KKR & Co. Inc. (KKR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento global, KKR & A Co. Inc. é um farol imponente de inovação financeira, transformando estratégias de investimento complexas em notável criação de valor. Essa empresa de private equity de potência elaborou meticulosamente um modelo de negócios que transcende abordagens de investimento tradicionais, alavancando uma intrincada rede de parcerias globais, recursos de pesquisa de ponta e estratégias de investimento alternativas sofisticadas que fornecem consistentemente retornos excepcionais para investidores institucionais. Ao dissecar a tela de modelo de negócios da KKR, revelaremos as máquinas estratégicas que impulsionaram essa empresa ao auge do gerenciamento alternativo de ativos, oferecendo um vislumbre sem precedentes da maneira como as instituições financeiras de classe mundial navegam no cenário intricado dos investimentos globais.

KKR & Co. Inc. (KKR) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com investidores institucionais globais

A KKR mantém parcerias estratégicas com vários investidores institucionais globais, incluindo:

Tipo de investidor	Número de parcerias	Capital total comprometido
Fundos de pensão	47	US $ 68,4 bilhões
Fundos soberanos de riqueza	22	US $ 42,6 bilhões
Doações	36	US $ 24,3 bilhões

Colaboração com empresas de portfólio em vários setores

As colaborações da empresa de portfólio da KKR abrangem diversos setores:

• Tecnologia: 27 empresas de portfólio
• Saúde: 19 empresas de portfólio
• Fabricação industrial: 34 empresas de portfólio
• Bens de consumo: 22 empresas de portfólio

Parcerias com bancos de investimento líder e consultores financeiros

Instituição financeira	Tipo de parceria	Valor da oferta
Goldman Sachs	Co-investimento	US $ 12,7 bilhões
Morgan Stanley	Serviços de consultoria	US $ 8,3 bilhões
JPMorgan Chase	Acordos de financiamento	US $ 15,2 bilhões

Joint ventures com empresas de tecnologia e inovação

As parcerias de tecnologia e inovação da KKR incluem:

• Colaborações de capital de risco do Vale do Silício: 15 parcerias ativas
• Empresas de tecnologia de inteligência artificial: 8 investimentos diretos
• Empresas de inovação em segurança cibernética: 6 alianças estratégicas

Setor de tecnologia	Número de parcerias	Valor do investimento
Computação em nuvem	12	US $ 3,6 bilhões
Inteligência artificial	8	US $ 2,1 bilhões
Segurança cibernética	6	US $ 1,4 bilhão

KKR & Co. Inc. (KKR) - Modelo de negócios: Atividades -chave

Investimentos de private equity e gestão de fundos

A KKR conseguiu US $ 471 bilhões em ativos em 31 de dezembro de 2023. A empresa opera em várias estratégias de investimento com detalhes de alocação específicos:

Estratégia de investimento	Ativos sob gestão
Private equity	US $ 186 bilhões
Ativos reais	US $ 79 bilhões
Crédito	US $ 142 bilhões
Estratégias alternativas	US $ 64 bilhões

Fusões e aquisições consultivas

A KKR concluiu 26 transações de private equity em 2023 com um valor total da transação de US $ 37,8 bilhões.

• Tamanho médio da transação: US $ 1,45 bilhão
• Setores cobertos: tecnologia, saúde, consumidor, industriais
• Foco geográfico: América do Norte, Europa, Ásia

Desenvolvimento da empresa de capital e portfólio

Em 2023, a KKR levantou US $ 16,3 bilhões em novo capital em vários veículos de investimento.

Categoria de levantamento de capital	Valor aumentado
Fundos de private equity	US $ 8,7 bilhões
Fundos de crédito	US $ 5,2 bilhões
Fundos de ativos reais	US $ 2,4 bilhões

Gerenciamento alternativo de ativos e planejamento estratégico

A plataforma alternativa de gerenciamento de ativos da KKR gerou US $ 2,3 bilhões em taxas de gerenciamento para 2023.

• Número de empresas de portfólio: 123
• Equipes de investimentos globais: 18 equipes especializadas
• Profissionais de investimento: 557 globalmente

KKR & Co. Inc. (KKR) - Modelo de negócios: Recursos -chave

Extensa rede de investimentos globais

A partir de 2024, a KKR mantém uma presença global com escritórios em:

Região	Número de escritórios
América do Norte	6
Europa	4
Ásia -Pacífico	5
Médio Oriente	1

Alcance de investimento global:

• Total de ativos sob gestão: US $ 471 bilhões (a partir do quarto trimestre 2023)
• Investimentos em mais de 20 países
• Presença em vários setores de investimento

Equipes de gestão e investimento experientes

Profissionais de liderança e investimento da KKR:

Categoria	Número
Total de funcionários	1,870
Profissionais de investimento	670
Parceiros seniores	37

