{"slug":"kkr-co","name":"KKR & Co.","name_en":"KKR & Co.","ticker":"KKR","updated_at":"2026-10-16T20:31:35.749+00:00","canonical":"https://valuechain.wiki/kkr-co","citable":"밸류체인 그래프 기준 KKR & Co.의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 0·투자 2)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-10-16 기준).","citable_en":"Per the valuechain.wiki graph, KKR & Co. is directly linked to 2 companies (0 supply, 0 revenue, 2 investment relationships) and reaches 3 companies within two hops; the links are backed by 9 dated sources, 3 of them primary filings (as of 2026-10-16).","kicker":"대체투자 운용 · 보험 · 영구자본","kicker_en":"Alternative asset management · Insurance · Perpetual capital","lead":"KKR은 사모주식·신용·인프라·부동산을 운용하고 글로벌 애틀랜틱 보험 자산을 결합한 대체투자사다. 2026년 6월 말 운용자산은 7,960억 달러, 수수료부과 운용자산은 6,380억 달러였다. 2025년 운용 수수료 41억 달러와 보험 순보험료·계약수수료 47억5,000만 달러가 두 축이다.","lead_en":"KKR combines private equity, credit, infrastructure and real-estate management with Global Atlantic insurance assets. At June 2026 it managed $796 billion, including $638 billion of fee-paying AUM. Its two revenue engines produced $4.10 billion of 2025 management fees and $4.75 billion of net premiums plus policy fees.","categories":[{"key":"asset-management-alternatives","ko":"자산운용·대체투자","en":"Asset Management & Alternatives","theme":"finance-capital","theme_ko":"금융·자본","theme_en":"Finance & Capital","theme_kind":"sector","primary":true}],"segments":{"fy":"Q2 2026 / FY2025","parts":[{"desc":"사모주식·실물자산·신용 및 유동전략","name":"자산운용"},{"desc":"글로벌 애틀랜틱 연금·생명보험과 투자 포트폴리오","name":"보험"},{"desc":"장기 보유 기업에서 배당과 가치 상승 추구","name":"전략적 지주"}],"total":"2026년 6월 말 AUM 7,960억 달러, 수수료부과 AUM 6,380억 달러. 2025년 연결 매출 194억6,431만 달러","track":"F","source":"https://www.sec.gov/Archives/edgar/data/1404912/000140491226000022/q226earningsrelease_vf.htm","concentration":"AUM의 42%가 영구자본이고 93%가 영구자본이거나 설정 시 최소 8년 존속한다."},"segments_en":{"fy":"Q2 2026 / FY2025","parts":[{"desc":"Private equity, real assets, credit and liquid strategies","name":"Asset Management"},{"desc":"Global Atlantic annuity and life products plus its investment portfolio","name":"Insurance"},{"desc":"Long-duration holdings seeking dividends and appreciation","name":"Strategic Holdings"}],"total":"$796bn AUM and $638bn fee-paying AUM at June 2026; $19.464bn consolidated revenue in 2025","source":"https://www.sec.gov/Archives/edgar/data/1404912/000140491226000022/q226earningsrelease_vf.htm","concentration":"Perpetual capital was 42% of AUM, while 93% was perpetual or had at least an eight-year duration at inception."},"returns_yearly":{"2021":85.8,"2022":-37,"2023":80.5,"2024":79.6,"2025":-13.3,"2026":-32},"return_asof":"2026-10-16","value_chain":{"leading":[],"benefiting":[{"slug":"sempra","name":"셈프라","name_en":"Sempra","tier":1,"returns_yearly":{"2021":7.4,"2022":20.3,"2023":-0.1,"2024":21.1,"2025":3.9,"2026":-3.5}},{"slug":"applovin","name":"앱러빈","name_en":"AppLovin