”
KKR has invested more than $12 billion of capital in the aviation sector since 2015. Investments include Altavair, AV AirFinance, Atlantic Aviation, KKR DVB Aviation Capital, K2 Aviation, and others.
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.
About Altavair
Altavair is an aviation asset manager focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $14.5 billion in commercial aircraft lease transactions with over 80 airline customers in 50 countries representing over 300 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, Dublin, London, and Singapore. For more information, please visit www.altavair.com.
Private credit has been the target of plenty of criticisms as investors remain wary of stabilization in the industry. Jay Hatfield explains why some concerns are overblown and talks about ways he sees private credit buoying against future headwinds.
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab
CompaniesNEW YORK, June 17 (Reuters) - Private equity firm KKR (KKR.N), opens new tab on Wednesday disclosed a $1.4 billion fresh bet on aircraft leasing with partner Altavair, as persistent supply shortfalls at Airbus (AIR.PA), opens new tab and Boeing (BA.N), opens new tab keep plane availability tight.
Leasing companies and private equity firms have been playing a bigger role in funding aircraft purchases as airlines face rising costs and recovering travel demand amid limited aircraft supply.
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Airlines now lease - or rent - rather than own about half of the global fleet, with KKR having invested more than $12 billion in aviation since 2015.
Altavair focuses on acquiring new and used commercial aircraft and leasing them to passenger and cargo airlines worldwide.
Most of the capital is still free to be allocated, which will happen over the next four years, a person close to the transaction said.
KKR plans to source aircraft directly from airlines seeking to free up cash, as well as from manufacturers such as Airbus and Boeing and through secondary market transactions.
These deals typically involve buying aircraft and leasing them back to carriers under multi-year contracts, allowing airlines to raise cash while continuing to operate their fleets.
The firm is focusing on long-term leases with established airlines and cargo operators rather than distressed or bankruptcy situations, such as those involving Spirit Airlines, which ceased operations in May after failing to secure support for a government bailout plan, the person said.
Since 2018, KKR and Altavair have acquired 188 aircraft and engine assets and leased them to 67 airline and cargo customers globally.
Fuel price volatility and geopolitical tensions have limited near-term impact on such investments, as leases typically run for five to 10 years and provide predictable cash flows, the person said.
KKR has previously backed fleet transactions including a 2020 deal with Etihad Airways, which saw it acquire Boeing 777 and Airbus A330 aircraft and lease them back to the airline as part of its fleet transition strategy.
Reporting by Sabrina Valle; Editing by Stephen Coates
Our Standards: The Thomson Reuters Trust Principles., opens new tab
NY-based correspondent reporting on some of the largest deals in Healthcare and Industrials. Previously based in Houston, covering global operations of U.S. oil majors. Sabrina has a two-decade career in Business reporting, with a strong background in source-based enterprise and investigations. She previously worked at Bloomberg, Washington Post and has been based in Rio and D.C. covering large corporations, including finance, corruption and geopolitics.
An attendant wheels a patient at a hospital in New Delhi, India, June 22, 2023. REUTERS/Anushree Fadnavis/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesKKR in talks to buy majority stake in Medicover's India businessMedicover confirms talks with KKR for sale of India operationsSweden's Medicover owns 66.9% of Medicover Hospitals IndiaMUMBAI, June 18 (Reuters) - KKR is in advanced talks to buy a majority stake in the Indian business of Sweden's Medicover (MCOVb.ST), opens new tab for at least $1 billion, a source with direct knowledge of the matter said, a deal that would expand its healthcare bet in the world's most populous nation.
Stockholm-listed Medicover issued a press release soon after Reuters sent a request for comment on Wednesday night, saying Medicover Hospitals India is in discussions with KKR (KKR.N), opens new tab "regarding a potential sale of its Indian operations."
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The company did not provide any details and Reuters is first to report that talks are ongoing for KKR to take a majority stake in the Indian business unit for at least $1 billion.
