KKR is a global alternative asset manager that manages capital across private equity, real assets, and credit on behalf of pension funds, sovereign wealth funds, endowments, family offices, and individual investors. KKR also owns Global Atlantic, a U.S. retirement and life insurance company. KKR managed $744B of AUM at year-end 2025 across three broad strategies: Credit and Liquid Strategies ($322B), Private Equity ($229B), and Real Assets ($192B). KKR earns management fees for managing capital and carried interest — a share of investment profits — when funds generate returns above a preferred hurdle. KKR's Capital Markets business arranges debt and equity financings for portfolio companies and third parties, and KKR also invests its own balance sheet capital alongside clients. Global Atlantic collects policyholder premiums and invests them, earning a spread between investment returns and amounts owed to policyholders; KKR manages Global Atlantic's investment portfolio, giving its asset management platform a large, captive pool of long-duration capital to deploy. KKR's newer Strategic Holdings segment acquires and holds permanent or long-duration stakes in operating businesses. KKR's three primary growth vectors are private wealth, where its K-Series individual investor vehicles reached $35B of AUM; insurance expansion through Global Atlantic and third-party insurance mandates; and asset-based finance, where KKR has grown AUM from $7B in 2020 to $85B at year-end 2025 through 20 captive origination platforms.