Corporation","tier":1,"returns_yearly":{"2022":-88.8,"2023":278.4,"2024":712.6,"2025":108.1,"2026":-58.9}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":8.3}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":168.1}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":3,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":163.4}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":159.6}},{"slug":"wiwynn","name":"Wiwynn","name_en":"Wiwynn","tier":3,"returns_yearly":{"2021":24.7,"2022":-22.3,"2023":206.4,"2024":3.5,"2025":64.4,"2026":92.3}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":3,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":85.3}},{"slug":"flex-ltd","name":"플렉스","name_en":"Flex Ltd.","tier":3,"returns_yearly":{"2021":1.9,"2022":17.1,"2023":41.9,"2024":67.2,"2025":57.4,"2026":81.2}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":3,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":63.8}},{"slug":"ge-vernova","name":"GE Vernova","name_en":"GE Vernova","tier":3,"returns_yearly":{"2025":99,"2026":54}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":3,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":50.3}},{"slug":"arista","name":"Arista Networks","name_en":"Arista Networks","tier":3,"returns_yearly":{"2021":97.9,"2022":-15.6,"2023":94.1,"2024":87.7,"2025":18.5,"2026":47.9}},{"slug":"terawulf","name":"TeraWulf","name_en":"TeraWulf","tier":3,"returns_yearly":{"2021":77.1,"2022":-95.5,"2023":258.2,"2024":135.8,"2025":103,"2026":43.7}},{"slug":"alchip","name":"알칩","name_en":"Alchip Technologies","tier":3,"returns_yearly":{"2021":14.3,"2022":-8.7,"2023":365.1,"2024":-18.9,"2025":0.8,"2026":40.1}},{"slug":"eaton","name":"Eaton","name_en":"Eaton","tier":3,"returns_yearly":{"2021":46.7,"2022":-7.2,"2023":56.2,"2024":39.5,"2025":-2.8,"2026":36}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":23.2}},{"slug":"quanta","name":"Quanta","name_en":"Quanta Computer","tier":3,"returns_yearly":{"2021":22.2,"2022":-12.8,"2023":254.5,"2024":12.7,"2025":8.9,"2026":21.2}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":3,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":16.3}},{"slug":"schneider-electric","name":"Schneider Electric","name_en":"Schneider Electric","tier":3,"returns_yearly":{"2021":25.9,"2022":1.6,"2023":25.8,"2024":36.1,"2025":0.5,"2026":11.7}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":3,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":6.2}},{"slug":"duke-energy","name":"듀크 에너지","name_en":"Duke Energy Corporation","tier":3,"returns_yearly":{"2021":19.1,"2022":2,"2023":-1.6,"2024":15.6,"2025":12.7,"2026":5.3}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":3,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":5}},{"slug":"ameren","name":"아메렌","name_en":"Ameren Corporation","tier":3,"returns_yearly":{"2021":17.1,"2022":2.5,"2023":-16.1,"2024":27.5,"2025":15.3,"2026":4.5}},{"slug":"xcel-energy","name":"엑셀 에너지","name_en":"Xcel Energy","tier":3,"returns_yearly":{"2021":4.4,"2022":6.4,"2023":-8.7,"2024":12.3,"2025":13.9,"2026":4.1}},{"slug":"berkshire-hathaway","name":"Berkshire Hathaway","name_en":"Berkshire Hathaway","tier":3,"returns_yearly":{"2021":29,"2022":3.3,"2023":15.5,"2024":27.1,"2025":10.9,"2026":0.7}},{"slug":"fox","name":"폭스","name_en":"Fox Corporation","tier":3,"returns_yearly":{"2021":28.2,"2022":-16.6,"2023":-0.8,"2024":66.3,"2025":51.8,"2026":-13.8}},{"slug":"comcast","name":"컴캐스트","name_en":"Comcast Corporation","tier":3,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-22.3}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null}],"analysis":"KKR 주가는 2023년 +80.5%, 2024년 +79.6%로 AI 인프라 투자 붐과 사모시장 회복 기대를 먼저 반영한 뒤 2025년 -13.3%, 2026년 10월 16일까지 -32.0%로 두 해 연속 조정됐다. 