Transforming Private Equity Through Employee Ownership: KKR's Pete Stavros

Jan 9, 2026

Pete Stavros, Co-Head of Global Private Equity at KKR and founder of Ownership Works, shares insights on KKR's transformation into a $500 billion powerhouse. He discusses navigating market cycles, expanding into infrastructure, and the competitive advantages cultivated through a collaborative culture. Stavros highlights his passion for employee ownership, driven by personal experiences, and outlines how Ownership Works aims to improve worker outcomes and reduce turnover. Exciting plans for policy initiatives and CEO engagement mark the future of employee ownership.

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ANECDOTE

How A $5B Vehicle Changed KKR

KKR's public listing was effectively seeded by a $5 billion Euronext vehicle that became 20% of KKR after buying KKR stock.
That deal transformed KKR by creating a public currency and capital to expand beyond traditional private equity.

INSIGHT

Culture As A Durable Competitive Edge

KKR credits its outperformance to a collaborative culture that shares resources across teams globally.
That culture and willingness to try new things create advantages competitors find hard to copy.

ADVICE

Prioritize Infrastructure And Operational Sectors

Target infrastructure and regional opportunities like Japan and Germany as structural growth areas.
Focus on sectors with operational levers, such as industrials, where you can improve processes and supply chains.

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KKR has evolved from a traditional LBO shop into a global investment powerhouse managing over $500 billion in assets. Pete Stavros, Co-Head of Global Private Equity at KKR, joins Matt McClure, Global Co-Head of Investment Banking at Goldman Sachs, to discuss KKR's transformation over two decades, and its competitive positioning in private equity. Stavros shares insights on navigating market cycles, opportunities in infrastructure, and KKR's pioneering work in broad-based employee ownership through Ownership Works. This episode was recorded on December 4, 2025. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2025 Goldman Sachs. All rights reserved.

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