Lee Clifford

Executive Editor, Enterprise

KKR gave Tully access inside the firm, where he dug deep into its past, as well as its future. Joseph Bae and Scott Nuttall met as young 24-year old analysts at the firm; they would often cap off a long night of analyzing spreadsheets by eating McDonald’s together at their desks. The two took disparate paths climbing the ranks inside KKR, but when they were named co-CEOs they had just two rules: They were going to shake things up, and they would always be paid the exact same amount.

Tully spent hours and days with the two executives (as well as their mentors Kravis and Roberts, who are still active at the firm) as they walked him through their plans to grow assets under management to an incredible $1 trillion and double the market cap by 2030. To get there they’ve chosen a surprising model for the slash-and-burn ethos that often pervades private equity: They are aiming to be more like Berkshire Hathaway.

You can read Tully’s full story here.

KKR’s co-CEOs want to reach $1 trillion in assets by 2030. It will require the PE firm to operate very differently than its founders envisioned

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