- 2X as much KKR investment professionals in RoW vs US.
- 18 out of 22 investment strategy families less than 10 years old. Significant operating leverage on those (mostly) RoW people in young strategies
- KKR Capital Markets: doing deals with third parties and being able to control the dealmaking and capture some fees, having a cap markets division is a competitive advantage that does not show up in typical alternative’s KPIs such as AUM, FPAUM etc
- when KKR converted to C-corp, it stopped distributing 75% of distributable earnings. Today it is lower
- Note I believe this is reason why KKR trades cheapish: the market prefers bird in the hand over compounding bird in the KKR stock bush, with supermajority voting stock etc.
- KKR major player in Asia, biggest in terms of private equity funds, started in 2005
- Most Asian investment professionals actually in India
- Investing mostly in domestic consumption stories in Asia
Coming wave (next 1-2 yrs) of flagship fund raisings, chronologically:
- Asia PE fund
Flagships will be additive to overall fundraising (last 3 yrs 90B of AUM raising without flagship wave, i.e. I believe only 1) and should be 30-40B USD in aggregate. Everything else equal, 120B AUM raising in 3 years is possible (bull case environment maybe).