Companies · KKR
KKR & Co.
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Latest analysis
Updated Aug 6, 2026
KKR Q2 2026: AUM surges to $796B on Arctos deal and record fundraising; FRE hits $1.21B as realization cycle accelerates
KKR's asset management engine is firing on all cylinders in Q2 2026, with Fee Related Earnings reaching $1.21 billion in the quarter — a structural step-change driven by management fee expansion across all three business lines and a new classification of K-Series Private Equity performance revenues into FRE. The Arctos acquisition closed May 4, adding $16 billion of AUM in sports and fund sponsor liquidity solutions and embedding a new alternative capital category into KKR's platform. Realized performance income of $848 million in Q2 was led by Americas Fund XII and Asian Fund III exits including OneStream Software, Flow Control Group, and Kokusai Electric, with management disclosing approximately $700 million of pending or post-period realizations weighted 80% to carry — a forward signal that the realization cycle has durably reopened.
Tone: bullishRevenue
$19.5B
KKR 10-K · FY 2025
Employees
5,043
Revenue FY2024
$21.9B
Founded
1976
Profile
KKR 10-K Item 1 · Feb 27, 2026KKR & Co. Inc. is a leading global alternative asset manager founded in 1976 that operates across private equity, real assets, credit and liquid strategies, capital markets, and insurance through its Global Atlantic subsidiary. The firm managed $744 billion of AUM as of December 31, 2025, spanning institutional and individual investor capital across 65 countries. Its three reporting segments are Asset Management, Insurance, and Strategic Holdings.
Read filing description ↓ Collapse description ↑
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in our portfolio companies and communities. Founded in 1976, KKR pioneered the leveraged buyout strategy and has been a leader of the private equity industry for five decades. Since the inception of our firm, we have expanded our investment strategies and product offerings from traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real estate, energy, growth equity, and core private equity. Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of December 31, 2025. Our business further expanded with the acquisition of Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance solutions. As of December 31, 2025, we managed $744 billion of assets under management, of which $219 billion comes from Global Atlantic. We have a pre-eminent global integrated platform for sourcing and originating investments, raising capital, and carrying out capital markets activities. Our experienced and diverse team of approximately 4,200 employees across asset management and insurance, together with an additional approximately 800 employees across our subsidiary organizations, seek to work proactively and collaboratively across business lines, departments, and geographies to achieve what we believe are the best investment results for our clients.
Primary products
- Traditional Private Equity
- Core Private Equity
- Growth Equity
- Infrastructure (Core+, Core, Climate Transition)
- Real Estate (Real Estate Credit, Real Estate Equity)
- Energy
Business segments
End markets
Geographies
Named customers
Named competitors
“KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $21.9 billion in 2024 to $19.5 billion in 2025, driven primarily by a decrease in Insurance segment revenues reflecting lower net premiums, partially offset by growth in Asset Management revenues.
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