Alternative Asset Managers & Private Credit
Key Tickers: Blackstone (BX), KKR & Co. (KKR), Brookfield Corporation (BN)
Core Thesis: Asset management fee revenue continues to shift toward private credit, real estate, and infrastructure. As institutions allocate more capital away from public markets into private credit, these firms generate high-margin fee-related earnings (FRE) and predictable performance fees.
Key Metrics to Track: Assets Under Management (AUM) growth, Fee-Related Earnings (FRE), dry powder levels.
Key Tickers: Blackstone (BX), KKR & Co. (KKR), Brookfield Corporation (BN)
Core Thesis: Asset management fee revenue continues to shift toward private credit, real estate, and infrastructure. As institutions allocate more capital away from public markets into private credit, these firms generate high-margin fee-related earnings (FRE) and predictable performance fees.
Key Metrics to Track: Assets Under Management (AUM) growth, Fee-Related Earnings (FRE), dry powder levels.