Summary3 min read

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.

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Transcript2 lines

[00:00]
A
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[00:29]
B
The Becker Business and the Becker Private Equity Podcast. Today's discussion is the mega PE fund stocks and their results year to date, best to worst. So so we're going to go through the biggest private equity alternative asset managers and just give you where they're at and how they're doing year to date. So the best performing so far is the Carlyle Group which is down just about half a percent year to date. Number two is Apollo Global Management, down 7% year to date. Number three Blackstone down 7.6% year to date. Number four TPG down 7.72% year to date. And finally KKR down 10.3% year to date. So all five of the mega PE funds are really in the red so far this year, none in the black. 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. A couple other thoughts really quickly. The private credit business is also showing some challenges. We'll talk later in a separate podcast about my experience in investing in private equity and venture capital funds. 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. We'll talk about that on a separate podcast. But thank you for listening to the Becker Business and the Becker Private Equity Podcast. Have a great week. These numbers are as of February 2nd. They may change by the time you listen to this and this is released or on February 3rd. But thank you for listening to the Becker Business. The Becker Private Equity Podcast.