The value of the shares held by the founders and top executives of some of the largest US private equity groups, including Carlyle, Blackstone, KKR, Apollo Global, and Ares Management, have risen by $40bn — the most since the beginning of last year on the back of a surge in assets, according to a report by the Financial Times.
The better than expected financial results have boosted share prices to record or near-record highs bolstered by growth in credit and insurance-based investment operations, which have more than compensated for a fall in buyout and deal-making activity.
According to analysis by the FT of the share holdings of around 30 founders and executive named in proxy filings since the start of 2023, Blackstone’s Stephen Schwarzman saw the biggest increase in the value of his holdings, with a gain of $12bn.
Some $148bn of new investor money flowed into Blackstone in 2023, pushing the firm’s assets above $1tn, with the majority of the increase coming from credit and insurance operations, while Apollo Global saw $157bn of gross inflows over the year, with half of that total coming from its Athene insurance business.