Medicover, which entered the country in 2016, operates a network of 26 hospitals with around 6,000 beds. In its statement, it said it has also been preparing for an Indian initial public offering.
Sweden's Medicover owns 66.9% of Medicover Hospitals India. KKR is seeking to acquire the Swedish firm's entire stake for at least $1.05 billion and is also in discussions with minority shareholders.
The "discussions are ongoing and a non-binding agreement has been reached," said the person, who declined to be named publicly as the talks are private.
Medicover did not respond to Reuters queries and KKR declined to comment.
INTEREST IN HOSPITALSIn its press release, Medicover said there is no certainty that discussions with KKR will result in any transaction and that the firm is continuing with the IPO process.
KKR has been steadily increasing its healthcare investments in India. In 2024, the buyout firm bought a controlling stake in a hospital chain in the southern state of Kerala and has since backed the hospital group's expansion through acquisitions.
India's hospital sector has attracted strong investor interest as rising incomes, expanding health insurance coverage and growing demand for quality healthcare drive consolidation and capacity expansion across the industry.
Medicover competes with Apollo Hospitals (APLH.NS), opens new tab, Aster Hospitals, and Fortis Healthcare (FOHE.NS), opens new tab in India.
Rothschild is advising on the sale process, while Kotak is advising KKR, the person added.
Kotak and Rothschild did not respond to Reuters queries.
Medicover's India unit reported annual revenue of $234.6 million in 2025, up nearly 1% from a year earlier. The Indian business accounts for more than half of the group's hospitals globally.
Reporting by Vibhuti Sharma; Editing by Aditya Kalra and Thomas Derpinghaus
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Vibhuti Sharma is the M&A and deals reporter for Reuters in India, covering the billion-dollar deals, IPOs, and private equity transactions that reshape companies and industries globally. With nine years of experience, she is equally at home breaking news on the country's biggest deals and writing deep analysis that simplifies complex business stories. Outside the newsroom, she catches every new film she can and is never far from a good book or a new destination.
NEW YORK & BURLINGTON, Mass.--(BUSINESS WIRE)--KKR and CIRCOR International (“CIRCOR” or the “Company”), a global manufacturer of flow control products for industrial, naval, and aerospace markets, today announced the signing of a definitive agreement to sell CIRCOR Aerospace, the Company's aerospace division, to Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, for $2.55 billion. Funds managed by KKR first acquired CIRCOR for $1.8 billion in 2023 and.
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
CompaniesMay 21 (Reuters) - U.S. investment firm KKR (KKR.N), opens new tab said on Thursday it would sell aerospace division of Circor to motion control products maker Parker-Hannifin (PH.N), opens new tab for $2.55 billion.
Circor Aerospace, which makes components for commercial aircraft, is expected to strengthen Parker-Hannifin's presence in high-margin aerospace systems.
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The deal is projected to close in the second half of 2026.
Upon closing, all Circor employees will receive a dividend funded by a portion of the sale proceeds, in recognition of the strong performance of its industrial and naval businesses.
KKR said it sees significant potential to further expand both businesses.
KKR, which acquired Circor through its North America Fund XIII in 2023, said it will retain ownership of the company’s naval and industrial businesses, maintaining exposure to strategically important end markets.
The deal is KKR's fourth industrials exit this year.
Parker-Hannifin, which supplies airframes and engine components to Boeing (BA.N), opens new tab and Airbus (AIR.PA), opens new tab, raised annual profit forecast last month after beating quarterly estimates on strong demand for its aerospace and motion control products.
