Becker Business Podcast — Episode Summary

Episode Title: The 4 Largest Private Equity Fund Companies & Their Stock Results YTD 11-11-25
Host: Scott Becker
Date: November 11, 2025

Overview

In this episode, Scott Becker delivers a concise yet insightful analysis of the year-to-date (YTD) stock performance of the four largest private equity fund companies. Against the backdrop of a booming market (up 18–20% YTD), Becker highlights the surprising underperformance of these leading firms, offering brief history and commentary on each. The episode’s tone is informed, direct, and aimed at business listeners interested in investment trends and the private equity landscape.

Key Discussion Points & Insights

1. Overall Market Context

• The U.S. stock market is up approximately 18–20% YTD, contrasting sharply with the private equity sector’s performance.
  • “It’s fascinating to see these companies struggle while the rest of the market’s up about 18 to 20%.” [00:13]

2. Blackstone — The Bellwether

• Assets Under Management: Over $1 trillion
• YTD Stock Performance: Down about 16%
• Status: Largest private equity/alternative asset management company
  • “Blackstone is the largest of the private equity, alternative asset management companies… it’s down about 16% year to date.” [00:22]
• Insight: Blackstone's performance is seen as indicative of the broader sector.

3. KKR — Historic Titan

• Founders: Kohlberg, Kravitz & Roberts
• Notable History: Famously featured in "Barbarians at the Gate" for their massive leveraged buyout of RJR Nabisco.
• YTD Stock Performance: Down about 18%
  • “Second is KKR… down about 18% year to date.” [00:35]
• Commentary: KKR’s struggle is notable given its status as a historic industry leader.

4. Apollo Global Management — Known for Hard-Edged Leadership

• Reputation: Known for competitive, intense, and highly intelligent team.
• YTD Stock Performance: Down about 20%
  • “Apollo Global Management… they’re down about 20% year to date. They also have a famous history of some very hard edged people, very bright people.” [00:42]
• Historical Note: Emphasis on the firm’s aggressive culture and prominence.

5. The Exception — Carlyle Group

• YTD Stock Performance: Up about 5–6%
• Significance: The only top-four PE firm beating the market, defying the sector’s downward trend.
  • “Carlyle Group is beating the spread. It’s up about 5 to 6% year to date. It’s doing better than the rest. We’ll see if that continues.” [00:51]
• Outlook: Uncertainty remains if the outperformance is sustainable.

Notable Quotes

• Scott Becker on sector underperformance:
  “It’s fascinating to see these companies struggle while the rest of the market’s up about 18 to 20%.” [00:13]
• On Blackstone as bellwether:
  “With the trillion in assets under management, it’s down about 16% year to date. Again, it’s sort of a bellwether.” [00:23]
• On KKR’s legacy:
  “KKR… made famous in the old Barbarians of the Gate movie for their at that time largest takeover ever.” [00:33]
• On Apollo’s management style:
  “They also have a famous history of some very hard edged people, very bright people. That’s Apollo group.” [00:44]
• On Carlyle’s outperformance:
  “It’s up about 5 to 6% year to date. It’s doing better than the rest. We’ll see if that continues.” [00:52]

Brief Mentions (End-of-Episode)

• Teaser for upcoming podcasts on “five stores” (organizations) they are watching.
• Quick nod to Rivian's standout recent performance and developments with Paramount-Skydance.
  • No further detail as episode closes quickly.

Segments & Timestamps

• 00:00 – 00:13: Introduction and episode context
• 00:13 – 00:22: Market overview
• 00:22 – 00:35: Blackstone overview and result
• 00:35 – 00:42: KKR overview and result
• 00:42 – 00:51: Apollo overview and result
• 00:51 – 01:00: Carlyle overview, comparative results, closing remarks

Summary

Scott Becker’s episode offers a brisk examination of how the private equity giants are faring in 2025, providing quick historical context, performance stats, and measured commentary. While the broader market surges, Blackstone, KKR, and Apollo face significant declines; only Carlyle bucks the trend with modest gains, leaving listeners with questions about the evolving private equity environment. The episode wraps up with teasers for future content and an encouragement to stay tuned.