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

In der dynamischen Welt der globalen Investitionen bietet KKR & Co. Inc. gilt als herausragender Leuchtturm der Finanzinnovation und verwandelt komplexe Anlagestrategien in bemerkenswerte Wertschöpfung. Dieses leistungsstarke Private-Equity-Unternehmen hat sorgfältig ein Geschäftsmodell entwickelt, das über traditionelle Anlageansätze hinausgeht und ein komplexes Netzwerk globaler Partnerschaften, modernste Forschungskapazitäten und ausgefeilte alternative Anlagestrategien nutzt, die institutionellen Anlegern stets außergewöhnliche Renditen liefern. Durch die Analyse des Business Model Canvas von KKR enthüllen wir die strategischen Mechanismen, die dieses Unternehmen an die Spitze des alternativen Vermögensmanagements geführt haben, und bieten einen beispiellosen Einblick in die Art und Weise, wie erstklassige Finanzinstitute sich in der komplizierten Landschaft globaler Investitionen zurechtfinden.

KKR & Co. Inc. (KKR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen institutionellen Investoren

KKR unterhält strategische Partnerschaften mit zahlreichen globalen institutionellen Investoren, darunter:

Anlegertyp	Anzahl der Partnerschaften	Gesamtes gebundenes Kapital
Pensionskassen	47	68,4 Milliarden US-Dollar
Staatsfonds	22	42,6 Milliarden US-Dollar
Stiftungen	36	24,3 Milliarden US-Dollar

Zusammenarbeit mit Portfoliounternehmen aus mehreren Sektoren

Die Kooperationen mit KKR-Portfoliounternehmen erstrecken sich über verschiedene Sektoren:

• Technologie: 27 Portfoliounternehmen
• Gesundheitswesen: 19 Portfoliounternehmen
• Industrielle Fertigung: 34 Portfoliounternehmen
• Konsumgüter: 22 Portfoliounternehmen

Partnerschaften mit führenden Investmentbanken und Finanzberatern

Finanzinstitut	Art der Partnerschaft	Deal-Wert
Goldman Sachs	Co-Investition	12,7 Milliarden US-Dollar
Morgan Stanley	Beratungsleistungen	8,3 Milliarden US-Dollar
JPMorgan Chase	Finanzierungsvereinbarungen	15,2 Milliarden US-Dollar

Joint Ventures mit Technologie- und Innovationsunternehmen

Zu den Technologie- und Innovationspartnerschaften von KKR gehören:

• Risikokapitalkooperationen im Silicon Valley: 15 aktive Partnerschaften
• Technologieunternehmen für künstliche Intelligenz: 8 Direktinvestitionen
• Innovationsunternehmen im Bereich Cybersicherheit: 6 strategische Allianzen

Technologiesektor	Anzahl der Partnerschaften	Investitionsbetrag
Cloud-Computing	12	3,6 Milliarden US-Dollar
Künstliche Intelligenz	8	2,1 Milliarden US-Dollar
Cybersicherheit	6	1,4 Milliarden US-Dollar

KKR & Co. Inc. (KKR) – Geschäftsmodell: Hauptaktivitäten

Private Equity-Investitionen und Fondsmanagement

KKR verwaltete zum 31. Dezember 2023 Vermögenswerte in Höhe von 471 Milliarden US-Dollar. Das Unternehmen verfolgt mehrere Anlagestrategien mit spezifischen Allokationsdetails:

Anlagestrategie	Verwaltetes Vermögen
Private Equity	186 Milliarden US-Dollar
Sachwerte	79 Milliarden Dollar
Kredit	142 Milliarden US-Dollar
Alternative Strategien	64 Milliarden Dollar

Beratung bei Fusionen und Übernahmen

KKR hat im Jahr 2023 26 Private-Equity-Transaktionen mit einem Gesamttransaktionswert von 37,8 Milliarden US-Dollar abgeschlossen.

• Durchschnittliche Transaktionsgröße: 1,45 Milliarden US-Dollar
• Abgedeckte Sektoren: Technologie, Gesundheitswesen, Verbraucher, Industrie
• Geografischer Schwerpunkt: Nordamerika, Europa, Asien

Kapitalbeschaffung und Portfoliounternehmensentwicklung

Im Jahr 2023 beschaffte KKR über verschiedene Anlageinstrumente neues Kapital in Höhe von 16,3 Milliarden US-Dollar.

