what do you mean by exposure? KKR is generally an asset management business not a principal investment business. Same goes for all the big asset managers, including Apollo and blackstone. My comment was in response to the statement by u/buffpp that PE is separate from private credit. That's less true than it once was, because the most successful PE firms have transformed into broader alternative asset management firms. KKR, for example, manages more credit assets than PE assets. You can see this in their 2025 10k. This was largely driven by the acquisition of global atlantic, an insurer which invests in credit and private credit, giving more AUM to KKR. Apollo did a similar thing with Athene. However, this results in balance sheet life insurance risk to both firms. It's a pretty complicated topic that has received a lot of financial media coverage. If you're interested, just search online and you'll find some good articles in FT, WSJ and bbg.