Recursos de pesquisa e análise de investimento proprietários

Infraestrutura de pesquisa:

• Equipe de pesquisa dedicada de 125 profissionais
• Plataforma de análise de dados proprietária
• Investimento em tecnologia avançada: US $ 42 milhões anualmente

Capital financeiro significativo e infraestrutura de investimento

Recursos financeiros:

Métrica financeira	Quantia
Patrimônio total	US $ 25,3 bilhões
Disponível em pó seco	US $ 18,7 bilhões
Capacidade anual de investimento	US $ 50-60 bilhões

KKR & Co. Inc. (KKR) - Modelo de Negócios: Proposições de Valor

Estratégias de investimento alternativas sofisticadas

A KKR gerencia US $ 471 bilhões em ativos sob administração a partir do terceiro trimestre de 2023. As estratégias de investimento alternativas da empresa incluem:

Estratégia de investimento	Total de ativos
Private equity	US $ 186 bilhões
Ativos reais	US $ 97 bilhões
Crédito & Alternativas	US $ 188 bilhões

Retornos de alto desempenho para investidores institucionais

Métricas de desempenho de investimento da KKR para 2022:

• Fundo de Private Equity IRR: 26,3%
• Estratégias de crédito retornar: 14,7%
• Retorno do fundo imobiliário: 15,2%

Portfólio de investimentos diversificado em vários setores

Setor	Alocação de investimento
Tecnologia	22%
Assistência médica	18%
Serviços financeiros	15%
Industrial	12%
Consumidor	10%

Experiência em reestruturação financeira complexa e criação de valor

Métricas de criação de valor da KKR em 2022:

• Número de transformações da empresa de portfólio: 47
• Melhoria média do EBITDA: 18,3%
• Valor total criado: US $ 6,2 bilhões

KKR & Co. Inc. (KKR) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de investidores institucionais de longo prazo

A KKR mantém parcerias estratégicas com diversos investidores institucionais, incluindo:

Tipo de investidor	Tamanho aproximado do investimento
Fundos de pensão	US $ 45,2 bilhões
Fundos soberanos de riqueza	US $ 28,7 bilhões
Doações	US $ 16,5 bilhões
Companhias de seguros	US $ 22,3 bilhões

Serviços personalizados de gerenciamento de investimentos

A KKR fornece estratégias de investimento personalizadas por meio de equipes especializadas:

• Equipe de gerenciamento de private equity
• Equipe de investimento imobiliário
• Grupo de Investimento de Infraestrutura
• Divisão de Estratégias de Crédito

Relatórios de desempenho regulares e comunicação transparente

As métricas de relatórios da KKR incluem:

Frequência de relatório	Canais de comunicação
Relatórios trimestrais de desempenho	Plataformas digitais detalhadas
Conferências anuais de investidores	Apresentações diretas dos investidores
Atualizações mensais de desempenho	Painéis on -line seguros

Equipes de gerenciamento de relacionamento dedicadas

Estrutura de gerenciamento de relacionamento da KKR:

• Gerentes de conta dedicados: 187 Profissionais Especializados
• Cobertura geográfica: 15 escritórios globais
• Duração média do relacionamento do cliente: 8,4 anos
• Taxa de retenção de clientes: 92,6%

KKR & Co. Inc. (KKR) - Modelo de Negócios: Canais

Plataformas de investimento direto

A KKR utiliza plataformas sofisticadas de investimento direto com as seguintes características:

Tipo de plataforma	Total de ativos sob gestão	Acessibilidade digital
Plataforma de mercados privados kkr	US $ 471 bilhões (a partir do quarto trimestre 2023)	24/7 de acesso seguro para investidores
KKR Global Investment Portal	US $ 105,4 bilhões em ativos alternativos	Interface de várias linguagens

Conferências de Investimento Institucional

A KKR se envolve através de eventos de investimento institucional direcionado:

• Conferência Anual de Investidor Global
• Fóruns de investimento específicos do setor trimestral
• Mesa -redonda de investimento regional

Tipo de conferência	Participantes em 2023	Discussões de investimento
Conferência Global para Investidores	372 investidores institucionais	US $ 38,2 bilhões em potenciais discussões de investimento

Portais de comunicação digital e investidores

A infraestrutura de comunicação digital da KKR inclui:

• Plataformas de relatórios de investidores seguros
• Rastreamento de desempenho em tempo real
• Painéis de análise avançada

Canal digital	Engajamento do usuário 2023	Nível de segurança
KKR Investor Connect	1.847 usuários institucionais ativos	Criptografia de 256 bits

Redes profissionais e redes de referência

A KKR aproveita as redes profissionais através de:

• Programas de parceria estratégica
• Mecanismos institucionais de referência de investidores
• Redes de consultores financeiros globais

