Amazing outperformance for the big PE firms over the last 5 years!

Publicly traded private equity and asset management firms have surged over the past few quarters, dominating the S&P 500's performance during a 12-month period.

Five of the largest public firms—Blackstone, KKR, The Carlyle Group, Apollo Global Management and Ares Management—outperformed the market index between Sept. 30, 2020, and Sept. 30, 2021, according to a PitchBook analyst note.

"The large public PE firms have performed so well because they have continued to grow AUM and lengthen the duration of their capital; this drives revenues up and increases the quality of earnings," said Wylie Fernyhough, a senior private equity analyst at PitchBook. "Public market investors are catching on, and as a result, many PE firms are re-rating to higher multiples while substantially growing earnings."

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