South Star Battery Metals Corporate Presentation - March 2022
The Santa Cruz Graphite Project is located in the state of Bahia, Brazil, which is the second-largest flake graphite producing district in the world with over 80 years of continuous production. Graphite amounts to approximately 95% of anode material for commercial battery technologies such as in electric vehicles. South Star is committed to sustainable, safe production of industrials minerals and battery metals for green energy and clean technologies.
- The document is a cautionary statement regarding forward-looking statements from a CIBC investor conference presentation by Laurie Brlas, CFO of Newmont Mining Corporation.
- It outlines the risks and uncertainties inherent in forward-looking estimates and projections, noting that actual results could differ materially from expectations.
- Key assumptions that could affect results include geotechnical, metallurgical and other conditions, as well as commodity prices, exchange rates, approvals and permits, and mineral reserve estimates.
CrowdStrike reported strong financial results for fiscal year 2022, with ending annual recurring revenue (ARR) surpassing $1.7 billion, net new ARR of $681 million, and over 6,400 net new subscription customers. The company achieved non-GAAP subscription gross margins of 79% and free cash flow margins of 30%. CrowdStrike aims to achieve $3 billion+ in ARR by fiscal year 2025 and $5 billion+ in ARR through continued innovation and expanding its total addressable market and customer base globally across all industries and organization sizes.
KWESST develops and commercializes proprietary next-generation technologies that deliver a tactical advantage for military, security forces, and personal defense. The Company focuses on three niche segments including non-lethal products for personal defense, public safety, and realistic training, digitization for real-time situational awareness and targeting for ground forces, and counter-threat protection against lasers, electronic detection, and hostile drones.
The document is Devon Energy's August 2018 investor presentation. It highlights Devon's focus on its Delaware and STACK assets which have over 30,000 potential locations combined, allowing for multi-decade production growth. Devon has initiatives underway to optimize returns including a $4 billion share repurchase program, a 33% increase to its dividend, and a plan to reduce debt and exceed its $5 billion divestiture target. The presentation also provides operational and financial updates showing Devon is on track to deliver 16% growth in US oil production in 2018.
The document is Devon Energy's August 2018 investor presentation. It highlights Devon's focus on its Delaware and STACK assets which have over 30,000 potential locations combined, providing a multi-decade growth platform. Devon's 2020 vision is to enhance returns through disciplined capital investment, simplify its portfolio through divestitures exceeding $5 billion, improve its financial strength, and return cash to shareholders. Key initiatives include a $4 billion share repurchase program and increasing its quarterly dividend by 33%.
Carfinco Financial Group Inc. is a uniquely positioned auto finance company that has delivered consistent 20%+ annual growth. It provides financing to "non-prime" credit applicants, with a principal balance of $205 million and over 20,000 customers as of March 2013. The presentation highlights Carfinco's competitive position, growing loan portfolio, impressive returns, experienced leadership, and analysts' positive outlook. It argues that Carfinco is well positioned for continued strong growth amid economic volatility.
KWESST develops and commercializes proprietary next-generation technologies that deliver a tactical advantage for military, security forces, and personal defense. The Company focuses on three niche segments including non-lethal products for personal defense, public safety, and realistic training, digitization for real-time situational awareness and targeting for ground forces, and counter-threat protection against lasers, electronic detection, and hostile drones.
Third Point Reinsurance Ltd. Investor Presentation
This document provides an investor presentation for Third Point Reinsurance Ltd. It summarizes the company as a specialty property and casualty reinsurer based in Bermuda with an A- financial strength rating. Key metrics on growth in book value per share and shareholders' equity are provided for recent periods. The presentation outlines the company's total return business model, exceptional management team, flexible underwriting strategy, diversified premium base, risk management approach, relationship with leading investment manager Third Point LLC, strong capital base, and growth in premiums since inception.
This document provides an investor presentation for a Bermuda-based specialty property and casualty reinsurer. It discusses the company's profile, including its A- financial strength rating from A.M. Best. It also outlines key metrics such as diluted book value per share, shareholders' equity, returns, and growth in book value. Additionally, it summarizes the company's total return business model, exceptional management team, organizational structure, underwriting strategy focusing on flexible and opportunistic deals, diversified premium base, and reinsurance risk management approach.
This document provides an overview and disclaimer for a presentation by SG Fleet Group. It notes that the information is general in nature and not complete or guaranteed to be accurate. It also states that the presentation does not constitute financial product advice or an offer of securities. Several key points about the company's financial data and future projections are outlined, including that past performance may not be indicative of future results. The disclaimer concludes by limiting the liability of the company and related parties regarding any forward-looking statements made in the presentation.
Third Point Reinsurance Ltd. Investor Presentation
Third Point Reinsurance provides the following key information:
1) It is a Bermuda-based specialty property and casualty reinsurer with an A- rating from A.M. Best and a total return business model designed to deliver superior returns through flexible underwriting and superior investment management by Third Point LLC.
2) It has experienced strong growth since inception in 2012 as shown by a 40.6% increase in diluted book value per share and maintains a diversified premium base across business lines and geographies.
3) It takes a flexible and opportunistic approach to underwriting and leverages relationships to access attractive opportunities while maintaining a focus on risk management and controlling its exposure.
EV Technology Group Ltd owns and operates iconic and luxury motoring brands and helps them 'go electric. It acquires iconic brands and invests in making the transition to electric.
This document provides an overview presentation for Wellgreen Platinum Ltd. It begins with introductory information about the company, including its revitalized status, world-class asset in the Wellgreen project, solid financial support from investors, and strengthened technical team. It then provides details on the Wellgreen project, including its large scale Ni-Cu-PGM deposit in Yukon, Canada, existing infrastructure access, and 2014 mineral resource estimates. The presentation cautions that it contains forward-looking statements and refers readers to the company's filings for additional information on risks and uncertainties. It highlights the district scale potential around the Wellgreen project and concludes with notes on positive attributes of the project location and payable metal basket.
This investor presentation provides an overview of DoubleVerify's financial results for the quarter ended June 2023. It discusses DoubleVerify's business model, market opportunity in digital advertising, key growth drivers, and financial highlights. DoubleVerify provides software solutions that help advertisers protect their brands and maximize media effectiveness. It has experienced strong revenue growth, high profitability, and excellent customer retention.
DoubleVerify provides software solutions that help brands protect their media investments and optimize media performance. In Q2 2023, DoubleVerify saw strong growth in new clients and expansions of existing clients, with 46% of new wins coming from competitive takeaways. DoubleVerify also has high customer retention rates, with 100% retention of its top 75 customers in 2022. The acquisition of Scibids AI is expected to expand DoubleVerify's addressable market and drive further growth by enhancing its solutions with artificial intelligence capabilities.
DoubleVerify provides software solutions that help brands protect their media investments from fraud and unsuitable content while improving campaign performance. In Q2 2023, DoubleVerify experienced 24% revenue growth and maintained high adjusted EBITDA margins of 30%. It continues to expand its solutions portfolio and client base, demonstrating strong retention rates of over 100% for top customers. DoubleVerify is well positioned for continued growth with opportunities in new markets, products, and technologies.
7 Ways to Verify the Legitimacy of DHS Ventures with Fernando Aguirre Guidanc...
Discover how DHS Ventures & Holdings, led by Fernando Aguirre, ensures legitimacy in corporate acquisitions, such as their recent purchase of Carolco Enterprises. This presentation explores seven crucial steps to verify their credibility, from thorough background research and financial transparency to industry reputation and strategic vision. Learn how DHS Ventures navigates regulatory compliance and consults with experts to maintain ethical standards and achieve long-term goals in global film production. Gain insights into their leadership and commitment to transparency in corporate transactions. Is DHS Ventures Legit? Find out through this comprehensive exploration of their practices and principles.
- South Star Battery Metals is developing the Santa Cruz Graphite Project in Bahia, Brazil to become a producer of battery grade graphite to supply the lithium-ion battery and electric vehicle markets.
- Phase 1 construction is fully funded and planned for Q2 2022 with commercial production targeted for Q2 2023, consisting of a 5,000 tonne per annum concentrate plant.
- The project benefits from excellent infrastructure, low capital costs, and being located in a top graphite producing region of Brazil, which is a premier battery metals jurisdiction and one of the most important countries in the electric vehicle battery supply chain globally.
- Augusta Gold Corp. recently changed its name and consolidated shares as it works to rapidly grow through exploration and development.
- The company has a strong treasury of $33.2 million and is led by an experienced team with a track record of value creation.
- Augusta Gold aims to build on its over 3,157 hectare land package in the prolific Bullfrog gold district in Nevada.
This investor presentation from AYR Wellness provides an overview of the company's operations as of January 2023. AYR Wellness operates in 8 states with 79 retail stores and 18 cultivation and production facilities totaling over 1.3 million square feet. In the third quarter of 2022, the company reported revenue of $119 million, a 24% year-over-year increase, with adjusted EBITDA margins of 18% and adjusted gross margins of 53%. AYR Wellness plans further expansion of its retail store count, cultivation capacity, and product portfolio in its existing markets.
The Santa Cruz Graphite Project is located in the state of Bahia, Brazil, which is the second-largest flake graphite producing district in the world with over 80 years of continuous production. Graphite amounts to approximately 95% of anode material for commercial battery technologies such as in electric vehicles. South Star is committed to sustainable, safe production of industrials minerals and battery metals for green energy and clean technologies.
- The document is a cautionary statement regarding forward-looking statements from a CIBC investor conference presentation by Laurie Brlas, CFO of Newmont Mining Corporation.
- It outlines the risks and uncertainties inherent in forward-looking estimates and projections, noting that actual results could differ materially from expectations.
- Key assumptions that could affect results include geotechnical, metallurgical and other conditions, as well as commodity prices, exchange rates, approvals and permits, and mineral reserve estimates.
CrowdStrike reported strong financial results for fiscal year 2022, with ending annual recurring revenue (ARR) surpassing $1.7 billion, net new ARR of $681 million, and over 6,400 net new subscription customers. The company achieved non-GAAP subscription gross margins of 79% and free cash flow margins of 30%. CrowdStrike aims to achieve $3 billion+ in ARR by fiscal year 2025 and $5 billion+ in ARR through continued innovation and expanding its total addressable market and customer base globally across all industries and organization sizes.
KWESST develops and commercializes proprietary next-generation technologies that deliver a tactical advantage for military, security forces, and personal defense. The Company focuses on three niche segments including non-lethal products for personal defense, public safety, and realistic training, digitization for real-time situational awareness and targeting for ground forces, and counter-threat protection against lasers, electronic detection, and hostile drones.
The document is Devon Energy's August 2018 investor presentation. It highlights Devon's focus on its Delaware and STACK assets which have over 30,000 potential locations combined, allowing for multi-decade production growth. Devon has initiatives underway to optimize returns including a $4 billion share repurchase program, a 33% increase to its dividend, and a plan to reduce debt and exceed its $5 billion divestiture target. The presentation also provides operational and financial updates showing Devon is on track to deliver 16% growth in US oil production in 2018.
The document is Devon Energy's August 2018 investor presentation. It highlights Devon's focus on its Delaware and STACK assets which have over 30,000 potential locations combined, providing a multi-decade growth platform. Devon's 2020 vision is to enhance returns through disciplined capital investment, simplify its portfolio through divestitures exceeding $5 billion, improve its financial strength, and return cash to shareholders. Key initiatives include a $4 billion share repurchase program and increasing its quarterly dividend by 33%.
Carfinco Financial Group Inc. is a uniquely positioned auto finance company that has delivered consistent 20%+ annual growth. It provides financing to "non-prime" credit applicants, with a principal balance of $205 million and over 20,000 customers as of March 2013. The presentation highlights Carfinco's competitive position, growing loan portfolio, impressive returns, experienced leadership, and analysts' positive outlook. It argues that Carfinco is well positioned for continued strong growth amid economic volatility.
KWESST develops and commercializes proprietary next-generation technologies that deliver a tactical advantage for military, security forces, and personal defense. The Company focuses on three niche segments including non-lethal products for personal defense, public safety, and realistic training, digitization for real-time situational awareness and targeting for ground forces, and counter-threat protection against lasers, electronic detection, and hostile drones.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
This document provides an investor presentation for Third Point Reinsurance Ltd. It summarizes the company as a specialty property and casualty reinsurer based in Bermuda with an A- financial strength rating. Key metrics on growth in book value per share and shareholders' equity are provided for recent periods. The presentation outlines the company's total return business model, exceptional management team, flexible underwriting strategy, diversified premium base, risk management approach, relationship with leading investment manager Third Point LLC, strong capital base, and growth in premiums since inception.
This document provides an investor presentation for a Bermuda-based specialty property and casualty reinsurer. It discusses the company's profile, including its A- financial strength rating from A.M. Best. It also outlines key metrics such as diluted book value per share, shareholders' equity, returns, and growth in book value. Additionally, it summarizes the company's total return business model, exceptional management team, organizational structure, underwriting strategy focusing on flexible and opportunistic deals, diversified premium base, and reinsurance risk management approach.
This document provides an overview and disclaimer for a presentation by SG Fleet Group. It notes that the information is general in nature and not complete or guaranteed to be accurate. It also states that the presentation does not constitute financial product advice or an offer of securities. Several key points about the company's financial data and future projections are outlined, including that past performance may not be indicative of future results. The disclaimer concludes by limiting the liability of the company and related parties regarding any forward-looking statements made in the presentation.
