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Listed Private Equity ETFs: The Real Deal?

Investing in versus with the KKRs, Blackstones, and Apollos of this world

Nicolas Rabener
10 min read
18 Dec 2023

SUMMARY

  • Listed private equity companies have significantly underperformed
  • It seems more beneficial to work for a PE firm than being a shareholder
  • Recent private equity fund valuations seem overly stale

INTRODUCTION

Stephen Schwarzman is worth $27 billion, Leon Black $8.6 billion, and Henry Kravis $7.5 billion, according to Forbes. All three made their money by creating asset management companies focused on private asset classes. The Blackstone Group and KKR started with private equity, while Apollo Global Management has its origin in distressed debt, although all three firms diversified their product ranges over time and today also offer funds investing in real estate, hedge funds, and infrastructure (read A Crescendo in Private Credit?

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