{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Alt Goes Mainstream: The Latest on Alternative Investments, WealthTech, & Private Markets","title":"KKR’s Pete Stavros - a culture of ownership - live from AGM’s RIA Field Trip","html":"","width":"100%","height":180,"duration":2244,"description":"Welcome back to the Alt Goes Mainstream podcast.\nToday’s podcast unpacks the importance of ownership and equity, and how the world’s largest private equity firm (source: PEI 300) has helped create a culture of ownership within its portfolio companies and more broadly across the industry.\nWith the backdrop of KKR’s studio in New York and the firm fresh off the heels of celebrating its 50th Anniversary, we sat down with KKR’s Co-Head of Global Private Equity Pete Stavros for a live conversation during AGM’s RIA Field Trip to discuss how culture can be a competitive advantage and how it defines much of what KKR does both internally and with its portfolio companies. \nPete has not only been a leading private equity investor at one of the industry’s largest firms, but he’s also been a pioneer in one of the industry’s most important initiatives: enabling employees of private equity-backed companies to share in ownership of the companies where they work.\nThe firm’s Broad-Based Employee Ownership has delivered on its promise in many ways, with KKR’s recent 14x (and $4.75B) exit on CoolIT providing all 650 CoolIT employees with cash payouts that ranged from approximately one year to more than eight years of annual pay, which, as Pete noted in our conversation, was “life-changing for many employees.” \nPete and I had a fascinating conversation about the culture of ownership at KKR, the evolution of the firm’s private equity platform, why it’s so important to make employees owners, and how it’s created a ripple effect in the industry. We covered:\nKKR’s “we not I” culture.\nWhy the most important trend in private equity going forward will be a shift from “balance sheet and income statement arbitrage to total cultural transformation.”\nWhy and how culture is an advantage — and how KKR sustains its competitive advantage.\nThe power of a scaled platform and why the division of labor is important as firms grow.\nWhat Pete means by “persistence in process.”\nHow can companies encourage...","thumbnail_url":"https://img.transistorcdn.com/AFAZ1vkAT92lFJtqt-r0HeFQ55KTdcbJHmgKXaMlAtY/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzE5MDA4LzE2MTQ1/Mzk1MDUtYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}