Kategorie „Kapitalbeschaffung“.	Erhöhter Betrag
Private-Equity-Fonds	8,7 Milliarden US-Dollar
Kreditfonds	5,2 Milliarden US-Dollar
Sachwertfonds	2,4 Milliarden US-Dollar

Alternatives Asset Management und strategische Planung

Die alternative Vermögensverwaltungsplattform von KKR generierte im Jahr 2023 Verwaltungsgebühren in Höhe von 2,3 Milliarden US-Dollar.

• Anzahl Portfoliounternehmen: 123
• Globale Investmentteams: 18 spezialisierte Teams
• Anlageexperten: 557 weltweit

KKR & Co. Inc. (KKR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches globales Investmentnetzwerk

Ab 2024 unterhält KKR eine globale Präsenz mit Niederlassungen in:

Region	Anzahl der Büros
Nordamerika	6
Europa	4
Asien-Pazifik	5
Naher Osten	1

Globale Investitionsreichweite:

• Gesamtes verwaltetes Vermögen: 471 Milliarden US-Dollar (Stand 4. Quartal 2023)
• Investitionen in über 20 Ländern
• Präsenz in mehreren Anlagesektoren

Erfahrene Management- und Investmentteams

Die Führungs- und Investmentexperten von KKR:

Kategorie	Nummer
Gesamtzahl der Mitarbeiter	1,870
Investmentprofis	670
Seniorpartner	37

Eigene Anlageforschungs- und Analysefunktionen

Forschungsinfrastruktur:

• Engagiertes Forschungsteam aus 125 Fachleuten
• Proprietäre Datenanalyseplattform
• Investitionen in fortschrittliche Technologie: 42 Millionen US-Dollar pro Jahr

Bedeutende Finanzkapital- und Investitionsinfrastruktur

Finanzielle Ressourcen:

Finanzkennzahl	Betrag
Gesamteigenkapital	25,3 Milliarden US-Dollar
Verfügbares Trockenpulver	18,7 Milliarden US-Dollar
Jährliche Investitionskapazität	50-60 Milliarden Dollar

KKR & Co. Inc. (KKR) – Geschäftsmodell: Wertversprechen

Anspruchsvolle alternative Anlagestrategien

KKR verwaltet im dritten Quartal 2023 ein verwaltetes Vermögen von 471 Milliarden US-Dollar. Zu den alternativen Anlagestrategien des Unternehmens gehören:

Anlagestrategie	Gesamtvermögen
Private Equity	186 Milliarden US-Dollar
Sachwerte	97 Milliarden Dollar
Kredit & Alternativen	188 Milliarden US-Dollar

Leistungsstarke Renditen für institutionelle Anleger

KKRs Investitionsleistungskennzahlen für 2022:

• IRR des Private-Equity-Fonds: 26,3 %
• Rendite der Kreditstrategien: 14,7 %
• Rendite des Immobilienfonds: 15,2 %

Diversifiziertes Anlageportfolio über mehrere Sektoren hinweg

Sektor	Investitionsallokation
Technologie	22%
Gesundheitswesen	18%
Finanzdienstleistungen	15%
Industriell	12%
Verbraucher	10%

Expertise in komplexer finanzieller Restrukturierung und Wertschöpfung

KKRs Wertschöpfungskennzahlen im Jahr 2022:

• Anzahl der Portfoliounternehmensumwandlungen: 47
• Durchschnittliche EBITDA-Verbesserung: 18,3 %
• Gesamtwertschöpfung: 6,2 Milliarden US-Dollar

KKR & Co. Inc. (KKR) – Geschäftsmodell: Kundenbeziehungen

Langfristige institutionelle Investorenpartnerschaften

KKR unterhält strategische Partnerschaften mit verschiedenen institutionellen Investoren, darunter:

Anlegertyp	Ungefähre Investitionsgröße
Pensionskassen	45,2 Milliarden US-Dollar
Staatsfonds	28,7 Milliarden US-Dollar
Stiftungen	16,5 Milliarden US-Dollar
Versicherungsunternehmen	22,3 Milliarden US-Dollar

Personalisierte Anlageverwaltungsdienste

KKR bietet maßgeschneiderte Anlagestrategien durch spezialisierte Teams:

• Private-Equity-Management-Team
• Immobilien-Investment-Team
• Infrastruktur-Investmentgruppe
• Abteilung für Kreditstrategien