(This story has been corrected to say that the deal is for Circor Aerospace, not the whole firm, in the headline and in paragraphs 1 and 2)
Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Shreya Biswas
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Key Takeaways KKR's AUM grew from $252B in 2020 to $758B in Q1 2026, reflecting an 18% CAGR.KKR expanded into credit, infrastructure and insurance to diversify fee-generating growth.KKR targets $1T in AUM by 2030, supported by acquisitions and private wealth expansion. KKR & Co. Inc.’s (KKR - Free Report) $758 billion in assets under management (“AUM”) in the first quarter of 2026 highlights its transformation into a scaled, diversified global investment platform. Its AUM is spread across Credit & Liquid Strategies, Private Equity and Real Assets, showing that growth is no longer dependent on traditional private equity alone. This broad mix gives KKR multiple channels to raise capital, deploy funds and generate management fees across different market cycles.
In its May 2026 Investor Presentation, KKR noted that AUM has grown rapidly. Its AUM witnessed a compound annual growth rate (“CAGR”) of 18% from 2010 to first-quarter 2026. Meanwhile, management fees rose at a CAGR of 26% from 2020 to first quarter 2026. These figures suggest that KKR’s scale is translating into recurring earnings power, not just larger asset totals.
AUM Growth Trend
Image Source: KKR & Co.
KKR is diversifying across infrastructure, real estate, private credit, asset-based finance and insurance-linked investments to drive AUM growth toward its $1 trillion target by 2030. The acquisition of Arctos Partners expanded KKR’s reach across private markets, while its insurance platform, Global Atlantic and private wealth push further strengthen long-term growth prospects.
Private credit concerns may moderately slow KKR’s near-term AUM growth amid weaker investor sentiment and rising sector redemptions. However, KKR’s diversified AUM base, recurring fee streams, acquisitions and expanded distribution support its long-term growth strategy. AUM growth should remain key to the earnings trajectory, with projections to rise 23.5% over the next three to five years, above the industry’s 6.03% average.
AUM Performance of KKR’s PeersApollo Global Management’s (APO - Free Report) AUM witnessed a CAGR of 19.6% over the past three years (2022-2025), with the rising trend continuing in the first quarter of 2026. The increase in Apollo’s AUM is primarily driven by growth in its retirement services client assets, subscriptions across the platform and new financing facilities.
The acquisition of Bridge Investment Group Holding nearly doubled Apollo’s real estate AUM to more than $110 billion. By 2029, Apollo expects the total AUM to reach $1.5 trillion by scaling its private equity business.
Similarly, Blackstone Inc. (BX - Free Report) has been witnessing a rise in its AUM balance. Over the past five years (2020-2025), total AUM and fee-earning AUM have recorded a CAGR of 15.6% and 14.4%, respectively.
Blackstone’s robust AUM base supports the long-term earnings growth by providing a larger pool of fee-generating capital across its private equity, real estate, credit and infrastructure platforms.
KKR Price Performance & Zacks RankThe company’s shares have gained 2.8% in the past three months compared with the industry’s 2.4% rise.
Price Performance
Image Source: Zacks Investment Research
Currently, KKR carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
New office reflects KKR’s localisation strategy and opportunity in Italy’s evolving investment landscape
MILAN--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced plans to open an office in Milan, further strengthening its long-term commitment to Italy and expanding its local presence in one of Europe’s largest economies. The office will support the firm’s investment activity across Private Equity, Real Assets, Credit and Insurance, while deepening client partnerships and advancing the continued development of KKR’s private wealth business in Italy.
Italy has been an important market for KKR for over two decades, with over €10 billion of capital deployed since 2005 across Private Equity, Real Assets and Credit. The firm’s investments include FiberCop, Europe’s first wholesale-only, open-access fibre network, Enilive, a key player in advancing Italy’s energy transition, and CMC, a sustainable packaging leader using robotics to drive innovation. These investments reflect KKR’s focus on partnering with businesses in sectors critical to long-term economic growth and transformation, and on supporting Italy’s role as a key industrial and economic engine within Europe.
The office will be led by Marco Fontana, Partner in KKR’s Infrastructure team, who will relocate from London. Nicolò Della Casa, Director in KKR’s Private Equity team, will also relocate to Milan to lead the firm’s Private Equity activities in Italy. Together with members of KKR’s Client Solutions team, they will drive the continued expansion of KKR’s local presence as the firm grows its investment activities and client partnerships in the market.