Third Point Reinsurance Ltd. Investor Presentationirthirdpointre
Third Point Reinsurance provides the following key information:
1) It is a Bermuda-based specialty property and casualty reinsurer with an A- rating from A.M. Best and a total return business model designed to deliver superior returns through flexible underwriting and superior investment management by Third Point LLC.
2) It has experienced strong growth since inception in 2012 as shown by a 40.6% increase in diluted book value per share and maintains a diversified premium base across business lines and geographies.
3) It takes a flexible and opportunistic approach to underwriting and leverages relationships to access attractive opportunities while maintaining a focus on risk management and controlling its exposure.
EV Technology Group Ltd owns and operates iconic and luxury motoring brands and helps them 'go electric. It acquires iconic brands and invests in making the transition to electric.
This document provides an overview presentation for Wellgreen Platinum Ltd. It begins with introductory information about the company, including its revitalized status, world-class asset in the Wellgreen project, solid financial support from investors, and strengthened technical team. It then provides details on the Wellgreen project, including its large scale Ni-Cu-PGM deposit in Yukon, Canada, existing infrastructure access, and 2014 mineral resource estimates. The presentation cautions that it contains forward-looking statements and refers readers to the company's filings for additional information on risks and uncertainties. It highlights the district scale potential around the Wellgreen project and concludes with notes on positive attributes of the project location and payable metal basket.
This investor presentation provides an overview of DoubleVerify's financial results for the quarter ended June 2023. It discusses DoubleVerify's business model, market opportunity in digital advertising, key growth drivers, and financial highlights. DoubleVerify provides software solutions that help advertisers protect their brands and maximize media effectiveness. It has experienced strong revenue growth, high profitability, and excellent customer retention.
DoubleVerify provides software solutions that help brands protect their media investments and optimize media performance. In Q2 2023, DoubleVerify saw strong growth in new clients and expansions of existing clients, with 46% of new wins coming from competitive takeaways. DoubleVerify also has high customer retention rates, with 100% retention of its top 75 customers in 2022. The acquisition of Scibids AI is expected to expand DoubleVerify's addressable market and drive further growth by enhancing its solutions with artificial intelligence capabilities.
DoubleVerify provides software solutions that help brands protect their media investments from fraud and unsuitable content while improving campaign performance. In Q2 2023, DoubleVerify experienced 24% revenue growth and maintained high adjusted EBITDA margins of 30%. It continues to expand its solutions portfolio and client base, demonstrating strong retention rates of over 100% for top customers. DoubleVerify is well positioned for continued growth with opportunities in new markets, products, and technologies.
Similar to KKR-2024-Investor-Day presentation for pE (20)
7 Ways to Verify the Legitimacy of DHS Ventures with Fernando Aguirre Guidanc...Fernando Aguirre DHS
Discover how DHS Ventures & Holdings, led by Fernando Aguirre, ensures legitimacy in corporate acquisitions, such as their recent purchase of Carolco Enterprises. This presentation explores seven crucial steps to verify their credibility, from thorough background research and financial transparency to industry reputation and strategic vision. Learn how DHS Ventures navigates regulatory compliance and consults with experts to maintain ethical standards and achieve long-term goals in global film production. Gain insights into their leadership and commitment to transparency in corporate transactions. Is DHS Ventures Legit? Find out through this comprehensive exploration of their practices and principles.
2. 2
Legal Disclosures
This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR &
Co. Inc. and its subsidiaries (collectively, “KKR”), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, “Global Atlantic” or “GA”), unless the context requires
otherwise. This presentation is not, and shall not be construed, as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities of KKR. This presentation may not be
distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.
The statements contained in this presentation are made as of the date of this presentation, other than financial figures, which are as of December 31, 2023, unless another time is specified in relation
to such statements or financial figures, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation
since such date.
This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, and vehicles and accounts managed by KKR and the Global Atlantic
insurance companies. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning
matters that are not historical facts. You can identify these forward-looking statements by the use of words such as as “opportunity,” “outlook,” “believe,” “think,” “expect,” “feel,” “potential,”
“continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,” “visibility,” “positioned,” “path to,” “conviction,” the negative version of these words,
other comparable words or other statements that do not relate strictly to historical or factual matters. These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, but
these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or within its control. Due to various risks and uncertainties,
actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is no guarantee of future results. All forward-looking
statements speak only as of the date of this presentation. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date
of this presentation except as required by law. Please see the Appendix for additional important information about forward-looking statements, including the assumptions and risks concerning
projections and estimates of future performance.
This presentation includes certain non-GAAP measures, including adjusted net income (“ANI”), total segment earnings, total investing earnings, fee related earnings (“FRE”), strategic holdings operating
earnings, total operating earnings (“TOE”), and total asset management segment revenues. These non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating
performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR’s business, they may
not include all items that are significant to an investor’s analysis of our financial results. Please see the Appendix for additional important information about the non-GAAP measures presented herein.
Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered when making a decision to
purchase or sell any securities of KKR, can be found in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 29, 2024, and its other
filings with the SEC, which are available at www.sec.gov.
From time to time, we may use our website as a channel of distribution of material information. Financial and other material information regarding KKR is routinely posted on and accessible at
www.kkr.com. Financial and other important information regarding Global Atlantic is routinely posted on and accessible at www.globalatlantic.com. Information on these websites are not incorporated
by reference herein and are not a part of this presentation.
4. 4
Today’s Agenda
TOPIC PRESENTER
Welcome & A Brief History Craig Larson Head of Investor Relations
Strategic Overview Joseph Bae & Scott Nuttall Co-Chief Executive Officers
Private Equity Pete Stavros & Nate Taylor Co-Heads of Global Private Equity
Global Atlantic Allan Levine Co-Founder, Chairman and Chief Executive Officer of Global Atlantic
Credit Christopher Sheldon Head of Global Credit
Infrastructure Raj Agrawal Head of Global Infrastructure
Real Estate Ralph Rosenberg Head of Global Real Estate
15 MINUTE BREAK
A Conversation with Henry Kravis & Henry McVey
Henry Kravis
Henry McVey
Co-Founder of KKR and Co-Executive Chairman
Head of Global Macro, Balance Sheet & Risk
Asia Pacific
David Luboff
Gaurav Trehan
Co-Head of Asia Pacific, Head of Asia Pacific Infrastructure
Co-Head of Asia Pacific, Head of Asia Pacific Private Equity
KKR Capital Markets Adam Smith Head of Capital Markets
Fundraising & Distribution Eric Mogelof Head of Global Client Solutions
K-Series Alisa Amarosa Wood Co-CEO of K-Series Private Equity Vehicle
Financials & Outlook Robert Lewin Chief Financial Officer
Q&A with Joe and Scott
Joseph Bae & Scott Nuttall
Moderated by Craig Larson
LUNCH
7. 7
Expanded Global Footprint
13 Offices In 2010
Offices: 2010
Offices: Today
Note: See Appendix endnotes.
→ 25 KKR Offices Today + 9 Global Atlantic Offices
8. 8
Diversified Across Products And Geographies
Today
2010
Private
Equity
Real Assets
Credit and
Liquid Strategies
• North America PE
• Europe PE
• Asia PE
• Leveraged Credit
• North America PE
• Europe PE
• Asia PE
• Middle Market (Ascendant)
• Core PE
• Technology Growth
• Health Care Growth
• Global Impact
• Customized Portfolio Solutions
• K-Series – Private Wealth: Private Equity
• Global Infrastructure
• Asia Infrastructure
• Core Infrastructure
• Climate
• Crescent Energy
• Opportunistic RE Credit / CMBS
• Opportunistic Americas RE
• Opportunistic Europe RE
• Opportunistic Asia RE
• Real Estate Loans
• Stabilized RE Credit
• Core+ Real Estate Americas
• Core+ Real Estate Europe
• Core+ Real Estate Asia
• Mortgage REIT
• Japanese REIT
• K-Series – Private Wealth: Infrastructure
• K-Series – Private Wealth: Real Estate
• Leveraged Credit – Bank Loans & High Yield
• Asia Leveraged Credit
• CLOs
• Global Direct Lending
• Asset-Based Finance
• Asia Private Credit
• Strategic Investments
• Public BDC
• Junior Capital
• Liquid Strategies (Hedge Funds)
• K-Series – Private Wealth: Credit
9. 9
Built Out Our Team
2,735
1,553
787
2010 Today
Sustainability
Public Policy
KKR Capstone
Global Macro & Asset Allocation
KKR Capital Markets
Expanded Toolkit
KKR
KKR Global Institute
Global
Atlantic
Fundraising & Distribution
Note: See Appendix endnotes.
10. 10
25%
14%
29%
18%
22%
20%
25%
16%
14%
26%
12%
10% 11%
15%
16%
15%
18%
6%
8%
3%
7%
11%
2%
10%
4% -6%
7%
3%
1%
5%
13%
7% 7%
6%
Americas XII PE Europe V PE Asia III PE Core PE Next Gen
Tech II
Health Care
Growth I
Impact I Global III Infra Asia Pacific
Infra I
RE
Americas II
RE Europe I RE Asia I Dislocation
Opportunities
Fund
Asset-Based
Finance
Partners
Europe Direct
Lending II
Direct
Lending III
Asia Credit I
Generated Strong Investment Performance
Note: Past performance is no guarantee of future results. See Appendix for endnotes and important information. Includes funds at least four years post investment period start date.
Gross IRR Inception-to-Date (“ITD”) as of December 31, 2023 Across Select Mature Funds
Represents benchmark
11. 11
$124
$53
$62
$69
$123
$96
$27
$62
$553
2010 2023
+18%
CAGR
Alternative Credit
Liquid Strategies
Leveraged Credit
Traditional Private Equity
Infrastructure & Energy
Growth Equity & Core PE
Real Estate
Grew And Diversified Assets Under Management
($ in billions)
Traditional Private Equity
Infrastructure & Energy
Leveraged Credit
Alternative Credit
Note: See Appendix endnotes.
12. 12
Increasingly Diversified & Fast-Growing Management Fee Profile
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q'23
Core PE
Growth Equity
Real Estate
Infrastructure
Alternative Credit
Leveraged Credit
Traditional PE
Distinct strategies in Americas,
Europe and Asia
Other(1)
+30%
CAGR
4Q’23
Annualized
Note: See Appendix endnotes for footnote references.
13. 13
Increased Profitability
$318
$2,384
2010 2023
Fee Related Earnings
($ in millions)
$577
$3,040
2010 2023
Adjusted Net Income
($ in millions)
7x 5x
Note: Fee Related Earnings and Adjusted Net Income are non-GAAP measures. See Appendix for GAAP reconciliations and other important information.
14. 14
Industry Leadership As A Public Company
Publicly Traded
Partnership
Corporation
Economic Net
Income
Total Operating
Earnings &
Adjusted Net Income
Success-based
compensation
framework
$2.5 billion of
shares
repurchased or
retired since 2015
at an average
purchase price of
~$27 per share
Thoughtful
evolution of
corporate
governance
framework
industry-leading
Fee Related Earnings
margin profile
EPS
&
15. 15
So Far…
Source: Bloomberg.
Note: Annualized Total Return includes the reinvestment of dividends.
S&P 500: 14%
$10 Per Share
$7bn Market Cap
$101 Per Share
$90bn Market Cap
July 15, 2010 April 5, 2024
23%
Annualized Total Return
Since NYSE Listing
Listed on NYSE
17. 17
We Have Scaled Meaningfully…
$252
$349
$553
December 31, 2020 December 31, 2023
($ in billions)
Note: KKR Assets Under Management inclusive of acquisition of Global Atlantic after December 31, 2020, which closed on February 1, 2021.
Global Atlantic
Assets Under Management
April 2021 Investor Day April 2024 Investor Day
18. 18
…And Have Seen Significant Growth Across Key Financial Metrics…
Note: Fee Related Earnings is a non-GAAP measure. See Appendix for endnotes for footnote references, GAAP reconciliations and other important information.
2020
Management Fees $1.4 $3.0
Fee Related Earnings $1.3 $2.4
Embedded Gains(1)
$9.0 $12.3
2023
($ in billions)
April 2021 Investor Day April 2024 Investor Day
19. 19
…Alongside Significant Stock Price Appreciation
$52 Per Share
$101 Per Share
April 2021 Investor Day April 5, 2024
Source: Bloomberg, Wall Street analyst estimates.
Note: Data as of April 12, 2021 and April 5, 2024, respectively.
19.0x 20.4x
Current Year
16.2x 16.6x
Forward Year
Annualized
Total Return
KKR 26%
S&P 500 10%
P/E
Multiple
Not driven by
multiple expansion
22. 22
Attractive Near-Term Growth Profile
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. Above per share measures are based on Adjusted shares. These per
share figures are non-GAAP measures. A reconciliation of the forecasts for these measures to their corresponding GAAP measures has not been provided due to the unreasonable efforts it would take to provide such reconciliation. See Appendix for further information and important
information regarding estimates and assumptions and cautionary factors about forward-looking statements.
