A good start to the year for public PEGs
The “Big Five” PE firms that trade publicly—Blackstone, KKR, Apollo, Carlyle and Ares—had an impressive start to 2021. PitchBook’s latest analyst note takes a close look at their Q1 2021 financials, which showed sustained momentum coming out of the pandemic late last year. All five increased their trailing-twelve-month (TTM) fee-related earnings (FRE), a key metric for public PE managers. Blackstone’s YoY performance stood out, gaining 37.6% over Q1 2020, driven largely by the growth of its real estate core plus business and its record-setting buyout fund exiting its fee holiday.
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