Joe Bae and Scott Nuttall, Co-CEOs of KKR, commented: “Italy has been an important market for KKR for many years. The country’s focus on strengthening its economic foundations, supporting key industries and creating the conditions for long-term investment is increasingly evident, and we see a growing opportunity for private capital to play a constructive role. Opening an office in Milan reflects our commitment to being closer to our partners and to supporting investment across sectors that are central to Italy’s long-term growth.”
Mattia Caprioli and Tara Davies, Co-Heads of KKR EMEA, said: “We are seeing a clear and consistent focus on competitiveness, investment and economic modernisation in Italy, which is creating a positive environment for long-term capital. Establishing an office in Milan is a natural step in our EMEA strategy, where we are increasingly localising our business by bringing more of our people into key markets. We believe this is a real differentiator and will allow us to deepen our engagement in Italy while connecting it to the full breadth of KKR’s global platform.”
Marco Fontana, Partner, Infrastructure and Head of the Milan Office, added: “We are proud to be establishing a dedicated presence in Milan. Italy presents significant opportunity across areas such as digital infrastructure, energy transition and broader economic transformation. At the same time, we are building a team on the ground with deep local expertise and strong relationships across the market. Being present locally will allow us to work more closely with companies, clients and stakeholders, and to continue developing long-term partnerships in Italy.”
Nicolò Della Casa, Director and Head of Private Equity in Italy, stated: “Italy's entrepreneurial ecosystem, with its depth of founder- and family-owned businesses across a broad range of industries, presents a distinctly attractive environment for KKR's Private Equity strategy. Establishing a presence in Milan will allow us to engage more directly with these businesses, supporting them in accelerating their growth and realising their international ambitions.”
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.
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights, opens new tab
CompaniesROME, May 28 (Reuters) - KKR & Co (KKR.N), opens new tab said on Thursday it would open an office in Milan as the U.S. private equity firm looks to expand its presence in Italy after significant investments in the telecoms and energy sectors.
Over the past two years, a KKR-led consortium bought Telecom Italia's (TLIT.MI), opens new tab fixed-line network for €19 billion ($22 billion), while KKR took a 30% stake in Eni's (ENI.MI), opens new tab biofuel unit Enilive for around €3.6 billion.
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The new office will cover KKR's activities across private equity, real assets, credit and insurance, as well as its private wealth business in Italy, the firm said in a statement.
It will be led by Marco Fontana, a partner in KKR's infrastructure team. Nicolo Della Casa, a director in the private equity team, will lead the firm's private equity activities in Italy.
($1 = 0.8616 euros)
Writing by Alvise Armellini, editing by Giulia Segreti
Our Standards: The Thomson Reuters Trust Principles., opens new tab
NEW YORK--(BUSINESS WIRE)--KKR & Co. Inc. (NYSE: KKR) announced today that Raj Agrawal, Partner and Global Head of Real Assets, will present at the Morgan Stanley US Financials Conference on Wednesday, June 10, 2026 at 8:15 AM ET. A live webcast of the presentation will be available on the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. For those unable to listen to the live webcast, a replay will be available on the website shortly after the event. Any.
6% to 8% yield range is where investors can find quite many opportunities without losing their sleep at night. 8%+ (and certainly 10%+) allocations increase risks exponentially. However, high risk isn't the same as certain value destruction.
Shares in KKR, Blackstone and other sector peers tumbled on Wednesday after Switzerland's Partners Group moved to restrict investor withdrawals from one of its funds, stoking fresh fears over private market valuations.
Shares in Carlyle Group and KKR dropped more than 5% and 4%, respectively. Blackstone and Ares Management each slipped around 4%, while Blue Owl Capital shed more than 3%.
Shares in Partners Group — the Swiss asset management giant active in private equity, private credit, infrastructure and real estate markets — plunged more than 16%, reaching a 52-week low on Wednesday.
