The wealth of top executives at Blackstone, KKR, and Apollo Global Management surged by over $56 billion in 2024, marking a milestone year for the private capital industry. This growth was driven by record-breaking share prices, inclusion in the S&P 500 index, and robust operational growth.
Blackstone’s Dominance
Blackstone, the world’s largest alternative asset manager and owners of Hipgnosis Songs Fund, led the pack with a nearly 50% surge in market value to $214 billion according to the Financial Times. This growth propelled the holdings of CEO Stephen Schwarzman by over $11 billion, making his stake the most valuable among private equity executives.
KKR’s Accelerated Fundraising
In February KKR, sold its majority stake in Chord Music Partners to Universal Music Group and Dundee Partners. The company which owned a catalogue of some 65,000 songs — including tunes by The Weeknd and Stevie Nicks — which it bought from Kobalt Capital in October 2021 for $1.1 billion. Back then, thanks to historically low-interest rates, valuations on music royalties-based assets stood at multi-year highs. UMG acquired a 25.8% interest in Chord for $240m in a deal valuing the latter at $1.85b according to Hitsdailydouble.
The firm built a diverse music catalog featuring major artists such as The Weeknd (“Blinding Lights”), Childish Gambino, Ryan Tedder/OneRepublic, David Guetta, Lorde, Kid Cudi, Diplo, Jimmy Jam and Terry Lewis, Ellie Goulding, ZZ Top, and John Legend.
Additionally, KKR has invested in music-related ventures, including a $48 million investment in royalty-free music company Artlist and a $1.4 billion acquisition of Superstruct, a European live entertainment company.
Their success this year was fueled by accelerated fundraising efforts, adding nearly $120 billion in new capital over the past year.
Apollo’s Stellar Year
Apollo Global saw its stock nearly double in value, enriching CEO Marc Rowan and co-founders Leon Black and Josh Harris, despite their departures in 2021. Apollo’s rising share price also benefited a new generation of executives, including James Belardi of Athene, whose shares exceeded $1 billion in value.
Like KKR, Apollo Global Management has significantly influenced the music and entertainment sector through strategic investments. In 2022, the firm facilitated a $1.8 billion asset-backed securities deal for Concord, secured by over a million music copyrights. In 2021, Apollo backed HarbourView Equity Partners, a company which own’s YouTube’s biggest song Despacito after acquiring Luis Fonsi’s catalog for $100m. In July, Apollo invested $700 million in Sony Music Group to bolster its music acquisition efforts. Additionally, in 2011, Apollo acquired CKx, Inc., the parent company of 19 Entertainment, which produces American Idol and So You Think You Can Dance.
Industry-Wide Momentum
Other private equity giants like TPG (owns Untitled Entertainment), and Blue Owl (owns Broadcast Music, Inc.) also experienced significant stock gains of 50-65%, collectively adding over $4 billion in value for their top executives.
The private equity boom comes as analysts anticipate deregulation under the incoming Trump administration, which could further fuel dealmaking and asset growth in 2025. With more than $3 billion in dividends distributed to executives this year, the industry’s leaders are positioned to maintain their dominance as their firms expand operations and capital reach.
