Skip to Primary Navigation

Skip to main content

How Blackstone and its biggest rivals are drifting apart

Montage with Stephen A. Schwarzman and Marc Rowan.
Stephen A. Schwarzman and Marc Rowan. Montage: Dimitrios Kambouris/Arturo Holmes/Getty Images

The Financial Times

10 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

The largest private equity group is sticking to a fee-based approach, while Apollo and KKR embrace insurance-powered models.

20 May, 2025 by Antoine Gara in New York

By the standards of Wall Street earnings calls, where executives are typically wary of commenting on politics or the businesses of their rivals, it was quite a barb.

“For some, ‘capital-light’ has become code for ‘heads we win, tails we win and hopefully

, , , , , , ,