Partners Group.
The Zurich-listed firm has moved to curb investor redemptions in its Global Value SICAV fund, an $8.6 billion so-called 'evergreen' private equity vehicle, at 5% of net asset value, after redemption requests hit 9.8%, according to a Bloomberg report.
The fund represents about 4.8% of Partners Group's total asset base.
David Layton, Partners Group CEO, told Bloomberg that the redemption pressure seen in private credit is now spreading into other asset classes.
The cap chimes with similar measures taken by several U.S. private equity outfits in recent months, where firms have halted or restricted investors from pulling out their money, amid a growing rush for the exits.
Retail investors have sought to redeem their money amid growing concerns over liquidity mismatches and deteriorating asset quality in private fund structures.
Shares of private market investment firms came under pressure on Wednesday after Switzerland-based Partners Group announced it was capping withdrawals from one of its flagship private equity funds, reviving investor concerns about liquidity across the alternative asset management industry.
Partners Group shares fell 16% in Zurich trading after the company confirmed that redemption requests for its $8.6 billion Global Value SICAV fund had exceeded a pre-defined threshold, automatically triggering withdrawal limits.
The selloff spread across the sector, weighing on both European and US-listed alternative asset managers.
In the United States, Blackstone shares BX fell 4.46%, KKR declined 4.18%, Ares Management lost 4.3%, and Blue Owl Capital dropped 2.9%.
Partners Group said total net redemption requests submitted during the second quarter exceeded 5% of the fund's net asset value, activating withdrawal restrictions under the vehicle's governing structure.
According to the company, the cap was triggered by elevated investor withdrawals rather than any operational issue with the fund itself.
Bloomberg reported that nearly twice the allowable level of redemption requests had been submitted.
Chief Executive Officer David Layton said individual investors accounted for most of the withdrawal pressure, despite institutional clients representing roughly 80% of the firm's investor base.
“This feature of capping redemption requests at 5% of the fund is a key attribute of this fund,” Layton said. “It’s known that in an environment where investors get a little bit more skittish, like today, you won’t see huge amounts of outflows.”
The fund contains a combination of private equity investments and other private market assets.
According to a March filing, four of its 10 largest direct holdings are technology companies.
Partners Group said volatility that initially emerged in private credit vehicles has increasingly begun affecting private equity investments as well.
The announcement reinforced broader concerns surrounding liquidity in private market funds, where investors often face restrictions on withdrawals due to the illiquid nature of underlying assets.
The alternative asset management industry has faced growing scrutiny this year as investors assess exposure to highly leveraged software companies and other assets that could face pressure from artificial intelligence-driven disruption.
Limited transparency into the underlying holdings of many private credit and private equity funds has added to investor caution, making it difficult for markets to fully assess portfolio quality.
The impact was felt across Europe, where shares of EQT fell 6.5%, CVC Capital Partners dropped 7.5%, and Bridgepoint Group declined around 9.8%.
Despite the increase in redemption requests, Partners Group said the underlying fund's liquidity remains within its targeted range, supported by ongoing investment distributions and access to an undrawn credit facility.
The firm added that both the Global Value Fund and its underlying vehicle remain open to new investments.
KKR shares were also weighed down by company-specific concerns tied to its credit operations.
Investor sentiment weakened after a Fitch report maintained a negative outlook on FS KKR Capital Corp., citing ongoing asset quality issues.
Legal developments and class action reminders related to alleged portfolio overvaluation within certain managed funds have also added to the cautious tone.
In addition, analysts have recently lowered earnings expectations for KKR, while the firm's $900 million debt offering priced at a 7.5% interest rate has highlighted rising funding costs that could pressure future returns.
Key Takeaways KKR fell 4.7% due to reports of rising redemption pressure in private-credit funds.BX, APO and OWL shares dropped as investors scrutinized liquidity in private-credit vehicles.BLK earlier restricted withdrawals, while Blackstone raised its redemption cap to 7%. The global private credit market, long praised for delivering attractive yields in a low-interest-rate environment, is facing a significant stress test as rising investor withdrawal requests expose a fundamental challenge: the mismatch between illiquid assets and periodic liquidity promises.