2024 through 2026 Forecast
New Capital Raised (Cumulative)
$300+ billion
2026 Forecast
Fee Related Earnings
per share
Implies 2023-2026E
CAGR of ~20% $4.50+
Total Operating Earnings
per share
Most recurring portion
of KKR’s earnings $7.00+
Adjusted Net Income
per share $7.00 - $8.00
Implies 2023-2026E
CAGR of ~30%
23. 23
With Massive Earnings Growth Ahead
$3.42
$15.00+
Adjusted Net Income Per Share
2023
Adjusted Net Income Per Share
10 Years or Less
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. Adjusted Net Income is a non-GAAP measure. Above per share
measures are based on Adjusted shares. See Appendix for further information and important information regarding estimates and assumptions and cautionary factors about forward-looking statements and GAAP reconciliations.
On a path to $15.00+ of Adjusted Net Income per share,
with approximately 70% of pre-tax earnings more recurring in nature
24. 24
Why Do We Have Such Confidence?
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
High-growth industry
with leadership in
key markets Asset
Management
Insurance
Strategic
Holdings
Purpose-built business
model with three
growth engines to
drive recurring earnings
Leveraging our
core strengths
✔ Investing acumen
✔ Capital allocation
✔ Collaborative culture
With a highly aligned and motivated leadership team
25. 25
Experienced And Tenured Management Team
Henry Kravis
Co-Executive
Chairman
George Roberts
Co-Executive
Chairman
Scott Nuttall
Co-Chief Executive Officer
Joe Bae
Co-Chief Executive Officer
Rob Lewin
Chief Financial
Officer
Ryan Stork
Chief Operating
Officer
Dane Holmes
Chief Administrative
Officer
Katie Sudol
Chief Legal
Officer
Ken Mehlman
Head of Public Policy
& Sustainability
Allan Levine
CEO of
Global Atlantic
Eric Mogelof
Head of
Global Client Solutions
Henry McVey
Head of Global Macro,
Balance Sheet & Risk
Raj Agrawal
Head of
Infrastructure
Christopher Sheldon & Adam Smith
Co-Heads of
Credit & Markets
Nate Taylor & Pete Stavros
Co-Heads of
Private Equity
David Luboff & Gaurav Trehan
Co-Heads of
Asia Pacific
Tara Davies & Mattia Caprioli
Co-Heads of
EMEA
Ralph Rosenberg
Head of
Real Estate
26. 26
KKR’s Culture And Values Drive Outcomes
Best-in-class talent
One P&L and
compensation pool
Collaboration
Business building &
innovation
Allows us to maximize the
impact of our model
One
Firm
Diversity
Teamwork
Innovation
Excellence
Integrity
Accountability
Relationship-Driven
28. 28
The Alternative Asset Management Industry Is Growing
Note: Past performance is no guarantee of future results. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for source references and important information
regarding estimates and assumptions and cautionary factors about forward-looking statements.
$7 trillion
$15 trillion
$24 trillion
2018 2022 2028E
+12%
CAGR
✓ More demand for private capital
✓ Bank retrenchment
✓ Growth in Asia Pacific
✓ Growth in sovereign wealth funds
✓ Global need for infrastructure
✓ Investing behind energy transition
✓ Private Wealth as individuals manage their retirement
✓ Volatility and dislocation = opportunity
✓ Corporate credit market redefined
Continued AUM Growth Expected Across “Traditional” Alternatives Multiple Secular and Macro Growth Drivers
29. 29
Asia Is The Driver Of Global Growth
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for footnote references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements.
The Asia Pacific Growth Outlook is Massive
2024E to 2028E
($ in billions)
Significant Runway for Alternatives in Asia Pacific
US
9%
Europe
8%
Other
26%
Asia Pacific
57%
Contribution to Global Real GDP Growth (%)(1) 2022 Alternatives AUM as a % of GDP(2)
26%
16%
9%
North America Europe Asia Pacific
Alternatives
underrepresented
in Asia
Asia
expected to
drive ~60%
of total
global
growth
Growth in
Asia Pacific
30. 30
KKR Is The Leading Franchise In Asia Pacific
570+ employees 9 offices ~$40bn invested since 2005
✔ ✔ ✔
• PEI Large-Cap Firm of the Year for the 8th Consecutive Year – Asia Pacific
• PEI Firm of the Year for the 8th Consecutive Year – Southeast Asia
• PEI Deal of the Year – Asia Pacific
• PEI Exit of the Year – Asia Pacific
• PEI Firm of the Year – Australasia
• Infra Investor Fund Manager of the Year – Asia Pacific
• Infra Investor Energy Transition Investor of the Year – Asia Pacific
• Infra Investor Digital Infrastructure Investor of the Year – Asia Pacific
• Infra Investor Energy Transition Deal of the Year – Asia Pacific
• PERE Hotels & Leisure Investor of the Year – Asia Pacific
2023 Asia Pacific Awards Across Asset Classes
$18
$65
2018 2023
Asia Credit
Asia Real Estate
Asia Private Equity
Asia Infrastructure
3.6x
Diversification Across Asset Classes
Assets Under Management
($ in billions)
Best-In-Class Performance Recognized by the Market
Growth in
Asia Pacific
31. 31
KKR Is The Leading Franchise In Japan
Note: Includes fair value of capital invested in Asia Pacific as of December 31, 2023, including both Asia Pacific focused vehicles and global vehicles such as Diversified Core Infrastructure, Core Private Equity and Global Impact that invest in the region. Past performance is no guarantee of future
results. See Appendix for endnotes for footnote references and important information.
Differentiated Investment Returns
Traditional PE Investments
40%
Gross IRR
2.2x
Gross MOIC
Across 12 investments
since 2010
Large End Markets
4th Largest
Global Economy(1)
2nd Largest
Life and Annuity Market Globally(2)
Growth in
Asia Pacific
Largest KKR Exposure in Asia Pacific
39%
JAPAN
17%
INDIA 17%
AUSTRALIA
14%
GREATER
CHINA
10%
SOUTHEAST
ASIA
4%
KOREA
Total Fair Value of Asia Pacific Investments
32. 32
Need For Infrastructure
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for footnote references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements.
~$100 Trillion Total Global Infrastructure Need by 2040(1)
Energy Transition
~$7 trillion
Annual required investment
to achieve net-zero
emissions by 2050(2)
Need for
Infrastructure
Traditional Infrastructure
Transportation
Industrial
Utilities
Social
Digitalization
Data Center
Towers
Fiber
Artificial Intelligence
33. 33
KKR’s Leading Infrastructure Platform
• Fund Manager of the Year – Asia Pacific
• Energy Transition Investor of the Year – Asia Pacific
• Energy Transition Deal of the Year – Asia Pacific (Serentica
Renewables)
• Energy Transition Deal of the Year – Europe (X-Elio)
• Digital Infrastructure Investor of the Year – Asia Pacific
• Digital Infrastructure Deal of the Year – Global (Vantage
Towers)
• Deal of the Year – Europe (Vantage Towers)
• Digital Infrastructure Deal of the Year – Europe (Vantage
Towers)
2023 Infrastructure Investor Awards
$13
$59
2018 2023
Core Infrastructure
Asia Infrastructure
Global Infra
SMAs & Other
4.7x
Diversification Across Strategies
Assets Under Management
($ in billions)
Best-In-Class Performance Recognized by the Market
Need for
Infrastructure
34. 34
Individuals Managing Their Own Retirement Wealth
Individuals
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for source references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements.
761 million
1.6 billion
2021 2050E
People Aged 65+ Globally
2x
Powerful Demographic Shift
0
10
20
30
40
50
60
70
80
90
100
1975 2021
Defined Contribution:
88 million
Defined Benefit:
12 million
Active Participants in Private-Sector
Pension Plans in the U.S.
Growing Shift to Defined Contribution Plans
35. 35
Individuals Managing Their Own Retirement Wealth
Individuals
U.S. Fixed Annuities Market
Note: See Appendix endnotes for source references.
$120bn
2020
$287bn
2023
2x+
36. 36
Individuals Managing Their Own Retirement Wealth
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for source references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements.
Individuals
$255T
$181T
Private Wealth
$197T
$140T
Private Wealth 2% in PW Alts
= $4T
2022
6% expected in PW Alts
= $15T
2027E
Institutional Private Wealth Addressable Market for Private Wealth Alternatives
Massive Untapped Private Wealth Market
$337T
$436T
$11+ Trillion Opportunity
37. 37
KKR Is Exceptionally Well Positioned To Win
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
Global
Atlantic
K-Series
Family
Office &
Ultra HNW
Traditional
& Perpetual
Funds
Individuals
38. 38
K-Series – Strong Early Momentum
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
48-Year history of investment excellence
Differentiated products customized for wealth
Multi-asset class
Distribution strength
Growing K-Series AUM Positioned to Win
($ in billions)
$2.3
$4.0
$2.8
~$9
4Q'22 2023
AUM Increase
YTD 2024 New
Capital Raised
AUM Through
April 1, 2024
Trusted brand
Individuals
4x Since
4Q’22
39. 39
Corporate Credit Market Redefined
Insurance / Credit
Structural shift away from
traditional commercial banking model
Desire of investors: Attractive risk-
adjusted spread
Desire of issuers: Market access,
tailored terms, certainty of execution
~$40T
Global Credit
Total Addressable Market
Opportunity and Growing
Leveraged Loans
High Grade ABF
Asset-Based Finance
Structured Credit
CLOs
Direct Lending
Capital Solutions
High Yield
Multi-Asset Credit
Investment Grade
Note: See Appendix endnotes for source references.
40. 40
Direct Lending AUM
($ in billions)
$18
$38
1Q'20 4Q'23
2x
KKR – Step Function Change In Opportunity
$68
$219
1Q'20 4Q'23
$38
$123
1Q'20 4Q'23
Leveraged Credit AUM
($ in billions)
3x
Total Credit AUM
($ in billions)
3x
Insurance / Credit
41. 41
$26
$59
1Q'20 4Q'23
$3
$36
1Q'20 4Q'23
KKR – Step Function Change In Opportunity
Third Party Insurance AUM
2x
Asset-Based Finance AUM
($ in billions)
8x
Real Estate Credit AUM
10x
Insurance / Credit
$6
$48
1Q'20 4Q'23
($ in billions)
($ in billions)
Well positioned with Global Atlantic collaboration
43. 43
We Have Grown Meaningfully…
($ in billions)
Assets Under
Management $62
2010
18%
CAGR
$553
Today
Market Capitalization $7 $90 23%
Annualized
Total Return
Source: Bloomberg.
Note: Assets Under Management data as of December 31, 2023. Market Capitalization data as of April 5, 2024.
AUM growth and diversification has historically driven market cap appreciation
44. 44
...But Our Job Is Very Different From Here
Source: Bloomberg.
Note: Data as of April 5, 2024. The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information
regarding estimates and assumptions and cautionary factors about forward-looking statements.
4,545
158
110
62 36
<$25bn $25-$50bn $50-100bn $100-200bn $200+bn
Number of NYSE and NASDAQ-Listed Companies by Market Cap
Market Capitalization
Few Companies are Able to Continue to Scale
We are here Next Stop
45. 45
KKR Observations On Value Creation
Once most companies, including
financials, reach $50 billion of
market cap, growth slows
1
There are risks to scaling
2
What about those companies that
continued to thrive?
3
✓ Ability to permanently own and compound
earnings
✓ Recurring revenue, high market share
businesses
✓ Pursued organic and inorganic growth
✓ Capital allocation decisions are critical
46. 46
Our Model – Three Growth Engines
Asset
Management
Insurance
Strategic
Holdings
All Working Together
47. 47
: $15T
$15
Our Model – Opportunity Set Is Bigger
Note: See Appendix endnotes for source references. Total Addressable Market also referred to as “TAM.”
Dramatically
Expanded
Total
Addressable
Market
$10
2018 Investor Day
($ in trillions)
Existing “Traditional” Alts
Core and Core+ Real Asset Strategies
Corporate Credit Including Investment
Grade ABF and Structured Products: ~$40T
Strategic Holdings: Unconstrained
Today
48. 48
$1+ billion annual
Operating Earnings
by 2030E
Our Model – Three Growth Engines
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and
assumptions and cautionary factors about forward-looking statements.
Multiple paths to
surpass $1 trillion
of AUM in the next
5 years
Asset Management Strategic Holdings
Strong conviction
we can double
Global Atlantic
AUM again
Insurance
51. 51
$124
$62 $60
$83
$100 $107
$120 $130
$168
$195
$218
$252
$471
$504
$553
$53
$62
$69
$123
$96
$27
$553
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
+18%
CAGR
Alternative Credit
Liquid Strategies
Leveraged Credit
Traditional Private Equity
Infrastructure & Energy
Growth Equity & Core PE
Real Estate
We Have Grown And Diversified
Assets Under Management
($ in billions)
2023
52. 52
World-Class, Highly-Aligned Team
Note: See Appendix endnotes for footnote references.
