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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
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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

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