The concerns intensified after a Seeking Alpha report published on MSN revealed that Cliffwater’s Corporate Lending Fund, which manages approximately $31 billion in assets, received second-quarter redemption requests totaling about 17% of outstanding shares. Under its standard quarterly liquidity program, the fund repurchased only 5% of shares, leaving a substantial portion of investors unable to fully withdraw their capital. The surge in redemption requests, up from roughly 14% in the first quarter, underscores growing caution among investors toward private-credit vehicles.
The news weighed on shares of major alternative asset managers, including KKR & Co. (KKR - Free Report) , Blackstone, Inc. (BX - Free Report) , Blue Owl Capital (OWL - Free Report) , Apollo Global Management (APO - Free Report) and BlackRock (BLK - Free Report) . Yesterday, KKR shares fell 4.2%, Blackstone declined 4%, Apollo Global fell 3.4%, and Blue Owl and BlackRock plunged 3.8% and 2.8%, respectively.
Private Credit: Redemption Wave and Rising Investor Anxiety
Private credit expanded rapidly in recent years as investors sought higher yields and asset managers pushed products beyond traditional institutional buyers into the wealth-management channel. However, the industry-wide wave of withdrawals stems from lingering market unease over loan quality, as well as investor fears surrounding exposure to software and middle-market companies vulnerable to artificial intelligence disruptions.
While many private-credit funds offer periodic redemption windows to enhance accessibility, their portfolios consist largely of privately negotiated loans that cannot be readily sold without potential discounts. As a result, elevated withdrawal requests are highlighting liquidity constraints that have remained largely untested during the industry's growth phase.
The pressure is not limited to Cliffwater. Earlier this year, BlackRock restricted withdrawals from a flagship private-credit fund after redemption requests surged, while Blackstone increased its redemption cap from 5% to 7% in response to rising investor demand for liquidity. These steps have intensified scrutiny of semi-liquid private-market vehicles and raised questions about whether such structures are suitable for investors seeking regular access to capital.
The recent surge in redemption requests has put the private-credit industry under increased scrutiny, forcing leading alternative asset managers, including BLK, BX, APO, OWL and KKR, to navigate a more cautious investor environment. The trend has reignited concerns about whether direct-lending vehicles are well-suited for investors who expect periodic liquidity despite the illiquid nature of the underlying assets.
Going forward, a key question will be whether redemption activity moderates or spreads more broadly across the sector. Sustained outflows could compel asset managers to maintain larger cash reserves, slow the pace of new lending, or rethink fund structures to better align liquidity terms with portfolio holdings. Such adjustments could weigh on returns and temper growth in a market that has emerged as a major profit driver for Wall Street.
A month has gone by since the last earnings report for KKR & Co. Inc. (KKR - Free Report) . Shares have lost about 10.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is KKR & Co. due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
KKR & Co. Q1 Earnings Beat Estimates, AUM Rises Y/YKKR & Co. reported first-quarter 2026 net income per share of $1.39, surpassing the Zacks Consensus Estimate of $1.28. The bottom line rose from $1.15 in the prior-year quarter.
Results have primarily reflected impressive growth in assets under management and transaction fees for the capital markets business. However, an increase in expenses acted as a headwind.
Net income attributable to the company (GAAP basis) was $364.8 million against a net loss of $185.9 million in the year-ago quarter.
Segmental Revenues & Expenses IncreaseTotal segment revenues amounted to $1.47 billion, increasing 22.4% on a year-over-year basis. The top line surpassed the Zacks Consensus Estimate of $1.43 billion.
Total segment expenses increased 19.9% year over year to $452.6 million.
As of March 31, 2026, total AUM grew 14.1% year over year to $757.9 billion.