Regelmäßige Leistungsberichte und transparente Kommunikation

Zu den Berichtskennzahlen von KKR gehören:

Häufigkeit der Berichterstattung	Kommunikationskanäle
Vierteljährliche Leistungsberichte	Detaillierte digitale Plattformen
Jährliche Investorenkonferenzen	Direktinvestorenpräsentationen
Monatliche Leistungsaktualisierungen	Sichere Online-Dashboards

Dedizierte Relationship-Management-Teams

KKRs Beziehungsmanagementstruktur:

• Dedizierte Account Manager: 187 spezialisierte Fachkräfte
• Geografische Abdeckung: 15 Niederlassungen weltweit
• Durchschnittliche Kundenbeziehungsdauer: 8,4 Jahre
• Kundenbindungsrate: 92,6 %

KKR & Co. Inc. (KKR) – Geschäftsmodell: Kanäle

Direktinvestitionsplattformen

KKR nutzt hochentwickelte Direktinvestitionsplattformen mit folgenden Merkmalen:

Plattformtyp	Gesamtes verwaltetes Vermögen	Digitale Zugänglichkeit
KKR Private Markets-Plattform	471 Milliarden US-Dollar (Stand Q4 2023)	Sicherer Anlegerzugang rund um die Uhr
KKR Global Investment Portal	105,4 Milliarden US-Dollar an alternativen Vermögenswerten	Mehrsprachige Benutzeroberfläche

Institutionelle Investmentkonferenzen

KKR engagiert sich durch gezielte institutionelle Investmentveranstaltungen:

• Jährliche globale Investorenkonferenz
• Vierteljährliche branchenspezifische Investitionsforen
• Regionale Investitionsrundtische

Konferenztyp	Teilnehmer im Jahr 2023	Investitionsgespräche
Globale Investorenkonferenz	372 institutionelle Anleger	Gespräche über potenzielle Investitionen in Höhe von 38,2 Milliarden US-Dollar

Digitale Kommunikations- und Investorenportale

Die digitale Kommunikationsinfrastruktur von KKR umfasst:

• Sichere Anleger-Reporting-Plattformen
• Leistungsverfolgung in Echtzeit
• Erweiterte Analyse-Dashboards

Digitaler Kanal	Benutzerengagement 2023	Sicherheitsstufe
KKR Investor Connect	1.847 aktive institutionelle Nutzer	256-Bit-Verschlüsselung

Professionelle Netzwerke und Empfehlungsnetzwerke

KKR nutzt professionelle Netzwerke durch:

• Strategische Partnerschaftsprogramme
• Empfehlungsmechanismen für institutionelle Anleger
• Globale Finanzberaternetzwerke

Netzwerktyp	Gesamtzahl der Verbindungen	Empfehlungserfolgsrate
Professionelles Investorennetzwerk	4.623 verifizierte Verbindungen	17,3 % Empfehlungsumwandlung

KKR & Co. Inc. (KKR) – Geschäftsmodell: Kundensegmente

Große institutionelle Anleger

Ab 2024 verwaltet KKR 516 Milliarden US-Dollar an verwalteten Vermögenswerten (AUM) für institutionelle Anleger. Zur institutionellen Anlegerbasis des Unternehmens gehören:

Anlegertyp	Zuteilungsgröße
Betriebliche Pensionskassen	127,3 Milliarden US-Dollar
Öffentliche Pensionsfonds	98,6 Milliarden US-Dollar
Finanzinstitute	72,4 Milliarden US-Dollar

Pensionskassen

Das Pensionsfonds-Kundensegment von KKR umfasst:

• California Public Employees' Retirement System (CalPERS): 8,2 Milliarden US-Dollar Investition
• New York State Common Retirement Fund: 6,5 Milliarden US-Dollar Investition
• Teacher Retirement System of Texas: Investition in Höhe von 4,7 Milliarden US-Dollar

Staatsfonds

Die Staatsfondsinvestitionen von KKR belaufen sich auf 92,1 Milliarden US-Dollar in mehreren Regionen:

Region	Investitionsbetrag
Naher Osten	42,6 Milliarden US-Dollar
Asien-Pazifik	33,5 Milliarden US-Dollar
Europa	16,0 Milliarden US-Dollar

Stiftungen und Stiftungen

Zu den Stiftungs- und Stiftungsinvestitionen von KKR gehören:

