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Private Equity

US PE earnings dashboard

In this quarterly dashboard, we track trends in key performance metrics for public PE firms from company filings and PitchBook data.

Publicly traded US private equity heavyweights explored new avenues for growth as the LBO boom—previously powered by cheap debt—ran out of steam. They also unveiled new vehicles that open private-market assets to a new flock of investors: individuals.

All of these moves point to the fact that the giants of the PE industry are embracing change.

“The tailwinds that powered us to 2023 are not the same as the tailwinds that are likely to power us going forward,” said Apollo Global Management CEO Marc Rowan on the firm’s Feb. 8 earnings call.

A fundraising boost. Despite a slow start, fundraising activity for these asset managers accelerated in Q4, ending 2023 on a solid note. The Carlyle Group brought in nearly $17 billion for the quarter, growing the total capital it raised last year to $37 billion—its third best year ever. KKR said it collected $31 billion in new capital in Q4 alone, more than double the amount raised in Q3.

Steady rise in assets. Apollo’s total AUM climbed by 19% in 2023 from the previous year to $651 billion, thanks to record inflows from its insurance unit, Athene. Blue Owl last year achieved a 20% year-over-year increase in its AUM, which was estimated at $165 billion at the end of the year. Carlyle and KKR reported low-to-mid-teens percentage growth in their AUMs.

Credit remains in vogue. Last year, credit played a critical role in driving these firms’ asset and earnings growth. The trend is expected to continue, despite the appearance of signs that certain factors that fueled the private credit boom have started to revert. Apollo, which operates a $500 billion private credit business, sees private investment-grade credit as a “fixed-income replacement” in investors’ portfolios.

Expanding the individual investor market for future growth. Blackstone raised nearly $5 billion through its private wealth channel in Q4. The firm recently held a first close on $1.3 billion for BXPE, its debut PE fund targeting individual investors. Blackstone said it was the largest initial close of its kind. Others are following suit, bolstering their existing lineups with new offerings. Carlyle said it will roll out a new PE product catering to the retail market in coming quarters.

Editor’s note: This article was published Feb. 15, 2024. The methodology for these charts, and the charts, were updated Feb. 16, 2024.

 


In this dashboard, which is updated quarterly, we track trends in key performance metrics for public US PE firms—Blackstone, Apollo, KKR, The Carlyle Group, TPG and Blue Owl—based on company filings and PitchBook data.

Featured image by Joey Schaffer/PitchBook News

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