700+
KKR Investment Professionals
25
KKR Offices(2)
2,735
KKR Employees(1)
1,553
GA Employees
9
GA Offices
53. 53
Distinctive Origination Capabilities
KKR’s sourcing capabilities designed to lead to differentiated opportunities
Global network of expertise
Differentiated opportunity set
Deep industry expertise
Established reputation
Private Equity
Infrastructure
Real Estate
Credit
Our Approach to Sourcing
Asset-Based Finance
19 Platforms
Real Estate
16 Platforms
54. 54
Differentiated Value Creation Toolkit
PUBLIC POLICY &
SUSTAINABILITY
KKR GLOBAL INSTITUTE
KKR ADVISORS
CAPSTONE
KKR CAPITAL MARKETS
GLOBAL MACRO
ASSET ALLOCATION
GLOBAL CLIENT
SOLUTIONS
55. 55
Strong Distribution Capabilities
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
Expanded institutional
coverage
Dramatically increased
Private Wealth focused
team
84
282
2018 2023
3x
KKR is even better
positioned to take
advantage of the
upcoming fundraising
supercycle
Our Fundraising & Distribution Team Has Grown To Address The Opportunity
✔
✔
56. 56
25%
14%
29%
18%
22%
20%
25%
16%
14%
26%
12%
10% 11%
15%
16%
15%
18%
6%
8%
3%
7%
11%
2%
10%
4% -6%
7%
3%
1%
5%
13%
7% 7%
6%
Americas XII PE Europe V PE Asia III PE Core PE Next Gen
Tech II
Health Care
Growth I
Impact I Global III Infra Asia Pacific
Infra I
RE
Americas II
RE Europe I RE Asia I Dislocation
Opportunities
Fund
Asset-Based
Finance
Partners
Europe Direct
Lending II
Direct
Lending III
Asia Credit I
Generated Strong Investment Performance…
Note: Past performance is no guarantee of future results. See Appendix for endnotes and important information. Includes funds at least four years post investment period start date.
Gross IRR Inception-to-Date (“ITD”) as of December 31, 2023 Across Select Mature Funds
Represents benchmark
57. 57
...Leading To Scaling Across Four Investing Verticals
Assets Under Management
($ in billions)
Private Equity
$113
$176
2020 2023
2x
Infrastructure
$17
$59
2020 2023
3x
Real Estate
$15
$69
2020 2023
5x
Credit
$78
$219
2020 2023
3x
58. 58
As A Reminder…
We want to compete
in areas with
large addressable
markets
Where we have
conviction that
we can be a
top 3 player
&
59. 59
Infrastructure
$2 $3 $3
$5 $6 $5 $6
$13
$15
$17
$40
$51
$59
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
AUM ($ in billions)
SMAs & Other
Core Infrastructure
Asia Pacific Infrastructure
Global Infrastructure
SMAs & Other
Core Infrastructure
Asia Pacific Infrastructure
Global Infrastructure
61. 61
Real Estate
AUM ($ in billions)
Credit
Equity
Europe RE
Americas RE
Credit
Asia Pacific RE
$1 $1 $2
$4
$6 $6
$9
$15
$41
$64
$69
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
62. 62
Private Equity
$20
$32
$37
$32
$39
$45
$40
$52
$58 $56 $55
$62
$82 $81
$92
$113
$174
$165
$176
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
AUM ($ in billions)
Core Private Equity
Growth Equity
Private Equity
SMAs & Other
Asia Pacific PE
Europe PE
Americas PE
Core Private Equity
Growth Equity
63. 63
Health Care Growth
Global Impact
Customized Portfolio Solutions
Asia Infrastructure
Core Infrastructure
Opportunistic Europe RE
Opportunistic Asia RE
Mortgage REIT
Crescent Energy
High Yield
Junior Capital
Strategic Investments
Technology Growth
Core PE
Opportunistic Americas RE
Japanese REIT (KJRM)
Bank Loans
Asset-Based Finance
Global Direct Lending
North America PE
Europe PE
Asia PE
Global Infrastructure
CLOs
Public BDC
Private
Equity
Middle Market PE
Real
Assets
Core+ Real Estate Americas
Core+ Real Estate Europe
Core+ Real Estate Asia
Opportunistic RE Credit / CMBS
Stabilized RE Credit
Climate
Credit
Asia Private Credit
Asia Leveraged Credit
K-Series
–
Private
Wealth
Private Equity
Credit
Infrastructure
Real Estate
Lifecycle Of Our Products
Note: Excludes Global Atlantic and Liquid Strategies (Hedge Funds).
Early
Platform Formation
Developing
Product Buildout
Maturing
Building Scale
Scaled
Scale Benefits
64. 64
Private
Equity
Middle Market PE
Health Care Growth
Global Impact
Customized Portfolio Solutions
Technology Growth
Core PE
North America PE
Europe PE
Asia PE
Real
Assets
Core+ Real Estate Americas
Core+ Real Estate Europe
Core+ Real Estate Asia
Opportunistic RE Credit / CMBS
Stabilized RE Credit
Climate
Asia Infrastructure
Core Infrastructure
Opportunistic Europe RE
Opportunistic Asia RE
Mortgage REIT
Crescent Energy
Opportunistic Americas RE
Japanese REIT (KJRM)
Global Infrastructure
Credit
Asia Private Credit
Asia Leveraged Credit
High Yield
Junior Capital
Strategic Investments
Bank Loans
Asset-Based Finance
Global Direct Lending
CLOs
Public BDC
K-Series
–
Private
Wealth
Private Equity
Credit
Infrastructure
Real Estate
Lifecycle Of Our Products
Note: Excludes Global Atlantic and Liquid Strategies (Hedge Funds).
Early
Platform Formation
Developing
Product Buildout
Maturing
Building Scale
Scaled
Scale Benefits
50%+
of AUM is not yet scaled
80%+
of our strategies are not yet scaled
65. 65
Multiple paths to surpass $1 trillion
of AUM in the next 5 years
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and
assumptions and cautionary factors about forward-looking statements.
67. 67
Global Atlantic Assets Under Management Has Grown
Note: CAGR represents the rate from 2Q’20 Global Atlantic AUM of $73 billion to 4Q’23 Global Atlantic AUM inclusive of the Manulife transaction, which closed 1Q’24. See Appendix for additional important information.
Global Atlantic Assets Under Management
($ in billions)
$72
$98
$123
$139
$171
July 8, 2020 February 1, 2021 4Q'21 4Q'22 4Q'23
Inclusive of the
Manulife
reinsurance
transaction
+28%
CAGR
(at Announcement) (at Closing)
68. 68
Multiplier Effect: Scaling GA And Asset Management In Tandem
$17
$36
2018 - 2020
(Pre-Acquisition)
2021 - 2023
(Post-Acquisition)
$28
$122
1Q'20 4Q'23
Asset-Based Finance
Real Estate Credit
Direct Lending
KKR Helps Scale GA Originations…
($ in billions)
Average Annual Asset Originations(1)
…And GA Helps Scale KKR Existing Platforms
($ in billions)
KKR AUM of Asset Classes Well-Suited for Insurance Companies
2x
4x
Note: See Appendix endnotes for footnote references.
69. 69
Multiplier Effect: Economic Benefits Of Global Atlantic Within KKR
Third Party Management Fees (FRE)
Client capital formation opportunity
created around increased deal flow (e.g. ABF Fund)
Capital Markets Transaction Fees
Syndication of excess origination outside of
GA and third party vehicles
+
+
Insurance Operating
Earnings
+
Management Fees
from GA (FRE)
+
Increased earnings stability, visibility, scale and diversification
Growth in the Global Atlantic
asset base impacts…
increased origination in the broader
KKR ecosystem, helping fuel…
Management
Fees & Carry
+
direct
growth
in
Ivy
vehicle
growth
70. 70
But With 100% Ownership Of Global Atlantic Comes More Opportunity
Investing
Capital Markets
Distribution
Asia and Europe
71. 71
Strong conviction we can double
Global Atlantic AUM again
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and
assumptions and cautionary factors about forward-looking statements.
73. 73
An Observation: The Asset Management Industry
Note: Market capitalization as of April 5, 2024. Asset Managers inclusive of 3i Group, Affiliated Managers Group, AllianceBernstein, Amundi, Apollo, Ares, BlackRock, Blackstone, Blue Owl, Bridgepoint Group, Brookfield Asset Management, Brookfield Corporation, Carlyle, EQT Partners, Franklin
Resources, Invesco, Janus Henderson, KKR, Legal & General, Onex Corporation, Partners Group, T. Rowe Price, Tikehau Capital and TPG.
Market Capitalization
($ in billions)
$905
$874
Public Asset Managers Globally
74. 74
What Is Core PE?
Key Characteristics of a Core Private Equity Business
More Limited External Exposures
Lower Leverage Over Hold Period
More Limited Disruptors
Control
High-Quality Management
Long Duration
Cash Generative
Less Cyclical
Strategic Holdings will consist of KKR’s direct interest in our Core Private Equity strategy
75. 75
We Have Built An Attractive, Diversified Strategy
Note: See Appendix for endnotes for footnote references and important information about the core private equity strategy.
31%
25%
15%
13%
9%
8%
Industry Diversification(1)
Health Care
Infrastructure
Software
Financial Services
Consumer
Business Services
76. 76
Strong Growth In Our Core PE Businesses…
Note: Included companies treated as if they were owned for the entire year in which they were acquired. Figures represent KKR’s proportionate look-through ownership percentage multiplied by the revenue and EBITDA of each portfolio company, respectively, in the figures above. Non-USD
investments have been converted at the period-ending FX rate. See Appendix endnotes for footnote references.
($ in millions)
Revenue Growth EBITDA Growth
($ in millions)
$93
$256
$343
$454
$611
$678
$791
2017 2018 2019 2020 2021 2022 3Q'23 LTM
$285
$988
$1,375
$1,752
$2,227
$2,752
$3,257
2017 2018 2019 2020 2021 2022 3Q'23 LTM
~16% Annualized Like-for-Like Growth Since 2018(1)
~16% Annualized Like-for-Like Growth Since 2018(1)
77. 77
…Results In Highly Visible And Recurring Earnings
($ in millions)
Projected Strategic Holdings Operating Earnings(1)
$15
$300+
$600+
$1,000+
2023 2026E 2028E 2030E
Note: Past performance is no guarantee of future results. Projected Strategic Holdings Operating Earnings (presented above for 2026E, 2028E and 2030E) is based on assumptions relating to projected net dividends on core holdings. Projected net dividends on core holdings is an estimate based
on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnote references and important information regarding estimates and assumptions and cautionary factors about forward-looking statements. Projected Strategic
Holdings Operating Earnings is a non-GAAP measure. A reconciliation of the forecast for this measure to its corresponding GAAP measure has not been provided due to the unreasonable efforts it would take to provide such reconciliation. See Appendix endnotes for further information.
(1) Projected net dividends means dividends received and expected to be received (net of management fees paid to the Asset Management segment) from our participation in our existing and anticipated future businesses in the core private equity strategy.
78. 78
What Is This Segment Worth?
Source: Free Cash Flow Yield of S&P 500 from Bloomberg.
Note: Data as of April 5, 2024. Past performance is no guarantee of future results. Projected Strategic Holdings Operating Earnings is based on assumptions relating to projected net dividends on core holdings. Projected net dividends on core holdings is an estimate based on various assumptions,
and there is no guarantee that our expectations will be realized as presented. See Appendix for endnote references and important information regarding estimates and assumptions and cautionary factors about forward-looking statements. Strategic Holdings Operating Earnings is a non-
GAAP measure. A reconciliation of the forecast for this measure to its corresponding GAAP measure has not been provided due to the unreasonable efforts it would take to provide such reconciliation. See Appendix endnotes for further information.
(1) Projected net dividends means dividends received and expected to be received (net of management fees paid to the Asset Management segment) from our participation in our existing and anticipated future businesses in the core private equity strategy.
Year
Projected
Strategic Holdings
Operating Earnings(1)
($ in millions)
2026 $300+
2028 $600+
2030 $1,000+
Current S&P 500 (excluding financials) = 21.0x
Free Cash Flow
Yield of S&P 500
(Excl. Financials)
3.5%
3.5%
3.5%
Implied Equity Value At
Free Cash Flow Yield
Of S&P 500
($ in billions) ($ per KKR share)
$8.6 ~$10
$17.1 ~$20
$28.6 ~$30
Implied
EV / EBITDA
Multiple
10.4x
13.3x
16.4x
79. 79
Our Model – Three Growth Engines
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and
assumptions and cautionary factors about forward-looking statements.
$1+ billion annual
Operating Earnings
by 2030E
Multiple paths to
surpass $1 trillion
of AUM in the next
5 years
Asset Management Strategic Holdings
Strong conviction
we can double
Global Atlantic
AUM again
Insurance
80. 80
Our Model Gives Us Meaningful Long-Term Growth Visibility
$3.42
$15.00+
Adjusted Net Income Per Share
2023
Adjusted Net Income Per Share
10 Years or Less
On a path to $15.00+ of Adjusted Net Income per share,
with approximately 70% of pre-tax earnings more recurring in nature
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. Adjusted Net Income is a non-GAAP measure. Above per share
measures are based on Adjusted shares. See Appendix for further information and important information regarding estimates and assumptions and cautionary factors about forward-looking statements and GAAP reconciliations.
81. 81
Why Do We Have Such Confidence?
Note: The figures and statements above are forward-looking statements. These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and
assumptions and cautionary factors about forward-looking statements.
