The Pulse of Private Equity – 2/28/2022

Public PEGs got much bigger last year


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2021 was bumper year for public PE firms. PitchBook’s latest Analysis of Public US PE Firm Earnings has several interesting breakdowns, but YoY AUM trends stand out. Blackstone, KKR, Apollo, Carlyle and Ares all increased their AUMs, some more than others. KKR led the way, increasing 87% between Q4 2020 and Q4 2021. Part of that boost was its acquisition of Global Atlantic, which added more than $100 billion in assets to KKR’s books. Ares, meanwhile, grew its AUM by 55%, Blackstone by 42%, and Carlyle by 22%. The relative laggard of the group was Apollo, which grew its AUM by 9%.