BX vs KKR Comparison

Blackstone is the world's largest alternative-asset manager with $1.167 trillion in total asset under management, including $860.1 billion in fee-earning assets under management, at the end of March 2025. The company has four core business segments: private equity (26% of fee-earning AUM and 30% of base management fees), real estate (34% and 40%), credit and insurance (32% and 23%), and multi-asset investing (8% and 7%). While the firm primarily serves institutional investors (87% of AUM), it also caters to clients in the high-net-worth channel (13%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

KKR is one of the world's largest alternative asset managers, with $723.2 billion in total managed assets, including $585.0 billion in fee-earning AUM, at the end of September 2025. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance).