I ask this in the broad sense... Are there differences in strategic rationale in general? For example, is one firm known for one type LBO versus another? I was asked what I thought the difference was between BX and Apollo today in a ib interview.... completely caught me off guard.
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can't comment on the strategic rationales of each firm but... I know that KKR uses 6-ply 200 thread count toilet paper while BX only uses 4-ply 150 thread count paper...
LOL
http://www.apolloic.com/public/portfolio_template.asp?pageid=12
http://www.blackstone.com/cps/rde/xchg/bxcom/hs/businesses_aam_privatee…
http://kkr.client.shareholder.com/kpe/private_equity_portfolio.cfm
don't know about BX b/c they are in a different building, but between Apollo and KKR, apollo is on 43 and KKR is on 42, so apollo has a slightly nicer view.
Apollo invests in fixed income more than the others. BX has great banking brand. KKR is trying to build banking business, but mostly buyouts
This might be the best answer, although KKR too is moving into FI like Apollo. For example, the Kodak deal in September '09.
http://www.bloomberg.com/apps/news?pid=20601014&sid=afR3iUo3ptKw
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know this is an old post but particularly relevant now. KKR\u0026#039;s Ralph Rosenberg is leading the charge in real estate that is a relatively new venture for them on a large scale and they have traditionally been a buyout firm across industries whereas Blackstone is largely thought of as a real estate firm/alt investments shop. An article says it very succinctly if you search Fortune online from Feb of this year Kravis talks about the two firms differences.
Difference between public PE Firms (BX, KKR, APO, etc.) (Originally Posted: 03/19/2013)
Can someone either explain or point me to a resource that can explain the difference between the public company structure of Blackstone, KKR and Apollo?
I'm having a hard time understanding what the shares in these companies corresponds to...management company? GP? Other?
Thanks.
If you buy a share of a public PE firm, you buy a share of the management company. So, your shares make money from the fees the PE firm collects on the PE funds the firm manages ("2 and 20").
Your shares don't make money from the PE funds themselves (except through performance fees, which are still management fees), unless the PE firm owns shares of the PE fund as well (which they do sometimes).
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