Key Takeaways
- • Apollo's UK subsidiary revenue surged 40% year-over-year to $657 million in 2025, while KKR's UK revenue grew 18% to £177 million ($234 million), with both entities outperforming their parent companies' global performance.
- • Apollo increased headcount from 301 to 340 employees in 2025, though driven entirely by administrative staff growth with investment professional headcount declining; KKR expanded from 169 to 182 employees, with growth concentrated in executives and associates.
- • Apollo paid an average of $618,000 per employee in 2025 (up 18% from $521,000 in 2024), while KKR paid £196,000 ($259,000) per employee (up 15% from £171,000 in 2024), reflecting different organizational structures and compensation philosophies.
- • KKR maintained significantly higher partner density with 88 members versus Apollo's 27, despite being substantially smaller by revenue, indicating a more distributed partnership model that affects average compensation calculations.
- • Both firms demonstrated resilience in the London market with sustained hiring and revenue growth, positioning them competitively in the private equity and private credit landscape despite recent industry compensation constraints.
Summary
Apollo and KKR's 2025 UK financial results reveal divergent growth trajectories and compensation strategies within London's competitive private equity and private credit sectors. Apollo's UK subsidiary achieved substantially stronger headline growth, with revenue climbing 40% to $657 million from $467 million in 2024, while operating profit increased 15%. KKR's UK operation posted more modest but consistent gains, with revenue rising 18% to £177 million ($234 million) from £150 million ($199 million), and operating profit advancing 8%. Notably, both entities exceeded their respective parent companies' global performance metrics, underscoring London's significance as a strategic hub.
Headcount expansion differed meaningfully between the two firms. Apollo expanded its London workforce by 39 positions to 340 total employees, but this growth came exclusively from administrative staff additions, with investment professional roles actually declining. Conversely, KKR grew from 169 to 182 employees, with expansion concentrated in executives and associates while administrative headcount contracted. These hiring patterns suggest divergent operational strategies: Apollo appears to be scaling operational infrastructure while potentially optimizing professional staffing levels, whereas KKR prioritizes revenue-generating talent.
Compensation metrics reveal the complexities of comparing the two organizations. Apollo's average per-employee pay rose 18% to $618,000 in 2025 from $521,000 in 2024, while KKR's increased 15% to £196,000 ($259,000) from £171,000 ($226,000). However, these figures obscure substantial structural differences. Apollo maintained 27 members (partners) while KKR reported 88 members—more than three times as many despite being smaller by revenue. This partnership density variation materially affects average compensation calculations, as partner compensation typically far exceeds professional staff compensation. The data suggests KKR's lower per-employee average reflects a broader partner base sharing profits, while Apollo's higher figure reflects a more concentrated partnership structure combined with the administrative hiring that dilutes the overall average less severely than at KKR.
Both firms have maintained hiring momentum and revenue growth despite recent industry headwinds affecting compensation packages broadly. The results demonstrate that leading private equity and private credit platforms continue to attract talent and scale operations in London, though their divergent approaches to organizational structure and staffing composition reflect distinct business models and market positioning strategies.
Headcount expansion differed meaningfully between the two firms. Apollo expanded its London workforce by 39 positions to 340 total employees, but this growth came exclusively from administrative staff additions, with investment professional roles actually declining. Conversely, KKR grew from 169 to 182 employees, with expansion concentrated in executives and associates while administrative headcount contracted. These hiring patterns suggest divergent operational strategies: Apollo appears to be scaling operational infrastructure while potentially optimizing professional staffing levels, whereas KKR prioritizes revenue-generating talent.
Compensation metrics reveal the complexities of comparing the two organizations. Apollo's average per-employee pay rose 18% to $618,000 in 2025 from $521,000 in 2024, while KKR's increased 15% to £196,000 ($259,000) from £171,000 ($226,000). However, these figures obscure substantial structural differences. Apollo maintained 27 members (partners) while KKR reported 88 members—more than three times as many despite being smaller by revenue. This partnership density variation materially affects average compensation calculations, as partner compensation typically far exceeds professional staff compensation. The data suggests KKR's lower per-employee average reflects a broader partner base sharing profits, while Apollo's higher figure reflects a more concentrated partnership structure combined with the administrative hiring that dilutes the overall average less severely than at KKR.
Both firms have maintained hiring momentum and revenue growth despite recent industry headwinds affecting compensation packages broadly. The results demonstrate that leading private equity and private credit platforms continue to attract talent and scale operations in London, though their divergent approaches to organizational structure and staffing composition reflect distinct business models and market positioning strategies.
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