✓ Investing acumen
✓ Capital allocation
✓ Collaborative culture
✓ Growing alternatives industry
✓ Insurance
✓ Asia Pacific / Japan
✓ Infrastructure / Climate
✓ Private Credit / ABF
✓ Private Wealth
✓ Scaled Core Private Equity
strategy
✓ Recurring, quarterly dividends
with attractive growth
trajectory
✓ $1+ billion annually in
Operating Earnings by 2030E
✓ Leading insurance franchise
✓ Growth enhanced with 100%
ownership
✓ Strong conviction we can
double Global Atlantic AUM
from here
✓ Differentiated investment
performance
✓ Embedded growth from
investment in distribution and
products
✓ Multiple paths to surpass $1
trillion of AUM in the next 5
years
Leveraging our
core strengths
High-growth
industry with
leadership in key
markets
Strategic
Holdings
Insurance
Asset
Management
Purpose-built business model with three
growth engines to drive recurring earnings
With a highly aligned and motivated leadership team
83. 83
Key Takeaways
We have the longest-tenured private equity franchise
Private equity continues to be a growth business for KKR
• Continued scaling across all PE strategies
• Successful expansion into adjacencies
We have industry leading performance driven by
• Operational value creation
• Portfolio optimization
• Connectivity across strategies and within the firm
84. 84
Global Private Equity Snapshot
Assets Under
Management
Current
Investments
Private Equity
Gross IRR ITD
PE Portfolio
Company
Employees
$176bn 230+ 26% 850k+
Offices
17 Offices
>275 Investment Professionals
48 Years of Private Equity Investing
Aggregate
Capital
Invested
>$140bn
Note: Past performance is no guarantee of future results. See Appendix for endnotes for references and important information.
85. 85
($ in billions)
Private Equity – Assets Under Management Profile
$81
$113
$176
March 31, 2018
July 2018 Investor Day
December 31, 2020
April 2021 Investor Day
December 31, 2023
Traditional PE
Core PE
Growth
>100%
Assets Under Management
86. 86
$15
$7
$10
Americas Europe Asia
($ in billions)
$30bn+ of dry powder globally
Traditional Private Equity
Investment Performance
Dry Powder
Strategy At A Glance
48 Year operating history
$120bn+ Fund capital deployed
26% Gross IRR
~200 Investment professionals
17 Offices globally
$124bn AUM
Note: Dry powder capital reflects only traditional private equity funds. Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and important information.
Gross IRR Inception-to-Date For Select Mature Flagship Funds(1)
AUM Scaling
($ in billions)
$75
$92
$130
$115
$124
2019 2020 2021 2022 2023
Americas
Asia
Europe
Other 25% 24%
29%
Americas XII
(2017)
Europe Fund IV
(2015)
Asia Fund III
(2017)
87. 87
Core Private Equity
$35bn AUM
$8bn Balance Sheet commitment
18% Gross IRR
$11
$14
$32
$34 $35
2019 2020 2021 2022 2023
Note: Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and important information.
($ in billions)
$93
$256
$343
$454
$611
$678
$791
2017 2018 2019 2020 2021 2022 3Q'23 LTM
~16% Annualized Like-for-Like Growth Since 2018(2)
EBITDA Growth(1)
Core I
Other Core
Core II
AUM Scaling
Strategy At A Glance
($ in millions)
Utilizes same investment team
19 Underlying investments
16 Annualized Like-for-Like Growth(2)
88. 88
$6
$8
$12
$16
$18
2019 2020 2021 2022 2023
$3 $3
$2
NGT HCSG Global Impact
Growth Equity
Gross IRR Inception-to-Date
($ in billions)
$8bn of dry powder globally
+200%
Note: Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and important information.
($ in billions)
Dry Powder
Investment Performance
NGT
HCSG
Global Impact
22%
20%
25%
Next Gen Tech II HCSG I Global Impact I
AUM, 3x growth in the last five years
$18bn
Investments in Health Care Strategic Growth (HCSG) strategy
29
Revenue Growth Since Initial Investments (NGT II)
2.6x
Average EBITDA CAGR (Global Impact strategy)(1)
16%
AUM Scaling
Strategy At A Glance
90. 90
Recipe For Success
Grow
Perform
Integrate
Over 5 decades
we have
developed a
strategy that
positions us for
consistent &
repeatable
results
Further Scale Flagship
Strategies
Hit Inflection Points For
Newer Strategies
Retain More Of
What We Do
Maintain Strong
Track Record
Make Good
Companies Great
Leverage
Global Platform
Contribute to Firm
Initiatives
Collaborate Across
Investment Strategies
2
3
1
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
91. 91
$48
$94
2015 2023
Scaling Flagship Private Equity
• High profitability
• High operating leverage
• Consistent P&L driver with significant carry on the
come
• Continued scaling opportunity
• Excited for upcoming fundraising super cycle
Americas
Asia
Europe
2x
($ in billions)
Flagship Private Equity AUM Over Time(1) Commentary
$18 $41
Aggregate Flagship PE Fund Size
Note: Past performance is no guarantee of future results.
(1) Assets Under Management does not include other traditional private equity or additional non-flagship strategies.
92. 92
Scaling Newer Strategies
Assets Under Management Scaling Over Time
• Significant incremental AUM
• Highly synergistic with more
mature business lines
• Significant TAM expansion
• Leverage existing KKR global
resources
• Rapid vintage-over-vintage scaling
early in strategy life
Commentary
Today, we are managing $60 billion of capital from 7 strategies that did not exist in 2015
$17
$60
2015 2019 2023
Core
HCSG
NGT
Global Impact
Ascendant
K-Series – PE
Continuation Vehicle
($ in billions)
93. 93
$1.2
$2.7
Fund I Fund II
$1.3
$3.8
Fund I Fund II
$3.0
Middle Market
$0.7
$2.1
$2.7
Fund I Fund II Fund III
4x
3x
2x
Scaling Newer Strategies (cont’d)
Successor vintages typically scale meaningfully versus inaugural funds.
Newer strategies begun in the mid-2010s now approaching inflection points
Note: There is no certainty that KKR will raise capital as contemplated for all of the listed strategies. These figures are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding
estimates and assumptions and cautionary factors about forward-looking statements. There can be no guarantee that these growth rates will continue.
Next Generation Technology Health Care Strategic Growth Global Impact
($ in billions)
Has not yet held
final close
Ascendant
94. 94
Earning More From What We Already Do
Ascendant
K-Series
Core PE
Continuation
Vehicles
…What We Have Created
AMPE
Everything we do
AMPE, EUPE,
Asia PE
Everything we do
Complementary Business Line
What We Are Looking For…
• Large TAM
• KKR right to win
• Synergies across deal sourcing
• Synergies across value creation
In addition to launching new investment strategies (e.g. Next Generation Technology, Global Impact, Health Care Strategic Growth), we
have developed new ways to generate synergistic economies of scale from what we are already doing within our existing strategies
✔
✔
✔
✔
95. 95
Finding Good Businesses That We Can Make Great
How We Drive Value Creation
Operational
Improvements
Unlocking New
Growth Vectors
Market Consolidation
/ M&A
Strategic
Repositioning
Top-Grading
Talent
Fundamental
Quality
Economic Moats
Mission Critical
Products / Services
Differentiated
Value Proposition
Winning Culture
Growing
Markets
What We Look For in Portfolio Companies
96. 96
Our Value Creation Plans Are Supported By Differentiated Resources
PUBLIC POLICY &
SUSTAINABILITY
42 Professionals
KKR GLOBAL INSTITUTE
3 Professionals
KKR ADVISORS
78 Professionals
CAPSTONE
93 Professionals
KKR CAPITAL MARKETS
67 Professionals
GLOBAL MACRO ASSET
ALLOCATION
42 Professionals
GLOBAL CLIENT
SOLUTIONS
282 Professionals
600+ executives or 2:1 ratio of supporting colleagues to Global PE investment professionals
Recent Introduction of a Human
Capital Center of Excellence
97. 97
The Proof Is In The Pudding
$2.3bn
Cumulative Capital Returned to
NAXI LPs
10x
Gross Realized MOIC for
NAXI LPs
$3.5bn
Cumulative Capital Returned to
NAXI LPs
7x
Gross Realized MOIC for
NAXI LPs
$260mm
Cumulative Capital Returned to
NGT I LPs to date
6x
Gross Realized MOIC for
NGT I LPs
$2.7bn
Cumulative Capital Returned to
Asia III LPs to date
10x
Gross Realized MOIC for
Asia III LPs
Note: Past performance is no guarantee of future results. See Appendix for important information.
98. 98
Approach To Linear Deployment – Americas Flagship PE Case Study
With a focus on linear pacing, we lean‐in
when others are on the sidelines and
maintain discipline when markets are
climbing
0%
25%
50%
75%
100%
0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60
%
Fund
Deployment
Months Since First Deal
NAXI
Americas XII
NAXIII
64%
We Remain Focused on a Consistent Deployment Pace
99. 99
Acute Focus On Returning Capital
2x
Amount that distributions
exceeded contributions over the last seven years
1:1
Deployment-to-distribution in 2023
(approx. one dollar returned for every dollar deployed)
Our ability to monetize has been driven by the continuing strong performance of the portfolio, facilitated by our significant operational
engagement
Note: Past performance is no guarantee of future results.
$1
$4
$2 $2
$4
$6
$3
$7 $6
$3
$5
$10
$10
$3
2017 2018 2019 2020 2021 2022 2023
Capital Contributed from LPs Capital Returned to LPs
Americas Flagship Private Equity
100. 100
27%
24%
18%
27%
22%
6%
12%
19%
16%
24%
5%
24%
31%
20%
25%
29%
18%
14%
25%
22%
Legacy NA 7 NA 8 EU 1 NA 9 EU 2 NA 10 Asia 1 EU 3 NA 11 Asia 2 EU 4 NGT 1 HCSG 1 NA 12 Asia 3 Core 1 EU 5 Impact
1
NGT 2
48
Years Of Experience
Five Decades Of Private Equity Leadership And Performance
GIF 1
GFC
Dot Com Latest Fully Deployed Vintage
70s/80s 90s Post-GFC
26%
Historical Gross IRR
1,400bps
Outperformance vs. S&P
22/25
Funds’ IRR > S&P
0/25
Funds Lost Money
26%
12%
KKR Avg.
S&P 500
Avg.
Note: Past performance is no guarantee of future results. See Appendix for endnotes for references and important information.
Gross IRR Inception-to-Date
101. 101
Collaboration Within Private Equity
Collaboration Across AMPE Verticals Collaboration Across The Broader PE Platform
+
+
+
+
+
Aided by global integration across teams and regions
Americas
Flagship
PE
+
Core
Americas
Flagship
PE
Americas
Flagship
PE
NGT
European
PE
Ascendant
Asia PE
CPS
+
+
+
+
Americas
Flagship
PE
Interconnected teams work together to create differentiated investment opportunities and the application of value-added insights
102. 102
Significant Collaboration Across Strategic Efforts And Non-PE Strategies
Collaboration Across Global KKR Strategies
Asia Infra +
Americas
PE
Multi-year collaborative effort across KKR’s
infrastructure strategy and health care
strategy globally to acquire a leading pure
play CDMO for pharmaceuticals in Japan
Americas
PE
Credit +
Preferred equity investment by our
Strategics Investment Group, where the
investment benefits from the KKR
Ecosystem and Private Equity’s expertise
in the media sector
Infra /
Real
Estate
Core PE
+
Joint investment opportunity between 3
KKR strategies: Infrastructure, Core PE,
and Real Estate to acquire the third largest
global data center infrastructure provider
Asia PE
KJRM +
KJRM, KKR’s wholly owned Japan real
estate asset manager, acquired 32 logistics
warehouse properties from Logisteed, an
Asia PE investment
Interconnected teams work together to create unique investment
opportunities and the application of value-added insights
Contributions To Strategic Efforts
Core Private Equity
Debt Capital Markets
Equity Capital Markets
K-PRIME and K-PEC
Private
Wealth
KKR Capital
Markets
Strategic
Holdings
Global PE has made critical contributions to some of the
Firm’s most notable strategic initiatives in recent years
103. 103
“Best Practice Sharing” Example In Broad-Based Employee Ownership
AMPE Industrials Global PE and Beyond
All Other AMPE
Fully Realized Investments With Broad-Based Employee Ownership Programs
More to Come
104. 104
Case Study – Ingersoll Rand
What We Inherited What We Did
Employee
Engagement
EBITDA
Expansion
Returns
Wealth
Creation
Quit Rate
Employees
Investors
20th percentile
86 of 6,000 workers had ownership
90th percentile
20% quit rate <3% quit rate
$750mm of total wealth creation
across all 16,000 non-mgmt. employees
15% EBITDA margin
Underperformance
as a public company
4.2x gross MOIC
1,100bps of EBITDA margin
expansion
Note: Data shown from entry (July 2013) to exit (August 2021). Past performance is no guarantee of future results.