반면 2026년 2분기 AUM은 전년보다 16% 늘어난 7,960억 달러, 분기 수수료관련이익은 37% 증가한 12억 달러였다. 셈프라 인프라 투자처럼 AI·전력 수요에 자본을 대지만, 주가는 투자 대상의 건설 주기보다 금리·밸류에이션과 자금 유입을 먼저 반영한다. 블랙스톤도 2026년 -23.5%로 같은 방향이어서 운용 실적과 상장 대체투자사의 시계가 갈렸다. 후행 후보는 아직 기본 노드인 에어리스와 아폴로다. 두 회사의 수수료부과 자산, 보험 영구자본, 사모신용 부실률을 비교해야 KKR 고유 문제가 아니라 업종 재평가인지 판별할 수 있다.","analysis_en":"KKR shares ran ahead in 2023 (+80.5%) and 2024 (+79.6%) on expectations for an AI-infrastructure investment boom and a private-markets recovery, then corrected 13.3% in 2025 and 32.0% through October 16, 2026. Operations moved the other way: Q2 2026 AUM rose 16% to $796 billion and quarterly fee-related earnings grew 37% to $1.2 billion. KKR supplies capital to AI and power demand through investments such as Sempra Infrastructure, but its stock responds earlier to rates, valuation and fundraising than to the construction cycle of portfolio assets. Blackstone was also down 23.5% in 2026, separating operating growth from the listed-alternatives clock. Baseline nodes Ares and Apollo are the next comparison set. Their fee-paying assets, insurance perpetual capital and private-credit stress will show whether this is KKR-specific or a sector repricing.","analysis_asof":"2026-10-16"},"edges":[{"direction":"cost","counterparty":"보험계약자 급부·청구","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"보험 부문 순보험급부 및 청구액","value":10731153000,"period":"FY2025","basis_en":"Insurance segment net policy benefits and claims","qualifier":null},"note":"글로벌 애틀랜틱은 보험계약자에게 연금·생명보험 급부와 청구액을 지급한다. 2025년 순보험급부 및 청구액은 107억3,115만 달러였다.","note_en":"Global Atlantic pays annuity and life-insurance benefits and claims to policyholders. Net policy benefits and claims were $10.731 billion in 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1404912/000140491226000007/kkr-20251231.htm","title":"KKR & Co. 2025 회계연도 Form 10-K","title_en":"KKR & Co. FY2025 Form 10-K","excerpt":"2025년 순보험급부 및 청구액은 107억3,115만 달러였다.","excerpt_en":"Net Policy Benefits and Claims were $10,731.153 million in 2025."}]},{"direction":"investment","counterparty":"셈프라","counterparty_slug":"sempra","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2025-09-22","basis":"KKR 계열사·공동투자자 대상 지분 매각 기준가격","value":9990000000,"period":"Sempra Infrastructure Partners 45% equity sale agreement","basis_en":"Aggregate base purchase price for the equity sale to KKR affiliates and a co-investor","qualifier":"pending_closing"},"note":"KKR 주도 컨소시엄은 셈프라 인프라스트럭처 파트너스 지분 45%를 기준가격 99억9,000만 달러에 인수하기로 했다.","note_en":"A KKR-led consortium agreed to acquire 45% of Sempra Infrastructure Partners for a $9.99 billion base purchase price.","sources":[{"stance":"confirms","publisher":"에너지 애널리틱스 인스티튜트","publisher_en":"Energy Analytics Institute","kind":"news","lang":"en","published_at":"2026-08-06","url":"https://energy-analytics-institute.org/2026/08/06/sempra-infrastructure-says-45-equity-divestment-to-kkr-on-track-to-close-in-3q26/","title":"셈프라 인프라스트럭처, KKR 대상 45% 지분 매각이 2026년 3분기 종결 일정대로 진행 중","title_en":"Sempra Infrastructure Says 45% Equity Divestment to KKR on Track to Close in 3Q:26","excerpt":"KKR 대상 45% 지분 매각은 2026년 3분기 종결을 목표로 진행 중이다.","excerpt_en":"The 45% equity sale to KKR remained on track for a third-quarter 2026 close."