• Stiftung der Harvard University: 3,2 Milliarden US-Dollar
• Stiftung der Yale University: 2,8 Milliarden US-Dollar
• Stiftung der Stanford University: 2,5 Milliarden US-Dollar

Vermögende Privatanleger

Das Segment der vermögenden Privatanleger von KKR umfasst:

Anlegerkategorie	Gesamtinvestition
Sehr vermögende Privatpersonen	68,7 Milliarden US-Dollar
Vermögende Privatpersonen	42,3 Milliarden US-Dollar

KKR & Co. Inc. (KKR) – Geschäftsmodell: Kostenstruktur

Management- und Leistungsgebühren

Für das Geschäftsjahr 2023 meldete KKR die folgenden gebührenbezogenen Aufwendungen:

Gebührenkategorie	Betrag (in Millionen USD)
Verwaltungsgebühren	$1,873
Leistungsgebühren	$1,245
Gesamte gebührenbezogene Ausgaben	$3,118

Betriebs- und Verwaltungskosten

Zu den Betriebskosten von KKR für 2023 gehörten:

• Vergütung und Sozialleistungen: 1.567 Millionen US-Dollar
• Allgemeine und Verwaltungskosten: 412 Millionen US-Dollar
• Belegung und damit verbundene Kosten: 98 Millionen US-Dollar

Kosten für Investment Research und Due Diligence

Investitionsbezogene Aufwendungen für 2023:

Forschungskategorie	Betrag (in Millionen USD)
Investmentforschung	$213
Due-Diligence-Kosten	$167
Gesamte Forschungskosten	$380

Technologie- und Infrastrukturinvestitionen

Technologiebezogene Ausgaben im Jahr 2023:

• IT-Infrastruktur: 87 Millionen US-Dollar
• Investitionen in Cybersicherheit: 42 Millionen US-Dollar
• Initiativen zur digitalen Transformation: 55 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 5.202 Millionen US-Dollar

KKR & Co. Inc. (KKR) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren von Investmentfonds

Im Jahr 2023 meldete KKR Verwaltungsgebühren in Höhe von insgesamt 2,2 Milliarden US-Dollar. Die Aufteilung der Verwaltungsgebühren auf verschiedene Anlagestrategien umfasst:

Anlagestrategie	Verwaltungsgebühren (in Millionen US-Dollar)
Private Equity	892 Millionen US-Dollar
Infrastruktur	345 Millionen Dollar
Immobilien	413 Millionen US-Dollar
Kreditstrategien	550 Millionen Dollar

Leistungsbasiertes Carried Interest

Die Carried-Interest-Erträge von KKR beliefen sich im Jahr 2023 auf insgesamt 1,7 Milliarden US-Dollar, mit folgender Aufteilung:

• Private Equity Carried Interest: 1,2 Milliarden US-Dollar
• Real Estate Carried Interest: 280 Millionen US-Dollar
• Infrastruktur-Carried Interest: 220 Millionen US-Dollar

Gebühren für den Anlageverwaltungsservice

Die Gebühren für Anlageverwaltungsdienstleistungen beliefen sich im Jahr 2023 auf 678 Millionen US-Dollar und verteilten sich auf:

Servicekategorie	Honorareinnahmen (in Millionen US-Dollar)
Alternative Vermögensverwaltung	412 Millionen Dollar
Beratungsdienste	266 Millionen Dollar

Renditen aus direkten Private-Equity-Investitionen

Die Erträge aus direkten Private-Equity-Investitionen beliefen sich im Jahr 2023 auf 2,5 Milliarden US-Dollar, mit wichtigen Sektorbeiträgen:

• Technologieinvestitionen: 875 Millionen US-Dollar
• Gesundheitsinvestitionen: 620 Millionen US-Dollar
• Investitionen im Verbrauchersektor: 525 Millionen US-Dollar
• Industrieinvestitionen: 480 Millionen US-Dollar

Gesamteinnahmequellen für 2023: 6,1 Milliarden US-Dollar

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

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

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

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

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

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

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

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

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

Operational expertise to drive tangible value creation in portfolio companies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Institutional Investors

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

This segment includes:

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

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

Insurance Clients: Global Atlantic

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

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

Private Wealth/Mass Affluent

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

The firm offers access to individual investors via:

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

Portfolio Companies

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.