105. 105
Scaling Ownership Efforts Across KKR Private Equity
Note: Past performance is no guarantee of future results. See Appendix endnotes for footnote references. In reference to “Where We’re Going”, these figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as
presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
Where We’re Going
Where We’ve Been Where We Are
$1.5bn+
In payouts to non-senior
management employees
9
Fully realized investments(2)
32k+
Non-senior management
participants
$6bn+
Total past and expected payouts to
non-senior management employees(1)
35
Active programs(3)
80k+
Non-senior management
participants
$9bn+
Total past and expected payouts to non-
senior management employees(1)
~20
Expected program launches in
the medium term(4)
170k+
Non-senior management
participants
AMPE Global PE and Beyond
AMPE + Exploration of Global PE
106. 106
Global Private Equity
Historical Assets Under Management Growth Recipe for Success
($ in billions)
Grow
Perform
Integrate
Scale both new and existing strategies
Continue our strong track record
Leverage our global business
$81
$113
$176
March 31, 2018
July 2018 Investor Day
December 31, 2020
April 2021 Investor Day
December 31, 2023
Growth Equity
Core Private Equity
Traditional Private Equity
Note: Past performance is no guarantee of future results.
109. 109
Key Takeaways
Leading insurance franchise
Successful KKR-GA track record enhanced under 100% ownership
Compelling market fundamentals
Multiple ways to grow
We have strong conviction Global Atlantic can double from here. Strong
asset and earnings growth opportunity driven by
1
3
4
2
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
110. 110
Overview Of Global Atlantic
Leading insurance company with a 20-year track record of serving the retirement & life insurance needs of individuals & institutions
• Founded at Goldman Sachs in 2004 and separated as an independent company in 2013
• In February 2021, initially acquired by KKR as a majority owned subsidiary
• In January 2024, KKR acquired the remaining stake in Global Atlantic, increasing ownership to 100%
• Since the announcement of KKR’s original acquisition in July 2020, Global Atlantic AUM has more than doubled(1)
Performance Highlights
Scaled &
Diversified
Business
$171bn
Assets Under
Management(1)
Leader in
Target
Markets(2)
Top 5 Fixed Annuities
Top 3 Block & Flow Reinsurer
Top 3 Preneed Insurance
Leading
Returns &
Growth
25%+ AUM CAGR
$1.3bn 2023 Insurance
Operating Earnings
Strong
Financial
Profile
High Ratings
A2 / A- / A / A(3)
Leading Risk &
Investment
Capabilities
Benefit of Strategic
Partnership with KKR
1
Note: AUM CAGR represents the rate from 2Q’20 Global Atlantic AUM of $73 billion to 4Q’23 Global Atlantic AUM inclusive of the Manulife transaction, and 1Q’21 is shown on a quarterized basis. Insurance operating earnings is shown pre-tax and assumes 100% constant ownership for 2023. See
Appendix for endnotes for footnote references and important information regarding these performance highlights.
111. 111
Two Complementary Channels
Individual Markets Institutional Markets
Key Distribution Partners Recent Clients
One of the Top 5
Largest U.S. Banks
Fixed & Indexed Annuities
Preneed Insurance
Annuity and
Life Insurance Products
for Individuals
Reinsurance for
Insurance Companies
Block
Funding Agreements
Flow
Pension Risk Transfer (PRT)
Top 3 ~25 $32.1 billion 56%(4)
Life & Annuity
Block Reinsurer(1)
Reinsurance
Clients
FY 2023 New
Business
Volume(3)
Global Atlantic
Reserves
Top 5 210+ $11.4 billion 44%
Fixed Annuity
Carrier(1)
Distribution
Partners(2)
FY 2023 New
Business Volumes
Global Atlantic
Reserves
1
Note: Includes select distribution partners and recent reinsurance transaction clients. See Appendix for endnotes for footnote references and important information regarding these performance highlights.
112. 112
Robust risk management and asset liability matching principles driving business decisions
Straightforward Business Model
Generate an investment yield
exceeding liability costs while
remaining committed to meeting GA
policyholder obligations
Earn a spread between asset
yield and cost of liability
3
Originate
predictable, low-cost liabilities
1
Serve GA clients with a range of
tailored solutions to address
financial security needs, while
remaining focused on fixed and
predictable liabilities
Utilize KKR’s investment capabilities
to source high-quality, resilient
assets that we believe perform
consistently across market cycles
Match liability cash flows
with high-quality assets
2
1
Global Atlantic seeks to apply a uniform approach to driving returns across business lines
113. 113
Investment Collaboration Capital Raising Resources International
KKR has helped GA execute cross-border deals in Asia
$17
$36
2018-2020 2021-2023
Global Atlantic
prior to KKR
Global Atlantic
with KKR
5
Capital Markets &
Fundraising Professionals
>340
Capital Markets &
Fundraising Professionals(2)
~$1 billion
New Capital Raised
(2018 – 2020)
Cultural Alignment
Successful KKR-GA Track Record
2
$3
$36
1Q'20 4Q'23
KKR Real Estate Credit AUM
10x
$6
$48
1Q'20 4Q'23
KKR Asset-Based Finance AUM
8x
Total GA Reinsurance Volumes in Asia
Japan
Singapore
Hong Kong
($ in billions)
“Japan Post Insurance, KKR
and Global Atlantic to Form
Strategic Partnership”
Completed Cross-Border
Reinsurance
(4)
Note: See Appendix endnotes for footnote references.
$4+ billion
Capital raised across Global
Atlantic, Ivy and co-invest
vehicles(3)
Average Annual Asset Originations
($ in billions)
2x
$0
$9
1Q'20 2021-2023
($ in billions)
($ in billions)
(1)
114. 114
• Align KKR investing businesses, capital markets distribution, and balance sheet capacity within GA to drive
origination and investment outcomes
Investment
Collaboration
• Support growth across Individual & Institutional Markets businesses and provide attractive third party
economics on third party capital raised through sidecar vehicles
Fundraising
Insurance as
an Asset Class
• Expand GA offerings through new product development; educate GA wholesalers on KKR products; explore
additional synergies across KKR & GA teams
Wealth Products &
Distribution
• Develop and expand KKR-GA business in Asia and potential European opportunities
International
Successful KKR-GA Track Record Enhanced Under 100% Ownership
2
Expect positive impact on KKR’s earnings through increased stability, visibility, scale and diversification
Paths to Unlocking More Value in 2024+
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
115. 115
Supportive Tailwinds
Benefiting GA
Target Markets
Increased Demand
for U.S. Fixed Annuities
Since 2020
Public Insurance Companies
Are Motivated to Return
Capital to Shareholders
Significant Private Capital
Contribution to Industry
Since 2018
Increased Demand
for Reinsurance Solutions
Beginning in 2020
Compelling Market Fundamentals
3
$120bn
Fixed Annuity
Market
(2020)
$287bn
Fixed Annuity
Market
(2023)
2x+
37
40
48
56
66
74
12%
13%
15%
17%
19%
21%
2005 2010 2015 2020 2025 2030
65+ Population (mm)
% of Total Population
55% 31%
Americans who
believe they are behind
on retirement savings
Retirement assets in
Defined Benefit plans
(down from 65% in 1978)
0.92x
5 Year Average
Price to Book Value
$340+ billion
Reserves reinsured in the US
64% of the ~$4 trillion of
reserves for U.S. life and
annuity insurers sit with the
top 20 L&A participants
2020 2023
~$26 billion
Private Capital
Raised in the U.S. Life
Insurance Industry
4
22
Industry
Private
Capital
Raised
GA Private
Capital
Raised
2012 2014 2016 2018 2020 2022
Cumulative Market Cap Returned (%) - Share
Repurchases
Cumulative Market Cap Returned (%) - Dividends
83%
Note: See Appendix endnotes for sources.
116. 116
Global Atlantic Has Multiple Ways To Grow
$72bn
$98bn
$171bn
KKR
Announcement
(July 8, 2020)
KKR
Closing
(Feb 1, 2021)
KKR
Closing
(Jan 2, 2024)
• U.S. Life & Annuity Blocks
• Fixed Annuities, Fixed Indexed Annuities
• Bank & Broker Dealer Channel
• Preneed Insurance
• Flow Reinsurance
• Pension Risk Transfer (PRT) Reinsurance
Maintain Top 3 or 5 in
Franchise Businesses
Invest in Emerging
Opportunities
• Independent Channel
• Registered Indexed Linked Annuities
• Direct PRT
• Funding Agreement Backed Notes
Improve Positioning in
Maturing Businesses
• International Life & Annuity Blocks
• International Flow Re
• GA-KKR Wealth Product & Distribution
• Retirement group annuity products
Fundraising: Insurance as an Asset Class
~$350bn
4
(2)
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for footnote references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements
Global Atlantic has a clear path to doubling assets Doubling GA AUM
(1)
c
a
b
d
117. 117
2020 2021 2022 2023
Retail
Annuity
& Life
Flow
Funding
Agreements
Block
PRT
$16
$21
$23
$10
2020 2021 2022 2023
Avg. Block Volume:
$15 billion(1)
$17
$15
$6
$21
Maintain Or Improve Positioning Across Franchise & Maturing Businesses
Organically Generated Volumes
32%
CAGR
Block Volumes
4
Note: See Appendix endnotes for footnote references.
Organic products are growing, while the block backdrop is strong
($ in billions)
($ in billions)
(1)
4
118. 118
Invest In Emerging Opportunities – Asia Pacific
Significant opportunity for GA
to become a Top 3 L&A
Reinsurer in Asia
✓ Global client relationships
✓ Insurance ALM & capital strategy
✓ Risk & capital management
✓ Efficient asset structuring for insurance balance sheets
✓ Successful “playbook”
✓ Well-established presence since 2005 (570+ employees across
Asia)
✓ Local client engagement
✓ Local regulatory access
✓ Origination of assets in local markets (focus on Real Estate &
Credit)
Risk & Capital Solution Provider Asset Origination / Management
$4.8 billion Block
Traditional Life
3Q’21
$10 billion Block(1)
Traditional Life & Other
1Q’24
Strategic
Partnership
2Q’23
Largest
Asia-Focused
Infrastructure
Fund
Largest
Asia-Focused
Private Equity
Fund
3rd Largest J-REIT
Manager
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for footnote references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements.
Accelerate opportunity to become an integral part of the Asian insurance market across risk, capital and asset management
4
119. 119
Invest In Emerging Opportunities – Japan
Size of
L&A Reserves
Growing Demand for
Retirement/Savings Products
Depressed Valuations Driving Need
for Risk and Capital Management
Similar markets and products create opportunity for GA and KKR to be a solutions provider via asset management and reinsurance
~$4 trillion
Addressable market
Aging population
(~17% of population over 65)
Life company ROEs (8-14%)
Low public valuations (0.6-1.0x P/BV)
Shareholders seeking return of capital
Shift to “capital light” business model
~$3 trillion
Addressable market
Already aged population
(~30% of population over 65)
Low ROEs (3-10%)
Low public valuations (0.4-0.9x P/BV)
Upcoming regulatory capital changes
Macroeconomic
Headwinds
Sustained low rate environment & limited local asset origination
Multi-decade declining rates
2000 2010 2020
~4.2%
10yr UST
2000 2010 2020
~0.7%
10yr JGB
Insurance Landscape – Parallels Between the U.S. and Japan
United States Japan
4c
Note: See Appendix endnotes for sources.
4
120. 120
Global Atlantic
Sources & Underwrites Liabilities
Co-Investment Vehicles Provide
Capital & Share in Future Economics
Enhances Capital Efficiency &
Allows GA to Serve More Clients
• Strong track record, specialized execution capabilities, and
strategic client & regulatory relationships
• Liabilities are underwritten to GA’s risk / return standards
• Invests alongside GA’s balance sheet in qualifying
transactions, reducing the capital burden for GA
• ~75% of recent block reinsurance transactions required
capital has been funded from third parties
Fundraising: Insurance As An Asset Class
Global Atlantic is the Sponsor of third party co-invest vehicles, which invest capital alongside Global Atlantic in qualifying reinsurance transactions
Supports GA’s ability to serve
institutional clients and further
diversifies capital sources
Investors receive uncorrelated,
high risk-adjusted returns
Increases FPAUM and carry-eligible
AUM for GA and KKR
Opportunity for
additional capital vehicles
3
1 2
4d
$1bn
2020
$2.4bn
2023
Illustrative benefits of third party sidecar vehicles
4
121. 121
Global Atlantic & KKR Opportunity Set
Leading Insurance Franchise
• Built around two complementary businesses
• Straightforward business model
Successful KKR-GA Track Record Enhanced Under 100% Ownership
• Partnership has exceeded expectations from growth, financial performance, cultural alignment perspective
• Expect to unlock more value for more clients, policyholders and public and third party investors
Compelling Fundamentals
• U.S. & Asia
Multiple Ways to Grow
Strong Asset + Earnings Growth Opportunity
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
1
2
3
4
123. 123
Scaled and Diversified Global Platform with Sustained Growth
• Across public, private, corporate and asset-backed capital structures
Delivering Differentiated Origination and Distinguished Outcomes
• Leveraging our large capital base, One Firm model and leading capital markets
capabilities
Now is the Opportunity for Credit
• Both for our clients and KKR
KKR Credit is Positioned to Win
• Significant growth from expansion of complementary strategies with specific
first mover advantages coupled with mature strategies compounding at higher
rates
Key Takeaways
124. 124
Leveraged Credit Private Credit Strategic Investments Capital Markets
$1.6T CUMULATIVE DEBT &
EQUITY FINANCING
$9bn ASSETS UNDER
MANAGEMENT
$86bn ASSETS UNDER
MANAGEMENT
$123bn ASSETS UNDER
MANAGEMENT
Leveraged Loans
High Yield Bonds
Multi-Asset Credit
Structured Credit
Direct Lending
Junior Debt
Asset-Based Finance
Capital Solutions
Opportunistic
Cross Asset Class
Debt Capital Markets
Equity Capital Markets
Structured Capital Markets
Co-Invest & Partnerships
1,000+ Individual Issuers(2)
~400 ~100 Individual Issuers(2)
Individual Issuers(2)
~230(1)
Credit Assets Under Management
$219bn PROFESSIONALS ACROSS 11 CITIES IN 9 COUNTRIES
1,950+
Capital Markets Transactions Closed
~1,100 Individual Issuers(2)
~600 Individual Issuers(2)
~150 Individual Issuers(2)
CLOs, Global Atlantic,
Opportunistic, Structured Credit
Drawdown Funds, SMAs, BDC, K-Series,
Global Atlantic, Evergreen
Drawdown Funds, SMAs, Customized
Hybrid Solutions
Note: See Appendix endnotes for footnote references.
