Graphic: Publicly traded alts managers raking it in
Publicly traded money management firms specializing in alternative asset classes have been strong asset gatherers, outpacing more traditional money managers. The companies have also closed large funds over the last few years and appear to be in a good position to benefit as private assets are expected to remain an area of interest to pension funds and other institutional investors.
Impressive growth: Five major publicly traded alts firms have seen hefty AUM increases since the start of 2019. Ares Management and KKR, with 200% and 175% growth, respectively, led the pack. The other 18 managers tracked by Pensions & Investments, which largely have traditional assets, had AUM growth of 43%.
2024 AUM and five-year growth
Blackstone leads: Blackstone's pension fund mandates since the start of 2019 totaled $42.3 billion, topping the list, based on data collected by P&I. The seven firms' pension fund hirings have largely been for their private asset funds.
Mandates by year (billions)
Credit dominates: The broad credit asset class made up the largest portion of the companies' AUM, 47.5%, as of June 30. This was followed by private equity's approximately 24% and real estate's roughly 20%.
AUM breakdown
Private fund closings: Since the start of 2019, Blackstone's private asset fund closings totaled about $148 billion, followed by $106 billion for Ares. Among the various asset classes, private equity fund closings topped the list with $156 billion, followed by $115 billion for private credit.
Fundraising by class, 2019-August 2024 (billions)
Data for 2024 is through August. Sources: Pensions & Investments, SEC filings, PitchBook
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