Fee-paying AUM summed $614.8 billion, which increased 16.8% from the year-ago quarter.
Total Operating Earnings & Fee-Related Earnings RiseTotal operating earnings grew 19.1% year over year to $1.3 billion.
The company posted fee-related earnings of $1 billion, up 23.5% year over year.
Capital Distribution UpdateThe company declared a quarterly dividend of 19.5 cents per share of common stock, representing a 5.4% increase from the previous quarterly dividend of 18.5 cents per share. This dividend will be paid on May 29, 2026, to shareholders of record as of the close of business on May 15, 2026.
The company also approved a $500 million increase to its existing share repurchase program, with the authorization set to automatically increase once the remaining capacity falls to $50 million or less.
2026 OutlookManagement expects fee-related earnings per share of more than $4.50.
Total operating earnings per share are projected to be more than $7.
Adjusted net income per share is anticipated to be below $7 (previous guidance was $7-$8).
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -7.56% due to these changes.
VGM ScoresCurrently, KKR & Co. has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise KKR & Co. has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry PlayerKKR & Co. belongs to the Zacks Financial - Investment Management industry. Another stock from the same industry, Affiliated Managers Group (AMG - Free Report) , has gained 1.8% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Affiliated Managers reported revenues of $544.9 million in the last reported quarter, representing a year-over-year change of +9.7%. EPS of $8.23 for the same period compares with $5.20 a year ago.
Affiliated Managers is expected to post earnings of $7.58 per share for the current quarter, representing a year-over-year change of +40.6%. Over the last 30 days, the Zacks Consensus Estimate has changed +2.8%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Affiliated Managers. Also, the stock has a VGM Score of A.
Investing in companies that invest other people’s money can be a shrewd move. Investors comparing a private equity giant against a mutual fund titan face two very different paths. This article evaluates KKR & Co., Inc. (KKR +0.29%) and T. Rowe Price Group (NASDAQ:TROW) to find the better buy.
KKR focuses on alternative investments like private equity and infrastructure, which are typically off-limits to small investors except through these public shares. T. Rowe Price Group specializes in active management of public stocks and bonds, particularly for retirement plan participants and individual wealth management clients. Both are heavyweights in the investment world, but they offer exposure to different types of market activity and client demographics.
The case for KKR & Co.KKR operates as a global investment firm specializing in alternative asset management and capital markets solutions across private equity, infrastructure, real estate, and credit. It serves a diverse client base, including institutional investors, global wealth clients, and family offices seeking specialized strategies not found in traditional public markets. By managing these unique assets, the firm aims to provide diversified returns that help investors navigate complex global economic shifts.
During FY 2025, the firm’s total revenue reached nearly $19.3 billion, a decrease of approximately 11% from the prior fiscal year. With lower top-line results, the company also reported net income of nearly $2.3 billion, resulting in a net margin of 12.3% for the period, down from about $3.1 billion in 2024. This highlights the business’s sensitivity to transaction volumes and market timing during specific economic cycles.
Assets under management (AUM) for KKR showed a positive trend, however. AUM rose 17% year-over-year to $744 billion. With money managers, AUM is a crucial statistic to watch, since it’s the base on which they earn future fees.
The case for T. Rowe Price GroupT. Rowe Price Group provides a broad range of investment management services for individual investors, financial advisors, and large retirement plan sponsors. It specializes in active management across equity and fixed income markets and remains a prominent name among financial stocks globally. Retirement assets represent a core part of its business model, accounting for roughly 67% of its total assets under management as of its latest reporting in early 2026.
In FY 2025, the firm generated revenue of nearly $7.3 billion, representing approximately 3% growth over the prior fiscal year. The company reported net income of close to $2.2 billion, resulting in a robust net margin of 28.5% through efficient management of its fund operations. This level of profitability reflects the company's ability to maintain high service levels while navigating the demands of a changing investment landscape.