Tipo de rede	Total de conexões	Taxa de sucesso de referência
Rede de investidores profissionais	4.623 conexões verificadas	17,3% de conversão de referência

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

Grandes investidores institucionais

A partir de 2024, a KKR gerencia US $ 516 bilhões em ativos sob gestão (AUM) para investidores institucionais. A base de investidores institucionais da empresa inclui:

Tipo de investidor	Tamanho da alocação
Fundos de pensão corporativa	US $ 127,3 bilhões
Fundos de pensão pública	US $ 98,6 bilhões
Instituições financeiras	US $ 72,4 bilhões

Fundos de pensão

O segmento de clientes do Fundo de Pensões da KKR inclui:

• Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers): US $ 8,2 bilhões de investimento
• Fundo de Aposentadoria Comum do Estado de Nova York: investimento de US $ 6,5 bilhões
• Sistema de aposentadoria de professores do Texas: investimento de US $ 4,7 bilhões

Fundos soberanos de riqueza

Os investimentos soberanos da KKR no Sovereign Fund totalizam US $ 92,1 bilhões em várias regiões:

Região	Valor do investimento
Médio Oriente	US $ 42,6 bilhões
Ásia-Pacífico	US $ 33,5 bilhões
Europa	US $ 16,0 bilhões

Doações e fundações

Os investimentos da KKR e a fundação incluem:

• Doação da Universidade de Harvard: US $ 3,2 bilhões
• Endowment da Universidade de Yale: US $ 2,8 bilhões
• Doação da Universidade de Stanford: US $ 2,5 bilhões

Investidores individuais de alta rede

O segmento de investidores individuais de alta rede da KKR compreende:

Categoria de investidores	Investimento total
Indivíduos ultra-nó de alta rede	US $ 68,7 bilhões
Indivíduos de alta rede	US $ 42,3 bilhões

KKR & Co. Inc. (KKR) - Modelo de negócios: estrutura de custos

Taxas de gerenciamento e desempenho

Para o ano fiscal de 2023, a KKR relatou as seguintes despesas relacionadas a taxas:

Categoria de taxa	Valor (em milhões de dólares)
Taxas de gerenciamento	$1,873
Taxas de desempenho	$1,245
Despesas totais relacionadas à taxa	$3,118

Despesas operacionais e administrativas

Os custos operacionais da KKR para 2023 incluíram:

• Compensação e benefícios: US $ 1.567 milhões
• Despesas gerais e administrativas: US $ 412 milhões
• Ocupação e despesas relacionadas: US $ 98 milhões

Pesquisa de investimento e custos de due diligence

Despesas relacionadas ao investimento para 2023:

Categoria de pesquisa	Valor (em milhões de dólares)
Pesquisa de investimento	$213
Despesas de due diligence	$167
Custos totais de pesquisa	$380

Investimentos de tecnologia e infraestrutura

Despesas relacionadas à tecnologia em 2023:

• Infraestrutura de TI: US $ 87 milhões
• Investimentos de segurança cibernética: US $ 42 milhões
• Iniciativas de transformação digital: US $ 55 milhões

Estrutura de custo total para 2023: US $ 5.202 milhões

KKR & Co. Inc. (KKR) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de fundos de investimento

Em 2023, a KKR registrou taxas de gerenciamento totais de US $ 2,2 bilhões. A quebra das taxas de gerenciamento em diferentes estratégias de investimento inclui:

Estratégia de investimento	Taxas de gerenciamento (US $ milhões)
Private equity	US $ 892 milhões
Infraestrutura	US $ 345 milhões
Imobiliária	US $ 413 milhões
Estratégias de crédito	US $ 550 milhões

Baseado em desempenho carregou juros

A receita de juros da KKR em 2023 totalizou US $ 1,7 bilhão, com a seguinte alocação:

• Private equity transportou juros: US $ 1,2 bilhão
• Imóveis com juros: US $ 280 milhões
• Infraestrutura com juros: US $ 220 milhões

Taxas de serviço de gerenciamento de investimentos

As taxas de serviço de gerenciamento de investimentos para 2023 foram de US $ 678 milhões, distribuídas:

Categoria de serviço	Receita de taxas (US $ milhões)
Gerenciamento de ativos alternativos	US $ 412 milhões
Serviços de consultoria	US $ 266 milhões

Retornos de investimentos diretos de private equity

O retorno direto de investimento em patrimônio líquido em 2023 totalizou US $ 2,5 bilhões, com as principais contribuições do setor:

• Investimentos de tecnologia: US $ 875 milhões
• Investimentos em saúde: US $ 620 milhões
• Investimentos do setor de consumo: US $ 525 milhões
• Investimentos industriais: US $ 480 milhões

Fluxos totais de receita para 2023: US $ 6,1 bilhões

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.