Private Equity Giants Pursue Individual Strategies: Blackstone, Carlyle, KKR, and Apollo

The four biggest U.S. private equity firms, Blackstone, Carlyle, KKR, and Apollo Global Management, are each on a unique quest within their combined $3 trillion asset hoard. In the first quarter of 2024, these firms showcased their progress towards their individual goals. Apollo’s earnings reflected its transformation into a massive private lender, while KKR and Carlyle made strides towards their respective targets. Blackstone focused on raising funds from small-dollar investors and stabilizing its flagship property fund. Despite their successes, all four firms face challenges in selling their investments at a profit due to high interest rates and muted deal markets. Despite these obstacles, the firms all reported year-over-year growth in comparable earnings measures for the first time since 2022.