T. Rowe Price Group’s AUM ended 2025 at nearly $1.77 trillion, up 8.3% from its 2024 level.
Risk profile comparisonKKR faces significant risks from shifting market conditions and interest rate changes, which can directly affect the valuation and exit potential of its private holdings. The business is also highly dependent on retaining key investment professionals, whose departures could harm client relationships and the firm's ability to raise new capital. Furthermore, the firm must manage liquidity carefully to satisfy redemption requests from its various insurance and investment vehicles while navigating complex global regulations.
T. Rowe Price Group operates in a competitive environment where passive investment products from firms like BlackRock (BLK +0.58%) and State Street (STT +1.88%) continue to gain significant market share. This competition often leads to fee compression, which can limit the revenue growth potential of active management firms even when markets are performing well. Additionally, any significant damage to the firm's reputation from service errors or investment underperformance could lead to a rapid loss of client assets.
Valuation comparisonT. Rowe Price Group appears to be the more value-oriented choice as it trades at lower multiples than KKR. A Forward P/E measures a stock price against future earnings estimates, while a P/S ratio measures price against total revenue.
MetricKKR &T. Rowe Price GroupSector BenchmarkForward P/E15.5x11.2x16.6xP/S ratio4.4x3.1xSector benchmark uses the SPDR XLF sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
As the saying goes, you have to have money to make money. KKR & Co., Inc. and T. Rowe Price Group have the money — assets under management — in spades. As a private equity specialist, KKR has a reputation for historically making huge profits, while T. Rowe Price is best known as one of the larger players in the relatively sleepy world of managing 401 (k) accounts.
Yet KKR’s reputation is running headlong into the evolving reality of PE: failure to outperform the market means KKR’s core clients, institutions like pension funds, insurance companies, and the ultrawealthy, are quick to pull their money to avoid paying PE’s outsize fees.
T. Rowe Price Group’s focus on mutual funds, ETFs, and retirement account management for Americans (92% of its assets are owned by U.S. citizens) means it collects fewer fees per dollar than KKR. But it’s a more reliable business, in which customers are less likely to quickly withdraw their money after a bad quarter and more likely to view the assets they entrust to T. Rowe Price as very long-term investments.
While managing retirement assets is a highly competitive business with constant pressure on money manager fees, T. Rowe Price is making strides in two areas where it has lagged competitors. One is introducing its own ETFs, which incur additional fees, while broadening offerings for customers. Last quarter, the company introduced two more ERTFs, bringing its offerings to 32 funds with $25 billion in assets. Management is planning to expand its ETFs into Europe later this year. The business is also seeing strong demand for separately managed accounts (SMAs), which are bespoke investment vehicles used by the very wealthy rather than buying mutual funds or ETFs.
Given that TROW trades below the industry average P/E of 16.6, its 11.2 P/E makes it an attractive way to invest in money managers this year.
NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today released “The Divergence Conundrum,” the 2026 Mid-Year Global Macro Outlook by Henry McVey, CIO of KKR's Balance Sheet and Head of Global Macro and Asset Allocation (GMAA). In the report, McVey and his team argue that the global economy is still expanding, but doing so unevenly as it enters a period of intensifying divergence. “The cycle is not over, but it is becoming more selective,” McVey writes, as the team sees economi.
NEW YORK--(BUSINESS WIRE)--KKR, together with the Kuwait Investment Authority (KIA), NVIDIA (NASDAQ: NVDA) and Vistra (NYSE: VST) today announced the launch of Helix Digital Infrastructure (“Helix”), a new company designed to deliver integrated infrastructure at the speed and scale required for hyperscalers to meet accelerating artificial intelligence (AI) demand. As building AI infrastructure becomes increasingly complex, Helix will serve as a single coordination point for hyperscalers' data c.
Helix Digital Infrastructure will “serve as a single coordination point for hyperscalers' data centers, power, connectivity and related needs,” KKR said.
Helix Digital Infrastructure will “serve as a single coordination point for hyperscalers' data centers, power, connectivity and related needs,” KKR said.
