KKR & Co Inc 4000 字深度研报

$KKR(KKR.US)$Blackstone Strategic Credit 2027 Term Fund(BGB.US) $APOLLO GLOBAL MANAGEMENT INC 6.75% CONV PFD STK SER A(APO-A.US)Recently analyzed KKR's research report, the key finding is that as one of the top five global alternative asset managers, it has built high barriers through "performance-scale-diversification", with significant financial quality recovery in 2024.
🎯 Core logic: KKR engages in global private equity (leveraged buyouts, growth investments), infrastructure, real estate, credit and other alternative assets. Its business model is driven by "management fees (1%-2% of AUM, stable cash flow) + performance fees (20% of profits, flexible profits)". Core barriers include 48 years of investment performance, a global top-tier LP network, and scale effects (AUM dilutes costs, enhances project acquisition and exit capabilities). Growth relies on multi-strategy expansion (non-PE accounts for over 40%), internationalization (35% of fundraising from Asia-Pacific and Europe), and accelerated capital recycling (exit and reinvestment, shortening cycles).
📈 Financial highlights: 2024 AUM $556 billion; free cash flow $6.508 billion (far exceeding net profit of $3.076 billion), high profit quality; current ratio 4.12 (far above the safety line of 2.0), strong short-term debt repayment ability; operating cash flow/net profit ≈2.16, improved cash conversion ability; debt-to-asset ratio 82.79% (industry characteristic, consolidated fund liabilities), liquidity controllable; 2024 ROE 13.23%, FCF turned from negative to positive, significant financial recovery.