Private Equity Mini Series (3): Listed Private Asset Managers (KKR, Apollo & Co)
Background:
After part 2 of the Private Equity Mini series a few days ago, I wanted to focus on how to access the asset class as a private investor via the “normal” capital markets.
Currently, the PE industry and the broader “Private Asset” industry is massively trying to lure private investors into its Fund offering via a variety of “NEW” and usually structured instruments, such as “ELTIFS” in Europe or lobbying hard in the US to get access to private investors.
In the past, Private Assets, including its subgroups like Buyout, Venture, Growth, Infrastructure and Private Credit were “exclusive” to larger institutional investors and Ultra High Net Worth individuals.
These days, with declining commitments from those traditional investors, the PE industry now tries to access the vast pools of money that smaller, private investors collectively own.
Often you hear the pitch that now is the time to “democratize” the asset class, which is an expression that should make the targeted investors extremely nervous. I had linked to the excellent Bain PE report already in one of the link collections.
A key slide of the report is the one that shows that for the Buy-out category, 2024 was the first year ever with declining AuM:
value and opportunity 