The Pulse of Private Equity – 5/10/2021

A good start to the year for public PEGs


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The “Big Five” PE firms that trade publicly—Blackstone, KKR, Apollo, Carlyle and Ares—had an impressive start to 2021. PitchBook’s latest analyst note takes a close look at their Q1 2021 financials, which showed sustained momentum coming out of the pandemic late last year. All five increased their trailing-twelve-month (TTM) fee-related earnings (FRE), a key metric for public PE managers. Blackstone’s YoY performance stood out, gaining 37.6% over Q1 2020, driven largely by the growth of its real estate core plus business and its record-setting buyout fund exiting its fee holiday.