Becker Business Podcast Summary
Episode: The Mega PE Fund Stocks & Their YTD Results 2-3-26
Host: Scott Becker
Release Date: February 3, 2026
Overview
In this episode, Scott Becker reviews the year-to-date (YTD) performance of major publicly traded private equity (PE) and alternative asset management firms. He ranks the "mega" PE fund stocks from best to worst and comments on the current state of the industry, focusing on challenges and factors affecting these firms. He also teases a future episode on his personal experience investing in private equity and venture capital funds.
Key Discussion Points & Insights
1. YTD Performance of Mega PE Firms
Scott breaks down the performance of the five largest publicly traded private equity firms, sharing precise YTD figures as of February 2, 2026 (00:29–01:20):
- Carlyle Group: Down 0.5% YTD – best performer among the group
- Apollo Global Management: Down 7% YTD
- Blackstone: Down 7.6% YTD
- TPG: Down 7.72% YTD
- KKR: Down 10.3% YTD – worst performer among the group
“So all five of the mega PE funds are really in the red so far this year, none in the black.”
— Scott Becker (01:15)
2. Industry Commentary
Scott highlights two main facets of the private equity business:
- Fee Business: Still healthy and robust despite overall market challenges.
- Exit Challenges: Firms are struggling on the "exit side," meaning it’s harder for them to sell portfolio companies or realize gains, leading to suppressed stock performance.
“Overall, that business remains in a little bit of purgatory. The business, the fee business, that side of the business remains healthy, but very challenged on the exit side.”
— Scott Becker (01:23)
3. Private Credit Business
Brief mention of challenges facing the private credit business, suggesting the performance issues are not limited to traditional PE funds (01:34).
4. Teaser: Scott’s Personal Investment Experience
Scott hints at a future episode where he’ll discuss his own history investing in private equity and venture capital, candidly alluding to mixed results:
“The gist of it is when I finally had some money and was able to invest directly in big time private equity and venture capital funds, I felt a little bit like the grass was always greener because once I started to invest in it, it’s gone… okay. At best, it is what it is.”
— Scott Becker (01:40)
Notable Quotes & Memorable Moments
- “So all five of the mega PE funds are really in the red so far this year, none in the black.” (01:15)
- “Overall, that business remains in a little bit of purgatory.” (01:23)
- “The fee business, that side of the business remains healthy, but very challenged on the exit side.” (01:27)
- “I felt a little bit like the grass was always greener because once I started to invest in it, it’s gone… okay. At best, it is what it is.” (01:41)
Important Timestamps
- 00:29–01:20 – YTD results of the five mega PE fund stocks
- 01:21–01:33 – Commentary on fee business versus exit challenges
- 01:34–01:39 – Brief note on private credit business challenges
- 01:40–01:54 – Teaser for upcoming personal PE/VC investing episode
Episode Tone
Scott Becker maintains a straightforward, factual tone, with occasional personal insights and hints of candid industry skepticism. The episode is concise, analytical, and data-focused, making it accessible for business professionals and casual listeners alike.