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-05-07","url":"https://www.sec.gov/Archives/edgar/data/1032208/000103220826000030/sre-20260331.htm","title":"셈프라 2026년 1분기 Form 10-Q","title_en":"Sempra Form 10-Q for the Quarter Ended March 31, 2026","excerpt":"셈프라는 KKR Partners에 지분 45%를 99억9000만달러에 매각하는 계약을 공시했다.","excerpt_en":"Sempra agreed to sell a 45% equity interest for $9.99 billion."},{"stance":"confirms","publisher":"매일경제","publisher_en":"Maeil Business Newspaper","kind":"news","lang":"ko","published_at":"2026-02-27","url":"https://www.mk.co.kr/news/stock/11973802","title":"셈프라 에너지, 2025년 조정 EPS 4.69달러·650억달러 5개년 투자 계획 발표","title_en":"Sempra Energy Reports 2025 Adjusted EPS of $4.69 and a $65 Billion Five-Year Investment Plan","excerpt":"Sempra Infrastructure Partners의 45% 지분을 KKR 계열사에 100억 달러에 매각하는 전략적 거래를 체결했다.","excerpt_en":"Sempra entered into a strategic transaction to sell a 45% stake in Sempra Infrastructure Partners to KKR affiliates for $10 billion."}]},{"direction":"revenue","counterparty":"글로벌 애틀랜틱 보험계약자","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"보험 부문 순보험료와 계약수수료 합계","value":4748000000,"period":"FY2025","basis_en":"Insurance segment net premiums plus policy fees","qualifier":null},"note":"글로벌 애틀랜틱의 연금·생명보험 계약에서 보험료와 계약 수수료를 받는다. 2025년 순보험료와 계약수수료 합계는 47억4,800만 달러였다.","note_en":"Global Atlantic receives premiums and policy fees from annuity and life-insurance policyholders. Net premiums plus policy fees totaled $4.748 billion in 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1404912/000140491226000007/kkr-20251231.htm","title":"KKR & Co. 2025 회계연도 Form 10-K","title_en":"KKR & Co. FY2025 Form 10-K","excerpt":"2025년 순보험료는 33.97억 달러, 계약수수료는 13.51억 달러였다.","excerpt_en":"Net premiums were $3.397 billion and policy fees were $1.351 billion."}]},{"direction":"cost","counterparty":"임직원·투자전문가 보상","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"자산운용·전략적 지주 보상 및 복리후생비","value":4710394000,"period":"FY2025","basis_en":"Asset Management and Strategic Holdings compensation and benefits","qualifier":null},"note":"운용 수수료와 성과보수의 일부를 임직원 보상으로 지급한다. 자산운용·전략적 지주의 2025년 보상 및 복리후생비는 47억1,039만 달러였다.","note_en":"Part of management and performance fees is paid as employee compensation. Asset Management and Strategic Holdings recorded $4.710 billion of compensation and benefits in 2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1404912/000140491226000007/kkr-20251231.htm","title":"KKR & Co. 2025 회계연도 Form 10-K","title_en":"KKR & Co. FY2025 Form 10-K","excerpt":"2025년 보상 및 복리후생비는 47억1,039만 달러였다.","excerpt_en":"Compensation and Benefits were $4,710.394 million in 2025."