Capital Decanted #2 S2 Decanter's (Half) Dozen: Private Capital for Wealth Clients
Sep 23, 2025
Shane Clifford, Managing Director at Carlyle Group, and Doug Krupa, Managing Director at KKR, dive into the evolving world of private capital for individual investors. They discuss the challenges of transitioning from institutional clients to high-net-worth individuals, emphasizing the need for tailored strategies and robust operational support. Insights include lessons learned from pioneers like Blackstone and the importance of understanding client sophistication. Both guests share practical advice for building successful wealth channels, ensuring alignment with client needs and market dynamics.
AI Snips
Chapters
Transcript
Episode notes
Blackstone As The Early Pioneer
- Blackstone formally built Private Wealth Solutions and launched BREIT in 2017, then BCred and BXPE later.
- Joan Solitar led PWS to ~ $250 billion and set a public $1 trillion ambition.
KKR's Turning Point In 2019
- KKR hired Doug Krupa from Blackstone in 2019 and moved from ad hoc efforts to a focused wealth buildout.
- The arrival catalyzed product development and a more deliberate wealth push.
Apollo's Dedicated Wealth Build
- Apollo promoted Stephanie Drescher to build global wealth solutions and aggressively hired regional leaders.
- That effort became a common industry playbook for GPs expanding into wealth.