KKR Credit & Markets Business Overview
125. 125
$59
$164
$219
March 31, 2018
July 2018 Investor Day
December 31, 2020
April 2021 Investor Day
December 31, 2023
Over the last 5 years our Credit AUM has grown by nearly 250% as younger strategies have matured,
increasing the impact on firm revenues
($ in billions)
3.7x
Large Capital Base Has Meaningfully Scaled In Recent Years
(1) (2)
Note: Growth of KKR Credit AUM includes impact of Global Atlantic acquisition.
(1) Includes the joint venture formed with FS Investments, which closed in 2Q’18.
(2) Includes the acquisition of Global Atlantic which closed in 1Q’21.
126. 126
NEW ISSUANCES INVESTED
IN LAST 2 YEARS
~800
Our culture of collaboration enables us to bring all of KKR to our integrated origination engine(1)
PRIVATE CREDIT INVESTMENTS
SCREENED OR BROUGHT TO IC
SINCE 2018
~2,500
~3,000
LEVERAGED CREDIT
INVESTMENTS BROUGHT TO
INVESTMENT COMMITTEE (“IC”)
SINCE 2013
$1.6+ trillion
DEBT & EQUITY RAISED
CUMULATIVELY
76
SUB-INDUSTRIES
REPRESENTED
40%
KKR CREDIT
OF TOTAL KKR AUM
Note: See Appendix endnotes for footnote references.
TOTAL DEPLOYMENT IN
Leveraged Credit
~$100bn
AVG. PER YEAR
$25bn
TOTAL CAPITAL INVESTED
Direct Lending
$33bn
$8bn
AVG. PER YEAR
TOTAL CAPITAL INVESTED
Asset-Based Finance
$43bn
$11bn
AVG. PER YEAR
TOTAL CAPITAL INVESTED
Strategic Investments
$8bn
$2bn
AVG. PER YEAR
TOTAL ORIGINATION
Global Atlantic Credit
~$81bn
$27bn
AVG. PER YEAR
SINCE INITIAL ACQUISITION
IN FEBRUARY 2021
2020 - 2023
~1,900
ISSUERS ACROSS GLOBAL PLATFORM
~15K
CREDIT INVESTMENTS EVALUATED SINCE 2012
~$445bn
TOTAL ORIGINATION ACROSS ALTERNATIVE
CREDIT & KCM THIRD PARTY 2020-2023(2)
We Are In The Market All Day, Everyday…
127. 127
Leveraged
Credit
57%
Direct Lending
16%
Asset-Based
Finance
22%
Strategic
Investments
4%
Asia Private Credit
1%
Total Credit AUM by Investment Strategy Total Credit AUM by Source of Capital
CLOs
12%
BDC
7%
Drawdown Funds
6%
SMAs / Strategic
Partnerships
17%
Private Wealth
1%
Global Atlantic:
Liquid Credit
36%
Global Atlantic:
Direct Lending
4%
Global Atlantic: ABF
17%
Diversified Global Platform
Representing 650+ Clients, 150+ Vehicles and 47 Countries
128. 128
Team of 42
Macro observations assist in investment theme
development and deal underwriting
Global Macro &
Asset Allocation
Team of 277
Industry adjacencies provide
sourcing, underwriting
and execution advantages
KKR Private Equity KKR Senior Advisors
KKR Capstone
Public Policy &
Sustainability
KKR Capital Markets
Team of 67
Originates (re)financings and
provides structuring expertise
Over 100 advisors
Deep industry / sector-specific
expertise and relationships
Team of 93
Dedicated to creating value by
driving operational improvements
at KKR portfolio companies
Team of 42
Understand and leverage business relevant
policy, geopolitical and sustainability trends
Credit
We Use All Of KKR To Drive Business Performance
Our culture of collaboration and access to differentiated Firm resources enhances our investment toolkit
Allows us to maximize the impact of our model
129. 129
Ranked #1
Opportunistic
Credit Since Inception
Top Manager
All Fixed-Income
Managers Globally(1)
Top Quartile 1, 3,
5, 10 & 15 Years
Leveraged Credit
Composites
Ranked #1
10Y Peer Quartile
ITD Peer Quartile
for 12+ and 15+ Years
Lowest Default
Rate
Top 10 CLO Managers
Top 5th
Percentile
Multi-Asset Credit
-10%
40%
90%
140%
190%
240%
May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23
Opportunistic Credit Excess Return
-5%
5%
15%
25%
35%
45%
55%
May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23
Bank Loan Excess High Yield Excess Multi-Asset Credit Excess
Opportunistic Credit Strategy Has Generated >24,000bps of Cumulative Outperformance ITD(2)
In 2023, it returned +21.2%,
+780bps of outperformance relative
to its respective benchmark
Leveraged Credit Strategies Have Consistently Outperformed by >1,000bps ITD(3)
Leveraged Credit – Two Decades Of Top Consistent Performance
Note: Past performance is no guarantee of future results. See Appendix for endnotes for footnotes references and important information.
(2) Strategy composite includes all fixed income composites with return information available for the inception-to-date time period with >$100 million in assets under management. Benchmark for the Opportunistic Credit Composite is 50% LSTA/50% BAML HY.
(3) Strategy composite includes Multi-Asset Credit, Bank Loan, High Yield and Opportunistic Credit. Benchmark for Bank Loans is Morningstar LSTA Loan Index, Benchmark for HY is BofA Merrill Lynch High Yield, Multi-Asset Credit Composite’s benchmark is 50% LSTA/50% BAML HY, and for
periods prior to June 2022, 65% LSTA/35% BAML HY.
130. 130
Gross IRR Inception-to-Date
Across Select Drawdown Funds
16%
15%
18%
15%
11%
7% 7%
6%
13%
5%
Europe Direct Lending II Fund Direct Lending Partners Fund III Asia Credit Opportunities Fund Asset-Based Finance Partners Dislocation Opportunities Fund
Strategic Investments
Private Credit
Note: Past performance is no guarantee of future results. See Appendix for endnotes for benchmark details and important information.
Strong Performance Across Alternative Credit
Represents benchmark
131. 131
($60,000)
($40,000)
($20,000)
$0
$20,000
$40,000
$60,000
High Yield Bonds Leveraged Loans
Market Tailwinds Favor Increased Allocations To Credit
Note: Historic market trends are not a reliable indicator of actual future market behavior or future performance. The statements and figures on this page relating to the impact of these market tailwinds are forward-looking statements. Our investment themes and strategies may incorporate
these assumptions and expectations relating to these market tailwinds, but there is no guarantee they will be successful. See Appendix for endnotes for footnote references and important information regarding estimates and assumptions and cautionary factors about forward-looking
statements. Asia is defined as all Asia and Australasia.
Market Outflows Have Become Inflows(1)
U.S. Commercial Banks Continue to Decline(2)
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2000 2023
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2006 2022
Contributing to structural changes across the
global lending markets, fueling ABF’s growth
Resulting in new issuance and capital solutions
activity across public and private credit markets
Pent Up Demand Will Lead to M&A(3) APAC Bank Market Share Remains High(4)
80%
54%
33%
21%
46%
67%
Asia Europe US
Bank Credit Non-Bank Credit
With many healthy issuers in need of flexible capital
# U.S. Banks
Flows
($ in millions)
Dry Powder
($ in billions)
1 Elevated Rates for Longer
and attractive credit fundamentals
4 Developing Asia Pacific Capital
Markets
representing ~60% Global GDP
Growth(4)
3 Record Levels of PE Dry Powder
Globally
alongside an Elevated Maturity Wall
2 On-going Bank Deleveraging
and Pullback of Non-Core Lending
132. 132
The extension of credit has existed since the dawn of
civilization, evolving since year 3,000 B.C. and will continue to
do so as a critical backbone of the global economy
High Grade ABF
High Yield
Leveraged Loans
CLOs
Direct Lending
Capital Solutions
Structured Credit
Asset-Based Finance
Multi-Asset
Credit
Investment
Grade
~$40T
Global Credit
Total Addressable Market
Opportunity and Growing
Despite Our Scale Today, There Is Still So Much Untapped Potential
Credit is a fundamental component of the global economy and demand for
credit across the risk spectrum is vast
✔
The total addressable market continues to grow amidst the market’s structural
evolution, as recently evidenced with both Direct Lending and ABF
✔
Today, investors have more ways to access credit & insurance products than ever
before through diversified and expanding channels and innovative structures
✔
Resulting in increased portfolio allocations to credit at a higher rate than we
have seen in the last decade
✔
Note: See Appendix for endnotes for source references and additional important information.
133. 133
Growth drivers + using the whole KKR brain = positioned to win
✓ Accessible vehicles across
risk-return spectrum
✓ Owner of 19 origination
platforms
✓ Demand for credit outstrips
supply across APAC
✓ ~20 year KKR history in APAC
✓ Growth enhanced with
100% ownership
✓ Origination and capital
markets synergies
✓ Increased FPAUM and
management fees across
multiple KKR inv. vehicles
✓ Younger funds evolving
from Fund I, to Fund II to
Fund III…
✓ Economies of scale
✓ We have the right team
✓ Institutional: dedicated
credit salesforce
✓ Private Wealth: innovative
products with K-Series
✓ More prospect meetings
than ever before
Continued growth in
scaled strategies &
maturing vintages
Insurance
as an asset class
Capitalize on early
mover advantage in
ABF and Asia Credit
Investment in our
distribution model
Our Recipe For Success
Note: These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements.
134. 134
$0
$3
4Q'20 4Q'23
$7
$48
4Q'20 4Q'23
$8
$10
4Q'20 4Q'23
$20
$38
4Q'20 4Q'23
$43
$123
4Q'20 4Q'23
Asia Private Credit
3x
2x
Note: There is no certainty that KKR will raise capital as contemplated for all of the listed strategies. These figures are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding
estimates and assumptions and cautionary factors about forward-looking statements. There can be no guarantee that these growth rates will continue.
(1) 4Q’23 direct lending of $38 billion is inclusive of $3 billion Asia private credit.
Leveraged Credit Direct Lending(1)
Assets Under Management
($ in billions)
Maturing Strategies Newer Strategies
14%
Strategic Investments
7x
Asset-Based Finance
∞
We Think The Best Is Yet To Come…
135. 135
Insurance Segment
Operating Earnings
Increases GA Origination …
…Growth from Third Party Capital
Flagship
Funds
Performance Income
Capital Markets Fees
(Economic Multiplier: GA and Third Party)
Fee Related Earnings
(Economic Multiplier: GA and Third Party)
All of the ingredients to continue to scale our expertise and global, diversified platform
K-Series FSK SMAs
Multiplies origination
opportunities up and down
the capital structure
Global Atlantic Is An Economic Multiplier
Increased origination and scale across the platform unlocks incremental opportunities
136. 136
Aircraft Leasing Auto Lending
Residential Mortgage
Insurance Financing
Equipment Leases
Rail Cars
Asset-Based Finance Touches Our Daily Lives, Globally
Highlights
Globally Diversified Attractive Income Downside Protection
✔ $48 billion of AUM
Home Improvement Loans
50-person team and leadership
with 22 years avg. experience
✔
$5.2 trillion addressable market,
growing to $7.7 trillion
✔
High Grade strategy produces
350+ bps of excess return over IG
✔
Diversified sourcing across
platforms and portfolio acquisitions
✔
Our Asset-Based Finance Platform
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for source references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements.
137. 137
Note: Platform employees and average origination counts exclude Greensky which closed in 2024. These statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding
estimates and assumptions and cautionary factors about forward-looking statements.
