KBRA Releases Research – Private Credit: Asset Managers 1Q26 Performance Recap—Credit Strength Through Volatility
KBRA releases research that summarizes key quarterly performance trends and thematic takeaways across publicly traded North American and European alternative asset managers, as well as the latest key performance metrics for KBRA’s rated universe of 67 asset managers.
Key Takeaways
Leading North American and European alternative asset managers reported generally resilient 1Q26 results despite continued macroeconomic uncertainty, market volatility, and a still-uneven realization environment. Performance across the sector reflected the durability of fee-related earnings (FRE) and generally resilient fundraising and deployment activity, particularly within private credit, insurance, and private wealth channels, despite ongoing liquidity pressures in private markets. Various managers cited attractive opportunities for differentiated investing created by market dislocation.
FRE growth across the sector continued to benefit from overall assets under management (AUM) expansion, increased perpetual capital, and continued momentum in retail and private wealth fundraising channels, despite higher redemption activity within certain wealth management products. Firms generally maintained a constructive medium-term view for realizations, noting significant embedded unrealized value and improving transaction pipelines.
