Alternative asset management · Insurance · Perpetual capital
KKR & Co.
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.
Business categories Asset Management & Alternatives · Finance & Capital · primary
KKR Updated Oct 16, 2026 4 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · $796bn AUM and $638bn fee-paying AUM at June 2026; $19.464bn consolidated revenue in 2025
- Customer concentration · Perpetual capital was 42% of AUM, while 93% was perpetual or had at least an eight-year duration at inception.
- Segments · Asset Management · Insurance · Strategic Holdings
Revenue from
- Global Atlantic policyholders High confidence· Amount $4.7B · FY2025 · Insurance segment net premiums plus policy fees
Global Atlantic receives premiums and policy fees from annuity and life-insurance policyholders. Net premiums plus policy fees totaled $4.748 billion in 2025. - Institutional and individual fund investors (LPs) High confidence· Amount $4.1B · FY2025 · Asset Management segment management fees
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.Confirms KO Maeil Business Newspaper Published Jul 30, 2026: KKR Q2 adjusted net income rises 40% to $1.49 billionMentions EN Morningstar Published Jul 30, 2026: KKR Earnings: Solid Results; Shares Slightly Undervalued
Pays to
- Policyholder benefits and claims High confidence· Amount $10.7B · FY2025 · Insurance segment net policy benefits and claims
Global Atlantic pays annuity and life-insurance benefits and claims to policyholders. Net policy benefits and claims were $10.731 billion in 2025. - Employees and investment-professional compensation High confidence· Amount $4.7B · FY2025 · Asset Management and Strategic Holdings compensation and benefits
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.
Investments
- Sempra High confidence· Contract value $10B · Sempra Infrastructure Partners 45% equity sale agreement · Aggregate base purchase price for the equity sale to KKR affiliates and a co-investor
A KKR-led consortium agreed to acquire 45% of Sempra Infrastructure Partners for a $9.99 billion base purchase price.Confirms EN Energy Analytics Institute Published Aug 6, 2026: Sempra Infrastructure Says 45% Equity Divestment to KKR on Track to Close in 3Q:26Confirms KO Maeil Business Newspaper Published Feb 27, 2026: Sempra Energy Reports 2025 Adjusted EPS of $4.69 and a $65 Billion Five-Year Investment Plan - AppLovin Corporation High confidence· Amount $400M · 2018 investment · Announced KKR investment in AppLovin
KKR invested $400 million in AppLovin in 2018 and sold its remaining stake in 2024.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| KKR & Co. | node | +85.8 | -37 | +80.5 | +79.6 | -13.3 | -32 |
| Sempra | benef1 | +7.4 | +20.3 | -0.1 | +21.1 | +3.9 | -3.5 |
| AppLovin Corporation | benef1 | · | -88.8 | +278.4 | +712.6 | +108.1 | -58.9 |
| Alphabet (Google) | benef2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
YTD as of 2026-10-16 · source: Yahoo Finance
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.
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