KKRKKR & Co. Inc.

KKR manages private capital and, increasingly, insurance reserves that it invests itself.

The classic part is buyouts, infrastructure, real estate and credit invested with institutional money. Income has two layers: steady management fees on commitments and uneven performance fees arising only after a successful exit.

The distinction of recent years is the Global Atlantic insurance arm: it sells annuities and invests the reserves through the firm's own funds. That creates a permanent capital source independent of institutional investors' mood — something asset managers historically lacked.

Risks: rates, which affect both portfolio valuations and funding costs; difficulty exiting investments when the issuance market is closed; regulatory attention to the insurance arm. Distributions are variable and follow realised profit.