}]},{"direction":"revenue","counterparty":"기관·개인 펀드 투자자 (LP)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12-31","basis":"자산운용 부문 운용 수수료","value":4100841000,"period":"FY2025","basis_en":"Asset Management segment management fees","qualifier":null},"note":"기관과 개인 투자자가 맡긴 자산에서 운용 수수료와 성과보수를 얻는다. 2025년 운용 수수료는 41억 달러였고, 2026년 6월 말 수수료부과 운용자산은 6,380억 달러였다.","note_en":"KKR earns management and performance fees on capital entrusted by institutional and individual investors. FY2025 management fees were $4.10 billion, and fee-paying AUM reached $638 billion at June 2026.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"ir","lang":"en","published_at":"2026-07-30","url":"https://www.sec.gov/Archives/edgar/data/1404912/000140491226000022/q226earningsrelease_vf.htm","title":"KKR 2026년 2분기 실적 자료","title_en":"KKR Second-Quarter 2026 Earnings Release","excerpt":"2026년 6월 말 수수료부과 운용자산은 6,380억 달러였다.","excerpt_en":"Fee-paying assets under management were $638 billion."},{"stance":"confirms","publisher":"매일경제","publisher_en":"Maeil Business Newspaper","kind":"news","lang":"ko","published_at":"2026-07-30","url":"https://www.mk.co.kr/news/stock/12112426","title":"KKR 앤 코, 2분기 조정순이익 14억9000만 달러, 전년비 40% 증가","title_en":"KKR Q2 adjusted net income rises 40% to $1.49 billion","excerpt":"2분기 운용자산은 7,960억 달러로 전년 동기 대비 16% 증가했다.","excerpt_en":"Second-quarter AUM rose 16% year over year to $796 billion."},{"stance":"mentions","publisher":"모닝스타","publisher_en":"Morningstar","kind":"research","lang":"en","published_at":"2026-07-30","url":"https://www.morningstar.com/company-reports/1491853-kkr-earnings-solid-results-shares-slightly-undervalued","title":"KKR 실적: 견조한 결과, 주가는 소폭 저평가","title_en":"KKR Earnings: Solid Results; Shares Slightly Undervalued","excerpt":"모닝스타는 수수료부과 자산이 전년보다 14.8% 늘었다고 분석했다.","excerpt_en":"Fee-earning assets rose 14.8% year over year."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/1404912/000140491226000007/kkr-20251231.htm","title":"KKR & Co. 2025 회계연도 Form 10-K","title_en":"KKR & Co. FY2025 Form 10-K","excerpt":"2025년 운용 수수료는 41억84만 달러였다.","excerpt_en":"Management Fees were $4,100.841 million in 2025."}]},{"direction":"investment","counterparty":"앱러빈","counterparty_slug":"applovin","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2018-07-17","basis":"KKR의 앱러빈 투자 발표액","value":400000000,"period":"2018 investment","basis_en":"Announced KKR investment in AppLovin","qualifier":null},"note":"KKR은 2018년 앱러빈에 4억 달러를 투자했고 2024년에 잔여 지분을 모두 매각했다.","note_en":"KKR invested $400 million in AppLovin in 2018 and sold its remaining stake in 2024.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/1751008/000175100826000010/app-20251231.htm","title":"AppLovin Corp 10-K (2026-02-19)","title_en":"AppLovin Corp 10-K (2026-02-19)","excerpt":"KKR Denali는 과거 앱러빈 의결권의 10%를 넘게 보유했다.","excerpt_en":"ownership of more than 10% of the Company’s voting interests"},{"stance":"confirms","publisher":"KKR","publisher_en":"KKR","kind":"ir","lang":"en","published_at":"2018-07-17","url":"https://media.kkr.com/news-details?download=1&news_id=1e261c32-dfae-4e6c-be04-ac47dc96a23a&type=1","title":"KKR to Invest $400 Million in AppLovin","title_en":"KKR to Invest $400 Million in AppLovin","excerpt":"KKR은 앱러빈에 4억달러를 투자하기로 합의했다고 발표했다.","excerpt_en":"a $400 million investment from KKR"}]}]}