The good times keep getting better for public PE firms
The five largest US public PE firms had a phenomenal showing in Q3, reporting robust figures across all their metrics. The group of Apollo Global Management, Ares Management, Blackstone, The Carlyle Group and KKR also all traded up and outperformed the S&P over the past 12 months.
In this Goldilocks period for large alternative asset managers, everything seems to be going right, according to our latest analyst note. Yet the valuation gap among these five is widening, with some trading down to a lower distributable earnings multiple.