Conversation with KKR Co-Founders Henry Kravis and George Roberts | Global Conference 2025
Why It Matters
KKR’s strategic focus and cultural continuity signal that large‑cap alternative managers can still generate strong returns amid geopolitical uncertainty, guiding investors toward resilient, long‑term opportunities.
Key Takeaways
- •CEOs worry about tariffs, regulation, and persistent uncertainty.
- •KKR invested $30B YTD, $2 return per dollar over ten years.
- •Infrastructure and credit seen as attractive amid high rates and competition.
- •Succession to Scott Nuttall and Joe Bae emphasizes empowerment of younger talent.
- •KKR stresses calm, focus on controllables, and aggressive decision‑making.
Summary
At the Milken Global Conference, KKR co‑founders Henry Kravis and George Roberts reflected on the firm’s 50‑year journey and its view of today’s turbulent macro environment. They highlighted CEOs’ top concerns—tariffs, shifting regulations, and relentless uncertainty—while investors remain fixated on monetization and capital preservation. The partners disclosed that KKR has deployed more than $30 billion since the start of the year, maintaining a ten‑year track record of returning roughly $2 for every dollar invested. Their capital allocation remains weighted toward private‑equity deals ($11 billion YTD), with infrastructure and credit identified as the most compelling opportunities given high rates, abundant quality assets, and relatively low competition. Historical perspective shaped their narrative: from the Great Depression to the 2008 crisis, past disruptions felt scarier than today’s trade‑war volatility. George quoted Queen Elizabeth—“stay calm and carry on”—and emphasized a culture of empowerment, noting the recent succession to Scott Nuttall and Joe Bae and urging younger staff to make bold, data‑driven decisions. For investors, KKR’s message underscores the value of disciplined, long‑dated capital and a diversified platform that can pivot across regions, especially as Europe’s defense‑spending push creates fresh infrastructure prospects. The firm’s emphasis on calm, controllable actions and aggressive yet selective risk‑taking offers a template for navigating ongoing geopolitical and economic headwinds.
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