7
4
4
2
2
Unique access to captive originations Control over underwriting & volumes
Insight on performance across asset
classes
Base case returns from underlying
assets, upside from platform
equity/warrants
KKR ABF platforms have unparalleled presence by geography…
19
Number of platforms by asset type
(In Asia)
Korea
…and by asset type
Residential Consumer Transportation Renewables Other
19 Origination Platforms | 6,700+ Platform Employees | $20 billion Average Originations Per Year Over 2022-2023
Asset-Based Finance: Our Captive Origination Platforms
138. 138
$1,471
$2,773
$417
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
Europe Asia Pacific
Private Equity AUM Private Credit AUM
The maturing private equity market is driving greater need for debt
financing, but private credit capital remains scarce
There is an 8.3x growth opportunity
for Private Credit in APAC
~60%
Asia expected
to contribute
~40%
of Global GDP
Accounting for
Demand for credit
outstrips supply
Structural market inefficiencies play to the
strengths of fundamental credit investors
Local knowledge, team and
relationships are key
Key Takeaways:
1 2 3
Asia Credit strategy to date
28 Investments Executed ITD
$4.5 billion
Total Deployed(3)
$13.9 billion
Total Transaction
Volume
18%
Inception-to-date
Gross IRR
9
Our Firm’s longstanding history across Asia Pacific is an invaluable resource and a competitive advantage
Note: These figures and statements are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for endnotes for footnote references and important information regarding estimates and assumptions and cautionary
factors about forward-looking statements.
(1) Source: Haver, IMF, KKR GMAA analysis.
(2) Source: Preqin 2022. Growth opportunity assumes APAC Private Credit AUM increases to 28% of APAC Private Equity AUM, matching the proportions in Europe.
($ in billions)
28% PD
$691
72% PE
$95
Growth
Opportunity(2)
3% Today
Building Upon Our Roots In Asia Pacific
to Global GDP Growth(1)
Asia Pacific Countries
of Investment
139. 139
84
164
282
2018 2021 2023
Growth in the Broad KKR Distribution Team Growth in the Credit Sales & Product Specialist Teams
3.4x
Dedicated Credit
Salesforce
Growth &
Prospects
Credit Product
Specialists
Evolution of
Model
Our Investment In Distribution Is Seasoning
Note: Headcount data for KKR is as of December 31, 2023.
+ 200% Dedicated
Credit Salesforce
+160% Increase in
Credit Product Team
+5.5x Credit Prospect
Meetings
+80% Increase in Client
Meetings
140. 140
Historical Assets Under Management Growth
($ in billions)
Recipe for Success that Positions Us to Win
Continued growth in scaled strategies & maturing vintages
Insurance as an asset class
Capitalize on early mover advantage in ABF and Asia Credit
Investment in our distribution model
The Future Of KKR Credit Is Bright
Note: See Appendix for important information.
(1) Includes the joint venture formed with FS Investments, which closed in 2Q’18.
(2) Includes the acquisition of Global Atlantic which closed in 1Q’21.
(2)
Strategic Investments
Private Credit
Leveraged Credit
Credit accounts for 40% of KKR’s total Assets Under Management today
(1)
$59
$164
$219
March 31, 2018
July 2018 Investor Day
December 31, 2020
April 2021 Investor Day
December 31, 2023
142. 142
Key Takeaways
We’ve built a leading global platform with performance as our bedrock
• $59 billion of AUM across three distinct businesses (Global Infrastructure, Asia
Pacific Infrastructure, Core Infrastructure)
• Top three globally in each business
• Have exceeded return targets by 200 – 400 basis points to date(1)
• Striving to protect capital in all environments
Infrastructure remains a growth engine at KKR
• Continued scaling of Global Infrastructure
• Asia and Core Infrastructure are still early in their life cycles
• Pattern of leaning into strengths to launch market leading businesses
• We believe new businesses – Climate Strategy and Infrastructure K-Series –
have similar market-leading potential in massive markets
Note: See Appendix for important additional information.
(1) Refers to the most mature funds: Global Infrastructure Fund I and II.
144. 144
Infrastructure Is Broad, Diversified And High Growth
Social
Digital Industrial
Renewables
Energy
Utilities
Transportation
Illustrative Infrastructure Sectors
Note: See Appendix endnotes for source references.
~$100 Trillion Investment Need Through 2040
145. 145
Key Merits Of Infrastructure Investing
Diversification
Inflation
Protection
Consistent Cash
Distribution
Downside Protection
Upside Potential
Potential for
Exceptional
Risk-Return
146. 146
We Have Delivered On The Risk Side Of The Equation In Global Infra…
6.7%
Q1 2020 Return
stable mark during the beginning of the COVID-19
pandemic when markets were very volatile
42%
Average leverage at
exit or as currently marked(1)
2.2x
Gross Multiple of Realized
Transactions Since Inception
only one fully realized investment marked below cost in
local currency at 0.9x Gross
Note: Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and important information about investment returns.
We believe that our responsible approach to risk management and capital preservation has resulted in strong downside protection across
the portfolio in our Global Infrastructure funds
147. 147
…And We Have Delivered On The Return Side Of The Equation
4.2%
8.3%
14.3% 14.7%
17.6%
1Y 3Y 5Y 7Y
6.1%
15.4%
18.3% 19.5%
19.7%
1Y 3Y 5Y 7Y
2.1% 9.2%
13.8%
16.0%
1Y 3Y 5Y 7Y
7.8%
11.2%
1Y 3Y 5Y 7Y
Fund I Gross IRR – 2011 Vintage
Fund III Gross IRR – 2018 Vintage Fund IV Gross IRR – 2021 Vintage
Fund II Gross IRR – 2014 Vintage
Current Gross IRR (Through 4Q’23)
Note: Past performance is no guarantee of future results. See Appendix for important information. Gross IRR is as of 1 year, 3 years, 5 years and 7 years following the respective Global Infrastructure Fund’s final close. Includes all Global Infrastructure Fund I, Fund II, Fund III and Fund IV
investments made through December 31, 2023.
Our Global Infrastructure fund IRRs have consistently increased over time and today are the strongest they have ever been, ahead of their
mid-teens targeted gross returns
148. 148
Strong And Consistent Performance
Global Infrastructure Diversified Core Infra
Asia Pacific Infra
Open-Ended Infra
Fund I
• $1.0 billion
• 2011 Vintage
• 13 Investments
• Fully Realized
Fund II
• $3.0 billion
• 2014 Vintage
• 12 Investments
• Focused on
Monetizations
Fund III
• $7.2 billion
• 2018 Vintage
• 15 Investments
• Focused on
Value Creation
• $3.8 billion
• 2020 Vintage
• 14 Investments
• Focused on
Value Creation
• $13.6 billion of AUM(2)
• 2020 Vintage
• 9 Investments
• Focused on
Yield Generation
Fund IV
• $16.6 billion
• 2021 Vintage
• 12 Investments
• Focused on
Investing
Gross Multiple
Gross IRR
Average
Annualized
Yield
Gross Multiple
Gross IRR
Average
Annualized
Yield
Gross Multiple
Gross IRR
Average
Annualized
Yield
Gross Multiple
Gross IRR
Average
Annualized
Yield
2.0x
19.7%
5.4%
1.5x
16.0%
3.7%
1.2x
14.4%
4.7%
2.5%
Gross Multiple
Gross IRR
Average
Annualized
Yield
11.2%
1.1x
Fund II
Fund I
Gross Return
Since Inception
Gross Asset Cash
Yield
4.9%
11.0%
• $6.4 billion
• 2022 Vintage
• 10 Investments
• Focused on
Investing
Committed
Capital(1)
~55%
Note: Vintage year defined as the date of a fund’s first capital call. Past performance is no guarantee of future results. See Appendix for endnotes for footnote references and calculation for Average Annualized Yield and Gross Asset Yield, important information about investment returns and
other important information.
2.1x
17.6%
6.1%
149. 149
Our Tools And Culture Are Our Secret Sauce
End-to-end ownership of each investment by KKR Global Infrastructure Investment Team
Due
Diligence
Asset
Management
Financing
KKR Global Institute
KKR Global Macro,
Balance Sheet & Risk
KKR Capstone
KKR Public Policy &
Sustainability
KKR Capital Markets
KKR Global
Client Solutions
Telecom Italia NetCo Example
We seek to leverage our meaningful experience, toolkit, capabilities and resources to act as value-add, active investors across the life cycle
of an investment
150. 150
2023
Infrastructure
Investor
AWARDS 2023
Infrastructure
Investor
AWARDS 2023
Digital Infrastructure Deal
of the Year: Global
Infrastructure
Investor
AWARDS 2023
Fund Manager of the Year:
Asia Pacific
Infrastructure
Investor
AWARDS 2023
Energy Transition Deal of
the Year: Europe
Infrastructure
Investor
AWARDS 2023
Energy Transition Deal of
the Year: Asia Pacific
Infrastructure
Investor
AWARDS 2023
Deal of the Year: Europe
Infrastructure
Investor
AWARDS 2023
Energy Transition Investor
of the Year: Asia Pacific
Infrastructure
Investor
AWARDS 2023
Digital Infrastructure Deal
of the Year: Europe
Infrastructure
Investor
AWARDS 2023
Digital Infrastructure Investor
of the Year: Asia Pacific
2022 2020
Infrastructure
Investor
AWARDS 2022
17
Awards
2021
Infrastructure
Investor
AWARDS 2021
22
Awards
Infrastructure
Investor
AWARDS 2020
12
Awards
Fund Manager of the Year: Global
Deal of the Year: Global
Fund Manager of the Year: Global
Deal of the Year: Global
Fund Manager of the Year: Global
Deal of the Year: Global
Fund Manager of the Year: Asia Pacific
Fund Manager of the Year: North America
Fund Manager of the Year: Asia Pacific
Deal of the Year: Europe
Fund Manager of the Year: Asia Pacific
Deal of the Year: Europe
Recognized Leader In The Infrastructure Industry
152. 152
$1
$17
$159
$463
2011 2014 2018 2021
Most Recent Funds Significantly Larger In Size And In Revenue Contribution
($ in billions)
$1
$3
$7
$17
Fund I Fund II Fund III Fund IV
16x
Note: Global Infrastructure reflect Commitments. Fund year reflects investment period start date. There is no certainty that KKR will raise capital as contemplated for the listed strategies. These figures are estimated based on various assumptions, and there is no guarantee that our expectations
will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements. There can be no guarantee that these growth rates will continue.
(1) Asset Management Revenues does not include non-capital markets transaction and monitoring fees, net for this presentation. See Appendix for the definition of Total Asset Management Segment Revenues, a non-GAAP measure.
Global Infrastructure Fund Commitments
2010 2014 2018 2021
Global Infrastructure Strategy –
Asset Management Segment Revenues(1)
($ in millions)
153. 153
Revenues Other Than Management Fees Trail AUM
(1) Asset Management Revenues above does not include non-capital markets transaction and monitoring fees, net. See Appendix for the definition of Total Asset Management Segment Revenues, a non-GAAP measure.
$1 million $22 million $167 million $578 million
Total Infrastructure Asset Management Segment Revenues(1):
Asset Management Segment Revenues(1)
($ in millions)
$734 million
$0
$200
$400
$600
$800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Management Fees Capital Markets Transaction Fees Realized Carried Interest Realized Investment Income AUM
Global Infra
$2bn
Global Infra
$5bn
Global Infra
$13bn
Global Infra, DCIF, Asia Infra
$40bn
Global Infra, DCIF, Asia Infra
$59bn
154. 154
$4
Fund I
$17
Fund IV
$6
Fund II
Leaning Into Strength To Scale And Launch New Businesses
($ in billions)
$1
$9
$11
$14
2019 2020 2021 2022 2023
$1
$3
$7
Fund I Fund II Fund III
2x
Note: Global Infrastructure and Asia Infrastructure funds reflect Commitments, and Diversified Core Infrastructure reflects Assets Under Management. Fund year reflects investment period start date. There is no certainty that KKR will raise capital as contemplated for the listed strategies. These
figures are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for important information regarding estimates and assumptions and cautionary factors about forward-looking statements. There can be no
guarantee that these growth rates will continue.
Global Infrastructure Funds Asia Infrastructure Funds Diversified Core Infrastructure(1)
2010 2014 2018 2021 2020 2022
Open-ended vehicle AUM
has scaled significantly in
four years
16x
155. 155
Investment
required to
achieve net-zero
emissions by 2050
To achieve net-
zero emissions
by 2050
~$200
TRILLION
~$7
TRILLION
ANNUALLY
Estimated Global Investment Needed for Net-Zero Goal Large Gap In Climate Focused Capital Formation
New Strategy – Climate
Core ++ /
Value-Added
• Scaling up de-risked climate
solutions across the economy
• Hard assets with visible
cash flows and growth
• Requires scale and value-
added capabilities to tackle
the complexity of the
transition
Higher Risk Climate
Technology
• Larger number of existing
funds focused on climate
technology
• Developing science /
engineering solutions (with
associated risks) orbusiness
models
• Smaller checks, requires venture
or growth investing approach
Lower Risk Core Power
and Renewables
• No technology risk inexisting
assets
• Stable cash flows with little
upside
• Often very competitive with low
abilityto differentiate
Open
Market
FUNDING
NEED
Risky
CrowdedConservative
RISK SPECTRUM
KKR Global Climate Focus
Source: Bloomberg New Energy Finance, “The $7 Trillion a Year Needed to Hit Net-Zero Goal,” December 2022.
The Global Climate Strategy will have a flexible mandate to pursue opportunities globally in climate solutions and climate transitions that
exhibit strong potential growth while placing an emphasis on risk mitigation
156. 156
New Strategy – K-Series Infrastructure
Bringing our full platform to the
individual investor