What it does
KKR describes itself as a global investment firm providing alternative asset management, capital markets and insurance solutions. Its reporting model comprises Asset Management, Insurance and Strategic Holdings. Within Asset Management, the company lists Private Equity, Real Assets, Credit and Liquid Strategies, Capital Markets, and Principal Activities. It manages investment strategies across private equity, credit, infrastructure, real estate, energy and related areas. Its insurance business operates under the Global Atlantic brand and provides retirement and life insurance products as well as reinsurance solutions.
Source: KKR & Co. Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company states that its Asset Management business earns recurring management fees and fee-related performance revenues for investment management services. It also receives transaction fees from capital markets services, as well as transaction and monitoring fees related to portfolio companies. Carried interest represents a specified share of investment gains generated on third-party capital, while investment income comes from investing its own capital alongside investors and from balance-sheet assets. The segment table below provides the reported revenue detail for Insurance and Asset Management and Strategic Holdings.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Insurance | $11.6 billion | 74.1% | −20.7% |
| Asset Management and Strategic Holdings | $4.1 billion | 25.9% | 11.2% |
Source: KKR & Co. Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing states that KKR has institutional and individual investors in 65 countries. Its institutional investor base includes public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations and investment managers. The company also serves individual investors through several distribution channels, including wirehouses, independent broker-dealers, registered investment advisers, global private banks and family offices. Its capital markets customers include multinational corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds and hedge funds. The company states that Global Atlantic serves individual and institutional insurance markets.
| Segment | Revenue, FY2025 | Share | Change on the year |
|---|---|---|---|
| Insurance | $11.6 billion | 74.1% | −20.7% |
| Asset Management and Strategic Holdings | $4.1 billion | 25.9% | 11.2% |
Source: KKR & Co. Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The filing states that KKR’s asset management and capital markets businesses operate in an intensely competitive industry. It identifies traditional and alternative asset managers, investment banks, commercial finance companies, operating companies acting as strategic buyers, local and regional firms, financial institutions, and sovereign wealth funds as competitor categories. The filing also describes competition in insurance from large and small participants, including life and annuities businesses owned by or partnered with alternative asset managers. It says competition for qualified employees is intense. The filing does not name individual competitors.
Source: KKR & Co. Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
The filing identifies the following risks:
- Difficult market and economic conditions could materially and adversely affect KKR.
- Market conditions may affect the performance and value of investments held by KKR and its investment vehicles.
- Market conditions may reduce opportunities to make, exit and realize value from investments, or to find suitable investments or secure financing.
- Conditions may affect the availability and cost of capital for insurance subsidiaries and portfolio companies.
- Policyholder behavior, including deferred premiums, stopped premiums or policy surrenders, may adversely affect results.
- Geopolitical events, protectionist measures, political instability, civil unrest, war, terrorism and natural disasters could adversely affect the business.
Source: KKR & Co. Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
KKR had 5,043 employees in FY2025. The company describes a global operation with 36 offices as of December 31, 2025. Its filing states that approximately 4,200 employees worked across asset management and insurance, with approximately 800 additional employees across subsidiary organizations; the office and employee metrics in that presentation excluded those additional subsidiary employees. The company states that its teams work across business lines, departments and geographies, and that its investment teams include multi-lingual and multi-cultural personnel with local-market knowledge.
Source: KKR & Co. Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov